格隆汇10月1日｜长城汽车：9月汽车销量133639辆，新能源汽车销量45961辆。 ...

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 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10月1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 | | | | 2,318,776,000 | RMB ...

长城汽车：9月汽车销量133639辆，新能源汽车销量45961辆。 ...

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 ： 02 33 3（ 港 幣 櫃 台 ） 及 823 33（ 人 民 幣 櫃 台 ） 自願公告 2025年9月產銷快報 9月海外銷售50,269台，1-9月累計銷售334,181台。 9月新能源車銷售45,961台，1-9月累計銷售278,463台。 務請注意，上述產銷量數字未經審核，亦未經本公司審計師確認，或會予以調整並有待最終確認。本公司刊發財務業績後，股東及潛在投資者務必詳閱。 本公告乃承本公司董事會之命而刊發 ...

Core Insights - The interview with Wei Jianjun, Chairman of Great Wall Motors, reveals the company's strategy to navigate the challenges in the Chinese automotive market, emphasizing a shift from chaotic competition to value-based competition [5][23]. Group 1: Market Context - In 2025, the Chinese automotive market is experiencing an 8% year-on-year increase in passenger car sales, but industry profit margins have dropped to 5.1%, the lowest in five years, due to issues like excessive marketing and homogenized competition [1][5]. Group 2: Company Strategy - Wei Jianjun advocates for a long-term approach to overcome market challenges, encapsulated in the principle of "integrity and conscientious manufacturing," which serves as a guiding star against industry volatility [6][8]. - The company has committed over 10 billion yuan in R&D for three consecutive years, with a projected R&D investment ratio of 5.2% in 2024, positioning it among the leaders in domestic automotive R&D [8][9]. Group 3: R&D and Innovation - Great Wall Motors has established a robust R&D framework, including advanced facilities like the environmental wind tunnel and Asia's largest independent safety testing lab, reflecting its commitment to high-quality vehicle development [9][10]. - The company has a team of 23,000 engineers and has applied for nearly 50,000 patents, with over 30,000 granted, of which more than 40% are in the field of new energy [8][12]. Group 4: Global Expansion - Great Wall Motors has established three full-process bases in Thailand and Brazil, along with KD factories in Ecuador, and has over 1,400 overseas service channels, achieving cumulative overseas sales of over 2 million vehicles [10][12]. - The company's global strategy focuses on comprehensive output of technology, industry, and services, with overseas sales projected to reach 454,100 units in 2024, marking a 44.61% year-on-year increase [12][21]. Group 5: Value Principles - The company adheres to the "Four Not to" principles, which include respecting capital, valuing users, maintaining ethical standards, and protecting the industry ecosystem, aiming to reject short-term profit temptations [15][16]. - These principles are operationalized through a "user value audit" mechanism, ensuring that new vehicles meet rigorous real-world testing standards before market release [15][16]. Group 6: Strategic Framework - The "Four Modernizations Strategy" includes equal emphasis on fuel and electric vehicles, diversification of new energy sources, and strategic globalization, which are not isolated but interconnected approaches to enhance competitiveness [16][18]. - The company aims to ensure that fuel and electric vehicles meet the same quality standards, which has led to growth in a declining fuel vehicle market [18][20]. Group 7: Future Outlook - Wei Jianjun expresses optimism for the future of the automotive industry in China, suggesting that with perseverance, the country could emerge as a leading automotive power in 20 years [23].

