Core Viewpoint - The GAC Group's high-end brand, Haobo, is struggling and has been merged with Aion, indicating a shift in focus towards the new brand, Qijing, which is expected to receive more resources and attention [2][5][16]. Group 1: Sales Performance - Haobo's sales performance has been disappointing, with a cumulative sales target of 50,000 units for 2024 only achieving 34% completion, translating to 17,300 units [2][7]. - Monthly sales for Haobo have been around 1,000 units, with some months reporting zero sales for specific models like the Haobo SSR [1][8]. - The recent launch of the Haobo GT Lite version saw a price reduction of 25,000 yuan within two months, indicating weak market demand [1][15]. Group 2: Strategic Changes - GAC Group has decided to merge Haobo with Aion into the same business unit, which is seen as a strategic retreat to consolidate resources and reduce costs [2][7]. - The merger aims to streamline operations and improve efficiency by integrating channels and resources between the two brands, with a complete integration planned by March 31, 2026 [2][9]. - The decision to merge is also influenced by the need to stop losses and refocus on core competencies, as Haobo's independent operations have not yielded the expected results [7][9]. Group 3: Market Positioning - Haobo is positioned as a high-end brand but struggles to differentiate itself in the competitive market, particularly against established players like BYD and XPeng [7][11]. - The brand's identity is perceived as fragmented, with a significant price gap between its high-end models and more affordable offerings, leading to consumer confusion [11][12]. - The launch of Qijing, a new high-end smart electric vehicle brand in collaboration with Huawei, suggests a strategic pivot for GAC Group towards a more competitive high-end market segment [15][16].

Group 1: Automotive Market Performance - From December 1 to 21, 2023, the national retail sales of passenger cars reached 1.3 million units, a year-on-year decrease of 19%, but a month-on-month increase of 5%. Cumulative retail sales for the year reached 22.783 million units, a year-on-year increase of 4% [1] - In November 2023, sales of Chinese brand passenger cars totaled 2.169 million units, representing a month-on-month increase of 1% and a year-on-year increase of 5.8%. The market share of Chinese brands increased by 3.1 percentage points to 71.4% [2] - For the first eleven months of 2023, Tesla's new car registrations in Europe decreased by 28% year-on-year, with a market share dropping to 1.3%. In contrast, the overall market for pure electric vehicles in the EU saw a year-on-year growth of 44.1% [9] Group 2: Corporate Developments - GAC Group announced the resignation of Vice President Zheng Heng due to personal health reasons, effective immediately upon receipt of his resignation letter. His departure will not affect the company's normal operations [3] - Changan Automobile issued a statement refuting rumors regarding the auction of scrap light iron leading to significant state asset losses, emphasizing the negative impact on its brand reputation and operational order [4] - Li Auto is merging its first and second product lines under the management of the current president of the first product line, following the voluntary departure of Zhang Xiao, who is expected to pursue entrepreneurial ventures [5] - Qianli Technology completed a share transfer to Mercedes-Benz Digital Technology, with the latter acquiring 3% of the company's total shares at a price of RMB 9.87 per share, marking Mercedes-Benz as the fifth largest shareholder [6] - BYD and Volcano Engine announced a deep collaboration in the smart cockpit sector, integrating the Doubao large model into BYD's DiLink system across multiple brands [7] Group 3: Leadership Changes - Hyundai Motor Group appointed Chen Enshu as the first female president in the company's history, also serving as the vice president responsible for ICT business [8]

Core Viewpoint - GAC Group's high-end brand Haobo has faced significant challenges, leading to its merger with Aion, indicating a failure in achieving high-end market aspirations and a shift in focus towards the new brand Qijing [1][3][11] Sales Performance - Haobo's cumulative sales for 2024 are projected at 17,300 units, achieving only 34% of its target of 50,000 units [1][6] - Monthly sales have remained around 1,000 units, with some months reporting zero sales for key models like the Haobo SSR [1][6] - In the first eleven months of this year, Haobo's total sales reached 13,800 units, which is lower than the monthly sales of mainstream new energy brands [6] Strategic Changes - GAC Group announced the integration of Haobo and Aion into the same business unit, with plans for full channel integration by March 31, 2026 [3][4] - The decision to merge is seen as a strategy to cut losses and focus resources, as Haobo's performance did not meet expectations [4][7] Market Challenges - Both Haobo and Aion are experiencing declining sales, attributed to external market conditions and internal operational issues [7] - The high-end market segment for Haobo lacks differentiation and a direct sales network, leading consumers to perceive it as a premium version of Aion [7][9] Brand Image Issues - Haobo has faced multiple marketing crises, damaging its brand image and product credibility [8] - Recent incidents involving public figures criticizing the brand have further contributed to negative perceptions [8] Future Prospects - GAC Group is prioritizing the new high-end brand Qijing, developed in collaboration with Huawei, which is expected to target the market above 300,000 yuan [11][12] - The success of Qijing's upcoming models will be crucial for GAC Group's position in the high-end market [12]

