Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Great Wall Motors, with current prices at 20.69 CNY and 13.25 HKD respectively [5]. Core Insights - The company's revenue for 2025 is projected to increase by 10.2% year-on-year to 222.79 billion CNY, while the net profit attributable to shareholders is expected to decline by 21.7% to 9.91 billion CNY [1]. - The high-end strategy is showing results, with total vehicle sales increasing by 7.3% year-on-year to 1.324 million units, and new energy vehicle sales rising by 25.4% to 404,000 units, achieving a penetration rate of 30.5% [2]. - The company is advancing its globalization efforts, with overseas sales expected to grow by 11.7% year-on-year to 506,000 units, accounting for 38.2% of total sales [3]. Summary by Sections Financial Performance - In Q4 2025, the company's revenue increased by 15.5% year-on-year to 69.21 billion CNY, but net profit fell by 43.5% year-on-year to 1.28 billion CNY [1]. - The estimated earnings per share (EPS) for 2025 is projected at 1.16 CNY, with a net profit margin of 4.4% [4][13]. Sales and Market Strategy - The company’s average selling price (ASP) for vehicles increased by 2.7% year-on-year to 168,300 CNY, indicating a successful high-end positioning strategy [2]. - The Tank brand is expanding its user base with new models, while the Wey brand is focusing on a dual flagship strategy to enhance its premium image [2]. Global Expansion - The launch of the "Guiyuan" platform, which supports multiple powertrain types, is expected to facilitate new model introductions and enhance profitability [3]. - The establishment of a factory in Brazil is anticipated to boost sales in Latin America, contributing to the company's global growth strategy [3].

Investment Highlights - The article emphasizes a positive outlook for the passenger car sector, anticipating a recovery in demand in Q1 2026 due to the implementation of industry subsidy policies [3][8] - For the entire year, the focus is on domestic companies that are resilient to policy fluctuations and those with strong export capabilities, recommending companies like JAC Motors and Geely [3][8] Commercial Vehicle Insights - In 2025, the wholesale volume of heavy trucks reached 1.144 million units, a year-on-year increase of 26.8%, with domestic sales at 799,000 units, up 32.8% [4][26] - The article forecasts that heavy truck domestic sales in 2026 could reach 800,000 to 850,000 units, a 3% increase year-on-year, and continues to recommend leading companies in the sector [4][26] Bus Sector Update - The article notes that the 2026 vehicle replacement policy exceeded expectations, with a projected bus sales volume of 40,000 units in 2026, reflecting a 40% year-on-year increase [5][25] - It highlights the importance of focusing on leading bus manufacturers such as Yutong and King Long [5][25] Motorcycle Market Outlook - The motorcycle industry is expected to see total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles projected to reach 1.26 million units, up 31% [5][23] - The article recommends leading motorcycle manufacturers like Chunfeng Power and Longxin General [5][23] Performance Metrics - The article provides insights into the performance of various vehicle segments, noting that the passenger car index decreased by 4.8% this week, while the commercial vehicle index increased by 2.2% [12][18] - Key individual stock performances are highlighted, with NIO showing a 3.2% increase and Seres experiencing an 11.8% decline [12][18]

Group 1 - The automotive stocks have faced significant declines, with Xpeng Motors down 9.21%, NIO down 6.47%, and BYD down 4.86% as of the report date [1] - A report from Kaiyuan Securities indicates that the domestic passenger car market is expected to remain flat year-on-year but will see a month-on-month decline in January 2026, with new energy vehicle sales under pressure and penetration rate dropping to approximately 44.4% [1] - The market is experiencing structural differentiation, with brands like AITO and Xiaomi achieving high growth through popular models, while pure electric brands like BYD are facing sales pressure [1] Group 2 - January is projected to be the last complete sales month before the Spring Festival, with retail sales expected to reach 1.8 million units, showing a year-on-year stability but a significant month-on-month decline [2] - The first week of January saw weak market performance with an average daily retail of 30,000 units, while the second week showed slight recovery with 50,000 units [2] - By the fourth week of January, retail sales are expected to peak at 120,000 units per day, driven by the implementation of subsidy policies and increased pre-holiday purchasing demand [2]

| | | （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。 可转债转股情况：2026年1月1日至2026年1月31日期间，共有6,000元"长汽转 债"已转换成公司股票，转股数为153股。自2021年12月17日至2026年1月31日， 累计共有4,953,000元"长汽转债"已转换为公司股票，累计转股数为129,880 股，占可转债转股前公司已发行股份总额的0.0014%。 未转股 可转债情 况：截至2026 年 1月31日，尚 未转股的 可转债金额 为 3,495,046,000元，占可转债发行总量的99.8585%。 2023年股票期权激励计划首次授予期权行权结果：2023年股票期权激励计划首 次授予第一个行权期可行权股票期权数量为18,948,783股，行权方式为自主行 权，行权期为2025年5月12日至2026年1月25日。2026年1月行权0股 ...

