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： ...

Core Insights - Longhua Automobile's commitment to independent research and development is highlighted by its innovative practices, exemplified by the integration of technology and sports at its smart factory in Hebei [1][3] - The company has significantly increased its R&D investment, reaching 10.4 billion yuan in 2024, which accounts for 5.2% of its sales, supported by a robust engineering team of 23,000 [1][2] - Longhua has successfully transitioned from relying on external suppliers to establishing a self-sufficient supply chain, enhancing its competitiveness in the global market [2][3] R&D and Innovation - The company operates a state-of-the-art testing center with an investment of nearly 10 billion yuan, capable of conducting over 2,000 tests in areas such as new energy and thermal management [1] - Longhua's self-developed intelligent driving assistance system covers a wide range of scenarios, showcasing its advancements in AI and smart driving technology [2] Supply Chain Development - The transition to an independent supply chain began in the 1990s, evolving from a small manufacturer to a key player in the global supply chain, including partnerships with international brands like BMW [2] - Longhua has achieved self-research and manufacturing of critical components, including engines, transmissions, and power batteries, creating a complete and synergistic supply chain [2] Market Performance - The company reported a revenue of 21.95 billion yuan in 2024 and nearly 570,000 vehicle sales in the first half of the year, reflecting the successful conversion of technological innovation into market competitiveness [2]

Group 1 - The core viewpoint of the article highlights the sales growth driven by new and updated vehicle models, with total sales reaching 313,000 units in Q2, representing a 21.87% increase quarter-on-quarter [1] - Haval brand sales reached 176,800 units, an increase of 32,200 units, primarily due to the launch of the Menglong fuel version and the new Xiaolong [1] - Tank brand sales were 61,700 units, up by 19,700 units, driven by the introduction of the new Tank 300 and accelerated overseas expansion [1] - Weipai sales totaled 21,200 units, an increase of 7,800 units, supported by the launch of the Gaoshan series and a recovery in sales of the Lanshan model in Q2 [1] Group 2 - The company received approximately 2.5 billion yuan in Q2 from the previously unaccounted Russian scrappage tax refund, with expectations for this to normalize into quarterly receipts [2] - Looking ahead, the Weipai Lanshan will undergo product upgrades, while the Gaoshan 7 launch is expected to boost monthly sales of the Gaoshan series to over 10,000 units [2] - The Tank 400, 500, and 700 intelligent driving versions, along with the Hi4-Z version, will significantly expand the target user base [2] - Ora plans to launch two new models, including a compact hatchback and an A-class SUV, while new and updated Haval models are also anticipated [2]

Core Viewpoint - Great Wall Motors is focusing on high-end new energy vehicles through its WEY brand, emphasizing a long-term development strategy and showcasing its commitment to the high-end market in the annual shareholder meeting [1][6]. Group 1: Strategic Development - The chairman emphasized a "full-scenario, full-power product matrix" strategy, which is reflected in WEY's product line, covering both MPV and SUV segments [3]. - The introduction of the new high-end models, "Gao Shan" and "Lan Shan," has shown initial success in the high-end new energy market, indicating the effectiveness of Great Wall's high-end strategy [3][6]. Group 2: Technological Advancements - WEY serves as a key platform for Great Wall's technological advancements, particularly in intelligent driving and smart cockpit systems, enhancing the user experience [5]. - The company has established a leading position in intelligent driving technology, with the new models featuring advanced systems like L2+ level autonomous driving [5]. Group 3: Global Expansion - Great Wall is pursuing a global strategy, with WEY collaborating with other brands like Haval and Tank to enhance international market presence, supported by an overseas sales network exceeding 1,400 locations [5]. - The upcoming production of the Brazilian factory in 2025 is expected to facilitate WEY's entry into emerging markets for high-end new energy vehicles [5]. Group 4: Supply Chain Optimization - The optimization of the supply chain is crucial for ensuring the quality of WEY products, with a focus on stable supply and excellence in core components [5]. - Collaborative relationships with supply chain partners are established to support the high-end positioning of WEY products, covering essential systems from battery to intelligent driving hardware [5].

