广汽集团：上半年净亏损25.38亿元，上年同期盈利15.16亿元。 ...

Core Viewpoint - GAC Group reported a consolidated revenue of approximately 42.611 billion yuan for the first half of 2025, showcasing growth in R&D investment and vehicle sales, particularly in energy-efficient vehicles [1] Financial Performance - The company's consolidated revenue for the first half of 2025 was about 42.611 billion yuan [1] - R&D investment reached 3.789 billion yuan, reflecting a year-on-year increase of 16.55% [1] - Total vehicle sales amounted to 858,000 units, with energy-efficient vehicle sales growing by 13.43% to 211,600 units [1] Product Development - GAC Group demonstrated continuous updates and new launches in its self-owned brand product lineup [1] - The company achieved breakthroughs in the intelligent electric transformation of its joint venture brands [1] - Plans for the second half of the year include accelerating the launch of new products, including range-extended vehicles, to complete the product matrix [1]

广州汽车集团股份有限公司 第六届监事会第 29 次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司（下称"公司"或"本公司"）第六届监事会第 29 次会议于 2025 年 8 月 29 日（星期五）上午 8:30 在广州市番禺区金山大道东 668 号 T2 一楼 101 会议室召开，本次会议应到监事 5 名，现场出席监事 3 名， 曹限东监事、黄成监事以通讯方式参加会议。会议召集、召开符合《中华人民共 和国公司法》和《广州汽车集团股份有限公司章程》的相关规定。 本次会议经过书面投票表决，审议通过了以下议案： H 股代码：02238 H 股简称：广汽集团 A 股代码：601238 A 股简称：广汽集团 公告编号：临 2025-058 2025 年 8 月 29 日 二、审议通过了《关于2025年上半年募集资金存放与实际使用情况专项报告 的议案》。 表决结果：5票赞成，0票反对，0票弃权。 特此公告。 广州汽车集团股份有限公司监事会 一、审议通过了《关于2025年半年度报告的议案》。 监事会认 ...

H 股代码：02238 H 股简称：广汽集团 A 股代码：601238 A 股简称：广汽集团 公告编号：临 2025-057 二、审议通过了《关于计提资产减值准备的议案》。董事会认为公司本次计提 资产减值准备符合《企业会计准则》、相关会计政策规定及公司实际情况，计提减 值准备的依据充分，能客观、公允地反映公司资产状况和经营成果，同意公司 2025 年半年度计提资产减值准备 5.26 亿元。 审议结果：同意 10 票，反对 0 票，弃权 0 票。 上述议案在提交董事会审议前已经董事会审计委员会审议通过。 三、审议通过了《关于 2025 年上半年募集资金存放与实际使用情况专项报告 的议案》。 广州汽车集团股份有限公司 第七届董事会第 9 次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司第七届董事会第 9 次会议于 2025 年 8 月 29 日（星 期五）上午 9:00 在广州市番禺区金山大道东 668 号 T2 一楼 102 会议室召开。 本次会议应出席会议董事 10 人，其中现场出席董事 ...

A股股票代码：601238 H股股票代码：2238 广州汽车集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人冯兴亚、主管会计工作负责人王丹及会计机构负责人（会计主管人员）董亚敏声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 不适用 十一、 其他 □适用 √不适用 2 / 211 | 第一节 | 释义 4 | | --- | -- ...

Core Viewpoint - The 2025 Chengdu Auto Show features nearly 120 automotive brands and over 1,600 vehicles, highlighting several notable new car models that attract significant attention from the industry and consumers [1]. Group 1: New Car Launches - The all-new Mercedes-AMG CLE 53 4MATIC+ convertible coupe was launched at the show, priced at 780,000 yuan, emphasizing elegant design and powerful performance [1]. - The new BMW M2 CS, priced at 808,000 yuan, is recognized for its outstanding performance and track-oriented design, setting a record for compact production cars at the Nürburgring [4]. - The Xiangjie S9T range-extended version, as the first travel car from Hongmeng Zhixing, showcases family design and Huawei smart technology, becoming a popular choice at the show [7]. Group 2: Design and Features - The Mercedes-AMG CLE 53 features a sporty aesthetic with a distinctive front grille and aerodynamic enhancements, while its interior combines luxury and technology with a 3.0T inline-six engine [3]. - The BMW M2 CS incorporates a recognizable front with a frameless kidney grille and a lightweight design, enhancing its track performance [6]. - The Xiangjie S9T boasts a spacious design with a long wheelbase of 3050mm, and its interior is equipped with advanced smart technology, including a 16.1-inch central control screen [9]. Group 3: Performance Specifications - The Mercedes-AMG CLE 53 is powered by a 3.0T inline-six engine with a maximum power of 330 kW and peak torque of 560 N·m, capable of reaching 600 N·m in overboost mode [3]. - The BMW M2 CS features a 3.0L twin-turbo inline-six engine with a maximum power of 530 horsepower, paired with an 8-speed automatic transmission [6]. - The Xiangjie S9T offers both pure electric and range-extended versions, with a maximum range of 1305 km for the range-extended model [9]. Group 4: Market Positioning - The 2026 BYD Seal 07 DM-i was unveiled, maintaining its design language while enhancing competitiveness in the market [10]. - The new generation of FAW-Volkswagen Sagitar L features an upgraded design and dimensions, appealing to consumers seeking a blend of technology and aesthetics [13]. - The new Changan fourth-generation Yidong is positioned with a starting price of 74,900 yuan, targeting budget-conscious consumers while offering modern design elements [26].