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：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 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 於可轉換公司 券 股及2023年股 期權激勵計劃自主行 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 李紅栓 中國河北省保定市，2026 年 2 月2 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。 职工董事：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、 輝先生及鄒兆麟先生。 * 僅供識別 | 证券代码：60163 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "neutral" rating on Great Wall Motors (601633)(02333) due to the belief that its strong model projects and moderate profit growth are reasonably reflected in its valuation, with a target price set at HKD 18 [1] Group 2 - Great Wall Motors reported preliminary revenue for 2025, showing a year-on-year increase of 10% to RMB 222.8 billion, while preliminary net profit decreased by 22% to RMB 9.9 billion [1] - The preliminary net profit, excluding one-time items, was RMB 6.2 billion, representing a year-on-year decline of 36% [1] - For the fourth quarter, preliminary revenue is estimated to have increased by 15% year-on-year, or 13% quarter-on-quarter, reaching RMB 69.2 billion, with sales volume up by 5% year-on-year and 13% quarter-on-quarter [1] - The preliminary net profit for the fourth quarter decreased by 44% year-on-year and quarter-on-quarter to RMB 1.3 billion, which is below the bank's forecast of RMB 4.4 billion [1] - Excluding one-time items, the fourth quarter preliminary net profit was RMB 683 million, down 50% year-on-year and 64% quarter-on-quarter, primarily impacted by year-end bonus recognition [1] Group 3 - Management indicated that the company only received tax refunds related to sales from the first to third quarters of 2025, with fourth-quarter refunds yet to be received [2] - The decline in net profit for 2025 is attributed to the expansion of the direct sales network, resulting in an incremental cost of RMB 1.7 billion, with the WEY brand channel reaching 421 stores, including 132 new stores that require approximately six months of ramp-up time and involve significant upfront costs [2] - Increased R&D and marketing expenditures for new models are projected to rise by RMB 1 billion in 2025, including investments in the WEY high mountain, the revamped Tank 500, and the Tank 400Z [2]

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "neutral" rating on Great Wall Motors (02333) due to strong model projects and moderate profit growth being reasonably reflected in the valuation, with a target price of HKD 18 [1] Group 2 - Great Wall Motors reported preliminary revenue for 2025, showing a year-on-year increase of 10% to RMB 222.8 billion, while preliminary net profit decreased by 22% to RMB 9.9 billion [1] - The preliminary net profit, excluding one-time items, was RMB 6.2 billion, representing a year-on-year decline of 36% [1] - For the fourth quarter, preliminary revenue is estimated to have increased by 15% year-on-year, or 13% quarter-on-quarter, reaching RMB 69.2 billion, with sales growth of 5% year-on-year and 13% quarter-on-quarter [1] - The preliminary net profit for the fourth quarter decreased by 44% year-on-year and quarter-on-quarter to RMB 1.3 billion, which is below the forecast of RMB 4.4 billion [1] - Excluding one-time items, the fourth quarter preliminary net profit was RMB 683 million, down 50% year-on-year and 64% quarter-on-quarter, primarily impacted by year-end bonus recognition [1] Group 3 - Management indicated that the company only received tax refunds related to sales in the first to third quarters of 2025, with fourth-quarter refunds yet to be received [2] - The decline in net profit for 2025 is attributed to an increase in expenses of RMB 1.7 billion due to the expansion of the direct sales network [2] - The WEY brand channel has reached 421 stores, including 132 new stores, which require approximately six months of ramp-up time and involve significant upfront costs [2] - Higher R&D and marketing expenditures for new models are projected to increase by RMB 1 billion in 2025, including investments in WEY high mountain, the revamped Tank 500, and Tank 400Z [2]

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: 2026年1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 | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601633 | 說明 | 無 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,239,096,087 | RMB | | 1 RMB | | 6,239,096,087 | | 增加 / 減少 (-) | | | 153 | | | RMB | | 153 | | 本月底結存 | | | 6,239,096,240 | RMB | | 1 RMB | | 6,239,096,240 | 本月底法定/註冊股本總額： RMB 8,557,872,240 第 1 頁 共 11 頁 v 1 ...

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: 2026年1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: 2026年2月2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 ...

Core Viewpoint - In 2025, the Chinese automotive market faced intense competition in the new energy sector and subsidy reductions, leading to significant industry pressure. However, the company achieved remarkable results through a focus on high-quality development, marked by three breakthroughs: brand enhancement, new energy advancement, and accelerated overseas expansion [1][2]. Group 1: Financial Performance - The company reported a record revenue of 222.79 billion yuan in 2025, a year-on-year increase of 10.19%, demonstrating robust operational resilience amid a challenging market environment [2]. - Total vehicle sales reached 1.32 million units in 2025, marking a historical high with a year-on-year growth of 7.33%. Sales of new energy vehicles surged to 403,653 units, up 25.44% [2]. - The overseas market also showed strong performance, with sales of 506,066 units, a year-on-year increase of 11.68%, and a monthly sales record of 57,400 units in December, reflecting a 39.05% increase [2]. Group 2: Brand Development - The company made significant strides in brand enhancement, with the WEY brand achieving a remarkable sales increase of 86.29% to 101,954 units in 2025, and a monthly sales growth of 46.45% in December [3]. - The average vehicle price reached 201,300 yuan in 2025, an increase of 11,700 yuan from 2024, indicating a shift towards high-quality development driven by brand and technology [3]. - The company’s products, including the Tank 300 and Tank 500, maintained leadership positions in their respective segments, with the Tank 300 becoming the first Chinese off-road vehicle to reach 500,000 sales [4]. Group 3: Research and Development - The company emphasizes long-term value through substantial R&D investment, with a team of 23,000 engineers and a patent publication count of 7,992 in 2025, leading among Chinese independent automakers [5]. - Key technological advancements include the proprietary 4.0T V8 engine and the Hi4 intelligent four-wheel drive technology, which won a top award from the China Society of Automotive Engineers [6]. - The launch of the "Guiyuan" AI-powered automotive platform, compatible with multiple powertrain types, and the VLA advanced driving model for the WEY brand, showcases the company's commitment to innovation [6]. Group 4: Global Expansion - The completion of the Brazilian factory in August 2025 marks a significant step in the company's global strategy, producing high-end models and enhancing its international presence [7]. - The "ONE GWM" brand strategy aims to establish a comprehensive overseas operational framework, with over 1,500 sales channels globally, further solidifying the company's influence in the international automotive market [7]. - The company's overall performance in 2025 validates its high-quality development strategy, demonstrating both short-term operational resilience and long-term growth potential through R&D and global expansion [7].