長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED * 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 。 （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8月產銷快報 本公告乃由長城汽車股份有限公司（「本公司」）自願刊發。 本公司董事會謹此宣佈，本公司於2025年8月產銷量詳細如下(單位:台)： | 車型 | | | 銷量 | | | | | | 產量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

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8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9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 | | ...

Core Viewpoint - The Chinese automotive market is experiencing a "price war," leading to an average profit margin of less than 5%, the lowest in recent years. However, Great Wall Motors is entering a new cycle of high-quality growth, as evidenced by its strong financial performance in Q2 2025 [1][12]. Financial Performance - In Q2 2025, Great Wall Motors reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72% and a quarter-on-quarter increase of 30.73%, marking the best Q2 revenue in history [1]. - The net profit for the same period reached 4.586 billion yuan, up 19.42% year-on-year and a staggering 161.87% quarter-on-quarter, also the best Q2 performance historically [1]. Sales Growth - Great Wall Motors achieved cumulative sales of 312,000 vehicles in Q2 2025, representing a year-on-year increase of 11.63% and a quarter-on-quarter increase of 21.51%, the best Q2 sales performance ever [2]. - Sales of new energy vehicles reached 97,900 units, up 38.69% year-on-year and 56.46% quarter-on-quarter [2]. Product Strategy - The growth in profit is attributed to a deep optimization of product structure, with an increasing proportion of high-end models contributing to higher vehicle value [3]. - The high-end brand Wey has seen sales exceed 40,000 units from January to July 2025, with the new flagship model, Wey's "Gao Shan," achieving significant sales [3]. Market Positioning - Great Wall Motors is a pioneer in the off-road vehicle market in China, with its Tank brand leading in this segment. The Tank 300, a popular model, has been upgraded to meet diverse customer needs [5]. - The company emphasizes "quality market share" over merely increasing sales through lower prices, focusing on technology and product value [8]. Global Expansion - Great Wall Motors is expanding its high-value models into overseas markets, with several models launched in countries like Thailand, Australia, and Mexico, adopting a "localization" strategy [6]. - The establishment of a factory in Brazil serves as a strategic hub for the Latin American market, enhancing local service capabilities [6]. R&D and Innovation - The company has invested over 10 billion yuan in R&D for three consecutive years, with a team of 23,000 and nearly 50,000 patent applications [9]. - Great Wall Motors leads in the number of patents in the intelligent cockpit field and has made significant advancements in electric and intelligent technologies [9][10]. Future Outlook - The company plans to launch multiple new products in the second half of 2025, including entries into the motorcycle and heavy truck markets, further broadening its business scope [11]. - Great Wall Motors is transitioning from "scale growth" to "value growth," driven by a long-term strategy focused on value creation [12].

Core Viewpoint - The article highlights that Great Wall Motors is entering a new cycle of high-quality growth despite the ongoing price war in the Chinese automotive market, which has seen average profit margins drop below 5% [1][17]. Financial Performance - In Q2 2025, Great Wall Motors reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72% and a quarter-on-quarter increase of 30.73%, marking the best Q2 revenue in its history [1]. - The net profit for the same period reached 4.586 billion yuan, up 19.42% year-on-year and a staggering 161.87% quarter-on-quarter, also the best Q2 performance historically [1]. Sales Growth - Great Wall Motors sold 312,000 vehicles in Q2 2025, representing an 11.63% year-on-year increase and a 21.51% quarter-on-quarter increase, achieving the best Q2 sales performance [3]. - The sales of new energy vehicles reached 97,900 units, showing a year-on-year growth of 38.69% and a quarter-on-quarter growth of 56.46% [3]. Product Strategy - The company has focused on high-value models, with the average vehicle price rising to 170,500 yuan in the first half of 2025, a 2.9% increase year-on-year [1]. - Great Wall Motors has launched multiple new models in 2025, contributing to sales growth, including the second-generation Haval Xiaolong MAX and various new energy models [3]. Brand Positioning - Great Wall Motors has seen an increase in the sales proportion of high-end models, with its premium brand Wey achieving over 10,000 units sold for two consecutive months [4]. - The Tank brand remains a leader in the off-road vehicle market, with the Tank 300 being particularly popular [6]. International Expansion - The company is pursuing a "high-quality overseas expansion" strategy, launching several high-value models in international markets, including the Tank 300 and Tank 500 in various countries [7]. - Great Wall Motors has established a manufacturing facility in Brazil to serve the Latin American market, enhancing local service capabilities [7]. Long-term Strategy - The company emphasizes "quality market share" over volume-driven sales, focusing on technology and product value to balance sales and profits [9]. - Great Wall Motors has invested over 10 billion yuan in R&D for three consecutive years, with a patent portfolio of nearly 50,000 applications [11]. Technological Advancements - The Hi4 technology system has been fully developed, covering various vehicle scenarios and enhancing performance and safety [13]. - The new generation of intelligent driving systems, Coffee Pilot Ultra, offers comprehensive driving assistance across multiple scenarios [14]. Future Outlook - Great Wall Motors plans to launch several new products in the second half of 2025 and is expanding into motorcycle and heavy truck markets [15]. - The company is transitioning from "scale growth" to "value growth," driven by its long-term strategic focus [17].

