以下文章来源于深水财经社 ，作者纳兰 深水财经社 . 挖掘资本市场价值，揭开资本市场内幕。 导语：如果再找不到出路，广汽的"战时状态"就很可能变成"弥留状态"。 广汽集团的"战时状态"并不只是喊喊口号就能奏效的，在如今的车市，充分体现了马太效应，强 者恒强，一旦错过最好时机，就很难有翻身机会。 曾经争霸南方汽车市场的广汽集团，现在真是"王小二过年——一年不如一年了"。 近日，广汽集团披露2025年三季报，净亏损17.74亿元，同比多亏3.77亿元，创下上市以来亏损 最高的三季报。 这个数据也并不意外，只是延续了上半年的颓势，且看不到任何好转，而早在今年8月份，董事 长和总经理一肩挑的冯兴亚就宣布广汽进入"战时状态"。 言下之意，如果再找不到出路，"战时状态"就很可能变成"弥留状态"。 广汽集团旗下两大主打品牌丰田和本田曾在国内长盛不衰，但是从今年开始，日系车的舒适区已 然消失。 2025年1—9月，广汽所有车型累计销量仅118.37万辆，同比下滑11.34%。 这一数字与2023 年近250.5万辆的销量巅峰相比几乎是断崖式下滑。 除广汽丰田外，旗下合资公司广汽本田，及自主品牌广汽传祺、广汽埃安均出现不同程度 ...

Core Insights - GAC Group reported a significant decline in performance for Q3 2025, with a revenue drop of 10.49% year-on-year, resulting in a net loss of 4.312 billion yuan, marking the worst performance in the company's history [1] - The company's sales volume for the first nine months of the year decreased by 11.34%, totaling 1.1837 million vehicles sold, with most brands experiencing declines [1][2] - The challenges faced by GAC stem from both internal and external factors, including intense competition in the Chinese automotive market and a shift in consumer demand [3] Financial Performance - GAC Group's revenue for the first three quarters was 66.929 billion yuan, with a net loss of 4.312 billion yuan, a staggering increase of 3691.33% in losses compared to the previous year [1] - The third quarter alone saw a revenue decrease of nearly 4 billion yuan compared to the same period last year, with a net loss of 1.774 billion yuan, worsening by 377 million yuan year-on-year [1] - GAC Honda and GAC Toyota, once profit pillars, are now struggling, with GAC Honda's sales down 27.58% year-on-year [4] Market Position and Competition - GAC's reliance on joint venture brands is diminishing, as both joint and self-owned brands are under pressure, with the once-promising Aion brand facing a 21.9% decline in sales for 2024 [2] - GAC's single-vehicle loss is estimated at approximately 19,000 yuan, highlighting significant challenges in cost control and operational efficiency compared to competitors like BYD and Great Wall Motors [5] Strategic Initiatives - GAC Group has initiated a self-reform campaign dubbed "Panyu Action," which includes relocating its headquarters to Panyu, symbolizing a shift towards a more operational management-focused approach [6] - The company is also expanding partnerships, notably with Huawei to create a high-end smart electric vehicle brand, and has collaborated with JD and CATL to launch a new model featuring innovative battery technology [7] - GAC's chairman emphasizes the need for adaptability in the face of market challenges, indicating a proactive approach to navigating the current industry landscape [7]

Core Viewpoint - GAC Group reported a significant decline in net profit and sales due to intense competition in the domestic automotive industry and rapid changes in demand structure, leading to a "wartime state" for the company [1][2]. Financial Performance - In Q3 2025, GAC Group's total revenue was 24.318 billion yuan, a quarter-on-quarter increase of 6.98% but a year-on-year decrease of 14.62% - The net loss attributable to shareholders was 1.774 billion yuan, a reduction from the previous quarter but an increase of 377 million yuan compared to the same period last year - For the first three quarters, total revenue reached 66.272 billion yuan, down 10.49% year-on-year, with a net profit of 4.312 billion yuan, a staggering decline of 3691.33% [1]. Market Challenges - GAC Group's cumulative sales from January to September 2025 were 1.1837 million units, a year-on-year decline of 11.34% - All major brands under GAC, including GAC Honda and GAC Aion, experienced varying degrees of sales decline, highlighting issues in the company's transition to new energy vehicles and market competition [1]. Strategic Reforms - GAC has initiated several reforms, including the establishment of an operational headquarters, integrated operations for its own brands, the introduction of an integrated product development process (IPD), and personnel reforms - The product development cycle has been reduced from 30 months to 18-24 months, with a 10% decrease in development costs [2]. External Collaborations - GAC is seeking external partnerships, notably with Huawei to create a new brand "Qijing," which will feature Huawei's intelligent solutions and is set to launch its first model in mid-2026 - Additionally, GAC plans to collaborate with JD.com and CATL to launch the "National Good Car" Aion UTsuper during this year's Double Eleven shopping festival, featuring advanced battery technology [2]. Competitive Strategy - GAC is focusing on three key battles: user demand, product value, and service experience, adopting a "wartime rhythm" to ensure timely reforms and innovations - The company emphasizes the necessity of high-density operations to maintain continuous reform and innovation [3].

