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 - Honda is expected to report its first annual loss in 69 years, with projected operating losses for the fiscal year 2025 ranging from 270 billion to 570 billion yen (approximately 11.6 billion to 24.7 billion RMB) due to setbacks in its electric vehicle strategy [5][6][11]. Financial Performance - Honda's revised financial forecast shows a significant turnaround from an expected profit of 550 billion yen to a projected loss of 570 billion yen [6][7]. - For the nine months ending December 31, 2025, Honda's sales revenue decreased by 2.2% to 15,975.6 billion yen, while operating profit plummeted by 48.1% to 591.5 billion yen [15]. Electric Vehicle Strategy - The company has abandoned its electric vehicle production and development plans in North America due to a significant decline in demand, which has led to substantial impairment losses on previously invested assets [8][10]. - Honda's electric vehicle strategy is expected to result in cumulative losses of up to 2.5 trillion yen over the next two years [11]. Market Performance - In North America, Honda's sales increased by 0.4% year-on-year, maintaining its position as the fourth largest automaker despite various challenges [18][19]. - Conversely, in China, Honda's sales dropped by 24% year-on-year, marking the fifth consecutive year of decline [28][32]. Product Development Challenges - Honda's slow response to market demands and lengthy product development cycles (approximately five years) have hindered its competitiveness, especially in the rapidly evolving electric vehicle market [44][50]. - The company's recent product launches, such as the plug-in hybrid version of the Accord, have faced criticism due to design flaws that have negatively impacted sales [34][38]. Future Outlook - Honda plans to shift its focus back to hybrid technology, which is expected to improve its financial situation [60]. - However, the company faces uncertainty regarding future model releases, especially after scrapping numerous new electric vehicle models [62].

Core Viewpoint - Honda's recent $15.7 billion impairment loss in electric vehicle assets marks a significant turning point, leading to its first annual loss in history and the cancellation of the "Honda 0 Series" electric vehicle project, reflecting a broader crisis in the Japanese automotive industry [3][6][10]. Group 1: Honda's Challenges - The $15.7 billion impairment indicates Honda's acknowledgment that its previous investments in electric vehicles will not yield expected future returns, representing a complete denial of its recent electrification strategy [6][10]. - Honda's reliance on its traditional engineering culture has resulted in a slow response to the shift towards "software-defined vehicles," leading to a significant competitive disadvantage against companies like Tesla and emerging Chinese automakers [6][9]. - The cancellation of the "Zero Series" is not just a financial decision but a strategic admission that a mid-sized traditional automaker cannot independently transition to the smart electric era without scale and ecosystem support [10]. Group 2: Market Dynamics - The Chinese market poses a significant challenge for Honda, which has historically relied on it for profits. The rise of local electric vehicle manufacturers has drastically altered the competitive landscape, forcing Honda to lower prices on its traditional models to maintain sales [12][14]. - Chinese brands have established a stronghold in the market with vertically integrated supply chains and aggressive pricing strategies, making it difficult for Honda to compete without a localized R&D framework [14]. - The loss of profitability in China has severed Honda's critical funding source for its global electrification plans, jeopardizing its financial stability in other markets [14]. Group 3: Nissan's Restructuring - Nissan has undergone a significant leadership change, with the entire executive team, including CEO Makoto Uchida, being replaced as part of a drastic restructuring effort to survive amidst declining performance [16][18]. - The leadership overhaul is seen as a necessary step to eliminate historical burdens that hinder radical strategic changes, paving the way for potential collaboration with Honda [20][22]. - The merger between Honda and Nissan is viewed as a potential solution to their respective challenges, allowing for shared resources and enhanced competitiveness in the evolving automotive landscape [23][26]. Group 4: Cultural and Strategic Considerations - Despite the economic rationale for a merger, deep-rooted cultural differences between Honda's independent engineering ethos and Nissan's bureaucratic structure pose significant challenges [29][30]. - The urgency of survival in a rapidly changing market may force both companies to reconsider their cultural identities and prioritize collaboration over independence [36]. - The recent changes in Nissan's leadership signal a willingness to adapt, suggesting that both companies may find common ground in their pursuit of survival and competitiveness in the electric vehicle market [36].

Investment Rating - The report rates the industry positively, highlighting the rapid growth and market competitiveness of Leap Motor [11][14][23]. Core Insights - Leap Motor has successfully transitioned from initial struggles to becoming a leading player in the domestic market, with sales approaching 500,000 units by 2025 [14][24]. - The company's strategy focuses on cost-effective pricing and maximizing interior space, appealing to family-oriented consumers [12][14]. - Leap Motor's growth is attributed to its ability to attract users from traditional overseas brands, particularly in the compact car segment [23][24]. Summary by Sections Sales Performance - Leap Motor's domestic sales reached over 100,000 units in 2022 and are projected to approach 300,000 units in 2024 and 500,000 units in 2025 [14][24]. - The company has gained significant market share, challenging established brands like Volkswagen and Honda [14][24]. User Demographics - By 2025, over 80% of Leap Motor's users will be repeat buyers, with a significant portion coming from overseas brands [23][24]. - The average age of repeat users is over 40, primarily consisting of middle-income earners [44][57]. Competitive Landscape - Leap Motor's rapid rise has occurred amidst a decline in traditional overseas brands, which have struggled to meet the demand for economical and energy-efficient vehicles [68][69]. - The company has positioned itself effectively in the market by launching models that cater to the needs of cost-sensitive consumers [91][102]. Future Outlook - The report anticipates increased competition in the "economic large energy-saving vehicle" segment, with Leap Motor planning to launch new flagship models in 2026 [101][112]. - The competitive environment is expected to intensify as other brands introduce similar products, potentially impacting Leap Motor's market position [102][112].

