Core Viewpoint - GAC Group has entered into a significant equity transaction with Dongfeng Motor Group, involving the sale of a 50% stake in Dongfeng Honda Engine to GAC Honda for approximately RMB 1.1725 billion [1] Group 1: Equity Transaction Details - On October 30, 2025, GAC Honda and Dongfeng Motor Group signed an equity transaction contract [1] - The transaction involves Dongfeng Motor Group selling a 50% stake in Dongfeng Honda Engine for about RMB 1.1725 billion [1] - Following the contract, on November 10, 2025, GAC Honda, Honda, and Honda China entered into a capital increase agreement [1] Group 2: Capital Increase Agreement - The registered capital of GAC Honda will increase from USD 541 million to approximately USD 867 million [1] - The total capital increase amounting to about USD 326 million (approximately HKD 2,544,484,488) will be subscribed by GAC Group, Honda, and Honda China according to their respective shareholding ratios [1] - GAC Group will contribute approximately RMB 1.1725 billion as part of the capital increase, subject to the terms and conditions of the agreement [1] Group 3: Shareholding Structure - After the completion of the capital increase, GAC Group, Honda, and Honda China will maintain their respective shareholding ratios in GAC Honda, holding 50%, 40%, and 10% respectively [1]

Core Viewpoint - GAC Group is engaging in a significant equity transaction involving GAC Honda and Dongfeng Motor Group, which will enhance its capital structure and maintain ownership ratios among stakeholders [1] Group 1: Equity Transaction Details - GAC Honda has entered into a property transaction contract with Dongfeng Motor Group to acquire 50% of Dongfeng Honda Engine for approximately RMB 1.1725 billion [1] - Following the property transaction, an equity increase agreement was signed on November 10, 2025, which will raise GAC Honda's registered capital from USD 541 million to approximately USD 867 million [1] - The total capital contribution for the equity increase will amount to about USD 326 million (approximately HKD 2.544 billion), with GAC Group contributing around RMB 1.1725 billion [1] Group 2: Ownership Structure - Post completion of the capital increase, GAC Group, Honda, and Honda China will maintain their respective ownership stakes in GAC Honda at 50%, 40%, and 10% [1]

Core Viewpoint - GAC Group has entered into a capital increase agreement with Honda, Honda China, and GAC Honda, which will raise GAC Honda's registered capital from $541 million to $867.22 million [1] Group 1 - The total capital increase amounts to $326.22 million, equivalent to approximately HKD 2.54 billion, which will be subscribed according to the respective shareholding ratios of GAC Group, Honda, and Honda China in GAC Honda [1]

格隆汇11月10日丨广汽集团(02238.HK)公告，于2025年10月30日，公司重大共同控制实体广汽本田与东 风汽车集团订立产权交易合同，据此，东风汽车集团(作为卖方)同意出售而广汽本田(作为买方)同意收 购东风本田发动机50%的股权，代价为人民币1,172,485,400元(折合约1,286,847,541港元)，该交易通过广 东联合产权交易中心公开挂牌转让进行。 于2025年11月10日，公司与本田、本田中国及广汽本田订立增资协议，据此，广汽本田的注册资本将由 5.41亿美元扩大至8.67亿美元。本公司、本田及本田中国将按彼等各自于广汽本田之出资比例，为增资 事项合计认缴326,215,960美元(折合约2,544,484,488港元)，惟受增资协议之条款及条件所规限。 股权转让事项完成后，广汽本田将持有东风本田发动机50%的股权，而公司于东风本田发动机之应占权 益将变更为25%。 ...

於2025年10月30日，本公司重大共同控制實體廣汽本田與東風汽車集團訂立產權交易 合同，據此，東風汽車集團（作為賣方）同意出售而廣汽本田（作為買方）同意收購東風 本田發動機50%的股權，代價為人民幣1,172,485,400元（折合約1,286,847,541港元），該 交易通過廣東聯合產權交易中心公開掛牌轉讓進行。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 增資協議 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 2238 關連交易 增資協議 背景 - 1 - 一項須予披露交易，故股權轉讓事項毋須遵守該章有關公告及股東批准的規定。就股 權轉讓事項而言，東風汽車集團屬獨立第三方。因此，股權轉讓事項並不構成上市規 則第14A章項下本公司一項關連交易，且毋須遵守該章披露規定。 於2025年11月10日，本公司與本田、本田中國及廣汽本田訂立增資協議，據此，廣汽 本田的註冊資本將由541,000,000美元擴大至867,21 ...

