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：2333（港幣櫃檯）及82333（人民幣櫃檯） 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 關於召開2025年第三季度業績說明會的公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 中國河北省保定市 ，2025年11月6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。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-124 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城 ...

Core Viewpoint - Great Wall Motors is committed to providing efficient, collaborative, and exceptional integrated logistics services for customers [2] Group 1: Company Strategy - The company focuses on the automotive logistics supply chain across all business areas [2] - Great Wall Motors aims to specialize, refine, and strengthen its contract logistics services [2] - The company is also expanding into new logistics business areas [2]

（文章来源：证券日报） 证券日报网讯长城汽车11月5日在互动平台回答投资者提问时表示，未来，长城汽车将基于"森林生 态"体系，坚持精准投入研发，确保在行业变革中保持技术领先与竞争力。 ...

（文章来源：证券日报） 证券日报网讯长城汽车11月5日在互动平台回答投资者提问时表示，关于新产品上市规划，公司将通过 官方渠道进行发布。 ...

（文章来源：证券日报） 证券日报网讯长城汽车11月5日在互动平台回答投资者提问时表示，公司始终重视全体投资者的利益， 致力于通过科学、稳健的市值管理策略与可持续的股东回报机制，支持汽车产业健康、良性发展。 ...

Core Viewpoint - The article discusses the impact of the upcoming reduction in new energy vehicle (NEV) purchase tax subsidies on the automotive industry, particularly focusing on the strategies employed by various car manufacturers to boost sales in the fourth quarter of the year as they aim to meet annual sales targets [5][11]. Group 1: Sales Strategies and Market Dynamics - Automotive sales typically see a surge towards the end of the year, but this year is different due to the impending reduction of NEV purchase tax subsidies starting in 2026, which will shift from exemption to a 50% reduction, with a maximum exemption of 15,000 yuan [5][11]. - From the beginning of the National Day holiday, car manufacturers have been implementing various promotional strategies to attract consumers, with a notable increase in new model launches in September, exceeding 80 events [5][7]. - Companies like NIO and Zeekr have introduced purchase tax subsidies to alleviate consumer concerns about the tax changes, with NIO offering up to 15,000 yuan in tax subsidies for orders placed before December 31, 2025 [7][8]. Group 2: Consumer Behavior and Preferences - Consumer interest during the National Day holiday was significantly influenced by the availability of purchase tax subsidies, with models like the NIO ES8 and Zeekr 9X seeing substantial increases in showroom traffic and orders [8][9]. - The AITO M7 model gained considerable attention, with nearly 70% of customers visiting showrooms expressing interest in it, leading to a significant increase in orders during the holiday period [9][10]. - The purchase tax subsidy has become a critical factor for consumers, with a survey indicating that 77% of respondents view the tax policy changes as the primary influence on their purchasing decisions [12]. Group 3: Competitive Landscape and Financial Implications - The competitive landscape among new energy vehicle manufacturers is intensifying, with companies like Li Auto, Xiaopeng, and NIO reporting significant delivery numbers, while others like BYD and Great Wall have opted not to offer purchase tax subsidies due to shorter delivery times [10][14]. - The financial burden of providing purchase tax subsidies is substantial, with estimates suggesting that companies like Xiaomi may incur over 2 billion yuan in additional costs due to these subsidies by 2026 [13]. - The article highlights that the purchase tax subsidy strategy is primarily driven by manufacturers aiming to secure sales before the policy changes take effect, with many companies launching subsidy programs for new models [12][15].

Core Viewpoint - The "chain" settlement method that has troubled suppliers for a long time is expected to phase out as automotive companies shift towards cash and electronic transfer methods, aiming to shorten the payment cycle for suppliers [2][3]. Group 1: Changes in Settlement Methods - Automotive companies are gradually moving away from the "chain" settlement method, such as BYD's "Di Chain" and Great Wall's "Great Wall Chain," towards a combination of electronic transfers and commercial acceptance bills [2][3]. - Some suppliers have already received payments via electronic transfers after the adjustment of the payment period to 60 days, which previously required over three months for the "chain" method [2]. - While some suppliers have transitioned to commercial acceptance bills, others still maintain the "chain" settlement method, indicating a mixed response to the changes [2][3]. Group 2: Industry Regulations and Responses - The "60-day payment period" policy, effective from June, mandates large enterprises to pay small and medium-sized enterprises within 60 days of delivery, prohibiting forced acceptance of non-cash payment methods [4]. - A commitment was made by 17 major automotive companies to ensure payment to suppliers does not exceed 60 days, although the settlement methods have not uniformly shifted to cash or electronic transfers [4]. - The Ministry of Industry and Information Technology has opened a platform for complaints regarding the adherence of key automotive companies to the payment cycle commitments, addressing concerns from small and medium enterprises [4].

