2
3
4
7
12
19
25
26
31
66
1 2015
2015 6 30
10 0.8
2015 2
Guangzhou Automobile Group Co., Ltd.
GAC GROUP
23
020-83150886
020-83150319
lus@gagc.com.cn
448-458 23
510030
23
510623
www.gagc.com.cn
ir@gagc.com.cn
www.sse.com.cn
23 22
A 601238
H 02238
3 2015
GDP 7% CPI 1.3%
SUV MPV
1,209.5 1,185.03 2.64% 1.43% 6.96 6.93
1,032.78 1,009.56 6.38% 4.80%
5.67 6.38 SUV MPV
45.9% 17.9% 5.89%
176.72 175.47 14.86% 14.41%
7.27 2.4 954.19
959.79 8.0% 7.9%
57.41 1.20% 56.93 13.01%
51.92 53.10 10.43% 15.34%
952.35 2.47% 114.50
6.35% 17.50
1.45%
2015 4
12
1.5L SUV GS4
3+ e
+
863
GA5 REV A3X
5 2015
GDP
7.1%
2015 3%
7% 8%
1. +
2.
3.
4.
5.
6.
2015 6
( )
1.
Accord
Crider VEZEL Crosstour Odyssey City
Fit Everus Camry Highlander
Yaris L E’Z Levin Viaggio Ottimo
ASX Pajero Trumpchi (GA5
G A6 G S5 G S5 G A3 G A3S G S4) G5
MPV SUV SUV MPV
Accord
155
7 2015
2.
125
3.
HVAC
HVAC
4.
2015 8
( )
1.
10
200 4S 500
12 8%
15.3%
1.5L
GS4
2.
3+ e
9 2015
3.
10
4.
SUV A
20 213
38 110
2015 10
5.
20 5
6.
89 74
300 e
11 2015
952.35
22.92 2.47%
114.50 6.35%
17.50 0.27
1.45%
1 1.5L GS4
2
( )
1.
(%)
114.50 107.66 6.35
103.75 97.05 6.90
7.13 5.95 19.83
6.31 6.41 -1.56
4.47 3.59 24.51
1.70 1.55 9.68
19.16 21.30 -10.05
-1.94 -4.64 58.19
-1.04 -5.54 81.23
8.93 -26.52 133.67
2015 12
2.
114.50
6.35%
3.
103.75
6.70 6.90% 10.75
0.14 0.47%
4.
(1) 1.18
(2) 0.1
(3) 0.88
(4) 0.15
5.
(1) 1.94
4.64 2.70
13 2015
(2) 1.04
5.54 4.50
(3) 8.93
26.52 35.45
67
(4) 2015 6 30 108.66
2014 6 30 104.15 4.51
6.
19.16
2.14 a
b
7.
0.81 0.11
17.50
0.27 1.45%
2015 14
( )
1.
(%) (%) (%) (%)
109.52 100.35 8.37 5.31 6.00 0.60
4.98 3.40 31.73 35.69 42.86 3.42
114.50 103.75 9.39 6.35 6.90 0.47
0.47%
2.
(%)
114.48 6.33
0.02 272.57
114.50 6.35
15 2015
( )
1.
2.
(1) (2) (3)
3.
SUV MPV
4.
A H
2015 16
( )
1.
(%) (%) (%)
16.94 2.64 15.01 2.41 12.86
89.35 13.94 85.36 13.69 4.67
43.40 6.77 39.97 6.41 8.58
185.69 28.98 186.93 29.97 -0.66
9.51 1.48 8.67 1.39 9.69
26.23 4.09 26.61 4.27 -1.43
49.81 7.77 55.15 8.84 -9.68
37.67 5.88 11.28 1.81 233.95
55.39 8.64 74.22 11.90 -25.37
7.04 1.10 6.74 1.08 4.45
108.66 16.96 102.68 16.46 5.82
2.
233.95%
17 2015
( )
1.
2015 6 30 1.47 2014 12 31 1.33
1.15 2014 12 31 1.15
2.
2015 6 30 273.64
186.28 1.47 2015 6 30 150.68
6 60
40 45.24
28.73%
+ / + +
3.
4.
2015 6 30 95,833,908.22 2014
12 31 12,637,594 2015 6 30
0 2014 12 31
0
2015 18
1.