Core Viewpoint - The launch of the Aion UT Super by JD Auto marks a significant price revolution in the electric vehicle market, with a starting price of 49,900 yuan for battery rental and 89,900 yuan for full purchase, attracting considerable attention from consumers and the industry [2][3][4]. Pricing Strategy - The Aion UT Super's pricing strategy is designed to disrupt the entry-level electric vehicle market, targeting young consumers and families with its high cost-performance ratio [3][4]. - The actual purchase price can be further reduced through various subsidies, with the battery rental version potentially costing as low as 45,400 yuan after discounts [3][4]. Market Impact - The introduction of the Aion UT Super is expected to reshape the market dynamics of electric vehicles priced around 100,000 yuan, as it significantly undercuts previous market expectations [3][5][7]. - The vehicle's pricing is part of a broader trend where the average price of new energy vehicles has decreased by 6.43% from 2024 to the first three quarters of 2025, with the average price dropping below 160,000 yuan for the first time since 2019 [4]. Sales Model Innovation - The Aion UT Super will be exclusively sold through JD's online platform, combining online sales with offline experience stores to enhance consumer purchasing convenience [8]. - JD Auto aims to create a comprehensive service ecosystem, integrating purchasing, usage, and maintenance into a seamless experience for consumers [8][10]. Competitive Landscape - The entry of JD Auto into the automotive sector is seen as a challenge to traditional fuel and electric vehicle competitors, with the potential to quickly establish a presence in the market due to JD's supply chain management and user base [9]. - The vehicle's design and features were developed based on extensive user insights, addressing key consumer concerns such as price, space, safety, and charging efficiency [9][10]. Future Developments - JD Auto plans to expand its "National Good Car" standard to include various vehicle types, such as SUVs and MPVs, to cater to diverse consumer needs [10].

Core Points - JD.com officially launched the "National Good Car" Aion UT super on November 9, with a battery rental price starting at 49,900 yuan and a full purchase price of 89,900 yuan [1][2] - The Aion UT super features a range of 500 kilometers and supports a 99-second battery swap service provided by CATL [1][2] - The vehicle is equipped with Huawei's cloud-based in-car system, allowing for extensive app storage without occupying internal memory [1] - Safety features include a reverse guardian and a 540-degree panoramic view, but it lacks advanced driver assistance features like adaptive cruise control and automatic parking [1] Sales and Promotions - JD.com is the exclusive sales platform for the Aion UT super, offering various subsidies for early adopters [2] - The first 15,000 users who complete their purchase by December 31 can receive government and brand-specific subsidies, with 2,000 yuan for battery rental and 4,000 yuan for full purchase [2][4] - Additionally, the first 1,000 JD PLUS members who place an order after November 9 can receive a 2,500 yuan JD E-card if they choose the battery rental option [2][4]

Core Viewpoint - The official announcement of the Aion UT Super, a new electric vehicle, reveals competitive pricing and attractive purchase incentives, indicating a strategic move by JD.com to capture market interest in affordable electric cars [1][2]. Pricing and Purchase Incentives - The battery rental price for the Aion UT Super is set at 49,900 yuan, with a minimum price of 45,400 yuan for PLUS members after subsidies [1]. - The overall purchase price of the vehicle is 89,900 yuan, which can be reduced to 85,900 yuan after applying a 4,000 yuan purchase subsidy, significantly lower than market expectations [2][4]. - 83% of surveyed users expressed a desire for the vehicle's price to be below 100,000 yuan, aligning with the announced pricing strategy [2]. Sales and Marketing Strategy - The Aion UT Super will be exclusively sold on JD.com, with users able to reserve test drives and pay deposits through the JD app [2]. - Early adopters can benefit from various incentives, including a 1,000 yuan discount on the first year of service, free battery testing, and a discount on new car insurance [4]. Vehicle Features - The Aion UT Super is equipped with CATL's "Chocolate" battery, offering a range of 500 kilometers and the capability for rapid battery swapping in just 99 seconds [5]. - The vehicle's launch was marked by significant public interest, with nearly 300,000 viewers during its auction on JD.com, resulting in a final bid exceeding 78 million yuan [5].

Core Viewpoint - JD.com, in collaboration with GAC Group and CATL, has announced the pricing for the "JD Auto" Aion UT super, with a battery rental purchase price of 49,900 yuan and a full vehicle purchase price of 89,900 yuan, which will be sold exclusively on JD.com [1] Group 1 - The battery rental purchase price is set at 49,900 yuan [1] - The full vehicle purchase price is set at 89,900 yuan [1] - The vehicle will be sold exclusively through JD.com [1]

Core Insights - JD.com, in collaboration with GAC Group and CATL, has launched the "National Good Car" Aion UT Super, with a battery rental price of 49,900 yuan and a full purchase price of 89,900 yuan [1][3] - The partnership offers three major benefits: cashback, value-added services, and price protection, aimed at providing a seamless car buying and usage experience for consumers [1] - The vehicle will be exclusively sold on JD.com, with reservations and deposits available through the JD app [1] Company Roles - JD.com is primarily responsible for consumer insights and exclusive sales, without direct involvement in manufacturing [3] - GAC Group provides the vehicle manufacturing capabilities, while CATL contributes battery technology and battery swapping ecosystem [3] - The collaboration aims to create a comprehensive automotive consumption model, integrating online and offline resources for car buying and maintenance [3]