【文/观察者网 柳白】"我们正与中国展开全球竞争，不只是电动汽车。如果我们输了，福特就没有未 来。"中国车企强势崛起之际，福特CEO吉姆·法利一番话，反映出欧美老牌车企与日俱增的焦虑。 美国《纽约时报》7月21日发表的一篇文章，提及了双方在拉美市场的博弈。 在圣保罗一处高端社区，一家比亚迪展厅周末热闹非凡。人们试车、看价，很多人已做好功课。一位车 主说："我绝不会再回去开油车，（电车）环保、舒适又安静。" 文章注意到，长城、比亚迪等中国车企正在收购福特、奔驰等欧美车企撤离巴西后留下的厂房，希望在 这一全球第六大汽车市场站稳脚跟，最终辐射整个拉美市场。中国车企凭借快充技术、价格优势及全球 化布局，在全球汽车业转型中崛起，也给巴西等国带来机遇。 在距离巴西最大城市圣保罗两小时车程的一处甘蔗种植地，一座中国电动汽车工厂已准备就绪，即将投 产。就在不久前，这家工厂还属于老牌汽车巨头德国奔驰，如今，它的新主人是长城汽车。 丰田、通用、大众等西方同行在掌握电动汽车技术方面举步维艰，但对中国而言，这种行业变革却是利 好。中国汽车已涌入全球其他大部分市场，成为中国经济和技术崛起的有力象征。 在圣保罗等城市，中国汽车受到越来越 ...

Core Viewpoint - Longhua Automobile is recognized as a true national brand that withstands the test of time and market, emphasizing self-research and innovation, vertical integration, and a globalized full industry chain layout [1][12]. Group 1: High-Quality Development - Longhua Automobile focuses on mastering key core technologies, ensuring quality and innovation in its products [1]. - The company has invested over 10 billion annually in R&D, establishing a strong competitive edge in technology and innovation [5][6]. - Longhua's 4.0T V8 engine and advanced transmission systems mark significant milestones in China's automotive industry [5]. Group 2: Industry Challenges and Responses - The automotive industry faces intense price wars and declining profit margins, with 2024 profits down 8% year-on-year to 462.3 billion [4]. - Longhua's chairman, Wei Jianjun, has openly criticized the industry's price wars and called for responsible practices, leading to increased regulatory scrutiny [3][4]. - The company has maintained a long-term development strategy, focusing on quality over short-term gains [5]. Group 3: Global Expansion and Market Strategy - Longhua has adopted an "ecological overseas" strategy, emphasizing brand and industry output rather than mere product export [8]. - The company has established production bases in Thailand and Brazil, with significant local production rates and advanced manufacturing techniques [8][9]. - Longhua's global sales network spans over 170 countries, with cumulative overseas sales exceeding 2 million vehicles [10]. Group 4: Recognition and Future Outlook - The recognition from the People's Daily highlights Longhua's commitment to high-quality development and its role as a representative of national brands [12]. - Longhua's approach to internationalization and commitment to quality has garnered respect in overseas markets, as evidenced by positive engagements with foreign leaders [9].

Core Insights - The article emphasizes the importance of private enterprises in China's economic system, particularly highlighting the role of Great Wall Motors as a representative of high-quality development in the automotive industry [2][7] - Wei Jianjun, the founder of Great Wall Motors, is portrayed as a steadfast leader who prioritizes product quality and innovation over chasing market trends and valuations [5][20] - The concept of "deep squat" is introduced as a strategic approach taken by Great Wall Motors over the past five years to strengthen its core competencies and prepare for future growth [8][19] Group 1: Company Development and Strategy - Great Wall Motors has been focusing on self-research and innovation, aiming to strengthen and expand national brands, which aligns with the broader economic context [5][7] - The company has made significant investments in R&D, totaling over 43.3 billion yuan from 2020 to 2024, with a workforce of 23,000, making it one of the highest R&D personnel densities among Chinese automakers [14][18] - The company has developed advanced technologies such as the Hi4 family of intelligent four-wheel drive systems, showcasing its commitment to innovation and product excellence [10][12] Group 2: Financial Performance - Great Wall Motors reported a gross margin increase from 14.57% in 2020 to 19.51% in 2024, with the average selling price per vehicle rising from 82,800 yuan to 164,800 yuan [16][18] - In the first half of 2025, the company achieved a revenue of 92.367 billion yuan, a year-on-year growth of 1.03%, and a net profit of 6.337 billion yuan, reflecting a strong rebound in the second quarter [18][19] Group 3: Leadership Philosophy - Wei Jianjun's leadership is characterized by a deep passion for technology and product quality, prioritizing the integrity of the vehicle over mere commercial logic [20][22] - The article draws parallels between Wei Jianjun and other renowned entrepreneurs, emphasizing the importance of technical dedication and a focus on product stability in achieving long-term success [24][26] - Great Wall Motors is positioned as a model for high-quality development in the automotive sector, representing a shift from market imitation to system confidence among Chinese private enterprises [26]

Core Viewpoint - The announcement details the conditional redemption of the "Changqi Convertible Bonds" due to the stock price of Great Wall Motors falling below the conversion price for a specified period, allowing bondholders to sell their bonds back to the company at a predetermined price [2][4]. Summary by Sections Redemption Terms and Price - The redemption price is set at 100.20 RMB per bond, including accrued interest and tax [1][4]. - The redemption period is from July 29, 2025, to August 4, 2025, with funds to be disbursed on August 7, 2025 [1][5]. - Bondholders must exercise their redemption rights within the specified period; failure to do so will result in the loss of the right for the current interest year [1][2]. Conditions for Redemption - The conditional redemption clause is activated if the closing price of the company's A-shares is below 70% of the conversion price for any consecutive thirty trading days [2][3]. - The calculation of accrued interest for the redemption price is based on a 1.5% coupon rate for the current interest period, resulting in approximately 0.20 RMB per bond [4][5]. Trading and Redemption Process - During the redemption period, the "Changqi Convertible Bonds" will continue to trade but will not be convertible into shares [5]. - Bondholders can choose to redeem all or part of their bonds, and the redemption is not mandatory [5][6]. - The company will announce the results of the redemption and its impact on the company after the redemption period ends [5].