Core Viewpoint - Great Wall Motors reported a revenue increase but a decline in net profit for the first half of 2025, indicating challenges in profitability despite sales growth [1][3]. Financial Performance - Total operating revenue for the first half of 2025 was 923.67 billion yuan, a year-on-year increase of 1.03% [2][3]. - Operating profit decreased to 68.62 billion yuan, down 15.35% from the previous year [2][3]. - Total profit was 70.04 billion yuan, reflecting a decline of 15.22% compared to the same period last year [2][3]. - Net profit attributable to shareholders was 63.37 billion yuan, a decrease of 10.22% year-on-year [3]. Balance Sheet - As of June 30, 2025, total assets amounted to 2224.48 billion yuan, with total liabilities at 1380 billion yuan [3]. - Shareholders' equity was reported at 844.47 billion yuan, with a net asset value per share of 9.87 yuan [3]. Strategic Initiatives - The company is entering a new product cycle, aiming to increase sales and revenue while enhancing user connection through new channel models [3]. - Increased investment in new models, technologies, and brand promotion has contributed to the fluctuations in net profit [3]. Industry Context - Chairman Wei Jianjun highlighted systemic risks in the automotive industry, particularly in the new energy sector, drawing parallels to the collapse of Evergrande Real Estate due to high leverage and financial fraud [3].

Group 1 - Zeekr denies selling "0 km used cars" to inflate sales, stating that the vehicles are display cars and part of normal business practices [4] - Faraday Future's first MPV, Super One, faces accusations of design plagiarism from Great Wall Motors, leading to the removal of promotional language from its website [6] - The food delivery market is experiencing a shift as platforms continue to offer high-value coupons despite regulatory scrutiny [9][10] Group 2 - ByteDance's data science head, Qin Lu, leaves the company to start a venture in the AIGC field, seeking talent for algorithm and development roles [11] - Manus, after facing operational challenges, has shifted focus to international markets and shared lessons learned from its experiences [12] - NVIDIA's H20 AI chip supply is limited, with no plans to restart production due to U.S. sales bans, impacting its revenue significantly [13] Group 3 - Japan's semiconductor industry announces successful trial production of 2nm wafers, marking a significant technological advancement [31][32] - Meta continues to attract talent from Apple, hiring two AI researchers with substantial compensation packages, indicating a competitive landscape in AI development [30][31] - NIO's legal department responds to malicious rumors, emphasizing the company's commitment to legal action against false information [24]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced with a total investment of approximately 1.2 trillion yuan, aiming to build five tiered power stations primarily for electricity transmission and local consumption in Tibet [1] - The Ministry of Industry and Information Technology (MIIT) plans to accelerate the development of biomanufacturing and low-altitude industries, while promoting innovation in future industries such as humanoid robots and brain-computer interfaces [2][3] - The MIIT and the National Development and Reform Commission (NDRC) are set to issue work plans to stabilize growth in key industries including steel, non-ferrous metals, petrochemicals, and building materials [2][3] Group 2 - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 93.5% on Chinese imported anode-grade graphite, citing unfair subsidies [5] - The State Administration for Market Regulation has urged major platform companies like Ele.me, Meituan, and JD.com to standardize promotional activities and foster a healthy competitive environment in the food service industry [6] - A meeting was held to discuss the regulation of the new energy vehicle industry, focusing on enhancing supervision and monitoring product prices and quality [8] Group 3 - The China Iron and Steel Association has proposed a new mechanism for capacity governance to prevent overcapacity risks in the steel industry and to eliminate irrational competition [10] - Yu Shu Technology has initiated its listing guidance, with its controlling shareholder holding approximately 34.76% of the company's shares [11] - Multiple provinces are planning to establish companies to develop local cultural creative Moutai liquor, with participation from distributors based on their allocation of Moutai products [12] Group 4 - As of July 18, 1551 A-share listed companies have released performance forecasts for the first half of 2025, with 26 companies expecting a net profit increase of over 1000% year-on-year [14] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of the year, reflecting a year-on-year decline of 10.22% [19] - The major shareholder of Hongbaoli plans to reduce its stake by up to 2% [20]

