Core Viewpoint - Shanghai Automotive Group Co., Ltd. has announced the cancellation of repurchased shares and a reduction in registered capital as part of its efforts to enhance the quality and investment value of the company, aligning with its 2025 valuation enhancement plan [1][2]. Group 1: Share Repurchase and Capital Reduction - The company completed its share repurchase plan on September 8, 2022, acquiring a total of 80,021,941 shares at an average price of 18.75 RMB per share, with a total expenditure of 1.5 billion RMB [1]. - The decision to cancel the repurchased shares and reduce registered capital was approved at the 2024 annual general meeting [1][2]. Group 2: Notification to Creditors - Creditors are informed that they have 30 days from receiving the notice, or 45 days from the announcement date, to claim their debts or request guarantees due to the capital reduction [2]. - Required documents for creditors to submit include original and photocopies of contracts, business licenses, and identification documents [2][4]. Group 3: Debt Claim Submission Process - Creditors can submit their claims through various methods including in-person, mail, or fax, with the submission period set from June 28, 2025, to August 12, 2025 [4]. - The company has provided specific contact details for the securities affairs department for claim submissions [4].

证券代码：600104 证券简称：上汽集团 公告编号：临 2025－032 "2021 年股份回购方案"）。公司于 2022 年 9 月 8 日实施完毕 2021 年股份回购方案，通过集中竞价交易方式累计回购公司股份 80,021,941 股，回购最高价格为 21.48 元/股，回购最低价格为 15.34 元/股，回购均价为 18.75 元/股，使用资金总额为人民币 15.00 亿元（不 含交易费用）。详见公司于 2022 年 9 月 10 日披露的《上海汽车集团 股份有限公司关于股份回购实施结果的公告》（公告编号：临 2022－ 058）。 为提升上市公司质量和投资价值，落实《上海汽车集团股份有限 公司 2025 年度估值提升计划》，以实际行动回报投资者，公司分别于 2025 年 5 月 30 日、2025 年 6 月 27 日召开第八届董事会第二十九次 会议、2024 年年度股东大会，审议通过了《关于注销回购股份、减 少注册资本并相应修订<公司章程>的议案》，决议注销全部根据 2021 年股份回购方案回购的 80,021,941 股股份，并相应减少公司注册资本， 详见公司于 2025 年 5 月 31 日 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2025-030 上海汽车集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,854 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,228,966,370 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 80.7795 | | 份总数的比例（%） | | 截至本次股东大会股权登记日，公司总股本为 11,575,299,445 股，其中回购专用证券账户中 有股份 150,410,234 股，回购专用账户中的股份不享有股东大会表决权，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，大会主 持情况等。 本次会议符合《公司法》及《公司章程》的规定，大会由公司董 1 (一) 股东大会召开的 ...

中豪(上海)律师事务所关于 上海汽车集团股份有限公司 2024年年度股东会的法律意见书 编号：沪中豪（2025）法见字第24号 致：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，指派曹一川律师、王晨钰律师出席本次股东 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2024年年度股东会召集、召开程序；出席会议人员资格和召集人资格；股东会 表决程序、表决结果的合法有效性发表法律意见。 本所律师仅依据本法律意见书签发日之前所发生的事实，并基于对该项事实 的认识以及对于相关法律、法规和规范性文件以及《公司章程》的理解发表本意 见。本法律意见不涉及本次股东会提案内容以及此间所涉及事实的真实性、准确 性。 本所律师同意将本法律意见书作为公司2024年年度股东会的必备文件进行 公告，并依法对本所出具的法律意见承担责任。未 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2025－031 上海汽车集团股份有限公司 九届一次董事会会议决议公告 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。 上海汽车集团股份有限公司第九届董事会第一次会议通知于 2025 年 6 月 23 日通过传真、电子邮件等形式送达。本次董事会会议 于 2025 年 6 月 27 日在上汽集团培训中心会议室以现场和通讯相结合 的方式召开。会议的召集、召开符合《公司法》及《公司章程》的有 关规定。本次会议应到董事 8 人，实际出席会议董事 8 人。会议由王 晓秋先生主持，公司高级管理人员列席了会议。 经与会董事逐项审议,表决通过了如下决议： 1、关于选举公司董事长的议案 选举董事王晓秋先生为公司董事长。 （同意 8 票，反对 0 票，弃权 0 票） 2、关于选举公司董事会战略与 ESG 可持续发展委员会委员的议 案 选举董事王晓秋先生、董事贾健旭先生、董事葛大维先生、独立 董事陈乃蔚先生、独立董事宋晓燕女士担任公司第九届董事会战略与 ESG 可持续发展委员会委员。 任期与 ...