Group 1 - The core viewpoint of the article highlights that Great Wall Motors achieved record highs in sales, revenue, and net profit in the second quarter, with sales reaching 313,000 units, a year-on-year increase of 10.07%, revenue of 52.348 billion yuan, a year-on-year increase of 7.78%, and net profit of 4.586 billion yuan, a year-on-year increase of 19.46% [1][3][4] - The company's success in increasing both revenue and profit amidst intense industry competition is attributed to its steady operational strategy, which has allowed it to focus on high-quality and high-end development [3] - The popularity of Great Wall's off-road brand Tank and the high-end intelligent new energy brand Wey, along with a significant overseas market presence accounting for about one-third of its sales, have contributed to its growth [3] Group 2 - The iCAR V23 retro kit was launched with a price range of 8,990 to 28,800 yuan, with the first 300 sets offered at a limited-time price of 6,990 to 23,800 yuan [5] - The iCAR V23 retro kit includes 18 components, such as stainless steel bumpers, wooden side steps, retro wheels, and a high-strength steel/carbon steel roof platform, developed through collaboration with over 3,000 users [7] - The design of the iCAR is noted for its eye-catching appeal, suggesting that the retro kit could enhance its attractiveness and potentially increase purchase rates, benefiting both users and the company [8]

Core Viewpoint - Great Wall Motors reported a 1.03% year-on-year increase in revenue for the first half of 2025, but net profit fell by 10.21%, indicating a significant challenge for the company as it faces a "mid-life crisis" [1][23][24]. Financial Performance - In the first half of 2025, Great Wall Motors achieved total revenue of 923.67 billion, up from 914.29 billion in the same period last year, reflecting a growth of 1.03% [25]. - The net profit for the same period was 63.37 billion, down from 70.79 billion year-on-year, marking a decline of 10.21% [25][24]. - The company's basic earnings per share decreased by 10.84%, from 0.83 to 0.74 [25]. Strategic Adjustments - Great Wall Motors is reviving its electric vehicle brand, Ora, as part of a strategic shift to fill the gap in its electric vehicle lineup [3][4]. - The appointment of a new general manager for the Ora brand, Lü Wenbin, signifies a renewed focus on electric vehicle operations, including product planning and marketing [5][7]. - The company plans to launch two significant new products aimed at the global market in the second half of 2025, with an investment of 10 billion over three years [10]. Market Positioning - Great Wall Motors has been cautious in entering the high-end electric vehicle market, focusing instead on the A0-level electric vehicle segment, which has shown significant growth potential [13][14]. - The A0-level electric vehicle market saw a 142% year-on-year increase in retail sales in June 2025, indicating strong demand [13]. - The company’s traditional fuel vehicle sales are declining, with a 1.8% drop in Haval brand sales and a 13.06% drop in pickup sales in 2024 compared to 2023 [23][24]. Competitive Landscape - The electric vehicle market is becoming increasingly competitive, with several new energy vehicle brands achieving profitability, contrasting with Great Wall's previous stance on electric vehicles being unprofitable [26][28]. - The company is adapting to the changing market dynamics by setting a goal for its new energy business to achieve profitability by 2026, with a focus on the Ora brand [28][32]. - Great Wall Motors is enhancing its direct sales channels and increasing R&D investment, which rose from 16.9 billion in 2013 to 92.8 billion in 2024 [31][32].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-093 | | --- | --- | --- | | 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： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | 终止日 | | | 113049 | 长汽转债 | 可转债转股停牌 | 2025/7/29 | | 2025/8/4 | 2025/8/5 | 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。 回售价格：100.20 元人民币/张（含当期利息、含税） 回售期：20 ...

国泰海通证券股份有限公司 关于长城汽车股份有限公司 可转换公司债券回售有关事项的核查意见 国泰海通证券股份有限公司（原"国泰君安证券股份有限公司"，以下简称 "国泰海通"或"保荐机构"）作为关于长城汽车股份有限公司（以下简称"长 城汽车"或"公司"）公开发行 A 股可转换公司债券（以下简称"长汽转债"）的 保荐机构，根据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》等有关规定，对"长汽转债"回售有关事项进行了审慎 核查，具体情况如下： 一、"长汽转债"发行上市情况 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，长城汽车于 2021 年 6 月 10 日公开发行 3,500 万张 A 股可转换公司债券，每张面值 100 元，发行总额 35 亿 元，募集资金净额为人民币 348,797.26 万元。上述资金实收情况已经德勤华永会 计师事务所（特殊普通合伙）验证，并于 2021 年 6 月 17 日出具了德师报（验） 字（2 ...

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 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。 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「國 海 證券 股份有限公司關於長城汽車股份有限公司可轉換公司債券回售有關事 的核查意見」。 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21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 国泰海通证券股份有限公司（原"国泰 ...

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* 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"可選擇回售的公告」。 （ 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 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21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 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号： ...