Group 1 - The company's Q1 revenue was 19.65 billion yuan, a year-on-year decrease of 7.9%, with a net profit attributable to shareholders of -0.732 billion yuan compared to 1.22 billion yuan in the same period last year [1] - The Q1 gross margin was 0.2%, down 6.3 percentage points year-on-year, primarily due to declining sales and intensified market competition [1] - The net cash flow from operating activities in Q1 was -11.21 billion yuan, compared to -6.139 billion yuan in the same period last year, mainly due to reduced cash inflow from decreased sales [1] Group 2 - Investment income in Q1 was 1.174 billion yuan, a year-on-year decrease of 36.3%, with investment income from joint ventures down 39.8% to 1.094 billion yuan [2] - GAC Honda and GAC Toyota's sales were 92,700 and 161,600 units respectively, with GAC Honda down 20.7% and GAC Toyota up 3.6% year-on-year [2] - GAC Honda's first pure electric SUV, the P7, received over 5,000 orders within 24 hours of its launch, while GAC Toyota's new model, the Platinum 3X, broke 10,000 orders within one hour [2] Group 3 - The company's Q1 loss from its own brands (excluding investment income) was -1.987 billion yuan, an increase in loss of 855 million yuan year-on-year [3] - GAC Trumpchi's sales were 69,200 units, down 19.0% year-on-year, while GAC Aion's sales were 47,100 units, down 3.6% [3] - The company is deepening its collaboration with Huawei and has completed initial reforms in its core operational areas for its own brands, aiming for a cost reduction of about 10% by 2025 [3] Group 4 - EPS forecasts for 2025-2027 are 0.49, 0.50, and 0.49 yuan respectively, with a target price of 8.82 yuan based on an average PE of 18 times for comparable companies in 2025 [4]

Core Viewpoint - GAC Group is leading the automotive industry's intelligent transformation with its "Star Spirit AI Ecological Panorama," aiming to redefine future mobility through advanced technology and user-centric solutions [2][5][11]. Strategic Vision - The "Star Spirit AI Ecological Panorama" is part of GAC Group's strategic initiative "Smart Travel 2027," which focuses on integrating mobility, entertainment, and social functions into intelligent vehicles [2][5]. - GAC Group emphasizes the importance of AI technology as a core driver for automotive industry transformation, aiming to create a user-centered future mobility ecosystem [11][13]. Technological Advancements - GAC Group is committed to making intelligent driving technology accessible, promoting "driving equality" by integrating advanced features into mid-range vehicles priced between 100,000 to 200,000 yuan [5][7]. - The company has developed competitive hardware solutions and efficient algorithms to enable advanced driving assistance features in more affordable models [7][9]. Safety Initiatives - GAC Group has established the "Star Spirit Safety Guardian System," which includes dual-system safety redundancy for eight key systems in its intelligent driving technology, achieving an operational failure rate of 1 in 1 billion hours for its L3 conditional autonomous driving system [9]. - The company utilizes AI technologies such as the Eagle Claw System 2.0 for active steering torque control, enhancing vehicle safety in extreme conditions [9]. Future Mobility Ecosystem - GAC Group is building a comprehensive interconnected mobility blueprint, leveraging its strengths in computing power, data, and algorithms, and collaborating with partners like Huawei [11][13]. - The company has launched four new models equipped with the latest intelligent technologies, including a globally adaptable L4 level highly autonomous vehicle in partnership with Didi [11][13].

Group 1 - Guangzhou Automobile Group Co., Ltd. (GAC Group) and Guangzhou Industrial Investment Holding Group Co., Ltd. signed a strategic cooperation agreement to enhance collaboration in the new energy vehicle industry, focusing on technology innovation, resource integration, international expansion, and industry chain cooperation [2] - The partnership aims to develop 34 in-depth cooperation projects to create a "trillion-level" intelligent connected new energy vehicle industry cluster in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The collaboration will involve integrating upstream and downstream businesses, exploring cooperation opportunities in areas such as complete vehicles, power batteries, wiring harnesses, and tire products, ultimately enhancing the overall competitiveness of the industry chain [2] Group 2 - A joint innovation platform for new energy vehicles was unveiled, focusing on cutting-edge fields such as solid-state batteries, lightweight materials, and industrial robots, establishing a comprehensive innovation system from basic research to industrial application [3] - The cooperation is positioned as a response to global automotive industry transformations and trade barriers, aiming to accelerate the development of Guangzhou's automotive industry and contribute to the construction of a modern industrial system [3] - The initiative is part of a broader strategy to enhance the competitiveness of Guangzhou's automotive sector and support the city's goal of becoming a "smart car city" with a trillion-level industry [3]

