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） 股東特別大會適用的代表委任表格 與本代表委任表格相關 之股份數目 （附註1） 本人╱吾等 （附註2） ， 地址為 ， 為長城汽車股份有限公司（「本公司」） 股H股 （附註3） 之登記持有人， 茲委任大會主席或 代表本人╱吾等出席於2026年1月21日（星期三）下午2時正假座中華人民共和國（「中國」）河北省保定市蓮池區朝陽 南大街2266號本公司會議室召開之本公司股東特別大會（「股東特別大會」）或其任何續會，並在該會議或其任何續會 上就下文所述決議案依照下列指示投票，倘無指示，本人╱吾等之代表可自行酌情投票。 | | 決議案 | | | | | --- | --- | --- | --- | --- | | | 普通決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | 1. | 審議及批准通函（於2025年12月29日在香港聯合交 | | | | | | 易所有限公司網站( www.hkexn ...

此乃要件 請即處理 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通函的內容概不負責，對其準確性或完整性亦 無發表任何聲明，並明確表示，概不就本通函全部或任何部分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。 閣下如對本通函任何內容或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 （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） 上交所上市規則項下之與光束汽車日常關聯交易 及 股東特別大會通告 本公司謹訂於2026年1月21日（星期三）下午2時正假座中國河北省保定市蓮池區朝陽南大街2266號本公 司會議室舉行股東特別大會，股東特別大會通告載於本通函第13至15頁。無論 閣下能否親身出席股東 特別大會，務請將隨附的代表委任表格按其上列印的指示填妥。H股股東須盡快親身或以郵寄方式將代表 委任表格送達本公司H股的香港股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183號合和中心17M樓，惟無論如何不得遲於股東特別大會及任何續會（視屬何情況而定）指定舉行時間前 24 ...

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） 公告 修訂持續關連交易之年度上限 董事會欣然宣佈，於2025年12月29日，本公司與魏建軍先生訂立補充協議一， 內容涉及調整2026年度本集團自魏建軍先生及╱或其聯繫人（不包括本集團）租 賃（長期）的年度上限。 於本公告日期，魏建軍先生為本公司董事長，魏建軍先生及其聯繫人為本公司 的關連人士（定義見香港上市規則）。因此，補充協議一項下擬進行的交易構成 香港上市規則第14A章項下的持續關連交易。 由於補充協議一項下之調整後的2026年的租賃（長期）交易年度上限適用的百分 比率高於0.1%但低於5%，因此，該持續關連交易須遵守香港上市規則第14A章 有關申報、公告及年度審核的規定，惟獲豁免遵守獨立股東批准的規定。 茲 ...

Core Viewpoint - The collaboration between Great Wall Motors and the Sanhe Classic Car Museum, highlighted by the lending of a Packard, symbolizes a deep-rooted passion for automotive culture and a strategic ambition to elevate Chinese automotive standards to a global level [1][6]. Group 1: Passion and Connection - The connection between Wei Jianjun and Huang Zongmin is rooted in their shared love for cars, transcending their different backgrounds [2]. - Great Wall Motors has focused on cultural depth, honoring Chinese cultural symbols while collaborating with the Sanhe Classic Car Museum to elevate the concept of "passion" [2][3]. - Wei Jianjun's expertise and enthusiasm for automotive technology impress Huang Zongmin, showcasing his ability to engage deeply with mechanical details [3]. Group 2: Long-term Commitment - Huang Zongmin's trust in Wei Jianjun stems from his 35 years of commitment to long-termism, which has been pivotal in Great Wall Motors' growth [4]. - Great Wall Motors has evolved from a small local factory to a leading Chinese automotive company, selling over one million vehicles annually and employing 85,000 people [5]. - The company emphasizes quality over quantity, investing heavily in R&D to maintain a competitive edge in the automotive market [4][5]. Group 3: Strategic Ambitions - The establishment of the "Super Luxury Vehicle Business Group" in January 2025 reflects Great Wall Motors' strategic focus on high-end automotive segments [4][7]. - The company's ambition is to create a unique Chinese luxury car culture, moving beyond mere imitation of foreign brands [7]. - The collaboration with the Sanhe Classic Car Museum is not just a marketing strategy but a commitment to learning from classic automotive design and craftsmanship [6][7]. Group 4: Future Outlook - Great Wall Motors aims to produce a super luxury car by 2026, marking a significant step in its journey towards creating iconic Chinese automotive products [6][7]. - The company's long-term vision is to elevate Chinese automotive culture and establish a brand identity that resonates with both domestic and international markets [7][8].