2014 12 11
100% 50
2015 2 6
100%
2014-074
19 2015
1.
H 2015 3 3
H
H 11,949,962 2015-016
1.
2014 12 11
100% 50
2015 2 6
100%
2014-074
2015 20
1.
2.
2014 2014 2019
8,443,050
7 25 9 19 9 19
2014 2014 2016
1,494,908.4
12 1 12 1 11 30
2014 2014 2016
185,949.82
2 26 2 26 2 25
2015 2015 2018
4,220,000
3 26 3 26 3 25
2015 2015 2018
81,490,000
3 26 3 26 3 25
85,710,000
(A) 95,833,908.22
0
(B) 0
(A+B) 95,833,908.22
(%) 0.26%
21 2015
3.
2014 9 19 2014 A H
A 60
A
2 9 4
2
2 1
2015 22
2014
1.
2015 6 25 2014
10 0.8
2.
5 2015
10 0.8
14
14A
2014 5 2015 6 30
23 2015
1.
2.
3.
2015 6 30 63,081
CPI
2015 24
336
5%
1 (%) (%)
2 A 3,679,503,529 (L) 87.16 58.81
H 79,276,000 (L) 3.58 1.23
H 532,418,508 (L) 24.06 8.27
Massachusetts Financial H 238,323,362 (L) 10.77 3.70
Services Company
Sun Life Financial Inc. H 238,323,362 (L) 10.77 3.70
BlackRock, Inc. H 134,589,289 (L) 6.08 2.09
166,000 (S) 0.01 0.003
1. (L) (S) (P)
2. 2015 6 30 A 3,705,129,384 A 87.76%
H 79,276,000 H 3.58%
A H 3,784,405,384 58.81%
25 2015
2015 6 25
2015 26
2015 6 30 7
8
352
1.
536,597 536,597 0
9,481 9,481 0
87 87 0
546,165 546,165 0
27 2015
2. H
H 2012 1 14 2015
6 30 H
2015
2015 6 30
6 30
(%) (%)
2012 2 29 740,000 0 493,334 246,666 0.011 0.004
2012 2 29 580,000 0 386,666 193,334 0.009 0.003
2012 2 29 550,000 0 366,666 183,334 0.008 0.003
2012 2 29 550,000 0 366,666 183,334 0.008 0.003
2012 2 29 550,000 0 366,666 183,334 0.008 0.003
2012 2 29 500,000 0 333,334 166,666 0.008 0.003
2012 2 29 550,000 0 366,666 183,334 0.008 0.003
2012 2 29 500,000 0 333,334 166,666 0.008 0.003
2015 6 30
2015 6 30
18
3. A
A 2014 9 19
A
2015 28
A 7.6 A A
8.37
A
A
A A
A A A
0 95.00 0 0 7.6 95.00
0 90.00 0 0 7.6 90.00
0 81.00 0 0 7.6 81.00
0 76.00 0 0 7.6 76.00
0 76.00 0 0 7.6 76.00
0 74.00 0 0 7.6 74.00
0 74.00 0 0 7.6 74.00
0 74.00 0 0 7.6 74.00
0 5,800.86 0 0 7.6 5,800.86
612
0 6,440.86 0 0 / 6,440.86
29 2015
1. A 40%
2. A 5%
3. A
1%
A 10
A
A
24
24 36
2015 30
7 1,693,559 1,501,392
7 8,935,147 8,535,881
7 364,768 342,232
7 4,339,516 3,997,256
8 18,569,189 18,692,856
434,501 481,411
1,351,995 899,626
79,802 79,639
951,350 867,290
36,719,827 35,397,583
2,623,202 2,660,569
9 4,980,555 5,514,858
2,415,452 227,950
110,000 110,000
29,697 –
5,539,279 7,422,367
704,171 674,180
10,866,099 10,268,354
27,268,455 26,878,278
95,922 95,922
27,364,377 26,974,200
64,084,204 62,371,783
31 2015
10 6,435,019 6,435,019
10,848,716 10,848,026
19,324,475 18,089,648
17 514,802 514,802
18,809,673 17,574,846
36,608,210 35,372,693
766,294 795,956
37,374,504 36,168,649
11 118,867 1,151
12 6,860,072 4,769,367
43,814 34,882
220,763 186,256
837,776 989,817
8,081,292 5,981,473
11 10,403,567 10,644,529
16,922 36,615
12 8,207,919 9,540,517
18,628,408 20,221,661
26,709,700 26,203,134