Group 1 - Hong Kong automotive stocks collectively rose, with Li Auto up over 6%, BYD up nearly 5%, Great Wall Motors and NIO up over 3%, and XPeng Motors and Leap Motor up over 2% [1] - Recent earnings reports show Li Auto's Q2 revenue at 30.2 billion yuan, a quarter-on-quarter increase of 16.7%, with an operating profit of 827 million yuan, a year-on-year increase of 76.7% and a quarter-on-quarter surge of 204.4% [1] - Leap Motor achieved Q2 revenue of 14.23 billion yuan, with a gross margin of 13.6% and a net profit of 160 million yuan, marking a profitable quarter that exceeded expectations [1] Group 2 - XPeng Motors reported a net profit of -66.05 million USD for the second fiscal quarter of FY2025, an increase of 62.68% year-on-year [1] - BYD is expected to announce its Q2 results on August 30, forecasting a net profit between 10.5 billion to 12.914 billion yuan, representing a year-on-year growth of 15.9% to 42.5% [1] - Analysts suggest that Chinese automotive brands have gained the capability to compete with global traditional giants in design, technology, and experience, particularly in electrification and intelligence [1]

Group 1 - Hong Kong automotive stocks collectively rose, with Li Auto up over 6%, BYD up nearly 5%, Great Wall Motors and NIO up over 3%, and XPeng Motors and Leap Motor up over 2% [1] - Li Auto reported Q2 revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7%, with an operating profit of 827 million yuan, a year-on-year increase of 76.7% and a quarter-on-quarter increase of 204.4% [1] - Leap Motor achieved Q2 revenue of 14.23 billion yuan, with a gross margin of 13.6% and a net profit of 160 million yuan, marking a profitable quarter that exceeded expectations [1] Group 2 - XPeng Motors reported a net profit of -66.05 million USD for the second fiscal quarter of FY2025, an increase of 62.68% year-on-year [1] - BYD is expected to announce its Q2 results on August 30, predicting a net profit of 10.5 to 12.914 billion yuan, a year-on-year increase of 15.9% to 42.5% [1] - Analysts suggest that Chinese automotive brands have the capability to compete with global traditional giants, particularly in electrification and intelligence, and are actively entering developed markets such as Europe and Australia, while positioning Mexico as a gateway to the North American market [1]

Core Points - The "2025 New Wealth Magazine Best Secretary and Best IR Selection" officially launched in May 2025, targeting A/B share listed companies' board secretaries and IR teams of Hong Kong listed companies [1] - The selection involves 5,267 A/B share listed companies and 2,464 Hong Kong listed companies, with participation from nearly 3,500 institutions and over 200,000 capital market professionals [1] - A total of 300 "Best Secretaries," 50 "Best Securities Representatives," and 102 "Best IR Teams" were selected, with a detailed list provided [1] Group 1 - The selection process included recommendations from local securities regulatory agencies across 31 provinces and cities, as well as the Hong Kong Corporate Governance Association [1] - An expert review panel was formed, consisting of over 200 experts from more than 170 listed companies, 30 public funds, 30 brokerage research institutes, and several renowned universities [1] - The total asset management scale of participating institutions is approximately 30 trillion yuan [1] Group 2 - The awards recognize excellence in corporate governance and investor relations, highlighting the importance of effective communication between companies and investors [1] - The selection process emphasizes the role of board secretaries and IR teams in enhancing corporate transparency and accountability [1] - The event aims to promote best practices in corporate governance within the capital market [1]

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]