Core Viewpoint - The significant price reduction of the Honda Accord, a once-popular model in China, reflects a broader trend of declining demand for traditional combustion engine vehicles amid the rise of electric vehicles and changing consumer preferences [1][4][11]. Group 1: Price Reduction and Sales Performance - GAC Honda announced a price cut for the Accord e:PHEV model to 138,800 yuan, a reduction of 100,000 yuan from the official price, marking the highest discount since its launch [1][4]. - The cumulative sales of GAC Honda reached 351,900 units by the end of last year, representing a year-on-year decline of 25.22%, making it the brand with the largest sales drop within GAC Group [5]. - In January, GAC Honda's sales plummeted to 4,558 units, a staggering year-on-year decrease of 69.86% [7]. Group 2: Market Trends and Consumer Behavior - The automotive market is experiencing intense competition in the 100,000 to 150,000 yuan price range, with many brands, including GAC Toyota and Dongfeng Nissan, offering significant discounts on new models [4][8]. - A survey indicated that 68.85% of consumers now prioritize energy costs in their purchasing decisions, reflecting a shift in consumer values towards cost-effectiveness and practicality [11]. - The depreciation of the Accord's resale value, previously at a 60.23% three-year retention rate, raises concerns about the future valuation of used models, further impacting consumer confidence [11][12]. Group 3: Changing Consumer Preferences - The perception of the Accord as a "god car" is diminishing as consumers increasingly value lower operating costs and advanced features offered by domestic electric vehicles [11][12]. - The traditional appeal of foreign brands is fading as domestic electric vehicles catch up in design, luxury, and technology, leading to a shift in consumer preferences towards more economical options [12].

Core Viewpoint - The significant price reduction of the Honda Accord, a once-popular model in China, reflects a broader trend in the automotive market where traditional combustion engine vehicles are losing their appeal to consumers, particularly in the face of rising electric vehicle options and changing consumer preferences [1][2][4]. Group 1: Price Reduction and Market Impact - GAC Honda announced a price drop for the Accord e:PHEV model to 138,800 yuan, a reduction of 100,000 yuan from the official price, marking the highest discount since its launch [1]. - The Accord, which has been a staple in the Chinese market for 27 years, is experiencing a significant decline in sales, with a 25.22% year-on-year drop to 351,900 units by the end of last year [6]. - In January, GAC Honda's sales plummeted by 69.86% year-on-year, with only 4,558 vehicles sold, highlighting its struggles compared to other brands within the GAC Group [9]. Group 2: Changing Consumer Preferences - The traditional appeal of the Accord, which was based on reliability and low maintenance costs, is being challenged by the rising importance of energy costs in consumer purchasing decisions, with 68.85% of consumers now prioritizing energy costs [12]. - The depreciation of the Accord's resale value, which previously boasted a 60.23% three-year retention rate, is causing concerns among consumers about the long-term value of their investments [13]. - As domestic electric vehicles improve in design, luxury, and technology, the unique status of foreign brands like Honda is diminishing, leading consumers to prioritize lower operating costs and better features over brand prestige [13][14].

Group 1 - The Honda Accord has significantly reduced its price to celebrate its 50th anniversary, with a discount of 100,000 yuan, bringing the price down to 138,800 yuan for the e:PHEV model, marking the highest price drop since its launch [1] - In January 2026, the Accord's sales were approximately 13,800 units, a month-on-month decrease of 27%, ranking 6th in the mid-size car segment, primarily driven by its gasoline version [5] - The Accord and similar models like the Camry have historically been popular among middle-aged consumers due to their reliability and low maintenance costs, but are now facing price reductions due to increasing penetration of electric vehicles [5] Group 2 - The automotive market remains competitive in the 100,000 to 150,000 yuan price range, with various manufacturers, including Tesla and NIO, offering low-interest financing options to stimulate consumer demand [8] - In January, the automotive consumption index in China was reported at a historical low of 31.1, indicating weak consumer confidence [9] - The sales of mid to high-end electric vehicles have increased, driven by new trade-in policies that provide higher subsidies for these models [9] Group 3 - GAC Toyota has launched the fuel vehicle Wildlander AIR version with a limited-time cash subsidy of 22,000 yuan, alongside other promotional offers [10] - Nissan's new version of the Tianlai Hongmeng cockpit is also offering a limited-time discount of 21,000 yuan [16] - Luxury brands like BMW, Mercedes-Benz, and Audi are providing substantial discounts, with some models seeing reductions of up to 270,000 yuan, indicating aggressive competition for market share [17][18]