Core Viewpoint - GAC Group's high-end brand Haobo is struggling to meet sales targets, leading to its merger with Aion, indicating a setback in its high-end market ambitions [4][5][10]. Group 1: Sales Performance - Haobo's cumulative sales for 2024 are projected at 17,300 units, achieving only 34% of its target of 50,000 units [5][7]. - Monthly sales have remained around 1,000 units, with some months reporting zero sales for the Haobo SSR supercar [6][10]. - In the first eleven months of this year, Haobo's total sales reached 13,800 units, which is lower than the monthly sales of mainstream new energy vehicle brands [7]. Group 2: Strategic Changes - GAC Group announced the integration of Haobo and Aion into the same business unit, with plans for full channel integration by March 31, 2026 [4][5]. - The merger is seen as a strategic retreat to consolidate resources and reduce costs, as Haobo's performance did not meet expectations [5][8]. - The decision reflects a shift in focus towards the new high-end brand "Qijing," developed in collaboration with Huawei, which is expected to target the market above 300,000 yuan [13][15]. Group 3: Market Challenges - Both Haobo and Aion are facing declining sales due to increased competition in the 100,000 to 200,000 yuan electric vehicle market and a lack of differentiation in the high-end segment [8]. - Haobo's brand perception is weakened as consumers view it as a more expensive version of Aion, lacking unique selling points [8][10]. - The integration of the two brands raises concerns among Haobo owners regarding service quality and brand identity [5][11]. Group 4: Pricing and Promotions - Haobo has been forced to reduce prices on several models, including the Haobo GT, which saw a price drop of 25,000 yuan shortly after its launch [10][12]. - The pricing strategy has led to consumer skepticism, with some referring to purchasing Haobo vehicles at original prices as unwise [12].

Core Viewpoint - The automotive industry is undergoing a transformation where financial services are evolving from traditional external bank financing to integrated internal financial systems that support operational efficiency and stability in the supply chain [1][8]. Group 1: Financial Services Evolution - The number of corporate financial companies in China has increased, with 232 established by the end of November, including 75 from central enterprises and 116 from local state-owned enterprises [2]. - Guangzhou Automobile Group's financial company has shifted from static credit assessments based on financial statements to dynamic evaluations based on real-time data such as inventory turnover and order patterns [3][4]. - The "production-sales loan" product has been developed to synchronize loan issuance with sales rhythms, creating a closed-loop system that integrates finance into production and sales processes [3][4]. Group 2: Industry Stability and Support - Jiangling Motors Group focuses on stabilizing the supply chain for small and medium-sized suppliers, which are more vulnerable to market fluctuations [5][6]. - Jiangling's financial company has optimized funding structures for struggling suppliers without increasing overall risk exposure, demonstrating a supportive role rather than merely replacing external financing [6][7]. - The financial company has enhanced its digital capabilities to improve efficiency in funding operations, with over 80 billion in inventory financing and nearly 30 billion in consumer finance disbursed by November 2025 [6][7]. Group 3: Role of Financial Companies - Financial companies are becoming essential stabilizers in the automotive industry, adapting to the increasing complexity and volatility of the market [8][10]. - The shift in focus from internal financing to supporting downstream networks and overseas operations is evident, requiring enhanced risk management and compliance capabilities [9]. - The internal financing concentration is rising, leading to reduced overall funding costs and volatility, with financial companies evolving into foundational infrastructure for stable operations [10].

