GAC GROUP(SH:601238) 新华网财经·2025-06-21 02:34Core Viewpoint - GAC Group's Chairman and General Manager, Feng Xingya, addressed recent controversies regarding GAC Aion's employee stock ownership, supplier payment policies, and the development path of independent brands, emphasizing the company's financial stability and strategic direction [1][4]. Employee Stock Ownership - Feng clarified that there is no possibility for GAC Aion executives to withdraw their shares early, as all employees are subject to a five-year lock-up period established during the 2022 mixed reform and employee stock ownership plan [4] - The company is currently not considering an IPO due to unfavorable market conditions, focusing instead on increasing Aion's valuation and exploring diverse exit channels for employees, such as dividends and stock trading [4] Financial Stability - GAC Group's debt-to-asset ratio is projected to be 47.6% in 2024, positioning it as one of the financially healthiest companies in the Chinese automotive industry, distancing itself from rumors of financial distress [4] Supplier Payment Policy - The 60-day payment term for suppliers is a longstanding practice for GAC, not a new commitment, reflecting the company's consistent approach to supply chain cooperation [5] - Feng emphasized the symbiotic relationship between manufacturers and suppliers, stating that the health of suppliers directly impacts product quality [6] Independent Brand Development - GAC's strategy involves a "racehorse mechanism" and strategic tilt towards the new energy sector, with resources allocated to support brands like Aion and Haobo [8] - Aion will focus on the consumer market while developing new brands for the taxi sector, whereas Haobo is positioned as a high-end new energy brand [8] - GAC's advantages include a robust manufacturing system, stability as a state-owned enterprise, market awareness influenced by Lingnan culture, and a comprehensive layout in the new energy supply chain [8] International Expansion - GAC aims to export over 100,000 vehicles in 2024, with a target of 150,000 by 2025, capitalizing on the shift from vehicle exports to overseas production [10] - The company is implementing a cautious expansion strategy with KD production in countries like Nigeria, Thailand, Malaysia, and Indonesia, while accelerating new layouts in Brazil and Egypt [10] Strategic Collaboration with Huawei - GAC's partnership with Huawei is exemplified by the establishment of Huawang Automotive, which is focused on developing a high-end brand targeting the 300,000 yuan market segment, with the first model expected to launch in 2026 [12]