Core Viewpoint - GAC Group (02238) expects a net loss attributable to shareholders of the parent company between RMB 8 billion and 9 billion for the year ending December 31, 2025, indicating a decline compared to the previous year [1] Group 1: Financial Performance - The automotive industry is experiencing intense competition and rapid restructuring of the industrial ecosystem, leading to a decline in expected annual vehicle sales despite a sequential increase in sales from the second quarter [1] - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales performance and adjustments in the structure of its self-owned brand new energy products [1] - Investment income is expected to decrease further due to asset impairment in joint ventures as they accelerate their transition to new energy and optimize production lines [1] Group 2: Strategic Adjustments - In response to market changes, the company has rapidly adjusted its strategy by increasing sales investments [1] - The company executed partial equity transfers of its joint ventures, Chenqi Technology Limited and Guangzhou JuWan Technology Co., Ltd., in 2024, which positively impacted the net profit attributable to shareholders for that year; however, no similar transactions are expected in 2025 [1]

Core Viewpoint - GAC Group (02238.HK) forecasts a net profit attributable to shareholders of the parent company for the year ending December 31, 2025, to be between RMB -8 billion and RMB -9 billion, indicating significant financial challenges ahead [1] Group 1: Financial Performance - The automotive industry is experiencing intense competition and rapid restructuring of the industrial ecosystem, leading to a decline in expected annual vehicle sales [1] - Despite a continuous month-on-month increase in vehicle sales since the second quarter, the overall sales for the year did not meet expectations [1] - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales performance and adjustments in the structure of its self-owned brand new energy products [1] Group 2: Strategic Adjustments - In response to the rapidly changing market, the company has swiftly increased its sales investments [1] - Some joint ventures are accelerating their transition to new energy, which is leading to adjustments and optimizations in production lines, further reducing the company's investment income due to asset impairments in joint ventures [1] - Overall, these factors are contributing to a decline in profits compared to the previous year [1]

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. 2238 內幕消息 二零二五年年度業績預告 本公告乃由本公司根據上市規則第13.09(2)(a)條及第13.10B條、以及證券及期貨條例 第XIVA部關於內幕消息之規定而作出。 本公司董事會謹此知會本公司股東及潛在投資者，經初步測算，本公司預計於截至二 零二五年十二月三十一日止年度實現歸屬於母公司所有者的淨利潤為人民幣-80億元至 人民幣-90億元。 本公司股東及潛在投資者在買賣本公司證券時務請審慎行事並仔細閱讀預期將於二零 二六年三月下旬刊發之有關本集團截至二零二五年十二月三十一日止年度的年度業績 之公告。 （一）於截至二零二四年十二月三十一日止年度（「2024年度」），歸屬於母公司所有者 的淨利潤為人民幣82,358萬元；歸屬於母公司所有者的扣除非經常性損益的淨 利潤為人民幣-435,133萬元。 （二）2024年度每股收益為 ...

Group 1 - The core viewpoint of the article indicates that GAC Group (601238.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from -8 billion to -9 billion yuan for the fiscal year 2025, marking a decline compared to the previous year [1] - The expected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between -8.9 billion and -9.9 billion yuan for 2025 [1] - The automotive industry is experiencing intense competition and rapid restructuring of the industrial ecosystem, which has impacted the company's performance [1] Group 2 - Despite a continuous increase in automotive sales on a quarter-on-quarter basis since the second quarter, the total annual sales did not meet expectations [1] - In response to the rapidly changing market, the company has significantly increased its sales investments [1] - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales performance and adjustments in the product structure of its self-owned new energy brands [1] Group 3 - Some joint ventures are accelerating their transition to new energy, leading to adjustments and optimizations in production lines, which further reduces the company's investment income due to asset impairments in joint ventures [1] - Overall, the combination of these factors is expected to result in a year-on-year decline in the company's profits [1]

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -80 billion and -90 billion CNY, indicating a loss compared to the previous year [2]. - The expected net profit attributable to shareholders after excluding non-recurring gains and losses for 2025 is projected to be between -89 billion and -99 billion CNY [3]. - The net profit attributable to shareholders of the parent company for the previous year was 823.58 million CNY, with a net profit of -4.35 billion CNY after excluding non-recurring gains and losses [4]. Industry Challenges - The automotive industry is facing intense competition and rapid restructuring, leading to a decline in profits due to increased sales investments and adjustments in the product structure of self-owned new energy products [5]. - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales and product structure adjustments [5]. - The investment income from joint ventures has decreased due to asset impairments as these ventures accelerate their transition to new energy [6]. Sales Performance - The company has seen a continuous increase in automotive sales on a quarter-on-quarter basis since Q2, but the total annual sales did not meet expectations [5]. Equity Transfer and Financial Data - There were no similar equity transfer events in 2025 that positively impacted the net profit attributable to shareholders, unlike in 2024 [6]. - The data provided is preliminary and subject to change, with the final audited financial data to be disclosed in the 2025 annual report [7]. - Investors are advised to be cautious regarding investment risks based on the preliminary forecast data [7].

