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) 廣州汽車集團股份有限公司 2026 年 1 月份產銷快報 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，二零二六年二月一日 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。 3 | | | | 產 | 量（輛） | | | | 銷 | 量（輛） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 單 位 | | | 月度同比 | | | 累計同比 | | 月度同比 | | | 累計同比 | ...

Core Viewpoint - GAC has successfully entered the Thai market, leveraging the country's push for electric vehicle (EV) adoption and establishing itself as a significant player in the region's automotive landscape [1][4][18]. Group 1: Market Entry and Strategy - GAC officially launched its strategy in Thailand in June 2023, with its first model entering the market in September [1]. - Despite being a latecomer compared to competitors like SAIC, Great Wall, and BYD, GAC has quickly risen to become the third-largest player in Thailand's EV market [1][4]. - The company aims to replicate its domestic success in Thailand, focusing on building a comprehensive ecosystem that includes manufacturing, energy supply, and after-sales services [1][6]. Group 2: Market Potential and Government Support - The Thai government is actively promoting the transition to EVs, targeting a 30% market share for electric vehicles by 2030, which presents significant opportunities for GAC [4][5]. - GAC views Thailand as a strategic base for expanding into the broader ASEAN market, emphasizing the need for a robust local ecosystem before scaling operations [5][6]. Group 3: Sales Performance and Local Production - GAC's sales in Thailand have shown rapid growth, with projections of approximately 15,000 units delivered in 2023, up from around 1,000 in the first year [1][7]. - The company has established a local factory, with plans for over 95% of its models sold in Thailand to be produced locally starting next year [7][18]. Group 4: Consumer Preferences and Market Dynamics - Thai consumers are increasingly receptive to EVs, viewing them as advanced technology, which has led to a significant market penetration of Chinese electric vehicles [9][10]. - GAC is also addressing local charging infrastructure challenges by promoting home charging solutions and collaborating with local partners [9][11]. Group 5: Competitive Landscape and Future Plans - GAC recognizes the need to adapt to local culture and industry practices, focusing on supporting local supply chains and collaborating with educational institutions to develop local talent [13][14]. - The company plans to introduce more hybrid products in addition to its EV lineup and aims to increase local component sourcing to enhance its competitive edge [18].

Core Viewpoint - GAC Group has entered a "wartime state" as it faces significant financial challenges, with expectations of a net loss of 1.82 billion to 2.6 billion CNY in the first half of 2025, marking a shift from profit to loss compared to the previous year [1][2]. Financial Performance - In Q1 2025, GAC reported a loss of 730 million CNY, with projected losses in Q2 expected to range from 1.13 billion to 1.87 billion CNY [1]. - The company anticipates a full-year loss for 2025, which would be its first annual loss since its listing 13 years ago [1][2]. - GAC's net profit for 2024 is projected at 700 million CNY, but after adjustments, the actual loss could reach 2.48 billion CNY [2]. Sales and Market Position - GAC's total sales in June 2025 were 150,100 units, down 8.22% year-on-year, with cumulative sales for the first half of 2025 at 755,300 units, a decline of 12.48% [4]. - GAC's key brands, GAC Trumpchi and GAC Aion, saw significant sales declines of 22.55% and 13.97% respectively in the first half of 2025 [5]. - GAC Toyota is the only brand within the group to show growth, attributed to promotional pricing strategies [7]. Strategic Challenges - GAC's transition to electric vehicles has been slow, with several key models still in the early stages of market penetration, leading to revenue declines due to price wars in the industry [13]. - The company faces structural mismatches in its sales channels, with 70% of sales through traditional 4S dealerships, which are lagging behind in adapting to new sales models [13]. - Internal management issues, including complex decision-making processes and a lack of innovation, have hindered GAC's ability to adapt quickly to market changes [14]. Reform and Future Plans - GAC has initiated a three-year "Panyu Action" plan aimed at improving organizational efficiency and brand collaboration, with a goal of achieving 2 million units in sales by 2027 [17]. - The company is also seeking external partnerships, notably with Huawei, to enhance its product offerings and market competitiveness [20]. - GAC's overseas sales reached 127,000 units in 2024, a 67.6% increase, indicating a strategic push into international markets [20]. Conclusion - GAC Group is at a critical juncture, facing substantial financial losses and market challenges while attempting to implement reforms and adapt to a rapidly changing automotive landscape [23].

Core Viewpoint - GAC Group is forecasting a significant net loss for the first half of 2025, with expected losses ranging from 1.82 billion to 2.6 billion yuan, contrasting sharply with a profit of 1.516 billion yuan in the same period of 2024, indicating a decline of over 220% [2] Group 1: Financial Performance - The direct cause of GAC Group's drastic decline in performance is a sharp drop in sales, with total sales of 755,300 vehicles in the first half of 2025, down 12.48% year-on-year [3] - GAC Toyota is the only brand to show a slight increase in sales of 2.58%, while GAC Honda, GAC Trumpchi, and GAC Aion all experienced declines, with the overall new energy vehicle segment down by 6.08% [3] - The second quarter saw losses expand to between 1.088 billion and 1.868 billion yuan, with a year-on-year increase in loss magnitude [3] Group 2: Strategic Response - In response to the crisis, GAC Group plans to implement a strategy of "stabilizing joint ventures, strengthening self-owned brands, and expanding ecosystems" in the second half of 2025 [3] - The company aims to launch new extended-range models to diversify its technology offerings, accelerate market penetration in lower-tier cities, and enhance marketing efforts to reach younger consumers [3] - A new high-end model co-developed with Huawei is scheduled for launch in 2026, targeting the 300,000 yuan market segment [3] Group 3: Challenges and Future Outlook - GAC Group has faced continuous revenue declines for two consecutive years, with a non-recurring net loss of 4.351 billion yuan in 2024 and a 7.82% year-on-year revenue drop in the first quarter of 2025 [7] - Internal governance and incentive mechanism reforms are needed, as highlighted by the employee stock ownership controversy at GAC Aion [7] - The company aims for a 15% sales growth by 2025 and plans for self-owned brands to account for over 60% of total sales, targeting over 2 million units sold by 2027 [6]

Core Viewpoint - GAC Aion has officially responded to recent malicious rumors regarding employee stock ownership, stating that such claims are baseless and that the employee equity incentive plan is progressing normally in accordance with laws and regulations [1][4]. Group 1 - GAC Aion, as a core independent brand under GAC Group, is receiving full support from the group, and its production and operations are currently normal [4]. - The company emphasizes the importance of maintaining a healthy development environment and urges the public to view information objectively, warning that it will pursue legal action against those spreading false information [4]. - GAC Aion was established on July 28, 2017, as the strategic core for GAC Group's development of intelligent connected new energy vehicles, adhering to the "EV (pure electric) + ICV (intelligent connected vehicle)" model [5]. Group 2 - GAC Aion has built the first dedicated factory for new energy pure electric vehicles in China and has launched five world-class products since its inception [5].