Group 1 - The Honda Accord has significantly reduced its price to celebrate its 50th anniversary, with a discount of 100,000 yuan for returning customers, making the new price 138,800 yuan, which is the highest discount since its launch [1] - In January 2026, the Accord's sales were approximately 13,800 units, a month-on-month decrease of 27%, ranking 6th in the mid-size car segment, primarily driven by its fuel version [4] - The Accord and similar models like the Camry were once sold at a premium of 20,000 to 50,000 yuan due to their reliability and low maintenance costs, but are now facing price reductions due to increasing penetration of electric vehicles [4] Group 2 - The automotive market is experiencing intense competition in the 100,000 to 150,000 yuan price range, with various manufacturers offering significant discounts to stimulate consumer demand [4][9] - In January, the automotive consumption index in China was at a historical low of 31.1, indicating weak consumer confidence [8] - Major car manufacturers, including Tesla and NIO, are implementing low-interest financing options to attract budget-conscious consumers, addressing the pain points of young buyers [7] Group 3 - The luxury car segment is also seeing substantial discounts, with brands like BMW, Mercedes-Benz, and Audi offering reductions of up to 270,000 yuan on various models, indicating a fierce competition for market share [16][17] - The new version of the Tianlai Hongmeng cockpit is being offered with a limited-time discount of 21,000 yuan, reflecting the trend of price reductions across different vehicle categories [15]

Group 1 - The automotive market is experiencing a new round of price competition, initiated by joint venture car manufacturers, with the Honda Accord significantly reducing its price to celebrate its 50th anniversary, offering the e:PHEV model at 138,800 yuan, a reduction of 100,000 yuan from the official price, marking the highest discount since its launch [1] - In January 2026, the retail sales of the Accord were approximately 13,800 units, a month-on-month decrease of 27%, ranking 6th in the mid-size car segment, with most sales coming from the fuel version [1] - The Accord and similar models like the Camry have historically been popular among middle-aged consumers due to their reliability and low maintenance costs, but the rise of electric vehicles has forced these once highly sought-after models to lower their prices [1] Group 2 - In January, the Honda Fit, marketed as a car for young people, also adopted a limited purchase strategy, pricing the new generation at 60,000 yuan, a reduction of 20,000 yuan from the previous generation, with a limited availability of 3,000 units [2] - The automotive market remains competitive in the 100,000 to 150,000 yuan price range, with the automotive consumption index in January at a historical low of 31.1 [2] - New energy vehicles are seeing a shift towards mid-to-high-end models, with sales of A00 and A0 class vehicles at 88,000 units, A-class at 141,000 units, and B-class and above at 399,000 units, accounting for 14%, 22.5%, and 63.4% of total sales respectively [2] Group 3 - The competition in the automotive market continues, with GAC Toyota launching the new fuel vehicle Vellfire AIR version, offering a cash subsidy of 22,000 yuan and additional trade-in subsidies [3] - Dongfeng Nissan has introduced four new models, including a new version of the Sylphy with a limited-time discount of 10,000 yuan, and the new version of the Teana with a discount of 21,000 yuan [3] - Premium brands like BMW, Mercedes-Benz, and Audi are also offering significant discounts, often exceeding 100,000 yuan, to capture market share [3]

Core Insights - The Honda Accord has maintained strong sales performance, achieving a year-on-year growth in 2025 with monthly sales exceeding 20,000 units for two consecutive months, demonstrating its enduring appeal in the automotive market [3][4] - The market is shifting towards valuing product quality and reliability over mere features, with consumers increasingly opting for vehicles that offer safety, reliability, and long-term value [4][8] Product Quality and Reliability - The 11th generation Accord is built on Honda's new architecture, featuring high rigidity, low center of gravity, and lightweight materials, ensuring stability and integrity over long-term use [5][6] - The use of advanced materials, such as 1500Mpa hot-formed steel, and robust structural designs contribute to the vehicle's durability and safety, with the roof capable of supporting 5.62 times its weight [6][8] - The Accord's reputation for quality is reinforced by rigorous testing, including a 24-hour endurance test on a 26-year-old model that demonstrated impressive performance metrics [4][5] Safety Features - The new Accord is equipped with 10 airbags and a pedestrian protection system, meeting extensive safety requirements for long-term use [5][8] - The Honda SENSING 360+ safety system enhances user experience with advanced driver assistance features, ensuring a high level of safety and reliability [5][8] Historical Context and Evolution - The Accord has consistently prioritized product quality across its generations, with innovations such as the VTEC technology introduced in the 6th generation, which balances fuel efficiency and performance [6][8] - Each generation has introduced advancements in technology and safety, maintaining a focus on reliability and user satisfaction, contributing to the model's strong resale value [7][8] Market Position and Consumer Trust - The Accord's high resale value and consumer trust are evident, with a leading 3-year resale rate in its segment for 2025, reflecting its status as a reliable choice for buyers [7][8] - Honda's commitment to exceeding industry standards in design and manufacturing has established the Accord as a benchmark for quality in the global automotive market, with over 25 million users worldwide [9]