64,084,204 62,371,783
8,735,969 6,752,539
45,455,796 42,150,122
2015 32
6 11,449,667 10,766,397
(10,374,780) (9,705,066)
1,074,887 1,061,331
(712,550) (595,185)
(630,771) (641,427)
113,479 107,286
431,718 56,205
13 276,763 (11,790)
14 (446,759) (359,089)
56,334 47,271
8 1,916,124 2,129,634
1,802,462 1,806,026
15 (81,194) (92,434)
1,721,268 1,713,592
21,599 (433)
1,742,867 1,713,159
33 2015
1,749,629 1,725,401
(28,361) (11,809)
1,721,268 1,713,592
1,760,142 1,723,944
(17,275) (10,785)
1,742,867 1,713,159
16 0.27 0.27
16 0.27 0.27
17 514,802 514,802
2015 34
6,435,019 10,848,026 18,089,648 35,372,693 795,956 36,168,649
– – 1,749,629 1,749,629 (28,361) 1,721,268
– 10,513 – 10,513 11,086 21,599
– 10,513 1,749,629 1,760,142 (17,275) 1,742,867
– – (514,802) (514,802) (29,444) (544,246)
– 2,349 – 2,349 563 2,912
– 2,349 (514,802) (512,453) (28,881) (541,334)
– – – – 2,700 2,700
– (12,172) – (12,172) 12,172 –
– – – – 1,622 1,622
– (9,823) (514,802) (524,625) (12,387) (537,012)
6,435,019 10,848,716 19,324,475 36,608,210 766,294 37,374,504
6,435,019 10,562,909 16,313,263 33,311,191 805,005 34,116,196
– – 1,725,401 1,725,401 (11,809) 1,713,592
– (1,457) – (1,457) 1,024 (433)
– (1,457) 1,725,401 1,723,944 (10,785) 1,713,159
– – (643,502) (643,502) (18,450) (661,952)
– 1,530 – 1,530 401 1,931
– 1,530 (643,502) (641,972) (18,049) (660,021)
– – – – 3,850 3,850
– 1,530 (643,502) (641,972) (14,199) (656,171)
6,435,019 10,562,982 17,395,162 34,393,163 780,021 35,173,184
35 2015
134,723 (164,243)
194,631 303,414
(373,940) (552,160)
(149,414) (51,113)
(194,000) (464,102)
(1,711,904) (1,785,173)
78,966 113,755
(76,781) –
(5,500) –
31,846 53,046
(648,200) (60,000)
(49,192) (6,690)
(13,717,889) (409,052)
11,204,095 652,671
(500,000) (534,180)
681,196 17,500
18,356 11,731
2,707,250 2,547,009
1,883,087 (1,154,708)
– (327)
(104,670) (554,418)
2015 36
64,831 3,850
(28,413) (13,383)
2,242,493 4,522,113
(2,365,767) (1,462,647)
1,979,382 998,080
– (6,700,347)
(1,000,000) –
892,526 (2,652,334)
593,856 (3,670,854)
10,268,354 14,083,345
3,889 2,509
10,866,099 10,415,000
38 65
37 2015
1
448–458 23
3,499,665,555
1
435,091,902 1
3,934,757,457
2,213,300,218
2,213,300,218
29%
286,962,422
2
34
2015 38
3
(a)
19
(b)
1
16
38
16
41
27
10
12
28
10
28
11
14
15
9
39 2015
3
(b)
4
5
5.1
5.2
5 4.70% 2,000,000,000
1,000,000,000
2015 40
5
5.3
1
1
2
3
1 2 3
20,007 – – 20,007
9,690 – – 9,690
93,010 – – 93,010
192,666 – – 192,666
– – 2,374,930 2,374,930
436,234 – 500,000 936,234
751,607 – 2,874,930 3,626,537
41 2015
5
5.3
1 2 3
101,374 – – 101,374
63,142 – – 63,142
– – 198,000 198,000
98,453 – 500,000 598,453
262,969 – 698,000 960,969
500,000 198,000 – – 698,000
– 13,007,630 – – 13,007,630
– (10,830,700) – – (10,830,700)
500,000 2,374,930 – – 2,874,930
