股份代號：02333（港幣櫃檯）及 82333（人民幣櫃檯） 董 事 會 會 議 通 知 長城汽車股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於2026年3月27日（星期五）於中國河北省保定市蓮池區朝陽南大街2266號舉行， 藉以審議及 批准（其中包括）本公司及其子公司截至2025年12月31日止年度的經審計的年度業績（以《中 國企業會計準則》編製）及考慮派發股息（如有）。 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） 執行董事：魏建軍先生、趙國慶先生及李紅栓女士。 職工董事：盧彩娟女士。 非執行董事：何平先生。 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 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2026年3月12日 於本公告日期，董 ...

Core Viewpoint - Great Wall Motors (02333.HK) announced that its board meeting will be held on March 27, 2026, to review and approve the audited annual performance for the year ending December 31, 2025, and to consider the distribution of dividends, if any [1] Group 1 - The board meeting will take place in Baoding, Hebei Province, China [1] - The financial results will be prepared in accordance with the Chinese Accounting Standards [1] - The meeting will also address the potential distribution of dividends [1]

Core Viewpoint - Great Wall Motors (02333.HK) announced that its board meeting will be held on March 27, 2026, in Baoding, Hebei Province, China, to review and approve the audited annual performance for the year ending December 31, 2025, and to consider the distribution of dividends, if any [1]. Group 1 - The board meeting is scheduled for March 27, 2026 [1] - The meeting will take place in Baoding, Hebei Province, China [1] - The agenda includes reviewing the audited annual performance for the year ending December 31, 2025 [1]

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 。 ，2026年3月12日 於本公告日期，董事會成員如：下 執行董事：魏建軍先生、趙國慶先生及李紅栓女士。 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：02333（港幣櫃檯）及 82333（人民幣櫃檯） 董 事 會 會 議 通 知 長城汽車股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於2026年3月27日（星期五）於中國河北省保定市蓮池區朝陽南大街2266號舉行， 藉以審議及 批准（其中包括）本公司及其子公司截至2025年12月31日止年度的經審計的年度業績（以《中 國企業會計準則》編製）及考慮派發股息（如有）。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 職工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 ...

Core Viewpoint - Chang'an Automobile's total sales in February reached 73,000 units, representing a year-on-year decline of 6.8% and a month-on-month decline of 19.6% [1] Group 1: Sales Performance - The overseas sales in February amounted to 42,675 units, showing a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, accounting for 58.8% of total sales [1] Group 2: Strategic Initiatives - The company is accelerating its global expansion and is committed to transitioning to new energy, actively pursuing innovation and transformation, which is expected to drive both sales and performance growth [1] - In the short to medium term, the combination of accelerated overseas expansion, the domestic shift towards new energy, and an increase in the proportion of high-value models like the Tank is likely to boost sales and performance [1] Group 3: Long-term Outlook - The company's four strategic expansion initiatives are expected to open up long-term growth potential for sales, while the shift towards smart technology is set to enhance profitability across the entire industry chain [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 9.91 billion, 14.20 billion, and 17.40 billion yuan respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X, and Hong Kong stock P/E ratios of 9.9X, 6.9X, and 5.6X [1] - The investment rating is maintained at "Buy" [1]

Core Viewpoint - The report from Changjiang Securities indicates that Great Wall Motors experienced a total sales volume of 73,000 units in February, reflecting a year-on-year decline of 6.8% and a month-on-month decline of 19.6% [1] Group 1: Sales Performance - In February, the overseas sales reached 42,675 units, marking a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [1] Group 2: Strategic Initiatives - The company is accelerating its global expansion and is committed to transitioning towards new energy vehicles, actively pursuing innovation and transformation, which is expected to drive both sales and performance growth [1] - In the short to medium term, the combination of accelerated overseas expansion and the domestic shift towards new energy vehicles, along with an increase in the proportion of high-value models like the Tank, is anticipated to boost the company's sales and performance [1] Group 3: Long-term Outlook - In the long term, the company's four strategic expansion initiatives are expected to open up long-term growth potential for sales, while the shift towards intelligent transformation is set to enhance profitability across the entire industry chain [1] - The projected net profit attributable to the parent company for 2025-2027 is estimated to be 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X, and Hong Kong stock P/E ratios of 9.9X, 6.9X, and 5.6X [1] - The report maintains a "buy" rating for the company [1]

Group 1 - The core theme of the event was "standing the flag," symbolizing the establishment of a benchmark for the brand, inspired by the flagpole in front of the Governor's Office [1] - The chairman of Great Wall Motors, Wei Jianjun, highlighted key milestones in his entrepreneurial journey, including naming the brand after his surname and integrating traditional Chinese cultural elements into the design [1] - The V9X model is built on Great Wall Motors' self-developed "Guiyuan S platform," incorporating various proprietary technologies such as a 2.0T engine and a Hi4 hybrid architecture [1] Group 2 - Great Wall Motors has invested over 500 million yuan in automotive safety collision laboratories and has established over 100 specialized laboratories [1] - The company plans to launch a second aerodynamic acoustic wind tunnel laboratory and a comprehensive vehicle testing ground that integrates traditional performance with intelligent networking by the end of July [1] - The launch of the V9X aims to challenge the industry's bias against "luxury car origins," showcasing the intent of Chinese automotive brands to compete in the global luxury car market through cultural integration and self-research [2]

