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二零二六年三月二十七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，二零二六年三月二十七日 於本公告日期，本公司的執行董事為馮興亞及閤先慶，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 年年度報告摘要》 2. 《廣州汽車集團股份有限公司 2025 年年度報告》 3. 《廣州汽車集團股份有限公司 2025 ...

Sales Performance - The most sold configuration of the new Whelanda is the 2026 2.0L Intelligent Electric Hybrid PRO version, priced at 189,800 yuan, while the gasoline version is the 2026 2.0L PRO version, priced at 181,800 yuan [2] - The average daily customer flow at the dealership is 6 groups, with 2 groups specifically looking at the Whelanda [2] - The dealership sells 8-10 units of Whelanda per month, with approximately 80% being hybrid versions [3] Customer Demographics - The current customer base for the Whelanda has shifted from small business owners to office workers, including elementary school teachers and general staff from enterprises [4] - Customers are influenced by the reliability and durability of Toyota vehicles, with many having prior experience with Toyota models [6] Market Comparison - The Whelanda is frequently compared to the Toyota Rongfang, which is perceived to have greater brand recognition and higher sales [9] Customer Feedback - Common complaints from customers include difficulties with the card key and the perceived low quality of the instrument panel's LCD screen [17] Maintenance and Costs - The first maintenance is free at either 5,000 km or 3 months, with subsequent maintenance every 10,000 km costing around 600 yuan [19] Promotional Offers - Current promotional offers include a cash benefit of 22,000 yuan, a 10,000 yuan trade-in subsidy, and financing options with no interest for the first two years on a 5-year term [22]

Group 1 - The Honda Accord has significantly reduced its price to celebrate its 50th anniversary, with a discount of 100,000 yuan, bringing the price down to 138,800 yuan for the e:PHEV model, marking the highest price drop since its launch [1] - In January 2026, the Accord's sales were approximately 13,800 units, a month-on-month decrease of 27%, ranking 6th in the mid-size car segment, primarily driven by its gasoline version [5] - The Accord and similar models like the Camry have historically been popular among middle-aged consumers due to their reliability and low maintenance costs, but are now facing price reductions due to increasing penetration of electric vehicles [5] Group 2 - The automotive market remains competitive in the 100,000 to 150,000 yuan price range, with various manufacturers, including Tesla and NIO, offering low-interest financing options to stimulate consumer demand [8] - In January, the automotive consumption index in China was reported at a historical low of 31.1, indicating weak consumer confidence [9] - The sales of mid to high-end electric vehicles have increased, driven by new trade-in policies that provide higher subsidies for these models [9] Group 3 - GAC Toyota has launched the fuel vehicle Wildlander AIR version with a limited-time cash subsidy of 22,000 yuan, alongside other promotional offers [10] - Nissan's new version of the Tianlai Hongmeng cockpit is also offering a limited-time discount of 21,000 yuan [16] - Luxury brands like BMW, Mercedes-Benz, and Audi are providing substantial discounts, with some models seeing reductions of up to 270,000 yuan, indicating aggressive competition for market share [17][18]

Core Insights - In January 2026, a total of 17,174 passenger vehicles were recalled, representing a 91.38% decrease compared to December 2025 [2][10]. Group 1: Recall Statistics - Six recall announcements were made in January 2026, involving a total of 17,174 vehicles [2][10]. - Japanese brands accounted for over 90% of the total recalls, with Toyota recalling 15,978 vehicles, which is 93.04% of the total [3][11]. Group 2: Reasons for Recall - The primary reasons for the recalls in January were issues related to electrical systems and engines [4][12]. Group 3: Specific Brand Recalls - Toyota recalled 15,978 vehicles due to a multimedia screen system control program issue that could lead to a black screen, affecting the defrosting and defogging functions [5][13]. - Chery recalled 1,108 vehicles due to a production assembly issue that could cause the engine to stall while driving [6][14]. - Bentley recalled 64 vehicles due to potential internal faults in the power battery that could lead to overheating and fire risks [7][15].

