Group 1 - GAC Group's chairman, Feng Xingya, announced the completion of the pilot production line for all-solid-state batteries, achieving conditions for batch manufacturing of over 60Ah automotive-grade batteries, marking a significant step towards small-scale vehicle integration [2] - The pilot production line serves as a critical test for verifying process stability, yield control, and cost modeling, determining whether the technology can transition from theoretical concepts to practical applications [2] - Despite the penetration rate of new energy vehicles exceeding 50%, consumer safety concerns remain the largest apprehension, with all-solid-state batteries offering superior safety by effectively suppressing lithium dendrite growth [2] Group 2 - The industry is currently characterized by a "semi-solid-state first, all-solid-state tackling" development pattern, with significant acceleration in solid-state battery industrialization since 2022 [3] - Chinese companies like Weilan New Energy and Ganfeng Lithium have achieved mass production of semi-solid-state batteries, indicating the economic viability of this technology in 2023 [3] - All-solid-state batteries are recognized as the next-generation battery technology with disruptive advantages, seen as the ultimate solution to electric vehicle range and safety anxieties, with over 450GWh of planned domestic capacity in the past four years [3] Group 3 - The race for all-solid-state battery mass production is nearing its countdown, with the focus not solely on who releases first, but on who can make consumers adopt the new technology without additional costs [5] - In the highly competitive new energy sector, technological leadership is crucial, but lacking technology is not an option [5]

Group 1 - GAC Group's chairman announced the completion of the pilot production line for all-solid-state batteries, achieving conditions for mass production of battery cells over 60Ah, marking a significant step towards small-scale vehicle integration [2] - The pilot production line serves as a critical milestone in transitioning solid-state battery technology from theoretical concepts to practical applications, validating process stability, yield control, and cost models [2] - The 60Ah specification is sufficient to meet the diverse needs of electric vehicles, from compact cars to SUVs, as the industry sees a penetration rate of over 50% for new energy vehicles [2] Group 2 - The solid-state battery industry is experiencing accelerated industrialization since 2022, with companies like Weilan New Energy and Ganfeng Lithium achieving mass production of semi-solid-state batteries [4] - All-solid-state batteries are recognized as the next-generation battery technology with disruptive advantages, addressing range and safety concerns in electric vehicles, yet face technical bottlenecks that hinder large-scale production [4] - Predictions indicate that by 2027, the industry will transition from its initial phase to a rapid growth period, with China's solid-state battery shipments expected to exceed 110GWh by 2030 [4] Group 3 - The race for mass production of all-solid-state batteries is nearing its critical phase, emphasizing that technological leadership alone is not sufficient; consumer acceptance is crucial [7] - The competition in the solid-state battery sector is intense, with companies from China, Europe, the US, Japan, and South Korea at a similar starting point, all facing challenges in scaling up for commercial viability [4][7]

Core Viewpoint - GAC Group showcases its "Panyu Action" reform achievements and "Four Engines" strategy at the 23rd Guangzhou International Auto Show, highlighting its full brand matrix and multiple intelligent new vehicles, along with a new "Tech GAC" exhibition area that presents the future of mobility [1][3]. Group 1: Reform Achievements - GAC Group's chairman, Feng Xingya, introduced the achievements of the "Panyu Action" one-year reform, emphasizing a focus on user needs, product value, and service experience to enhance core competitiveness [3]. - The integration of product development processes has led to a 50% improvement in business efficiency, a new car development cycle reduced to 18-21 months, a market response speed increase of over six times, and a reduction in R&D costs by over 10% [3]. Group 2: Four Engines Strategy - GAC Group officially launched its four core development engines: new technology, new products, new services, and new ecosystems, aimed at creating value for users and facilitating the "Reconstructing New GAC" initiative [4]. - In the new technology sector, GAC has made significant advancements in the fields of new energy, safety, chassis, and AI, including the introduction of the "Star Source Range Extender" and the Quark electric drive with over 99% efficiency [4]. - The company plans to launch nine new or revamped models by 2026, covering various commuting and quality travel scenarios, and aims to open 600 new brand experience stores to cover over 90% of county markets [4]. Group 3: Product Showcase - At the auto show, GAC Group presented its full brand matrix, including high-quality, long-range, and high-resale-value vehicles under its self-owned brand, such as the upgraded "Transcend" model and the Aion UT super, which starts at a price of 49,900 yuan [6]. - GAC Honda showcased models like the Accord and Odyssey, while GAC Toyota introduced the new Venza, emphasizing the transition to a zero-carbon factory model [6]. Group 4: Future Directions - GAC Group will continue to focus on the "Four Engines" strategy, maintaining a user-centered approach to accelerate the "Reconstructing New GAC" process and consistently create high-quality mobility experiences [8].

广汽集团产品本部本部长张雄表示，面对市场同质化竞争，广汽通过三大举措构建差异化优势：一是变革产品开发体 系，导入IPD聚焦用户痛点，提前预判未来需求；二是强化各品牌产品特色，要形成差异化，埃安主打高性价比国民 2025年11月21日，广汽集团总经理閤先庆、广汽集团副总经理黄永强、广汽集团执委会委员吴坚、广汽集团产品本部本 部长张雄出席了媒体群访活动，围绕企业转型、品牌合作、技术创新、产品规划及营销变革等热点问题与媒体深度交 流。 广汽集团总经理閤先庆表示，"新广汽"发展核心是实现以"市场+技术"双轮驱动向科技型企业转型，关键在于"四大引 擎"协同发力。新技术是基础支撑，在产品开发上广汽的技术有非常丰厚的底子，同时聚焦新能源与AI智能化两大方 向，持续迭代整车平台集成能力；新产品是给客户价值兑现，需从功能开发转向满足用户情绪价值与场景化需求，打造 兼具品质与体验的竞争力产品；新服务聚焦新能源用户的补能体验，推进"可充可换"补能体系建设，全国布建超21000 根自营充电桩，与宁德时代深化换电合作，同时通过OTA持续升级软件服务，今年已完成45次OTA，优化超300项功 能；新生态则依托与华为、宁德时代、京东等头部 ...

