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） ， 茲委任大會主席或 代表本人╱吾等出席於2025年12月23日（星期二）下午2時正假座中華人民共和國（「中國」）河北省保定市朝陽南大街 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 | 贊成 | （附註5） | （附註5） 反對 | 棄權 | （附註5） | | 1 | 審議及批准通函（於2025年12月3日在香港聯合交易所有限公司網 | | | | | | | | 站( www.hkexnews.hk )及本公司網站( www.gwm ...

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。 閣下如已售出或轉讓名下所有長城汽車股份有限公司的股份，應立即將本通函及隨附之代表委任表格送交 買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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） 建議採納2025年員工持股計劃 建議採納2025年員工持股計劃管理辦法 建議授權董事會辦理2025年員工持股計劃相關事項 建議採納長城汽車股份有限公司長期激勵基金管理辦法 建議採納長城汽車股份有限公司薪酬管理制度 釋 義 及 股東特別大會通告 本公司謹訂於2025年12月23日（星期二）下 ...

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 建議採納2025年員工持股計劃 建議採納2025年員工持股計劃 董事會欣然宣佈，於2025年12月3日，董事會審議及通過了相關議案，建議採 納2025年員工持股計劃。2025年員工持股計劃待本公司股東會審議批准後方 能生效。在本公司召開股東會以批准本員工持股計劃前，本公司可能會應中國 及╱或香港監管機構的要求，修改本員工持股計劃。 《香港上市規則》涵義 2025年員工持股計劃構成上市規則第十七章的股份計劃，須符合上市規則第 17.12條的適用披露要求。然而，員工持股計劃不涉及發行新股或授出可購買新 股的期權作為獎勵。因此，員工持股計劃不構成上市規則第十七章下涉及發行 新股的股份計劃。根據中國法律法規，員工持 ...

Core Viewpoint - The chairman of Great Wall Motors, Wei Jianjun, addressed customer concerns regarding vehicle delivery times, emphasizing the importance of maintaining quality over speed in production [1][3]. Delivery Cycle - The average delivery cycle for the new Tank 400 is between 2 to 6 weeks, while the new Gaoshan model has an average delivery cycle reduced to 3 to 7 weeks [1][3]. - Customization options may extend delivery times due to the need for tailored production [1][3]. Production Process - The company is accelerating production schedules but insists on adhering to strict quality control measures [1][3]. - Wei Jianjun highlighted that despite customer pressure, the company prioritizes delivering only qualified products to users [1][3].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.28% to close at 25,760.73 points, marking a loss of 334.32 points. The total trading volume was 164.36 billion HKD [1] - The Hang Seng China Enterprises Index dropped 1.68% to 9,028.55 points, while the Hang Seng Tech Index fell 1.58% to 5,534.92 points [1] Blue Chip Performance - Techtronic Industries (00669) led the blue-chip stocks, rising 3.15% to 94.9 HKD, contributing 6.66 points to the Hang Seng Index. Citigroup initiated a 30-day positive catalyst observation for the company [2] - Other notable blue-chip movements included WH Group (00288) up 1.8% to 8.47 HKD, while China Life (02628) fell 3.59% to 26.32 HKD, dragging the index down by 11.43 points [2] Sector Highlights - Precious metals and copper-aluminum sectors saw gains amid rising expectations for Federal Reserve interest rate cuts. Bitcoin reached a two-week high, boosting some cryptocurrency stocks [3] - The automotive sector continued to decline, with companies like XPeng Motors (09868) down 4.25% and GAC Group (02238) down 2.35%, reflecting weak market demand [4] Cryptocurrency Stocks - Several cryptocurrency-related stocks rose, including Boyaa Interactive (00434) up 5.19% and New Horizon Health (01611) up 2.3%, driven by increasing Bitcoin prices and a shift in institutional attitudes towards cryptocurrency [4] New Listings - Two new stocks debuted, with Lemo Technology (02539) surging 36.25% to 54.5 HKD, and Jinyan Kaolin New Materials (02693) rising 2.19% to 7.46 HKD. Lemo Technology is ranked first in the Chinese massage service market by transaction volume [5][6] Notable Corporate Announcements - Longpan Technology (02465) saw a significant increase of 12.21% to 16.54 HKD after announcing a long-term procurement agreement with Sunwoda for lithium iron phosphate cathode materials, expected to generate sales of approximately 4.5 to 5.5 billion CNY [7] - China Pacific Insurance (02328) continued to decline, down 4% to 17.04 HKD, amid rumors regarding the status of its executives [9]

