Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -80 billion and -90 billion CNY, indicating a loss compared to the previous year [2]. - The expected net profit attributable to shareholders after excluding non-recurring gains and losses for 2025 is projected to be between -89 billion and -99 billion CNY [3]. - The net profit attributable to shareholders of the parent company for the previous year was 823.58 million CNY, with a net profit of -4.35 billion CNY after excluding non-recurring gains and losses [4]. Industry Challenges - The automotive industry is facing intense competition and rapid restructuring, leading to a decline in profits due to increased sales investments and adjustments in the product structure of self-owned new energy products [5]. - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales and product structure adjustments [5]. - The investment income from joint ventures has decreased due to asset impairments as these ventures accelerate their transition to new energy [6]. Sales Performance - The company has seen a continuous increase in automotive sales on a quarter-on-quarter basis since Q2, but the total annual sales did not meet expectations [5]. Equity Transfer and Financial Data - There were no similar equity transfer events in 2025 that positively impacted the net profit attributable to shareholders, unlike in 2024 [6]. - The data provided is preliminary and subject to change, with the final audited financial data to be disclosed in the 2025 annual report [7]. - Investors are advised to be cautious regarding investment risks based on the preliminary forecast data [7].

格隆汇1月30日丨广汽集团(601238.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为-80亿元到-90亿元，与上年同期相比，出现亏损。预计2025年度实现归属于母公司所有 者的扣除非经常性损益的净利润为-89亿元到-99亿元。 报告期内，汽车行业竞争激烈、产业生态快速重构，公司自二季度汽车销量虽环比不断提升，但全年汽 车销量未达预期。为应对市场急剧变化，公司迅速调整加大了销售投入；受销量以及自主品牌新能源产 品结构调整等因素影响，预计本年度对无形资产和存货的资产减值计提较上年同期有所增加；同时部分 合营企业加快推进新能源转型，对产线调整优化，导致公司投资收益因合营企业资产减值而进一步减 少。综合以上因素，公司利润同比下滑。 ...

格隆汇1月30日｜广汽集团公告，预计2025年度实现归属于母公司所有者的净利润为-80亿元到-90亿 元，与上年同期相比，出现亏损。报告期内，汽车行业竞争激烈、产业生态快速重构，公司自二季度汽 车销量虽环比不断提升，但全年汽车销量未达预期。为应对市场急剧变化，公司迅速调整加大了销售投 入；受销量以及自主品牌新能源产品结构调整等因素影响，预计本年度对无形资产和存货的资产减值计 提较上年同期有所增加；同时部分合营企业加快推进新能源转型，对产线调整优化，导致公司投资收益 因合营企业资产减值而进一步减少。综合以上因素，公司利润同比下滑。 ...

2026年第二周，本周聚焦出口贸易、企业合作、技术创新、政策引导等领域。企业间并购与跨界合作持续深化，新平台、新技术加速落地，同时国家多 部门出台多项政策，规范产业竞争、推动绿色消费与智能网联汽车发展。 中汽协：2025年1-11月汽车整车出口金额达1253.2亿美元 同比增长16.7% 1月4日，中国汽车工业协会整理的海关总署数据显示，2025年11月，汽车整车出口81.8万辆，环比下降1.2%，同比增长49.2%，出口金额达138.7亿美 元，环比下降3.1%，同比增长53%；2025年1-11月，汽车整车出口733.1万辆，同比增长25.7%，出口金额达1253.2亿美元，同比增长16.7%。 广汽本田完成收购东风本田发动机公司 盛秋平表示，商务部会同国家发改委、生态环境部、农业农村部、市场监管总局等九部门联合出台了《关于实施绿色消费推进行动的通知》，围绕绿色 消费全链条明确了七方面20项举措，对"十五五"时期绿色消费工作作出系统安排。《通知》提出，促进汽车绿色消费，支持消费者购买新能源汽车。做强汽 车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜力，探索盘活闲置车辆增收，支持发展房车露 ...

本报此前已独家报道，启境两款新车已确定上市时间表，将于今年二三季度分季度推出。首款猎装轿跑计划4月北京车展亮相，6月上市，新车定位30万元 级别，搭载华为乾崑L3级智驾架构，提供纯电、增程双版本。 当前高端智能电动车市场竞争已呈白热化，有统计显示2026年30万元以上新车型增至36款，头部车企份额超85%，马太效应显著，市场竞争激烈。 对于广汽而言，启境是其"番禺行动"改革的核心载体，不仅将补全品牌矩阵，还承载着集团高端化与智能化转型的双重诉求。 随着两款新车上市临近，广汽与华为联合打造的启境品牌，营销布局正加速推进。 近日，《国际金融报》记者独家获悉，拥有15年跨行业营销经验的董威娜已正式入职启境，担任首席营销官（CMO）一职，统筹品牌市场营销、战略定 位及用户运营等工作。 公开履历显示，董威娜曾任职群邑集团，2010年前后加入华为，参与企业级市场品牌推广与营销战略制定，其职业生涯和汽车结缘始于2018年，彼时董威 娜加入吉利新能源，参与品牌电动化转型及极氪品牌前期筹备，几年后离开又再度回归。 董威娜的入职，正值启境品牌产品落地的关键窗口期。 作为华为"境"字辈模式的首个落地品牌，启境采用"车企主导、华为赋 ...