| 序号 | | 股东各称 | 持股比例 ÷ | 认缴出资额 ÷ | 认缴出资日期 = 首次持股日期 # | | | --- | --- | --- | --- | --- | --- | --- | | स्त्र हो | | 广州华望半导体科技有限公司 | 55.00% | | 2027-11-30 | 2025-11-18 | | FARMOS | 国有企业 | 大股东 | | 2200万元 | | | | | | 广汽零部件有限公司 | 100% | 8250万元 | 2020-09-15 | | | রহ | | | | | | | | 服 = | | + 广州汽车集团股份有限公司 | 51.00% | 106788.132593万元 | 2025-06-27 | | | 与 级 | | | | | | | | 时 贺 | | 中隆投资有限公司 | 49.00% | 102600.362688万元 | 2025-06-27 | | | 2 年 | | 佛吉亚汽车座椅系统(上海)有限公司 | 45.00% | 1800万元 | 2027-11-30 | 2025-11-18 | 企查查APP显示，近 ...

Core Viewpoint - GAC Group's stock has experienced a decline of 10.52% year-to-date, with a recent drop of 2.11% on November 26, 2023, indicating potential challenges in the automotive market [1] Financial Performance - For the period from January to September 2025, GAC Group reported a revenue of 669.29 billion, a year-on-year decrease of 10.45%, and a net profit attributable to shareholders of -43.12 billion, reflecting a significant decline of 3691.33% [2] - Cumulative cash dividends since the A-share listing amount to 256.39 billion, with 39.74 billion distributed over the past three years [3] Stock Market Activity - As of November 26, 2023, GAC Group's stock price was 8.34 yuan per share, with a market capitalization of 850.44 billion [1] - The stock has seen a trading volume of 4.78 billion, with a turnover rate of 0.76% [1] - The major funds showed a net outflow of 417.40 million, with significant buying and selling activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of GAC Group's shareholders was 127,600, a decrease of 6.03% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [3]

Core Insights - JD.com, in collaboration with CATL and GAC Group, has launched the "National Good Car" in Beijing, marking a significant step in the automotive market [1] Group 1: Company Collaboration - The delivery center and related processes have been co-built with GAC, ensuring a seamless experience for customers [1] - GAC has provided official authorization, original factory parts, and maintenance support, aligning after-sales service standards with those of the original manufacturer [1] Group 2: Customer Experience - Customers expressed surprise at purchasing their first car through JD.com, highlighting the platform's growing influence in the automotive sector [1] - The collaboration has enabled GAC to pre-produce vehicles and position them at delivery centers, ensuring a smooth pickup process for car owners [1]

Core Insights - The "National Good Car" Aion UT Super, launched by JD.com, GAC Group, and CATL, has officially entered the full delivery phase with the first batch of vehicles being delivered on November 25 at the 2025 Guangzhou International Auto Show [1] Group 1: Product Features and Pricing - The Aion UT Super offers a commuting range of 500 kilometers, surpassing competitors that typically offer around 400 kilometers [3] - The vehicle is priced at 49,900 yuan for battery rental and 89,900 yuan for full purchase, significantly lower than market predictions [3] - It features a CLTC range upgrade to 500 km, a wheelbase of 2750 mm, and is the first in its class to include Huawei's cloud vehicle system and a "reversing sentinel" function [3] Group 2: Delivery and Service Network - The delivery network for the "National Good Car" has been established, allowing users to pick up vehicles at various service centers [4][5] - Users can pay the remaining balance through full payment or loan options, with JD.com PLUS members receiving additional benefits [4] - GAC has committed to covering the purchase tax for users whose vehicles are delayed until 2026 due to production or transportation issues [5] Group 3: Battery Rental and Charging Solutions - The monthly rental fee for the battery has been temporarily reduced from 499 yuan to 399 yuan, with additional discounts available for JD.com PLUS members [4] - CATL plans to establish 1,000 battery swap stations in 45 cities by 2025, with a goal of 2,500 stations in 140 cities by 2026 [5][6] - A new "mileage increment package" will be introduced, allowing users to pay 50 yuan for an additional 1,000 kilometers of range [6]

Core Insights - JD, GAC Group, and CATL jointly launched the "National Good Car" Aion UT Super, marking the start of full vehicle deliveries at the 2025 Guangzhou International Auto Show [1] - The delivery network for the "National Good Car" has been established, with GAC's nationwide first-level stores and JD's Beijing comprehensive service center commencing the first vehicle deliveries [1] Delivery and Service Network - Customers can complete vehicle pickup within 2 to 4 weeks after paying the final payment, with GAC emphasizing that all after-sales issues will be handled by them [1] - GAC will fully subsidize the vehicle purchase tax for customers who ordered by November 30, 2025, if delivery is delayed to 2026 due to production or transportation issues [1] Battery Swap Network - CATL announced plans to establish 1,000 battery swap stations in 45 cities by 2025, with a goal of 2,500 stations in 140 cities by 2026, and will open the network for franchise opportunities [1] - Users can access information about nearby battery swap stations through the Chocolate Battery Swap App or WeChat mini-program, with new features launching next month to provide real-time updates on upcoming and under-construction stations [1]

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]