Core Viewpoint - GAC Group (601238.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from -8 billion to -9 billion yuan for the fiscal year 2025, indicating a decline compared to the previous year [1] Financial Performance - The projected net profit excluding non-recurring gains and losses for 2025 is estimated to be between -8.9 billion to -9.9 billion yuan [1] - The automotive industry is experiencing intense competition and rapid restructuring of the industrial ecosystem, contributing to the company's financial challenges [1] Sales and Market Response - Although the company's automobile sales have shown a continuous increase on a quarter-over-quarter basis since the second quarter, the total sales for the year did not meet expectations [1] - In response to the rapidly changing market, the company has significantly increased its sales investments [1] Asset Impairment and Investment Returns - The company anticipates an increase in asset impairment provisions for intangible assets and inventory compared to the previous year due to sales performance and adjustments in the product structure of its self-owned brand new energy vehicles [1] - Some joint ventures are accelerating their transition to new energy, leading to adjustments and optimizations in production lines, which further reduces the company's investment income due to asset impairments in joint ventures [1]

Core Viewpoint - GAC Group expects a net profit attributable to shareholders of the parent company to be between -8 billion to -9 billion yuan for the fiscal year 2025, indicating a loss compared to the previous year [1] Group 1: Financial Performance - The company anticipates a significant decline in profit year-on-year due to intense competition in the automotive industry and rapid restructuring of the industrial ecosystem [1] - The expected net profit loss is attributed to increased impairment provisions for intangible assets and inventory, influenced by sales performance and adjustments in the structure of self-owned brand new energy products [1] Group 2: Market Response - In response to the rapidly changing market conditions, the company has swiftly adjusted its strategy by increasing sales investments [1] - Despite a continuous month-on-month increase in automotive sales since the second quarter, the total annual sales did not meet expectations [1] Group 3: Investment and Partnerships - The company is experiencing reduced investment income due to asset impairments in joint ventures that are accelerating their transition to new energy [1] - Adjustments and optimizations in production lines of joint ventures are contributing to the overall decline in investment returns for the company [1]

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一月二十六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關於 2026 年度第二期綠色科技創 新債券發行結果的公告》，僅供參閱。 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) 关于 2026 年度第二期绿色科技创新债券发行结果的公告 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，二零二六年一月二十六日 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： ...

2026 年 1 月 23 日，公司完成了 2026 年度第二期绿色科技创新债券的发行， 发行规模为人民币 20 亿元，募集资金已于 2026 年 1 月 23 日全部到账，具体情 况如下： | 债务融资 | 广州汽车集团股份有 | 债务融资 | 26 广汽集 MTN002 | | --- | --- | --- | --- | | 工具名称 | 限公司 2026 年度第二 | 工具简称 | （科创债） | | | 期绿色科技创新债券 | | | | 债券代码 | 102680273 | 债券期限 | 3 年 | | 发行利率 | 1.89% | 发行价格 | 100 元 | | 计划发行总额 | 20 亿元 | 实际发行总额 | 20 亿元 | | 起息日 | 2026 年 1 月 23 日 | 兑付日 | 2029 年 1 月 23 日 | | 主承销商 | 兴业银行股份有限公司 | | | | 联席主承销商 | | 中国建设银行股份有限公司、上海浦东发展银行股份有限公司 | | 簿记管理人 兴业银行股份有限公司 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-009 H 股代码：02 ...

瑞银发表研报指，重申对广汽集团"中性"评级，目标价由3.2港元上调至4.2港元。报告认为，广汽集团 近期风险与回报趋于平衡，尽管公司在组织改革与成本控制方面取得进展，但自有品牌实现盈亏平衡仍 需时间，且合资品牌在2026年出现明显销量反弹的可能性较低。考虑到新车型推出加速及成本控制成 效，瑞银将2026至2027年的销量预测上调20%至31%，并将同期盈利预测大幅上调至14.54亿至29.91亿 元。 ...