Core Viewpoint - GAC Group is focused on building an energy ecosystem that integrates lithium mining, production of basic lithium battery materials, battery manufacturing, energy storage and charging services, battery leasing, and battery recycling and repurposing [1] Group 1 - The company has launched related energy storage products under the brand "Yinpai," which feature automotive-grade safety design [1] - Energy storage projects have been implemented in various locations including Nansha, Meizhou, and Hangzhou [1] - Currently, there are no plans for Yinpai to enter the electric motorcycle battery sector [1]

Core Insights - GAC Group launched its 20,000th self-operated charging pile, marking a significant milestone in the development of its energy network and vehicle-to-grid (V2G) technology, contributing to the construction of a new power system in Guangzhou and supporting the "dual carbon" goals [1][3] Group 1: Charging Network Development - GAC Group has established a comprehensive charging network across 31 provinces and 204 cities in China, achieving a significant milestone with the launch of 20,000 charging piles [3] - The company leads in the number of 1000V high-speed charging piles among automakers, utilizing its self-developed technology that allows for a 200 km range with just 5 minutes of charging [3] - The charging network has served over 7 million new energy users, positioning itself as a benchmark in the industry for scale, efficiency, and coverage [3] Group 2: Vertical Integration Strategy - GAC Group's energy strategy encompasses the entire lifecycle of energy, creating a vertically integrated supply chain from resource extraction to charging infrastructure [3] - The company invests in securing key resources like lithium and cobalt to strengthen its energy supply foundation [3] - GAC Group has developed core technologies in battery systems and electric drive systems to enhance vehicle energy efficiency [3] Group 3: V2G Technology Advancement - The newly launched V2G microgrid is the largest in China and the first to implement a 10kV medium-voltage grid connection, indicating a shift from technology validation to large-scale application in vehicle-grid interaction [5] Group 4: Diverse New Energy Brand Matrix - GAC Group has created a diversified new energy brand matrix, including GAC Aion for mainstream markets, GAC Haobo for high-end markets, and GAC Trumpchi for family scenarios, along with a high-end brand "Qijing" in collaboration with Huawei [4]

Group 1 - GAC Group has appointed Liu Jiaming as the CEO of the "Qijing" brand, responsible for brand strategy, product planning, market expansion, and operational management [2] - Liu Jiaming has over 25 years of experience in the automotive industry, with a background in GAC Toyota and GAC Group, covering sales, product planning, investment strategy, and technology management [2] - The "Qijing" brand aims to target young consumers, focusing on smart driving and intelligent cockpit capabilities, with plans to launch its first model in 2026 [3][6] Group 2 - GAC Group's total vehicle sales from January to August 2023 were 1.0105 million units, a year-on-year decrease of 12.32% [5] - The sales of GAC's new energy vehicles in August exceeded 24,000 units, down 23.46% year-on-year, with cumulative sales of 154,119 units from January to August, a decline of 17.31% [5] - GAC Group's revenue for the first half of 2023 was 42.166 billion yuan, a year-on-year decrease of 7.95%, with a net profit attributable to shareholders of -2.538 billion yuan, down 267.39% [5]

9月27日，在2025世界新能源汽车大会上，广汽集团董事长、总经理冯兴亚披露集团国际化战略的最新进展与未来蓝图。他表示，2025年1月—8月，广 汽集团海外终端销量实现同比43%的显著增长，标志着广汽国际化发展迈入名为"One GAC 2.0"的全新阶段。 未来，集团计划在多个重点国家市场进行战略性投入。在泰国市场，将全力推进充电基础设施网络的建设，以解决电动汽车使用的关键瓶颈，助力泰国 及东南亚区域的新能源汽车普及；在巴西市场，将与巴西国家计量、质量和技术研究院建立合作关系，共同参与当地汽车相关技术标准的研讨与制定工作， 这体现了集团积极融入本地产业生态、遵循并贡献于当地市场规范发展的长期承诺。 冯兴亚还表示，广汽集团将深化与巴西、泰国等国本地高等院校的校企合作，通过联合培养模式，聚焦新能源汽车技术研发、生产制造、售后服务等关 键领域，系统性培养契合当地市场需求的专业化人才。此举旨在构建可持续发展的本地化人才梯队，确保国际化运营的深度扎根与长期竞争力。 冯兴亚介绍，经过持续的战略推进，广汽国际的业务版图目前已成功覆盖全球超过80个国家和地区。在生产布局方面，集团已在海外建立5座生产基 地，初步构建起一个辐射 ...