Core Viewpoint - The new energy light commercial vehicle market in China has shown a fluctuating trend in sales, with a cumulative growth of 15% after April 2025, indicating a recovery in the market after a brief downturn earlier in the year [1][5][31]. Sales Performance - In May 2025, the new energy light commercial vehicle market sold 24,100 units, representing a month-on-month increase of 30% and a year-on-year increase of 12% [4][5]. - The sales trend from January to May 2025 has been characterized by a pattern of decline and growth, with the cumulative sales reaching 96,300 units, a year-on-year growth of 14% [9][25]. Regional Insights - In the first five months of 2025, all 31 provincial-level administrative regions in mainland China recorded new energy light commercial vehicle registrations, with Guangdong province leading with nearly 20,000 units, accounting for 19.26% of the national total [11][13]. Market Composition - The market is predominantly composed of pure electric vehicles, which accounted for 99.99% of sales in the first five months of 2025, showing a slight decrease compared to the same period in 2024 [15]. - The top-selling companies in May 2025 included Wuling and Yuan Cheng, each selling over 4,000 units, with market shares of 19.40% and 16.89% respectively [22][20]. Company Performance - The majority of companies in the new energy light commercial vehicle market experienced sales growth in the first five months of 2025, with notable increases from SAIC-GM-Wuling, Guizhou Changjiang, and Jiangling, which saw year-on-year growth rates of 145%, 81%, and 70% respectively [26][29]. - The market share of SAIC-GM-Wuling reached 23.42%, significantly up by 12.48 percentage points compared to the previous year [29]. Future Outlook - The new energy light commercial vehicle market is expected to continue its growth trajectory, with a focus on whether June 2025 will initiate a new round of consecutive increases in sales [31].

Core Insights - The market share of joint venture brands has decreased from nearly 70% to below 40%, facing challenges from domestic and new energy vehicle (NEV) competitors [1] - Despite the challenges, joint venture brands have shown signs of recovery in May, with several brands reporting increased sales [2][3] Group 1: Sales Performance - In May, the total retail volume of passenger cars reached 1.932 million units, with domestic brands selling 1.26 million units (up 29% year-on-year) and mainstream joint venture brands selling 470,000 units (down 5% year-on-year) [3] - The decline in sales for joint venture brands has slowed, with the drop not exceeding 5% in recent months, compared to double-digit declines earlier in 2024 [4][5] - Specific joint venture brands reported the following sales figures in May: SAIC Volkswagen (87,000 units, up 4.3%), FAW Toyota (68,000 units, up 24%), and GAC Toyota (62,000 units, up 1.82%) [2] Group 2: Factors Influencing Sales - The "trade-in" policy has significantly supported sales, with nearly 70% of private car buyers utilizing this policy in May [6] - Many models from joint venture brands have undergone technical upgrades, contributing to sales growth [6][7] - Price competition has intensified, with discounts on B-class cars reaching up to 50,000 yuan, making them more attractive to consumers [7] Group 3: New Energy Vehicle (NEV) Development - Joint venture brands are increasingly focusing on NEVs as traditional fuel vehicles reach a sales plateau [10][11] - Recent months have seen improved sales for NEV models from joint venture brands, with GAC Toyota's Platinum 3X achieving monthly sales of over 6,700 units [11][12] - The shift in pricing strategy towards more competitive pricing for NEVs has also contributed to sales growth [12] Group 4: Future Outlook - The upcoming year is expected to be significant for joint venture brands as they plan to launch a range of new energy products [13] - The key to success in the NEV market lies in adapting to market demands and learning from successful strategies employed by domestic brands and new energy players [12][13]

Group 1: Automotive Market Performance - From June 1 to June 22, the national retail sales of passenger cars reached 1.269 million units, a year-on-year increase of 24% [1] - Wholesale of passenger cars during the same period was 1.238 million units, up 14% year-on-year [1] - Cumulative retail sales for the year reached 10.086 million units, reflecting an 11% year-on-year growth [1] Group 2: Export and International Strategy - China's automotive exports are projected to reach 7 million units this year, following a record of 6.4 million units last year, with a forecasted growth rate of 10% [1] - Xiaopeng Motors has refrained from using the "zero-kilometer used car" export model, despite its attractiveness in overseas markets, due to tightening regulations [2] Group 3: New Product Developments - Mercedes-Benz plans to produce a new pure electric MPV in Fujian, alongside a long-wheelbase CLA model starting in 2025, featuring advanced energy efficiency [3] - BYD has signed a cooperation agreement with voestalpine to supply steel for its Hungary passenger car factory [4] Group 4: Corporate Developments - SAIC Group and CATL have established a new power system company in Shanghai with a registered capital of 50 million RMB [5] - Kaiyi Automotive has founded a supply chain company with a registered capital of 2 billion RMB [6] Group 5: Financial Performance - Nissan is expected to report an operating loss of 200 billion JPY (approximately 9.9 billion RMB) for Q2 2025, following significant restructuring measures [6]

