Group 1: Employee Stock Ownership Plan - The chairman of GAC Group, Feng Xingya, addressed concerns regarding the employee stock ownership plan of GAC Aion, stating that the principal and interest involved must be repaid as agreed, regardless of the company's listing progress [2] - Employees who leave the company can withdraw from the stock ownership plan, but repayment will only occur after the lock-up period ends in 2027, based on the previous year's net asset valuation, which may lead to potential losses for some employees [2] - The company is willing to assist employees facing financial difficulties, with most current employees experiencing manageable repayment pressures [2] Group 2: Listing and Development Strategy - Feng acknowledged that GAC Aion is currently facing challenges regarding its listing process, particularly due to declining sales in 2024 influenced by new policies and increased competition in the electric vehicle sector [3] - The company is exploring multiple development paths beyond just listing, including the possibility of GAC Group increasing its stake in Aion through a capital increase [3] - GAC Aion has set three main development goals: seeking listing opportunities, expanding capital through financing, and promoting shareholder dividends [4] Group 3: Brand Positioning and Market Strategy - GAC Aion aims to position itself in the mid-to-high-end market, specifically targeting a price range of 200,000 to 300,000 yuan [4] - The relationship between GAC Aion and its sub-brand Haobo has been clarified, with Haobo being a key development focus that will support Aion's performance growth [4] - Recent rumors regarding executives withdrawing from the stock ownership plan have been firmly denied by Feng, emphasizing that the current equity structure remains unchanged [4] Group 4: Communication and Future Outlook - Feng urged all employees to maintain confidence in the company, highlighting the importance of collective resilience in facing market changes [5] - The company plans to explore diversified capital paths in line with its development pace, with updates to be communicated through GAC Group [5]

Core Viewpoint - GAC Aion's mixed reform and employee stock ownership plan are not related to the "Evergrande" crisis, and the company is focused on enhancing its valuation before considering an IPO or other capital operations [1][3][4]. Group 1: Employee Stock Ownership Plan - GAC Aion implemented an employee stock ownership plan with a five-year lock-up period, aiming to retain talent and ensure that all participants, including management and regular employees, adhere to the same rules [2][4]. - There are rumors regarding early exits for executives from the stock ownership plan, which the company has denied, emphasizing that all participants are subject to the same conditions [2][3]. Group 2: Market Conditions and Future Plans - The current market environment is not favorable for GAC Aion to go public, with the company prioritizing valuation growth and exploring various capital operation methods, including potential acquisitions [2][4]. - GAC Aion plans to diversify its offerings by creating a separate category for rental vehicles while focusing on the consumer market with its Aion brand [4]. Group 3: Financial Health and Strategic Partnerships - GAC Group maintains a strong financial structure, with a projected debt-to-asset ratio of 47.6% for 2024, indicating stability and independence from external capital market pressures [4]. - The company is collaborating with Huawei to develop high-end market products, with the first model expected to launch in 2026 [5]. Group 4: Reform and Operational Strategy - GAC Group is undergoing a three-year reform plan called "Panyu Action," focusing on transforming strategic management into operational management, enhancing resource allocation towards self-owned brands [6]. - The reform includes establishing a shared center for procurement and R&D, implementing a dual-driven product development model, and promoting personnel reforms through internal and external recruitment [6]. Group 5: Supply Chain and International Expansion - GAC Group has committed to a 60-day payment term for suppliers, which aligns with national trends to support supply chain stability and product quality [7]. - The company aims to export over 100,000 units of its self-owned brands in 2024, with a target of 150,000 units for the current year, and is expanding its overseas production footprint in various countries [7].