Core Viewpoint - The Hong Kong stock market saw a significant rise in automotive stocks, driven by government initiatives to boost consumer spending in the upcoming year [1] Group 1: Market Performance - NIO (09866) increased by 6.71%, reaching a latest price of 41.020 with a market capitalization of 101.08 billion, and a year-to-date increase of 17.87% [2] - Xpeng Motors (09868) rose by 6.44%, with a latest price of 81.000 and a market cap of 154.842 billion, showing a year-to-date increase of 73.63% [2] - BYD (01211) saw a 6.14% increase, with a latest price of 99.350 and a market cap of 905.7947 billion, reflecting a year-to-date increase of 13.65% [2] - Geely (00175) increased by 5.20%, with a latest price of 17.800 and a market cap of 191.153 billion, showing a year-to-date increase of 22.84% [2] - Li Auto (02015) rose by 4.23%, with a latest price of 67.800 and a market cap of 136.864 billion, but has a year-to-date decrease of 27.83% [2] - Leap Motor (09863) increased by 3.92%, with a latest price of 51.900 and a market cap of 73.792 billion, reflecting a year-to-date increase of 59.45% [2] - Great Wall Motors (02333) rose by 3.34%, with a latest price of 14.860 and a market cap of 127.17 billion, showing a year-to-date increase of 12.85% [2] - GAC Group (02238) increased by 3.00%, with a latest price of 4.120 and a market cap of 42.012 billion, reflecting a year-to-date increase of 21.60% [2]

Core Viewpoint - The debate surrounding "integrated die-casting" technology in the automotive industry highlights a divide between traditional automakers focusing on lifecycle costs and new players emphasizing manufacturing efficiency and product performance [3][10]. Group 1: Integrated Die-Casting Technology - Integrated die-casting technology was popularized by Tesla's CEO Elon Musk in September 2020, announcing its use in the Model Y to replace over 370 traditional stamped and welded parts with 2-3 large castings, reducing manufacturing costs by approximately 40% [3][4]. - The technology significantly reduces the number of parts, leading to lower production line requirements and costs, while also simplifying the manufacturing process to just a few minutes [4][6]. - The lightweight nature of aluminum castings allows for a weight reduction of over 10% in the Model Y, directly enhancing electric vehicle range and improving vehicle rigidity and safety [4][6]. Group 2: Industry Response and Adoption - Following Tesla's lead, several Chinese automakers, including Li Auto and Xiaomi, have adopted integrated die-casting, emphasizing its benefits in production efficiency and vehicle performance [6][10]. - Traditional automakers are divided in their approach, with some, like Great Wall Motors, expressing skepticism about the technology's high repair costs and economic viability, while others, including Volvo and Volkswagen, are embracing it for future electric vehicle models [10][11]. Group 3: Challenges and Considerations - The high repair costs associated with aluminum components, which are difficult to repair after significant damage, pose a challenge for consumer acceptance and insurance costs [7][10]. - The initial investment in integrated die-casting technology is substantial, with equipment costs exceeding 50 million to 100 million yuan, making it a significant barrier for automakers with lower production volumes [8][10]. - The debate reflects a broader industry discussion on the balance between technological advancement and market acceptance, with integrated die-casting emerging as a key technology for high-end electric vehicles while other diverse manufacturing approaches remain relevant [11][13].

Core Viewpoint - The integration of traditional Chinese culture into the automotive industry is essential for the development of a unique Chinese automotive culture, which is rooted in the nation's heritage and provides a solid foundation for innovation and growth [1][4]. Group 1: Cultural Integration - Great Wall Motors is committed to infusing traditional Chinese culture into its brand identity, creating a national brand that resonates with consumers [2]. - The company draws inspiration from historical engineering, such as the Dujiangyan irrigation system, to innovate technologies like the Hi4 energy distribution system, which has received prestigious awards [2]. - By incorporating elements from traditional art, such as Dunhuang murals, into product design, Great Wall Motors has successfully attracted younger consumers with new color options [2]. Group 2: Market Performance - China's automotive production and sales have maintained the world's largest volume for 16 consecutive years, with over 31 million units sold in the first 11 months of 2025, and domestic brands holding a 69.6% market share [3]. - The infusion of traditional cultural values, such as integrity and innovation, has facilitated the transition of the automotive industry from scale expansion to value enhancement [3]. Group 3: Global Strategy - Great Wall Motors aims to establish a comprehensive "ecological export" model that encompasses research, production, supply, sales, and service, promoting Chinese traditional aesthetics in international markets [3]. - The company's approach to global expansion is based on mutual respect and aims for win-win outcomes, enhancing the recognition and reputation of Chinese automotive brands abroad [3]. Group 4: Future Outlook - The "14th Five-Year Plan" period presents a strategic opportunity for China's automotive industry to transition from a major automotive nation to a strong automotive nation, emphasizing the importance of both technology and culture [4]. - Great Wall Motors will continue to uphold and promote traditional Chinese culture while striving to enhance its national brand and better serve global users [4].