Core Insights - The automotive market in China is expected to undergo significant changes by 2025, with a focus on "intelligentization," where the penetration rate of smart features is projected to exceed 64% [1] - GAC Toyota is adopting a "practicality" approach to intelligent features, emphasizing usability and reliability over unique functionalities, setting a benchmark for joint venture brands in their smart transformation [3] Industry Trends - By 2026, the market for smart cockpits in China is forecasted to reach 212.7 billion yuan, with a compound annual growth rate of over 17% [1] - The penetration rates for L2 and L3 autonomous driving features are expected to reach 21% and 22% respectively, as major companies implement "smart driving equality" strategies [1] - A shift in consumer preferences is noted, with 40.08% of respondents unwilling to pay extra for smart driving systems, indicating a need for practical and reliable features rather than just a plethora of options [4] GAC Toyota's Strategy - GAC Toyota's "Fusion 2030" strategy aims to achieve intelligent breakthroughs in both fuel and new energy vehicles, with the 2026 global models featuring high-performance Qualcomm Snapdragon 8155 chips and advanced smart driving systems [1][5] - The company is focusing on a comprehensive smart product matrix that includes both fuel and electric vehicles, ensuring that all models meet user demands for intelligent features [4][5] - GAC Toyota's approach includes a commitment to stability over rapid iteration, with a focus on long-term reliability and user-friendly experiences [5][8] Product Innovations - The upcoming Platinum series, including the Platinum 7, is positioned as a luxury electric vehicle with advanced smart features, targeting a market segment that combines affordability with high-end specifications [6][11] - The Platinum 7 will utilize the Momenta R6 intelligent driving solution, backed by extensive training data, ensuring a high level of reliability and safety [8][9] - GAC Toyota emphasizes the importance of practical features, such as wireless charging and multi-device connectivity, addressing common consumer pain points [5][9] Market Positioning - GAC Toyota aims to capture over 20% of its sales from new energy vehicles by 2026, with a strategic focus on the mainstream and high-end electric vehicle markets [6][11] - The company is leveraging its engineering capabilities and partnerships to enhance its product offerings, ensuring that they meet both local and global standards [11][12] - GAC Toyota's commitment to user-centered design and practical solutions positions it favorably in the competitive landscape of automotive intelligentization [12]

Core Insights - The Chinese automotive market is witnessing a significant shift towards new energy vehicles (NEVs), with penetration rates expected to exceed 50% by 2025, indicating a positive trend in NEV development [1] - The market is transitioning from a "price war" to a "value war" and "trust war," driven by the reduction of purchase tax subsidies and changing consumer preferences towards high-value, low-energy consumption models [1][5] - GAC Toyota has proactively initiated reforms since 2024, positioning itself as one of the few joint venture brands to achieve year-on-year growth, demonstrating resilience in a challenging market [1][5] Market Dynamics - The competition in the automotive industry is evolving, with a focus on value rather than price, as consumers increasingly prioritize product quality, technological reliability, and service quality [5][13] - GAC Toyota's fuel vehicle lineup remains strong, with flagship models like Camry, Highlander, and Sienna achieving significant sales, indicating a solid foundation in the fuel vehicle market [1][3] - The company has successfully launched hybrid models, leading the domestic HEV market with sales of 390,400 units, which constitutes 50.5% of its total sales [3] Strategic Initiatives - GAC Toyota is enhancing its product matrix by introducing new models and upgrading existing ones, including the launch of the D-class luxury electric flagship model, which is expected to boost its market presence in the NEV sector [7][9] - The company is implementing a "China Chief Engineer System" to better cater to local consumer needs, ensuring that new models are developed with a deep understanding of the Chinese market [5][11] - GAC Toyota is also focusing on service improvements, planning to expand its service network into county-level markets and adopting a more proactive service model to enhance customer experience [11][13] Competitive Advantages - The company's commitment to quality and reliability, backed by nearly a century of automotive experience, positions it favorably against competitors in the evolving market landscape [9][13] - GAC Toyota's innovative approach to technology, including collaborations with leading tech firms, aims to integrate advanced features into its vehicles, enhancing its competitive edge [9][11] - The establishment of a robust trust relationship with consumers through quality guarantees and service commitments is expected to strengthen GAC Toyota's market position in the upcoming "value war" [13][14]

