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） 2025年年度業績快報 長城汽車股份有限公司（「本公司」）董事會（「董事會」）及全體董事保證本公告 內容不存在虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確 性和完整性承擔法律責任。 本公告乃依據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》第XIVA部作出，以及乃根據《上海證券交易所股票上市規則》作出。 本公告所載2025年年度財務數據根據《中國企業會計準則》編製，未經會計師事務 所審計，與經審計的財務數據可能存在差異，具體數據以公司2025年年度報告中 披露的數據為準，請投資者注意投資風險。 2026年1月30日，本公司以書面傳簽方式召開了第八屆董事 ...

Domestic News - The State Council has issued a plan to promote innovation in the automotive circulation and consumption sector, focusing on the development of the automotive aftermarket and supporting pilot projects in selected cities [4] - As of now, 25 key automotive chips have completed certification reviews, with a cumulative installation volume exceeding 20 million units, helping vehicle manufacturers reduce selection and verification costs by approximately 40% [5] - The Ministry of Transport announced measures to ensure charging demand for new energy vehicles during the Spring Festival, including the installation of 71,500 charging guns in highway service areas by the end of 2025 [6] - By 2028, Yunnan aims to develop its new energy battery and phosphorus industries into new trillion-yuan industries, with a focus on high-value utilization of phosphorus resources [8] - Volkswagen China has successfully delivered its regional control electronic architecture (CEA) designed for the Chinese market, with plans to launch five new models based on this architecture in 2026 [9][10] - GWM has launched the WEY G9 Hi4 PHEV in Malaysia, marking a significant step in its new energy strategy for the ASEAN market [11] - Black Sesame Intelligence has signed a strategic cooperation agreement with Baidu's autonomous driving service platform, focusing on the development of autonomous driving technology [13] International News - Canada and South Korea have signed a memorandum of understanding to enhance cooperation in the automotive sector, including traditional vehicles, electric vehicles, battery manufacturing, and hydrogen commercial vehicles [15] - Tesla has received approval to test its fully autonomous driving system across Sweden, which will help improve the technology's performance in real-world conditions [16] - Vietnam's automobile imports are projected to grow by 18.6% in 2025, with a total of 205,630 vehicles imported, reflecting an increase in high-value models [17] - NVIDIA and Mercedes-Benz are advancing their plans to launch autonomous taxi services in major cities globally, with Uber joining the collaboration [19] Commercial Vehicles - Zhejiang Yuantong New Energy and GAC Group have signed a strategic cooperation agreement to promote the intelligent transformation of commercial vehicles [20] - Dongfeng Liuzhou and Guilin University of Electronic Technology have made significant breakthroughs in key technologies for medium and heavy commercial vehicle control chassis [21] - Chery Commercial Vehicles has established its European headquarters in Liverpool, UK, marking its first headquarters project in Europe [22] - China National Heavy Duty Truck Corporation's market value has surpassed 100 billion HKD, indicating a significant milestone in the commercial vehicle industry's valuation [24]

Investment Rating - The report maintains a positive outlook on the passenger car sector, particularly in the context of the new vehicle replacement policy and the resilience of exports [2][3]. Core Insights - The passenger car industry experienced a significant decline in retail sales in December 2025, with a year-on-year drop of 16% and a total retail volume of 227,000 units. The wholesale volume was 279,000 units, reflecting a decrease of 9.7% year-on-year [7][10]. - The penetration rate of new energy vehicles (NEVs) reached 58.7% in December 2025, showing a year-on-year increase of 10.9% [10][12]. - The report highlights the stability of the NEV market, with BYD holding a market share of 25% and Geely at 11% in December 2025 [16]. Electric Vehicle Data Tracking - The report indicates that the old-for-new vehicle replacement policy was implemented in January 2026, which is expected to stimulate demand in the passenger car market [2][3]. - In December 2025, the NEV wholesale volume was 156,300 units, with a year-on-year increase of 3.4% [12]. - The report notes a significant inventory reduction in the passenger car sector, with a total decrease of 69,000 units in December 2025, including 43,000 units of NEVs [13]. Globalization Data Tracking - The report tracks the performance of Chinese car manufacturers in international markets, noting that in December 2025, 641,000 passenger cars were exported, with 245,000 being NEVs, resulting in a penetration rate of 38.2% for NEVs [3][43]. - The report highlights the strong performance of BYD in exports, particularly in Southeast Asia, where the NEV penetration rate exceeded expectations [3][27]. - The market share of Chinese brands in various regions, including Southeast Asia and Europe, showed positive trends, with notable increases in the UK market [38][40].