长城汽车股份有限公司将免费为召回范围内的车辆更换存在问题的动力电池模组，以消除安全隐患。 据悉，本次召回范围内的车辆，因动力电池生产过程问题，可能造成部分电芯正负极片偏移，引发电芯 过度自放电，极端情况下导致动力电池过热，存在安全隐患。 9月1日，南都N视频记者从国家市场监督管理总局获悉，长城汽车（601633）股份有限公司日前决定， 自8月29日起，召回2021年7月2日至2022年4月30日期间生产的部分欧拉黑猫纯电动汽车，共计53辆；召 回2021年7月19日至2021年12月27日期间生产的部分欧拉白猫纯电动汽车，共计14辆。 本次召回范围内的车型。 ...

Group 1: Overview of the Chengdu Auto Show - The Chengdu International Auto Show, held on August 29, is a significant event for the automotive industry, serving as a mid-year "health check" for the market and a platform for companies to present their strategies for the second half of the year [2] - This year's theme, "Leading the Trend, Moving Towards the New," features nearly 120 brands and covers an area of 220,000 square meters, highlighting the technological advancements and market transformations within the Chinese automotive industry [2] Group 2: Domestic Brands' Performance - Domestic brands showcased a strong presence, indicating their transition from followers to rule-makers in the industry, with Chery Group presenting five brands and BYD attracting significant attention with its innovative technology displays [3][4] - The exhibition strategies of car manufacturers have shifted from quantity to precision, focusing on regional consumer characteristics [3] Group 3: Technological Innovations - The integration of the HarmonyOS system into vehicles signifies a shift in competition from hardware to ecosystem building, with Great Wall Motors showcasing a wide range of products and technologies [4] - The introduction of sodium-ion batteries by CATL demonstrates China's leadership in core technologies for new energy vehicles, addressing low-temperature performance issues and reducing reliance on lithium resources [10][11] Group 4: Changes in High-End Market - The absence of traditional high-end brands like Porsche and Bentley at the show reflects a structural adjustment in the high-end car market, with traditional luxury car sales declining by 5%-7% and imported cars dropping by 32% [6] - The market share of joint venture brands has decreased to 29.9%, while domestic brands have increased their share to 68.6%, growing by 6.1% [7] Group 5: Future Trends and Market Dynamics - The Chengdu Auto Show serves as a catalyst for regional industrial upgrades, with the exhibition of new energy vehicles and smart technologies accelerating market recognition and consumer understanding [13] - The event highlights the dual interaction between domestic brands expanding internationally and foreign brands adapting locally, reshaping the global automotive industry landscape [12]

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2] Core Views - The company has achieved a revenue of 92.33 billion yuan in the first half of 2025, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.2% to 6.34 billion yuan [7] - The gross margin has slightly declined, and the expense ratio has increased, with a gross margin of 18.38%, down by 1.56 percentage points year-on-year [7] - The company has established a comprehensive production layout both domestically and internationally, with a total sales volume of 568,852 vehicles in the first half of 2025, a year-on-year increase of 2.52%, including 160,435 new energy vehicles, which grew by 23.64% year-on-year [7] - The company is expected to achieve net profits of 14.62 billion, 17.53 billion, and 21.47 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 15.1, 12.6, and 10.3 respectively, maintaining the "Accumulate" rating [7] Financial Performance - Revenue forecast for 2023A to 2027E shows a growth from 173.21 billion yuan in 2023 to 331.06 billion yuan in 2027, with a revenue growth rate of 26.1% in 2023, gradually decreasing to 18.6% in 2027 [6] - The net profit forecast indicates a recovery from a decline of 15.1% in 2023 to a growth of 22.5% by 2027 [6] - The earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 2.51 yuan in 2027 [6] Production and Sales - The company has 10 fully integrated vehicle production bases in China and has established three fully integrated vehicle production bases in Thailand and Brazil, along with several KD factories in Ecuador, Malaysia, and Pakistan [7] - The company is focusing on the smart new energy vehicle segment, enhancing its market influence [7]

