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]

Core Viewpoint - GAC Trumpchi has launched the new M8 Qiankun MPV, priced between 359,900 and 409,900 yuan, aiming to become a leader in the Chinese MPV market [1] Group 1: Product Positioning and Market Impact - Since the launch of the "first luxury MPV in China" in 2017, GAC Trumpchi has built a comprehensive product matrix, achieving cumulative sales of over 750,000 units and maintaining the title of the best-selling luxury MPV among independent brands for 73 consecutive months [3] - The M8 Qiankun is positioned as a representation of Chinese MPVs, emphasizing the integration of Chinese cultural elements into its design and features [5] Group 2: Design and Comfort Features - The design of the M8 Qiankun is centered around the "One Piece Qilin" concept, incorporating Eastern aesthetics with symbolic elements such as the grille inspired by the mythical Qilin [7] - Comfort features include zero-gravity seats with massage functions, 16-way electric memory seats, and various luxury amenities such as a 220V power outlet and dual wireless charging [9][11] Group 3: Technology and Safety - The M8 Qiankun is equipped with advanced technology, including Huawei's Qiankun intelligent driving system, a 192-line laser radar, and a 17.3-inch Huawei Harmony ceiling screen [13] - Safety features include a comprehensive collision avoidance system that has prevented over 2 million potential collision risks and a high-strength steel structure with an 85.6% steel ratio [13] Group 4: Performance and Efficiency - The vehicle features a 2.0T + 2-speed DHT hybrid system with a low fuel consumption of 6.15L/100km (WLTC) and a battery pack supporting a pure electric range of 248 km [13]

Core Viewpoint - The collaboration between GAC and Huawei marks a significant step in the innovation of the automotive industry, particularly in the electric vehicle (EV) sector, showcasing the potential of strong partnerships between traditional automotive manufacturers and technology giants [2][3]. Industry Overview - Guangdong's new energy vehicle (NEV) production reached 3.6178 million units in 2024, a 43% increase year-on-year, accounting for 25% of the national total [5]. - The province has established a complete NEV industry chain with over 12,000 related enterprises, covering everything from raw materials to manufacturing and after-market services [4][5]. - The automotive manufacturing sector in Guangdong achieved a revenue of 1.281273 trillion yuan in 2024, with a profit of 31.806 billion yuan, maintaining its position as the top producer in China for eight consecutive years [5]. Technological Innovation - Guangdong's R&D expenditure reached approximately 510 billion yuan in 2024, with a research intensity of about 3.6%, and the region has around 77,000 high-tech enterprises [6]. - The integration of automotive and ICT industries has strengthened Guangdong's position in the NEV market, facilitating technological advancements in key areas such as power batteries and intelligent networking [6]. Policy Support - The Guangdong government has implemented various policies to promote high-quality development in the NEV sector, including tax incentives and infrastructure support [7]. - The "Guangdong Province Development Action Plan for Strategic Pillar Industries (2023-2025)" aims for automotive manufacturing revenue to exceed 1.35 trillion yuan and NEV production to surpass 3 million units by 2025 [7]. Global Expansion - Guangdong's NEV exports reached 258,000 units in the previous year, a 37.3% increase, with a total value of 40.38 billion yuan, reflecting a strategic shift towards internationalization [8]. - Companies like GAC Aion are establishing factories in Thailand and Indonesia, while BYD is expanding its presence in Southeast Asia and Europe [9]. - The collaboration with international firms and the development of advanced technologies, such as the blade battery technology from BYD, are enhancing Guangdong's competitive edge in the global market [10].

