Core Viewpoint - GAC Group showcases its "Panyu Action" reform achievements at the 23rd Guangzhou International Auto Show, emphasizing the creation of user value through "four engines" based on new technologies, products, services, and ecosystems, aiming to establish a new GAC that is technology-leading, quality-leading, and ecology-leading [1][4][6]. Group 1: Panyu Action and User-Centric Approach - GAC Group is committed to a user-centric approach, advancing the "Panyu Action" integrated reform, focusing on three major battles: user demand, product value, and service experience [4][6]. - The introduction of the Integrated Product Development (IPD) process has improved business efficiency by approximately 50%, reduced new car development cycles from 26 months to 18-21 months, and lowered R&D costs by over 10% [4][6]. Group 2: Four Engines for Value Creation - The "four engines" of GAC Group include new technologies, products, services, and ecosystems, aimed at enhancing user value [7][9]. - In new technology, GAC has achieved breakthroughs in user experience, including the "Star Source Range Extender" and the highest efficiency electric motor in the industry, exceeding 99% [9][11]. - GAC plans to launch nine new or updated models by 2026, driven by user demand and a comprehensive R&D system [11][20]. Group 3: Service and Ecosystem Innovations - GAC is expanding its service network with plans to add 600 brand experience stores, covering over 90% of county-level markets in China [11][13]. - The company has completed 45 over-the-air (OTA) updates this year, enhancing over 300 features across nearly 150,000 vehicles [11][15]. - GAC is building a comprehensive energy ecosystem, partnering with industry leaders like CATL to develop a battery swap network and a charging network covering 31 provinces [15][16]. Group 4: Product Highlights at the Auto Show - GAC Aion's i60 and UT super models were highlighted, showcasing advanced technologies and competitive pricing, with the UT super starting at 49,900 yuan [26][30]. - The GAC Trumpchi brand introduced several models, including the Trumpchi M8 and S9, aimed at providing high-quality, long-range, and high-value experiences [20][31]. - GAC's collaboration with Huawei on the A800 model features innovative interior designs and advanced driving assistance systems, enhancing user experience [18][20]. Group 5: Future Directions - GAC Group is entering a deep transformation phase, focusing on user-centric strategies and the "four engines" to achieve its goal of reinventing itself during the 14th Five-Year Plan period [40].

来源：美通社 在新技术方面，广汽集团将在新能源动力、安全、智能底盘、智能AI等领域突破用户体验，实现用户 的美好生活。 在新产品方面，广汽集团将精准响应用户期待，构建了自主品牌大研发体系，满足用户从日常通勤到品 质出行的多样化诉求。 在新服务方面，广汽全力推动渠道变革，让服务触手可及；另一方面，持续推动OTA升级, 新增及优化 超300项功能和体验，让车辆"常用常新、持续升值"。 在新生态方面，广汽将在能源生态、充电网络、智能生态、商业模式创新上开放合作，共创用户最佳体 验。 本次车展，广汽旗下各大品牌带来了多款最新智能科技车型及移动出行解决方案。 自主品牌方面，与华为合作的旗舰轿车广汽昊铂A800正式展示。广汽传祺携传祺向往S7、传祺向往M8 乾崑、传祺向往S9乾崑三款车型多个版本，广汽埃安携埃安UT super和埃安i60亮相。 广州 2025年11月21日 /美通社/ -- 11月21日，第二十三届广州国际汽车展览会在广交会展馆正式开幕。 本届车展上，广汽集团全面展示了"番禺行动"一周年的改革成果。 广汽集团坚持以用户为中心，围绕"用户需求战、产品价值战、服务体验战"，持续强化"更懂用户、反 应更快、技 ...

Core Viewpoint - GAC Group has reported a significant decline in performance, with revenue and net profit falling sharply, indicating serious challenges in both its joint venture and independent brands [1][2][4] Financial Performance - For the first three quarters, GAC Group achieved revenue of 66.93 billion, a year-on-year decrease of 10.5%, and a net loss attributable to shareholders of -4.31 billion, marking a record loss [1][2] - The third quarter alone saw revenue of 24.32 billion, down 15% year-on-year, with a net loss of -1.77 billion [1][2] Profitability Issues - The company's gross margin fell to -2.17%, a drop of 8.3 percentage points year-on-year, with the third quarter gross margin at -2.9% [2] - GAC Group's R&D expense ratio remains low at 1.5%, significantly below comparable companies like BYD and SAIC, leading to concerns about the adequacy of financial disclosures regarding operational performance [2] Brand Performance - GAC's independent brand, GAC Trumpchi, has faced a sharp decline in sales and revenue, particularly with new models like the Trumpchi M8 and S7 underperforming expectations [1][3] - In the first half of the year, GAC Trumpchi reported revenue of 17.956 billion, a year-on-year decline of 29.47%, with total sales of 146,300 units, down 22.55% [3] Strategic Initiatives - GAC Group has initiated a three-year "Panyu Action" plan aimed at increasing the share of its independent brands to 60% of total sales by 2027, targeting a sales volume of 2 million units [3][4] - Despite the plan, the first year has seen a significant decline in sales for both Trumpchi and Aion brands, with a reported loss of 19,000 per vehicle in the third quarter [3][4]