冯兴亚表示，可以肯定地说，无论是广汽集团还是广汽埃安，都跟"车圈恒大""爆雷"毫无关系。 冯兴亚辟谣部分高管提前退出 近日，网传由于广汽埃安未能按计划上市，部分广汽埃安高管已经提前退出员工持股计划，但参与该计 划的普通员工无法退股退款。 【导读】广汽集团董事长冯兴亚回应广汽埃安员工持股计划等事项 中国基金报记者 邱德坤 6月20日，广汽集团董事长、总经理冯兴亚对网传信息逐一回应，包括广汽埃安员工持股计划"暴雷"、 部分高管提前退出，以及广汽埃安IPO计划等。 专心提升广汽埃安估值 争取在合适时机上市 冯兴亚表示："目前，我们最重要的任务是将广汽埃安的估值做大，寻找合适时机再进行资本运作，形 式包括继续推动上市、被广汽集团收购等。" 广汽埃安作为广汽集团发展智能网联新能源汽车战略的核心载体，此前多次传出上市计划和上市时间 表，但至今未有明确进展。 "当市场发生变化时，强行推动上市不合适。"冯兴亚表示，按照此前规划，广汽埃安将在2023年上市， 但彼时纯电市场的增速大幅放缓，增量市场集中在插混和增程领域。 2024年，市场传言广汽埃安正在准备港股IPO。冯兴亚表示，2024年，新能源汽车市场和资本市场均有 较大变 ...

A股代码：601238 A股简称：广汽集团 公告编号：临2025-48 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 关于调整股权激励计划行权价格的公告 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。 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 第四期股票期权激励计划行权价格的议案》，同意因公司 2024 年度利润分配按照 相关规则调整股票期权行权价格。具体如下： 一、股票期权行权价格调整 根据《第四期股票期权激励计划（草案）》的相关规定，若在股票期权行权 前有派息等事项，应对股票期权行权价格进行相应的调整。调整方法如下： 股票期权行权价格：P＝P0-V 其中：P0：为调整前行权价格；V：为每股派 息额；P：为调整后行权价格。 结合 2024 年度利润分配方案（每股派息 0.02 元），调整股票期权行权价格如 下： | | | | 调整前 | | 派息 | 调整后价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Insights - GAC Group's Chairman and General Manager, Feng Xingya, addressed various hot topics including Aion's employee stock ownership and mixed reform progress, independent brand reform ("Panyu Action"), supplier payment policies, independent brand development strategies, international expansion, and the collaboration with Huawei on the Huawang Automotive project [1] Group 1: Aion Employee Stock Ownership and Mixed Reform - Aion's employee stock ownership plan includes a 5-year lock-up period for all participants, with provisions for employees leaving during this period to buy back shares at the previous year's net asset value [3] - The current focus is on enhancing Aion's value rather than pursuing an IPO, as the market conditions are not favorable for listing at this time [3] - GAC Group's debt-to-asset ratio is projected to be 47.6% in 2024, indicating a stable financial structure that does not rely on external capital markets for Aion's development [3] Group 2: Panyu Action Reform - The "Panyu Action" reform plan initiated in November 2022 focuses on four main areas: establishing an operational headquarters, promoting integrated operations for independent brands, implementing an IPD product development system, and advancing personnel reforms [4][5] - The reform aims to enhance strategic management and resource allocation towards independent brands while maintaining their financial and personnel independence [5] - The introduction of a project-based "racehorse" mechanism will shift the focus of performance evaluation towards project outcomes [5] Group 3: Supplier Payment Policy - GAC Group is among the first to publicly commit to a 60-day supplier payment term, which has been a long-standing practice for the company [6] - This policy is part of GAC's social responsibility to promote a healthy development of the industry chain, recognizing that suppliers' well-being directly impacts product quality and service [6] Group 4: Independent Brand Development - The company emphasizes a strategic focus on resource allocation, particularly towards the new energy transition, while balancing the pace of transformation to solidify traditional advantages [8] - Aion will concentrate on the consumer market while developing a new category for the B-end (taxi) business, whereas the high-end brand Haobo will focus on the premium new energy segment [9] Group 5: International Expansion - GAC aims to increase its export volume from over 100,000 units in 2023 to 150,000 units in 2024, leveraging the shift from export to overseas production in the Chinese automotive industry [10] - The "1551" international strategy includes establishing KD production in countries like Nigeria, Thailand, Malaysia, and Indonesia, with plans for further expansion into Brazil and Egypt [10] Group 6: Huawang Automotive Project - The Huawang Automotive project, a collaboration with Huawei, has begun recruitment for various roles to support the development of a new high-end automotive brand, with the first vehicle expected to launch in 2026 [11] - This project aims to integrate both companies' strengths in smart technology, product development, and supply chain resources, targeting the high-end market segment priced around 300,000 yuan [11]

