A 股代码：601238 A 股简称：广汽集团 公告编号：2025-070 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 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。 重要内容提示： 会议召开时间：2025 年 10 月 29 日（星期三）14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 22 日（星期三）至 10 月 28 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gac.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广州汽车集团股份有限公司（下称"公司"或"本公司"）将于 2025 年 10 月 24 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况 ...

Core Insights - The passenger car sector experienced a 0.64% increase on October 21, with Beiqi Blue Valley leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Passenger Car Sector Performance - Beiqi Blue Valley (600733) closed at 7.78, with a rise of 2.10% and a trading volume of 772,900 shares, amounting to 594 million yuan [1] - Other notable performers include: - Seres (601127) at 158.04, up 1.50%, with a trading volume of 212,300 shares and a turnover of 3.332 billion yuan [1] - Great Wall Motors (601633) at 23.17, up 0.83%, with a trading volume of 131,700 shares and a turnover of 304 million yuan [1] - SAIC Motor (600104) at 16.51, up 0.43%, with a trading volume of 305,800 shares and a turnover of 504 million yuan [1] - GAC Group (601238) at 7.77, up 0.26%, with a trading volume of 324,800 shares and a turnover of 252 million yuan [1] - BYD (002594) at 104.76, up 0.23%, with a trading volume of 299,100 shares and a turnover of 3.134 billion yuan [1] - Changan Automobile (000625) at 12.39, up 0.08%, with a trading volume of 1,074,400 shares and a turnover of 1.331 billion yuan [1] - Haima Automobile (000572) at 6.59, down 1.35%, with a trading volume of 2,300,900 shares and a turnover of 1.503 billion yuan [1] Capital Flow Analysis - The passenger car sector saw a net inflow of 47.4825 million yuan from institutional investors, while retail investors contributed a net inflow of 37.7483 million yuan [1] - Notable capital flows for specific companies include: - Seres (601127) had a net inflow of 34.2 million yuan from institutional investors but a net outflow of 17.5 million yuan from retail investors [2] - Beiqi Blue Valley (600733) saw a net inflow of 18.6111 million yuan from institutional investors, with a slight outflow from retail investors [2] - SAIC Motor (600104) had a net inflow of 17.3522 million yuan from institutional investors, while retail investors contributed a small net inflow [2] - Great Wall Motors (601633) experienced a net outflow of 2.258 million yuan from institutional investors, with retail investors showing a significant outflow [2] - BYD (002594) faced a net outflow of 131 million yuan from institutional investors, despite some inflow from retail investors [2] - Changan Automobile (000625) had a substantial net outflow of 170 million yuan from institutional investors, with retail investors showing a positive net inflow [2]

Core Insights - The launch of the "National Good Car" by JD.com in collaboration with GAC Group and CATL has generated significant consumer and industry interest since its announcement [1] - Recent updates on the vehicle's specifications and features have been released, revealing advanced safety and performance metrics [3][5] Vehicle Specifications - The vehicle features a high-strength cage design with over 70% high-strength steel, leading to an 18% improvement in impact resistance [3] - It has a weight advantage of over 300 kg compared to similar models, with a wider wheelbase and tire width, enhancing grip [3] - The vehicle achieved a moose test score exceeding 75 km/h, indicating solid dynamic performance [3] User Engagement and Feedback - JD.com has launched an interactive page to gather user feedback on various aspects such as safety, performance, battery, service, price, and appearance, with nearly 300,000 participants so far [3] - The auction for the first vehicle, starting at a price of 1 yuan, has attracted over 25,000 reservations, creating anticipation around the final bidding price [6][7] Talent Acquisition - JD.com is actively recruiting for high-paying positions in its automotive division, with some roles offering salaries exceeding 1 million yuan, indicating a focus on building a strong team for the "National Good Car" launch and subsequent operations [5] Strategic Partnerships - JD.com has deepened strategic collaborations with Changan Automobile and CATL, focusing on comprehensive marketing, service networks, and battery aftermarket solutions [6] - The partnerships aim to transition JD.com from a sales platform to a comprehensive automotive lifecycle service ecosystem [6] Market Positioning - The "National Good Car" aims to meet consumer demand for high cost-performance vehicles while incorporating market feedback into its development [7] - The innovative approach and collaborative model among the three companies are expected to inject new vitality into the Chinese automotive market [7]

