Core Perspective - The 2025 Shanghai Auto Show showcases a revolution in automotive design aesthetics, with Chinese brands integrating cultural elements into their designs, moving beyond superficial aesthetics to redefine the automotive industry's aesthetic standards [2][3][4]. Design Language Reconstruction - GAC's Trumpchi S9 embodies the philosophy of "hiding sharpness in gentleness," reflecting a modern interpretation of Chinese cultural genes through its design [3]. - The shift in design paradigms indicates a transition from merely transporting cultural symbols to deeply decoding and reorganizing cultural genes within the Chinese automotive industry [3]. - The Red Flag brand's grille design exemplifies this transformation, utilizing parametric algorithms to reinterpret traditional aesthetics into a modern context [3]. Color Revolution - The Zeekr 001 FR's "Extreme Blue" paint represents a technological interpretation of traditional aesthetics, showcasing dynamic glaze color beauty through advanced materials [4]. - Chinese automotive manufacturers are acting as cultural decoders, transforming ancient motifs into algorithms that drive future designs [4]. Material Revolution - Domestic automakers are leveraging patent data to build a technological aesthetic, with 38% of new material application patents globally reflecting advancements in materials science [7]. - Innovations such as BYD's "blade battery" and XPeng's flying car design illustrate the integration of traditional wisdom with modern material science [7]. Globalization and Localization Balance - The GAC CC4 concept car merges pre-war streamlined design with contemporary aesthetics, showcasing a blend of Western modernism and Eastern life philosophy [8]. - The localization rate of Chinese automakers' overseas models has increased from 15% in 2020 to 47% in 2024, highlighting collaboration between local design centers and cultural institutions [8]. Emotional Design Standards - The China Automotive Engineering Research Institute is set to introduce the world's first international standard for emotional design in smart vehicles, incorporating cultural symbols into the evaluation system [9]. - This "soft standard" aims to redefine the value system in global automotive design, emphasizing cultural DNA in smart vehicles [9]. Future Competition Landscape - The competition in automotive design will extend beyond technical specifications to include cultural encoding and value output capabilities, positioning Chinese automotive industry as a digital carrier of civilization [9].

证券研究报告 2025上海车展总结 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年5月6日 请务必阅读正文之后的免责声明部分 2025年上海车展总结 ◼ 发布会总结：机器人是最大亮点，智能化+全球化是战略重点，电动化已走向成熟。 ◼ 重点新车总结：大六座SUV竞品较多，部分热门车型未亮相车展，合资电车开始发力 ➢ 中大型SUV新车较多：本届车展亮相/上市的旗舰SUV车型包括极氪9X/比亚迪Dynasty-D/乐道L90/长安深蓝 S09/广汽传祺向往S9等，多强调座椅舒适度、多屏智能化以及高阶辅助驾驶等。部分重磅新车缺席车展，车展亮 相新车有限：小米YU7/小鹏G7/理想i8等重磅车型未亮相车展，且多数车型在车展前单独上市或在车展仅亮相， 后续单独举行发布会，整体新车信息有限。 ◼ 智能化部件总结：第三方智驾供应商积极推出全新方案 2 ➢ 机器人：小鹏-奇瑞-长安等多家车企首次展出了机器人，其中小鹏IRON关注度最高也最超预期。 ➢ 智能化：紧跟Q1车企陆续宣布智驾平权，第三方供应商积极发布智驾 ...

"智能化安全方面，广汽集团（601238）一直对自己严格要求，我们把安全作为广汽集团的底线。安全 不是配置、不是选装，而是基本的底线，不能离了安全谈智驾。"4月23日，广汽集团董事长、总经理冯 兴亚在2025上海车展期间，接受《每日经济新闻》记者采访时表示。 在2025上海车展期间，广汽集团旗下品牌推出了多款具备智能辅助驾驶功能的新车。例如，广汽传祺与 华为乾崑、宁德时代（300750）深度联合创新开发的传祺向往首款9系旗舰SUV(运动型多用途汽车) ——广汽传祺向往S9首发亮相，该车型搭载了最新的华为乾崑智驾ADS4系统，将于今年第三季度正式 上市。 "今年中国汽车市场的竞争更加激烈，车型的品种、新产品推出的速度更快，汽车智能化发展趋势更加 明显。很多企业提出'智驾平权'，意思是在更多的中级车型上甚至一些A级车型上搭载智驾辅助系统， 这一点可能是今年发展的趋势。"冯兴亚告诉记者。 规范智驾宣传非常必要 "工信部发布的新规范，包括规范广告宣传用语，避免误导消费者，我觉得这个措施非常必要。"冯兴亚 表示，"广汽集团会认真遵守相关规定，宣传上都会带上'辅助'两个字。" 在辅助驾驶领域之外，广汽集团也在高等级的自动 ...

转自：北京日报客户端 在不久前开幕的上海车展上，广汽集团携旗下广汽昊铂、广汽传祺、广汽埃安、广汽领程等整车品牌重 磅参展，全球首发四款新车，同时带来广汽星灵AI全景图，聚焦"天、人、家、车"四大场景，构建立体 出行新格局，让出行场景成为家庭生活的延伸，让汽车成为"智能移动之家"。 广汽集团 在飞行汽车领域，广汽进入"天"的空间，构建立体出行新格局。广汽孵化了飞行汽车品牌高域科技 GOVY，实现了"汽车AI+航空安全"的跨界融合。目前，多旋翼GOVY AirCar已经启动适航认证，计划 年内启动预订，开启低空出行的新时代。 在机器人领域，广汽缓解"人"的压力，让机器人成为生活的伙伴。广汽以"自研核心硬件+构建产业生 态"双轮驱动，已发布第三代具身智能人形机器人GoMate，实现了AI大模型和辅助驾驶算法的无缝融 合。今年，广汽将推动全球首个人形机器人应用示范区在广州落地。 在智能车居方面，广汽拓展"家"的场景，让出行场景成为家庭生活的延伸。广汽研发的GoLife"绿色智 能车居"一体式解决方案，可以实现汽车和智能家居的双向联通，打造智能车居生活，可支持超1000个 家电品牌与超4000种设备互联。 在智能汽车领 ...

华夏时报（www.chinatimes.net.cn）记者 田野 于建平 上海报道 4月23日，广汽集团携旗下广汽昊铂、广汽传祺、广汽埃安、广汽领程等整车品牌亮相2025上海车展，并首发四款 新车。 广汽集团董事长、总经理冯兴亚在车展发布会上表示，新能源汽车行业进入智能化下半场，对企业的数据处理能 力和算力、算法提出了更高要求，向科技型企业转型是广汽集团的战略目标。 为此，广汽集团于此次车展上正式发布广汽星灵AI全景图，聚焦"天、人、家、车"四大场景，构建"AI+"全场景智 行新生态。 构建全场景出行方案 本次车展上，广汽集团旗下四款全新车型全球首发。自主品牌方面，广汽埃安携手滴滴自动驾驶，共同推出了首 款具备全球化适应能力的前装量产L4级高度自动驾驶车。该车型预计今年年底量产下线，明年会逐步在广州和北 京的部分区域进行示范运营。广汽传祺与华为乾崑、宁德时代联合开发的传祺向往首款9系旗舰SUV——广汽传祺 向往S9也在本次车展首发亮相。该车型搭载了最新的乾崑智驾ADS 4和鸿蒙座舱HarmonySpace 5，将于2025年第 三季度正式上市。广汽昊铂在本次车展上推出全新猎装概念车EARTH大地。商用车领域， ...

