The two sides played out a goalless 90 minutes at the Tianhe Stadium on Thursday, before Guangzhou goalkeeper Zeng Cheng saved Thomas Muller's spot-kick to hand the Chinese outfit a 5-4 win on penalites.
The fixture saw Guangzhou's new signing Robinho makes his debut for the cashed-up Chinese Super League club.
"It is a fantastic game," former Chelsea and Brazil boss Scolari said.
"Bayern is a strong team, but we have showed our ability through the game and we have a lot of opportunities to break the deadlock.
"I am satisfied with our performance."