– – – – –
2015 42
5
5.3
3
2,374,930 3.40%-4.70%
3
6%
6
43 2015
6
10,977,158 511,024 (38,515) 11,449,667
(24,946) (13,569) 38,515 –
10,952,212 497,455 – 11,449,667
(101,450) 36,581 (20,115) – (84,984)
69,405 69,405
300,210 300,210
(7,868) (7,868)
276,763
(151,968) (1,613) – (293,178) (446,759)
20,552 833 – 34,949 56,334
1,741,657 174,467 – – 1,916,124
1,802,462
(67,960) (13,219) – (15) (81,194)
1,721,268
2015 44
6
10,417,106 408,368 (59,077) 10,766,397
(17,522) (41,555) 59,077 –
10,399,584 366,813 – 10,766,397
15,694 (33,759) – – (18,065)
54,450 54,450
(48,175) (48,175)
(11,790)
(116,502) (867) – (241,720) (359,089)
19,891 710 – 26,670 47,271
2,033,581 96,053 – – 2,129,634
1,806,026
(90,146) 4,669 – (6,957) (92,434)
1,713,592
45 2015
6
41,043,796 4,851,758 (1,396,845) 19,585,495 64,084,204
40,237,161 4,523,232 (1,041,437) 18,652,827 62,371,783
14,238,911 1,273,991 (1,396,845) 12,593,643 26,709,700
14,102,049 1,488,739 (971,456) 11,583,802 26,203,134
7
1,501,392 8,535,881 342,232 3,997,256
210,024 977,406 27,189 654,209
– (186,889) – –
(17,857) (391,251) (4,653) (311,949)
1,693,559 8,935,147 364,768 4,339,516
1,150,803 7,366,265 143,474 3,083,630
207,708 1,021,619 1,792 415,582
– (19,533) – –
(11,900) (312,913) (2,538) (229,382)
1,346,611 8,055,438 142,728 3,269,830
2015 46
8
13,404,220 13,424,452
5,164,969 5,268,404
18,569,189 18,692,856
1,453,226 1,576,447
462,898 553,187
1,916,124 2,129,634
8.1
(a)
13,424,452 13,200,531
648,200 60,000
1,421,983 1,547,378
(25,756) (57,471)
(2,064,659) (1,908,710)
13,404,220 12,841,728
47 2015
8
8.1
(b)
%
50 1
50 1
50 1
50 1
50 1
50 1
50 1
1
(c)
90
2015 48
8
8.1
(c)
27,055,254 26,490,675
10,456,308 15,521,723
41,701,188 46,339,877
52,157,496 61,861,600
79,212,750 88,352,275
8,746,232 6,564,689
2,619,137 2,011,747
11,365,369 8,576,436
12,708,828 15,976,893
33,979,158 42,636,068
46,687,986 58,612,961
58,053,355 67,189,397
21,159,395 21,162,878
(18,055) (17,593)
21,141,340 21,145,285
49 2015
8
8.1
(c)
65,366,474 62,129,970
(56,144,358) (52,048,779)
(6,332,554) (6,936,924)
2,889,562 3,144,267
(461) 3,576
2,889,101 3,147,843
– –
2,889,101 3,147,843
2015 50
8
8.1
(c)
23,172,270 27,059,753 15,248,956 20,130,422 28,997,201 22,446,515 – –
15,745,421 18,208,011 10,528,729 10,889,619 24,996,906 26,944,738 1,972,229 1,828,607
7,073,238 7,217,416 5,909,607 6,710,946 1,721,865 3,221,695 – –
5,049,715 6,041,169 3,583,232 4,674,263 3,339,200 3,753,274 – –
1,662,164 1,576,808 1,385,683 1,302,168 535,330 607,623 – –
18,434,498 20,435,930 16,168,797 18,412,622 942,680 787,311 – –
2,883,763 3,067,617 1,722,692 1,822,247 2,835,285 2,551,567 92,430 78,210
74,021,069 83,606,704 54,547,696 63,942,287 63,368,467 60,312,723 2,064,659 1,906,817
51 2015
8
8.1
