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]

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]

Core Viewpoint - The Chinese automotive market is currently experiencing a sales downturn, particularly in January, with a significant drop in retail sales and varying performance among different brands, influenced by changes in tax policies and consumer behavior [1][3][4]. Group 1: Market Performance - In January, nationwide retail sales of passenger cars reached 1.794 million units, a year-on-year decline of 12.1% and a month-on-month decrease of 31.9% [3]. - The sales performance of major automotive brands showed a pattern of "year-on-year differentiation and month-on-month decline," with domestic brands facing pressure due to the recent tax policy changes [3][4]. - The sales pressure in January was less intense compared to December 2025, with promotional efforts being more standard, focusing on tax subsidies and financing options [5]. Group 2: Domestic Brand Performance - Geely Auto topped domestic brands with sales of 270,200 units in January, achieving a year-on-year growth of 1% and a month-on-month increase of 14%, supported by its electric vehicle (EV) business and overseas markets [5]. - SAIC Group's domestic brand sales reached 214,000 units, a year-on-year increase of 39.6%, accounting for 65.3% of total sales [6]. - GAC Group's domestic brands saw explosive growth, with sales of 49,300 units, a year-on-year increase of 87.58% [7]. Group 3: Joint Venture Brand Performance - In January, joint venture brands sold 490,000 units, a year-on-year decline of 27% and a month-on-month decline of 30%, although leading brands like GAC Toyota and SAIC General showed positive growth [8][9]. - GAC Toyota achieved sales of 63,600 units, a year-on-year increase of nearly 10%, driven by strong performance in its core fuel models [9]. - SAIC General's EV segment grew by 89.7% year-on-year, contributing to its overall sales of 51,000 units, a year-on-year increase of 8.2% [9][10]. Group 4: Export Growth - The overseas market has become a crucial growth driver for domestic automakers, with many companies reporting export growth rates exceeding 40% [11]. - Chery Group exported 119,600 units in January, a year-on-year increase of 48.1%, maintaining its position as the top exporter in China [11]. - Geely's overseas sales reached 60,500 units, with a year-on-year growth of 121%, highlighting the importance of international markets for its overall strategy [12]. Group 5: Industry Trends - The automotive export volume in China is expected to reach 7.4 million units in 2026, with EV exports projected to exceed 30% of total exports [13]. - The overseas market has transitioned from a supplementary channel to a core growth driver, with leading companies enhancing their global competitiveness through localization and product adaptation [13].

Core Insights - The automotive market in China is expected to undergo significant changes by 2025, with a focus on "intelligentization," where the penetration rate of smart features is projected to exceed 64% [1] - GAC Toyota is adopting a "practicality" approach to intelligent features, emphasizing usability and reliability over unique functionalities, setting a benchmark for joint venture brands in their smart transformation [3] Industry Trends - By 2026, the market for smart cockpits in China is forecasted to reach 212.7 billion yuan, with a compound annual growth rate of over 17% [1] - The penetration rates for L2 and L3 autonomous driving features are expected to reach 21% and 22% respectively, as major companies implement "smart driving equality" strategies [1] - A shift in consumer preferences is noted, with 40.08% of respondents unwilling to pay extra for smart driving systems, indicating a need for practical and reliable features rather than just a plethora of options [4] GAC Toyota's Strategy - GAC Toyota's "Fusion 2030" strategy aims to achieve intelligent breakthroughs in both fuel and new energy vehicles, with the 2026 global models featuring high-performance Qualcomm Snapdragon 8155 chips and advanced smart driving systems [1][5] - The company is focusing on a comprehensive smart product matrix that includes both fuel and electric vehicles, ensuring that all models meet user demands for intelligent features [4][5] - GAC Toyota's approach includes a commitment to stability over rapid iteration, with a focus on long-term reliability and user-friendly experiences [5][8] Product Innovations - The upcoming Platinum series, including the Platinum 7, is positioned as a luxury electric vehicle with advanced smart features, targeting a market segment that combines affordability with high-end specifications [6][11] - The Platinum 7 will utilize the Momenta R6 intelligent driving solution, backed by extensive training data, ensuring a high level of reliability and safety [8][9] - GAC Toyota emphasizes the importance of practical features, such as wireless charging and multi-device connectivity, addressing common consumer pain points [5][9] Market Positioning - GAC Toyota aims to capture over 20% of its sales from new energy vehicles by 2026, with a strategic focus on the mainstream and high-end electric vehicle markets [6][11] - The company is leveraging its engineering capabilities and partnerships to enhance its product offerings, ensuring that they meet both local and global standards [11][12] - GAC Toyota's commitment to user-centered design and practical solutions positions it favorably in the competitive landscape of automotive intelligentization [12]