新浪科技讯 10月24日晚间消息，广汽集团发布2025年第三季度报告。报告期内，公司合并营业总收入 243.18亿元，环比上涨6.98%，全集团汽车销量达42.84万辆，环比上升11.49%。这也是"番禺行动"一体 化改革在今年持续推进以来，广汽销量和收入指标连续两个季度实现环比上升。 报告期内，广汽华为合作项目取得重要进展。9月，双方联合打造的高端智能电动汽车品牌"启境"官 宣，随即任命拥有25年汽车从业经验的刘嘉铭担任CEO加速推进项目落地。而早在8月，"启境"已面向 全国展开经销商招募，计划以"1+N"（用户中心+体验中心）模式布局渠道。据悉，目前"启境"首款车 型已完成设计定型，将于2026年年中推出。 责任编辑：刘万里 SF014 合资品牌第三季度销量也环比上涨9.30%达至26.78万辆。其中广汽本田加速智电转型，第三季度销量 69，258辆，环比上涨11.85%。广汽丰田第三季度销量为198，511辆，环比增长8.43%，同比增长 9.15%。 广汽集团正加速推进国际化战略，将海外市场视为破局关键。今年1-9月，广汽海外终端销量同比增长 36.5%，业务已覆盖85个国家与地区，拥有570多个销售 ...

责任编辑：李思阳 10月21日消息，广汽集团董事长冯兴亚发微博揭秘全新汽车品牌 "启境" 的诞生故事及产品规划。 冯兴亚透露，前段时间拜访任正非先生时，对方提议取一个更年轻、更科技的名字，"启" 代表开启、 启新，"境" 代表境界、新境，"启境" 品牌由此诞生。目前，华为已有数百人长期在 "启境" 项目驻场， 不分彼此、联合作战，共同打造这个全新品牌。 在产品方面，华为从产品定义到用户体验全程深度赋能，"启境" 品牌首款产品将于 2026 年中上市，全 栈搭载华为乾慧智能解决方案。冯兴亚表示，团队不仅要造好车，更期待与用户一起，携手开启智能出 行的新境界。 ...

Core Insights - The global automotive industry is undergoing a profound transformation, with China positioned at the center of this change, characterized by rapid technological iteration and shifts in management models and competitive landscapes [1] Group 1: Industry Transformation - The automotive industry is experiencing a deep transformation, with a focus on speed as the key factor driving change [1] - Market competition and evolving user demands are fundamental drivers of transformation for companies like GAC Group [1] Group 2: GAC Group's Strategic Initiatives - GAC Group plans to launch the "Panyu Action" by the end of 2024, aiming for a sales target of 2 million units for its self-owned brands by 2027 [1] - The shift from traditional fuel vehicles to new energy vehicles requires meeting user expectations for performance, such as achieving 0-100 km/h acceleration in 6 seconds [1] - GAC Group is transitioning from a traditional manufacturing enterprise to a "new GAC" driven by both user-centric and technology-focused approaches [1] Group 3: Collaborative Efforts - GAC Group emphasizes the importance of open collaboration in the smart connected vehicle era, partnering with JD.com and CATL to develop a new vehicle tailored to user scenarios [2] - The new vehicle will integrate GAC's manufacturing capabilities, CATL's battery technology, and user insights from JD.com, focusing on safety, battery, and service innovations [2] - GAC Group is prioritizing the development of the high-end smart electric vehicle brand "Qijing" in collaboration with Huawei, with the first model set to launch next year [2]

Group 1 - The automotive industry in China is expanding beyond traditional ground vehicles, with companies like Geely and Changan focusing on low-altitude and low-orbit technologies [1][4] - Geely has deployed 64 satellites in low orbit and is exploring satellite communication technology for its brands and Robotaxi services [4][6] - Changan plans to mass-produce humanoid robots by 2028 and aims to launch flying cars by 2030, with a projected market size for embodied intelligence exceeding $23 billion by 2030 [8][10] Group 2 - The penetration rate of L2 advanced driver-assistance systems (ADAS) in passenger vehicles reached 63% from January to July [8] - The chairman of Seres, Zhang Xinghai, reported that the AITO M9 has delivered over 230,000 units and has accumulated over 3.8 billion kilometers of assisted driving mileage [12][14] - BAIC's chairman, Zhang Jianyong, announced the launch of an ADAS based on Qualcomm's 8775 chip, targeting the 100,000 to 150,000 yuan market [15] Group 3 - Lei Jun emphasized the importance of safety in the industry and called for a collective effort to resist online manipulation and "black PR" [23][27] - The smart driving team at Lei Jun's company has grown to 1,800 members, with an initial investment of 5.79 billion yuan [25]