Sales Performance - Total sales in November reached 133,000 units, representing a year-on-year increase of 4.6% [1] - Sales of new energy vehicles amounted to 40,000 units, with a year-on-year growth of 11.4% [1] - Sales of vehicles priced above 200,000 yuan reached 41,000 units, showing a significant year-on-year increase of 31.6% [1] - Overseas sales hit 57,000 units, marking a year-on-year growth of 32.7%, setting a new record [1] - Cumulative sales from January to November reached 1.2 million units, reflecting a year-on-year increase of 9.3% [1] New Models - The pre-sale performance of the Ora 5 in November was strong, while the Tank 400 had a delivery volume of approximately 6,000 units [2] - The Ora 5 and the Blue Mountain Intelligent Advanced Edition are expected to officially launch in December [2] - The company has over 10 (potentially 15) new models planned for 2026, with continuous launches scheduled from Q2 to Q4 of 2026 [2] Inventory and Market Strategy - Inventory levels in both domestic and overseas markets are at 1.6 to 1.7 months, which is considered low in overseas markets [3] - The sales target for 2026 aims for a 20% growth, focusing on the EU, Central Asia, and markets like Indonesia and Malaysia, where current sales are low or non-existent [3]

瑞银发布研报称，多家车企公布今年11月销量，环比大多持平或下滑。理论上11月属行业旺季，会受 2026年潜在政策退坡前的提前购车效应推动，但市场却显现更多走弱迹象，这加剧了市场对2026年车市 需求前景的担忧。瑞银对行业短期前景愈发谨慎，因市场需求走弱速度超预期，明年风险信号增多。 汽车股尾盘跌幅扩大，截至发稿，小鹏汽车-W(09868)跌4.32%，报75.35港元；长城汽车（601633） (02333)跌2.57%，报14.41港元；北京汽车(01958)跌2.28%，报2.14港元；广汽集团（601238）(02238)跌 2.12%，报4.16港元。 海通国际表示，年末冲刺阶段的格局分化进一步加剧，翘尾效应也明显弱于往年。随著两新政策补贴基 本退出，销量增速趋缓甚至下滑的态势恐难以逆转。车企年终冲刺更考验销量与盈利之间平衡。 ...

Group 1 - The automotive stocks experienced a significant decline, with Xpeng Motors down 4.32% to HKD 75.35, Great Wall Motors down 2.57% to HKD 14.41, Beijing Automotive down 2.28% to HKD 2.14, and GAC Group down 2.12% to HKD 4.16 [1] - Haitong International noted that the year-end rush is showing increased divergence, with the tail effect being significantly weaker than in previous years. The exit of new policy subsidies is expected to lead to a slowdown or even decline in sales growth, making it difficult to reverse this trend [1] - UBS reported that several automakers announced their November sales, which mostly remained flat or declined month-on-month. November is typically a peak season for the industry, but signs of market weakness are emerging, raising concerns about demand prospects for the automotive market in 2026 [1] Group 2 - The market is showing more signs of weakness, leading UBS to adopt a more cautious outlook on the short-term prospects for the industry, as the pace of weakening demand is exceeding expectations, with increasing risk signals for next year [1]

