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 ...

Core Viewpoint - The rural market is identified as a strategic area for the national unified market and a key engine for domestic economic circulation, presenting significant consumption growth potential and stable supply capabilities [1] Group 1: Rural New Energy Vehicle Market - The activation of the rural new energy vehicle market can enhance transportation convenience for rural residents, assist in energy conservation and emission reduction, and inject new momentum into economic growth [1] - Challenges faced by rural consumers include sparse charging networks, insufficient fast-charging stations, inadequate after-sales service, and lack of financial support [1] - Recommendations include addressing energy supply bottlenecks, improving rural charging and swapping networks, establishing robust after-sales systems, and enhancing support for rural vehicle consumption [1] Group 2: Charging and Swapping Models - The swapping model is recognized as a major energy supply method for new energy vehicles, aligning with carbon neutrality strategies and addressing charging difficulties [3] - The strategic value of the swapping model is increasingly acknowledged at the national level, with expectations of forming a trillion-yuan industry ecosystem by 2030 [3] - Recommendations for the swapping model include establishing a unified national standard, enhancing operational subsidies, and coordinating the layout of swapping networks [3] Group 3: Overseas Market Expansion - GAC plans to increase its overseas sales of self-owned brands to nearly 130,000 units by 2025, representing a 47% year-on-year increase [4] - The company aims to cover over 90% of county markets in China by adding 600 full-brand experience stores by 2026 [2] - GAC's overseas strategy includes strengthening its presence in Europe, expanding into Australia, New Zealand, South Africa, and Southeast Asia, and establishing over 1,000 sales and service points globally [4] Group 4: Challenges in Overseas Expansion - GAC faces challenges in overseas markets due to differing standards, which necessitate product redevelopment, impacting efficiency and cost [5] - Localizing talent, supply chains, and sales service networks, as well as building logistics systems, are critical issues to overcome [5] Group 5: AI and Robotics Integration - GAC is integrating artificial intelligence into its strategy, focusing on product experience, operational efficiency, and digital transformation [8] - The company has initiated the commercial validation of humanoid robots in security and healthcare applications, with plans for mass production of the GoMate Mini robot [9] - GAC is also developing flying cars, with significant customer orders and production milestones expected by 2026 [9] Group 6: Production and Sales Goals - GAC aims to achieve a production and sales scale of 2 million vehicles by 2026, with a focus on enhancing self-owned brand sales to account for 60% of total sales [11] - The "Panyu Action" reform initiative is designed to transform the organization into a user-demand-oriented structure, enhancing innovation and efficiency [11] - In 2025, GAC's product planning efficiency improved by 30%, and the time for developing new models was reduced to 18-21 months [11]

Group 1 - The core viewpoint of the articles highlights the strategic partnership between GAC Aion and Yongzhou Football Team, emphasizing a commitment to support beyond just winning or losing, reflecting a deeper cultural expression of sportsmanship and community engagement [4][6][10] - GAC Aion has pledged to reward the Yongzhou team with 10 additional Aion UT super "Yong Chongfeng" vehicles, reinforcing their commitment to the team regardless of match outcomes, and has cumulatively provided 30 vehicles and cash rewards [5][6] - The partnership aims to promote local development and cultural integration, with GAC Aion investing approximately 20 billion yuan in Hunan since 2009 and establishing a manufacturing base in Changsha [7] Group 2 - GAC Aion's approach transcends traditional sponsorship by embedding itself as a strategic partner, offering systematic support plans for players and fans, thus enhancing the overall experience of the sport [5][6] - The company is focused on building a national brand with a commitment to high-quality, affordable electric vehicles, leveraging advanced technology and manufacturing capabilities to ensure product reliability and safety [8][9] - The collaboration with Yongzhou Football Team is seen as a way to create a sustainable ecosystem where commercial value translates into social value, fostering a mutually beneficial relationship between the brand and the local community [7][10]

