Core Insights - SAIC Audi achieved a total retail sales of 47,258 units in 2025, marking a year-on-year growth of 23%, and demonstrating a steady increase in annual sales for three consecutive years [3][4] Group 1: Sales Performance - The company reported a robust market development momentum with a significant increase in sales, attributed to an efficient product matrix renewal and precise market positioning [3] - The introduction of two major new models in 2025, including the all-new SAIC Audi A5L Sportback and the Audi E5 Sportback, contributed to the sales growth [3] Group 2: Brand Experience and Customer Engagement - SAIC Audi focused on enhancing brand experience and deepening emotional connections with users through various interactive formats, such as nationwide roadshows and pop-up stores [3] - The launch of the "SAIC Audi Driving Experience" aimed to create a unique event for driving enthusiasts, reinforcing the brand's identity of being "young, technological, and luxurious" [3] Group 3: Service and Channel Development - The company adopted a user-centric approach, upgrading its network to over 200 full-function user centers across more than 100 cities, making it the only luxury brand with a growing network [4] - The exhibition halls have been integrated to provide a seamless experience from brand display to sales service, ensuring a worry-free purchasing and service experience for customers [4] Group 4: Future Growth Prospects - SAIC Audi is poised to enter a new growth cycle in 2026, with the upcoming global debut of the Audi E7X at the 2026 Beijing International Auto Show, further showcasing the brand's forward-looking strategy in the luxury electric SUV market [4]

Core Viewpoint - The Ministry of Commerce and eight other departments have released the implementation details for the 2026 vehicle trade-in subsidy, continuing to support vehicle scrapping and replacement with nationwide subsidies based on a fixed percentage of new car sales prices [1] Group 1: Promotional Activities - SAIC Group has launched the "2026 SAIC Spring Festival Happy Purchase" campaign, offering various differentiated discount packages across multiple brands including Roewe, MG, and Audi, aimed at making car purchases more economical and convenient for consumers [1] - During the promotional period, SAIC Group's dealerships will be decorated with a "Red Gold National Style" theme, creating a festive atmosphere with interactive experience zones and themed gifts for test drivers [4] Group 2: Discounts and Offers - The "2026 SAIC Spring Festival Happy Purchase" campaign features significant cash discounts, with Roewe and MG offering up to 37,000 yuan in cash benefits, along with additional incentives such as store gifts and financial offers [5] - Various brands under SAIC are providing unique promotional offers, including tax subsidies, limited-time bonuses, and exclusive benefits like lifetime warranties and special purchase funds [5]

Group 1 - Chinese automakers, led by MG, BYD, and Chery, are expected to surpass 200,000 new car sales in the UK by 2025, potentially capturing 10% of the local market share [2] - In Spain and Norway, 10% of new car sales come from Chinese brands, while the average in Western Europe is 6% [2] - China's leading position in the global electric vehicle industry is attributed to its dominance in the lithium-ion battery supply chain, which has driven the growth of Chinese car sales [2] Group 2 - Despite facing EU tariff pressures, Chinese automakers are expected to maintain strong expansion momentum in the European market by 2025, with a projected market share of 12.8% in the electric vehicle sector [2] - In the rapidly growing hybrid vehicle segment, Chinese brands have surpassed a 13% market share across the EU, EFTA countries, and the UK [2] - Chinese car manufacturers are adopting flexible strategies to counter the impact of additional tariffs, absorbing some costs while shifting focus to unaffected areas like hybrid models and non-EU markets [2] Group 3 - Brands such as BYD and SAIC, along with new entrants like Chery and Leap Motor, are intensifying their efforts in the European market by 2025 [3] - Leap Motor's electric vehicle sales in Europe have surged over 4000% by October 2025, supported by a joint venture with Stellantis NV [3] - Chery's Omoda brand has seen a 1100% increase in electric vehicle sales during the same period [3]

