Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [11]. Core Insights - The financial health of the automotive industry is currently good, with a shift from external debt-driven expansion to internal cash flow generation [4][10]. - Domestic automotive companies are improving their cash flow generation capabilities, although they still lag behind leading overseas companies in profitability [8][54]. - The industry faces intense competition, which is putting pressure on profitability, prompting calls for a healthier competitive environment [9][10]. Financial Health Comparison - The median debt-to-asset ratio for the automotive industry in 2024 is 63.6%, which is lower than that of the real estate and renewable energy sectors [7][19]. - The median net debt ratio for the automotive industry is -29.6%, indicating that cash reserves exceed interest-bearing liabilities [19][22]. - The cash-to-short-term-debt ratio stands at 3.0, reflecting a strong ability to cover short-term obligations [19][22]. Cash Flow Generation Capability - Domestic automotive companies are increasingly able to generate cash flow from operations, with many achieving positive operating cash flow over the past decade [49][58]. - In comparison, leading overseas companies have more mature and stable cash flow generation capabilities [58][54]. - The median sales net profit margin for domestic automotive companies in 2024 is -0.46%, while leading overseas companies have a median of 3.99% [65]. Competitive Landscape - The automotive industry is experiencing ongoing price wars, leading to a decline in average vehicle prices [9][10]. - Various industry stakeholders are advocating against excessive competition to maintain a healthy market environment [9][10]. - The profitability of the automotive manufacturing sector is projected to be lower than that of downstream industrial enterprises, with profit margins of 4.3% for 2024 [9].

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 有限公司關於"長汽轉債"可選擇回售的第五次提示性公告」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市 ，2025年7月28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。 非執行董事：何平先生。 长城汽车股份有限公司 关于"长汽转债"可选择回售的第五次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-098 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 本次满足回售条款而"长汽转债"持有人未在上述回售期内申报并实施 回售的，本计息年度（即 2025 年 6 月 10 日至 2026 年 6 月 9 日）不能再行 使回售权。 风险提示：可转债持有人选择回售等同于以 100.20 元/张（含当期利息） 卖出持有的"长汽转债"。截至目前，"长汽转债"的收盘价格高于本次回售 价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 长城汽车股份有限公司股份有限公司（以下简称"本公司"或"公司"）的 A 股股票自 2025 年 6 月 10 日至 2025 年 7 月 21 日连续三十个交易日的收盘价格 低于公司公开发行的 A 股可转换公司债券（以下简称"长汽转债"）当期转股价 格的 70%。根据《长城汽车股份有限公司公开发行 A 股可转换公司债券募集说 明书》（以下简称"《募集说明书》"）的约定，"长汽转债"的有条件回售条款生 回售价格：100.20 元人民币 ...

Core Viewpoint - The new Tank 500 from Great Wall Motors is set to launch in August with three power options: fuel, Hi4-T, and Hi4-Z, starting at a price of 335,000 yuan [1] Group 1: Product Features - The new Tank 500 features an updated front grille design and a new Dunhuang Green color option, alongside existing colors like Kunlun Gold, Pamir Silver, and Everest White [1] - Interior specifications include a 12.3-inch full LCD instrument panel, a 14.6-inch multimedia control screen, and a HUD display, all powered by the Coffee OS 3 smart operating system [1] - Additional interior features comprise wireless phone charging, independent rear air conditioning, heated and ventilated rear seats, a car refrigerator, and a newly added rear ceiling screen [4] Group 2: Powertrain and Performance - The new model is equipped with a plug-in hybrid system consisting of a 2.0T engine and an electric motor, with the engine producing a maximum power of 185 kW and the electric motor 120 kW, paired with a 37.1 kWh battery, offering a pure electric range of 110 km under WLTC conditions [4] - The Tank 500 Hi4-Z variant features a dual-motor setup with a combined power output of 455 kW and a 59.05 kWh battery, providing a pure electric range of 201 km under WLTC conditions [4][2]