A股代码：601238 A股简称：广汽集团 公告编号：2025-079 特此公告。 广州汽车集团股份有限公司（简称"公司"）董事会于今日收到公司副总经理郑衡先生送达的《辞职 函》，由于个人身体原因，其申请辞去公司副总经理职务，辞职后不再担任公司任何职务。 一、离任的基本情况 ■ 二、离任对公司的影响 根据相关法律法规及《公司章程》规定，郑衡先生的《辞职函》自送达董事会之日起生效，其离任不影 响公司的正常生产经营。郑衡先生不存在未履行完毕的公开承诺，其确认与公司董事会并无不同意见， 且无任何有关辞职的其他事项须提请公司股东注意。 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 关于副总经理辞职的公告 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。 广州汽车集团股份有限公司董事会 2025年12月24日 ...

Group 1: Economic Development and Innovation - The Central Economic Work Conference emphasizes "innovation-driven development" and the establishment of international technology innovation centers in regions like the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The Greater Bay Area has developed a complete industrial system covering 31 manufacturing categories and has nurtured nine trillion-yuan industrial clusters, with emerging industries like new energy vehicles and artificial intelligence thriving [1] - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranked first globally in the World Intellectual Property Organization's 2025 Global Innovation Index Report, highlighting the global impact of the Greater Bay Area's innovation [1] Group 2: Collaborative Innovation and Industry Support - The Greater Bay Area provides a collaborative innovation ecosystem that supports research and entrepreneurship, as seen in the case of Guangzhou Zhimi New Material Technology Co., which utilizes microcapsule technology for various applications [4] - Guangdong has established 10 national major scientific and technological infrastructure projects, including five in the Greater Bay Area, and has created two national laboratories and 45 national key laboratories [4] - As of June this year, the Greater Bay Area holds 817,000 effective invention patents, accounting for approximately one-sixth of the national total [4] Group 3: Automotive Industry and Supply Chain - The automotive supply chain in the Greater Bay Area enhances production efficiency, with companies like Xpeng Motors benefiting from nearby suppliers who can respond quickly to production needs [6][7] - The automotive industry in the Greater Bay Area is evolving towards a comprehensive development model, integrating electric vehicles, key components, and smart technologies [8] - Guangdong has developed a complete industrial chain covering vehicle manufacturing, battery systems, intelligent driving, and charging facilities, with major companies like BYD and Xpeng leading the market [8] Group 4: Smart Manufacturing and Digital Transformation - The digital transformation of manufacturing in Guangdong is exemplified by OPPO's automated production lines, which enhance efficiency and reduce costs [9][10] - Over 51,000 industrial enterprises in Guangdong have undergone digital transformation, with high rates of digital management and design tool adoption [10] - The "Artificial Intelligence Empowering Manufacturing High-Quality Development Action Plan (2025-2027)" aims to further integrate AI with manufacturing, establishing a globally influential model [11] Group 5: Brain-Machine Interface and Technological Advancements - The establishment of the Brain-Machine Interface Innovation Industry Alliance in the Greater Bay Area aims to create a global hub for brain-machine interface technology [12] - The Guangdong Provincial Laboratory for Artificial Intelligence and Digital Economy is facilitating the development of non-invasive brain-machine interface technologies, enhancing the quality of life for individuals with mobility impairments [13][14] - The laboratory has initiated numerous research projects and collaborations with leading enterprises, fostering a robust talent pipeline for AI innovation in the Greater Bay Area [14]

广汽集团(02238)发布公告，广州汽车集团股份有限公司(简称"公司")董事会于今日收到公司副总经理郑 衡先生送达的《辞职函》，由于个人身体原因，其申请辞去公司副总经理职务，辞职后不再担任公司任 何职务。追加内容 广汽集团(02238)发布公告，广州汽车集团股份有限公司(简称"公司")董事会于今日收到公司副总经理郑 衡先生送达的《辞职函》，由于个人身体原因，其申请辞去公司副总经理职务，辞职后不再担任公司任 何职务。 本文作者可以追加内容哦 ! ...

格隆汇12月24日丨广汽集团(02238.HK)公告，广州汽车集团股份有限公司(简称"公司")董事会于今日收 到公司副总经理郑衡送达的《辞职函》，由于个人身体原因，其申请辞去公司副总经理职务，辞职后不 再担任公司任何职务。 ...

智通财经APP讯，广汽集团(02238)发布公告，广州汽车集团股份有限公司(简称"公司")董事会于今日收 到公司副总经理郑衡先生送达的《辞职函》，由于个人身体原因，其申请辞去公司副总经理职务，辞职 后不再担任公司任何职务。 ...