一 GAC GROUP CRAFTED BY THE DRIVEN CRAFTED BY THE DRIVEN 111 111 2024 環境、社會及管治報告 2024 環境、社會及管治報告 广场营随行 CONTENTS 董事長、總經理 開拓創新 培育新動能 | 高管致辭 | 01 | | --- | --- | | 關於本集團 | 03 | | (一)集團概況 | 03 | | (二)價值觀體系 | 04 | | (三)投資架構 | 06 | | (四)責任榮譽 | 07 | | 2024年廣汽集團大事記 | 12 | | 專題: | | | 智駆未來 - 廣汽集團智慧網聯生態推動 | | | 新質生產力變革 | 14 | | 關於本報告 | 123 | | 附錄 | 124 | | (一)廣汽集團ESG政策/制度一覽表 | 124 | | (二)廣汽集團關鍵績效表 | 127 | | (三)報告標準索引 | 138 | | 回饋意見表 | 162 | | D | 智聯精益 夯基圓本 | 18 | | --- | --- | --- | | | (一)企業管治 | 20 | | | (二)責任管理 | 35 ...

H股股票代碼: 2238 A股股票代碼: 601238 2024 年報 廣州汽車集團股份有限公司 目錄 | 5 | 第一節 | 董事長致辭 | | --- | --- | --- | | 11 | 第二節 | 公司簡介及業務概要 | | 21 | 第三節 | 管理層討論與分析 | | 55 | 第四節 | 公司治理 | | 110 | 第五節 | 董事會報告 | | 117 | 第六節 | 監事會報告 | | 122 | 第七節 | 環境與社會責任 | | 125 | 第八節 | 重要事項 | | 169 | 第九節 | 股份變動及股東情況 | | 182 | 第十節 | 債券相關情況 | | 184 | 第十一節 | 財務報告 | | | 釋義 | | 重要提示 董事會建議向全體股東派發每10股人民幣0.2元（含稅）的末期現金股利，加上本年度中期已派發的每10股人民幣0.3元 （含稅）的現金股利，全年累計派發現金股利佔全年歸屬於上市公司股東的淨利潤的比例約為62.43%。 2 一、本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實 性、準確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏， ...

Financial Performance - The company's operating revenue for the first quarter was CNY 19,649,565,831, a decrease of 7.95% compared to the same period last year[8]. - Net profit attributable to shareholders was CNY -731,607,981, representing a decline of 159.95% year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -892,825,355, a decrease of 229.89% compared to the previous year[8]. - Basic and diluted earnings per share were both CNY -0.07, a decrease of 158.33% compared to the same period last year[8]. - Total operating revenue for Q1 2025 was RMB 19.88 billion, a decrease of 7.85% from RMB 21.57 billion in Q1 2024[25]. - Net profit for Q1 2025 was a loss of RMB 1.10 billion, compared to a profit of RMB 1.09 billion in Q1 2024, representing a significant decline[26]. - Operating profit for Q1 2025 was a loss of RMB 1.28 billion, contrasting with a profit of RMB 960.66 million in Q1 2024[25]. - Other comprehensive income after tax for Q1 2025 was a loss of RMB 143.09 million, compared to a gain of RMB 77.10 million in Q1 2024[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -11,209,828,031, down 82.59% year-on-year[8]. - Cash flow from operating activities in Q1 2025 was a net outflow of RMB 11.21 billion, worsening from a net outflow of RMB 6.14 billion in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 14.95 billion, a substantial increase from RMB 5.29 billion in Q1 2024[31]. - Cash inflow from financing activities for Q1 2025 was 11,861,329,725, an increase from 10,670,470,033 in Q1 2024, representing a growth of approximately 11.1%[32]. - Cash outflow for debt repayment in Q1 2025 was 11,527,151,132, significantly higher than 6,957,207,153 in Q1 2024, indicating an increase of about 65.7%[32]. - Net cash flow from financing activities for Q1 2025 was 134,284,999, a decrease from 2,088,007,282 in Q1 2024, reflecting a decline of approximately 93.6%[32]. - The net increase in cash and cash equivalents for Q1 2025 was -13,036,192,159, worsening from -8,381,442,470 in Q1 2024[32]. - The ending balance of cash and cash equivalents for Q1 2025 was 34,248,011,042, down from 37,483,348,836 in Q1 2024, indicating a decrease of approximately 8.4%[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 213,127,589,921, down 8.32% from the end of the previous year[8]. - The company's current assets as of March 31, 2025, total 95,464,692,991 RMB, down from 112,026,049,266 RMB as of December 31, 2024, representing a decrease of about 14.77%[19]. - The company's total liabilities decreased from 110,681,758,605 RMB to 92,690,707,384 RMB, a reduction of approximately 16.3%[23]. - The company's total equity decreased from 121,776,582,061 RMB to 120,436,882,537 RMB, a decline of approximately 1.1%[23]. - The total non-current assets decreased from 120,432,291,400 RMB to 117,662,896,930 RMB, a decline of about 2.3%[21]. - Short-term borrowings decreased from 16,577,457,427 RMB to 15,209,312,070 RMB, a reduction of about 8.3%[22]. Shareholder Information - The company reported a total of 134,377 common shareholders at the end of the reporting period[14]. - The largest shareholder, Guangzhou Automobile Industry Group Co., Ltd., held 54.02% of the shares[14]. - Guangzhou Automobile Industry Group Co., Ltd. holds 5,508,160,069 shares, accounting for approximately 54.02% of the total share capital[17]. Operational Insights - The decline in net profit was primarily due to a decrease in automobile sales and increased promotional expenses amid intensified market competition[13]. - The company's cash and cash equivalents decreased from 51,623,670,169 RMB to 38,356,495,606 RMB, a decline of about 25.7%[19]. - Inventory increased from 15,688,476,438 RMB to 18,916,475,348 RMB, an increase of approximately 20.0%[19]. - Long-term investments rose from 30,099,842,301 RMB to 34,774,354,540 RMB, an increase of about 15.5%[21]. - The company experienced a significant increase in interest income, reaching RMB 229.49 million in Q1 2025, compared to RMB 219.99 million in Q1 2024[25]. - Research and development expenses for Q1 2025 were RMB 377.06 million, slightly up from RMB 375.36 million in Q1 2024[25]. - Total operating costs for Q1 2025 were RMB 22.57 billion, a decrease of 2.12% from RMB 23.06 billion in Q1 2024[25]. - The impact of exchange rate changes on cash and cash equivalents in Q1 2025 was 62,823,668, compared to 55,889,655 in Q1 2024, showing an increase of about 12.4%[32]. - The company reported a significant increase in accounts receivable from 3,352,938,658 RMB to 4,067,693,726 RMB, an increase of approximately 21.3%[19].