New Car Launches - iCAR V23 retro version kit launched with a price of 28,800 yuan, featuring 18 components for customization [3][4][6] - Lynk & Co Z20 430km version launched with a price range of 109,900 to 118,900 yuan, offering a new entry-level option [10][15] - Leapmotor B01 launched with a price range of 89,800 to 119,800 yuan, featuring advanced technology and multiple battery options [16][22] - New Galaxy E5 launched with a price range of 109,800 to 145,800 yuan, offering enhanced battery capacity and features [24][33] - BYD Sea Lion 06 launched with a price range of 139,800 to 163,800 yuan, targeting the mainstream family SUV market [34][48] - Aito M8 pure electric version pre-sale starting at 378,000 yuan, featuring a 100kWh battery and high performance [49][54] - Audi Q6 e-tron pre-sale starting at 353,000 yuan, featuring advanced technology and luxury design [55][62] Company Dynamics - Great Wall Motors reported record high sales, revenue, and net profit for Q2, with a sales volume of 313,000 units, a 10.07% year-on-year increase [73][74][76] - Tesla introduced an 8,000 yuan insurance subsidy for Model 3 to celebrate reaching 3 million global sales [77][79] - General Motors reported a decline in overall performance for Q2, with a total sales volume of 974,000 units, down 6.3% year-on-year [89][90][93] - Tesla's Q2 financial report showed significant declines in revenue and profit, with total automotive revenues down 16% year-on-year [94][95][96] International News - Tesla opened its first Supercharger restaurant in California, featuring a unique design and a capacity to serve 2,500 customers daily [99][100][102]

Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for long-term growth despite short-term seasonal pressures [1]. Core Insights - The automotive sector is currently facing seasonal pressures, but recent discussions among government departments regarding new energy vehicles (NEVs) are expected to mitigate price wars in the short term and promote high-quality development in the long term [1][29]. - The report anticipates continued strong sales in the terminal market for the second half of the year, driven by new vehicle enthusiasm and inventory reduction [1]. - There is an expectation of policy adjustments for electric vehicles next year, suggesting investors should look for opportunities after market sentiment stabilizes [1]. - The Ministry of Industry and Information Technology is promoting future industries such as humanoid robots and low-altitude economy, which may enhance investment themes related to the automotive sector [1]. Data Tracking - In June, new energy vehicle deliveries showed significant growth for some companies: BYD delivered 382,585 units (up 12% year-on-year), Li Auto delivered 36,279 units (down 24.1% year-on-year), and Xpeng delivered 34,611 units (up 224.4% year-on-year) [3][19]. - Traditional automakers also saw growth, with Geely's sales reaching 236,000 units (up 42.1% year-on-year) and SAIC Motor leading with 365,000 units (up 21.6% year-on-year) [3][22]. - The average discount rate in early July was 9.9%, a slight increase from the previous month, indicating competitive pricing strategies among major brands [3]. Industry News - The report highlights various initiatives aimed at improving the competitive landscape of the NEV industry, including quality management and payment practices for suppliers in Guangdong and Anhui provinces [29]. - The Ministry of Transport reported that the coverage rate of charging stations in highway service areas has reached 98.4%, addressing concerns about charging infrastructure for electric vehicles [29]. - The report notes that the retail market for passenger vehicles is expected to reach approximately 1.85 million units in July, reflecting a year-on-year growth of 7.6% [30]. - Significant new product launches include the Wuling Hongguang EV and the Leapmotor B01, both of which are expected to enhance market competition [30]. Market Performance - The automotive sector saw a weekly increase of 1.23%, ranking 23rd out of 29 sectors, while the broader market indices also experienced gains [7].

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* 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 有限公司關於"長汽轉債"可選擇回售的第四次提示性公告」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市 ，2025年7月27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。 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 （ 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） | 证券代码：601633 | 证券简称：长城汽车 公 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-097 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于"长汽转债"可选择回售的第四次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次满足回售条款而"长汽转债"持有人未在上述回售期内申报并实施 回售的，本计息年度（即 2025 年 6 月 10 日至 2026 年 6 月 9 日）不能再行 使回售权。 风险提示：可转债持有人选择回售等同于以 100.20 元/张（含当期利息） 卖出持有的"长汽转债"。截至目前，"长汽转债"的收盘价格高于本次回售 价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 长城汽车股份有限公司股份有限公司（以下简称"本公司"或"公司"）的 A 股股票自 2025 年 6 月 10 日至 2025 年 7 月 21 日连续三十个交易日的收盘价格 低于公司公开发行的 A 股可转换公司债券（以下简称"长汽转债"）当期 ...

