第一章 总则 第一条 为进一步加强上海汽车集团股份有限公司（以下简称 "公司"）关联交易管理，保证公司与关联人之间关联交易的合法性、 必要性、合理性和公允性，保持公司的独立性，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第5号——交易与关联交易》等相关法 律、法规、规范性文件，以及《上海汽车集团股份有限公司章程》的 规定，特制定本管理制度。 第二条 公司关联交易是指公司（含分公司）、控股子公司及控 制的其他主体与公司关联人之间发生的转移资源或者义务的事项，包 括以下交易： （一）购买或者出售资产； （二）对外投资（含委托理财、对子公司投资等）； 上海汽车集团股份有限公司 关联交易管理制度 （2025 年 5 月修订建议稿） （三）提供财务资助（含有息或者无息借款、委托贷款等）； （四）提供担保； （五）租入或者租出资产； （六）委托或者受托管理资产和业务； 1 （七）赠与或者受赠资产； （八）债权、债务重组； （九）签订许可使用协议； （十）转让或者受让研发项目； （十一）放弃权利（ ...

上海汽车集团股份有限公司 董事会战略与 ESG 可持续发展委员会 工作细则 （2025 年 5 月 30 日八届二十九次董事会会议审议修订并通过） 第一章 总则 第一条 为适应公司战略发展需要，强化战略决策的科学性和 规范性，提升ESG（环境、社会、治理）管理水平，推动公司可持 续发展，根据《中华人民共和国公司法》《上市公司治理准则》《上 海证券交易所上市公司自律监管指引第1号——规范运作》《上海 汽车集团股份有限公司章程》（以下简称《公司章程》）、《上海 汽车集团股份有限公司董事会议事规则》及其他有关规定，制定本 工作细则。 第二条 董事会战略与ESG可持续发展委员会（以下简称战略 与ESG可持续发展委员会）是董事会设立的专门工作机构，对董事 会负责。 第二章 人员组成 第六条 战略与ESG可持续发展委员会委员任期与同届董事 会董事任期一致。委员任期届满，连选可以连任。期间如有委员不 再担任公司董事职务，自动失去委员资格，并由董事会根据上述第 三条至第六条规定补足委员人数。 第七条 公司战略与规划部门是战略与ESG可持续发展委员 会的日常工作机构，为战略与ESG可持续发展委员会提供专业支 持。董事会办公室为 ...

上海汽车集团股份有限公司 章 程 （2025 年 5 月修订建议稿） 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 党、纪、工、团组织 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益,规范公 司的组织和行为,根据《中华人民共和国公司法》(以下简称《公司法》)、 《中华人民共和国证券法》(以下简称《证券 ...

上海汽车集团股份有限公司 董事会审计委员会工作细则 （2025 年 5 月修订建议稿） 第一章 总则 第一条 为完善公司治理结构，提高董事会科学决策能力， 确保董事会对经营层的有效监督，根据《中华人民共和国公司法》 （以下简称《公司法》）《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》《上海汽车集团股份有限公司章程》（以下简称 《公司章程》）、《上海汽车集团股份有限公司董事会议事规则》 及其他有关规定，制定本工作细则。 第二条 董事会审计委员会（以下简称审计委员会）是董事 会设立的专门工作机构，对董事会负责，依照《公司章程》和董 事会授权履行职责，并行使《公司法》规定的监事会的职权。 第二章 人员组成 第三条 审计委员会成员应由不少于三名董事组成，且应当 为不在公司担任高级管理人员的董事，其中独立董事过半数，且 至少有一名独立董事为会计专业人士。董事会成员中的职工代表 可以成为审计委员会成员。 第五条 审计委员会设主任委员（召集人）一名，由独立董 事委员中会计专业人士担任，负责主持审计委员会工作；主任委 员由董事会在委员会成员内直接选举产生。 1 ...

证券代码：600104 证券简称：上汽集团 公告编号：2025-027 上海汽车集团股份有限公司 关于召开2024年年度股东大会的通知 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： 2024年年度股东大会 召开的日期时间：2025 年 6 月 27 日 9 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 27 日 至2025 年 6 月 27 日 1 股东大会召开日期：2025年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | | | | | 投票股东类 | | --- | --- | --- | --- | --- | | 序号 | | 议案名称 | | 型 | ...

