Core Viewpoint - GAC Group is initiating a reform plan called "Panyu Action," focusing on the establishment of autonomous brand business units (BUs) to enhance internal resource integration and channel operation [1][3] Group 1: Reform Initiatives - The Haobo and Aion BUs have been established to maximize resource synergy and improve organizational management efficiency [3] - The Haobo brand will focus on the high-end market as "elite vehicles," while the Aion brand targets the mass market as "people's good cars" [3] Group 2: Channel Integration - The integration of sales channels for Haobo and Aion brands will occur in phases, with the first phase set to announce sales and service points by January 31, 2026, covering over 30 cities [3] - By March 31, 2026, a complete channel integration is expected, resulting in over 1,000 sales points and 100% coverage in cities above the fourth tier [3] Group 3: Service Network Expansion - The service network for Haobo is projected to grow from 200 to 1,000 locations, addressing service convenience issues for users [3] - Aion users will benefit from a wider range of product options, catering to their upgrading vehicle needs [3]

Core Viewpoint - GAC Group has announced a reform of its independent brand business units (BUs), notably merging the Haobo brand with Aion, indicating a strategic shift in response to market challenges and performance pressures [2][3]. Group 1: Brand and Market Performance - Haobo was initially launched as a high-end sub-brand of Aion, with aspirations to become "the Porsche of China," but has struggled to meet sales expectations, selling only 15,483 units from January to November, a year-on-year decline of approximately 3% [3]. - Aion's sales also faced challenges, with 247,900 units sold during the same period, reflecting a 19.29% decrease compared to the previous year [3]. - The merger aims to consolidate resources and improve efficiency in a competitive market characterized by price wars and declining profits [3][4]. Group 2: Strategic Reforms and Operational Efficiency - GAC Group's reform strategy involves a 2+3+X phased approach, with the Haobo-Aion BU merger being a key pilot project aimed at breaking down silos in research and development [4]. - The new BU structure will enhance collaboration across core functions such as strategy, product development, and sales, ultimately aiming to reduce costs and improve market competitiveness [4][5]. - The integration will allow Haobo to leverage Aion's extensive distribution network, increasing its sales points from approximately 200 to over 1,000 by 2026, thereby enhancing market penetration [5]. Group 3: Future Product Plans and Goals - The Haobo-Aion BU plans to launch six new models next year, including the Aion N60 and the Haobo A800 developed in collaboration with Huawei [8]. - GAC aims to achieve an annual sales target of 2 million units for its independent brands by 2027, supported by the implementation of the Huawei-derived IPD system, which has already reduced product development cycles and costs [9][10]. - The strategic combination of Haobo and Aion is seen as a way to maintain competitiveness in a market that is increasingly focused on efficiency and resource sharing [6][10].

在中央经济工作会议明确提出"深入整治'内卷式'竞争"后，监管层迅速给出制度回应。 中经记者 陈靖斌 广州报道 在推进全国统一大市场建设的政策语境下，"反内卷"正从一项行业共识上升为具有制度约束力的宏观治 理议题。 12月10日至11日召开的中央经济工作会议明确提出，要"纵深推进全国统一大市场建设，深入整治'内卷 式'竞争"，并首次提出制定全国统一大市场建设条例，强调推动要素自由流动和规则统一。与以往侧 重"综合整治"不同，此次表述将"反内卷"升级为"深入整治"，政策指向更为清晰——引导产业竞争逻辑 由低水平价格博弈，转向以技术、效率和服务为核心的价值竞争。 这一信号在汽车行业率先得到呼应。12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指 南（征求意见稿）》（以下简称《合规指南》），对汽车生产企业和销售企业的价格行为作出系统规 范，直指近年来行业内频繁出现的恶性价格战、变相降价、价格欺诈等问题。从时间节点看，该文件被 视为中央经济工作会议精神在重点行业的具体化落地。 《中国经营报》记者从比亚迪、小鹏汽车、长安汽车等多家车企相关负责人处获悉，上述企业已明确表 态支持相关政策方向。在行业层面，"反内卷 ...

