Group 1 - The report indicates that Guangzhou Automobile Group Co., Ltd. has not experienced any changes in its registered capital or the number of shares issued for both A-shares and H-shares as of March 31, 2025 [1] - The total registered capital at the end of the month is RMB 10,197,065,900, with A-shares totaling 7,383,697,595 and H-shares totaling 2,813,368,305 [1] - The number of issued shares (excluding treasury shares) remains unchanged at 7,370,186,145 for A-shares and 2,813,368,305 for H-shares [1] Group 2 - There were no new shares issued or treasury shares transferred during the month, resulting in a net change of zero in issued shares [1] - The report confirms that there are no outstanding warrants or convertible securities related to the company [1]

Core Viewpoint - Guangzhou Automobile Group Co., Ltd. reported a significant increase in vehicle production and sales for March 2025, indicating a positive trend in the automotive sector [1]. Production and Sales Summary - In March 2025, the total vehicle production reached 188,863 units, representing a year-on-year increase of 17.65%. Cumulatively, the production for the year amounted to 411,205 units, up by 2.09% compared to the previous year [1]. - The total vehicle sales for March 2025 were not explicitly stated but are implied to follow the production trends, with a cumulative sales figure of 371,087 units for the year, reflecting a decrease of 9.42% [1]. Breakdown by Subsidiaries - **Guangzhou Honda Automobile Co., Ltd.**: Produced 43,527 units in March, a 29.02% increase year-on-year, with cumulative production of 91,013 units, up 8.71% [1]. - **Guangzhou Toyota Automobile Co., Ltd.**: Achieved production of 70,865 units, a 19.20% increase year-on-year, with cumulative production of 171,892 units, up 3.37% [1]. - **GAC Trumpchi Automobile Co., Ltd.**: Produced 40,973 units, a 21.44% increase year-on-year, but cumulative production decreased by 10.12% to 84,011 units [1]. - **GAC Aion New Energy Automobile Co., Ltd.**: Specific production figures were not provided, but the overall trend in new energy vehicles showed a year-on-year increase of 21.33% for March [1]. Vehicle Type Analysis - **Passenger Vehicles**: Total production was 188,606 units, a 17.49% increase year-on-year, with cumulative production of 410,845 units, up 2.00% [1]. - **SUVs**: Notable growth with production of 104,019 units in March, reflecting a 28.03% increase year-on-year [1]. - **MPVs**: Production increased by 18.26% to 25,359 units in March, although cumulative production showed a decline of 12.22% [1]. - **Commercial Vehicles**: A significant increase in production was noted, with a 3500% rise in March, although the absolute figures were low [1].

| A股代码: 601238 | | --- | | H股代码:02238 | H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2025-033 广州汽车集团股份有限公司 关于以集中竞价方式回购股份的进展公告 公司分别于 2024 年 3 月 28 日及 2024 年 5 月 20 日组织召开了第六届董事 会第 60 次会议、2023 年年度股东大会及 2024 年第一次 A/H 股类别股东会，审 议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意公司在 A 股和 H 股以集中竞价交易方式回购公司股份。其中，A 股回购股份资金总额不低于人 民币 1 亿元且不超过人民币 2 亿元（均包含本数）；H 股回购股份资金总额不低 于人民币 4 亿元且不高于 8 亿元（均包含本数，最终依据汇率折算港元）；回购 期限为自本公司股东大会审议通过本次回购股份方案之日起不超过 12 个月或至 本公司下一次年度股东大会之日止。详细内容请见公司于 2024 年 5 月 31 日披露 的《广汽集团关于以集中竞价方式回购股份的回购报告书》（公告编号：临 2024- 039）。 ...

截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州汽車集團股份有限公司(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601238 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,383,697,595 | RMB | | 1 | RMB | | 7,383,697,595 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 7,383,697,595 | RMB | | 1 | RMB | | 7,383,697,595 | | 2. 股份分類 | 普通股 | 股份類 ...

| 单 | 位 | | | 产 | 量（辆） | | | | | 销 | 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车有限公司 | | 43,527 | 33,736 | 29.02% | 91,013 | 83,723 | 8.71% | 47,930 | 52,587 | -8.86% | 92,729 | 116,976 -20.73% | | | 广汽丰田汽车有限公司 | | 70,865 | 59,452 | 19.20% | 171,892 | 166,290 | 3.37% | 68,600 | 65,000 | 5.54% | 161,600 | 156,054 | 3.55% ...