Core Insights - Longhua Automobile plans to launch a supercar by the end of next year, showcasing its ambition to enter new market segments despite challenges in the automotive industry [1][7] - The company emphasizes value creation, integrity, and customer satisfaction as its core principles, which guide its operations and strategic decisions [1][4] Investment and R&D - Longhua has invested over 3 billion yuan in a state-of-the-art wind tunnel testing facility, which can simulate various environmental conditions, making it one of the few in the country [2][3] - The company has consistently invested over 10 billion yuan annually in R&D for the past three years, totaling over 50 billion yuan, and has established 11 core technology testing labs [3][8] - Longhua has completed over 600 million kilometers of vehicle validation, demonstrating its commitment to safety and quality [3][4] Safety and Quality Assurance - The company adheres to a strict quality control process, emphasizing safety as a top priority, with significant investments in crash testing and safety validation [4][9] - Longhua's recent crash tests showcased the effectiveness of its safety features, with high costs associated with the testing process, reflecting its dedication to protecting drivers [4][9] Strategic Vision - Longhua's strategic approach includes a "Four No's" principle, focusing on long-term value rather than short-term gains, and maintaining integrity in its operations [8][12] - The company aims for a global presence, with local production and job creation in international markets, such as achieving a 50% localization rate in Thailand and creating 2,000 jobs in Brazil [10][11] Market Performance - In Q2, Longhua reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72%, and a net profit of 4.586 billion yuan, reflecting a strong performance in a challenging market [9][10] - The company sold 312,000 vehicles in Q2, marking an 11.63% increase year-on-year, indicating robust demand and operational efficiency [9][10] Future Outlook - Longhua is preparing to launch its supercar after four to five years of development, supported by significant investments in technology and talent acquisition [7][8] - The company advocates for a balanced approach to energy sources, promoting a diverse range of vehicle technologies, including internal combustion, hybrid, and electric vehicles [11][12]

Core Insights - Great Wall Motors plans to unveil its supercar model by the end of 2026, a project that has been in development for four to five years under the direct supervision of Chairman Wei Jianjun [1][3] - The supercar's prototype has been completed, and the company is actively seeking suppliers with experience in ultra-luxury brands to assist in building its BG brand [3][5] - Wei Jianjun emphasizes a strategic focus on small electric vehicles for urban use, while advocating for hybrid models for larger vehicles, indicating a clear direction for the company's product lineup [3][4] Group 1 - The supercar project has been personally overseen by Chairman Wei Jianjun, with the prototype already completed [1] - Great Wall Motors is conducting a tender for suppliers to assist in the development of its ultra-luxury BG brand [3] - The company aims to create a true supercar, moving beyond just market survival [1] Group 2 - Wei Jianjun advocates for small electric vehicles as city cars, while promoting hybrid models for larger vehicles, reflecting a strategic product differentiation [3][4] - The Ora brand is expected to focus on A0 and A-level pure electric vehicles, aligning with the company's vision for electric mobility [4][5] - Great Wall Motors has set a "four modernization strategy" aimed at global expansion and product diversification, with a significant portion of sales coming from overseas markets [5]

Core Viewpoint - Great Wall Motors is transitioning its "Great Wall Smart Selection" stores nationwide to "Weipai New Energy Direct Stores," focusing solely on Weipai brand vehicles and withdrawing the Tank models from direct sales channels [1][4][7] Group 1: Company Strategy - The transition aims to establish Weipai as the only direct sales brand under Great Wall, enhancing its presence in the high-end market while addressing the challenges faced by traditional dealerships [1][4] - The new CEO of Weipai, Feng Fuzhi, indicated that the Tank models would return to dealerships, allowing Weipai to focus on direct sales, which is seen as a solution to connect with high-end users [4][9] - Great Wall's sales data shows a significant increase in new car sales, with 115,600 units sold in August, marking a 22.33% year-on-year growth, and Weipai's sales reaching 8,028 units, up 167.51% [1][9] Group 2: Market Dynamics - The dual sales model, combining direct sales and dealership sales, has led to conflicts of interest, as dealerships can offer lower prices through external financing incentives, impacting direct store sales [6][7] - Great Wall's strategy to balance the interests of direct stores and dealerships is crucial, as the latter has a long-standing relationship with the company, complicating the transition to a direct sales model [6][7] Group 3: Financial Performance - Great Wall's net profit for the first half of 2025 dropped significantly by 36.39% to 3.581 billion, attributed to increased expenses, particularly in expanding direct sales channels [9][12] - Despite a 2.52% increase in sales volume to 568,900 units, revenue growth was only 0.99%, indicating a decline in the profitability of high-end models [9][12] Group 4: Brand Development - Weipai is positioned as a key brand for Great Wall's high-end strategy, with plans to increase the number of direct stores from 430 to over 600 by the end of the year, aiming for a total of 1,000 stores [10][12] - The brand has faced challenges, including consumer price concerns and delays in product launches, which are common issues for new entrants in the high-end market [12][13] Group 5: Industry Trends - The recovery of the traditional fuel vehicle market is beneficial for Great Wall, with a reported 13.5% year-on-year increase in sales of traditional fuel passenger vehicles in August [13] - Great Wall's strategy to maintain a balance between fuel and electric vehicles allows for greater flexibility in adapting to market changes [13]