9月25日，2025年《财富》世界500强峰会在广州举行。广汽集团董事长、总经理冯兴亚在会上指出，汽 车产业正处于产业深度转型、技术快速迭代期、管理流程重构期、竞争格局调整期"四期叠加"的关键阶 段。未来的竞争将围绕三个核心维度展开，最终导向一场"生态对决"。一是产品价值的重构，竞争焦点 从硬件参数转向"场景化智能体验"，十年后的汽车一定是一个智能移动空间。二是竞争主体的升维，从 车企间的"单打独斗"，变为整个产业链生态的竞争，与顶尖科技、能源公司的深度绑定将成为存活的前 提。三是价值来源的转变，商业模式的核心将从一次性的硬件销售，转向"硬件+软件+服务"的全生命 周期价值挖掘。从全球格局而言，冯兴亚还指出，"十年之后，全球前十大汽车厂家当中至少有3家，甚 至有3~5家是中国企业。" ...

H股股票代碼: 2238 A股股票代碼: 601238 H Share Stock Code: 2238 A Share Stock Code: 601238 廣州汽車集團股份有限公司 中期報告 2025 Interim Report 目錄 | 3 | 第一節 | 董事長致辭 | | --- | --- | --- | | 9 | 第二節 | 公司簡介及業務概要 | | 18 | 第三節 | 經營情況的討論與分析 | | 35 | 第四節 | 重要事項 | | 58 | 第五節 | 股份變動及股東情況 | | 61 | 第六節 | 董事、監事、高級管理人員情況 | | 64 | 第七節 | 簡明合併中期財務資料 | | 110 | 第八節 | 釋義 | 廣州汽車集團股份有限公司 2025年中期報告 重要提示 2 一、 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實性、準 確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法 律責任。 二、 本公司全體董事出席董事會會議。 三、 本公司簡明合併中期財務資料未經審計。本公司審計委員會已審閱本公司截至2025 年6月30日止六 ...

H股股票代碼: 2238 A股股票代碼: 601238 H Share Stock Code: 2238 A Share Stock Code: 601238 廣州汽車集團股份有限公司 中期報告 2025 Interim Report 目錄 | 3 | 第一節 | 董事長致辭 | | --- | --- | --- | | 9 | 第二節 | 公司簡介及業務概要 | | 18 | 第三節 | 經營情況的討論與分析 | | 35 | 第四節 | 重要事項 | | 58 | 第五節 | 股份變動及股東情況 | | 61 | 第六節 | 董事、監事、高級管理人員情況 | | 64 | 第七節 | 簡明合併中期財務資料 | | 110 | 第八節 | 釋義 | 廣州汽車集團股份有限公司 2025年中期報告 重要提示 2 一、 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實性、準 確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法 律責任。 二、 本公司全體董事出席董事會會議。 三、 本公司簡明合併中期財務資料未經審計。本公司審計委員會已審閱本公司截至2025 年6月30日止六 ...

