上汽集团全资子公司环球车享汽车租赁增资扩股及关联交易公告（2026年）

上汽集团关于环球车享汽车租赁有限公司增资暨关联交易公告深度解读

一、概要与投资者需关注的重点

上汽集团（600104）全资子公司上海汽车集团投资管理有限公司（简称“上汽投资管理公司”）参股企业环球车享汽车租赁有限公司（简称“环球车享”）拟增资扩股，增资总金额为人民币10.7亿元，涉及重大关联交易。
上汽集团控股股东上海汽车工业（集团）有限公司（简称“上汽总公司”）将参与此次增资，认购新增注册资本人民币10.615亿元。上汽投资管理公司及其他现有股东均放弃此次优先增资权，放弃权利金额约人民币2.98亿元。
此次放弃增资权构成关联交易，放弃权利金额占公司最近一期经审计归属于上市公司股东净资产的0.10%。
交易尚需环球车享各方股东批准，存在一定不确定性。
此次交易不会构成重大资产重组，不涉及管理层变动、人员安置、土地租赁等事项，也不会导致同业竞争或新增控股子公司、对外担保、委托理财等情况。

二、交易结构与股权变化

增资前，环球车享主要股东为常州赛可移动出行投资合伙企业（45.70%）、上汽投资管理公司（27.81%）、上海国际汽车城（集团）有限公司及上海安亭实业发展有限公司（各12.62%）、宁波慧动股权投资有限公司（1.26%）。
增资后，上汽总公司将成为新股东，持股24.56%。上汽投资管理公司持股比例降至20.98%。常州赛可移动出行投资合伙企业持股比例降至34.47%。
注册资本由人民币325,975.60万元增至432,126.40万元。

三、评估与定价

本次增资定价采用市场法和收益法评估，最终选取市场法。评估基准日为2025年12月31日。
市场法评估结果：环球车享股东全部权益价值为328,700万元，较合并报表口径归属于母公司所有者权益评估增值622,483.20万元，增值率211.89%。
定价基于公平、公正、互利原则，交易定价合理，不存在损害公司及中小股东利益情形。

四、财务状况与盈利能力

环球车享2026年3月31日资产总额为475,881.09万元，负债总额为769,691.85万元，所有者权益为负293,810.76万元，资产负债率达161.74%。
2026年1-3月营业收入为30,088.50万元，净利润为96.92万元。2025年度营业收入342,809.92万元，净利润74.64万元。
评估增值主要原因：公司主营汽车租赁业务，经营收益较好，市场前景优良，现金流预期较为乐观，但负债水平较高，账面净资产处于低位。

五、对上市公司的影响与投资者风险提示

上汽投资管理公司放弃增资权后，持股比例将降至20.98%，影响金额约占归属于上市公司股东净资产的0.10%，对公司财务状况和经营成果无不利影响。
环球车享仍为上汽集团间接参股企业，不会新增关联交易或控股子公司。
交易仍需取得各方股东批准，存在一定不确定性，投资者需关注相关风险。

六、审议程序与独立董事意见

本次关联交易已通过公司独立董事专门会议审议，独立董事认为符合公司发展战略，无不利影响，不损害中小股东权益。
2026年6月5日董事会审议通过，关联董事王晓秋先生回避表决。

七、历史关联交易情况

过去12个月内，除已提交公司股东会、董事会审议通过的日常关联交易外，公司不存在与本次相关的其他关联交易。

八、投资者需要关注的价格敏感点

此次公告涉及重大关联交易、股权结构变化和公司子公司增资，若交易顺利完成，将优化环球车享资本结构，增强其市场竞争力，或对上汽集团的投资价值和未来战略布局产生积极影响。
但环球车享资产负债率极高，所有者权益为负，需关注其财务风险和转型成效。
交易不构成重大资产重组，不影响上市公司经营稳定性，但若审批不顺或转型失利，可能对公司投资收益造成影响。

免责声明

本文仅为信息披露及投资参考，不构成任何投资建议。投资者需结合自身情况、市场环境及公告实际进展理性决策。公司公告存在不确定性，敬请关注后续信息披露。

SAIC Motor Group Detailed Analysis of Globe Car Enjoy Car Rental Co., Ltd. Capital Increase and Related Transaction Announcement

