广州汽车集团股份有限公司 第六届董事会第 79 次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司（简称"本公司"或"公司"）第六届董事会第 79 次会议于 2025 年 1 月 17 日(星期五)以通讯方式召开。本次应参与表决董事 11 人，实际参与表决董事 11 人。本次会议的召集召开符合《中华人民共和国公 司法》和《广州汽车集团股份有限公司章程》的规定，所做决议合法有效。经与 会董事投票表决，审议通过如下事项： H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2025-009 一、审议通过了《关于全资子公司优湃能源对外投资的议案》。同意公司全 资子公司优湃能源科技（广州）有限公司以完成备案的评估报告为基础，投资新 疆昆仑蓝钻矿业开发有限责任公司不超过 21 亿元，完成交易后预计将持有标的 企业不超过 25%的股权。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过了《关于向西藏地震灾区捐赠的议案》。为援助受灾地区 ...

Investment Rating - The report maintains a "Buy" rating for GAC Group [8] Core Views - The company's 2024 performance is expected to align with forecasts, with a projected net profit of 8-12 billion RMB, representing a year-on-year decline of 72.91% to 81.94% [8] - The company is increasing its business policy investments to counteract market competition, with an estimated 18 billion RMB allocated for sales subsidies, impacting net profit [8] - GAC Group is establishing a GH project company in collaboration with Huawei, aiming to develop a new luxury smart electric vehicle brand [8] - Due to higher-than-expected business policy investments, the net profit forecast for 2024 has been revised down to 10.7 billion RMB from 14 billion RMB, while maintaining profit expectations for 2025 and 2026 at 41 billion RMB and 54 billion RMB respectively [8] Financial Summary - Total revenue for 2024 is projected at 116.1 billion RMB, a decrease of 10.48% year-on-year [8] - The diluted EPS for 2024 is expected to be 0.10 RMB per share, with a P/E ratio of 80.10 [8] - The company anticipates a significant recovery in net profit in 2025 and 2026, with growth rates of 286.65% and 30.26% respectively [8] - The company's total assets are projected to grow from 218.4 billion RMB in 2023 to 266.7 billion RMB by 2026 [9]

A股代码：601238 A股简称：广汽集团 公告编号：临2025-007 H股代码：02238 H 股简称：广汽集团 广州汽车集团股份有限公司 关于 2020 年 A 股股票期权与限制性股票激励计划部 分限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 26,048,350 | 26,048,350 | 2025 年 | 1 | 月 | 16 | 日 | 一、本次限制性股票回购注销的决策与信息披露 （一）相关决策与信息披露情况 1、2020 年 9 月 24 日，公司第五届董事会第 52 次会议和第五届监事会第 19 次会议审议通过《关于 2020 年 A 股股票期权与限制性股票激励计划（草案）及 摘要的议案》及其他相关议案，公司独立董事、监事会、律师、独立财务顾问均 发表了相关意见。本计划采用"股票期权+限制性股 ...

二〇二五年一月 | | | | 会议须知 | 2 | | --- | --- | | 会议议程 | 3 | | | 议案一：关于按股比为参股公司提供借款的议案 4 | 股东大会会议资料 会议须知 为确保广州汽车集团股份有限公司（下称：公司）2025年第一次临时股东大 会正常秩序和顺利召开，根据《中华人民共和国公司法》、《上市公司股东大会规 则》及《公司章程》的有关规定，特制定如下会议须知，望出席本次会议的全体 人员遵照执行。 一、为保证本次会议顺利召开，公司董事会办公室负责本次会议的程序安排 和会务工作。 二、本次会议不邀请媒体参加。除出席会议的股东（或股东授权代表）、公 司董事、监事、高级管理人员、董事会邀请的人员及相关工作人员外，公司有权 依法拒绝其他任何人进入会场。 广州汽车集团股份有限公司 GUANGZHOU AUTOMOBILE GROUP CO.，LTD. （A股股票代码：601238 H股股票代码：02238） 2025 年第一次临时股东大会 会议资料 三、参加现场会议的股东及股东授权代表须携带相关身份证明（股票账户卡、 身份证及/或公司营业执照等）及相关授权文件于2025年1月27日9:30- ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses GAC Group, focusing on its recent strategic changes and performance in the automotive industry, particularly in the context of joint ventures and independent brands [1][2][4]. Key Points and Arguments 1. **Organizational Restructuring**: GAC initiated significant internal organizational changes in October, aiming to centralize resources towards independent brands and set ambitious sales targets for the next three years [1][4]. 2. **Financial Forecast Adjustments**: Due to asset impairments, GAC's financial expectations for 2024 were revised down to 1.4 billion, with projections for 2025 and 2026 set at 4.1 billion and 5.4 billion respectively, reflecting a PE ratio of approximately 21 and 16 times for the current and next year [2]. 3. **Profitability Challenges**: GAC's joint venture brands, particularly Guangben, faced significant profitability declines, with Guangben reporting operational losses in the first half of 2020, while Guangfeng remained profitable but showed a rapid decline [3][4]. 4. **Sales Target for Independent Brands**: GAC aims to double the sales of its independent brands from 900,000 units in 2024 to 2 million units by 2027, indicating a strong push towards enhancing its independent brand portfolio [4][8]. 5. **New Product Launches**: GAC plans to launch several new models, including a B-class plug-in sedan and an A0-class sedan, with a focus on integrating Huawei's technology into their vehicles [5][6]. 6. **Export Strategy**: GAC has been expanding its export operations, establishing new factories in Malaysia and Thailand, and setting a long-term goal of exporting 500,000 vehicles by 2020 [8]. 7. **Collaboration with Huawei**: GAC signed a deepened cooperation agreement with Huawei to create a new high-end smart energy brand, targeting sales of approximately 400,000 units by 2028-2029 [6][7]. 8. **Investment in Advanced Technologies**: GAC has been actively investing in advanced technologies, including flying cars and humanoid robots, with plans to launch a new tech company focused on low-altitude services by 2025 [10][11]. 9. **Management Changes**: The company is undergoing a management transition, which is expected to influence its strategic direction and operational efficiency [12][13]. Additional Important Information - GAC's independent brands are facing significant competition and market share declines, particularly in the joint venture segment, which has historically been a major profit source [2][3]. - The company is focusing on streamlining operations and integrating resources across its brands to enhance efficiency and competitiveness in the market [6][12]. - The overall market for joint ventures in the automotive sector is experiencing slow adaptation to new energy vehicle trends, with competitors like Toyota lagging in the Chinese market [9]. This summary encapsulates the critical insights from the conference call, highlighting GAC's strategic initiatives, financial outlook, and market challenges.