Group 1 - CATL has established a new energy company named Dongying Times Zero Carbon New Energy Technology Co., Ltd., focusing on carbon reduction and renewable energy technologies [2] - Funeng Technology received a development notification from GAC Group for battery pack assembly, expected to start supply within the year [3] - Chuangming New Energy signed a strategic cooperation agreement with Pinggao Group to develop mobile energy storage solutions [4] Group 2 - Chuangneng New Energy signed a long-term cooperation agreement with Nord Shares to procure 160,000 tons of copper foil materials over the next five years [5] - Ruipu Lanjun's revenue for the first half of the year is expected to be between 9.3 billion to 9.8 billion RMB, a growth of approximately 22.4% to 29.0% year-on-year [6] - Honeycomb Energy's second-generation battery has officially rolled off the production line, featuring a capacity of 65 kWh and ultra-fast charging capabilities [7] Group 3 - XWANDA's 20 GWh battery production project in Yiwu has received environmental approval, aiming for significant production capacity [8] - BYD has applied for a patent to increase the range of electric vehicles without changing battery pack dimensions [9][10] - Hunan Youneng plans to invest in a lithium battery cathode material project in Malaysia with a total investment of approximately 9.5 billion RMB [13] Group 4 - Jiangsu Yecheng New Materials' project for producing 400,000 tons of lithium battery anode materials has been approved [14] - Lithium Tai New Energy completed a million yuan angel round financing to advance battery safety technology [15] - Dingsheng New Materials announced a delay in the construction of its 800,000 tons battery foil project to December 2027 [16] Group 5 - Shanghai Weitai plans to acquire a 51% stake in Zhijiang New Materials, aiming to enter the lithium battery materials sector [17] - A new integrated phosphate-coal chemical project with a total investment of approximately 73 billion RMB has commenced construction [18][19] - Sichuan Wuke Jinsilicon received strategic investment to enhance its silicon-carbon anode material production capabilities [20] Group 6 - A 20 million RMB lithium battery composite new materials project has been signed in Jiangsu [21] - Yifei Laser delivered a new production line for large cylindrical batteries to a leading global battery customer [23] - Jing Shan Light Machinery has begun mass production of battery equipment for the energy storage sector [24] Group 7 - The Chinese lithium battery stacking equipment market is projected to reach 3.6 billion RMB in 2024, with a decline of 21.74% year-on-year [25] - A 18,000-ton lithium battery recycling project is set to be established in Heilongjiang [29] - A 48,000-ton lithium battery recycling project is proposed in Guangdong, with an investment of 651 million RMB [31] Group 8 - A new project for processing 60,000 tons of power batteries and 2 GWh of energy storage has been launched in Guangdong [32] - A 38,000-ton lithium battery recycling project is planned in Jiangxi [33] - BMW Group announced the establishment of a wholly-owned subsidiary in Nanjing, enhancing its information technology capabilities [35] Group 9 - XPeng Motors announced that its MONA M03 model has surpassed 150,000 cumulative deliveries [36] - Great Wall Motors reported a total revenue of 52.3 billion RMB for Q2 2025, a year-on-year increase of 7.8% [37] - BYD's 13 millionth electric vehicle has rolled off the production line [38] Group 10 - Chery aims to rank among the top ten global automotive manufacturers by the end of the year [39] - Mitsubishi Motors announced its complete withdrawal from the Chinese market [40][41] - Tesla's Model 3 has surpassed 3 million units in global sales [42]

Core Insights - Faraday Future's (FF) sub-brand FX recently launched its first model, Super One, which has faced criticism for its design similarities to Great Wall Motors' premium brand, Wey's MPV model, the Gao Shan 9 [1][3] - FX Super One reportedly received authorization from Wey to purchase components for assembly in the U.S., marking Great Wall Motors as one of the four partner automakers in FF's China-U.S. automotive bridge strategy [1] - The Super One has garnered over 10,000 paid reservations in the U.S. by July 18, indicating a more successful reception compared to FF's previous model, FF91, which only delivered 5 units by November 2023 [7] Product Details - The Gao Shan series is a high-end MPV from Wey, featuring a plug-in hybrid powertrain, while Super One shares many design elements with the Gao Shan, including headlight shape, side waistline, and taillight design [3] - A notable distinction of Super One is the optional large display screen at the front, referred to as the Super EAI F.A.C.E system, which allows for personalized vehicle expressions [3] Financial Aspects - Prior to the launch of FX Super One, FF announced a financing round that raised $105 million, intended for the production and development of Super One, among other expenses [7]