A股代码：601238 A股简称：广汽集团 公告编号：临2025-047 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 4 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。 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 事 10 人，实际参与表决董事 10 人。本次会议的召集、召开符合《中华人民共和 国公司法》 本议案在提交董事会审议前已经董事会薪酬与考核委员会审议通过。 二、审议通过了《关于广汽资本增设战略投资全资基金的议案》。同意全资 子公司广汽资本有限公司增设战略投资全资基金，基金总规模不超过 15 亿元。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 三、审议通过了《关于设立广州智能网联汽车产业联盟基金的议案》。同意 公司与广州工业投资控股集团有限公司共同投资设立广州智能网联汽车产业联 盟基金（暂定名），规模为 10 亿元，双方各出资 50%；基金采用双 GP（普通合伙 人）模式，由广州盈蓬私募基金管理有限公司（简称"广州盈蓬"，公司 ...

A股代码：601238 A股简称：广汽集团 公告编号：临2025-48 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 关于调整股权激励计划行权价格的公告 | | 激励 类型 | 代码 | 调整前 价格（元 /股） | 2024 年 派息 （元/ 股） | 调整后价 格(元/股) | 备注 | | --- | --- | --- | --- | --- | --- | --- | | | | | P0 | V | P=P0–V | 自2025 年 6月 | | | | | | | | 27日起实施调 | | 第四期股 票期权激 励计划 | 股票 期权 | 1000000335 1000000336 | 11.63 | 0.02 | 11.61 | 整后的行权价 格。 | 二、监事会、薪酬与考核委员会和律师的意见 （一）监事会意见 本次事项履行了必要的决策程序，情况属实，程序合规，不存在虚假、故意 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"本公司"或"公司"）第七届董事 ...

北京市天元律师事务所 关于广州汽车集团股份有限公司 股权激励计划价格调整的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于广州汽车集团股份有限公司 股权激励计划价格调整的 法律意见 致：广州汽车集团股份有限公司 北京市天元律师事务所（以下简称"本所"）接受广州汽车集团股份有限公司 （以下简称 "公司"）的委托，担任公司第四期股票期权激励计划的专项中国法 律顾问并出具法律意见。 本所及经办律师依据《公司法》《证券法》《律师事务所从事证券法律业务管 理办法》《管理办法》等法律、法规和中国证监会的有关规定及本法律意见出具日 以前已经发生或者存在的事实，按照律师行业公认的业务标准、道德规范和勤勉 尽责的精神，出具本法律意见。 为出具本法律意见，本所律师审阅了公司《第四期股票期权激励计划（草案）》 以及本所律师认为需要审查的其他文件，对相关的事实进行了核查和验证。 对本法律意见，本所及经办律师特作如下声明： 1、本所及经办律师依据《公司法》《证券法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则 ...

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（「本公司」）董事會（「董事會」）宣佈，自二零二五年六月二十 日起，何丹女士已獲委任取代高峰先生擔任根據香港法例第622章公司條例第16部及香港 聯合交易所有限公司證券上市規則第19A.13(2)條規定下代表本公司於香港接收送達法律 程序文件與通知之本公司代理人。 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，二零二五年六月二十日 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、王亦偉和洪素麗，以及本公司的獨立非執行董事為趙福全、肖勝方、王克勤和宋 鐵波。 2238 更換於香港接收送達法律程序文件代理人 ...

H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2025-047 广州汽车集团股份有限公司 第七届董事会第 4 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。 本议案在提交董事会审议前已经董事会薪酬与考核委员会审议通过。 二、审议通过了《关于广汽资本增设战略投资全资基金的议案》。同意全资 子公司广汽资本有限公司增设战略投资全资基金，基金总规模不超过 15 亿元。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 三、审议通过了《关于设立广州智能网联汽车产业联盟基金的议案》。同意 公司与广州工业投资控股集团有限公司共同投资设立广州智能网联汽车产业联 盟基金（暂定名），规模为 10 亿元，双方各出资 50%；基金采用双 GP（普通合伙 人）模式，由广州盈蓬私募基金管理有限公司（简称"广州盈蓬"，公司全资附 属公司）和广州工控投资咨询有限公司担任基金 GP（普通合伙人），各出资 100 万元，且由广州盈蓬担任基金管理人和执行事务合伙人。 表决结果：同意 10 ...