Group 1 - The company's Q1 revenue was 19.65 billion yuan, a year-on-year decrease of 7.9%, with a net profit attributable to shareholders of -0.732 billion yuan compared to 1.22 billion yuan in the same period last year [1] - The Q1 gross margin was 0.2%, down 6.3 percentage points year-on-year, primarily due to declining sales and intensified market competition [1] - The net cash flow from operating activities in Q1 was -11.21 billion yuan, compared to -6.139 billion yuan in the same period last year, mainly due to reduced cash inflow from decreased sales [1] Group 2 - Investment income in Q1 was 1.174 billion yuan, a year-on-year decrease of 36.3%, with investment income from joint ventures down 39.8% to 1.094 billion yuan [2] - GAC Honda and GAC Toyota's sales were 92,700 and 161,600 units respectively, with GAC Honda down 20.7% and GAC Toyota up 3.6% year-on-year [2] - GAC Honda's first pure electric SUV, the P7, received over 5,000 orders within 24 hours of its launch, while GAC Toyota's new model, the Platinum 3X, broke 10,000 orders within one hour [2] Group 3 - The company's Q1 loss from its own brands (excluding investment income) was -1.987 billion yuan, an increase in loss of 855 million yuan year-on-year [3] - GAC Trumpchi's sales were 69,200 units, down 19.0% year-on-year, while GAC Aion's sales were 47,100 units, down 3.6% [3] - The company is deepening its collaboration with Huawei and has completed initial reforms in its core operational areas for its own brands, aiming for a cost reduction of about 10% by 2025 [3] Group 4 - EPS forecasts for 2025-2027 are 0.49, 0.50, and 0.49 yuan respectively, with a target price of 8.82 yuan based on an average PE of 18 times for comparable companies in 2025 [4]

Core Viewpoint - GAC Group is leading the automotive industry's intelligent transformation with its "Star Spirit AI Ecological Panorama," aiming to redefine future mobility through advanced technology and user-centric solutions [2][5][11]. Strategic Vision - The "Star Spirit AI Ecological Panorama" is part of GAC Group's strategic initiative "Smart Travel 2027," which focuses on integrating mobility, entertainment, and social functions into intelligent vehicles [2][5]. - GAC Group emphasizes the importance of AI technology as a core driver for automotive industry transformation, aiming to create a user-centered future mobility ecosystem [11][13]. Technological Advancements - GAC Group is committed to making intelligent driving technology accessible, promoting "driving equality" by integrating advanced features into mid-range vehicles priced between 100,000 to 200,000 yuan [5][7]. - The company has developed competitive hardware solutions and efficient algorithms to enable advanced driving assistance features in more affordable models [7][9]. Safety Initiatives - GAC Group has established the "Star Spirit Safety Guardian System," which includes dual-system safety redundancy for eight key systems in its intelligent driving technology, achieving an operational failure rate of 1 in 1 billion hours for its L3 conditional autonomous driving system [9]. - The company utilizes AI technologies such as the Eagle Claw System 2.0 for active steering torque control, enhancing vehicle safety in extreme conditions [9]. Future Mobility Ecosystem - GAC Group is building a comprehensive interconnected mobility blueprint, leveraging its strengths in computing power, data, and algorithms, and collaborating with partners like Huawei [11][13]. - The company has launched four new models equipped with the latest intelligent technologies, including a globally adaptable L4 level highly autonomous vehicle in partnership with Didi [11][13].

Group 1 - Guangzhou Automobile Group Co., Ltd. (GAC Group) and Guangzhou Industrial Investment Holding Group Co., Ltd. signed a strategic cooperation agreement to enhance collaboration in the new energy vehicle industry, focusing on technology innovation, resource integration, international expansion, and industry chain cooperation [2] - The partnership aims to develop 34 in-depth cooperation projects to create a "trillion-level" intelligent connected new energy vehicle industry cluster in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The collaboration will involve integrating upstream and downstream businesses, exploring cooperation opportunities in areas such as complete vehicles, power batteries, wiring harnesses, and tire products, ultimately enhancing the overall competitiveness of the industry chain [2] Group 2 - A joint innovation platform for new energy vehicles was unveiled, focusing on cutting-edge fields such as solid-state batteries, lightweight materials, and industrial robots, establishing a comprehensive innovation system from basic research to industrial application [3] - The cooperation is positioned as a response to global automotive industry transformations and trade barriers, aiming to accelerate the development of Guangzhou's automotive industry and contribute to the construction of a modern industrial system [3] - The initiative is part of a broader strategy to enhance the competitiveness of Guangzhou's automotive sector and support the city's goal of becoming a "smart car city" with a trillion-level industry [3]

H股股票代碼: 2238 A股股票代碼: 601238 2024 年報 廣州汽車集團股份有限公司 目錄 | 5 | 第一節 | 董事長致辭 | | --- | --- | --- | | 11 | 第二節 | 公司簡介及業務概要 | | 21 | 第三節 | 管理層討論與分析 | | 55 | 第四節 | 公司治理 | | 110 | 第五節 | 董事會報告 | | 117 | 第六節 | 監事會報告 | | 122 | 第七節 | 環境與社會責任 | | 125 | 第八節 | 重要事項 | | 169 | 第九節 | 股份變動及股東情況 | | 182 | 第十節 | 債券相關情況 | | 184 | 第十一節 | 財務報告 | | | 釋義 | | 重要提示 董事會建議向全體股東派發每10股人民幣0.2元（含稅）的末期現金股利，加上本年度中期已派發的每10股人民幣0.3元 （含稅）的現金股利，全年累計派發現金股利佔全年歸屬於上市公司股東的淨利潤的比例約為62.43%。 2 一、本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實 性、準確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏， ...

一 GAC GROUP CRAFTED BY THE DRIVEN CRAFTED BY THE DRIVEN 111 111 2024 環境、社會及管治報告 2024 環境、社會及管治報告 广场营随行 CONTENTS 董事長、總經理 開拓創新 培育新動能 | 高管致辭 | 01 | | --- | --- | | 關於本集團 | 03 | | (一)集團概況 | 03 | | (二)價值觀體系 | 04 | | (三)投資架構 | 06 | | (四)責任榮譽 | 07 | | 2024年廣汽集團大事記 | 12 | | 專題: | | | 智駆未來 - 廣汽集團智慧網聯生態推動 | | | 新質生產力變革 | 14 | | 關於本報告 | 123 | | 附錄 | 124 | | (一)廣汽集團ESG政策/制度一覽表 | 124 | | (二)廣汽集團關鍵績效表 | 127 | | (三)報告標準索引 | 138 | | 回饋意見表 | 162 | | D | 智聯精益 夯基圓本 | 18 | | --- | --- | --- | | | (一)企業管治 | 20 | | | (二)責任管理 | 35 ...

在今年的上海车展上，广汽发布了"星灵AI全景图"，对外展示围绕"天、人、家、车"场景构建 的"AI+"全场景智行新生态，覆盖飞行汽车、人形机器人、智能车居和L3有条件自动驾驶、L4高级自动 驾驶四大领域，同时宣布继续扩大与华为、腾讯、科大讯飞（002230）、滴滴、宁德时代（300750）等 业内顶尖科技公司合作，构建广汽AI智能生态链Golink，共同推动AI领域的前瞻发展。 一体化改革明显提升广汽运营效率。自主品牌昊铂、传祺、埃安已逐渐补齐插混及增程等产品矩阵。2 月以来，全集团上市包括AION UT、传祺向往S7、昊铂HL、广丰铂智3X、广本P7等多款新车型，其中 传祺向往S7上市12小时大定订单突破10258辆，激光雷达版占比超过80%；广丰铂智3X刷新合资纯电订 单最快破万的纪录，累计订单已突破2万辆，交付近万辆。 AI技术及应用已成为影响全球汽车行业未来竞争格局的关键因素。今年第一季度，广汽集团首次对外 全面展示广汽AI+的布局情况。基于在车联网、自动驾驶、智能座舱等AI+领域的积累，广汽近年深度 布局"算力、数据、算法"核心要素，正建设"万卡级算力中心"，拥有500万用户的驾驶场景、超4000万 ...

关于续聘会计师事务所的公告 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。 | A股代码：601238 | A股简称：广汽集团 | 公告编号：临2025-038 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 重要内容提示： 广州汽车集团股份有限公司 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 广州汽车集团股份有限公司（下称：公司或本公司）于 2025 年 4 月 25 日召 开第七届董事会第 3 次会议，审议通过了《关于聘任 2025 年度审计机构的议案》 及《关于聘任 2025 年度内部控制审计机构的议案》，拟续聘信永中和会计师事务 所（特殊普通合伙）（下称：信永中和）为公司 2025 年度中国会计准则财务报告 及内部控制审计机构，有关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝 ...

广州汽车集团股份有限公司 第六届监事会第 27 次会议决议公告 本公司监事会及全体监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。 A股代码：601238 A股简称：广汽集团 公告编号：临2025-037 H股代码：02238 H 股简称：广汽集团 三、审议通过了《关于聘任 2025 年度内部控制审计机构的议案》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 广州汽车集团股份有限公司（下称"公司"）第六届监事会第 27 次会议于 2025 年 4 月 25 日（星期五）以通讯方式召开，本次会议应参与表决监事 5 名， 实际参与表决监事 5 名。会议召集召开符合《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。 本次会议经过投票表决，审议通过了以下议案： 一、审议通过了《关于 2025 年第一季度报告的议案》。 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定；公司 2025 年第一季度报告的内容和 格式符合各项规定，所包含的信息能够从各个方面真 ...

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2025-036 广州汽车集团股份有限公司 第七届董事会第 3 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"）第七届董事会第 3 次会议于 2025 年 4 月 25 日(星期五)以通讯方式召开。本次会议应参与表决董 事 10 人，实际参与表决董事 10 人。本次会议的召集、召开符合《中华人民共和 国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董事 会议事规则》的相关规定，所做决议合法有效。本次会议报告了《广汽集团 2025 年第一季度安全生产情况报告》，并经与会董事投票表决，审议通过了如下事项： 一、审议通过了《关于 2025 年第一季度报告的议案》。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 本议案在董事会审议前，已经董事会审计委员会审议通过。 二、审议通过了《关于聘任 2025 年度审计机构的议案》。同意聘任信永中和 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0700 | 0.1200 | -158.33 | 0.1500 | | 每股净资产（元） | 11.12 | 11.16 | -0.36 | 10.96 | | 每股公积金(元) | 4 | 3.95 | 1.27 | 3.93 | | 每股未分配利润(元) | 5.52 | 5.61 | -1.6 | 5.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 198.79 | 215.66 | -7.82 | 265.57 | | 净利润(亿元) | -7.32 | 12.2 | -160 | 15.38 | | 净资产收益率(%) | -0.64 | 1.05 | -160.95 | 1.35 | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | ...