Core Insights - GAC Trumpchi officially announced that its newly launched Xiangwang series will be the official designated vehicle for Hunan TV & Mango TV's "Xiangwang de Shenghuo: Drama Like Life" [1][2] - The Xiangwang S7 Pro+ series is priced starting at 159,800 yuan and will be available in 500 offline stores nationwide during the National Day holiday [1] Product Features - The Xiangwang S7 has received positive market feedback since its launch, praised for its three core advantages: intelligent experience, battery life, and comfortable cabin [2] - The S7 Pro+ series features the Qualcomm Snapdragon 8295P chip, which has four times the computing power of the 8155 chip, and supports a new PAD-style vehicle interface with a 10-year system iteration capability [2] - The vehicle is equipped with a 36.3-degree large battery, offering a CLTC pure electric range of 205 km, with a WLTC to CLTC ratio of 82.9% [5] Intelligent Driving Assistance - The intelligent driving assistance system includes variable focus, medium and long-range laser radar with centimeter-level detection accuracy, capable of scanning objects in a 120° field of view up to 200 meters away [3] - The S7 Pro+ series will incorporate Momenta's latest R6 flywheel model through OTA updates, enhancing its ability to handle complex driving scenarios [5] Comfort and Quality - The S7 Pro+ series boasts a cabin height of 1.268 meters, allowing a 7-year-old child to stand upright without hitting their head, and features zero-gravity seats with a maximum backrest adjustment angle of 137° [6] - The interior uses high-quality materials, including a 15mm thick slow-rebound sponge layer for seats, and a large 2.6㎡ panoramic glass roof for an open and comfortable experience [6] - GAC Trumpchi has received a nomination for the China Quality Award and has consistently ranked first in new car quality for eight consecutive years, indicating a strong commitment to quality and customer satisfaction [9]

中国与东盟在新能源汽车领域的合作不断深化，既响应了东盟市场日益增长的需求，也为中国企业"走出去"拓宽了市场空间。业内人士指出，从短期市场突 破到长期价值深耕，中国新能源车企仍需做好"三门功课"。 "竞争课"：从"拼价格"到"拼价值" 近年来，中国新能源汽车产业在迎来爆发式增长的同时，也出现了"价格战"等非理性竞争现象。在相关部门综合施策、切实规范新能源汽车产业竞争秩序与 业界的共同努力下，目前国内行业"反内卷"成效初显。但随着中国新能源车企出海步伐持续加快，也须警惕"内卷外溢"风险，避免将过度竞争的模式复制到 海外市场。 中国汽车工业协会常务副会长兼秘书长付炳锋在2025中国汽车论坛上表示："我们在走向国际化的同时，也应该把家里的事解决好。不能由'内卷式'竞争再 走向'外卷'，这是行业的共识。" 历史是一面镜子。20世纪90年代末，中国摩托车曾以物美价廉风靡印尼、泰国、越南等东南亚市场，却因"价格战"导致品质滑坡，不仅最终痛失市场，也 让"中国制造"的金字招牌蒙尘。如今，在新能源汽车赛道上，中国车企应以品质与创新守住阵地，实现从"拼价格"到"拼价值"的高质量转型。 "合规课"：从"被动适应"到"主动塑造" 合 ...