本报此前已独家报道，启境两款新车已确定上市时间表，将于今年二三季度分季度推出。首款猎装轿跑 计划4月北京车展亮相，6月上市，新车定位30万元级别，搭载华为乾崑L3级智驾架构，提供纯电、增 程双版本。 当前高端智能电动车市场竞争已呈白热化，有统计显示2026年30万元以上新车型增至36款，头部车企份 额超85%，马太效应显著，市场竞争激烈。 对于广汽而言，启境是其"番禺行动"改革的核心载体，不仅将补全品牌矩阵，还承载着集团高端化与智 能化转型的双重诉求。 董威娜过往履历和展现出的能力无疑适配当前启境的需求。在业内看来，其既能凭借华为工作经历搭建 与华为生态的沟通桥梁，又能以极氪经验助力启境精准卡位高端市场，同时，跨行业营销能力也有助于 加速启境用户思维落地，弥补广汽在高端电动品牌营销上的短板。 随着两款新车上市临近，广汽与华为联合打造的启境品牌，营销布局正加速推进。 近日，《国际金融报》记者独家获悉，拥有15年跨行业营销经验的董威娜已正式入职启境，担任首席营 销官（CMO）一职，统筹品牌市场营销、战略定位及用户运营等工作。 公开履历显示，董威娜曾任职群邑集团，2010年前后加入华为，参与企业级市场品牌推广与营销 ...

该行指出，此轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成 本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依 靠营运手段，包括与供应商谈判更大幅度的年度降价等。 汇丰发布研报称，近期金属及存储芯片等上游原材料价格急升，预料将在短期内为汽车厂商带来显著成 本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约 127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而存储芯片涨价或带 来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。 汽车股跌幅扩大，截至发稿，广汽集团（601238）(02238)跌3.69%，报3.65港元；长城汽车（601633） (02333)跌2.66%，报13.19港元；理想汽车-W(02015)跌2.58%，报65.95港元。 ...

Group 1 - The passenger car sector increased by 0.12% on January 29, with SAIC Motor leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the passenger car sector showed varied performance, with SAIC Motor closing at 14.37, up 1.20%, and BYD closing at 92.31, down 1.10% [1] Group 2 - The net outflow of main funds in the passenger car sector was 709 million yuan, while retail investors saw a net inflow of 501 million yuan [1] - Detailed fund flow data indicates that major stocks like GAC Group and Great Wall Motors experienced significant net outflows from main funds [2] - Retail investors showed positive net inflows in several stocks, including GAC Group and Haima Automobile, despite overall sector outflows [2]

Core Viewpoint - The automotive industry is experiencing a significant decline in profitability, with upstream components showing steady growth, while vehicle manufacturing and downstream dealerships face considerable pressure [1][2]. Group 1: Profitability Trends - In 2025, the automotive industry achieved a profit of 461 billion yuan, a year-on-year increase of 0.6%, but the sales profit margin dropped to 4.1%, lower than the average of 5.9% for downstream industrial enterprises [2]. - The profit margin for the automotive industry fell to 4.1% in 2025, marking a five-year low, with December profits plummeting to 20.7 billion yuan, a year-on-year decrease of 57.4% [2][3]. - The overall profit margin for the automotive industry in December 2025 was the lowest in five years, with a significant decline from 4.1% in December 2024 to 1.8% [2]. Group 2: Performance of Different Segments - Among 129 A-share automotive parts companies, 80 reported a year-on-year profit increase, indicating over 60% had both revenue and profit growth [3]. - In the vehicle manufacturing segment, 16 out of 22 A-share car manufacturers were profitable, but major players like BYD and GAC Group saw significant profit declines, with GAC Group's profit dropping by 3691.33% [3]. - The downstream dealership segment is under severe pressure, with only 28% meeting sales targets and a loss rate climbing to 55% [3]. Group 3: Cost Pressures - The overall unit cost for industrial enterprises has increased significantly, with lithium carbonate prices doubling and raw material costs rising for midstream and downstream sectors [3][4]. - The cost of a typical mid-sized smart electric vehicle has increased by 4,000 to 7,000 yuan due to rising prices of lithium, aluminum, and copper, which are difficult for manufacturers to pass on to consumers [4]. - Starting in 2026, a 5% purchase tax on new energy vehicles and changes to subsidy policies will further increase consumer costs, complicating demand and supply dynamics in the automotive market [4]. Group 4: Strategic Responses - Some automotive companies are accelerating collaboration with upstream suppliers to address challenges, as seen in the strategic discussions between China Aluminum Group and China FAW Group [5].

Group 1 - The passenger car sector experienced a decline of 0.81% on January 28, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - BYD's stock price increased by 1.67% to 93.34, while several other major automakers like Great Wall Motors and SAIC Motor saw declines of 1.04% and 1.25% respectively [1] Group 2 - The passenger car sector saw a net outflow of 1.029 billion yuan from institutional investors, while retail investors contributed a net inflow of 762 million yuan [1] - Specific stocks like SAIC Motor and Great Wall Motors experienced significant net outflows from institutional investors, with amounts of -12.24 million yuan and -24.21 million yuan respectively [1] - In contrast, Haima Automobile and BYD saw net inflows from retail investors of 40.35 million yuan and 28.6 million yuan respectively [1]