GAC GROUP(SH:601238) Guo Ji Jin Rong Bao·2025-12-22 12:17Core Viewpoint - GAC Group is intensifying its reform efforts one year after the launch of the "Panyu Action," focusing on integrating its autonomous brands and enhancing operational efficiency [1][5]. Group 1: Brand Integration and Structure - GAC officially initiated the integration of its autonomous brand business units (BUs) on December 18, creating a structured BU framework that includes the establishment of the Haobo and Aion brands under a unified management system [2]. - The integration aims to address three major pain points in the autonomous brand development: coping with industry competition, aligning with market segmentation, and improving market responsiveness [3]. Group 2: Channel Integration - The core strategy for integration involves channel fusion, with a phased approach to combine sales and service networks for Haobo and Aion, targeting over 30 cities by January 31, 2026, and achieving full integration by March 31, 2026, with over 1,000 sales points [3]. - Haobo targets the mid-to-high-end market, while Aion focuses on the mainstream market, ensuring complementary positioning to avoid internal competition [3]. Group 3: Operational Efficiency and Innovation - The "Panyu Action" has led to significant improvements in operational efficiency, reducing the new car development cycle from 26 months to 18-21 months and cutting R&D costs by over 10% [5]. - GAC has established a shared center and a large R&D system for its autonomous brands, optimizing the number of planned models by approximately 20% [5]. Group 4: Strategic Partnerships and New Products - GAC's joint venture with Huawei, "Hua Wang Automotive," has launched the high-end brand "Qijing," targeting the premium market with a product matrix focused on young elites [6]. - The flagship sedan Haobo A800 has received an L3-level autonomous driving road test license, and GAC has signed a ten-year strategic cooperation agreement with CATL to develop a battery swap ecosystem [7]. Group 5: Market Performance and Future Goals - GAC's transformation has shown initial results, with a 7% quarter-on-quarter revenue growth and an 11% increase in sales in Q3 2025, while the autonomous brand segment grew by 15% [7]. - The company aims to achieve a sales target of 2 million units for its autonomous brands by 2027, with a market share of over 60% during the "14th Five-Year Plan" period [7].