Core Viewpoint - GAC Group is experiencing significant sales growth and is actively expanding its global presence, particularly in the electric vehicle market and international markets, while enhancing its technological capabilities through partnerships. Group 1: Sales Performance - In September, GAC Group sold 173,000 vehicles, a month-on-month increase of 27.6%, with all brands showing positive growth [1] - From January to September, GAC Group exported 92,000 vehicles, with over 85,000 being self-owned brands, marking a year-on-year growth of 16.5% [2] - GAC Trumpchi sold 36,078 vehicles in September, a year-on-year increase of 3.8% and a month-on-month increase of 35.4% [1] - GAC Aion's September sales reached 29,113 vehicles, a month-on-month increase of 7.7%, with the AION V Home model contributing to a 256% increase in sales [1] - GAC Toyota's September sales were 71,220 vehicles, a month-on-month increase of 7.8%, while GAC Honda sold 32,808 vehicles, a month-on-month increase of 60.7% [1] Group 2: Global Expansion Strategy - GAC Group is focusing on "electrification leadership and localized deep cultivation" to drive global development [2] - The company plans to accelerate its entry into the European market, starting with Poland, Portugal, and Finland, aiming for full coverage by 2028 [2] - GAC is also expanding in Southeast Asia with a KD factory in Cambodia and a second locally assembled model in Malaysia, while entering three new countries in the Americas [2] Group 3: Technological Advancements - GAC is collaborating with Huawei to launch a high-end smart electric vehicle brand called "Qijing," integrating advanced smart technologies [3] - The company has expanded its self-operated charging network to cover 204 cities across 31 provinces, with over 20,000 charging piles and the largest number of 1000V fast charging piles among automakers [3] - GAC has established a comprehensive layout for vehicle-to-grid (V2G) services, creating the largest V2G demonstration project in the country [3]

Group 1 - GAC Group has appointed Liu Jiaming as the CEO of the "Qijing" brand, responsible for brand strategy, product planning, market expansion, and operational management [2] - Liu Jiaming has over 25 years of experience in the automotive industry, with a background in GAC Toyota and GAC Group, covering sales, product planning, investment strategy, and technology management [2] - The "Qijing" brand aims to target young consumers, focusing on smart driving and intelligent cockpit capabilities, with plans to launch its first model in 2026 [3][6] Group 2 - GAC Group's total vehicle sales from January to August 2023 were 1.0105 million units, a year-on-year decrease of 12.32% [5] - The sales of GAC's new energy vehicles in August exceeded 24,000 units, down 23.46% year-on-year, with cumulative sales of 154,119 units from January to August, a decline of 17.31% [5] - GAC Group's revenue for the first half of 2023 was 42.166 billion yuan, a year-on-year decrease of 7.95%, with a net profit attributable to shareholders of -2.538 billion yuan, down 267.39% [5]

Core Insights - GAC Group has launched the largest V2G microgrid in China, marking a significant milestone in the vehicle-to-grid (V2G) sector with over 20,000 charging piles and the first 10kV medium-voltage grid-connected centralized V2G system [1][7][10] Group Energy Strategy - GAC Group's chairman emphasized the company's commitment to ensuring national energy security and achieving carbon neutrality goals through its energy strategy [3] - The company has invested 45 billion yuan in building a smart connected new energy vehicle industrial park and has developed key technologies such as the cartridge battery and ultra-fast charging [4] Energy Ecosystem Development - GAC has established a comprehensive energy ecosystem through its "26 Energy Action" plan, aiming for a vertically integrated new energy industry chain from mining to charging [4] - The GAC Energy Technology division has implemented a "10,000 Piles Plan," covering 31 provinces and cities with a charging network serving over 7 million users [4] V2G Technology Breakthrough - V2G technology allows electric vehicles to store energy during off-peak hours and sell it back to the grid during peak times, providing economic benefits to users and stabilizing the power system [5][10] - GAC's V2G microgrid project is notable for its centralized management capabilities, which enhance power throughput and better meet grid peak demand [10] Industry Implications - GAC's approach represents a "car company-led" model for V2G implementation, contrasting with previous models led by grid companies or charging operators [11] - The company faces challenges such as high initial investment and long return periods, necessitating sustainable operational scaling to offset costs [11] - GAC plans to combine high-quality new energy products with services and ecosystems, while also contending with competition from other automakers like BYD and NIO in the V2G space [11]