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 ...

Group 1: GAC Group Financial Performance - GAC Group reported a revenue of 96.542 billion yuan in 2025, a year-on-year decrease of 10.43% [1] - The company experienced a loss attributable to equity holders of 8.784 billion yuan, marking a shift from profit to loss compared to the previous year [1] - Basic loss per share was 0.85 yuan [1] Group 2: Sales and Production Performance - In 2025, GAC Group's total vehicle production and sales were 1.7444 million and 1.7215 million units, respectively, representing declines of 8.98% and 14.06% year-on-year [1] - New energy vehicle sales reached 433,600 units, down 4.64% year-on-year, accounting for approximately 25.19% of total sales, an increase of about 2.5 percentage points from the previous year [1] - Sales of energy-efficient vehicles increased by 0.84% year-on-year to 454,600 units, with the proportion of energy-efficient and new energy vehicle sales rising to 51.60%, up about 6 percentage points from the previous year [1] Group 3: Strategic Initiatives and Product Development - GAC Group is implementing integrated reforms through the establishment of shared centers and product commercialization teams, driven by user demand [2] - The company is accelerating product upgrades with the launch of high-end models under the "Wishing Series," including the Wishing S7, Wishing M8, and Wishing S9, focusing on electric and intelligent advancements [2] - GAC Aion brand has achieved continuous month-on-month sales growth for seven months since June 2025, supported by new models and technology advancements [2] Group 4: Joint Ventures and Market Position - GAC Toyota achieved sales of 756,000 units in 2025, a year-on-year increase of 2.44%, with significant sales in high-value models [3] - GAC Toyota's sales of energy-efficient and new energy vehicles reached approximately 470,000 units, a 27.27% increase year-on-year, with a sales proportion of 62.2% [3] - GAC Honda is enhancing local development efforts and advancing intelligent solutions in collaboration with partners, achieving month-on-month sales growth for five consecutive months since August 2025 [3]

Group 1 - GAC Group reported a revenue of 96.542 billion yuan for 2025, a year-on-year decrease of 10.43% [1] - The company recorded a loss attributable to shareholders of 8.784 billion yuan, marking a shift from profit to loss compared to the previous year [1] - Total vehicle production and sales were 1.7444 million and 1.7215 million units, respectively, representing declines of 8.98% and 14.06% year-on-year [1] Group 2 - The sales of new energy vehicles reached 433,600 units, a year-on-year decrease of 4.64%, accounting for approximately 25.19% of total sales, an increase of about 2.5 percentage points from the previous year [1] - The sales of energy-efficient vehicles increased by 0.84% year-on-year to 454,600 units [1] - The proportion of energy-efficient and new energy vehicle sales rose to 51.60%, up approximately 6 percentage points from the previous year [1] Group 3 - GAC's self-owned brands are accelerating product upgrades and innovations, launching high-end models under the "Xiangwang" series, which includes the Xiangwang S7, S8, and S9 [2] - The Aion brand is focusing on both pure electric and range-extended technologies, with new models like AION UT and AION i60, achieving continuous month-on-month sales growth since June 2025 [2] Group 4 - GAC Toyota achieved sales of 756,000 units in 2025, a year-on-year increase of 2.44%, with significant sales in high-value models like Camry and Sienna [3] - The sales of energy-efficient and new energy vehicles reached approximately 470,000 units, a year-on-year increase of 27.27%, with a sales proportion of 62.2% [3] - GAC Honda is enhancing local development efforts and has launched 14 new products in 2025, achieving sales of about 640,000 units, including over 150,000 units exported [3]

Group 1 - Toyota plans to recall a total of 560,200 vehicles in China starting from April 1, 2023, marking the third large-scale recall exceeding 500,000 units in the country [2] - The specific recalls involve 317,990 units of the Highlander produced between August 7, 2021, and September 22, 2025, by GAC Toyota, and 242,170 units of the Crown Landflow produced between July 27, 2021, and January 20, 2026, by FAW Toyota [3] - The safety issue arises from the design inadequacy of the second-row seat backrest adjuster, which may lead to ineffective restraint of passengers during a collision, increasing the risk of injury [3] Group 2 - Toyota will provide free replacement of the improved second-row seat backrest adjuster springs for the recalled vehicles to eliminate safety hazards [4] - This recall is the second initiated by Toyota in 2023, following a recall of 40 imported Toyota Supra 2.0T vehicles due to potential starter motor issues that could lead to starting difficulties and fire risks [4]

Group 1 - Toyota plans to recall a total of 560,200 vehicles in China starting from April 1, 2026, marking the third large-scale recall exceeding 500,000 units in the country [3][4] - The recall includes 317,990 units of the Highlander produced between August 7, 2021, and September 22, 2025, by GAC Toyota, and 242,170 units of the Crown Land Cruiser produced between July 27, 2021, and January 20, 2026, by FAW Toyota [3][4] - The safety issue arises from the design inadequacy of the second-row seat backrest adjuster, which may not secure the seat back properly during a collision, increasing the risk of injury to passengers [4] Group 2 - This is the second recall initiated by Toyota in 2026; the first involved 40 units of the imported TOYOTA SUPRA 2.0T due to potential starter motor issues that could lead to starting difficulties and fire risks [4]

