Core Viewpoint - The company, Funeng Technology, has been selected by Guangzhou Automobile Group to develop and supply power batteries, marking a significant partnership in the electric vehicle sector [1] Group 1: Company Announcement - Funeng Technology's wholly-owned subsidiary, Guangzhou Funeng Technology Co., Ltd., has received a "Designation Development Notice" from Guangzhou Automobile Group [1] - The company is expected to start supplying batteries in the first half of 2027 based on the sales forecast and arrangements from Guangzhou Automobile Group [1] Group 2: Product Details - The project will utilize a lithium iron phosphate power battery designed based on the Super Punch Solution (SPS) [1]

Core Viewpoint - Company Fudi Technology (孚能科技) has received a development notification from GAC Group, marking a significant step in its partnership to supply power batteries, specifically lithium iron phosphate batteries, starting in the first half of 2027 [1] Group 1: Partnership and Product Development - Fudi Technology's wholly-owned subsidiary, Guangzhou Fudi Technology Co., Ltd., has been selected by GAC Group to develop and supply power batteries [1] - The project will utilize the Super Punch Solution (SPS) design for lithium iron phosphate batteries, indicating a further breakthrough in the new energy passenger vehicle sector [1] Group 2: Market Recognition and Financial Performance - The receipt of the development notification signifies an increase in market recognition for Fudi Technology's SPS battery products [1] - In the fiscal year 2025, Fudi Technology reported a revenue of 9.084 billion yuan, a year-on-year decrease of 22.23%, and a net loss attributable to shareholders of 767 million yuan, compared to a loss of 332 million yuan in the previous year [1]

Core Viewpoint - GAC Group (2238.HK) reported a negative gross margin of -7.03% for its vehicle manufacturing business in the first half of 2025, a decline of 9.21 percentage points compared to the full-year gross margin of 2024, primarily due to intensified industry price competition, declining sales, increased promotional spending, and an imbalanced business structure [1] Industry Summary - The Chinese automotive market officially enters a phase of stock competition in 2025, shifting the industry development logic from "scale expansion" to "efficiency optimization and structural upgrading," resulting in unprecedented fierce market dynamics [1] - The market is characterized by "total volume capping and structural reshuffling," leading to intense price competition across the industry, with mainstream vehicle price reductions reaching a five-year high [1] Company Summary - GAC Group's self-owned brand passenger vehicles continue to face pressure amid intensified competition, with sales expected to decline by 22.83% in 2025 [1] - To address inventory pressure and the risk of market share decline, GAC Group has increased promotional efforts for its main self-owned brand models, with end-user discounts generally ranging from 15,000 to 30,000 yuan, resulting in a significant reduction in per-vehicle gross margin [1]

Core Viewpoint - GAC Group is facing significant financial challenges, with a projected negative gross margin of -7.35% for its vehicle manufacturing business in 2025 due to declining revenues, shrinking profits, and rising costs [1] Revenue Decline - The company's self-owned brand passenger vehicle sales have decreased by 22.83% year-on-year, leading to a contraction in revenue and a significant increase in promotional expenses [1][2] - The average promotional investment per vehicle has risen by 5 percentage points compared to the previous year, failing to boost sales and further compressing profit margins [1] Profit Reduction - Increased promotional efforts have not translated into sales recovery, resulting in promotional costs that cannot be diluted through economies of scale, thereby further squeezing profit margins [1] Cost Increase - Insufficient production capacity utilization has raised fixed costs per unit, with labor costs, depreciation, and other fixed costs increasing by over 40% year-on-year [2] - The high prices of upstream raw materials are also contributing to the rising costs per vehicle [2] Inventory and Impairment - GAC Group's inventory at the end of 2025 is projected to be 164.03 million, with a provision for inventory impairment of 14.96 million [3] - The increase in inventory impairment losses is attributed to declining estimated selling prices due to intensified market competition, which has led to a greater negative impact than the decrease in material costs [4] Intangible Asset Impairment - The company anticipates an increase in impairment losses on intangible assets compared to the previous year, primarily related to proprietary and non-patented technologies developed internally [5] - The impairment losses for intangible assets are projected to be 856 million and 1.19 billion for 2023 and 2024, respectively [5] Investment Income - GAC Group is expected to report significant asset impairments in its joint ventures, particularly with GAC Honda, which is undergoing strategic adjustments due to structural changes in market demand [5] - The impairment amount for GAC Honda's underutilized production lines is approximately 700 million [5] Overall Financial Outlook - The company forecasts a net profit attributable to shareholders of between -8 billion to -9 billion, marking a shift from profit to loss compared to the previous year [5]