Core Viewpoint - GAC Group is the only listed automotive company in A-shares to report a decline in revenue for the third quarter, with significant losses in net profit and a sharp drop in performance compared to market expectations [1][5]. Financial Performance - GAC Group reported a total revenue of 66.93 billion yuan for the first three quarters, a year-on-year decrease of 10.5% [5]. - The net profit attributable to shareholders was -4.31 billion yuan, with a non-recurring net profit of -4.78 billion yuan, marking a record loss [5]. - In Q3 alone, revenue was 24.32 billion yuan, down 15% year-on-year, with a net profit of -1.77 billion yuan and a non-recurring net profit of -1.83 billion yuan, indicating accelerated decline [5]. Profitability Metrics - The gross margin for GAC Group fell to -2.17% for the first three quarters, a decrease of 8.3 percentage points year-on-year, with Q3 gross margin at -2.9% [5][7]. - The company's R&D expense ratio remained low at 1.5%, significantly below comparable companies like BYD and SAIC [7]. Brand Performance - GAC's self-owned brand, GAC Trumpchi, faced a significant decline in revenue, with a 29.47% drop in the first half of the year, the largest decline among GAC's brands [12]. - New models such as the Trumpchi M8 and S7 did not meet sales expectations, contributing to the overall decline in performance [9][10]. Strategic Initiatives - GAC Group initiated a three-year "Panyu Action" plan aiming for self-owned brands to account for 60% of total sales by 2027, targeting a sales volume of 2 million units for self-owned brands [12]. - Despite efforts to reduce costs and improve efficiency, the actual results have not aligned with the optimistic projections made by the company's chairman [12].

Group 1 - GAC Group has undergone significant organizational changes and personnel adjustments in 2023, including the establishment of three major brand marketing departments for its brands, GAC Trumpchi, Aion, and Haobo, effective January 1, 2025 [1] - Despite these reforms, the sales of GAC's key brands continue to decline, with GAC Trumpchi's sales down 18.66% year-on-year to 197,014 units, Aion's sales down 17.31% to 154,119 units, and Haobo's sales at a low level of 8,992 units [2][3] - The company is actively recruiting globally for key positions, including CMO roles for Trumpchi and Haobo, amidst internal restructuring and a push for a competitive appointment system for mid-level management [1][2] Group 2 - GAC Aion has struggled with brand positioning, primarily targeting the low-end ride-hailing market, which has hindered its ability to attract C-end consumers, leading to a significant drop in sales [3] - GAC Trumpchi plans to accelerate its integration operations and product structure adjustments in 2025, focusing on mainstream new energy power forms, including range-extended, plug-in hybrid, and pure electric vehicles, while enhancing collaboration with Huawei [2] - GAC Haobo has faced challenges since its launch in September 2022, with ongoing adjustments to its brand positioning and insufficient product competitiveness, resulting in disappointing sales performance [3]

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 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份編號: 2238) 海外監管公告 本公告乃廣州汽車集團股份有限公司（「本公司」）按香港聯合交易所有限公司證券上市規 則第 13.10B 條發出。 以下文件乃本公司於二零二五年八月二十九日在中華人民共和國上海證券交易所網頁登載， 僅供參閱。 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，二零二五年八月二十九日 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、 王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、肖勝方、王克勤及宋鐵波。 1. 《廣州汽車集團股份有限公司 2025 年半年度報告摘要》 2. 《廣州汽車集團股份有限公司 2025 年半年度報告》 广州汽车集团股份有限公司 2025 年半年度报 ...

Core Viewpoint - GAC Trumpchi launched its new flagship MPV model, the Trumpchi Xiangwang M8 Qiankun series, emphasizing a blend of intelligent technology and luxury travel experiences [1][4][18] Design and Aesthetics - The exterior design of the Xiangwang M8 Qiankun is inspired by the "One Piece Qilin" concept, integrating Eastern aesthetics with modern design elements, including a grille that symbolizes auspiciousness [3] - The interior features a "Pear Tree Land" lacquer art finish, creating an Eastern ambiance reminiscent of nature [6] Comfort and Luxury Features - The vehicle is equipped with DeepSoft health zero-gravity seats, offering 24-point full-body SPA massage systems and a global first 7-zone 270-degree heating system for enhanced comfort [7][9] - Additional luxury features include a 9.0L smart refrigerator, a 17.3-inch Huawei HarmonyOS ceiling screen, and a high-quality sound system, creating a "mobile cinema" experience [10][11] Intelligent Driving and Safety - The Xiangwang M8 Qiankun incorporates Huawei's advanced driving assistance systems, including a comprehensive collision avoidance system and a robust safety structure with high-strength steel [13][15] - The vehicle's battery safety is ensured through rigorous testing and real-time monitoring, with a focus on maintaining high safety standards [15] Powertrain and Efficiency - The model features a 2.0T + 2-speed DHT hybrid powertrain, achieving a low fuel consumption of 6.15L/100km and an impressive electric range of 248km [16] - The vehicle's suspension system is designed for smooth driving experiences, utilizing AI technology to enhance ride comfort [16] Strategic Positioning - The Xiangwang M8 Qiankun is positioned as a flagship model under GAC Trumpchi's "Technology Upward" strategy, aiming to redefine high-end travel standards in the market [18]