广州汽车集团股份有限公司（下称"本公司"或"公司"）第七届董事会第16次会议于2025年12月19日(星 期五)上午9:00在广州市番禺区金山大道东668号广汽集团番禺总部T2五楼会议室召开，本次会议应出席 董事10人，现场出席董事6人，肖胜方董事、周开荃董事、王亦伟董事、洪素丽董事以通讯方式参加本 次会议。本次会议由冯兴亚董事长主持，会议的召集、召开符合《中华人民共和国公司法》和《广州汽 车集团股份有限公司章程》的规定。 本次会议听取了《关于广汽集团2025年经营计划预计完成情况的报告》等报告事项，审议并通过了《关 于广汽集团2026年经营计划的议案》。2026年作为"十五五"开局之年，公司将聚焦"稳合资、强自主、 拓生态"三大重点，打好"用户需求、产品价值、服务体验"三大战役，重点推动改革攻坚举措加速落 地、聚焦主干车型实现产品突围、增强品牌引领加速营销变革、锻造技术长板实现弯道超车、深耕海外 打造第二增长曲线、深化生态赋能促进板块协同、实施精益管理改善经营质效、创新AI驱动建设数智 广汽、开展人才为本激发团队活力、坚持党建领航厚植发展根基等十大攻坚行动，确保"十五五"顺利开 局，开创高质量发展新局面。 ...

证券日报网讯 12月19日，广汽集团发布公告称，公司第七届董事会第16次会议审议通过《关于广汽集 团2026年经营计划的议案》。 （文章来源：证券日报） ...

Core Viewpoint - GAC Group has officially initiated the reform of its autonomous brand Business Units (BUs), starting with the integration of the Haobo and Aion brands into a single operational unit, aiming to enhance efficiency and competitiveness in the market [1][2] Group 1: Business Unit Reform - The Haobo and Aion brands will be managed under the same BU to break down resource barriers and release synergies [1] - The reform is expected to accelerate the pace of technological iteration and market response, providing institutional support for the continuous enhancement of the autonomous brand's competitiveness [1] Group 2: Channel Integration - The integration of the sales channels for Haobo and Aion will be executed in phases, with the first phase aiming for completion by January 31, 2026, where initial integrated sales and service points will be announced, covering over 30 cities [1] - The second phase is set to be completed by March 31, 2026, resulting in a fully integrated channel network of over 1,000 sales points across all cities at the fourth tier and above [1] Group 3: Network Expansion - The service network for the Haobo brand is projected to expand significantly from approximately 200 to 1,000 locations, enhancing channel efficiency and user reach [2] - This initiative is viewed as a critical step for GAC Group to strengthen its systematic operational capabilities in the new energy sector [2]

Core Viewpoint - GAC Group has officially launched a Business Unit (BU) reform for its self-owned brands, starting with the establishment of the Haobo and Aion BU, aiming to enhance operational efficiency and market responsiveness by breaking down resource barriers between brands [1][2] Group 1: BU Reform Implementation - The Haobo and Aion BU will integrate the operations of both brands under a single management structure to improve organizational efficiency and accelerate technology iteration [1] - The first phase of channel integration is set to be completed by January 31, 2026, with the initial sales and service points for both brands to be announced, covering over 30 cities nationwide [1] - The second phase aims for full channel integration by March 31, 2026, creating a sales network of over 1,000 locations across all tier-four cities and above in China [1] Group 2: Network Expansion and Efficiency - The service network for the Haobo brand is expected to expand significantly from approximately 200 to 1,000 locations, enhancing channel efficiency and customer reach [2] - This initiative is viewed as a critical step for GAC Group to strengthen its systematic operational capabilities in the new energy vehicle sector [2]