Financial Performance - GAC Group reported a revenue of 106.8 billion yuan for 2024, a decrease of 17.1% compared to 2023 [1] - The net profit attributable to shareholders was 824 million yuan, down 81.4% year-on-year [1] - The net profit after deducting non-recurring gains and losses showed a loss of 4.35 billion yuan, a decline of 221.8% [1] - Operating cash flow net amount was 10.92 billion yuan, an increase of 62.3% year-on-year [1] - The total assets at the end of 2024 were 232.46 billion yuan, up 6.44% from the previous year [1] Automotive Production and Sales - GAC Group's total automotive production and sales for 2024 were 1.9166 million and 2.0031 million units, respectively [2] - The sales proportion of self-owned brands increased to approximately 39.41% [2] - New energy vehicle sales reached 430,800 units, accounting for about 55% of self-owned brand sales [2] - GAC Trumpchi's annual sales were approximately 415,000 units, with new energy vehicle sales growing by 129.8% year-on-year [2] - GAC Aion's annual sales were about 375,000 units [2] Export and Overseas Market - GAC Group's automotive export volume reached 127,000 units, a year-on-year increase of 67.6% [2] - The overseas market gross profit margin was 14.72% [2] - Self-owned brand automotive sales in overseas markets exceeded 100,000 units for the first time, growing by 92.3% [2] Executive Compensation - The total remuneration for GAC Group's directors, supervisors, and senior management in 2024 was 24.58 million yuan [3] - Chairman and General Manager Feng Xingya received a salary of 1.984 million yuan, the highest in the company [3] - Feng Xingya's salary has decreased consecutively over the past two years, with a reduction of 50.16% [4] Company Overview - GAC Group's main business includes research and development, complete vehicles (cars, motorcycles), parts, trade services, and finance, forming a complete automotive industry chain [5] - The company has established an industrial layout that covers South China and radiates to Central, East, Northwest China, and the Bohai Rim region [5]

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [3][4]. Core Views - The company is undergoing a significant transformation with a focus on both joint ventures and independent brands, aiming to enhance its market position and operational efficiency [2][3]. - The company's 2024 performance is under pressure, with total revenue expected to decline by 17.1% year-on-year to CNY 106.8 billion, and net profit expected to drop by 81.4% to CNY 0.82 billion [1][3]. - The report highlights a gradual improvement in sales and investment returns in the fourth quarter of 2024, indicating a potential recovery trajectory [1]. Summary by Sections Financial Performance - In 2024, the company anticipates a total revenue of CNY 106.8 billion, a decrease of 17.1% from the previous year, and a net profit of CNY 0.82 billion, down 81.4% [1][3]. - The gross margin is projected to decline by 1.1 percentage points to 5.8% [1]. - The fourth quarter of 2024 shows a revenue increase of 4.8% year-on-year and a net profit turnaround to CNY 0.7 billion [1]. Sales and Production - The company’s total sales volume is expected to decrease by 24.2% in 2024, totaling 1.917 million vehicles [1]. - The fourth quarter of 2024 saw a sales volume of 583,000 vehicles, reflecting a year-on-year decline of 19.6% but a quarter-on-quarter increase of 22.9% [1]. Strategic Initiatives - The company is implementing a comprehensive reform of its independent brand strategy, with plans to launch 20 new or updated models by 2025 [2]. - The establishment of a joint venture with Huawei aims to accelerate the development of high-end electric vehicles [2]. Future Outlook - The report projects a gradual recovery in profitability, with net profit estimates for 2025 and 2026 at CNY 0.75 billion and CNY 0.88 billion, respectively [3]. - The company is expected to improve its cost structure through unified procurement strategies, potentially reducing costs by 10% by 2025 [2].

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2025-032 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 关于与关联方发生金融业务的日常关联交易公告 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。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 经公司于 3 月 28 日召开的第六届董事会第 84 次会议全票审议通过，同意广 汽财务公司向本公司部分合营、联营企业吸收存款日均不超过 88 亿元、提供年 度授信不超过 126 亿元的金融服务（各合营、联营企业可以根据实际经营需要在 总额度内进行调剂）；同意广汽商贸根据经营计划，向部分合营企业申请不超过 30 亿元授信，期限自 2024 年年度股东大会审议通过之日起至下一年年度股东大 会之日止。 本次议案在提交董事会审议前，已经独立董事会议审议通过。本次董事会无 董事需回避表决，本次议案尚需公司年度股东大会审议批准。 （二）前次日常关联交易的预计和执行情况 重要内 ...

2025 年 03 月 31 日 公司研究 评级：增持(维持) [Table_Title] 转型期业绩承压，静待自主盈利修复 ——广汽集团（601238）2024 年年报点评 最近一年走势 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汽集团 | -3.0% | -9.2% | -2.1% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 2025/03/31 | | 当前价格（元） | | | 8.48 | | 52 周价格区间（元） | | | 7.07-10.84 | | 总市值（百万） | | | 86,471.12 | | 流通市值（百万） | | | 62,613.76 | | 总股本（万股） | | | 1,019,706.59 | | 流通股本（万股） | | | 738,369.76 | | 日均成交额（百万） | | | 386 ...

Group 1 - The company has approved a comprehensive reform of its operational management to enhance competitiveness and efficiency in response to current market conditions [1][2] - The reform will shift the management model from strategic control to operational control, focusing on research and development as well as comprehensive support [2] - The dual-driven approach includes "market-driven" strategies to improve product definition and "technology-driven" initiatives to enhance cost efficiency and technological advancement, particularly in autonomous driving and smart connectivity [2] Group 2 - The board meeting had full participation with 10 votes in favor of the reform proposal, indicating unanimous support [1][2] - The company aims to establish a highly efficient operational system that integrates research, production, supply, and sales management [2] - The goal is to create a strong operational enterprise characterized by strategic leadership, effective decision-making, resource allocation, management services, and collaborative innovation [2]