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]

"2025年度新财富杂志最佳董秘暨港股最佳IR评选"于2025年5月正式启动。 本届评选以A/B股上市公司董事会秘书及证券事务代表成员、港股上市公司IR团队为评选对象，涉及5267家A/B股上市公司以及2464家港股上市公司。近 3500家机构、超20万资本圈人士参与投票，覆盖资本市场主流公募基金、券商资管、保险资管、银行理财子公司、信托公司以及私募基金，管理的资产规 模合计近30万亿元。 多达31个省市区的地方证券监管机构、香港公司治理公会均参与了辖区优秀董秘及证代的推荐。此外，本届评选还集结了上市公司治理的"最强大脑"，包 括"金殿堂奖"获奖者、公司治理专家、券商研究相关负责人、投资机构相关负责人、知名学者等超200位专家，组建成"专家评审团"，他们来自170余家上 市公司、30余家公募基金、30家券商研究所和多所知名高校。 最终，300位"最佳董秘"、50个"最佳证代"团队、102个"港股最佳IR"团队脱颖而出，以下为详细名单。 | 5 | 300232 | 洲明科技 | 陈一帆 | | --- | --- | --- | --- | | 6 | 002466 | 天齐锂业 | 张文宇 | | 7 | ...

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]

最近三个交易日，22日-26日，广汽集团分别获融资买入0.26亿元、0.53亿元、0.29亿元。 融券方面，当日融券卖出4.34万股，净卖出3.09万股。 8月26日，沪深两融数据显示，广汽集团获融资买入额0.29亿元，居两市第940位，当日融资偿还额0.37 亿元，净卖出762.47万元。 ...

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Group 1 - GAC Group recently launched a new range extender technology called "Star Source" during the Haobo HL range extender version launch event [2] - This launch follows previous technological advancements under the "Star Spirit" brand, including intelligent technology, safety systems, and AI panoramic views [2] - The new technology addresses common issues faced by range extender vehicles, such as increased fuel consumption, power degradation, and heightened noise and vibration when battery levels are low [2] Group 2 - GAC Group has been working on range extender technology since 2010, participating in the national 863 program for the development and industrialization of range-extended electric vehicles [2] - The company launched China's first range extender sedan, the GAC Trumpchi GA5 REV, in 2014 and has since made significant advancements in powertrain and core technologies [2] - The new "Star Source" technology enhances the efficiency of the range extender, improves power response, and optimizes NVH performance, while also utilizing an AI energy control platform for better energy management [2][3] Group 3 - The industry standard for range extender fuel-to-electric conversion is approximately 3.4 kWh generated from 1 liter of fuel [3] - The "Star Source" technology aims to improve this conversion rate and reduce energy losses in the electric drive system, effectively addressing high fuel consumption during low battery conditions [3] - The first model equipped with the "Star Source" technology, the Haobo HL range extender version, has been officially launched, with plans to apply this technology to other GAC brands, including GAC Trumpchi and GAC Aion [3]

修订后的《保障中小企业款项支付条例》（以下简称《条例》）实施两个月有余。其中明确规定， 大型企业应当自货物、工程、服务交付之日起60日内支付款项。《条例》发布之初，中国一汽、广汽集 团、北汽集团、蔚来、理想汽车、比亚迪、赛力斯集团等17家车企先后承诺，对供应商的账期不超过60 天。如今，首个60天周期已过，车企承诺落实情况却不尽如人意。 根据央视及工业和信息化部日前的通报，在17家车企中，中国一汽、广汽、赛力斯3家车企已率先实现 60天内支付。此外，东风、长安等央企，上汽、北汽等国企，吉利、长城等民营企业以及理想、小鹏等 新势力企业都在积极响应。 但从数据上看，17家车企中仅3家明确表态兑现"60天账期"承诺，与2个月之前振聋发聩的承诺声相比， 此时的兑现情况无疑略显单薄。但细窥之下，多数车企并未停留于口头承诺，均已将"60天账期"承诺落 实行动。其中，一汽组建了财务、供应链、法务跨部门专项工作组，并成立联合专项工作组；广汽则构 建了覆盖"订单下发—验收入库—对账结算—货款支付"全流程的管控体系；赛力斯则采用"厂中厂"模 式，并推行数字化管理。此外，小鹏也已与部分供应商完成补充协议的签署，"60天账期"承诺正 ...