(c)
74,021,069 83,606,704
(54,547,696) (63,942,287)
(18,054) (17,593)
19,455,319 19,646,824
50% 50%
9,727,660 9,823,412
2,916,552 2,916,552
2,895,293 2,895,293
21,259 21,259
12,644,212 12,739,964
2015 52
8
8.2
(a)
5,268,404 5,224,015
104,028 6,690
462,898 553,187
– (129,610)
(670,361) (730,889)
5,164,969 4,923,393
(b)
462,898 553,187
– –
462,898 553,187
53 2015
9
2 170
541,901 793,388
87,589 189,692
49,712 62,050
22,962 26,400
140,510 137,340
842,674 1,208,870
(149,713) (149,576)
692,961 1,059,294
10
1
H
4,221,719 4,221,719 2,213,300 2,213,300 6,435,019 6,435,019
2015 54
11
4,774,273 4,545,382
136,788 32,686
12,576 5,716
11,470 17,551
4,935,107 4,601,335
12
314,947 187,617
(a) 6,545,125 4,561,750
– 20,000
6,860,072 4,769,367
4,089,194 3,871,136
120,200 674,500
(b) 3,998,525 4,994,881
8,207,919 9,540,517
(c) 15,067,991 14,309,884
55 2015
12
(a) 600,000,000
6.02%
4,000,000,000
5 10 5 1,000,000,000 4.89% 10
3,000,000,000 5.09%
2,000,000,000 5
4.70%
(b)
1,000,000,000 4,000,000,000 5.15% 4.95%
365 1,000,000,000
(c)
14,309,884 14,171,893
5,393,624 6,858,927
(4,639,974) (9,822,856)
4,457 2,719
15,067,991 11,210,683
2015 56
13
725,710 556,733
(16,410) 2,270
(29,818) 1,547
1,320,771 1,035,557
(2,409) (943)
(482,440) (194,372)
496 2,053
1,515,900 1,402,845
14
419,957 337,002
26,802 22,087
446,759 359,089
57 2015
15
32,667 43,692
48,527 48,742
81,194 92,434
25% 25%
16
(a)
1,749,629 1,725,401
6,435,019 6,435,019
0.27 0.27
2015 58
16
(b)
1,749,629 1,725,401
6,435,019 6,435,019
19,809 –
6,454,828 6,435,019
0.27 0.27
59 2015
17
0.08
0.08 514,802 514,802
0.08
0.08 514,802,000
514,802,000
18
1,777,025 310,225
523,810 10,015
2,300,835 320,240
– 277
1,659,764 745,629
1,659,764 745,906
1,564,799 2,150,127
5,525,398 3,216,273
2015 60
19
95,834,000
12,638,000
20
24
61 2015
20
(a)
243,176 554,802
144,078 154,192
387,254 708,994
1,698 1,822
443 336
2,141 2,158
389,395 711,152
276,861 270,029
165,907 191,472
442,768 461,501
725,811 367,390
126,614 258,364
852,425 625,754
2,051,815 1,866,107
2,904,240 2,491,861
2015 62
20
(a)
5,779 18,226
12,605 8,210
18,384 26,436
4,504 3,044
3,202 4,058
716 –
8,422 7,102
1,135 1,593
500,000 517,500
664,516 17,500
– 40,000
50,000 50,000
50,000 90,000
63 2015
20
(a)
120,300 20,000
50,000 –
170,300 20,000
704,277 1,008,678
863,900 1,034,941
12(a) 6,000,000 4,000,000
85,710 –
82,712,014 100%
(b)
7,426 8,817
2015 64
20
(c)
(i)
(ii)
12(a)
21
(a) 17
65 2015
20% 50%
1993 1 18
2014 8 4
49%
2013 4
2000 3 21
2000 8 29
Fiat
Group Automobiles S.P.A. 2010 3 9
2015 1 19
2015 66
2010 12 8
51%
2007 11 28
2012 9 25
2004 9 1
2004 2 24
30%
2000 10 18
2010 5 25
2008 7 21
2006 6 7
75.1%
1998 5 13
2003 9 8
25%
67 2015
MPV
2003 10 8
50% 30% 20%
571
SUV
2007 7
25%
2011 6 8
60%
1992
50%
2015 68