Core Insights - The Chinese automotive market is at a historic crossroads, with increasing penetration of new energy vehicles (NEVs) and a shift in market dominance, marking the end of the era of broad market growth and the beginning of a multi-dimensional competition focused on technology, ecology, and globalization [1] Market Performance - In November 2025, retail sales of passenger vehicles in China reached 2.225 million units, a year-on-year decline of 8.1% and a month-on-month decline of 1.1% [2] - The retail sales of fuel vehicles fell by 22% year-on-year, while pure electric models saw a 9.2% increase, pushing the NEV retail penetration rate to 59.3%, which further rose to 62.3% by mid-December [3] Competitive Landscape - The competition in the NEV sector has shifted from growth to a focus on existing market share, with companies now competing on technology iteration, ecosystem building, and organizational efficiency [5] - BYD's domestic sales in November 2025 were 348,300 units, down 26.81% year-on-year, indicating increased competitive pressure and a need for technological advancement [5] - Chery's wholesale sales in November 2025 reached the top three among NEV manufacturers, with a year-on-year growth of 54% and a market share of 6.5% [6] Export Dynamics - Chinese automotive exports surpassed 700,000 units in November 2025, marking a transition to a more localized production and ecosystem output model in the global market [4][10] - From January to November 2025, China exported 6.343 million vehicles, a year-on-year increase of 18.7%, with NEV exports doubling and becoming a key driver of overseas growth [9] Strategic Shifts - Companies are adopting diverse strategies for international expansion, with BYD focusing on localized production and ecosystem integration, while Chery emphasizes high-value market penetration through technology [10][11] - New entrants like NIO and Li Auto are facing challenges in their unique business models, while Leap Motor is validating its differentiated survival path through vertical integration and cost control [9] Policy Implications - The adjustment of the new energy vehicle purchase tax policy in 2026 is expected to compel companies to enhance cost control and supply chain optimization [14] - The automotive industry is anticipated to shift from a "policy-driven" growth model to a "value-driven" one, emphasizing high-quality transitions [15] Future Outlook - The market is expected to see a modest growth of around 3% in 2026, with NEV penetration continuing to rise but at a slower pace [15][16] - Companies are preparing for intensified competition by focusing on product iteration, technological implementation, and cost optimization in both domestic and international markets [17][18]

Core Viewpoint - The demand for plug-in hybrid vehicles (PHEVs) is declining in the domestic market but is surging in overseas markets, driven by global automotive industry transformation, changes in trade environments, and technological advancements by Chinese automakers [2][16]. Group 1: Market Performance - In November, PHEV exports reached 124,000 units, a month-on-month increase of 37.3% and a year-on-year increase of 400%, significantly outpacing pure electric vehicle (EV) growth [2]. - From January to November, PHEV exports totaled 842,000 units, a year-on-year increase of 240%, compared to less than 300,000 units for the entire previous year [2]. - In Shanghai, the export value of hybrid vehicles reached 25.72 billion yuan, a substantial increase of 174.8% [2]. Group 2: Charging Infrastructure Disparities - The development of charging infrastructure is uneven globally, creating a natural market space for PHEVs, especially in regions like Europe and Southeast Asia where fast-charging facilities are lacking [3]. - As of the end of 2024, Europe is projected to have nearly 1 million public charging stations, but this growth is insufficient to meet the demand from the increasing number of EVs [3]. - In Germany, the ratio of electric vehicles to public charging stations is approximately 16.7:1, indicating a significant shortfall in charging infrastructure [4]. Group 3: Trade Policy Impacts - Trade policies favoring PHEVs have emerged as a significant driver for their export growth, as many countries impose high tariffs on pure EVs while exempting PHEVs [6][7]. - The EU has announced a 5-year anti-subsidy tax on Chinese pure EVs, while PHEVs remain exempt due to their classification as transitional technologies [7]. - Similar favorable policies exist in markets like Brazil and Indonesia, where PHEVs benefit from lower import tariffs compared to pure EVs [7][8]. Group 4: Domestic Market Trends - The domestic PHEV market is experiencing a slowdown, with a year-on-year growth of 16.4% from January to November, compared to 41.2% for pure EVs [9][11]. - The initial demand for PHEVs driven by license plate advantages is diminishing as cities adjust their policies, leading consumers to prefer pure EVs [9]. - The improvement of charging infrastructure in urban areas has reduced the appeal of PHEVs, as consumers find pure EVs more convenient [9]. Group 5: Competitive Landscape - The domestic PHEV market has become highly competitive, with over 150 models available, leading to price wars that have reduced prices by 10% to 15% [10]. - The increase in competition has pressured profit margins for manufacturers, prompting a more rational consumer choice [10]. Group 6: Technological and Cost Advantages - Chinese automakers have developed advanced PHEV technologies, such as the series-parallel hybrid system, which enhances energy efficiency and driving experience [13][14]. - The complete supply chain for PHEVs in China allows for lower production costs compared to European counterparts, making Chinese PHEVs more competitively priced in international markets [14]. - The cost advantage is evident, with Chinese PHEV SUVs starting at approximately 36,000 euros, significantly lower than similar models from European brands [14]. Group 7: Future Outlook - The growth of PHEVs in overseas markets provides a crucial support for the global expansion of Chinese automakers, allowing them to leverage their technological and cost advantages [15][16]. - As global charging infrastructure improves and pure EV technology advances, PHEVs may gradually exit mature markets but will continue to meet demand in emerging markets [15]. - The long-term vision remains focused on pure EVs as the ultimate goal, but PHEVs will play a vital role during the global energy transition [15].