Group 1 - The integration of traditional Chinese culture into the automotive industry provides a deeper foundation and support for development, emphasizing the importance of both technological and cultural aspects in building a strong automotive nation [1][4] - Great Wall Motors is actively infusing traditional Chinese culture into its brand identity, creating products that resonate with national pride, such as the Hi4 technology inspired by ancient engineering and new paint colors inspired by Dunhuang murals [2][3] - The automotive industry in China has maintained its position as the world's largest producer and seller for 16 consecutive years, with a market share of 69.6% for domestic passenger vehicles, reflecting the influence of traditional cultural values on business practices [3] Group 2 - The "14th Five-Year Plan" period presents a strategic opportunity for the Chinese automotive industry to transition from a major automotive nation to a strong one, highlighting the need for companies to focus on both technology and culture [4] - Great Wall Motors aims to create a comprehensive "ecological export" model that integrates research, production, supply, sales, and service, promoting traditional Chinese aesthetics in international markets [3][4] - The recognition and reputation of Chinese automotive brands are continuously improving as traditional culture becomes more deeply embedded in the industry, fostering a mutually beneficial relationship between cultural promotion and brand development [3]

Core Viewpoint - The article highlights the recent developments in the electric vehicle (EV) industry, focusing on new car launches, company dynamics, and regulatory changes that are shaping the market landscape. Group 1: New Car Launches - The Weipai Lanshan Intelligent Advanced Edition has been launched with a limited-time price range of 275,800 to 302,800 yuan, featuring three models and advanced smart driving capabilities [2][4][6] - The Jishi ADAMAS has been introduced at a limited-time price of 334,900 to 344,900 yuan, positioned as a luxury version of the Jishi 01, with enhanced interior and exterior features [11][13][19] - The Leap D19 has opened for blind orders, while the Leap D99 has been unveiled, both showcasing advanced technology and flexible seating arrangements [20][22][23] Group 2: Company Dynamics - Geely has completed the privatization and merger of Zeekr, making it a wholly-owned subsidiary, which is expected to streamline operations and enhance market competitiveness [24][25][29] - Harman International is entering the advanced driver assistance systems (ADAS) market by acquiring ZF's ADAS business for 1.5 billion euros, aiming to leverage existing technologies for growth [30][31][33] - Leap Motor has set an ambitious target of achieving annual sales of 4 million vehicles, reflecting its growth trajectory and commitment to self-research and development [27] Group 3: Industry Trends and Regulations - Toyota's global sales fell by 2% in November, with a significant 12% drop in China, indicating challenges in maintaining growth amid increasing competition in the EV sector [47][48] - Dongfeng Motor has surpassed 1 million units in annual sales of new energy vehicles, marking its entry into the "million club" and showcasing its successful transition to electric mobility [49][51] - New regulations for electric vehicles, including mandatory energy consumption limits and safety standards, will take effect in 2026, pushing manufacturers towards technological upgrades [62][66][69]

Core Viewpoint - In 2025, Great Wall Motors underwent significant personnel changes, shifting from external hires to a complete return to internal leadership, reflecting a strategic response to market pressures and internal challenges [2][3][4]. Group 1: Personnel Changes - The year began with the establishment of a new ultra-luxury business unit, led by Chairman Wei Jianjun, indicating a strategic pivot towards high-quality, low-volume vehicle development [3]. - By the end of the year, all five core brands of Great Wall Motors were led by internal executives, marking a shift from previous external management attempts [4]. - The adjustments included the appointment of experienced internal leaders, such as Zhao Yongpo, who took over as CEO of the Wey brand after the departure of external manager Feng Fuzhi [4][12]. Group 2: Historical Context - Great Wall Motors has a history of frequent leadership changes, with the Wey brand experiencing eight CEO changes in nine years, often linked to fluctuating sales and strategic direction [12]. - The company has struggled with integrating external managers due to cultural and operational mismatches, leading to high turnover rates among external hires [6][8]. - The internal management style emphasizes centralized decision-making and loyalty, contrasting sharply with the more flexible approaches of external hires [6][17]. Group 3: Market Response and Strategy - The frequent changes in leadership have often been triggered by sales performance, with significant drops in sales prompting management shifts [9][10]. - The case of the Ora brand illustrates this pattern, where leadership changes were directly correlated with sales declines and subsequent recovery efforts [10]. - Great Wall Motors' strategy appears to oscillate between seeking external innovation and relying on internal expertise, aiming for stability in a rapidly changing market [17][18]. Group 4: Industry Comparison - Great Wall's approach contrasts with other automakers that have opted for external hires to navigate the Chinese market, highlighting different strategies in response to market dynamics [14][15]. - While Great Wall focuses on internal stability and technical expertise, competitors like Geely adopt a more integrative approach, combining internal and external resources for agility [15][16]. - The ongoing debate within the industry centers on whether internal leadership can effectively drive innovation and adapt to market changes, as seen in Great Wall's recent shifts [17].