Group 1: Industry Policies and Developments - The Ministry of Industry and Information Technology, along with two other departments, held a meeting to regulate the competitive order in the new energy vehicle industry and resist disorderly "price wars" [10] - The meeting emphasized the need for innovation-driven development and quality-first principles, aiming to establish a fair market environment for high-quality automotive industry growth [10] Group 2: Company Developments - Lantu Automotive and Huawei's subsidiary, Shenzhen Yiwang Intelligent Technology Co., signed a strategic cooperation agreement to enhance collaboration in smart driving and smart cockpit development [1][3] - Zhao Changjiang announced his appointment as Executive Director and Executive Vice President of Zhijie Automotive, aiming to create a user-centered global benchmark smart brand [4][6] - FAW-Volkswagen Jetta Automotive Technology Co., was established to mark the brand's strategic upgrade towards a full-value chain technology company [7] - Jetta plans to launch five new models by 2028, with four being new energy vehicles, focusing on local R&D capabilities and advanced technologies [9] - GAC Group announced the establishment of the GAC Trumpchi Business Unit to enhance decision-making efficiency and market responsiveness through integrated operations [12][14] - Great Wall Motors launched the Guiyuan platform, compatible with five powertrain types, aiming to create a comprehensive smart vehicle ecosystem [15][17] - New regulations for the recycling of used power batteries will take effect on April 1, 2026, establishing a nationwide traceability information platform for battery lifecycle monitoring [19]

2026年第二周，本周聚焦出口贸易、企业合作、技术创新、政策引导等领域。企业间并购与跨界合作持续深化，新平台、新技术加速落地，同时国家多 部门出台多项政策，规范产业竞争、推动绿色消费与智能网联汽车发展。 中汽协：2025年1-11月汽车整车出口金额达1253.2亿美元 同比增长16.7% 1月4日，中国汽车工业协会整理的海关总署数据显示，2025年11月，汽车整车出口81.8万辆，环比下降1.2%，同比增长49.2%，出口金额达138.7亿美 元，环比下降3.1%，同比增长53%；2025年1-11月，汽车整车出口733.1万辆，同比增长25.7%，出口金额达1253.2亿美元，同比增长16.7%。 广汽本田完成收购东风本田发动机公司 盛秋平表示，商务部会同国家发改委、生态环境部、农业农村部、市场监管总局等九部门联合出台了《关于实施绿色消费推进行动的通知》，围绕绿色 消费全链条明确了七方面20项举措，对"十五五"时期绿色消费工作作出系统安排。《通知》提出，促进汽车绿色消费，支持消费者购买新能源汽车。做强汽 车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜力，探索盘活闲置车辆增收，支持发展房车露 ...

Core Viewpoint - The automotive sector is experiencing significant stock declines due to rising costs from raw materials, particularly affecting electric vehicle manufacturers [1] Group 1: Stock Performance - GAC Group (601238) shares fell by 3.69%, trading at HKD 3.65 [1] - Great Wall Motors (601633) shares decreased by 2.66%, trading at HKD 13.19 [1] - Li Auto-W (02015) shares dropped by 2.58%, trading at HKD 65.95 [1] Group 2: Cost Pressures - HSBC's report indicates a sharp increase in prices for metals and storage chips, leading to significant cost pressures for automakers [1] - Lithium prices have surged approximately 127% over the past three months, contributing to increased production costs [1] - The estimated cost increase per vehicle is between RMB 3,000 to RMB 5,000 due to rising metal prices, with an additional RMB 1,000 to RMB 3,000 from storage chip price hikes [1] Group 3: Industry Response - The price increases are primarily attributed to supply bottlenecks, making it difficult for automakers to pass costs onto price-sensitive consumers [1] - Companies may need to adopt vertical integration and technological upgrades to absorb additional costs [1] - Operational strategies may include negotiating larger annual price reductions with suppliers [1]

Core Viewpoint - The automotive sector is experiencing significant stock declines due to rising costs from raw materials, particularly affecting electric vehicle manufacturers [1] Group 1: Stock Performance - GAC Group (02238) has dropped by 3.69%, trading at HKD 3.65 [1] - Great Wall Motors (02333) has decreased by 2.66%, trading at HKD 13.19 [1] - Li Auto-W (02015) has fallen by 2.58%, trading at HKD 65.95 [1] Group 2: Cost Pressures - HSBC reports that the prices of metals and storage chips have surged, leading to significant cost pressures for automakers [1] - Lithium prices have increased by approximately 127% over the past three months, potentially raising the cost per vehicle by RMB 3,000 to RMB 5,000 [1] - The rise in storage chip prices may add an additional RMB 1,000 to RMB 3,000 to vehicle costs, directly impacting the cost structure of electric vehicles [1] Group 3: Market Dynamics - The current price increases are primarily attributed to supply bottlenecks [1] - Due to a trend of consumer downgrade and the traditional off-season in the first quarter, automakers may struggle to pass on costs to price-sensitive consumers [1] - Companies may need to adopt vertical integration and technological upgrades to absorb additional costs, as well as negotiate larger annual price reductions with suppliers [1]