I. Summary and Key Points for Investors

SAIC Motor Group (600104) subsidiary Shanghai Automotive Group Investment Management Co., Ltd. (“SAIC Investment Management”) plans to increase capital in its participating company Globe Car Enjoy Car Rental Co., Ltd. (“Globe Car Enjoy”). The total capital increase is RMB 1.07 billion, representing a major related party transaction.
SAIC Motor Group’s controlling shareholder, Shanghai Automotive Industry (Group) Co., Ltd. (“SAIC Group”), will participate in the capital increase, subscribing for RMB 1.0615 billion of new registered capital. SAIC Investment Management and other existing shareholders will waive their pre-emptive rights, with the waiver amounting to RMB 298 million.
The waiver constitutes a related party transaction, accounting for 0.10% of the most recent audited net assets attributable to shareholders.
The transaction is subject to approval by Globe Car Enjoy’s shareholders and remains uncertain.
The transaction does not constitute a major asset restructuring, nor does it involve management changes, personnel placement, land leases, competition, new subsidiaries, guarantees, or entrusted financial management.

II. Transaction Structure and Equity Changes

Before the capital increase, Globe Car Enjoy’s main shareholders are Changzhou Saike Mobile Travel Investment Partnership (45.70%), SAIC Investment Management (27.81%), Shanghai International Auto City Group, Shanghai Anting Industrial Development, and Ningbo Huidong Equity Investment.
After the increase, SAIC Group will become a new shareholder with 24.56% holding. SAIC Investment Management will hold 20.98%. Changzhou Saike’s share will decrease to 34.47%.
Registered capital will increase from RMB 3,259.756 million to RMB 4,321.264 million.

III. Valuation and Pricing

Valuation uses market and income approaches, ultimately adopting the market approach as of December 31, 2025.
Market approach result: Globe Car Enjoy’s shareholders’ equity is RMB 3,287 million, with an appreciation rate of 211.89% over consolidated book equity.
Pricing is fair, impartial, mutually beneficial, and does not harm SAIC Motor Group or minority shareholders.

IV. Financial Status and Profitability

As of March 31, 2026, Globe Car Enjoy’s total assets are RMB 4,758.81 million, total liabilities RMB 7,696.92 million, negative equity RMB -2,938.11 million, and asset-liability ratio of 161.74%.
2026 Q1 revenue: RMB 300.885 million, net profit: RMB 969,200. 2025 revenue: RMB 3,428.099 million, net profit: RMB 746,400.
Value appreciation is due to healthy business, positive market outlook, and future cash flows, though high debt levels and low net assets are risks.

V. Impact on Listed Company and Investor Warning

After waiving the capital increase right, SAIC Investment Management’s share drops to 20.98%, with an impact of only 0.10% on net assets; no adverse effect expected.
Globe Car Enjoy remains an investee, no new related transactions or subsidiaries.
Transaction subject to shareholder approval and uncertain, investors should monitor risks.

VI. Review Procedures and Independent Director Opinion

Related party transaction reviewed and approved by independent directors, who believe it aligns with company strategy and does not harm minority shareholders.
Board meeting on June 5, 2026, approved the resolution; related director Wang Xiaoqiu abstained.

VII. Historical Related Transactions

No other related transactions with this party or similar type within the past 12 months, except for routine ones approved by board/shareholders.

VIII. Price-Sensitive Points for Investors

This announcement involves a significant related party transaction, equity structure change, and subsidiary capital increase. If completed, it will optimize Globe Car Enjoy’s capital structure and market competitiveness, possibly positively impacting SAIC Motor Group’s investment value and strategic layout.
However, Globe Car Enjoy’s high leverage and negative equity pose financial risks. Investors should monitor transformation effectiveness.
No major asset restructuring or operational disruption, but failed approval or poor transformation may affect investment returns.

Disclaimer

This article is for information and reference only, does not constitute investment advice. Investors should make decisions based on their own situation, market environment, and subsequent disclosures. The transaction is uncertain, please pay attention to follow-up announcements.