Core Viewpoint - The article discusses the rising concerns over the financial health of Chinese automotive companies amidst increasing global competition and high debt levels, questioning whether these concerns are justified or merely speculative [1][3]. Debt Rate Analysis - In Q1 2025, many major domestic and international automakers have debt ratios exceeding 60%, with some surpassing 80%, while Evergrande's debt ratio is also over 80% [3]. - Notably, Ford, General Motors, and Volkswagen have debt ratios of 84.30%, 76.45%, and 68.54% respectively, while domestic companies like Seres and BYD have lower ratios of 76.83% and 70.71% respectively, indicating that high debt does not necessarily equate to high risk [3]. - The automotive industry's business model differs significantly from real estate, as high debt in the automotive sector is primarily invested in R&D and factory construction, rather than speculative land purchases [3]. Key Financial Data of Major Domestic Automakers - In Q1 2025, BYD sold 1,001,000 vehicles (up 60%), with revenue of 170.36 billion yuan (up 36%) and net profit of 9.15 billion yuan (up 100%) [4]. - Geely sold 947,000 vehicles (up 31%), with revenue of 131.23 billion yuan (up 3%) and net profit of 3.86 billion yuan (up 4%) [4]. - SAIC Group sold 945,000 vehicles (up 13%), with revenue of 140.86 billion yuan (down 2%) and net profit of 3.02 billion yuan (up 11%) [4]. - Great Wall Motors sold 257,000 vehicles (down 6%), with revenue of 40.02 billion yuan (down 7%) and net profit of 1.75 billion yuan (down 46%) [4]. - R&D expenditures for BYD and Geely increased by 34% and 12% respectively, while Great Wall Motors saw a 3% decline in R&D spending [4]. Debt Structure Insights - The article emphasizes that debt structure is a more accurate reflection of a company's financial health than debt ratio alone [5]. - In 2024, Toyota had interest-bearing debt of 1.87 trillion yuan (68% of total debt), while Ford had 1.13 trillion yuan (66%) [5]. - In contrast, Geely's interest-bearing debt was 86 billion yuan (17%), and BYD's was 28.6 billion yuan (5%), indicating stronger financial stability among domestic companies [5]. - The article highlights the importance of cash flow and the ability to settle supplier payments quickly, with BYD averaging 127 days to clear accounts, compared to Great Wall's 163 days and SAIC's 164 days [5]. Industry Outlook - The article argues against the notion of a "car industry Evergrande," suggesting that stakeholders should focus on key indicators like interest-bearing debt, cash flow, and R&D investment to understand the industry's transition towards high-quality development [7]. - It posits that the Chinese automotive industry is not in crisis but is instead entering a promising era, urging companies to leverage technology and products to gain global recognition [7].

随着全球汽车行业竞争加剧，市场对车企的财务状况担忧正加剧。近日，关于"谁是汽车界恒大"的言 论，更是引起广泛讨论，引发市场对中国车企高负债的担忧再度升温，在资本市场上汽车板块上市公司 股价更是接连多日暴跌。 这不禁让人疑惑，到底是中国车企正在面临经营困局，还是有人在制造"高负债=高风险"的舆论炒作？ 让我们翻开全球车企财报，从中找到答案。 被片面解读的负债率 从2024年财报来看，多数国内外主流车企负债率超过60%，最高的超80%，而恒大负债率超过80%。 | 2023-2025年- | | | 季度全球主流车企资产负债率情况 | | | | --- | --- | --- | --- | --- | --- | | 企业名称 | 2023年 | 2024年 | 同比增减 | 2025年 一季度 | 较24年末增减 | | 福特 | 84.34% | 84.27% | -0.07% | 84.30% | +0.03% | | 通用汽车 | 74.98% | 76.55% | +1.57% | 76.45% | -0.10% | | 大众 | 68.37% | 68.92% | +0.55% | 68.54% ...