Core Insights - The wholesale sales of new energy passenger vehicles in China reached 1.61 million units in October, marking a year-on-year increase of 16% and a month-on-month increase of 7% [1] - Cumulatively, from January to October, the total wholesale sales amounted to 12.054 million units, reflecting a year-on-year growth of 30% [1] Industry Performance - October is traditionally a peak sales month, benefiting from the "Golden September and Silver October" sales season, with the National Day holiday boosting consumer demand [4] - The anticipated adjustment of the tax exemption policy for new energy vehicles at year-end has also contributed to increased consumer urgency in purchasing [4] - The strong retail performance and continuous growth in exports have led to a sustained upward trend in wholesale sales of new energy vehicles [4] Manufacturer Highlights - Major manufacturers such as Geely, Changan, Chery, Leap Motor, and others achieved record high wholesale sales of new energy vehicles in October [4] - Companies like SAIC-GM-Wuling, SAIC Passenger Cars, and Beijing Hyundai also reported their second-highest monthly sales figures historically [4] - The overall sales of new energy passenger vehicles have been significantly boosted by strong export performance and excellent results from many second-tier manufacturers [4]

Group 1 - The core mission of China's 42nd Antarctic Expedition includes addressing national needs and global scientific frontiers, focusing on key marine area investigations and related research work [1][2] - Great Wall Motors' Tank 300 diesel version is deployed on the "Xuelong 2" research vessel, tasked with critical roles such as material transportation and station commuting at the Great Wall Station [1][2] - The Tank 300 diesel version has undergone rigorous testing to ensure reliable operation in extreme Antarctic conditions, including simulations of strong winds and heavy snow [2] Group 2 - Great Wall Motors will send engineering personnel to the Antarctic Great Wall Station to provide vehicle maintenance and technical support as part of the expedition team [2] - The collaboration between Great Wall Motors and the Chinese Arctic and Antarctic Administration aims to enhance vehicle reliability and adaptability in extreme environments through joint research projects [2]

Core Insights - The company reported a significant increase in wholesale sales for October 2025, with a total of 143,000 vehicles sold, representing a year-on-year growth of 22.5% and a month-on-month increase of 7.1% [1] - Cumulative wholesale sales from January to October reached 1.066 million vehicles, showing a year-on-year increase of 9.9% [1] Group 1: Sales Performance - Haval brand sold 88,000 vehicles in October, up 21.4% year-on-year and 7.7% month-on-month, with cumulative sales of 617,000 vehicles from January to October, reflecting a 13.3% year-on-year increase [1] - Wey brand achieved sales of 13,000 vehicles in October, marking a substantial year-on-year growth of 95.8% and a month-on-month increase of 15.2%, with cumulative sales of 76,000 vehicles, up 96.3% year-on-year [1] - Tank series sold 22,000 vehicles in October, up 16.6% year-on-year and 4.0% month-on-month, with cumulative sales of 187,000 vehicles from January to October, showing a slight decline of 0.8% year-on-year [1][2] - The pickup segment recorded sales of 14,000 vehicles in October, up 9.3% year-on-year and 9.2% month-on-month, with cumulative sales of 150,000 vehicles, reflecting a 3.7% year-on-year increase [1] - Ora brand sold 6,000 vehicles in October, a modest year-on-year increase of 1.6% but a decline of 9.7% month-on-month, with cumulative sales of 35,000 vehicles, down 33.0% year-on-year [1] Group 2: New Product Launches - The new Tank 400 model was officially pre-sold on October 21, with pre-sale prices starting at 309,800 yuan, featuring advanced technology and enhanced driving experience [2] - Haval's new models, including the 2026 Big Dog and the Menglong, are driving sales growth through competitive pricing and upgraded features [2] Group 3: International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in October, up 28.7% year-on-year and 13.7% month-on-month, with cumulative overseas sales of 391,000 vehicles from January to October, reflecting a 6.2% year-on-year increase [3] - The Tank 500 Hi4-T model has been launched in Australia, receiving positive feedback for its technology and off-road capabilities, indicating potential for steady growth in international markets [3] Group 4: Financial Projections - The company anticipates revenue growth with projected figures of 226.78 billion yuan, 289.80 billion yuan, and 318.78 billion yuan for the years 2025 to 2027, respectively [3] - Expected net profit for the same period is projected at 12.67 billion yuan, 17.52 billion yuan, and 19.40 billion yuan, with corresponding price-to-earnings ratios of 15, 11, and 10 times based on the closing price of 22.69 yuan per share on November 3, 2025 [3]