2022年中国车市迎来重大变革，新能源汽车强势崛起，以比亚迪为代表的中国车企在新能源领域迅猛发展，对燃油车市场造成了巨大冲击。受此影响，缤智 的市场热度大幅下滑，全年累计销量降至108961台，月均销量不足1万台。 从广汽本田缤智所面临的困境可以看出，在新能源浪潮的冲击下，传统燃油车市场面临着前所未有的挑战。对于广汽本田而言，若想让缤智重焕生机，不仅 要在产品动力和配置上进行升级，更要在新能源领域加快布局，以适应市场变化和消费者需求。其能否迎来第二春，还得看路要怎么走。 但缤智的困境并未就此止步。2023年，其销量继续大幅下滑，全年总销量仅为39371台，相较于2022年又减少了6万多台。2024年缤智下滑趋势依旧，全年总 销量低至16033台。到了2025年，缤智销量情况愈发糟糕，月均销量不足500台的境遇，与曾经的辉煌形成鲜明对比。 缤智销量断崖式下滑的原因是多方面的。从产品力角度来看，2023年的换代堪称"自残式操作"。新车取消了原有的1.5T涡轮增压发动机，全系仅保留1.5L自 然吸气动力，最大功率从131马力降至124马力，动力性能的下降让消费者对其兴趣大减。与此同时，竞品却在不断升级。丰田锋兰达搭 ...

Core Insights - The domestic narrow passenger car market retail sales reached 2.244 million units in September 2025, with a year-on-year growth of 6.4%, while the new energy vehicle market led with sales of 1.299 million units and a year-on-year growth of 15.7% [2] - GAC Honda's P7 model, however, faced a stark contrast with only 196 units sold in September, a month-on-month decline of 22%, and a total of 1,394 units sold in six months, averaging over 200 units per month [2][3] - The P7's initial launch was marked by high expectations, claiming over 5,365 orders within 24 hours, but actual sales figures were significantly lower, with only 437 units sold in April and a decline to 142 units in May [2][3] Product and Market Analysis - The P7's failure is attributed to a disconnect between product capabilities and market demand, particularly in pricing, where its range of 199,900 to 249,900 yuan appears less competitive compared to rivals like Toyota bZ3X and Nissan N7, which are priced at 109,800 and 119,800 yuan respectively [2][3] - Technically, the P7's use of a rear torsion beam non-independent suspension is seen as a disadvantage compared to competitors with multi-link suspensions, and its Honda CONNECT 3.0 system lacks appeal against domestic models featuring advanced chips and driving solutions [3] - The P7's sales performance reflects broader challenges for GAC Honda, which saw total sales of 223,900 units from January to September 2025, a year-on-year decline of 27.58%, making it the brand with the largest sales drop within GAC [3][4] Financial Performance - GAC Honda reported a revenue of 22.625 billion yuan in the first half of the year, a year-on-year decline of 26.23%, and 30.668 billion yuan in the first half of 2024, down 28.35%, indicating a downward trend [4] - The traditional automotive market is shifting as the era of relying on fuel vehicles fades, necessitating GAC Honda to stabilize its existing market share while accelerating efforts in new energy and smart technology to regain competitive advantages [4]

