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) GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 (股份代號：2238) 董事會 會議 日期 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 會議將於二零二六年三月二十七日（星期五）舉行，藉以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年十二月三十一日止年度之末期業績及其發佈，以及 考慮建議派發末期股息（如有）。 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，二零二六年三月十七日 於本公告日期，本公司的執行董事為馮興亞及閤先慶，本公司的非執行董事為陳小沐、 鄧蕾、周 ...

Group 1 - The company, GAC Group, announced that its board meeting will be held on March 27, 2026, to consider and approve the annual results for the year ending December 31, 2025, and to discuss the proposed final dividend distribution, if any [1]

董事會 會議 日期 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 會議將於二零二六年三月二十七日（星期五）舉行，藉以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年十二月三十一日止年度之末期業績及其發佈，以及 考慮建議派發末期股息（如有）。 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，二零二六年三月十七日 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 。 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) (股份代號：2238) 於本公告日期，本公司的執行董事為馮興亞及閤先慶，本公司的非執行董事為陳小沐、 鄧蕾、周 ...

Group 1 - The core point of the article is that Guangzhou Fueneng Technology Co., Ltd., a subsidiary of Fueneng Technology, has been selected by GAC Group to develop and supply power batteries, with supply expected to commence in the first half of 2027 [1] - The collaboration will utilize the Super Punch Solution (SPS) design for lithium iron phosphate power batteries [1]

Core Viewpoint - The announcement indicates that the company has been selected by GAC Group to develop and supply power batteries, marking a significant recognition of its SPS battery products in the market [2] Group 1: Partnership and Product Development - The company's wholly-owned subsidiary, Guangzhou Funeng Technology Co., Ltd., has received a "Designation Development Notice" from GAC Group [2] - GAC Group forecasts that the company will begin supplying batteries in the first half of 2027 [2] - The project will utilize the SPS (Super Punch Solution) design for lithium iron phosphate power batteries, indicating a breakthrough in the new energy passenger vehicle sector [2] Group 2: Financial Performance and Production Capacity - The company has issued a profit forecast for 2025, expecting a net loss attributable to shareholders of between -830 million yuan and -580 million yuan [2] - The net profit, excluding non-recurring gains and losses, is projected to be between -861.8 million yuan and -611.8 million yuan [2] - The company’s two new production bases are still in the ramp-up phase, facing high fixed depreciation costs, and are working on improving capacity utilization, equipment efficiency, and yield rates [2]

Core Viewpoint - GAC Group (601238) reported a negative gross margin forecast for 2025, primarily due to a decline in revenue, reduced profits, and increased costs [1] Revenue Decline - The company's self-owned brand passenger vehicle sales decreased by 22.83% year-on-year, leading to a contraction in revenue for the automotive manufacturing sector [1] Profit Reduction - In response to the sales decline, the company increased promotional efforts, resulting in an average promotional expenditure per vehicle rising by 5 percentage points compared to the previous year, but this did not lead to a recovery in sales [1] Cost Increase - Insufficient production capacity utilization has raised unit fixed costs, with labor costs, depreciation, and other fixed costs increasing by over 40% year-on-year, compounded by high upstream raw material prices, ultimately driving up the cost per vehicle [1]