Core Insights - The 2026 Jiuyishan CMG Mass Football Invitation Tournament concluded with the host team Yongzhou finishing as runners-up, losing 1:2 to Guangdong Zhanjiang, yet the event showcased a strong community spirit and support for grassroots sports [1][4] - GAC Aion, as the official strategic partner of the Yongzhou football team, provided substantial support including 30 Aion UT super "Yong Chongfeng Edition" vehicles, cash rewards totaling 300,000 yuan, and vehicle usage rights, redefining the relationship between enterprises and grassroots sports [1][5][6] Group 1: Event Overview - The tournament took place from January 18 to 24 in Yongzhou, Hunan, featuring champions from six cities across various provinces, emphasizing grassroots football with players from diverse professions [4] - The event aimed to promote "mass participation and love for football," highlighting the essence of community sports [2] Group 2: Corporate Involvement - GAC Aion's partnership with Yongzhou football team reflects a strategic vision, emphasizing corporate responsibility and community engagement [5][6] - The collaboration includes a comprehensive plan for player rewards, fan engagement, and long-term support, showcasing a commitment to grassroots sports [5] Group 3: Marketing and Brand Strategy - GAC Aion's initiative to gift vehicles and cash rewards is valued at over 2.78 million yuan, reinforcing the brand's connection to the "Yong Chongfeng" spirit of perseverance [6][8] - The brand's approach focuses on emotional resonance rather than mere product exposure, aiming to build a deeper connection with consumers through shared values in sports [12] Group 4: Product and Innovation - The Aion UT super "Yong Chongfeng Edition" is tailored for the Yongzhou team, reflecting both the team's spirit and the vehicle's practical attributes, while the Aion i60 showcases the company's technological capabilities [9][11] - GAC Aion's manufacturing facility has been recognized for its advanced production capabilities, ensuring product quality and delivery efficiency, which supports the brand's commitments [11]

Group 1 - GAC Aion has officially become the strategic partner of Yongzhou Football Team, aiming to compete in the 2026 Hunan Provincial Football League [1] - The partnership reflects GAC Aion's commitment to supporting grassroots sports and promoting the "Xiangchao spirit" of perseverance and passion [1][4] - GAC Aion will launch a voting campaign for the "Best Lineup of Yongzhou Team 2025," with winners receiving Aion UT super "Yongchongfeng" champion edition vehicles [1][3] Group 2 - During the CMG Mass Football Invitation Tournament from January 18 to 24, GAC Aion will conduct online and on-site giveaways, including a year-long usage right for a luxury SUV [3] - GAC Aion emphasizes its dedication to providing high-value vehicles through its self-developed technology and unique manufacturing capabilities [3] - The collaboration aims to promote a healthy and positive football culture while integrating brand, sports, and cultural tourism [4]

Group 1 - GAC Aion has officially become the strategic partner of Yongzhou Football Team, aiming to collaborate in the 2026 Hunan Provincial Football League [1] - GAC Aion is recognized as a leading global brand in the electric vehicle sector, leveraging its self-developed technology system and lighthouse factory to provide high-quality, cost-effective electric vehicles [3] - The partnership will enhance the emotional connection between the brand, the team, and fans, promoting a spirit of perseverance and unity in sports culture [5] Group 2 - The collaboration will feature GAC Aion's models, including the Aion UT super, which offers flexible charging options, and the Aion i60, the first dual-power model with low fuel consumption and noise [3] - GAC Aion plans to implement a systematic and sustainable support system for the Yongzhou Football Team, facilitating various online and offline interactive activities to engage more supporters [5] - The Aion HT model is highlighted for its fast charging, long range, and high-tech features, appealing to users who prioritize quality and technology [3]

Core Viewpoint - GAC Group's high-end brand Haobo is struggling to meet sales targets, leading to its merger with Aion, indicating a setback in its ambition to become a leading high-end brand in China [2][5][10]. Sales Performance - Haobo's cumulative sales for 2024 are projected at 17,300 units, achieving only 34.6% of its target of 50,000 units [5][8]. - Monthly sales have remained around 1,000 units, with some months reporting zero sales for the Haobo SSR supercar [2][8]. - In the first eleven months of this year, Haobo's total sales reached 13,800 units, which is lower than the monthly sales of mainstream new energy vehicle brands [8]. Strategic Changes - GAC Group announced the formation of the Haobo-Aion Business Unit, merging the two brands for unified operations, with a complete channel integration planned by March 31, 2026 [5][10]. - The merger is seen as a strategic retreat to consolidate resources and reduce costs, as Haobo's performance did not meet expectations [6][10]. Market Challenges - The high-end market is facing intense competition, particularly in the 100,000 to 200,000 yuan segment, where Aion's main models are being directly challenged by competitors like BYD and XPeng [10]. - Haobo lacks distinct technological advantages and a direct sales network, leading consumers to perceive it as a premium version of Aion rather than a standalone high-end brand [10][12]. Brand Image Issues - Haobo has faced multiple marketing crises, including public criticism from sponsored athletes and negative publicity from product experiences, which have damaged its brand image [12][14]. - The brand has also resorted to significant price reductions on several models, indicating struggles to maintain its premium positioning [14][15]. Future Prospects - GAC Group is prioritizing the new high-end smart electric vehicle brand "Qijing," developed in collaboration with Huawei, which is expected to launch two new models in mid-2024 [17][19]. - The success of Qijing may determine GAC's ability to establish a foothold in the high-end market, raising questions about Haobo's future role [19].

