广汽集团10月10日晚间公告，2025年9月汽车销量为173,176辆，同比下降5.17%，本年累计销量为 1,183,653辆，同比下降11.34%。 ...

格隆汇10月10日｜广汽集团公告，2025年9月汽车产量17.92万辆，同比增长11.17%，本年累计产量 123.76万辆，同比下降7.21%；9月汽车销量17.32万辆，同比下降5.17%，本年累计销量118.37万辆，同 比下降11.34%。其中新能源汽车9月产量41820辆，同比增长28.33%，销量42565辆，同比下降9.24%。 ...

Core Insights - GAC Group announced that its automobile production in September 2025 reached 179,200 units, representing a year-on-year increase of 11.17% [1] - Cumulative production for the year stands at 1,237,600 units, showing a year-on-year decline of 7.21% [1] - September automobile sales totaled 173,200 units, reflecting a year-on-year decrease of 5.17% [1] - Year-to-date sales amount to 1,183,700 units, which is a year-on-year decline of 11.34% [1] - In the new energy vehicle segment, September production was 41,820 units, marking a year-on-year increase of 28.33% [1] - However, sales of new energy vehicles in September were 42,565 units, showing a year-on-year decline of 9.24% [1]

转自：智通财经 【广汽集团：9月汽车销量同比下降5.17%】智通财经10月10日电，广汽集团(601238.SH)公告称，2025 年9月汽车产量为17.9万辆，同比增长11.17%，销量为17.3万辆，同比下降5.17%。 ...

Core Viewpoint - GAC Group's stock rose over 3% following the announcement of a significant investment in Dongfeng Honda's engine subsidiary, indicating positive market sentiment towards the strategic move [1] Group 1: Investment Details - GAC Honda will acquire a 50% stake in Dongfeng Honda Engine Co., Ltd. from Dongfeng Motor Group through a public transfer at a base price of 1.172 billion yuan [1] - The funding for this acquisition will come from cash capital increase [1] - After the acquisition, GAC Group will inject cash into GAC Honda, while Honda will also increase its investment by contributing its remaining 50% stake in Dongfeng Honda Engine [1] Group 2: Ownership Structure - Post-transaction, the ownership structure of GAC Honda will remain stable at a 50:50 ratio between GAC Group and Honda [1] - Dongfeng Honda Engine will become a wholly-owned subsidiary of GAC Honda, facilitating deeper business integration [1]

Core Viewpoint - GAC Group's stock rose over 3% following the announcement of a significant investment in Dongfeng Honda Engine Co., Ltd, indicating positive market sentiment towards the company's strategic moves [1] Group 1: Stock Performance - GAC Group's shares increased by 3.34%, reaching HKD 3.4, with a trading volume of HKD 41.5263 million [1] Group 2: Strategic Announcement - GAC Group approved a proposal for GAC Honda to acquire a 50% stake in Dongfeng Honda Engine Co., Ltd from Dongfeng Motor Group through a public transfer at a base price of RMB 1.172 billion [1] - The funding for this acquisition will come from cash capital increase [1] Group 3: Ownership Structure - Post-transaction, the ownership structure will remain stable, with GAC Group and Honda maintaining a 50:50 shareholding ratio in GAC Honda [1] - After acquiring the 50% stake, GAC Group will inject cash into GAC Honda, while Honda will also increase its investment using its remaining 50% stake in Dongfeng Honda Engine, leading to GAC Honda becoming a wholly-owned subsidiary of Dongfeng Honda Engine [1]

Core Insights - The automotive industry is undergoing a deep transformation characterized by rapid technological iteration, restructuring of management processes, and adjustments in competitive dynamics, referred to as a "four-phase overlap" [2] - The chairman of GAC Group predicts that within ten years, at least 3 to 5 of the top 10 global automotive manufacturers will be Chinese companies, reflecting confidence in the future of the industry [2] - The competition in China's new energy vehicle (NEV) market is intensifying, with over 100 new models expected to launch in 2024, averaging one new model every four days [2] - Despite fierce competition, market concentration is increasing, with the top ten NEV manufacturers in China projected to sell a combined 9.641 million units from January to November 2024, a year-on-year increase of 35.5%, capturing a significant market share [2] Industry Trends - Future competition in the automotive industry will focus on three core dimensions, leading to an "ecological showdown," with a shift from hardware specifications to "scenario-based intelligent experiences" [4] - The NEV sector is recognized as a strategic emerging industry in China, integral to national manufacturing strength, carbon neutrality strategies, and new productivity initiatives, with a government emphasis on developing smart connected NEVs [4] - China has maintained its position as the world's largest producer and seller of NEVs for ten consecutive years, with a projected global market share of 63% by 2025, indicating that one in every two electric vehicles will be produced in China [4] Market Predictions - Leaders from various automotive companies predict significant changes in energy structure and market penetration rates for NEVs in China by 2030, with expectations of a 70% penetration rate for NEVs [7] - The market for traditional fuel vehicles is expected to shrink significantly, yet they will still retain a portion of the user base, indicating a continued presence in the market alongside hybrid and pure electric vehicles [7]