| | | 广州汽车集团股份有限公司 关于上海证券交易所对公司业绩预告相关事项监管工作函 的回复公告 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（简称"公司"）于近期收到上海证 券交易所出具的《关于广州汽车集团股份有限公司业绩预告相关事项 的监管工作函》（上证公函[2026]0338 号）（简称"《工作函》"）， 公司收到上述《工作函》后高度重视，认真组织相关部门对所涉问题 进行研究分析，现对相关问题回复如下（本回复所涉公司 2025 年度 相关财务数据仅为初步核算数据，最终数据请以公司 2025 年年度报 告经审计财务数据为准）： 一、关于毛利率。根据前期信息披露，公司 2025 年半年度整车 制造业毛利率为-7.03%，较 2024 年全年毛利率水平下滑 9.21 个百分 点。请公司说明 2025 年全年整车制造业务毛利率是否为负，如是， 请结合行业环境、上下游波动、主要业务模式等，说明毛利率为负的 主要原因。 公司回复： 公司整车制造业主要为乘用车制造。合并报表范围内的乘用车制 造企业为子公 ...

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) 內幕消息╱海外監管公告 關於上海證券交易所《工作函》的回覆 本公告乃由廣州汽車集團股份有限公司（「本公司」）根據《香港聯合交易所 有限公司證券上市規則》第13.09(2)(a)條及第13.10B條以及香港法例第571章 《證券及期貨條例》第XIVA部關於內幕消息之規定而作出。 本公司於2026年1月30日收到上海證券交易所出具的《關於廣州汽車集團股份有 限公司業績預告相關事項的監管工作函》（上證公函[2026]0338號）（「《工 作函》」）。本公司已於2026年3月15日向上海證券交易所提交對《工作函》的 回覆。隨附之文件乃本公司於2026年3月15日在上海證券交易所網頁登載之《關 於上海證券交易所對公司業績預告相關事項監管工作函的回 ...

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) 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司證 券上市規則第 13.10B 條發出。 隨附之文件乃本公司於二零二六年 月十三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 20 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，二零二六年三月十三日 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。 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-014 H 股代码：022 ...

A 股代码：601238 A 股简称：广汽集团 公告编号：2026-014 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 第七届董事会第 20 次会议决议公告 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、审议通过了《关于组织机构调整的议案》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过了《关于<2025 年度风险及合规管理工作报告及 2026 年工作 计划>的议案》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 特此公告。 广州汽车集团股份有限公司董事会 2026 年 3 月 13 日 广州汽车集团股份有限公司（简称"本公司"或"公司"）第七届董事会第 20 次会议于 2026 年 3 月 13 日(星期五)以通讯方式召开。本次会议应参与表决 董事 11 人，实际参与表决董事 11 人。本次会议的召集、召开符合《中华人民共 和国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司 董事会议事规则》的相关规定，所做决议合法有效。经与会董事投票表 ...

Group 1 - The core focus of the suggestions made by the chairman of GAC Group, Feng Xingya, is on high-quality development of the automotive industry, global layout, and service to people's livelihoods, addressing industry pain points while aligning with national strategies and public needs [2] - Feng emphasizes the need for multi-dimensional breakthroughs in the high-quality development of the new energy vehicle industry, particularly in rural markets, highlighting issues such as sparse charging networks and insufficient after-sales support [3] - The proposal includes accelerating the establishment of a unified battery swap standard system and a hydrogen refueling standard regulatory framework to support the large-scale development of the industry [3] Group 2 - The transition from "product going abroad" to "standards going abroad" is seen as a crucial leap for Chinese automotive participation in global competition, with suggestions to build a compliance service system for overseas operations [5] - GAC aims for significant growth in overseas sales, targeting nearly 130,000 units by 2025, with a goal of reaching 250,000 to 300,000 units by 2026, supported by initiatives like the "Thousand Network Plan" and establishing overseas KD factories [5] - The focus on standardization is not only about technical alignment but also about enhancing the overall competitiveness of the industry chain, with GAC promoting the export of supporting systems like charging equipment and energy ecosystems [5] Group 3 - The ultimate goal of industrial development is to serve the public, with a particular emphasis on creating a senior-friendly travel ecosystem to address the needs of the aging population [6] - GAC has integrated public service with industrial development, achieving over 90% market coverage in county areas and establishing a nationwide charging network [6] - The suggestions reflect a clear trajectory for high-quality development in the Chinese automotive industry, with GAC committing to deepening reforms and investing 62 billion yuan in R&D to strengthen its technological foundation [6]

Group 1 - Guangzhou Blue Crystal Automobile Co., Ltd. has been established with a registered capital of 50 million RMB [1] - The legal representative of the company is Wang Xin, and its business scope includes the sales of new energy vehicles, production of road motor vehicles, and development of artificial intelligence application software [1] - The shareholders of the company include GAC Group's GAC Trading Co., Ltd. and Guangzhou Heijing Investment Partnership (Limited Partnership) [1]