Group 1 - GAC Group reported a revenue of 19.65 billion yuan and total vehicle sales of 371,100 units in Q1 2025, with a month-on-month growth rate of 76.2% in March [1] - The company has implemented a valuation enhancement plan, completing the repurchase of 299 million shares by the end of Q1 [1] - GAC's integrated reform has significantly improved operational efficiency, with new models launched including AION UT, GAC Trumpchi Xiangwang S7, and others, achieving substantial order volumes [1] Group 2 - AI technology and applications are becoming key factors influencing the future competitive landscape of the global automotive industry [2] - GAC showcased its AI+ layout for the first time in Q1, focusing on core elements of "computing power, data, and algorithms" [2] - The company announced the expansion of collaborations with leading tech firms like Huawei and Tencent to build an AI smart ecosystem called Golink [2]

Sales Performance - The company achieved total vehicle sales exceeding 2 million units in 2024, with a year-on-year growth starting from August 2024[12]. - GAC's sales revenue for 2024 reached approximately RMB 401.65 billion, marking its 12th consecutive year in the Fortune Global 500, ranking 181st[13]. - The overseas vehicle sales reached 127,000 units, a 67.6% increase year-on-year, with self-owned brand sales surpassing 100,000 units, up 92.3%[13]. - The company achieved total automobile production and sales of 1.92 million and 2.00 million units in 2024, with NEV production and sales of 436,200 and 454,700 units, respectively[63]. - The company's self-owned brand sales reached 762,300 units, accounting for approximately 39.41% of total sales, with NEV sales of 430,800 units, representing 55% of self-owned brand sales[64]. - GAC Trumpchi's sales reached 405,500 units, with MPV sales growing by approximately 12% year-on-year, while PHEV sales surged nearly 84%[65]. - GAC Aion's production and sales were 356,700 and 374,900 units, respectively, with the launch of new strategic models enhancing market presence[66]. - GAC Toyota achieved annual production and sales of 736,000 and 738,000 vehicles respectively, with energy-saving and new energy vehicle sales reaching 369,400 units, a year-on-year increase of 18%[76]. - GAC Honda launched the new pure electric model e:NP2 and plans to complete its new energy factory by the end of 2024, accelerating its electrification process[76]. Research and Development - The company invested over RMB 7.15 billion in R&D, with more than 3,200 new patent applications filed during the year, totaling over 21,000 patents by the end of 2024[14]. - The group has developed proprietary battery technologies, including sponge silicon anode technology and modular hybrid powertrain systems, enhancing its competitive edge in the new energy sector[51]. - The company plans to enhance its electric and intelligent vehicle capabilities, aiming to be among the top global players in smart driving technology within three years[21]. - The company is committed to building a complete energy ecosystem from mining to charging, reinforcing its core advantages in the electric vehicle sector[21]. - The company aims to enhance its product offerings through partnerships, including the introduction of high-end intelligent driving models in collaboration with Huawei by 2025[65]. Financial Performance - The company achieved total sales revenue of approximately RMB 1,077.84 billion, a decrease of about 16.90% compared to the same period last year[91]. - The net profit attributable to shareholders was approximately RMB 8.24 billion, down about 81.40% year-on-year[91]. - The company’s gross profit margin decreased by 1.1 percentage points, with total gross profit of RMB 2.438 billion, down about 44.13% year-on-year[95]. - The company’s financial services unit reported a 37.5% increase in new energy vehicle insurance premium income, reaching RMB 1.78 billion in 2024[88]. - The company’s investment activities generated a net cash outflow of RMB 162.03 billion, a significant increase of 203.83% compared to the previous year[94]. Market Trends - The production and sales of new energy vehicles (NEVs) in 2024 exceeded 12.88 million and 12.87 million