Core Insights - The automotive industry is undergoing a significant transformation, with expectations that at least 3 to 5 Chinese companies will be among the top 10 global automakers in the next decade [1] - The future development model of the industry will focus on new energy and low-carbon growth, with China leading the way in green and low-carbon trends [1] - China is also at the forefront of automotive intelligence, positioning itself as a leader in this area [1] Industry Transformation - The automotive sector is currently in a critical phase characterized by four overlapping periods: deep transformation, rapid technological iteration, restructuring of management processes, and adjustment of competitive landscapes [2] - Future competition will revolve around three core dimensions, leading to an "ecological showdown": 1. Reconstruction of product value, shifting focus from hardware specifications to "scenario-based intelligent experiences" [2] 2. Elevation of competitive entities, moving from individual car manufacturers to competition across the entire industry chain ecosystem, necessitating deep partnerships with top technology and energy companies [2] 3. Transformation of value sources, with the core business model evolving from one-time hardware sales to a comprehensive lifecycle value extraction model that includes "hardware + software + services" [2] International Expansion - The company aims to enter 100 global markets by 2027 and export 500,000 vehicles annually, transitioning from "trade export" to "brand + ecosystem export" [3] - Currently, the company has established 5 KD (knock-down) assembly plants globally, with plans to expand to 10 by next year [3]

Core Viewpoint - GAC Group is undergoing significant leadership changes amid declining performance and sales, with the resignation of Vice President Yan Zhuangli and ongoing investigations into former executives [2][4][5] Group 1: Leadership Changes - Yan Zhuangli has resigned from his position as Vice President and Executive Committee member for personal reasons, effective immediately [2] - Yan has a notable background in the automotive industry, having held key positions such as Chairman of GAC Commerce and Secretary of the Party Committee at GAC Toyota [4] - There are unconfirmed reports suggesting that Yan may have been questioned by authorities, coinciding with the recent investigation of former GAC Passenger Vehicle General Manager Zhang Yuesai [4] Group 2: Financial Performance - GAC Group reported a revenue of 42.611 billion yuan for the first half of 2025, a year-on-year decrease of 7.88% [4] - The net profit attributable to shareholders was -2.538 billion yuan, marking a staggering decline of 267.39% and the first half-year loss in 20 years [4] - Vehicle production in August was 128,238 units, down 17.93% year-on-year, with cumulative production down 9.74% for the year [4] Group 3: Sales Performance - August sales figures showed a total of 135,695 vehicles sold, a decrease of 8.43% year-on-year, with cumulative sales down 12.32% for the year [4] - Various brands under GAC, including GAC Honda, GAC Trumpchi, and GAC Aion, experienced declines in both production and sales [4] Group 4: Strategic Initiatives - In response to challenges, GAC Group is accelerating reforms, with General Manager Feng Xingya declaring a "wartime state" for the company [5] - The company has initiated a global recruitment drive for new managerial positions, including one General Manager and six Vice Presidents [5] - GAC Group announced a partnership with Huawei to create a new brand called "Qijing," seen as a strategic move to adjust its self-owned brand portfolio [5]

Core Viewpoint - GAC Group has been designated as the "official partner" for the 15th National Games and the Special Olympics, marking its role as the sole automotive partner for this national sports event [2] Group 1: Event Partnership and Responsibilities - GAC Group will provide comprehensive vehicle services for the National Games and Special Olympics, ensuring a "zero-error, zero-failure, zero-worry" service guarantee [2] - The event will be jointly hosted by Guangdong, Hong Kong, and Macau, requiring a high-intensity operational support system for vehicle services [2] Group 2: Vehicle Offerings - GAC Group will deploy a diverse product matrix including new energy vehicles, hybrid vehicles, and energy-efficient cars, catering to various transportation needs during the event [3] - The latest high-end model, the A800, will serve important guests, while other models like the E9 PHEV and Aion V Home will cater to staff, athletes, and referees [3] - GAC will also provide globally customized models for the Hong Kong and Macau regions to meet local driving requirements [3] Group 3: Innovative Services - GAC's smart mobility platforms, such as "Qi Mobility" and GAC High Domain, will enhance the event's transportation experience with advanced autonomous driving services [3] - The company plans to integrate intelligent humanoid robots and smart energy solutions to support the event, showcasing innovations at the 2025 World Robot Conference [4] - GAC's energy ecosystem, led by Upower Energy, will provide intelligent charging services for the event's new energy vehicles [4]