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [5]. Core Views - In February 2026, Great Wall Motors sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Export sales accounted for 58.8% of total sales, with 43,000 vehicles exported. New energy vehicle sales reached 13,000 units, representing 21.0% of total sales [1][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [1][9]. Summary by Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, a slight year-on-year increase of 2.6%. New energy vehicle sales totaled 31,000 units, a year-on-year decrease of 17.7% [9]. - In February, the breakdown of sales by brand included Haval at 94,173 units (+2.5% YoY), Tank at 24,541 units (-0.3% YoY), WEY at 13,488 units (+55.9% YoY), Ora at 3,320 units (-18.8% YoY), and Great Wall pickups at 27,361 units (-7.5% YoY) [9]. Global Expansion - In February, Great Wall achieved overseas sales of 42,675 units, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%. The overseas sales accounted for 58.8% of total sales, marking an increase of 18.9 percentage points year-on-year [9]. - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,400 overseas sales channels [9]. Strategic Initiatives - Great Wall is focusing on product, channel, and supply chain adjustments domestically, emphasizing the new energy transition and launching multiple new models across its brands [9]. - The company is investing in smart technology, enhancing its capabilities in data, algorithms, and computing power, which are expected to strengthen its competitive position in the smart vehicle market [9]. Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 17.4X, 12.2X, and 9.9X [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In February 2026, the company sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Among these, export sales reached 43,000 vehicles, accounting for 58.8% of total sales. New energy vehicle sales were 13,000 units, representing 21.0% of total sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities for sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][10] Summary by Relevant Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, showing a slight year-on-year increase. In February alone, total sales were 73,000 vehicles, with new energy vehicle sales at 13,000 units, down 15.7% year-on-year [10] - The company’s brands showed varied performance: Haval brand sold 94,173 vehicles (+2.5% YoY), Tank brand 24,541 vehicles (-0.3% YoY), WEY brand 13,488 vehicles (+55.9% YoY), Ora brand 3,320 vehicles (-18.8% YoY), and pickup trucks 27,361 vehicles (-7.5% YoY) [10] Global Expansion - In February, the company achieved overseas sales of 42,675 vehicles, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [10] - The company’s "ONE GWM" strategy is accelerating its international presence, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [10] Future Outlook - The company is focusing on product, channel, and supply chain adjustments domestically, with a strong emphasis on new energy vehicle development. The introduction of multiple new models across various brands is expected to contribute significantly to future sales growth [10] - The company is enhancing its technological capabilities in the smart vehicle sector, focusing on data, algorithms, and computing power to strengthen its competitive edge [10] - Profit forecasts for the company indicate net profits of 99.1 billion, 142.0 billion, and 174.0 billion yuan for 2025, 2026, and 2027 respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X [10]

Core Viewpoint - The article emphasizes the significant growth and transformation of the mobile internet landscape in China by 2025, driven by advancements in AI technology and changing user demographics, leading to new competitive dynamics among major internet companies. Group 1: Mobile Internet Growth - By December 2025, the monthly active user (MAU) count for mobile internet reached 1.276 billion, with average daily usage time increasing to 7.96 hours, reflecting a year-on-year growth of 6% [4][18] - The user engagement metrics, including daily usage frequency of 112.9 times, also saw a year-on-year increase of 2.1% [4][18] - The growth is attributed to improved user quality, with 73.3% of users coming from tier-three cities and above, and significant increases in specific sectors like AIGC and audiobooks, which saw usage time growth of 176.7% and 64.4% respectively [4][5] Group 2: User Demographics and Spending Power - The user base is segmented into three age groups: 21.2% under 24 years, 51% between 25 to 50 years, and 27.8% over 51 years, indicating a strong consumer potential among the 25 to 50 age group [5] - The proportion of users with a spending capacity of over 1,000 yuan reached 72.4%, while those in the mid-to-high price segment (over 2,000 yuan) accounted for 70.2% [5] - The aging population trend is leading to an increase in the "silver economy," with older users becoming a significant consumer group [5] Group 3: Competitive Landscape - The competition among major internet companies has intensified, with Tencent, Douyin, and Alibaba leading the user base, each exceeding 1.2 billion MAUs [7][27] - Tencent remains the largest player with 1.275 billion users, while Douyin and Alibaba are rapidly closing the gap with growth rates of 11.9% and 3.7% respectively [7] - The competition has shifted from merely acquiring users to leveraging AI technologies for deeper user engagement and ecosystem development [27][30] Group 4: AI Integration and Application - By December 2025, the overall scale of AI on mobile platforms reached 722 million, with AI-native apps showing a significant increase in user engagement, averaging 143.2 minutes per user [6][30] - AI applications are increasingly replacing traditional apps, with user time on AI-native apps growing by 22.3% from January to December 2025 [6] - Major companies are investing heavily in AI-native applications, with the top 50 AI apps dominated by Alibaba, Baidu, Douyin, and Tencent, which collectively account for 64% of the user base [6][30] Group 5: Marketing and Advertising Trends - The internet advertising market in China reached 793.08 billion yuan in 2025, growing by 4.6% year-on-year, driven by AI marketing and emotional marketing strategies [50] - The advertising strategies are evolving, with a focus on emotional and experiential marketing, particularly in sectors like tourism and lifestyle [50][61] - The integration of online and offline marketing channels is becoming increasingly important, with brands leveraging local consumption scenarios to enhance engagement [75][79]