Core Viewpoint - The article discusses the sales performance and customer demographics of the new Wei brand SUV, the Blue Mountain Intelligent Upgrade Version, highlighting its market positioning and customer preferences. Sales Performance - The dealership has seen a decline in customer traffic, likely due to the new energy vehicle purchase tax being implemented, leading some customers to delay their purchases [2] - The dealership sold over 30 vehicles last month, with 5 units of the Blue Mountain sold, amidst confusion regarding commission structures due to the new model launch [4] - The average daily effective customer flow is 7-8 groups, with 3 out of every 10 groups specifically interested in the Blue Mountain [3] Customer Demographics - The primary customer base consists of males aged 30-50, often with larger families needing spacious SUVs that can accommodate 4-6 passengers [6] - A specific customer, Mr. Tan, delayed his purchase of the Blue Mountain due to anticipated price changes and subsidies, illustrating the cautious approach of potential buyers [7] Competitive Landscape - The Blue Mountain is compared with several competitors, including the Galaxy M9 and the Lynk & Co 900, with the latter being the most frequently compared model, accounting for 30% of comparisons [10] Configuration and Pricing - The most popular configuration is the Max version, with 9 out of 10 sales being this model due to its competitive pricing compared to higher configurations that offer minimal additional benefits [12] - The Max version has a guide price of 299,800 yuan, with total discounts amounting to 24,000 yuan, bringing the net price to 275,800 yuan [14] Financing Options - The most popular financing option is "5 years loan with 2 years interest-free," which offers low monthly payments and is well-received by customers [15] Customer Feedback and Maintenance - Currently, there are no significant complaints from customers, although some feel the vehicle's exterior design lacks a sense of grandeur [17] - Maintenance costs are reasonable, with the first two services included and subsequent services costing around 500 yuan [17] Promotional Activities - A promotional activity allows customers to place a small deposit of 2,000 yuan, which can offset 8,000 yuan of the final payment, providing an additional discount opportunity until January 31 [19][20]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has launched the world's first native AI all-power platform, named the "Guiyuan Platform," which supports five types of powertrains: FCEV hydrogen fuel, ICE efficient fuel, BEV pure electric, HEV hybrid, and PHEV plug-in hybrid, allowing for flexible adaptation of multiple power types and vehicle categories [1][13] - The company plans to introduce over 50 models based on the Guiyuan Platform, covering five power types and seven categories, with the first seven models set to debut [5][18] - The company has adjusted its profit forecast due to the delay of new products from 2025 to 2026, while maintaining a positive outlook on sales structure optimization [6][29] Financial Performance - Revenue projections for 2025-2027 are estimated at 2325.25 billion, 2762.39 billion, and 3093.88 billion respectively, with net profit estimates of 118.02 billion, 156.00 billion, and 181.73 billion [10][29] - The earnings per share (EPS) is projected to be 1.38, 1.82, and 2.12 for the years 2025-2027 [10][29] - The price-to-earnings (PE) ratios for 2025-2027 are expected to be 15.29, 11.57, and 9.93 respectively, indicating a favorable valuation [10][29] Sales Performance - In 2025, the company sold 1.3237 million vehicles, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,700 units, up 25.44% [21] - The sales of the company's high-end brands, such as Wei and Tank, have shown strong performance, contributing to the upward trend in sales structure [21][29]

Core Insights - The commercial vehicle market in China is expected to see significant growth in 2025, driven by the strong performance of new energy vehicles (NEVs) and supportive policies for vehicle upgrades [1][7][12] - In December 2025, the sales of commercial vehicles reached 300,000 units, marking a 5% year-on-year increase and a 15% month-on-month increase [7][12] - The penetration rate of new energy commercial vehicles is projected to reach 46% by December 2025, a substantial increase from 29% in December 2024 [12][14] Commercial Vehicle Market Analysis - The total sales of commercial vehicles in China for 2025 are forecasted to be 3.1 million units, representing a 9% year-on-year growth compared to the stable period since 2022 [1][7] - The market showed a strong upward trend from March to December 2025, with December achieving a historical high for the month [5][7] - The sales of new energy commercial vehicles in December 2025 are expected to hit 140,000 units, reflecting a 71% year-on-year increase and a 49% month-on-month increase [1][8] New Energy Vehicle Performance - The penetration rate of new energy commercial vehicles has increased significantly, from approximately 3% in 2019-2021 to 46% in December 2025 [12][14] - The sales of new energy commercial vehicles for the entire year of 2025 are projected to reach 910,000 units, a 57% increase compared to the previous year [1][8] - The growth in new energy vehicle sales is attributed to strong demand and government incentives, particularly in the commercial vehicle sector [10][12] Market Structure and Competition - The market for commercial vehicles is characterized by a stable structure, with significant contributions from light and heavy-duty trucks [14][18] - Key players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, which dominate the light truck, heavy truck, and bus segments respectively [15][18] - The performance of heavy-duty trucks has improved significantly due to subsidy policies, with notable growth in electric heavy-duty trucks in regions like Beijing, Tianjin, and Shanghai [16][17] Regional Market Dynamics - The light truck market is particularly strong in regions such as East China and South China, with increasing sales in these areas [18][19] - The penetration of new energy vehicles in the truck segment reached 38% in December 2025, while the bus segment saw a penetration rate of 78% [14][18] - The market for new energy light trucks is primarily concentrated in East China and South China, with significant growth observed in these regions [19][21]