利润端： 2025Q1扣非归母净利润为-8.9亿元，同比/环比分别为-229.9%/-64.0%。利润转负主要受影响于汽车销量下滑、市场竞争加剧、促销投入加大、政府补助同 比减少等综合所致。 费用端： 2025Q1销售/管理/研发/财务费用率分别为6.3%/5.6%/-1.4%/1.9%，同比分别为0.4pts/0.9pts/-1.1pts/0.2pts，环比分别为3.4pts/2.0pts/-1.0pts/-0.5pts。 01 事件概述 公司发布2025Q1业绩：2025Q1营业总收入为198.8亿元，同比/环比为-7.8%/-39.8%；2025Q1归母净利润-7.3亿，同比/环比转负；2025Q1扣非归母净利润为-8.9亿 元，同比转负，环比减亏64.0%。 ► 营收短期承压 单车ASP有所上升 收入端： 2025Q1营业总收入为198.8亿元，同比/环比分别为-7.8%/-39.8%。 ► 合资整体承压 自主小幅下滑 公司2025Q1批发合计37.1万辆，同比-9.4%。分品牌来看，合资品牌方面，广汽本田205Q1批发9.3万辆，同比-20.7%；广汽丰田2025Q1批发16.2万辆，同比+3.6% ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.04 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [6][3]. Core Views - The company reported a total revenue of 19.88 billion CNY in Q1 2025, reflecting a year-on-year decrease of 7.8% and a quarter-on-quarter decrease of 39.8%. The net profit attributable to shareholders was -730 million CNY, indicating a significant decline compared to the previous year [1][2]. - The company is facing short-term revenue pressure, but the average selling price (ASP) per vehicle has increased. The decline in profits is attributed to decreased vehicle sales, intensified market competition, increased promotional spending, and reduced government subsidies [1][2]. - The company is focusing on smart driving technology as a core strategy and is expanding its battery swap station network in collaboration with CATL. This dual approach aims to drive the company out of its current operational downturn [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the total revenue was 19.88 billion CNY, down 7.8% year-on-year and 39.8% quarter-on-quarter. The net profit attributable to shareholders was -730 million CNY, with a non-recurring net profit of -890 million CNY, marking a year-on-year decline of 229.9% [1][2]. - The sales, management, R&D, and financial expense ratios were 6.3%, 5.6%, -1.4%, and 1.9%, respectively, showing year-on-year changes of 0.4pts, 0.9pts, -1.1pts, and 0.2pts [1]. Sales Performance - The total wholesale volume in Q1 2025 was 371,000 vehicles, a decrease of 9.4% year-on-year. The breakdown shows that GAC Honda sold 93,000 vehicles (-20.7%), GAC Toyota sold 162,000 vehicles (+3.6%), GAC Trumpchi sold 69,000 vehicles (-19.0%), and GAC Aion sold 47,000 vehicles (-3.6%) [2][3]. Strategic Initiatives - The company has launched several new electric vehicle models and is enhancing its product matrix to better position itself in the new energy and intelligent vehicle sectors. This includes the introduction of various electric SUVs and sedans [2]. - The strategic partnership with CATL aims to implement battery swap standards across more models and expand the battery swap station network, which is expected to support the company's recovery [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 124.69 billion CNY, 144.15 billion CNY, and 167.35 billion CNY, respectively. The net profit attributable to shareholders is expected to be 875 million CNY, 1.15 billion CNY, and 2.37 billion CNY for the same years [5][9].

Group 1 - GAC Group showcased multiple brands including GAC Aion and GAC Trumpchi at the Shanghai Auto Show, unveiling four new vehicles and introducing flying cars and third-generation humanoid robots, embracing the AI transformation era [1][3] - The company launched the GAC Starlink AI panoramic map, focusing on safety and aiming to create an "AI+" full-scenario intelligent travel ecosystem, integrating "sky, people, home, and car" [3] - GAC has incubated the flying car brand GOVY, with the multi-rotor GOVY AirCar starting airworthiness certification and plans to begin reservations within the year, marking a new era in low-altitude travel [3][5] Group 2 - In the robotics sector, GAC has developed the third-generation humanoid robot GoMate, achieving seamless integration of AI large models and assisted driving algorithms, with plans to establish the world's first humanoid robot application demonstration area in Guangzhou this year [6][8] - GAC's GoLife "green intelligent home" solution supports over 1,000 home appliance brands and more than 4,000 devices, aiming for deep integration between smart car cabins and the Internet of Things to meet customized family needs [9] - GAC aims to redefine cars as "intelligent mobile homes," targeting the launch of the first L3 conditional autonomous driving product and the first mass-produced L4 highly autonomous vehicle by the end of this year [10] Group 3 - GAC Trumpchi, in collaboration with Huawei and CATL, unveiled the Trumpchi Xiangwang S9, the first flagship SUV of the 9 series, featuring the latest driving assistance system and HarmonyOS cabin, set to launch in Q3 2025 [12][15] - GAC Aion and Didi Autonomous Driving are jointly developing the first mass-produced L4 highly autonomous vehicle, expected to roll off the production line by the end of this year and gradually operate in select areas of Guangzhou and Beijing next year [10][13] - GAC's commercial vehicle brand GAC Lingcheng introduced the GAC PICKUP 01, a technology aesthetic pickup concept designed for global users, showcasing high performance and intelligence [15][17]