美银证券发布研报称，将广汽集团（601238）(02238)目标价由3.5港元升至3.6港元，维持H股"中性"评 级。报告指，广汽集团第二季净亏损达18亿元人民币，逊市场预期。考量2025年第二季业绩后，该行预 期2025年全年将录得5亿元人民币净亏损，因此将2026及27年每股盈利预测分别下调14%及9%。 ...

Group 1 - GAC Group's stock price decreased by 2.04% on September 1, reaching 7.69 CNY per share, with a trading volume of 230 million CNY and a turnover rate of 0.40%, resulting in a total market capitalization of 78.415 billion CNY [1] - Year-to-date, GAC Group's stock price has dropped by 17.49%, with a 5-day decline of 5.41%, a 20-day increase of 2.26%, and a 60-day increase of 0.65% [1] - The company's main business segments include passenger vehicles (73.23% of revenue), automotive-related businesses (21.98%), and financial and other services (4.79%) [1] Group 2 - As of June 30, GAC Group reported a total of 135,800 shareholders, an increase of 1.03% from the previous period, with an average of 0 circulating shares per shareholder [2] - For the first half of 2025, GAC Group achieved operating revenue of 42.611 billion CNY, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of -2.538 billion CNY, a year-on-year decrease of 267.39% [2] - Since its A-share listing, GAC Group has distributed a total of 25.639 billion CNY in dividends, with 4.602 billion CNY distributed over the past three years [3] Group 3 - As of June 30, 2025, the top ten circulating shareholders of GAC Group include Hong Kong Central Clearing Limited, which holds 120 million shares, an increase of 19.8711 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF are also among the top ten circulating shareholders, holding 39.7123 million shares and 28.1267 million shares respectively, with increases of 3.4609 million shares and 2.7954 million shares [3]

Core Viewpoint - GAC Group reported a significant decline in financial performance for the first half of 2025, with a notable loss attributed to intensified industry competition and operational challenges [1] Financial Performance - The company achieved a sales revenue of 42.611 billion yuan, representing a year-on-year decrease of 7.88% [1] - The loss attributable to equity holders amounted to 2.538 billion yuan, contrasting with a profit of 1.516 billion yuan in the same period last year [1] - In Q2, the net profit attributable to the parent company was -1.81 billion yuan, marking a shift to negative from the previous year and an increase in losses compared to the previous quarter [1] Production and Sales - In the first half of the year, GAC Group produced and sold 801,700 and 755,300 vehicles, respectively, reflecting year-on-year declines of 6.73% and 12.48% [1] Analyst Insights - Dongwu Securities noted that the company's overall performance fell short of expectations due to intensified competition in the industry [1] - The firm revised its profit forecasts for 2025, 2026, and 2027 to -360 million, 1.3 billion, and 4.6 billion yuan, respectively, down from previous estimates of 3.5 billion, 4.7 billion, and 5.6 billion yuan [1] Future Outlook - Despite current challenges, the company is expected to benefit from accelerated reforms and a partnership with Huawei, with plans to launch new models in 2026 that could drive sales growth [1]

Core Viewpoint - GAC Group reported a significant decline in financial performance for the first half of 2025, with a notable loss attributed to various compounding factors, leading to a drop in stock price [1] Financial Performance - The company achieved a sales revenue of 42.611 billion yuan, a year-on-year decrease of 7.88% [1] - The loss attributable to equity holders was 2.538 billion yuan, compared to a profit of 1.516 billion yuan in the same period last year [1] - In Q2, the net profit attributable to the parent company was -1.81 billion yuan, marking a shift to negative from the previous year and an increase in losses compared to the previous quarter [1] Production and Sales - In the first half of the year, the company produced and sold 801,700 and 755,300 vehicles, respectively, representing year-on-year declines of 6.73% and 12.48% [1] Market Outlook - Dongwu Securities noted that the company's overall performance in the first half was below expectations due to intensified industry competition [1] - The profit forecasts for 2025, 2026, and 2027 have been revised down to -360 million, 1.3 billion, and 4.6 billion yuan, respectively, from previous estimates of 3.5 billion, 4.7 billion, and 5.6 billion yuan [1] - The company is expected to benefit from accelerated reforms and a partnership with Huawei, with a new vehicle model planned for release in 2026, which may drive sales growth [1]