Core Insights - GAC Group, JD.com, and CATL have formed a strategic partnership to redefine the sales and manufacturing process of electric vehicles, introducing a new model for the automotive industry [1][3][10] Group 1: GAC Group's Transformation - GAC Group is shifting from a traditional dealership model to a direct sales approach, facing challenges from new entrants in the electric vehicle market [4][8] - The company has experienced a significant decline in revenue and profit, with a total revenue of 426.11 billion yuan, down approximately 7.88% year-on-year, and a net profit turning negative [8][9] - GAC's collaboration with JD.com and CATL represents a strategic shift from "market for technology" to "technology for ecosystem," aiming to leverage its manufacturing capabilities and integrate with external resources [9][10] Group 2: JD.com's Role - JD.com has been building its automotive ecosystem since 2015, focusing on a full lifecycle service model for car owners, including sales, maintenance, and parts [11][12] - The company aims to redefine the car buying experience, making it as simple and transparent as purchasing electronics, and has introduced innovative service packages to enhance customer engagement [13][14] - JD.com is not involved in manufacturing but focuses on consumer insights and sales, positioning itself as a facilitator in the automotive market [11][12] Group 3: CATL's Strategy - CATL is transitioning from a battery supplier to an energy service provider through this partnership, aiming to address competitive pressures from second-tier manufacturers and in-house battery development by automakers [9][10] - The collaboration allows CATL to promote its "chocolate battery" technology and expand its service offerings, enhancing its market position [9][10] Group 4: New "Iron Triangle" Model - The partnership between GAC, JD.com, and CATL represents a new industrial division of labor, integrating manufacturing, technology, and e-commerce to create a comprehensive automotive experience [15][17] - This model shifts the focus from traditional vehicle sales to a full lifecycle service approach, potentially transforming the automotive industry's value chain [15][17] - The collaboration is seen as a proactive response to the declining profit margins in the automotive sector, with the industry profit rate dropping to 3.9% in early 2025 [15][16]

Core Insights - The new vehicle, named "Wishing M8 Master," is positioned as a "Five-Dimensional Expert," emphasizing comfort with first-class SPA massage seats in the first row and a unique 166° adjustable dual zero-gravity second-row seats [1] - The vehicle features an intelligent driving assistance system from Momenta, equipped with NVIDIA Orin-X chip and 27 sensors, allowing operation without high-precision map scenarios [1] - It utilizes a 2.0T + 2DHT plug-in hybrid system, offering a comprehensive range of 1,400 kilometers and a fuel consumption of only 6.05L/100km when out of battery [1] - The vehicle introduces a pioneering 360° enveloping airbag matrix for enhanced safety [1] - The MPV market is undergoing a structural transformation, with new energy vehicles capturing a significant share of the top ten sales, while traditional models like Toyota Sienna and Buick GL8 maintain leading positions [1] - GAC Trumpchi has sold a total of 800,000 units in the MPV market, with the M8 model alone accounting for over 450,000 units, and the new vehicle aims to fill the gap in intelligent and comfortable configurations in the 250,000 yuan market segment [1] Industry Context - The release of the Wishing M8 Master at the 2025 China International New Energy and Intelligent Connected Vehicle Exhibition marks a strategic move by GAC Trumpchi to enhance its competitive edge in the MPV segment [2] - The starting price of the new model is set at 249,900 yuan after subsidies, indicating a competitive pricing strategy in the evolving market landscape [2]

截至6月30日，广汽集团股东户数13.58万，较上期增加1.03%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，广汽集团实现营业收入426.11亿元，同比减少7.88%；归母净利润-25.38亿元，同比减 少267.39%。 分红方面，广汽集团A股上市后累计派现256.39亿元。近三年，累计派现39.74亿元。 机构持仓方面，截止2025年6月30日，广汽集团十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1.20亿股，相比上期增加1987.11万股。华泰柏瑞沪深300ETF（510300）位居第九大流通 股东，持股3971.23万股，相比上期增加346.09万股。易方达沪深300ETF（510310）位居第十大流通股 东，持股2812.67万股，相比上期增加279.54万股。 责任编辑：小浪快报 10月20日，广汽集团涨0.52%，成交额2.56亿元。两融数据显示，当日广汽集团获融资买入额4243.29万 元，融资偿还4240.87万元，融资净买入2.41万元。截至10月20日，广汽集团融资融券余额合计25.60亿 元。 融资方面，广汽集团当日融资买入4243.29万元。当前 ...

