Core Viewpoint - The hybrid electric vehicle (HEV) sector in China is experiencing significant growth, with production and sales expected to increase substantially in the coming years, driven by consumer demand and supportive government policies [1][7][18]. Production and Sales - In 2024, China's hybrid electric vehicle production is projected to reach 880,100 units, with 879,700 units being passenger vehicles. By 2025, production is expected to rise to 951,400 units, primarily in the passenger vehicle segment [1][7]. - Sales of hybrid electric vehicles in China are anticipated to hit 896,000 units in 2024, with passenger vehicle sales accounting for 895,700 units. The forecast for 2025 indicates sales will reach 931,000 units, again dominated by passenger vehicles [1][7]. Market Size - The market size for hybrid electric vehicles in China is expected to grow to 180.902 billion yuan in 2024, with passenger vehicles contributing 180.841 billion yuan. By 2025, the market size is projected to increase to 182.52 billion yuan [1][9]. Industry Definition and Classification - Hybrid electric vehicles are defined as vehicles that utilize two or more power sources, specifically combining internal combustion engines with electric motors. The main types include plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and range-extended electric vehicles (REEV) [2][4]. Industry Development Status - China's hybrid electric vehicle technology has reached a competitive level globally, with advancements in intelligent energy management and lightweight systems expected to enhance fuel efficiency and reduce emissions [6][18]. Industry Chain - The hybrid electric vehicle industry chain includes upstream components such as batteries, internal combustion engines, and automotive electronics, while downstream activities encompass vehicle sales and after-market services [11]. Policy Environment - The Chinese government has implemented various policies to support the development of the automotive industry, including incentives for new energy vehicles and initiatives to promote technological innovation and market expansion [13][14]. Competitive Landscape - The hybrid electric vehicle market in China is characterized by a competitive landscape with both joint venture and domestic brands. Joint venture brands leverage established technology and brand recognition, while domestic brands focus on cost control and rapid technological advancement [15][16]. Future Trends - The hybrid electric vehicle sector is positioned as a transitional technology towards fully electric vehicles, with increasing market penetration expected as consumer acceptance grows and costs decrease. Emerging markets are likely to see heightened demand for hybrid vehicles due to rising income levels [18].

Core Viewpoint - GAC Group officially launched the "Star Source Range Extender" technology and the first model equipped with this technology, the Haobo HL Range Extender version, which offers significant advantages in battery capacity, charging speed, and cost-effectiveness [1][3]. Group 1: Product Features - The Haobo HL Range Extender version features a 60 kW·h battery from CATL, providing a pure electric range of 350 kilometers, which meets the weekly commuting needs of most users [1]. - The vehicle has a comprehensive range of 1369 kilometers and a fuel consumption of only 6.7L when the battery is depleted [1]. - It includes unique 800V/5C ultra-fast charging technology, allowing users to gain 210 kilometers of range in just 10 minutes of charging [1]. Group 2: Economic and Convenience Benefits - Buyers of the Haobo HL Range Extender version will enjoy lifetime free charging and a complimentary home charging station [1]. - The vehicle is supported by over 24,000 charging stations across 202 cities in 31 provinces, enhancing the convenience of charging [1]. Group 3: Luxury and Comfort Features - The vehicle is equipped with dual zero-gravity seats designed to NASA standards, offering 18-point hot stone massage and 12 massage modes [2]. - It features a next-generation Qualcomm Snapdragon 8295P chip, enhancing processing power by four times and improving voice interaction capabilities [2]. Group 4: Intelligent Driving and Safety - The Haobo HL Range Extender version includes GAC's GSD advanced intelligent driving assistance system, featuring laser radar and Orin-X chip, achieving over 99% coverage in all scenarios [2]. - The vehicle's chassis utilizes a combination of aluminum and high-strength steel, achieving a 78% ratio, and has passed the 2024 C-NCAP five-star certification [2]. Group 5: Competitive Advantage - The "Star Source Range Extender" technology addresses key pain points of traditional range extenders, such as high fuel consumption and noise, providing a more efficient and quieter experience [3]. - The combination of a large battery, ultra-fast charging, comprehensive features, and competitive pricing positions the Haobo HL Range Extender version to significantly impact the 260,000-300,000 yuan segment of the new energy SUV market [3].