Core Insights - The Ministry of Industry and Information Technology has issued the first batch of L3 conditional autonomous driving vehicle permits, with Xiaomi Auto being the latest company to obtain an L3 road testing license in Beijing [1][14] - The report indicates that by September 2025, 23 companies, including Xiaomi, have accumulated over 60.27 million kilometers of operation with 750 autonomous passenger vehicles [1][14] - The L3 autonomous driving permit process follows a structured pathway, and companies are categorized into those with official "entry permits" and those with "road licenses" for internal testing [1][14] Company Developments - Changan Automobile's "Deep Blue SL03" has received L3 permit for operation in specific congested areas in Chongqing [2][15] - BAIC Blue Valley's "ARCFOX Alpha S" has been granted L3 permit for operation on specific highways in Beijing [2][15] - BYD was the first to obtain an L3 road testing license in July 2023 and has begun large-scale road validation [3][16] - Seres (Wenjie) has obtained L3 testing permits primarily in Chongqing and Shenzhen for its Wenjie M9 model [4][17] - SAIC Group has received two L3 road permits, making it one of the companies with the most licenses [4][17] - NIO has been selected for the first batch of L3/L4 autonomous driving permits and road testing trials [5][17] - GAC Group has made progress in L3 autonomous driving technology [6][18] - JAC Motors has obtained L3 road testing permits [7][19] - Foton Motor has completed the development and acceptance of L3 autonomous driving prototypes [8][20] - Yutong Bus is the first in the bus industry to enter the L3 autonomous driving pilot program [9][21] - FAW Jiefang's high-level autonomous driving truck J7 L3 has completed road testing [10][22] Industry Trends - The transition to L3 autonomous driving represents a significant technological milestone, shifting driving control and accident liability from the driver to the system itself [10][22] - Multiple institutions emphasize the hardware upgrade logic due to the increased safety and reliability requirements associated with L3 [11][23] - The regulatory framework for L3 permits indicates a closed loop in product safety, network security, and accident liability, alleviating long-standing compliance concerns for automakers [12][23] - The commercialization of L3 is expected to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [12][23][24] - Specific components benefiting from this trend include active suspension systems from companies like Baolong Technology and Top Group, EMB systems from Bertel and Asia Pacific Holdings, and SBW systems from companies like Nexperia [12][24]

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分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 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 ) (股份編號: 2238) A股代码：601238 A股简称：广汽集团 公告编号：2025-078 H股代码：02238 H 股简称：广汽集团 隨附之文件乃本公司於二零二五年十二月十九日在中華人民共和國上海證券交 易所網頁登載之《廣州汽車集團股份有限公司第七屆董事會第 16 次會議決議公 告》，僅供參閱。 承董事會命 廣州汽車集團股份有限公司 馮興亞 董事長 中國廣州，二零二五年十二月十九日 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。 广州汽车集团股份有限公司 海外監管公告 本公告乃廣州汽車集團股份有限公司（「本公司」）按香港聯合交易所有限公 ...

广州汽车集团股份有限公司 A股代码：601238 A股简称：广汽集团 公告编号：2025-078 H股代码：02238 H 股简称：广汽集团 第七届董事会第 16 次会议决议公告 广州汽车集团股份有限公司董事会 2025 年 12 月 19 日 广州汽车集团股份有限公司（下称"本公司"或"公司"）第七届董事会第 16 次会议于 2025 年 12 月 19 日(星期五)上午 9:00 在广州市番禺区金山大道东 668 号广汽集团番禺总部 T2 五楼会议室召开，本次会议应出席董事 10 人，现场 出席董事 6 人，肖胜方董事、周开荃董事、王亦伟董事、洪素丽董事以通讯方式 参加本次会议。本次会议由冯兴亚董事长主持，会议的召集、召开符合《中华人 民共和国公司法》和《广州汽车集团股份有限公司章程》的规定。 本次会议听取了《关于广汽集团 2025 年经营计划预计完成情况的报告》等 报告事项，审议并通过了《关于广汽集团 2026 年经营计划的议案》。2026 年作 为"十五五"开局之年，公司将聚焦"稳合资、强自主、拓生态"三大重点，打 好"用户需求、产品价值、服务体验"三大战役，重点推动改革攻坚举措加速落 地、聚焦主干车 ...