Core Insights - JD.com has revealed details about its upcoming vehicle, developed in collaboration with CATL and GAC Group, which will feature a "separation of vehicle and battery" purchasing model [1] Group 1: Vehicle Specifications - The vehicle will utilize a high-strength cage body design, with over 70% high-strength steel content [5] - The vehicle's impact resistance has been enhanced by 18% due to a three-dimensional protective frame [6] - It features a one-piece hot-formed dual door ring and a mechanical half-hidden safety door handle, similar to the Tesla Cybertruck's side protection technology [6] - The vehicle's curb weight exceeds that of comparable models by 300 kg, with a wheelbase 45 mm longer and tire width 10 mm wider than similar vehicles [1] Group 2: Performance Metrics - The vehicle achieved a moose test score exceeding 75 km/h [1] Group 3: Purchasing Model - The vehicle will adopt a "separation of vehicle and battery" purchasing model, allowing for battery swapping with a replacement time as low as 99 seconds [1]

Core Insights - JD Auto, in collaboration with CATL and GAC Group, is set to launch a vehicle dubbed the "National Good Car" with detailed specifications revealed [1] Vehicle Design and Safety Features - The vehicle features a high-strength cage body design with over 70% high-strength steel, enhancing impact resistance by 18% due to its frontal three-dimensional protective framework [1] - It includes a one-piece hot-formed double door ring for side protection, utilizing the same side protection technology as Tesla's Cybertruck, along with new national standard mechanical semi-hidden safety door handles [1] Performance Metrics - The vehicle's curb weight exceeds its class competitors by 300 kg, with a wheelbase that is 45 mm longer and tire width that is 10 mm wider than similar models [1] - It achieved a moose test score exceeding 75 km/h, indicating strong handling capabilities [1] Purchase Model - The vehicle will adopt a "separated vehicle and battery" purchase model, allowing for battery charging and swapping, with a battery swap time as low as 99 seconds [1]

Core Insights - JD.com has launched a new vehicle in collaboration with GAC Group and CATL, generating significant consumer and industry interest since its announcement of the "National Good Car" initiative [1][5] - The vehicle features advanced manufacturing techniques, including a high-strength cage design with over 70% high-strength steel, enhancing its impact resistance by 18% [3] - JD.com is actively recruiting for high-paying positions in its automotive division, indicating a strategic focus on preparing for the vehicle's market launch and subsequent user operations [5] Vehicle Specifications - The vehicle's body structure utilizes a high-strength cage design, with over 70% high-strength steel, achieving industry-leading standards [3] - It boasts a weight advantage of over 300 kg compared to similar models, with a wider wheelbase and tire width, improving grip [3] - The vehicle's moose test performance exceeds 75 km/h, showcasing solid dynamic capabilities [3] Recruitment and Talent Acquisition - JD.com is offering competitive salaries for various positions, with some roles exceeding 1 million yuan annually, indicating a strong investment in talent for the automotive sector [5] - Key positions include algorithm engineers, product directors, and marketing specialists, all crucial for the vehicle's launch and operational success [5] Strategic Partnerships - JD.com has deepened its strategic collaboration with Changan Automobile and CATL, focusing on comprehensive marketing and service networks, as well as battery aftermarket solutions [6] - The partnership aims to explore innovative vehicle development, including smart logistics and new energy vehicles [6] Auction and Market Engagement - The first vehicle (001) has been showcased on JD.com's auction platform, starting at a price of 1 yuan, with over 25,000 reservations made prior to the auction [7][8] - The auction process is set to last four hours, with the final price determined by user bids, reflecting a unique consumer engagement strategy [8]

Group 1 - JD updated vehicle reservation data, focusing on body manufacturing processes and structural design, with over 70% high-strength steel used, enhancing impact resistance by 18% [2] - The vehicle features a high-strength cage design and a one-piece hot-formed double door ring, utilizing technology similar to Tesla's Cybertruck, along with new standard mechanical semi-hidden door handles [2] - The vehicle's curb weight exceeds competitors by 300 kg, with a wider wheelbase by 45 mm and tire width increased by 10 mm, achieving a moose test score above 75 km/h [2] Group 2 - JD Auto, in collaboration with CATL's Times Electric and GAC Group, is expected to price the new vehicle between 100,000 to 120,000 yuan, with an official launch planned during JD's Double Eleven shopping festival [5] - The vehicle is anticipated to adopt a "chocolate battery swap" model, likely aligning with GAC Aion's battery swap vehicles [5] Group 3 - JD has applied for multiple trademarks related to "JD Auto," indicating a strategic move into the automotive sector, with some trademarks already successfully registered [6]