Core Viewpoint - The release of the first national standard for solid-state batteries in China marks a significant milestone in the industry's development, establishing clear definitions and high thresholds for key performance indicators, which is expected to facilitate the industrialization of solid-state battery technology [1][6]. Group 1: Definition and Standards - The new standard categorizes batteries into three types: liquid batteries, hybrid solid-liquid batteries, and solid-state batteries, eliminating the previously used term "semi-solid battery" [2]. - A critical performance indicator set by the new standard is that the weight loss rate of solid-state batteries must not exceed 0.5%, a significant tightening from the previous requirement of less than 1% [2][6]. - The standard aims to clarify the market and promote genuine technological innovation, thereby purging the market of "pseudo-solid" products [6]. Group 2: International Competition and Market Dynamics - The standard categorizes solid-state batteries based on electrolyte types and ion conduction types, which is expected to enhance China's competitive edge in the global solid-state battery technology race [4]. - The establishment of the national standard is seen as a strategic move to unify domestic technical interfaces and gain a voice in international regulations [4]. - Capital investment in the solid-state battery sector is increasing, with significant funding events indicating strong market recognition of this technology [5]. Group 3: Industry Impact and Investment Opportunities - Major companies are actively pursuing funding and investments to support the transition from laboratory to large-scale production of solid-state batteries [5]. - The market has seen a surge in institutional interest, with 22 solid-state battery concept stocks receiving institutional research in the fourth quarter [5]. - Companies with substantial technological reserves in core electrolyte routes and those achieving significant production capabilities are expected to benefit from the "Matthew effect" in the upcoming industrial wave [6].

Core Viewpoint - The article discusses the challenges faced by automotive companies in their pursuit of smart driving technology, highlighting the high expectations and subsequent failures of many startups in this sector, often resulting in a rapid rise and fall [2][3]. Group 1: Challenges in Smart Driving Startups - Two notable events in 2025 marked a downturn in the smart driving industry, with major companies like Maomao Zhixing and Dazhuo Intelligent facing significant operational challenges [2]. - The decline of these companies reflects broader issues within the automotive industry's approach to smart technology, including unclear positioning, resource misallocation, and cultural clashes between traditional automotive and tech talent [2][4]. Group 2: Equity Structure Issues - Many smart driving companies established by traditional automakers suffer from problematic equity structures, often leading to conflicts in decision-making and operational inefficiencies [5][6]. - For instance, Maomao Zhixing is over 53% controlled by Great Wall Motors, which has led to a lack of decision-making power for its management team, ultimately contributing to its struggles [6][10]. - Dazhuo Intelligent's structure, with 80% ownership by Chery, similarly restricts its founder's ability to drive technological innovation due to a lack of authority [10][11]. Group 3: Strategic Positioning Confusion - The strategic positioning of many smart driving companies remains ambiguous, often serving as mere suppliers to their parent companies rather than independent market players [17][18]. - Maomao Zhixing's initial focus was to provide smart driving solutions exclusively for Great Wall Motors, which tied its success to the parent company's market performance [18][19]. - This dependency on a single client has led to operational difficulties, especially when Great Wall Motors sought alternative suppliers for smart driving technology [19][20]. Group 4: Cultural Conflicts - The cultural clash between traditional automotive companies and tech startups creates significant barriers to innovation and talent retention [29][30]. - Traditional automotive firms often have rigid hierarchical structures and lengthy approval processes, which hinder the agility required in the fast-paced tech environment of smart driving [29][30]. - This cultural mismatch has resulted in missed opportunities for smart driving companies to attract top talent and respond swiftly to market changes [30][31]. Group 5: Competitive Pressures - The emergence of tech giants like Huawei and Baidu has intensified competition, as they offer comprehensive solutions that outpace the capabilities of traditional automaker startups [38][39]. - Huawei's substantial investment in smart driving technology, exceeding 10 billion annually, has positioned it as a market leader, further squeezing the viability of smaller, automaker-affiliated startups [39][40]. - As traditional automakers enhance their own R&D capabilities, the original purpose of these smart driving companies—to fill technological gaps—has diminished, leading to their integration or dissolution [40][41].