Core Viewpoint - The automotive industry is currently facing intense competition, leading to unhealthy practices that obscure the essence of car manufacturing and genuine user needs [1] Group 1: Company Values and Principles - Great Wall Motors emphasizes the importance of integrity and conscience, adhering to principles such as respecting capital without being controlled by it, valuing users without excessive marketing, and maintaining a bottom-line mindset [5][7] - The company aims to break away from follow-the-leader competition by promoting technological integration and a global strategy, thereby reshaping its value chain [7] Group 2: Technological Investment and Innovation - Great Wall Motors has invested over 10 billion in R&D for three consecutive years, with a projected R&D investment ratio of 5.2% in 2024, and has developed key technologies such as the 4.0T V8 engine and Coffee OS 3.0 [8][12] - The company has established advanced testing facilities, including China's first dedicated automotive wind tunnel, to ensure product safety and performance [9][11] Group 3: Safety and Compliance - Great Wall Motors prioritizes safety as a non-negotiable standard, achieving multiple five-star safety ratings from C-NCAP, EuroNCAP, and A-NCAP, and establishing a global safety compliance chain [11] Group 4: Global Market Strategy - The company has transitioned from a product export model to an "ecological overseas" model, focusing on R&D, production, supply, sales, and service [12] - Great Wall Motors is implementing a "four modernization strategy" to address diverse global market demands, including equal emphasis on fuel and electric power, and a comprehensive approach to energy sources [14][15] Group 5: Future Vision and Commitment - The company is committed to a global strategy, aiming to integrate into international markets and adapt to local policies while promoting its brand [17] - Great Wall Motors believes in the potential for China to evolve from a major automotive manufacturer to a strong automotive power, emphasizing the need for sustained effort and innovation [17]

Core Viewpoint - The Chinese automotive industry is entering a new phase of competition, emphasizing the need for companies to return to the essence of manufacturing and abandon the pursuit of short-term effects [1] Group 1: Long-term Strategy - Great Wall Motors has proposed a "Four Modernizations Strategy" focusing on "pan-internal combustion, diversified new energy, oil-electric equality, and strategic globalization" to combat short-term speculation with a long-term perspective [4] - This long-term approach is proactive, requiring managers to resist industry noise and continuously invest in core capabilities rather than passively following market trends [4] Group 2: Internal Combustion Engine Evolution - Great Wall Motors' "pan-internal combustion" strategy indicates that internal combustion engines still possess significant vitality in the low-carbon era, with traditional fuel vehicle sales in China reaching 902,000 units in August 2025, a year-on-year increase of 13.5% [6] - The company anticipates a long-term coexistence of oil and electricity, enhancing internal combustion engines through electric power assistance, thereby creating a comprehensive Hi4 hybrid technology ecosystem [6][8] Group 3: Intelligent Fuel Vehicles - Great Wall Motors challenges the notion that fuel vehicles cannot be intelligent, asserting that they have been developing smart cockpit and driving technologies since 2015 [10][12] - The company promotes "oil-electric equality," ensuring that users do not experience a disparity in intelligent features regardless of their choice between fuel and electric vehicles [12] Group 4: Globalization and Diverse Technology - The company emphasizes the necessity of a comprehensive technological approach to serve global markets, advocating for the development of oil, hybrid, pure electric, and hydrogen technologies [13][15] - Great Wall Motors has established a global production and marketing system, enabling it to leverage China's manufacturing advantages and adapt to regional market characteristics [15] Group 5: Long-termism Against Short-term Interests - The company adheres to principles that prioritize user satisfaction and sustainable practices over short-term gains, emphasizing the importance of maintaining industry integrity [16][17] - Great Wall Motors rejects the notion of automobiles as fast-moving consumer goods, highlighting the serious safety implications associated with vehicle manufacturing [17]