Core Points - GAC Trumpchi officially announced the launch of its new model, the Trumpchi Xiangwang S7 Pro+ series, which is priced starting at 159,800 yuan and features attractive financial policies [1][9] - The Xiangwang series has gained significant recognition, with brand awareness rising to 65.7% within six months of its launch [3] - The Xiangwang S7 has been well-received in the market, achieving the highest user satisfaction among Trumpchi models, particularly for its smart experience, battery life, and comfortable cabin [9][19] Product Features - The Xiangwang S7 Pro+ series boasts advanced technology, including the Qualcomm Snapdragon 8295P chip, which offers four times the computing power of its predecessor [11] - It features a 27-inch HUD display for clear information presentation and integrates popular apps like QQ Music and iQIYI for a seamless user experience [11] - The vehicle is equipped with a unique laser radar system that enhances driving safety by providing centimeter-level detection accuracy [13] Battery and Safety - The S7 utilizes a modular battery that meets the 2026 national standards and has passed 105 safety tests, with over 1.3 million units deployed [16] - It offers a CLTC electric range of 205 km, which meets daily commuting needs, and has a WLTC to CLTC ratio of 82.9%, outperforming competitors [17] Comfort and Quality - The S7 Pro+ series features a spacious interior with a height of 1.268 meters and seats designed for maximum comfort, including a 137° reclining angle [19] - The vehicle is manufactured under high-quality standards, with over 300 testing personnel and more than 1,000 testing projects to ensure durability and reliability [19] Marketing and Brand Strategy - The partnership with the popular TV show "Xiangwang de Shenghuo" positions the Xiangwang series as the official vehicle, enhancing brand visibility and aligning with consumer aspirations for a better lifestyle [5][21] - GAC Trumpchi aims to continue exploring user needs and expanding its product offerings to create a more enriching user experience [21]

H股股票代碼: 2238 A股股票代碼: 601238 H Share Stock Code: 2238 A Share Stock Code: 601238 廣州汽車集團股份有限公司 中期報告 2025 Interim Report 目錄 | 3 | 第一節 | 董事長致辭 | | --- | --- | --- | | 9 | 第二節 | 公司簡介及業務概要 | | 18 | 第三節 | 經營情況的討論與分析 | | 35 | 第四節 | 重要事項 | | 58 | 第五節 | 股份變動及股東情況 | | 61 | 第六節 | 董事、監事、高級管理人員情況 | | 64 | 第七節 | 簡明合併中期財務資料 | | 110 | 第八節 | 釋義 | 廣州汽車集團股份有限公司 2025年中期報告 重要提示 2 一、 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實性、準 確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法 律責任。 二、 本公司全體董事出席董事會會議。 三、 本公司簡明合併中期財務資料未經審計。本公司審計委員會已審閱本公司截至2025 年6月30日止六 ...

H股股票代碼: 2238 A股股票代碼: 601238 H Share Stock Code: 2238 A Share Stock Code: 601238 廣州汽車集團股份有限公司 中期報告 2025 Interim Report 目錄 | 3 | 第一節 | 董事長致辭 | | --- | --- | --- | | 9 | 第二節 | 公司簡介及業務概要 | | 18 | 第三節 | 經營情況的討論與分析 | | 35 | 第四節 | 重要事項 | | 58 | 第五節 | 股份變動及股東情況 | | 61 | 第六節 | 董事、監事、高級管理人員情況 | | 64 | 第七節 | 簡明合併中期財務資料 | | 110 | 第八節 | 釋義 | 廣州汽車集團股份有限公司 2025年中期報告 重要提示 2 一、 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實性、準 確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法 律責任。 二、 本公司全體董事出席董事會會議。 三、 本公司簡明合併中期財務資料未經審計。本公司審計委員會已審閱本公司截至2025 年6月30日止六 ...