证券代码：600104 证券简称：上汽集团公告编号：临 2025-057 上海汽车集团股份有限公司 2025年第二次临时股东会决议公告 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月30日 (二)股东会召开的地点：上海汽车集团股份有限公司培训中心（上海市虹口区同嘉路79号）3号楼3楼报 告厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ 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。 重要内容提示： 截至本次股东会股权登记日，公司总股本为11,495,277,504股，其中回购专用证券账户中有股份 70,388,293股，回购专用账户中的股份不享有股东会表决权，故公司有表决权股份总数为11,424,889,211 股。 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议符合《公司法》及《公司章程》的规定，会议由公司董事会依法召集。公司董事长王晓秋先生 由于工作原因无法出席并主持本次股东会，经公司董事会半数以上董事共同推举 ...

Summary of the Conference Call on China's Auto Industry Outlook for 2026 Industry Overview - The conference call focuses on the **China auto industry** and its outlook for **2026**, highlighting cyclical and policy challenges that may lead to both risks and opportunities for technological advancements and market growth [1][2]. Key Forecasts and Trends - **Sales Decline**: Anticipated **7% year-over-year (YoY)** decline in auto sales for 2026, ending a three-year growth streak. This decline is attributed to market pessimism, which may lead to a relief rally if marginal improvements occur [2][3]. - **Subsidy Expectations**: Continued nationwide and local subsidies are expected to mitigate the impact of a **5% purchase tax hike**. The average subsidy per car is projected to decrease due to updated stimulus measures [3]. - **Quarterly Sales Projections**: - **1Q26**: Sales expected to fall **5-7% YoY** (or down **30%+ quarter-over-quarter (QoQ)**). - **2Q26**: Anticipated **3% YoY** decline. - **2H26**: Expected to see a **0-1% YoY** decline, with March/April potentially marking the fundamental trough for investors [3]. Volume and Market Share - **Wholesale Volume**: Forecasted **3% YoY** decline in **2026** for passenger vehicle (PV) wholesale volume, with a **7% YoY** decline in domestic sales [4][11]. - **New Energy Vehicles (NEV)**: NEV sales growth is expected to decelerate to **11%**, achieving **59% sales penetration**. Plug-in hybrid electric vehicles (PHEVs) are projected to grow **14%**, outpacing battery electric vehicles (BEVs) at **9%** growth [4][15]. - **Export Growth**: Exports are expected to grow by **16% YoY**, with significant growth in sales to Europe, ASEAN, and Latin America, each projected to grow **20-25% YoY** [4][12]. Investment Recommendations - **Preferred Stocks**: - For OEMs: **XPeng**, **Geely**, and **SAIC** are recommended for their resilient domestic and growing overseas sales, along with potential re-rating opportunities from non-auto initiatives. - Investors are advised to monitor **Li Auto**, **NIO**, and **BYD** for new launches in **2Q26** that may generate alpha against reduced expectations [6]. - **Auto Parts**: Preferred stocks include **Hesai**, **Minth**, and **Xingyu**. Among dealers, **Zhongsheng** is favored due to profit resurgence from stricter scrutiny on unfair auto price competition [6]. Additional Insights - **Technological Development**: The need for progressive development of non-auto initiatives, such as AI and humanoids, is emphasized for a potential re-rating of multiples in the capital market [5]. - **Market Sentiment**: The current market sentiment is characterized by a pessimistic bias, which may create opportunities for recovery if conditions improve [2]. Conclusion - The China auto industry is poised for a challenging year in **2026**, with expected declines in sales and volume. However, strategic investments in resilient companies and emerging technologies may provide opportunities for recovery and growth in the long term [1][2][6].

关于上海汽车集团股份有限公司 2025 年第二次临时股东会的法律意见书 法 律 意 见 书 中豪（上海）律师事务所 Add：上海市浦东新区浦东南路 256 号华夏银行大厦 13 层 200120 Tel：+86 21 6886 6488 Fax：+86 21 5888 6588 Http：www.zhhlaw.com 法律意见书 沪中豪（2025）法见字第 36 号 上海汽车集团股份有限公司： 中豪（上海）律师事务所（以下简称"本所"）接受上海汽车集 团股份有限公司（以下简称"公司"）的委托，指派赵晨律师、刘赛 律师出席本次临时股东会，并依据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股东会规则》等法律、法规和规范性 文件以及《上海汽车集团股份有限公司章程》（以下简称"《公司章 程》"）之有关规定，出具本法律意见书。 本所律师根据有关法律、法规和规范性文件以及《公司章程》的 规定，就公司2025年第二次临时股东会的召集、召开程序；出席会议 人员资格和召集人资格；临时股东会表决程序、表决结果的合法有效 性发表法律意见。 一、本次临时股东会的召集、召开程序 （一）本次临时股东会的召集 本次临时股东 ...