Core Viewpoint - The GAC Group's high-end brand, Haobo, is struggling and has been merged with Aion, indicating a shift in focus towards the new brand, Qijing, which is expected to receive more resources and attention [2][5][16]. Group 1: Sales Performance - Haobo's sales performance has been disappointing, with a cumulative sales target of 50,000 units for 2024 only achieving 34% completion, translating to 17,300 units [2][7]. - Monthly sales for Haobo have been around 1,000 units, with some months reporting zero sales for specific models like the Haobo SSR [1][8]. - The recent launch of the Haobo GT Lite version saw a price reduction of 25,000 yuan within two months, indicating weak market demand [1][15]. Group 2: Strategic Changes - GAC Group has decided to merge Haobo with Aion into the same business unit, which is seen as a strategic retreat to consolidate resources and reduce costs [2][7]. - The merger aims to streamline operations and improve efficiency by integrating channels and resources between the two brands, with a complete integration planned by March 31, 2026 [2][9]. - The decision to merge is also influenced by the need to stop losses and refocus on core competencies, as Haobo's independent operations have not yielded the expected results [7][9]. Group 3: Market Positioning - Haobo is positioned as a high-end brand but struggles to differentiate itself in the competitive market, particularly against established players like BYD and XPeng [7][11]. - The brand's identity is perceived as fragmented, with a significant price gap between its high-end models and more affordable offerings, leading to consumer confusion [11][12]. - The launch of Qijing, a new high-end smart electric vehicle brand in collaboration with Huawei, suggests a strategic pivot for GAC Group towards a more competitive high-end market segment [15][16].

Core Viewpoint - GAC Group's high-end brand Haobo has faced significant challenges, leading to its merger with Aion, indicating a failure in achieving high-end market aspirations and a shift in focus towards the new brand Qijing [1][3][11] Sales Performance - Haobo's cumulative sales for 2024 are projected at 17,300 units, achieving only 34% of its target of 50,000 units [1][6] - Monthly sales have remained around 1,000 units, with some months reporting zero sales for key models like the Haobo SSR [1][6] - In the first eleven months of this year, Haobo's total sales reached 13,800 units, which is lower than the monthly sales of mainstream new energy brands [6] Strategic Changes - GAC Group announced the integration of Haobo and Aion into the same business unit, with plans for full channel integration by March 31, 2026 [3][4] - The decision to merge is seen as a strategy to cut losses and focus resources, as Haobo's performance did not meet expectations [4][7] Market Challenges - Both Haobo and Aion are experiencing declining sales, attributed to external market conditions and internal operational issues [7] - The high-end market segment for Haobo lacks differentiation and a direct sales network, leading consumers to perceive it as a premium version of Aion [7][9] Brand Image Issues - Haobo has faced multiple marketing crises, damaging its brand image and product credibility [8] - Recent incidents involving public figures criticizing the brand have further contributed to negative perceptions [8] Future Prospects - GAC Group is prioritizing the new high-end brand Qijing, developed in collaboration with Huawei, which is expected to target the market above 300,000 yuan [11][12] - The success of Qijing's upcoming models will be crucial for GAC Group's position in the high-end market [12]

Core Viewpoint - GAC Group's high-end brand Haobo is struggling to meet sales targets, leading to its merger with Aion, indicating a setback in its high-end market ambitions [4][5][10]. Group 1: Sales Performance - Haobo's cumulative sales for 2024 are projected at 17,300 units, achieving only 34% of its target of 50,000 units [5][7]. - Monthly sales have remained around 1,000 units, with some months reporting zero sales for the Haobo SSR supercar [6][10]. - In the first eleven months of this year, Haobo's total sales reached 13,800 units, which is lower than the monthly sales of mainstream new energy vehicle brands [7]. Group 2: Strategic Changes - GAC Group announced the integration of Haobo and Aion into the same business unit, with plans for full channel integration by March 31, 2026 [4][5]. - The merger is seen as a strategic retreat to consolidate resources and reduce costs, as Haobo's performance did not meet expectations [5][8]. - The decision reflects a shift in focus towards the new high-end brand "Qijing," developed in collaboration with Huawei, which is expected to target the market above 300,000 yuan [13][15]. Group 3: Market Challenges - Both Haobo and Aion are facing declining sales due to increased competition in the 100,000 to 200,000 yuan electric vehicle market and a lack of differentiation in the high-end segment [8]. - Haobo's brand perception is weakened as consumers view it as a more expensive version of Aion, lacking unique selling points [8][10]. - The integration of the two brands raises concerns among Haobo owners regarding service quality and brand identity [5][11]. Group 4: Pricing and Promotions - Haobo has been forced to reduce prices on several models, including the Haobo GT, which saw a price drop of 25,000 yuan shortly after its launch [10][12]. - The pricing strategy has led to consumer skepticism, with some referring to purchasing Haobo vehicles at original prices as unwise [12].