Core Viewpoint - The integration of culture and technology is transforming the automotive industry, with the launch of the GAC Trumpchi M8 Qiankun at the 21st Cultural Expo highlighting the shift of cars from mere transportation to cultural and technological symbols [2][3]. Group 1: Event Overview - GAC Group, in collaboration with Huawei and the Central Radio and Television General Station, launched the Trumpchi M8 Qiankun at the Shenzhen International Convention and Exhibition Center during the Cultural Expo [2][3]. - This event marks the first time a new car has been unveiled at the Cultural Expo, emphasizing the importance of cultural empowerment in product innovation [2][3]. Group 2: Technological Features - The Trumpchi M8 Qiankun is equipped with Huawei's Qiankun Intelligent Driving ADS, offering enhanced vision, precision, and responsiveness [4]. - The vehicle features a HarmonyOS cockpit that supports full mobile application integration, allowing seamless interaction across multiple devices [4]. - The car's interior includes a 15.6-inch central screen and a 17.3-inch ceiling screen, enabling users to easily switch between media and control the environment through voice commands [4]. Group 3: Cultural and Technological Integration - The collaboration between GAC, Huawei, and the Central Radio and Television General Station aims to create a new audio-visual experience for family travel, utilizing the "Jingcai Sound" technology developed by the Central Station [4]. - This technology is designed to meet international standards for ultra-high-definition video and audio, enhancing the "human-car-home" experience [4]. Group 4: Future Vision - The automotive industry is evolving into a "third space," redefining smart living scenarios where vehicles serve as interconnected hubs for technology and culture [5][6]. - GAC's initiatives include the development of flying cars and intelligent robots, aiming to create a comprehensive "AI+" ecosystem that integrates various aspects of daily life [5][6]. - The concept of "car-linking everything" positions vehicles as smart mobile homes, facilitating seamless transitions between travel and home environments [6].

Core Insights - GAC Trumpchi launched its new high-end product series "Trumpchi Aspirations" at the 2025 Shanghai International Auto Show, featuring the global debut of the flagship models Trumpchi Aspirations S9 and the first flagship MPV Trumpchi Aspirations M8 Qian Kun, marking a significant milestone in China's automotive industry's transition to high-end and intelligent manufacturing [1][24]. Group 1: Company Development - GAC Trumpchi has evolved from a disruptor to a leader in the automotive industry over its 17 years of operation, achieving cumulative sales of over 4 million vehicles by 2024, showcasing the rise of Chinese self-owned brands [3]. - The company has set a target of selling 2 million vehicles annually in the future as part of GAC Group's "Three-Year Panyu Action" plan, with GAC Trumpchi as the main force in driving sales growth and enhancing brand value [7]. Group 2: Market Positioning - Trumpchi has established itself as a leader in the MPV segment, breaking the long-standing monopoly of joint venture brands in the mid-to-high-end MPV market since the launch of the Trumpchi M8 in 2017, achieving a milestone of 750,000 units sold [5]. - The brand has maintained its position as the top seller in the luxury MPV segment for 73 consecutive months, reinforcing its reputation as the "Chinese MPV Expert" [5]. Group 3: Technological Advancements - Trumpchi initiated its new energy strategy as early as 2009, establishing a comprehensive technology matrix that includes the i-GTEC 3.0 intelligent electric technology and the industry-first "dual-mode" power solution, positioning itself well for future collaborations with tech giants like Huawei and CATL [6]. - The collaboration with Huawei and CATL forms a "golden triangle" alliance, integrating hardware quality, intelligent ecosystems, and energy technology to enhance the overall product offering [11][13]. Group 4: Product Features - The Trumpchi Aspirations M8 Qian Kun features a design that merges Eastern aesthetics with modern design, offering luxurious seating with innovative massage functions and advanced safety technologies, including Huawei's ADS and CATL's battery technology [15][17]. - The Trumpchi Aspirations S9, designed for family travel, boasts a length exceeding 5 meters and a wheelbase close to 3 meters, providing a spacious interior with a European luxury style, and is equipped with advanced battery technology offering a pure electric range of 252 kilometers and a comprehensive range exceeding 1200 kilometers [19][21][23]. Group 5: Industry Impact - The launch of the Trumpchi Aspirations series symbolizes the ambition of Chinese manufacturing to be recognized globally, reflecting the broader narrative of China's automotive industry transitioning from a follower to a leader [24].