Core Insights - The automotive industry is undergoing a significant transformation, with expectations that at least 3 to 5 Chinese companies will be among the top 10 global automakers in the next decade [1] - The future development model of the industry will focus on new energy and low-carbon growth, with China leading the way in green and low-carbon trends [1] - China is also at the forefront of automotive intelligence, positioning itself as a leader in this area [1] Industry Transformation - The automotive sector is currently in a critical phase characterized by four overlapping periods: deep transformation, rapid technological iteration, restructuring of management processes, and adjustment of competitive landscapes [2] - Future competition will revolve around three core dimensions, leading to an "ecological showdown": 1. Reconstruction of product value, shifting focus from hardware specifications to "scenario-based intelligent experiences" [2] 2. Elevation of competitive entities, moving from individual car manufacturers to competition across the entire industry chain ecosystem, necessitating deep partnerships with top technology and energy companies [2] 3. Transformation of value sources, with the core business model evolving from one-time hardware sales to a comprehensive lifecycle value extraction model that includes "hardware + software + services" [2] International Expansion - The company aims to enter 100 global markets by 2027 and export 500,000 vehicles annually, transitioning from "trade export" to "brand + ecosystem export" [3] - Currently, the company has established 5 KD (knock-down) assembly plants globally, with plans to expand to 10 by next year [3]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601127 | 赛力斯 | 5.76 Z | 3.60% | -7.33 Z | -4.58% | 1.57亿 | 0.98% | | 002594 | 比亚迪 | 2.39 Z | 2.89% | -1.19 Z | -1.45% | -1.19亿 | -1.45% | | 000625 长安汽车 | | 1.67 Z | 9.69% | -9951.76万 | -5.77% | -6755.93万 | -3.92% | | 601238 广汽集团 | | 2138.45万 | 8.26% | -3159.20万 | -12.21% | 1020.74万 | 3.94% | | 000572 海马汽车 | | 1691.06万 | 3.01% | -2806.13万 | -4.99% | 1115.06万 | 1.98% | | 601633 长城汽车 | | 1 ...

Core Viewpoint - The appointment of Liu Jiaming signifies the substantial operational phase of the high-end smart electric vehicle brand "Qijing," jointly developed by GAC Group and Huawei [2][5]. Group 1: Liu Jiaming's Background and Experience - Liu Jiaming has over 25 years of experience in the automotive industry, having worked extensively within the Toyota system and GAC Group [2]. - He has held various significant positions, including roles in planning, marketing, and sales for key models such as Highlander and Camry [2]. - His previous roles include Director of Planning at GAC Toyota, Deputy Minister of Planning and Development at GAC Group, and Vice President of GAC Passenger Vehicles [2]. Group 2: Qijing Brand Development - Liu Jiaming's recent social media update indicates that Qijing's first vehicle has successfully completed summer testing in Xinjiang, passing extreme high-temperature tests [5]. - His cross-disciplinary experience and ability to integrate resources in cross-cultural environments are seen as essential for the Qijing brand [5]. - Liu Jiaming's leadership is expected to accelerate the final stages of product launch and the establishment of the Qijing high-level team, highlighting the strategic importance of the brand for both GAC and Huawei [5].

Group 1 - GAC has launched the "Star Source Extended Range Platform," debuting in its luxury new energy brand Haobo HL, indicating the company's strong commitment to the Haobo brand [1] - The new design language "Mountain-Sea Architecture" has been established for Haobo to enhance brand recognition [1] - The launch of Haobo HL represents a significant step in GAC's transformation since the introduction of the Huawei Integrated Product Development (IPD) process [1] Group 2 - GAC aims to redefine the Haobo brand image through the Haobo HL, which is described as the first major initiative in a "wartime state" strategy [1] - A comprehensive interview with GAC executives discusses the technical details of the Star Source Extended Range, the implications of the "wartime state," and how Haobo HL fulfills the mission of high-end branding [1]

Core Insights - The chairman of GAC Group predicts that 3-5 Chinese companies will be among the top ten global automakers in the next decade, driven by the shift towards new energy, low-carbon, and green development [1][1][1] Industry Trends - The Chinese automotive industry is currently experiencing a "four-phase overlap": transformation, rapid iteration, restructuring of management models, and reshaping of competitive landscape [1][1][1] - The future of automobiles is expected to be characterized by intelligent mobility, with widespread adoption of autonomous driving technology [1][1][1] - Consumer preferences are diversifying, with some seeking driving enjoyment while others view cars as mere transportation tools, indicating a shift towards autonomous and self-driving vehicles [1][1][1] Competitive Landscape - The competition among automotive manufacturers is evolving from hardware-based competition to competition across the entire industry ecosystem [1][1][1] - The revenue model for the automotive industry is shifting from reliance solely on products and services to include hardware, software, services, and ecosystem as profit sources [1][1][1] - The automotive industry is facing unprecedented changes, marking a significant transformation not seen in a century [1][1][1]