Core Viewpoint - Long-term growth for Great Wall Motors is expected to be driven by international expansion as the domestic automotive market in China is anticipated to slow down by 2026 [1] Group 1: International Expansion - Great Wall Motors is accelerating its overseas expansion to enhance growth momentum, with plans for an overseas production network to support sales and improve investment returns [1] - The company is establishing a factory in Brazil with a capacity of 50,000 vehicles, targeting markets in Mexico, Argentina, and Chile, while also leveraging its factory in Thailand with a capacity of 80,000 vehicles to reach ASEAN/Asian markets [1] Group 2: Financial Performance - In Q3, Great Wall Motors experienced pressure on gross margin, which decreased by 1.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter to 17.2% [1] - The decline in gross margin is attributed to increased advertising and promotional expenses related to new models, partly due to market competition, as well as the expansion of direct sales channels [1] - Despite the current pressures, it is expected that the expanded network will lead to higher sales efficiency, allowing the gross margin to stabilize around 19% by 2026 [1] Group 3: Analyst Rating - DBS has revised its target price for Great Wall Motors from HKD 23 to HKD 19 while maintaining a "Buy" rating [1]

Core Viewpoint - The company has confirmed its partnerships with several major automotive manufacturers, indicating a strong position in the automotive software and hardware market. Group 1 - The company has established partnerships with automotive manufacturers such as Geely, Xpeng, SAIC, Great Wall, Dongfeng, and FAW for its vehicle-mounted software and hardware products [1] - The company's products are already being applied in multiple new mass-produced models from these manufacturers [1]

Group 1: New Energy Vehicle Sales Performance - In October, Li Auto's sales dropped to 32,000 units, a nearly 40% year-on-year decline, following a recall of over 10,000 units of the 2024 Li MEGA model due to safety concerns [2] - NIO delivered 40,400 vehicles in October, marking a 92.59% year-on-year increase, with the new ES8 contributing significantly to this growth [2] - Xpeng Motors achieved a record high of 42,000 deliveries in October, with a cumulative total of 355,000 units from January to October, reflecting a 190% year-on-year growth [2] - Leap Motor led the new energy vehicle segment with 71,000 deliveries in October, a remarkable 84% increase compared to the same month last year [1] Group 2: Traditional Automakers' Performance - BYD sold 442,000 new energy vehicles in October, showing an 11.5% month-on-month increase, although the growth rate is slowing [3] - Geely achieved sales of 307,100 vehicles in October, with a 12% month-on-month increase and a 35% year-on-year increase, marking its first month surpassing 300,000 units [4] - Chery Group reported total sales of 281,000 vehicles in October, with new energy vehicle sales exceeding 110,000 units, a historical high with a 54.7% year-on-year growth [4] Group 3: Market Trends and Future Outlook - Leap Motor's chairman expressed confidence in significant sales growth in 2026, with a strategic plan in place for the next five years [1] - The automotive industry is entering a competitive phase as companies prepare for the final two months of the year, with many aiming to meet their annual sales targets [5] - Changan Automobile reported total sales of 278,000 vehicles in October, with new energy vehicle sales reaching 119,000 units, a 36% year-on-year increase [5]

Group 1: Overall Market Performance - The automotive sector is at a crossroads, with electric vehicle (EV) benefits waning and smart vehicle technology in its early stages[2] - The overall performance of the passenger vehicle sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition[3] - The passenger vehicle industry saw a year-on-year growth of only 3% in retail sales, while exports grew by 23%[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a significant year-on-year sales increase of 58.1%, with domestic sales up 64.5% and exports up 22.9% in Q3 2025[5] - The bus segment saw strong performance, with leading companies like Yutong exceeding expectations due to rapid sales growth and improved profit margins[6] - Motorcycle exports showed robust growth, with large-displacement motorcycle exports reaching 146,000 units, a year-on-year increase of 57.4%[7] Group 3: Financial Metrics - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases[3] - The overall net profit margin for the heavy-duty truck sector improved, with major players like China National Heavy Duty Truck Group reporting a 21% increase in net profit[8] - The motorcycle industry saw a year-on-year profit increase of 21%, despite a 10% decline in revenue quarter-on-quarter[7] Group 4: Risks and Challenges - Risks include potential escalations in trade wars, slower-than-expected global economic recovery, and geopolitical uncertainties[2] - The automotive industry faces challenges from regulatory pressures and a lack of significant price reductions among manufacturers[3]