Core Viewpoint - The automotive industry is currently facing a wave of anti-corruption efforts, which are crucial for maintaining the integrity of supply chains and ensuring product quality in a highly competitive market [2][3][4]. Group 1: Anti-Corruption Efforts - Dongfeng Motor has seen six executives under investigation for serious violations since May, including a senior manager [2]. - SAIC Volkswagen is also involved in investigations, with a procurement department employee detained, indicating a broader trend of scrutiny within the industry [2][3]. - The internal email leak alleging corruption in SAIC Volkswagen's procurement department highlights ongoing issues, although the company claims no substantial evidence was found [3]. Group 2: Supply Chain Management - The automotive supply chain is extensive, involving thousands of parts, and any corruption can lead to significant financial losses for companies [3][4]. - BYD's chairman emphasized that corruption is a major obstacle to healthy company growth, and the company has implemented reporting incentives to combat it [4]. - NIO is adopting a "transparent supply chain" approach to reduce waste and improve cost visibility, which is critical for maintaining product quality [5]. Group 3: Financial Performance and Challenges - SAIC Volkswagen's profit margins have been severely compressed in the new energy era, with past models achieving margins of 20-30% now facing significant challenges [6]. - The company aims to achieve a profit margin of around 10% for its new range-extended products, which is a considerable challenge given current market conditions [6]. - Recent reforms under new management include cost-cutting measures and a focus on enhancing operational efficiency, such as reducing development licensing fees and internalizing outsourced R&D work [6][7]. Group 4: Future Strategies - SAIC Volkswagen plans to launch seven new models by 2026, including electric and hybrid vehicles, as part of its strategy to improve market competitiveness [7]. - The company is reforming its dealer assessment system to enhance customer service, indicating a shift towards a more customer-centric approach [7]. - Despite cost-cutting measures, SAIC Volkswagen is committed to maintaining quality and safety standards, as evidenced by investments in safety features for new models [7].

Investment Rating - The report assigns a Buy rating to BYD Co. and a Sell rating to SAIC Motor [9][13]. Core Insights - The China NEV industry is experiencing a slowdown in capacity expansion, with net additions expected to be 2.5 million units in 2025, a 13% year-over-year increase, followed by further declines in subsequent years [1]. - Capital expenditure (capex) expectations for 2025 have increased due to stronger demand driven by trade-in subsidies, while 2026 capex remains stable [2]. - The cost curve has steepened between different groups of OEMs, with group 1 players managing better EBITDA margins compared to groups 2 and 3 amid intensified competition [3]. - Demand for NEVs is projected to rise by 11% in 2024 compared to previous expectations, with significant contributions from trade-in subsidies [6]. - Utilization rates are expected to improve in 2025-2026 but may decline in 2027-2028, leading to potential consolidation in the industry [7][8]. Summary by Sections Industry Capacity and Capex - NEV capacity in China is still expanding but at a slower pace, with net additions of 2 million and 1.5 million units expected in 2026 and 2027, respectively [1]. - Market expectations for capex have increased due to positive outlooks from OEMs, driven by trade-in subsidies [2]. Cost and Profitability - OEMs are facing lower EBITDA margins due to increased competition, with group 1 players showing better cost control compared to groups 2 and 3 [3]. - The cash conversion cycle is tightening, indicating deteriorating cash flow for many players [5]. Demand and Market Dynamics - Domestic NEV demand is expected to reach 10.9 million and 14.1 million units in 2024 and 2025, respectively, with a portion stimulated by trade-in subsidies [6]. - The NEV market is highly competitive, with transaction prices declining by 6% year-over-year in early 2025 [7]. Future Outlook - A potential decline in retail PV volume is anticipated in 2027, leading to a 1% decrease in NEV volume demand despite higher penetration [7]. - The report suggests that consolidation in the industry may begin in 2027-2028, with a positive turnaround expected post-consolidation starting from 2029 [8].