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 800 million and 1.2 billion CNY, representing a decrease of 322.89 million to 362.89 million CNY, or a year-on-year decline of 72.91% to 81.94%[3] - The expected net profit after deducting non-recurring gains and losses for 2024 is projected to be between -3.3 billion and -4.7 billion CNY, a decrease of 687.26 million to 827.26 million CNY, or a year-on-year decline of 192.37% to 231.56%[4] - The net profit attributable to shareholders of the parent company for the previous year was 4.4289 billion CNY, and the net profit after deducting non-recurring gains and losses was 3.57263 billion CNY[5] Market Competition and Sales - The company faced a decrease in automobile sales due to intense competition and price pressures in the automotive industry[6] - To address market competition, the company and its investment enterprises invested approximately 18 billion CNY in additional sales subsidies and other business policies[6] Non-Recurring Gains - The company recorded an increase in non-recurring gains due to the transfer of equity in certain affiliated companies and government subsidies received during the reporting period[7] Financial Data Disclosure - The data provided is preliminary and subject to change, with the final audited financial data to be disclosed in the 2024 annual report[8]

| A 股代码: 601238 | | --- | | H 股代码:02238 | A 股代码：601238 A 股简称：广汽集团 公告编号：2025-006 H 股代码：02238 H 股简称：广汽集团 广州汽车集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 1 月 27 日 10 点 00 分 召开地点：广州市番禺区金山大道东 668 号广汽集团番禺总部 T2 会议室 股东大会召开日期：2025年1月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投 ...

H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2025-005 广州汽车集团股份有限公司 第六届董事会第 78 次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司（简称"本公司"或"公司"）第六届董事会第 78 次会议于 2025 年 1 月 10 日(星期五)以通讯方式召开。本次应参与表决董事 11 人，实际参与表决董事 11 人。本次会议的召集召开符合《中华人民共和国公 司法》和《广州汽车集团股份有限公司章程》的规定，所做决议合法有效。经与 会董事投票表决，审议通过如下事项： 一、审议通过了《关于 GH 项目的议案》。同意公司投资设立 GH 项目公司（暂 定名，以登记注册为准），注册资本为 15 亿元，并计划以本项目公司为载体，与 华为深度融合各自优势，通过联合定义和设计，在产品开发、营销策略以及生态 服务等多个领域展开全面合作，打造基于全新架构、技术领先的全新的汽车品牌， 推出一系列智能化新车型产品，为消费者带来更具前瞻性的智能化 ...

Investment Rating - The report maintains a "Buy" rating for GAC Group [1] Core Views - GAC Group is focusing on its "Panyu Action" to enhance its self-owned brands, aiming for self-owned brands to account for over 60% of total sales by 2027 [29] - The report highlights a significant decline in profit contributions from joint ventures, with a need for operational adjustments to maintain profitability [11][24] - The company is actively pursuing international expansion and electric vehicle transformation, with specific targets set for market penetration and product launches [36][40] Summary by Sections 1. Basic Operating Conditions - The market share of state-owned and joint venture brands is declining, with a notable drop in the electric vehicle segment [11] - GAC's self-owned brand sales remain stable, while joint venture profits are under pressure due to market competition [21][24] 2. Panyu Action and Industry Layout - GAC Group's "Panyu Action" aims to shift management from strategic to operational control, with a goal of launching 22 new self-owned models in the next three years [29] - The company is collaborating with Huawei to create a new high-end smart electric vehicle brand [34] - GAC plans to enter 100 countries and regions by 2027, with a target of exporting 500,000 vehicles [36] 3. Joint Ventures - The strategy for joint ventures focuses on maintaining healthy operations and optimizing production capacity [40] - GAC Toyota is expected to lead in maintaining profitability, while GAC Honda has faced significant challenges [24] 4. Frontier Industries - GAC is developing flying cars and has launched a new brand for this sector, aiming for market leadership in low-altitude economy [42] - The company is also advancing in humanoid robotics, with plans for mass production by 2026 [45] - GAC is building a comprehensive L4 autonomous driving ecosystem, including partnerships for Robotaxi services [49] 5. Profit Forecast and Investment Recommendations - The report adjusts profit forecasts, lowering the 2024 net profit estimate while increasing expectations for 2025 and 2026 [53] - GAC Group is compared with other A-share listed automotive companies, suggesting a potential for higher valuation due to ongoing reforms [53][54]

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