Group 1 - Toyota announced an investment of $1 billion in its vehicle manufacturing plants located in Kentucky and Indiana, aimed at increasing electric vehicle (EV) production capacity in the U.S. [1] - The Kentucky plant is set to begin production of a new model of pure electric vehicles (EVs) starting in 2028, alongside the production of hybrid vehicles (HVs) [1][3]. - This investment is part of a larger plan where Toyota previously announced an additional investment of $10 billion in the U.S. over the next five years [3]. Group 2 - Out of the $1 billion investment, $800 million will be allocated to the Kentucky plant to enhance the production capacity for EVs and HVs [3]. - The first EV model, the "Highlander," is scheduled to start production in 2026 at the Kentucky plant, while the second model, a large SUV with three rows of seats, will begin local production in 2028 [3].

Group 1 - Forbes released the global billionaire list, with Elon Musk becoming the world's richest person for the second consecutive year, with a net worth of approximately $839 billion, making him the first person in history to surpass $800 billion. Chinese billionaire Zhang Yiming ranks 26th with a net worth of $69.3 billion, followed by Zhong Shanshan at $68.1 billion in 27th place, and Ma Huateng at $53.8 billion in 33rd place [2] - Amazon issued euro-denominated bonds for the first time, raising €14.5 billion, setting a record for the euro bond market. The funds will primarily be used for AI infrastructure investments. Additionally, Amazon announced a $750 million investment to build an automated robotics logistics hub in Brisbane, Australia, to enhance delivery efficiency in the Oceania region [2] - Nvidia launched the open-source large model Nemotron 3 Super with 120 billion parameters, achieving a fivefold increase in throughput compared to its predecessor. The company plans to invest $26 billion over the next five years to build a top-tier open-source model system and made a strategic investment of $2 billion in AI cloud service provider Nebius [2] Group 2 - Tencent announced a change in the billing strategy for its cloud AI models starting March 13, 2026, ending free trials for models like GLM 5 and MiniMax 2.5. The input price for the HY2.0 Instruct model will increase from ¥0.0008 to ¥0.004505 per thousand tokens, while the output price will rise from ¥0.002 to ¥0.01113 [5] - Midea unveiled its "Three Ones" strategy for 2026, which includes building a home appliance network, a smart brain, and an open platform. The company introduced the self-evolving AI agent MevoX, which aims to transition home intelligence from "human-driven devices" to "intention-driven spaces" [5] - Laopuhuangjin expects its sales performance for 2025 to reach approximately RMB 31 billion to RMB 32 billion, representing a growth of about 216% to 227% compared to 2024. The projected revenue is around RMB 27 billion to RMB 28 billion, with a net profit forecast of RMB 4.8 billion to RMB 4.9 billion, reflecting a growth of 226% to 233% [6] Group 3 - Microsoft revealed details about its next-generation Xbox console "Project Helix," which will feature a custom AMD chip and support multi-frame generation technology, with an early version expected to be available to developers in 2027 [8] - Tesla delivered 58,600 electric vehicles from its Shanghai Gigafactory in February, marking a 91% year-on-year increase, with the Model Y leading the domestic SUV sales [8] - Meta announced a roadmap for four self-developed AI chips, with MTIA 300 already deployed for recommendation model training, while MTIA 400, 450, and 500 are set to be released by the end of 2027 to support generative AI inference tasks [8] Group 4 - Toyota recalled 550,007 Highlander vehicles in the U.S. due to a defect that may prevent the seatback from locking. The company will replace the seatback reclining device's reset spring free of charge [12] - SK Hynix signed a long-term R&D cooperation agreement with Applied Materials and Micron to jointly develop next-generation memory chips suitable for AI and HPC scenarios [12] - LG Electronics is expected to benefit from increased air conditioning demand in India due to a heatwave warning issued by the local meteorological bureau [13]