Core Insights - GAC Trumpchi officially launched the delivery of the Xiangwang M8 Qiankun, which is the first model to utilize the world's first departure-level parking valet driving (VPD) technology at Guangzhou Baiyun Airport [1][9] - The Xiangwang M8 Qiankun features advanced driving assistance systems, including a 192-line lidar, dual 8MP front cameras, and 4D millimeter-wave radar, enabling autonomous driving from parking space to parking space [3][5] - The vehicle has achieved significant milestones, with a total of 3.173 billion kilometers driven using intelligent driving assistance and over 206 million uses of intelligent parking assistance [5] Technology and Features - The latest ADS version supports ETC passage and can assist with cross-city parking, enhancing the vehicle's usability [3][5] - The vehicle can autonomously park in tight spaces and navigate out of dead-end parking situations, making it user-friendly for larger MPVs [3] - The Xiangwang M8 Qiankun will be upgraded to the latest ADS 4, which utilizes a new cloud-based architecture for enhanced learning and safety [5] Production and Quality Management - GAC Trumpchi adheres to high standards throughout the entire production cycle, utilizing a unique "three-in-one" wind tunnel laboratory for aerodynamic and acoustic testing [7] - The M8 Qiankun has undergone extensive testing across various conditions, accumulating 1.03 million kilometers of validation mileage [7] - The company has invested over 50 billion yuan and employs nearly 5,000 R&D professionals to support its comprehensive manufacturing system [9] Market Position and User Base - GAC Trumpchi has built a robust manufacturing system covering the entire industry chain, with 77,000 MPV users, positioning the Xiangwang M8 Qiankun as a flagship model focusing on luxury, intelligence, and safety [9]

Core Viewpoint - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show showcases over 1,000 vehicle models from more than 100 brands, emphasizing the importance of technological innovation and high-quality products in the automotive industry [1][2]. Group 1: Event Overview - The auto show features 112 vehicle brands and 1,039 models, including global and national premieres, under the theme "Facing Technology, Facing the Future, Facing the Market" [1]. - Notable exhibitors include BYD, Xiaomi, NIO, Changan, Geely, and SAIC Volkswagen, with significant new model launches and technological advancements [2][3]. Group 2: Technological Innovations - The Huawei and Jiangqi collaboration launched the Zun Jie S800, priced from 708,000 yuan, with over 1,000 pre-orders within an hour, indicating strong market interest [3]. - The Zun Jie S800 will upgrade to Huawei's ADS 4 intelligent driving system in Q3 2025, showcasing the trend towards smart vehicle technology [3]. Group 3: R&D Investments - Xiaopeng Motors reported a quarterly R&D investment of nearly 2 billion yuan, aiming to become a global AI automotive company [4]. - GAC Group emphasizes user-centric innovation, with over 55 billion yuan invested in R&D to meet diverse consumer needs [4][5]. - Huawei's R&D investment reached 179.7 billion yuan in 2024, with over 10 billion yuan allocated to automotive intelligence, highlighting the competitive focus on core technology breakthroughs [5].

Group 1: Leadership Changes - Dongfeng Motor Corporation announced a leadership change with Zhang Xiaofan appointed as the new chairman of the board and Duan Renmin as the new general manager, both being veterans of the Dongfeng system [1][3] Group 2: Market Developments - GAC Trumpchi has expanded its MPV product lineup with the launch of the Trumpchi Xiangwang M8 Qiankun, featuring collaboration with Huawei for smart cockpit and driving assistance systems, entering a competitive MPV market [1][2] - The domestic MPV market saw a slight decline in retail sales, with Q1 2025 figures showing a total of 233,000 units sold, down 1.8% year-on-year, indicating a shift towards a more competitive landscape [2] - Xpeng Motors is set to launch the MONA M03 Max, which is expected to enhance its competitive position in the A-class sedan market, having already achieved over 100,000 deliveries of the original MONA M03 [2][3] Group 3: New Product Launches - Geely has launched the Galaxy Star耀8, its first mid-to-large hybrid sedan, with five variants priced between 115,800 to 155,800 yuan, achieving over 10,000 pre-orders within six days of launch [4] - Dongfeng has iterated its eπ007 model targeting the 100,000 to 150,000 yuan market segment, collaborating with Huawei to enhance smart vehicle development [5]