Core Viewpoint - GAC Group is experiencing a performance pressure cycle despite positive adjustments in target stock prices from various institutions, driven by anticipated future product competitiveness and strategic partnerships, particularly with Huawei [1][7]. Group 1: Performance Overview - GAC Group's automotive sales reached 755,300 units with a revenue of 42.166 billion yuan in the first half of 2025, indicating a challenging performance period [1]. - The sales structure is improving, with energy-saving and new energy vehicle sales reaching 366,000 units, accounting for 48.43% of total sales, and a year-on-year increase in energy-saving vehicle sales by 13.43% [2]. - GAC's overseas sales of self-owned brands exceeded 50,000 units, marking a 45.8% year-on-year increase, with the company entering 10 new countries and establishing over 100 outlets [3]. Group 2: Strategic Initiatives - GAC Group has initiated a comprehensive internal reform called "Panyu Action," focusing on operational integration, product development process optimization, and personnel reforms, which have begun to show results [4][5]. - The company has restructured its R&D system to enhance product development efficiency, aiming to reduce development cycles and costs significantly [5]. - GAC is actively expanding its strategic partnerships, notably with Huawei, to leverage combined strengths in high-end smart electric vehicle development [8]. Group 3: Future Growth Potential - Analysts believe that despite current performance pressures, GAC Group's long-term growth potential is supported by ongoing reforms and new product launches, including the introduction of new energy models [6][10]. - The company aims to increase its self-owned brand sales ratio to over 60% by 2027, targeting a sales goal of 2 million units [10]. - GAC Group's commitment to R&D remains strong, with an investment of 3.789 billion yuan in the first half of 2025, reflecting a 16.55% increase and a focus on intelligent and AI-driven technologies [10].

Group 1 - Gao Hongxiang has officially replaced Li Jin as the director and executive vice president of GAC Honda, while Li Jin has been reassigned to the group headquarters [2] - GAC Honda is currently facing significant challenges, with sales dropping from a peak of 780,000 units in 2021 to 470,000 units in 2024, and net profit declining from 12.4 billion yuan in 2020 to 1.8 billion yuan in 2024 [2] - In the first half of 2025, GAC Honda's sales continued to decline, reaching approximately 155,000 units, a year-on-year decrease of 25.63% [2] Group 2 - Several previously popular models are no longer performing well, such as the Fit, which sold 110,000 units in 2019 but has seen sales drop to less than 3,000 units in the first half of this year [2] - The Accord's new generation has abandoned the well-known i-MMD hybrid technology in favor of a plug-in hybrid model, resulting in poor performance compared to domestic brands [2] - GAC Honda's struggles in the new energy sector are evident, with the Honda P7 electric SUV selling only 745 units in the three months following its April launch [3] Group 3 - In contrast, GAC Toyota has shown strong performance, with sales of approximately 66,000 units in July, a year-on-year increase of 11.7%, surpassing the combined sales of Honda's two joint ventures in China for that month [3] - Gao Hongxiang's previous experience as a director and vice president at GAC Toyota indicates that there are high expectations for his leadership at GAC Honda [3] - The joint venture agreement for GAC Honda is set to last until May 13, 2028, marking a critical period for the company's development in China [3]

Group 1 - GAC Honda has confirmed the leadership change, with Gao Hongxiang officially taking over from Li Jin as the executive vice president, effective from August 7 [1] - Li Jin has been with GAC Honda since 2004 and has held various senior positions within the GAC group, while Gao Hongxiang previously served as the deputy general manager at GAC Toyota Engine Co., indicating a strategic shift within the company [1][2] - GAC Honda has been experiencing significant challenges, with sales dropping to approximately 155,000 units in the first half of the year, a decline of 25.63% year-on-year, and a decrease in net profit from 12.4 billion yuan in 2020 to 1.8 billion yuan in 2024 [2] Group 2 - The company has struggled to adapt to changing consumer demands, leading to poor sales performance of key models such as the Fit, which sold less than 3,000 units in the first half of the year compared to 110,000 units in 2019 [3] - GAC Honda's market control has weakened, with models like the Accord and the冠道 failing to meet evolving consumer preferences, particularly in hybrid technology [3][4] - In contrast, GAC Toyota has maintained a strong market presence, with a 11.7% year-on-year increase in sales in July, highlighting the differences in strategic execution between the two companies [3][6] Group 3 - GAC Honda's electric vehicle strategy has not yet yielded successful models, while GAC Toyota's "Platinum Smart" brand has seen success with the 3X model, which has delivered over 20,000 units [4] - The management structure differences between GAC Honda and GAC Toyota have led to varying levels of local management influence, impacting their respective strategies in the competitive market [6] - The leadership change at GAC Honda presents an opportunity for the new executive to address the company's strategic challenges and improve its market position [6]