Group 1 - In the second half of this year, Ora will launch two significant new products aimed at the global market, focusing on smart technology and comfort while maintaining classic design elements [1] - The two new models are the result of three years of development and an investment of 1 billion yuan, with the potential to reshape the competitive landscape of the pure electric vehicle market [1] - Ora, as the only BEV brand under Great Wall Motors, is pivotal for the company's transition to new energy vehicles, shifting from a niche focus on female consumers to a mainstream electric vehicle market strategy [1][3] Group 2 - At the 2025 Chengdu International Auto Show, the "user co-creation culture" was highlighted, showcasing user-generated designs that reflect the brand's dynamic interaction with its customers [2] - Since its establishment seven years ago, Ora has expanded to over 50 countries and regions, gaining more than 520,000 users and supporting 7 billion kilometers of urban travel [2] - The brand aims to resonate with a diverse user base that values lifestyle and individuality, positioning itself as a differentiated player in the competitive new energy vehicle market [2] Group 3 - In June, Ora launched the 2025 models of the Ora Good Cat and the Good Cat GT Mulan Edition, targeting the mainstream market after a two-year hiatus from new model releases [3] - Great Wall Motors has high expectations for Ora, focusing on increasing sales of mainstream models and expanding into overseas markets [3] - The effectiveness of Ora's new brand and marketing strategies in navigating the competitive landscape of the new energy vehicle market remains to be seen [3]

Core Insights - The off-road vehicle market is gaining attention at the 2025 Chengdu International Auto Show, with several automakers showcasing their latest products [1] - Haval's Haval Dog PLUS has a pre-sale price range of 135,800 to 183,800 yuan, targeting the family-oriented mid-size SUV segment [1] - The Haval Dog PLUS features upgrades in six areas, including aesthetics, performance, and safety, with options for both fuel and PHEV powertrains [1][2] Product Features - The Haval Dog PLUS adopts a robust design inspired by armor aesthetics and offers two powertrain options: a fuel version with advanced four-wheel drive and a PHEV version utilizing second-generation Hi4 technology [1][2] - The vehicle is equipped with a high-strength steel body (74.2%) and advanced safety features, including an L2-level driver assistance system and 360° panoramic imaging [2] - The interior includes a new generation Coffee OS smart system, flexible storage solutions, and a spacious trunk, catering to both urban commuting and light off-road needs [2] Market Positioning - Haval's Hi4 technology aims to make four-wheel drive vehicles more accessible, targeting the mid-size SUV market priced around 150,000 yuan, breaking the traditional high-cost barrier [3] - The Hi4 technology enhances the vehicle's all-terrain capabilities, addressing consumer demands for safety and versatility in driving [3] - Haval's strategy focuses on providing a high cost-performance ratio, promoting the idea of "four-wheel drive experience at two-wheel drive prices" [3]

Core Viewpoint - The Great Wall Motors has officially launched the pre-sale of its new "V6 Cannon" pickup truck at the Chengdu Auto Show, with a starting price of 229,800 yuan, along with exclusive pre-sale benefits [1] Group 1: Product Features - The V6 Cannon is built on the intelligent professional off-road tank platform, featuring three unique advantages: short wheelbase, lightweight design, and powerful engine [3] - It is equipped with a 3.0T V6 engine that delivers a maximum net power of 260 kW and peak torque of 500 N·m, achieving 0-100 km/h acceleration in approximately 6 seconds [5] - The vehicle has a short wheelbase of 2745 mm and a total weight of only 2285 kg, enhancing its off-road capabilities [7] Group 2: Performance and Technology - The V6 Cannon features an upgraded BorgWarner high-performance four-wheel drive system, with a torque capacity increased to 3300 N·m and a low gear ratio improved from 2.48 to 2.64, enhancing its off-road performance [9] - It includes a self-developed 9AT transmission with over 97% efficiency and a maximum torque capacity of 750 N·m, providing smoother gear shifts and greater torque handling [5] - The vehicle is equipped with various off-road driving modes, including a mode for expert off-road driving that allows for the deactivation of electronic aids, catering to enthusiasts seeking a pure mechanical driving experience [9] Group 3: Customization and Market Positioning - The V6 Cannon supports factory customization, ensuring compliance and ease of registration, inspection, and after-sales service [11] - It is positioned as a new option in the hardcore off-road market, allowing more ordinary consumers to pursue off-road adventures [11]