| | | 长城汽车股份有限公司 关于可转换公司债券转股及 2023 年股票期权激励计划 自主行权结果暨股份变动公告 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。 重要内容提示： 一、可转债转股情况 （一）可转债发行上市概况 经中国证券监督管理委员会《关于核准长城汽车股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]1353号）核准，长城汽车股份有限公司（以下简称"公 司"或"本公司"）于2021年6月10日公开发行3,500万张可转换公司债券，每张面值100 元，发行总额35亿元。 公司本次公开发行的"长汽转债"自2021年12月17日起可转换为本公司股份,初始 转股价格为38.39元/股，由于2021年10月21日及2022年5月20日分别实施了2021年半年 度利润分配、2021年度利润分配；2021年7月20日、2021年9月8日、2021年11月9日、2022 年4月15日、2022年6月22日完成2020年股权激励计划首次授予部分限制性股票回购注销、 2021年股权激励计划授予限制性股票登记、20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：2333（港幣櫃檯）及82333（人民幣櫃檯） 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公 司關於可轉換公司債券轉股及2023年股票期權激勵計劃自主行權結果暨股份變動公告」。 承董事會命 長城汽車股份有限公司 公司秘書 ，2025 11 3 於本公告日期，董事會成員如下： 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 * 僅供識別 海外監管公告 李紅栓 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-123 | | --- | --- | --- | | 转债代码：1130 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本月底結存 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本月底結存 | ...

Core Viewpoint - The 42nd Antarctic Expedition of China has commenced, with the "Xuelong" and "Xuelong 2" research vessels setting sail, highlighting the nation's commitment to polar scientific research and the involvement of domestic brands like Great Wall Motors in supporting these efforts [1][2]. Group 1: Expedition Overview - The expedition involves over 500 team members from more than 80 domestic organizations, with an expected return in May 2026 [1]. - The mission focuses on addressing national needs and global scientific frontiers, including climate change response, polar ecological protection, and advanced scientific exploration [1]. Group 2: Role of Great Wall Motors - Great Wall Motors' Tank 300 diesel version is deployed on the "Xuelong 2" to perform critical tasks such as material transportation and station commuting at the Great Wall Station [1]. - The vehicle is recognized for its capability to operate in extreme cold without special modifications, reflecting national trust in domestic brands and their contribution to major scientific endeavors [1]. Group 3: Technical Capabilities - The Tank 300 diesel version has undergone rigorous testing in extreme conditions, demonstrating its reliability for operations in harsh Antarctic environments [2]. - Great Wall Motors has established a comprehensive global testing and validation system, ensuring the vehicle meets high standards for safety, durability, and performance in various scenarios [2]. Group 4: Support and Operations - The company will send engineering personnel to the Antarctic to provide vehicle maintenance and technical support as part of the expedition team, enhancing operational efficiency [2]. - This "equipment + talent" model aims to improve mobility and responsiveness during the scientific research activities [2].

Core Viewpoint - Great Wall Motors (601633.SH) reported a significant increase in new car sales for October 2025, with a total of 143,078 vehicles sold, representing a year-on-year growth of 22.50% [1] Sales Performance - Haval brand sold 88,235 vehicles in October, showing a year-on-year increase of 21.41% [1] - Wey brand achieved sales of 12,699 vehicles, marking a substantial year-on-year growth of 95.79% [1] - Tank brand recorded sales of 22,306 vehicles, with a year-on-year increase of 16.64% [1] - Ora brand sold 5,648 vehicles, reflecting a modest year-on-year growth of 1.58% [1] - Great Wall Pickup sold 14,088 vehicles, with a year-on-year increase of 9.31% [1] Year-to-Date Performance - For the period from January to October, Great Wall Motors sold a total of 1,066,436 vehicles, which represents a year-on-year growth of 9.87% [1]