Core Viewpoint - GAC Group officially launched its new range extender technology "Star Source" and the first model equipped with this technology, the Haobo HL range extender version, addressing key industry pain points such as high fuel consumption when out of battery, slow acceleration, and excessive noise during operation [1][13] Group 1: Product Features - The Haobo HL range extender version offers a large battery capacity of 60 kW·h, providing a pure electric range of 350 kilometers and a comprehensive range of 1369 kilometers, with a fuel consumption of 6.7L when out of battery [4] - The vehicle supports 800V/5C ultra-fast charging, allowing users to gain 210 kilometers of range in just 10 minutes, and comes with lifetime free charging and a home charging station [4] - The model is available in five-seat and six-seat configurations, with four versions priced between 269,800 and 299,800 yuan [1][3] Group 2: Luxury and Comfort - The Haobo HL range extender version incorporates luxury features typically found in vehicles priced at 500,000 yuan, including dual zero-gravity seats with 18-point massage and high-quality materials such as Nappa leather and Ultrasuede [6][8] - It is equipped with the latest Qualcomm Snapdragon 8295P chip for a smooth user experience and the GAC GSD advanced intelligent driving assistance system, featuring laser radar and Orin-X chip for comprehensive scene coverage [8] Group 3: Safety and Stability - The vehicle features a strong titanium cage body made of 78% aluminum and high-strength steel, achieving a 2024 version C-NCAP five-star certification, and employs NP2.0 thermal separation technology for battery safety [10] - The suspension system includes intelligent adjustable dampers and a dual-chamber air spring, enhancing ride comfort and stability, particularly in extreme weather conditions [10]

Core Viewpoint - GAC Group officially launched its "Star Source Extended Range" technology along with the first model equipped with this technology, the Haobo HL Extended Range version, which is now available for sale with a price range of 269,800 to 299,800 yuan [2] Group 1: Product Features - The Haobo HL Extended Range version is equipped with a 60 kWh CATL super hybrid battery, offering a pure electric range of 350 km and a comprehensive range of 1,369 km, with a fuel consumption of 6.7 L when the battery is depleted [2] - The vehicle supports 800V and 5C ultra-fast charging technology, allowing it to replenish 210 km of range in just 10 minutes [2] - It features a new generation Qualcomm Snapdragon 8295P chip in its intelligent cockpit, enhancing computing power by four times and improving voice interaction capabilities [2] - The vehicle is equipped with GAC's GSD advanced intelligent driving assistance system, standardizing laser radar and Orin-X chip across all models, achieving over 99% coverage in all driving scenarios [2] Group 2: Chassis and Suspension Design - The Haobo HL Extended Range version utilizes a front double wishbone and rear five-link aluminum alloy suspension, featuring standard intelligent adjustable shock absorbers (SDC) and dual-chamber air springs with a maximum adjustable travel of 100 mm [3] - The vehicle incorporates a dual-line fusion super magic carpet system that uses cameras and laser radar to predict road obstacles, reducing impact sensation by 15% through pre-adjustment of suspension hardness [3] - The Eagle Claw system (ASTC 2.0) enables a reduction of 11% in braking distance on icy and snowy roads [3]

Core Viewpoint - The launch of the Haobo HL range-extended version marks a significant entry into the new energy SUV market, emphasizing its competitive pricing and comprehensive features aimed at challenging existing market dynamics [1] Pricing and Variants - The Haobo HL range-extended version is priced between 269,800 to 299,800 yuan, offering four versions with five-seat and six-seat configurations [1] Key Features - The vehicle is equipped with high-end technology features as standard, including zero-gravity seats, an intelligent cockpit, GAC GSD advanced driving assistance system, and a digital chassis, which are often optional in competing models [1] Customer Benefits - Buyers will receive lifetime benefits including free charging, free charging pile installation, free basic maintenance, free data flow, and lifetime warranty on the three electric systems, along with additional financial and insurance incentives [1]

GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 (於中華人民共和國註冊成立的股份有限公司) (股份代號：2238) 中 國 廣 州 ， 二 零 二五年 八 月 十 九 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 馮 興 亞，本 公 司 的 非 執 行 董 事 為 陳 小 沐、 鄧蕾、周開荃、王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、 肖 勝 方 、 王 克 勤 及 宋 鐵 波 。 董事會會議日期公告 廣州汽車集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 二零二五年八月二十九日（星期五）舉行，藉以（其中包括）批准 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [1]. Core Insights - The automotive industry index has increased by 7.46% as of August 18, outperforming the CSI 300 index by 3.44 percentage points, ranking 8th among 30 primary industries [5][12]. - The automotive sector is experiencing a seasonal decline in production and sales due to the traditional off-peak season, but year-on-year growth remains in double digits [8][24]. - The penetration rate of new energy vehicles (NEVs) has reached 48.66%, with production and sales continuing to grow rapidly [55]. Summary by Sections Industry Performance Review - As of August 18, the automotive industry index has risen by 7.46%, outperforming the CSI 300 index [12]. - Nearly 90% of automotive stocks have increased in value, with a median increase of 5.23% [16]. - The industry valuation has slightly decreased, with a PE (TTM) of 32.03 times, ranking 16th among 30 primary industries [20]. Key Industry Data Tracking - In July 2025, automotive production and sales reached 2.5911 million and 2.5934 million units, respectively, with year-on-year increases of 13.33% and 14.66% [24]. - The market share of domestic passenger car brands has increased to 70.14%, reflecting a year-on-year growth of 21.24% [41]. - NEV production and sales in July reached 1.243 million and 1.262 million units, with a year-on-year growth of 26.27% and 27.41% [55]. Investment Recommendations - The report suggests focusing on the ongoing optimization of market competition due to the "anti-involution" policy, the impact of vehicle replacement policies on automotive consumption, and investment opportunities in related component industries driven by the development and commercialization of intelligent driving technology [8].

Group 1 - GAC Group (02238.HK) announced that a board meeting will be held on August 29, 2025, to approve the interim performance announcement for the six months ending June 30, 2025, along with other matters if any [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 廣州汽車集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 二零二五年八月二十九日（星期五）舉行，藉以（其中包括）批准本公司及其附屬公司截至二 零二五年六月三十日止六個月之中期業績公告及其他事項（如有）。 代 表 董 事 會 廣 州 汽 車 集 團 股 份 有 限 公 司 馮興亞 董事長 中 國 廣 州 ， 二 零 二五年 八 月 十 九 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 馮 興 亞，本 公 司 的 非 執 行 董 事 為 陳 小 沐、 鄧蕾、周開荃、王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、 肖 勝 方 、 王 克 勤 及 宋 鐵 波 。 廣州汽車集團股份 ...

Industry Information - In July, China's power battery installation volume reached 55.9 GWh, a year-on-year increase of 34.3%, with lithium iron phosphate accounting for 80.4% of the total [9][10] - The China Association of Automobile Manufacturers reported that in July, 1.262 million new energy vehicles were sold, marking a year-on-year growth of 27.4% [9][10] - Cumulative production of power and other batteries from January to July reached 831.1 GWh, with a year-on-year increase of 57.5% [9] - Cumulative installation volume of power batteries from January to July was 355.4 GWh, a year-on-year increase of 45.1% [9] - The cumulative sales of new energy vehicles from January to July reached 8.23 million units, with a year-on-year increase of 39.2% [10] Policy Information - A new national standard for the transportation of power lithium batteries will be implemented starting February 1, 2026, focusing on safety and efficiency in transport [21] - The Qinghai Provincial Energy Bureau is soliciting opinions on the management measures for electric vehicle charging and swapping infrastructure [21] - The Shenzhen Development and Reform Commission is seeking feedback on local standards for supercharging stations and their integration with the urban power grid [21] - The Jilin Provincial Energy Bureau has issued guidelines for subsidies related to the construction and operation of battery swapping stations [21] - The Guangzhou Municipal Industry and Information Technology Bureau has released a plan for the high-quality development of virtual power plants, aiming for a capacity of 5 million kW by the end of 2027 [20] Company Information - CATL has launched a battery repair service to address the high costs associated with battery replacement, offering repair prices significantly lower than full battery replacement costs [13] - A new battery recycling company has been established with an investment of 650 million yuan, focusing on the recycling and reuse of used power batteries [15] - The project for CATL's extreme film project has commenced in Xining, Qinghai, marking a significant step in their strategic cooperation with the city [17] - The Sea Owl flying car global headquarters project has started construction, with a total investment of approximately 1 billion yuan [17] - The first resident vehicle-grid interaction pilot project has been launched in Guangzhou, allowing electric vehicles to supply power back to the grid [17][18]