中国6家大型车企的2025年1~6月财报全部出炉，其中5家出现最终利润减少或亏损，唯一实现利润增长 的比亚迪的增长率也低于上年同期。激烈的价格竞争导致各家企业利润下降，其影响也扩大至供应 链…… 中国大型车企的业绩正在恶化。截至8月30日，6家大型车企的2025年1~6月财报全部出炉， 其中5家出现最终利润减少或亏损，唯一实现利润增长的比亚迪的增长率也低于上年同期。激 烈的价格竞争导致各家企业利润下降，其影响也扩大至供应链。 "竞争越来越激烈"，比亚迪在8月29日公布的财报资料中提到了中国市场的严峻。该公司 2025年1~6月净利润比上年同期增长14%，达155亿元，连续2个财年增长。但增长率低于上 年同期（24%）。如果仅从4~6月来看，则净利润比上年同期减少3成。 比亚迪的主力汽车业务1~6月税前利润同比微减。这是自可追溯净利润的2021年1~6月以来首 次出现减少。销量为214万辆，增长3成，但车辆平均单价为14.2万元，下降0.5%，导致利 润率下降。 比亚迪以外车企的业绩更为严峻。民营巨头吉利汽车的净利润为92亿元，同比下降14%，为 3年来首次下降。车辆平均单价降至9.5万元，下降了1成，产生负面 ...

广汽集团（601238.SH）系列点评十二 2025H1 盈利承压 携手华为合作深化 2025 年 08 月 31 日 ➢ 事件概述：公司发布 2025H1 业绩：2025H1 营业总收入为 426.1 亿元，同 比-7.9%，其中 2025Q2 营业总收入为 227.3 亿元，同比/环比分别为- 7.9%/+14.4%；2025H1 归母净利润为-25.4 亿，同比转负，扣非归母净利润为 -29.5 亿，同比减亏 32.3%，其中 2025Q2 归母净利润为-18.1 亿，同比转负， 环比亏损放大，扣非归母净利润为-20.5 亿元，同比/环比亏损放大。 ➢ 营收短期承压 单车 ASP 有所上升。收入端：2025H1 营业总收入为 426.1 亿元，同比-7.9%，其中 2025Q2 营业总收入为 227.3 亿元，同比/环比分别为- 7.9%/+14.4%。据我们测算，2025Q2 单车 ASP 为 16.4 万元，同比/环比分别 为+2.7/-0.7 万元。利润端：2025H1 扣非归母净利润为-29.5 亿，同比减亏 32.3%，其中 2025Q2 扣非归母净利润为-20.5 亿元，同比/环比亏损放大。 ...

人民财讯8月31日电，据广汽集团（601238）消息，8月新增736支充电桩，广汽充电桩累计达19129支。 ...

8月29日，广汽集团（601238.SH，02238.HK）发布2025年半年度报告。报告期内公司合并口径营业总 收入为426.11亿元，累计终端销量为85.8万辆。节能与新能源车型销售占比提升至48.43%，节能车销量 同比增长13.43%。 ...

Group 1 - The Johannesburg Auto Show, the largest automotive industry support event in Africa, opened on August 29, showcasing various Chinese automakers including Great Wall, Chery, BYD, and BAIC, focusing on their new energy vehicles (NEVs) [1][2] - Great Wall Motors presented models such as the Tank 300 modified version, Tank 500 blackened version, and Haval H6 GT PHEV, highlighting their comprehensive NEV product matrix in South Africa [1] - Chery showcased its electric mobility solutions featuring the Chery Super Hybrid (CSH) technology with models like the Tiggo 7 CSH and Tiggo 9 CSH, emphasizing efficiency, performance, and sustainability [1] Group 2 - BAIC pre-released its new SUV models B30 and B30e, which will be locally produced at the BAIC South Africa factory in Port Elizabeth [2] - BYD and GAC introduced pure electric vehicle models tailored for the South African market, promoting Chinese new energy solutions [2] - The Johannesburg Auto Show lasts for three days and is expected to attract over 150 automotive companies, parts manufacturers, and service providers [2]

格隆汇8月29日丨广汽集团(601238.SH)公布，2025年上半年营业收入421.66亿元，同比下降7.95%；归 属于上市公司股东的净亏损25.38亿元，上年同期净利润15.16亿元，同比由盈转亏。 ...