另外，12月海外销售57,418台，1-12月累计销售506,066台。12月新能源车销售38,922台，1-12月累计销 售403,653台。 智通财经APP讯，长城汽车(02333)发布公告，该公司于2025年12月销量约12.4万台，同比减少8.33%;产 量约11.68万台，同比减少16.38%。2025年前12个月销量约132.37万台，同比增长7.33%;产量约131.13万 台，同比增长5.71%。 ...

Group 1 - The core point of the article is that Great Wall Motors (601633)(02333) reported a decline in sales and production for December 2025 compared to the previous year, with sales down by 8.33% and production down by 16.38% [1] - In December 2025, the company sold approximately 124,000 vehicles, while the production was about 116,800 vehicles [1] - For the full year 2025, the total sales reached approximately 1.3237 million vehicles, reflecting a year-on-year growth of 7.33%, and the total production was around 1.3113 million vehicles, showing a growth of 5.71% [1] Group 2 - In December 2025, overseas sales amounted to 57,418 vehicles, with a total of 506,066 vehicles sold overseas for the entire year [1] - In December 2025, the sales of new energy vehicles were 38,922 units, contributing to a total of 403,653 new energy vehicles sold in the year [1]

Group 1 - The core point of the article is that Great Wall Motors announced a total vehicle sales forecast of 1,323,672 units for the year 2025, representing a year-on-year growth of 7.33% [1] - In December 2025, the sales of new energy vehicles reached 38,922 units [1] - Cumulatively, from January to December 2025, the total sales amounted to 403,653 units [1]

每经AI快讯，1月1日，长城汽车（601633）称，2025年全年汽车销量为132.4万辆，同比增长7.33%。 ...

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 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 12月新能源車銷售38,922台，1-12月累計銷售403,653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，各董事願對本公告所載資料之準確性承擔法律責任。 承董事會 命 2025年12月產銷 ...

Core Viewpoint - Great Wall Motors is actively seeking public input for naming its new technology platform, which aims to accommodate diverse global energy scenarios and vehicle types [1] Group 1: New Technology Platform - The new technology platform will include hybrid, plug-in hybrid, gasoline, diesel, pure electric, and hydrogen energy vehicles to meet global mobility needs [1] - The platform will support various vehicle types, including hatchbacks, sedans, SUVs, station wagons, and multi-functional vehicles [1] Group 2: Product Strategy - Great Wall Motors emphasizes the importance of providing safe and reliable products while also considering low ownership costs, including maintenance and repair expenses, as well as vehicle resale value [1] Group 3: Global Expansion - The company aims to not only export its technology but also to promote its culture as part of its international strategy [1]

长城汽车新平台征名信息发布后，网友回复的相关命名建议及创意解析超8400条，辰星、太初、万里、归元、山海、悟空、烽火、九鼎等命名，获得高关注 和互动。据了解，长城汽车新平台原生匹配多种动力，覆盖汽柴油、纯电、油电混动、插电式混动、氢能等，能够匹配全球不同场景、不同能源结构的全场 景用户需求。 北京商报讯（记者 刘晓梦）12月30日，长城汽车在保定技术中心开启了一场以《求教》为主题的特别直播。长城汽车董事长魏建军表示，长城汽车尊重用 户，践行与用户在一起的理念，把命名权交给用户，长城汽车新平台就是来源于用户真实场景，源于用户、服务全球。目前，长城汽车已从海量用户建议中 筛选出10个呼声最高的名称，正式开启全民票选。 ...

