GAC GROUP(SH:601238) 第一财经·2025-06-20 16:15Core Viewpoint - The article discusses the recent controversies surrounding GAC Aion's employee stock ownership plan and the company's reform initiatives, emphasizing the importance of employee retention and strategic planning for future growth in the electric vehicle market [1][2]. Employee Stock Ownership Plan - GAC Aion implemented an employee stock ownership plan in 2022, allowing 679 employees and 115 technology personnel to invest nearly 1.8 billion yuan, representing a 4.55% stake with a five-year lock-up period until 2027 [1]. - Employees must return their shares if they leave the company during the lock-up period, with the return amount calculated based on the previous year's net asset value of Aion [1][2]. - After the lock-up period, employees will have multiple exit options and can receive dividends as shareholders [2]. IPO Plans - GAC Aion had previously announced intentions to list on the Science and Technology Innovation Board but has not provided updates on this plan [2]. - The company is currently focusing on increasing its valuation and will consider capital operations, including a potential IPO or share acquisition by GAC Group, at a more favorable time [2]. Company Reform Initiatives - GAC Group experienced a decline in sales and performance in 2024, prompting a deep internal reflection and the initiation of a three-year "Panyu Action" reform plan starting in November 2024 [2][3]. - The reform includes creating an operational headquarters, integrating operations for self-owned brands, implementing an Integrated Product Development (IPD) process, and advancing personnel reforms [4]. Product Development and Market Strategy - GAC aims to enhance product competitiveness through a "racehorse mechanism," focusing resources strategically rather than evenly across all projects [4]. - The company plans to launch three new models and four updated models for GAC Trumpchi this year, while GAC Aion intends to introduce seven new vehicles in 2025, including extended-range and mid-size MPV models [4]. - Over the next three years, GAC's three self-owned brands aim to release 16 new and updated models, covering various energy types and price ranges from 60,000 to 300,000 yuan [4][5]. Sales Goals - The sales target for GAC's self-owned brands is to achieve over 60% of the group's total sales by 2027, aiming for a challenge of 2 million units in sales [5].