Group 1 - The founder of Aibison, Ding Yanhui, expressed dissatisfaction with the chairman's salary of 4.3556 million yuan, which represents a 51% increase from the previous year's salary of 2.8845 million yuan, leading to a unique dissenting vote during the board election [5][6] - Aibison clarified that the dissenting vote was due to dissatisfaction with the company's incentive mechanism rather than the salary itself, indicating a need for reform in governance and profit distribution [6] Group 2 - OPPO's Chief Product Officer, Liu Zuohua, is personally leading the Pocket project, indicating the company's strong commitment to the handheld imaging market, which has seen significant growth [8][9] - The global sales of DJI's Pocket camera have reached approximately 10 million units, with expected revenue from handheld products surpassing 50 billion yuan this year [8] Group 3 - Xiaomi has exceeded its annual car sales target of 350,000 units, with total deliveries surpassing 500,000 units since April 3, 2024, and November deliveries consistently exceeding 40,000 units [14][15] - The CEO of Zhiyu, Zhang Peng, announced that the company's annual recurring revenue from model sales has exceeded 100 million yuan, positioning it as a leading player in the Chinese AI sector [17][18] Group 4 - The automotive market in November saw BYD leading with 480,186 units sold, a month-on-month increase of 8.71%, while other brands like NIO and Xpeng experienced significant declines in sales [26][28] - The competition in the new energy vehicle market is intensifying, with BYD maintaining a strong lead while other brands show signs of fatigue in growth [28] Group 5 - Apple is undergoing a leadership restructuring in its AI division, with John Giannandrea stepping down and Amar Subramanya taking over, aiming to accelerate the development of personalized AI features [40] - OpenAI has entered a "red alert" status, focusing resources on improving ChatGPT's user experience in response to competitive pressures from companies like Google [42][43]

Core Insights - In November 2025, Great Wall Motors reported a total sales volume of 133,216 units, representing a year-on-year increase of 4.57%, while cumulative sales for January to November reached 1,199,652 units, up 9.26% compared to the previous year [2][3] Sales Performance - The Haval brand sold 75,383 units in November, down 3.83% year-on-year, but cumulative sales for the year reached 692,101 units, an increase of 11.13% [3][4] - WEY brand showed remarkable growth with November sales of 12,763 units, up 81.14% year-on-year, and cumulative sales of 89,055 units, a significant increase of 93.94% [4][5] - The Great Wall Pickup recorded sales of 16,011 units in November, a slight increase of 1.00% year-on-year, with cumulative sales of 166,322 units, up 3.40% [4][5] - The Ora brand experienced a decline, with November sales of 4,821 units, down 16.97% year-on-year, and cumulative sales of 40,155 units, a decrease of 31.40% [4][5] - Tank brand sales increased to 24,135 units in November, up 19.55% year-on-year, with cumulative sales of 211,584 units, a modest increase of 1.18% [5] Production Data - In November, total production was 134,201 units, nearly unchanged from 134,207 units in the same month last year, while cumulative production for January to November reached 1,194,517 units, up 8.51% year-on-year [2][3] - Haval brand's production in November was 77,489 units, down 7.80% year-on-year, with cumulative production of 675,266 units, an increase of 5.62% [3][4] - WEY brand's production surged to 12,214 units in November, up 94.65% year-on-year, with cumulative production of 91,760 units, a growth of 99.28% [4] - The Great Wall Pickup's November production was 15,079 units, down 7.91% year-on-year, with cumulative production of 167,535 units, up 7.35% [4][5] - Ora brand's production fell significantly to 3,018 units in November, down 50.62% year-on-year, with cumulative production of 39,256 units, a decrease of 28.01% [4][5] - Tank brand's production increased to 26,277 units in November, up 24.07% year-on-year, with cumulative production of 220,011 units, a growth of 7.66% [5] New Energy and Overseas Sales - New energy vehicles sold 40,113 units in November, with cumulative sales for January to November reaching 364,731 units, indicating a steady expansion of the new energy segment [6] - Overseas sales amounted to 57,309 units in November, with cumulative sales of 448,648 units for the year, reflecting a steady increase in market penetration [6]