Core Viewpoint - Toyota is facing significant challenges in adapting to the new era of smart and electric vehicles, as evidenced by recent recalls and a reliance on traditional fuel vehicles for growth [4][12][15]. Group 1: Recalls and Quality Issues - Toyota has announced a recall of 10,922 RAV4 vehicles and 5,056 Venza vehicles due to issues with multimedia screens potentially going black during startup, affecting driver controls [5][7]. - This marks the second major recall in a short period, highlighting a shift from traditional mechanical issues to problems with electronic components [9][10]. - The frequency of recalls is eroding consumer trust in Toyota, which was once synonymous with reliability and durability [8][11]. Group 2: Sales Performance and Market Position - Despite the recalls, Toyota reported a sales increase in China, projecting over 1.78 million units sold in 2025, claiming to be the only foreign automaker to achieve growth in the market [11][12]. - However, this growth is primarily driven by traditional fuel vehicles, while the market is rapidly shifting towards electric vehicles, with nearly 48% penetration in 2025 [13][14]. - Toyota's electric vehicle presence is weak, with only 9% of GAC Toyota's sales coming from pure electric models, and the bZ series struggling with monthly sales below 2,000 units [14][15]. Group 3: Strategic Challenges and Future Outlook - Toyota is experiencing a "split" in its strategy, heavily invested in the declining fuel vehicle market while struggling to establish a foothold in the electric vehicle sector [15][16]. - The company faces systemic challenges in balancing the profitability of fuel vehicles with the urgent need to develop competitive electric vehicles [17]. - Despite having strong brand equity and manufacturing capabilities, Toyota must transform its traditional strengths into new competencies for the future [17][18].

Group 1 - Toyota has recently recalled nearly 16,000 vehicles in China due to issues with the multimedia screen system, following a previous recall of approximately 100,000 vehicles for a panoramic monitoring system defect [1][2][5][6] - The recalls involve specific models produced between December 5, 2025, and January 13, 2026, with 10,922 units of the RAV4 and 5,056 units of the Venza affected [5][6] - The recalls have raised concerns among consumers about Toyota's reliability, with some expressing skepticism about the frequency of defects [3][7] Group 2 - Toyota's sales in China peaked at 1.944 million units in 2021 but have since declined, reflecting a broader trend of consumers shifting towards domestic brands and new energy vehicles [11] - Despite the challenges, Toyota aims to sell over 1.78 million vehicles in China in 2025, marking a slight increase from 2024 [11][12] - The company is focusing on upgrading its fuel vehicle lineup while also attempting to transition to electric vehicles, although its electric models have not gained significant traction in the competitive market [12][13][17] Group 3 - Complaints against Toyota vehicles have surged, with 1,469 complaints reported in the last three months, highlighting issues such as steering system noise and lighting module failures [10] - The sales performance of Toyota's electric models, such as the bZ3 and bZ5, has been disappointing, with low monthly sales figures compared to competitors like Leap Motor and BYD [14][15] - The ongoing recalls and consumer complaints indicate a potential crisis in consumer trust, as the market increasingly prioritizes innovation and reliability in the automotive sector [17][18]

Core Viewpoint - Toyota has initiated a large-scale recall due to improper settings in the multimedia screen system control program, affecting multiple vehicle models and raising safety concerns [1][2]. Group 1: Recall Details - The recall plan includes 10,922 units of the RAV4 produced between December 5, 2025, and January 13, 2026, by FAW Toyota [1]. - GAC Toyota will recall 5,056 units of the Wildlander produced between December 11, 2025, and January 12, 2026 [1]. - The vehicles may experience a black screen upon startup, which could hinder the defrosting and defogging functions, potentially affecting driving visibility [1]. Group 2: Previous Recalls - This is Toyota's second large-scale recall in just over a month, with nearly 100,000 vehicles recalled in December due to issues with the panoramic monitoring system [2][5]. - The previous recall involved 93,882 vehicles, where the panoramic image display could malfunction, impacting the driver's judgment of the surrounding environment [5]. Group 3: Market Performance - According to data released by Toyota China, the company expects to sell over 1.78 million vehicles in the Chinese market in 2025, showing a slight increase from 1.776 million in 2024 [6]. - Toyota is the only foreign multinational automotive group in China to achieve sales growth, while other Japanese automakers like Nissan and Honda have reported declines in sales [6].

Core Viewpoint - The article reports on a recall initiated by FAW Toyota and GAC Toyota due to a defect in the multimedia screen system that poses a safety risk for certain vehicle models [1] Group 1: Recall Details - FAW Toyota's Changchun Fengyue branch is recalling 10,922 RAV4 vehicles produced between December 5, 2025, and January 13, 2026, starting from January 23, 2026 [1] - GAC Toyota is recalling 5,056 Venza vehicles produced between December 11, 2025, and January 12, 2026, also starting from January 23, 2026 [1] Group 2: Safety Concerns - The recall is due to an improper setting in the multimedia screen system control program, which may cause a black screen upon vehicle startup, leading to the inability to operate defrosting and demisting functions [1] - In extreme cases, this issue could impair the driver's visibility, presenting a safety hazard [1] Group 3: Remedial Actions - Both FAW Toyota and GAC Toyota will provide free upgrades to the multimedia screen system control program for the affected vehicles to eliminate the safety risk [1]