Core Viewpoint - The article emphasizes the significance of Great Wall Motors under the leadership of Wei Jianjun, highlighting its commitment to "technology-driven enterprise" and alignment with national strategies for high-quality manufacturing and a healthy industrial ecosystem [4][11]. Group 1: Industry Context - Great Wall Motors is positioned as a benchmark in the automotive industry, showcasing a dual-driven model of "global layout + technological innovation" that serves as a reference for industry transformation [4]. - The automotive sector is currently facing a price war, and Great Wall Motors' refusal to engage in such practices is reshaping the competitive landscape of the Chinese automotive industry [11][14]. Group 2: Leadership and Vision - Wei Jianjun is portrayed as a "guardian of healthy industry development," akin to Ren Zhengfei in his long-term vision and technological focus, emphasizing responsibility over market trends [5][9]. - His critiques of the "bloodletting" price war have been validated by subsequent government policies aimed at regulating competition in the automotive market [10][11]. Group 3: Commitment to Quality and Innovation - Great Wall Motors has established a comprehensive quality management system, achieving high standards in product quality, as evidenced by multiple certifications [25]. - The company has invested nearly 10 billion in building a leading experimental system, which includes the first safety testing lab and various other innovative facilities [26][29]. Group 4: Global Expansion and Market Presence - Great Wall Motors has successfully expanded its operations globally, with over 1,400 overseas sales channels and cumulative sales exceeding 2 million units [20]. - The company is recognized for its ecological export model, with significant praise from international leaders and plans for new factories in key markets [21]. Group 5: Long-term Strategy and Corporate Responsibility - The company's long-term strategy is characterized by a commitment to quality, innovation, and social responsibility, as demonstrated by its substantial investments in employment and community initiatives [30]. - Great Wall Motors' approach reflects a philosophy of "doing the right thing" rather than "doing easy things," which is essential for the sustainable development of the automotive industry [24].

Core Viewpoint - The company reported its H1 2025 performance, which met expectations, with revenue of 92.367 billion yuan, a year-on-year increase of 1.03%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.22% [2] Financial Performance - In H1 2025, the company achieved revenue of 92.367 billion yuan, up 1.03% year-on-year, and a net profit of 6.337 billion yuan, down 10.22% year-on-year. The second quarter saw revenue of 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8%. The net profit for Q2 was 4.586 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2][6] Sales and Product Structure - The company reported a wholesale sales volume of 313,000 vehicles in Q2, with year-on-year increases of 10.07% and 21.87%. The sales breakdown by brand showed significant growth for the Wei brand, which increased by 106.4% year-on-year. The company also achieved a Q2 sales volume of 98,000 new energy vehicles, with a penetration rate of 31.3% [3] Strategic Focus - The company is committed to long-term strategies focusing on three main areas: smart technology, off-road capabilities, and global expansion. It is enhancing its smart technology with the Coffee Pilot system and has achieved recognition in global markets, ranking among the top 20 in China's global brand list for 2025 [4] Future Projections - The company maintains revenue forecasts of 219.5 billion yuan, 237.6 billion yuan, and 253.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.6%, 8.3%, and 6.8%. The net profit forecasts for the same years are 12.3 billion yuan, 13.9 billion yuan, and 14.4 billion yuan, with corresponding EPS of 1.43, 1.62, and 1.68 yuan [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company is expected to achieve a revenue of 923 billion yuan in the first half of 2025, representing a year-on-year increase of 1.03%, while the net profit attributable to shareholders is projected to be 63.4 billion yuan, down 10.2% year-on-year [1] - The second quarter of 2025 saw a revenue of 523.5 billion yuan, an increase of 7.8% year-on-year and 30.8% quarter-on-quarter, driven by new vehicle launches and improved overseas sales [2] - The company is entering a new growth phase with the launch of new models and a focus on direct-to-consumer channels, which is expected to enhance brand value and sales [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 45.9 billion yuan, up 19.1% year-on-year and 161.9% quarter-on-quarter, while the non-recurring net profit was 21.1 billion yuan, down 30.1% year-on-year [3] - The average selling price (ASP) per vehicle in Q2 2025 reached 167,000 yuan, a decrease of 2.1% year-on-year but an increase of 7.3% quarter-on-quarter [2] Market Outlook - The mainstream market for new vehicles is expected to see an upward sales trend, supported by the successful launch of new models and a comprehensive marketing strategy [4] - The company has significant potential in the off-road vehicle market, with the Hi4Z technology expected to enhance product offerings and profitability [4] - The company has a diverse product range and strong technological capabilities, indicating substantial export potential as new models and powertrains are introduced [4] Valuation and Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 140.3 billion yuan, 174.0 billion yuan, and 209.6 billion yuan respectively, with corresponding price-to-earnings ratios of 13.4, 10.8, and 9.0 times [4][10] - The six-month target price is set at 32.79 yuan per share, reflecting a 20 times price-to-earnings ratio for 2025 [4]