Core Viewpoint - GAC Group is expected to report a net loss of 8 to 9 billion yuan in 2025, marking its first annual loss in nearly 20 years, primarily due to declining revenue, reduced profits, and rising costs [3][4]. Financial Performance - The company's gross margin for the automotive manufacturing segment is projected to be -7.35% in 2025, with a significant drop from the previous year's margin [4][5]. - In the first three quarters of 2025, GAC Group reported a net loss of 4.312 billion yuan, indicating a substantial loss of approximately 4 billion yuan in the fourth quarter alone [4]. - The revenue from automotive manufacturing is expected to decrease from 78.934 billion yuan in 2024 to 69.010 billion yuan in 2025, while the cost of manufacturing is projected to decline from 77.214 billion yuan to 74.085 billion yuan [4]. Factors Contributing to Loss - The decline in revenue is attributed to a 22.83% drop in sales of self-owned passenger vehicles, leading to a contraction in the revenue scale [5]. - Increased promotional expenditures, which rose by 5 percentage points compared to the previous year, failed to boost sales, further compressing profit margins [5]. - Rising costs due to underutilization of capacity and increased fixed costs, including labor and depreciation, have also contributed to the overall financial strain [5]. Strategic Response - GAC Group aims to rebound by targeting a sales volume of 2 million vehicles in 2026, representing a year-on-year growth rate of 16.2% [6][8]. - The company plans to focus on three main tasks: stabilizing joint ventures, strengthening self-owned brands, and expanding its ecosystem [7][9]. - GAC Group is also investing in the development of intelligent robots, with plans for mass production by 2027, which could provide a new growth avenue [10].

Group 1 - The company received a "Designation Development Notice" from Guangzhou Automobile Group, selecting it to develop and supply power batteries, with expected supply starting in the first half of 2027 [2] - The project will utilize the Super Punch Solution (SPS) design for lithium iron phosphate power batteries, indicating an increase in market recognition for the company's SPS battery products and a breakthrough in the new energy passenger vehicle sector [3] Group 2 - The designation notice is not a supply agreement, and while both the company and the client have the capability to fulfill obligations, there are uncertainties regarding project progress and sales [4]

Core Viewpoint - GAC Group is expected to report a net loss of 8 to 9 billion yuan in 2025, marking its first annual loss in nearly 20 years due to a combination of declining revenue, reduced profits, and rising costs [3][5]. Financial Performance - The company's gross margin for the automotive manufacturing segment is projected to be -7.35% in 2025, with a significant drop from the previous year's gross margin [4][5]. - GAC Group's revenue from automotive manufacturing is expected to decrease from 78.934 billion yuan in 2024 to 69.010 billion yuan in 2025, while the cost of goods sold is projected to be 77.214 billion yuan in 2024 and 74.085 billion yuan in 2025 [4][5]. - The average promotional expenditure per vehicle increased by 5 percentage points compared to the previous year, but this did not lead to a recovery in sales [5]. Factors Contributing to Loss - The decline in revenue is attributed to a 22.83% drop in sales of self-owned brand passenger vehicles [5]. - Increased promotional efforts failed to offset the decline in sales, leading to further compression of profit margins [5]. - Rising costs due to underutilization of capacity and increased fixed costs, including labor and depreciation, have also contributed to the financial strain [5]. Strategic Response - GAC Group aims to return to a production and sales target of 2 million vehicles in 2026, which requires a year-on-year growth rate of 16.2% [6]. - The company plans to focus on three main tasks: stabilizing joint ventures, strengthening self-owned brands, and expanding its ecosystem [7]. - GAC Group is also investing in the development of intelligent robots, with plans for mass production by 2027, which could provide a new growth avenue [12][11]. Future Outlook - The success of the new high-end electric vehicle brand "Qijing," developed in collaboration with Huawei, is seen as crucial for improving profitability [8][7]. - GAC Group is also looking to expand its overseas market presence, targeting sales of over 200,000 vehicles abroad within the year [9].

Core Viewpoint - The company has been selected by Guangzhou Automobile Group Co., Ltd. to develop and supply power batteries, marking a significant partnership in the electric vehicle sector [1] Group 1 - The company's wholly-owned subsidiary, Guangzhou Funeng Technology Co., Ltd., received a "Designation Development Notice" from Guangzhou Automobile Group [1] - The partnership will focus on the development and supply of lithium iron phosphate power batteries based on the Super Punch Solution design [1] - The company anticipates starting deliveries in the first half of 2027 according to the sales forecast and arrangements from Guangzhou Automobile Group [1]