Core Viewpoint - The demand for flame-retardant ABS materials is increasing due to government policies promoting the replacement of old appliances and vehicles, leading to a projected market size of 6.75 billion yuan in China by 2024, a year-on-year increase of 5.63% [1][16]. Industry Overview - Flame-retardant ABS materials are engineered plastics with excellent flame-retardant properties, widely used in electronics, automotive, and construction industries [1][16]. - The market for flame-retardant ABS materials in China has shown a continuous upward trend, with a market size expected to reach 6.75 billion yuan in 2024 [1][16]. - The production process of flame-retardant ABS involves adding flame retardants to ABS resin, which is derived from styrene, acrylonitrile, and butadiene [3][12]. Industry Chain - The upstream of the flame-retardant ABS industry includes the production of ABS resin and various flame retardants [7]. - The midstream involves the manufacturing of flame-retardant ABS materials, while the downstream applications span electronics, automotive, construction, and medical sectors [7]. Market Dynamics - The automotive sector is a significant consumer of flame-retardant ABS, used in interior components to enhance safety [9]. - Government policies, such as the promotion of vehicle replacement, have led to increased production and sales in the automotive industry, with a reported 14.5% and 11.2% year-on-year growth in production and sales in early 2025 [9]. Competitive Landscape - The flame-retardant ABS market features competition among various brands and specifications, with both international and domestic players [18]. - Key domestic companies include Kingfa Technology, Shanghai Pulite, and Guangzhou Jusa Long, which have established significant market shares [19][21]. Development Trends - The industry is moving towards greener practices, with an increasing use of halogen-free and lead-free flame retardants [23]. - There is a growing demand for high-performance materials in electronics and automotive sectors, necessitating improvements in flame-retardant properties and other material characteristics [24]. - The adoption of smart manufacturing technologies is expected to enhance production efficiency and customization in response to diverse customer needs [25].

Core Viewpoint - The automotive sector is experiencing fluctuations, with the China Securities Index Automotive Index showing a recent increase, but a decline over the year-to-date period [1][2]. Group 1: Index Performance - The China Securities Index Automotive Index rose by 1.32% to 11,712.13 points, with a trading volume of 33.351 billion yuan [1]. - Over the past month, the index increased by 2.09%, but it has decreased by 0.45% over the last three months and by 1.34% year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index are BYD (18.62%), Seres (14.63%), SAIC Motor (10.69%), JAC Motors (9.78%), Changan Automobile (8.85%), Yutong Bus (5.4%), Great Wall Motors (4.66%), BAIC Blue Valley (3.99%), GAC Group (2.83%), and Foton Motor (2.18%) [2]. - The index is composed of 73.70% consumer discretionary and 26.30% industrial sectors [3]. Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 62.04% of the index holdings, while the Shenzhen Stock Exchange represents 37.96% [2]. Group 4: Fund Tracking - Public funds tracking the automotive index include GF China Securities Index Automotive A, GF China Securities Index Automotive C, and GF China Securities Index Automotive ETF [4].

Core Viewpoint - The article discusses the potential risks in the automotive industry, drawing parallels to the "Evergrande" crisis in real estate, emphasizing the high debt, high turnover, and high-risk models prevalent in both sectors [1][2]. Group 1: Financial Health Indicators - The asset-liability ratio is a common indicator of a company's operational health, and the automotive industry shows a typical characteristic of high debt [4]. - Major automotive companies are investing heavily in transformation towards electrification and intelligence, leading to increased debt levels. For instance, Volkswagen has committed €170 billion for new product development and battery business from 2025 to 2029 [4]. - In Q1 2025, the asset-liability ratios of several global automotive companies were reported, with Ford at 84.30%, General Motors at 76.45%, and Tesla at 39.72% [5]. Group 2: Trends in Debt Ratios - Domestic automotive companies have entered a positive cycle of high R&D and favorable development, with a general downward trend in asset-liability ratios. For example, in Q1 2025, the asset-liability ratio of BYD decreased by 3.93% [6]. - The debt structure of Chinese automotive companies is less reliant on leveraged debt compared to international counterparts, indicating a different funding mechanism [8][10]. Group 3: Comparison of Debt Structures - International companies like Toyota and Ford have high interest-bearing debt ratios, with Toyota at 68% and Ford at 66%, indicating significant repayment pressure [10]. - In contrast, domestic companies like BYD have a low interest-bearing debt ratio of 5%, reflecting a more sustainable debt structure [10]. Group 4: Supply Chain and Payment Terms - The accounts payable and payment cycles are critical indicators affecting supply chain cash flow. For instance, NIO has an accounts payable ratio of 52% and an average payment cycle of 195 days [11]. - The average payment period varies among companies, with BYD at 127 days and Chery at 143 days, indicating different cash flow management strategies [11]. Group 5: Performance Metrics - Focusing on leading domestic companies, high R&D investment correlates with sales growth and positive revenue and profit trends. For example, BYD's sales increased by 60% year-on-year, with a net profit growth of 100% [12][13]. - Companies that prioritize marketing over R&D show signs of stagnation, highlighting the importance of innovation in maintaining competitive advantage [13]. Group 6: Industry Outlook - The article concludes that the financial metrics of major listed automotive companies do not indicate a systemic risk akin to the "Evergrande" crisis, suggesting that the industry is on a path of growth and transformation [13]. - The automotive industry is encouraged to focus on technology and product development to capitalize on the ongoing transition towards electrification and intelligence [13].