Core Viewpoint - The automotive market is currently experiencing a sales downturn, particularly in the electric vehicle (EV) segment, due to a combination of factors including a shift in vehicle purchase tax policy and seasonal demand fluctuations [1][3][4]. Market Performance - In January, nationwide retail sales of passenger vehicles reached 1.794 million units, reflecting a year-on-year decline of 12.1% and a month-on-month drop of 31.9% [3]. - The performance of major automotive brands showed a pattern of "year-on-year differentiation and month-on-month decline," with domestic brands benefiting from their EV offerings while facing pressure from the tax policy change [3][4]. Domestic Brand Performance - Geely Auto topped domestic sales in January with 270,200 units sold, achieving a year-on-year growth of 1% and a month-on-month increase of 14% [5]. - SAIC Group reported sales of 327,400 units, a year-on-year increase of 23.9%, while its domestic brand sales reached 214,000 units, up 39.6% year-on-year [6]. - GAC Group's sales were 116,600 units, marking an 18.47% year-on-year increase, with its domestic brands showing explosive growth [6]. Joint Venture Brands - Major joint venture brands like GAC Toyota and SAIC General saw a recovery in January, with GAC Toyota selling 63,600 units, a nearly 10% year-on-year increase [9][11]. - SAIC General's sales reached 51,000 units, up 8.2% year-on-year, driven by strong performance in its EV and export segments [11][12]. Export Growth - The overseas market has emerged as a significant growth driver for domestic automakers, with many companies reporting export growth rates exceeding 40% [13][14]. - Chery Group exported 119,600 units in January, a 48.1% year-on-year increase, maintaining its position as the top exporter in China [14]. - Geely's overseas sales reached 60,500 units, reflecting a staggering year-on-year growth of 121% [16]. Industry Trends - The overall trend indicates that by 2026, China's automotive export volume is expected to reach 7.4 million units, with EV exports projected to exceed 30% of total exports [17].

Core Viewpoint - GAC Group achieved significant sales growth in January 2026, outperforming the overall market despite challenging conditions, with total vehicle sales reaching 116,600 units, a year-on-year increase of 18.47% [2] Group Performance - GAC Group's January sales included over 49,000 units from its self-owned brands, marking a substantial year-on-year growth of 87.58% [2] - Overseas sales also saw a remarkable increase of 68.59% year-on-year, indicating strong international demand [2] - The overall passenger car retail market in China was approximately 1.8 million units in January, reflecting a month-on-month decline of 20.4% and a slight year-on-year increase of 0.3% [2] Business Unit Highlights - The newly formed Aion BU and Trumpchi BU contributed significantly to GAC's growth, with Aion BU's sales exceeding 21,600 units, a year-on-year increase of 171.63%, and Trumpchi BU's sales surpassing 27,600 units, up 51.06% [2][3] - Aion BU plans to launch at least five new models in 2026, including high-end vehicles co-created with Huawei [3] - Trumpchi BU achieved the highest three-year resale value among domestic brands, with models like GS8, M8, and E8 leading their respective segments [3] Joint Venture Performance - GAC Toyota's January sales exceeded 62,600 units, a year-on-year increase of 9.82%, with notable performances from models like Camry and Sienna [4] - GAC Honda's sales reached over 27,600 units, with the new 2026 Fit model seeing strong pre-orders [4] Overseas Expansion Strategy - GAC Group aims to achieve overseas sales of 250,000 units in 2026, with a target of 300,000 units, and plans to establish over 1,000 dealerships globally [5] - The company is transitioning from "product export" to "system export," enhancing global R&D efficiency and market responsiveness [5] - GAC plans to establish 10-15 KD factories worldwide and develop a comprehensive service system for green intelligent mobility [5] New Business Developments - GAC's new venture, Qijing Automotive, is preparing for the launch of its first model in June, focusing on performance and intelligent driving capabilities [6] - GAC Aion is also advancing in the Robotaxi sector, with the R2 model beginning mass delivery and obtaining road testing licenses [6] - The company is building a resilient growth structure through organizational adjustments, strengthening its own brands, stabilizing joint ventures, and accelerating overseas expansion [6]