Core Insights - The automotive market is experiencing a significant decline in sales during the Chinese New Year period, with many dealerships reporting low customer traffic and minimal transactions [1][6] - A majority of dealers, 76.8%, indicated that February sales did not meet their expectations, reflecting a challenging market environment [1][6] Group 1: Sales Performance - Among traditional automakers, only a few companies, including Geely, BYD, Chery, Great Wall, SAIC, and Dongfeng Honda, have reported their February sales figures [2] - Geely's sales exceeded 200,000 units in February, reaching 206,200 units, a slight increase of 1% year-on-year [3] - BYD's February sales were 190,200 units, while SAIC's sales for domestic brands (excluding joint ventures) were 187,000 units [3] - Chery's sales reached 160,800 units, and Great Wall's sales were 72,600 units, showing a year-on-year decline of 6.79% [3] Group 2: Export Trends - BYD's overseas sales surpassed 100,000 units in February, marking a year-on-year increase of 41.4%, and for the first time, exceeded domestic sales [5] - Chery's export volume was 124,900 units, also reflecting a year-on-year growth of 41.5% [5] Group 3: Market Competition - The automotive industry is facing intensified competition, with executives from Changan and SAIC-GM Wuling warning of a complex competitive environment ahead [7] - Many joint venture brands have not released their February sales data, indicating a cautious outlook on short-term market trends [6][7] - Joint venture brands are responding to market pressures with significant discounts, such as Buick and Honda offering price cuts of up to 100,000 yuan [7][8] Group 4: Promotional Strategies - Some joint venture brands, including Dongfeng Honda and GAC Honda, have released their February sales data, with GAC Toyota reporting 41,800 units sold, driven by models like Camry and Highlander [8] - Dongfeng Honda achieved sales of 17,600 units, a year-on-year increase of 10.1%, largely due to low sales figures in the previous year [8] - Zhengzhou Nissan reported sales of 4,531 units, a significant year-on-year increase of 57.5%, with a notable rise in new energy vehicle sales [9]

Sales Performance - The local Toyota dealership has seen a significant drop in sales, with monthly sales decreasing from over 100 units to as low as 30 units, although it remains the top seller among similar dealerships [1] - The Highlander model is a key product for the dealership, accounting for about 20% of total sales, with around 10 units sold monthly [1] Customer Demographics - The typical customers for the Highlander include small business owners, such as construction site managers and restaurant owners, as well as seasoned professionals from various sectors [4] - A notable customer is a travel company owner who, after experiencing issues with electric vehicles, decided to purchase two Highlanders due to business expansion [4] Vehicle Features and Preferences - The Highlander is favored for its durability, low failure rate, and strong reputation, making it an attractive option for buyers looking for a reliable gasoline vehicle [6] - The most popular configurations sold are the 2.5L hybrid four-wheel drive luxury version and the 2.5L hybrid four-wheel drive premium version, with the premium version accounting for 60% of sales [15] Discounts and Pricing - Current discounts for the Highlander include 45,000 yuan off the 2.5L hybrid version and 35,000 yuan off the 380T gasoline version [7] - The dealership has observed that the Crown Land Cruiser is frequently compared to the Highlander, with 80% of customers considering both models [12] Customer Feedback - Customers have expressed dissatisfaction with the traditional interior and noise levels of the 2.5L naturally aspirated engine, indicating a need for improved sound insulation [19] - Maintenance costs for the Highlander are relatively manageable, with routine services ranging from 700 to 1,200 yuan every 10,000 kilometers [21] Market Trends - The recent cancellation of an additional discount for public servants may impact sales strategies moving forward [27]

Core Insights - GAC Group reported a total sales volume of 116,600 vehicles in January 2026, representing an 18.47% year-on-year increase, with self-owned brands achieving over 49,000 units sold, a remarkable 87.58% growth [2][3] - The sales performance in January 2026 serves as a positive signal for GAC Group's operational resilience, countering the negative impact of a projected net loss of 8 to 9 billion yuan for 2025 [2][3] Sales Performance - GAC Toyota's January sales exceeded 62,600 units, marking a 9.82% increase year-on-year, with several high-value models experiencing double-digit growth [2][3] - GAC Honda's January sales reached over 27,600 units, reflecting a significant decline compared to GAC Toyota [4] - AION V achieved record overseas sales in January, contributing to the overall growth of GAC Group's self-owned brands [2][3] Brand Performance - GAC Toyota's cumulative sales for 2025 reached 772,668 units, a slight increase of 0.3%, with new energy vehicles accounting for over 9% of total sales [3][4] - GAC Honda's total sales for 2025 were 351,926 units, down 25.22%, indicating a stark contrast to GAC Toyota's performance [4] - GAC Aion has emerged as a leader in the new energy segment, achieving 480,000 deliveries in 2023, significantly outperforming competitors [11][14] Strategic Adjustments - GAC Group initiated a comprehensive reform called "Panyu Action" aimed at increasing self-owned brand sales to 60% of total sales by 2027 [18][20] - The company has streamlined its new vehicle development cycle from 26 months to 18-21 months, reducing R&D costs by over 10% and improving overall business efficiency by approximately 50% [18][20] - GAC Group's collaboration with Huawei on the "Qijing" project is expected to enhance its technological capabilities and brand strength [21][24] Market Challenges and Opportunities - GAC Group faces challenges in enhancing brand recognition and market competitiveness in the personal consumer segment while continuing to optimize product offerings [18][24] - The overseas market is identified as a crucial growth engine, with GAC's self-owned brands achieving a 47% increase in overseas sales in 2025, nearing 130,000 units [24]