Core Viewpoint - The demand for plug-in hybrid vehicles (PHEVs) is declining in the domestic market but is surging in overseas markets, driven by global automotive industry transformation, changes in trade environments, and technological advancements by Chinese automakers [2][16]. Group 1: Market Performance - In November, PHEV exports reached 124,000 units, a month-on-month increase of 37.3% and a year-on-year increase of 400%, significantly outpacing pure electric vehicle (EV) growth [2]. - From January to November, PHEV exports totaled 842,000 units, a year-on-year increase of 240%, compared to less than 300,000 units for the entire previous year [2]. - In Shanghai, the export value of hybrid vehicles reached 25.72 billion yuan, a substantial increase of 174.8% [2]. Group 2: Charging Infrastructure Disparities - The development of charging infrastructure is uneven globally, creating a natural market space for PHEVs, especially in regions like Europe and Southeast Asia where fast-charging facilities are lacking [3]. - As of the end of 2024, Europe is projected to have nearly 1 million public charging stations, but this growth is insufficient to meet the demand from the increasing number of EVs [3]. - In Germany, the ratio of electric vehicles to public charging stations is approximately 16.7:1, indicating a significant shortfall in charging infrastructure [4]. Group 3: Trade Policy Impacts - Trade policies favoring PHEVs have emerged as a significant driver for their export growth, as many countries impose high tariffs on pure EVs while exempting PHEVs [6][7]. - The EU has announced a 5-year anti-subsidy tax on Chinese pure EVs, while PHEVs remain exempt due to their classification as transitional technologies [7]. - Similar favorable policies exist in markets like Brazil and Indonesia, where PHEVs benefit from lower import tariffs compared to pure EVs [7][8]. Group 4: Domestic Market Trends - The domestic PHEV market is experiencing a slowdown, with a year-on-year growth of 16.4% from January to November, compared to 41.2% for pure EVs [9][11]. - The initial demand for PHEVs driven by license plate advantages is diminishing as cities adjust their policies, leading consumers to prefer pure EVs [9]. - The improvement of charging infrastructure in urban areas has reduced the appeal of PHEVs, as consumers find pure EVs more convenient [9]. Group 5: Competitive Landscape - The domestic PHEV market has become highly competitive, with over 150 models available, leading to price wars that have reduced prices by 10% to 15% [10]. - The increase in competition has pressured profit margins for manufacturers, prompting a more rational consumer choice [10]. Group 6: Technological and Cost Advantages - Chinese automakers have developed advanced PHEV technologies, such as the series-parallel hybrid system, which enhances energy efficiency and driving experience [13][14]. - The complete supply chain for PHEVs in China allows for lower production costs compared to European counterparts, making Chinese PHEVs more competitively priced in international markets [14]. - The cost advantage is evident, with Chinese PHEV SUVs starting at approximately 36,000 euros, significantly lower than similar models from European brands [14]. Group 7: Future Outlook - The growth of PHEVs in overseas markets provides a crucial support for the global expansion of Chinese automakers, allowing them to leverage their technological and cost advantages [15][16]. - As global charging infrastructure improves and pure EV technology advances, PHEVs may gradually exit mature markets but will continue to meet demand in emerging markets [15]. - The long-term vision remains focused on pure EVs as the ultimate goal, but PHEVs will play a vital role during the global energy transition [15].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on globalization, intelligence, and high-end market opportunities [5]. Core Insights - The automotive industry is experiencing intensified competition in the domestic market while witnessing significant growth in new energy vehicle (NEV) exports [2][3]. - The overall vehicle sales are projected to remain stable in 2026, with a notable increase in NEV sales driven by favorable policies and consumer demand [4][5]. - The report emphasizes the importance of high-end vehicles and intelligent driving technologies as key growth areas for automotive companies [5][14]. Summary by Sections 1. 2025 Review: Intensified Domestic Competition, High Growth in NEV Exports - Total vehicle sales in China for January to November 2025 reached 20.45 million units, a year-on-year increase of 2.0% in retail and 11.2% in wholesale [2]. - Domestic sales showed slight growth, heavily influenced by policy changes, while exports surged, particularly in the NEV segment, which saw a 19% increase year-on-year [2][19]. - The NEV penetration rate reached 40.8% in exports, with significant contributions from plug-in hybrid vehicles [19]. 2. 2026 Outlook: Stability Expected, Acceleration in Globalization and Intelligence - Retail sales of passenger vehicles are expected to reach 22.03 million units in 2026, with NEVs projected to grow by 12% year-on-year [3][4]. - The high-end vehicle segment is anticipated to perform better due to a shift in consumer preferences and the increasing market share of domestic brands [4]. - NEV exports are expected to reach 6.73 million units, with a 34% increase in NEV exports alone, driven by improved product quality and market maturity [4]. 3. Investment Strategy: Favorable Opportunities in Globalization, Intelligence, and High-End Markets - The report highlights the potential for automotive companies that excel in international markets, high-end product offerings, and advanced intelligent driving technologies [5][13]. - Companies like BYD, Geely, and Li Auto are identified as key players likely to benefit from these trends due to their strong export capabilities and innovative products [5][13]. - The report also emphasizes the importance of the AI driving sector, predicting that leading companies will leverage their technological advancements to gain competitive advantages [14][15].

Core Viewpoint - Great Wall Motors is engaging with users to name its new platform, emphasizing the importance of user participation in the development process [1] Group 1: Company Initiatives - Great Wall Motors held a live event on December 30, where Chairman Wei Jianjun invited online users to suggest names for the new platform [1] - The company aims to provide more choices for global users by developing a platform that supports multiple powertrains, body styles, and vehicle categories [1] - The initiative reflects the company's strategy to adapt to diverse energy scenarios worldwide [1]