Core Insights - The automotive industry is undergoing a significant transformation characterized by deep industry shifts, rapid technological iterations, restructured management processes, and changing competitive landscapes [2] - The chairman of GAC Group predicts that within ten years, at least 3 to 5 of the top 10 global automotive manufacturers will be Chinese companies, driven by advancements in new energy and low-carbon development [2] - The competition in China's new energy vehicle (NEV) market is intense, with over 100 new models expected to launch in 2024, leading to significant price reductions across the sector [2] Industry Trends - The market concentration in the NEV sector is increasing, with the top ten companies accounting for 85.6% of total NEV sales in China, totaling 9.641 million units sold from January to November 2024, a 35.5% year-on-year increase [3] - Future competition in the automotive industry will focus on three core dimensions: product value reconstruction, ecosystem competition among industry players, and a shift in value sources from hardware sales to a comprehensive lifecycle value model that includes hardware, software, and services [6] - The Chinese NEV industry has maintained its position as the global leader in production and sales for ten consecutive years, with a projected global market share of 63% by 2025 [6] Market Predictions - Predictions for the future energy structure of vehicles in China suggest a sales ratio of BEV, XEV, and ICE vehicles to be approximately 4:4:2 by 2030, with global NEV penetration expected to rise from 25% in 2025 to 40% [9] - By 2030, the NEV penetration rate in China is anticipated to reach 70%, while the fuel vehicle market will still retain a portion of users, leading to a market development pattern of 4:3:3 among hybrid, pure electric, and fuel vehicles [9]

Core Viewpoint - GAC Group has approved the acquisition of a 50% stake in Dongfeng Honda Engine Co., Ltd. from Dongfeng Motor Group, which will enhance GAC Honda's operational efficiency and support its transition towards electrification and smart technologies [2][3][4]. Group 1: Acquisition Details - GAC Group will acquire the 50% stake in Dongfeng Honda Engine for a base price of approximately 1.172 billion RMB, funded through cash capital increase [2]. - After the acquisition, GAC Honda will become a wholly-owned subsidiary of GAC Group, maintaining a 50:50 ownership structure with Honda Motor [2][3]. - The acquisition is expected to stabilize and enhance the supply chain for GAC Honda, improving management efficiency and reducing costs [2][3]. Group 2: Strategic Importance - The acquisition will enrich GAC Honda's engine product matrix, which is crucial for hybrid and plug-in hybrid vehicles, thereby strengthening its competitive position in the market [3][4]. - This move aligns with GAC Honda's strategic transformation plan, "Yunxin Zhiyuan," aimed at advancing towards an intelligent and electrified future [4]. Group 3: Financial Performance - Dongfeng Honda Engine reported a revenue of 9.566 billion RMB and a net loss of 228 million RMB for the year 2024, while achieving a revenue of 3.807 billion RMB and a net profit of 371 million RMB in the first half of 2025 [3]. - As of June 30, 2025, the total assets of Dongfeng Honda Engine were valued at 5.230 billion RMB, with a net asset value of 2.512 billion RMB [3]. Group 4: Market Context - GAC Honda's sales in China from January to August this year totaled 191,100 units, reflecting a year-on-year decline of 30.27% [6].

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 ) 中國廣州，二零二五年九月三十日 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。 1. 《廣州汽車集團股份有限公司第七屆董事會第 11 次會議決議公告》 2. 《廣州汽車集團股份有限公司信息披露管理制度（2025 年 9 月修訂）》 3. 《廣州汽車集團股份有限公司公司債券及銀行間非金融企業債務融資工具募集 資金管理制度（2025 年 9 月制定）》 A 股代码：601238 A 股简称：广汽集团 公告编号：2025-067 H 股代码：02238 H 股简称：广汽集团 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 ...