上汽集团续签日常关联交易框架协议：金额大幅调整，投资者须关注

上海汽车集团股份有限公司（上汽集团，600104）于2026年4月2日发布公告，宣布公司及其子公司将与主要关联方续签四类日常关联交易框架协议，并对2026年下半年及2027年上半年的日常关联交易金额进行了详细预计。本次公告对投资者具有重要参考价值，部分内容可能对公司股价带来影响。

一、公告重点内容

• 公司与关联方续签《商品供应框架协议》《综合服务框架协议》《房屋土地及车辆租赁框架协议》《金融服务框架协议》，及子公司与关联方续签金融服务框架协议，均为三年期。
• 2026年下半年和2027年上半年预计日常关联交易金额大幅调整，部分业务类别金额增长显著。
• 新协议尚需提交股东大会审议，相关关联董事及关联股东将回避表决。
• 独立董事一致认为此次关联交易遵循公平、合理原则，不存在损害中小股东利益的情形，也不会影响公司独立性。

二、详细交易类别及金额信息

1. 与上海汽车工业（集团）有限公司及其相关企业的交易

重点提示：2025年实际发生商品供应金额587,392万元，远低于当初预计1,550,000万元，显示公司与关联方业务量大幅减少。新一轮协议金额预测较为保守或更贴合实际，对投资者决策有重要参考意义。

2. 上汽财务公司与关联方金融服务

3. 其他关联公司交易

• 上海机动车检测认证技术研究中心有限公司：2026年下半年预计交易80,000万元，2027年上半年60,000万元。
• 上海捷能智电新能源科技有限公司：商品供应及服务合计2026年下半年3,400万元，2027年上半年3,400万元。
• 瑞浦兰钧能源股份有限公司：2026年、2027年上半年供应商品金额均为150,000万元。
• 招商银行股份有限公司：存款日余额不超过120亿元，贷款授信最高额不超过450亿元。

三、定价政策及交易公允性说明

• 所有交易依照政府定价、市场价、独立第三方价格或成本加合理利润，确保公允、公平。
• 金融服务利率参照市场利率和同类机构标准。
• 招商银行业务存贷款利率以商业原则确定，与其他客户同期利率一致。

四、对公司及股东的影响

• 关联交易为公司主营业务不可或缺部分，对业绩和市场拓展有积极作用。
• 独立董事确认定价合理，不损害中小股东利益，不影响公司独立性。
• 2025年实际关联交易金额远低于预计，反映公司或关联方业务调整，未来交易金额预测更为谨慎。
• 若实际发生数与预计差异较大，可能引发市场对于公司经营状况的重新评估，对股价产生影响。

五、关联方名单及履约能力

• 主要关联方包括上海汽车工业（集团）有限公司及40余家子公司、上海机动车检测认证技术研究中心有限公司、捷能智电、瑞浦兰钧能源、招商银行等。
• 所有关联公司均正常经营、依法存续，具备履约能力。

六、后续审批流程

• 本次协议续签事项尚需股东大会审议通过，关联方董事及股东回避表决。

投资者需重点关注事项

• 预测金额调整：2025年实际关联交易金额大幅低于预期，2026-2027年预测更为谨慎，显示公司对未来市场不确定性有充分预期。
• 关联交易规模变化：若后续日常关联交易金额继续下滑，可能反映主营业务调整或市场需求变化，需警惕对公司收入及利润的影响。
• 股东大会结果：协议若未获通过，或定价及金额出现调整，可能对公司未来经营及市场情绪产生影响。

免责声明：本文仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请以公司正式公告及相关法律文件为准。

ENGLISH VERSION

SAIC Motor Renews Routine Connected Transaction Agreements: Significant Adjustments in Transaction Amounts, Investors Take Note

SAIC Motor Corporation Limited (600104) announced on April 2, 2026, that it and its subsidiaries will renew four key routine connected transaction framework agreements with major related parties. The company also provided detailed estimates for such transactions in H2 2026 and H1 2027. This announcement is highly relevant for investors and may affect share price.

1. Key Highlights

• Renewal of four major framework agreements: product supply, comprehensive services, property/vehicle leasing, and financial services, each for a three-year term.
• Estimated connected transaction amounts for H2 2026 and H1 2027 show significant adjustments, with some business categories rising sharply.
• Renewals are subject to shareholder meeting approval; related directors and shareholders will abstain from voting.
• Independent directors unanimously believe these transactions are fair, reasonable, and do not harm the interests of minority shareholders or affect company independence.

2. Detailed Transaction Categories and Amounts

1. Transactions with Shanghai Automotive Industry Corporation (SAIC) and Affiliates

Key Point: Actual product supply transactions in 2025 were 5.87 billion RMB, far lower than the previously estimated 15.5 billion RMB, indicating a sharp drop in actual business volume with affiliates. New projections appear more conservative and realistic, providing important reference for investors.

2. SAIC Finance Company Connected Financial Services

3. Other Related Company Transactions

• Shanghai Motor Vehicle Inspection & Certification Center: 800 million RMB expected in H2 2026, 600 million in H1 2027.
• Shanghai JieNeng ZhiDian New Energy Technology: Combined product and service transactions of 34 million RMB in H2 2026 and H1 2027.
• REPT BATTERO Energy Co.: Product supply of 1.5 billion RMB in both H2 2026 and H1 2027.
• China Merchants Bank: Daily deposit balance < 12 billion RMB, loan credit line < 45 billion RMB.

3. Pricing Policy & Fairness

• All transactions follow government pricing, market rates, third-party comparables, or cost-plus reasonable profit to ensure fairness.
• Financial services rates are benchmarked to market and peer standards.
• China Merchants Bank business follows commercial principles and market rates.

4. Impact on Company and Shareholders

• Connected transactions are vital for SAIC’s main business and market expansion.
• Independent directors confirm pricing is fair and does not harm minority interests or company independence.
• 2025 actual transaction amounts far below forecast, reflecting major business adjustment by the company or its affiliates. Estimates for 2026 and 2027 are more cautious.
• Large variance in actual vs. forecasted amounts may trigger market reassessment of company operations, impacting share price.

5. List of Related Parties & Performance Capability

• Main affiliates include SAIC and 40+ subsidiaries, Shanghai Motor Vehicle Inspection, JieNeng ZhiDian, REPT BATTERO, China Merchants Bank, etc.
• All are legally operating and fully capable of performing contracts.

6. Approval Process

• The renewal is pending shareholder meeting approval; related parties will abstain from voting.

Key Investor Takeaways

• Forecast Adjustments: 2025 actual connected transaction volumes were much lower than predicted; new estimates are more cautious, indicating the company’s awareness of future market uncertainties.
• Scale of Connected Transactions: If actual amounts keep dropping, it may signal business restructuring or lower market demand, potentially affecting revenue and profit.
• Shareholder Meeting Outcome: If the renewal fails or terms change, it could impact future operations and market sentiment.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please refer to official company announcements and legal documents for final decisions. Investments carry risk—please exercise caution.

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