units, respectively, marking a year-on-year increase of 34.4% and 35.5%[60]. - The market share of Chinese brand passenger cars rose to 65.2% in 2024, with sales reaching 17.97 million units, a growth of 23.1% year-on-year[57]. - The sales of traditional fuel passenger cars in China decreased by 17.4% year-on-year, while sales of new energy passenger cars increased by 40.2%, accounting for 48.9% of total domestic passenger car sales[57]. - The domestic market share of independent brands is expected to exceed 65% in 2024, marking a historical high, while joint venture brands face further market space compression[137]. - The company anticipates a 4.7% year-over-year growth in total vehicle sales in China for 2025, with electric vehicle sales projected to grow by 24.4%[138]. Corporate Governance - The company held a total of 22 board meetings and 12 special committee meetings during the year, ensuring compliance with governance standards[152]. - The company has revised several important management systems to improve governance structure and enhance governance levels[152]. - The board has established a diversity policy that considers various factors such as gender, age, educational background, and professional experience when appointing board members[174]. - The independent directors have confirmed their independence and have adhered to the standards set forth in the "Standard Code" for the fiscal year 2024[168]. - The company’s board includes members with significant backgrounds in finance and management, enhancing its governance structure[199]. Strategic Initiatives - The company plans to increase its annual vehicle sales target by 15% compared to the previous year, focusing on transformation and restructuring[17]. - The company aims to launch 22 new vehicle models within the next three years, targeting a 60% share of total sales from its own brand by 2027, with a goal of selling 2 million units domestically and exporting 500,000 units[18]. - GAC Group is focusing on integrating its operations for its own brand, with comprehensive restructuring in product innovation, manufacturing, and marketing[21]. - The company is committed to optimizing its supply chain resources to enhance product and cost competitiveness[19]. - The company is implementing the "GLASS Green Plan" to achieve carbon neutrality across the product lifecycle by 2050, with a challenge to reach it by 2045[140]. International Expansion - The company has established six after-sales parts warehouses globally, marking a significant step in its international logistics and supply chain[13]. - GAC Group is enhancing its international business capabilities and local operations to drive growth in overseas markets[21]. - The group has expanded its international operations through GAC International, focusing on overseas market strategies and product planning[44]. - The company is accelerating its international market expansion and aims to enhance the adaptability and advanced features of its overseas vehicle models[150]. - GAC Group's international sales reached approximately 127,000 vehicles in 2024, a year-on-year increase of 67.6%, with self-owned brand sales growing by 92.3% to about 106,000 vehicles[82].

关于续聘会计师事务所的公告 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。 | A股代码：601238 | A股简称：广汽集团 | 公告编号：临2025-038 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 重要内容提示： 广州汽车集团股份有限公司 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 广州汽车集团股份有限公司（下称：公司或本公司）于 2025 年 4 月 25 日召 开第七届董事会第 3 次会议，审议通过了《关于聘任 2025 年度审计机构的议案》 及《关于聘任 2025 年度内部控制审计机构的议案》，拟续聘信永中和会计师事务 所（特殊普通合伙）（下称：信永中和）为公司 2025 年度中国会计准则财务报告 及内部控制审计机构，有关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝 ...

广州汽车集团股份有限公司 第六届监事会第 27 次会议决议公告 本公司监事会及全体监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。 A股代码：601238 A股简称：广汽集团 公告编号：临2025-037 H股代码：02238 H 股简称：广汽集团 三、审议通过了《关于聘任 2025 年度内部控制审计机构的议案》。 表决结果：同意 5 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（下称"公司"）第六届监事会第 27 次会议于 2025 年 4 月 25 日（星期五）以通讯方式召开，本次会议应参与表决监事 5 名， 实际参与表决监事 5 名。会议召集召开符合《中华人民共和国公司法》和《广州 汽车集团股份有限公司章程》的规定。 本次会议经过投票表决，审议通过了以下议案： 一、审议通过了《关于 2025 年第一季度报告的议案》。 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定；公司 2025 年第一季度报告的内容和 格式符合各项规定，所包含的信息能够从各个方面真 ...