Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 22.69 CNY per share as of November 3, 2025 [6]. Core Views - The company has achieved record sales in October, with wholesale sales reaching 143,000 units, a year-on-year increase of 22.5% and a month-on-month increase of 7.1%. Cumulative sales from January to October reached 1.066 million units, up 9.9% year-on-year [1]. - The introduction of new models, particularly the Tank 400, is expected to enhance brand positioning and drive sales growth. The new model features advanced technology and is aimed at improving the driving experience [2]. - The Haval brand continues to perform well, with sales of 88,000 units in October, reflecting a year-on-year increase of 21.4% and a month-on-month increase of 7.7%. The launch of new models is expected to further strengthen market competitiveness [3]. - The company's overseas sales are also on the rise, with October sales reaching 57,000 units, a year-on-year increase of 28.7% and a month-on-month increase of 13.7%. The company is making progress in localizing production in Australia, which is anticipated to boost overseas sales [3]. Summary by Sections Sales Performance - In October, the company reported a wholesale sales figure of 143,000 units, with significant contributions from various brands: Haval (88,000 units), Wey (13,000 units), Pickup (14,000 units), Ora (6,000 units), and Tank (22,000 units) [1]. - Cumulative sales for the first ten months of the year reached 1.066 million units, with Haval and Wey brands showing notable year-on-year growth [1]. New Product Launches - The Tank 400 was launched for pre-sale on October 21, 2025, with advanced features aimed at enhancing the driving experience and promoting brand high-end positioning [2]. - Haval's new models, including the 2026 version of the Big Dog and the Menglong, are expected to drive sales through competitive pricing and upgraded features [3]. Financial Projections - The company forecasts revenues of 226.78 billion CNY in 2025, 289.8 billion CNY in 2026, and 318.78 billion CNY in 2027, with corresponding net profits of 12.67 billion CNY, 17.52 billion CNY, and 19.4 billion CNY respectively [4][5]. - The projected PE ratios for the upcoming years are 15 for 2025, 11 for 2026, and 10 for 2027, indicating a favorable valuation outlook [4][5].

Core Viewpoint - DBS has lowered the target price for Great Wall Motors (02333) from HKD 23 to HKD 19, reflecting a forecasted price-to-earnings ratio of 10 times for next year, down from 12 times for this year, while maintaining a "Buy" rating [1] Group 1: Company Strategy - Great Wall Motors is accelerating its overseas expansion to enhance growth momentum, anticipating a slowdown in the domestic Chinese automotive market by 2026 [1] - The company has planned an overseas production network to support sales and improve investment returns, including a factory in Brazil with a capacity of 50,000 units targeting Latin America and a factory in Thailand with a capacity of 80,000 units for the ASEAN/Asian market [1] - These facilities will produce models from the Haval series (H6, H9, etc.), ORA, and more, aiming to shorten delivery times and mitigate the impact of slowing growth in the Russian market, which accounts for approximately 10% of its automotive sales [1] Group 2: Financial Performance - Great Wall Motors experienced pressure on gross margin in the third quarter, with a year-on-year decrease of 1.3 percentage points and a quarter-on-quarter decrease of 1.6 percentage points to 17.2%, primarily due to increased advertising and promotional expenses for new models and the expansion of direct sales channels [1] - DBS expects that the expanded network will lead to higher sales efficiency, allowing the product gross margin to stabilize at around 19% by 2026 [1] - The bank forecasts a compound annual growth rate of 10% for Great Wall Motors' earnings from 2024 to 2026, supported by a revenue growth rate of 13.7% [1]

Group 1 - The core viewpoint of the article is that Great Wall Motors is accelerating its international expansion to enhance growth momentum, anticipating a slowdown in the domestic Chinese automotive market by 2026 [1] - DBS has lowered the target price for Great Wall Motors from HKD 23 to HKD 19, which corresponds to a projected price-to-earnings ratio of 10 times for next year, down from a previous estimate of 12 times for this year, while maintaining a "Buy" rating [1] - The company has planned an overseas production network to support sales and improve investment returns, including a factory in Brazil with a capacity of 50,000 units targeting Latin American markets such as Mexico, Argentina, and Chile, and a factory in Thailand with a capacity of 80,000 units aimed at the ASEAN/Asian markets [1] Group 2 - Great Wall Motors is expected to face pressure on gross margins in the third quarter, with a year-on-year decrease of 1.3 percentage points and a quarter-on-quarter decrease of 1.6 percentage points to 17.2%, primarily due to increased advertising and promotional expenses for new models and the expansion of direct sales channels [1] - DBS anticipates that the expanded network will lead to higher sales efficiency, allowing the product gross margin level to stabilize at around 19% by 2026 [1] - The bank projects a compound annual growth rate of 10% for Great Wall Motors' earnings from 2024 to 2026, supported by a revenue growth rate of 13.7% [1]

Core Insights - The 42nd Chinese Antarctic Expedition has commenced, with the "Xuelong 2" vessel carrying the Great Wall Motors Tank 300 diesel model to support key tasks in Antarctica, marking a significant contribution from a domestic brand to national polar research efforts [1][3] Group 1: National Strategy and Industry Participation - This marks the first deep involvement of a domestic automotive brand in national polar research, showcasing the automotive industry's response to national scientific calls and its commitment to national missions [3] - The Antarctic scientific expedition is a strategic national project aimed at addressing global climate change, polar ecological protection, and frontier scientific exploration [3] Group 2: Vehicle Capabilities and Testing - The Tank 300 diesel model is a production vehicle that can operate in extreme cold without special modifications, reflecting Great Wall Motors' confidence in its technology [5] - Great Wall Motors has established a comprehensive global testing and validation system, ensuring the vehicle's performance in various conditions, including extreme cold and severe weather [5] Group 3: Operational Support and Collaboration - Great Wall Motors will send engineering personnel to Antarctica to provide vehicle maintenance and technical support as part of a full-chain support model, enhancing operational efficiency [7] - A long-term partnership has been established between Great Wall Motors and the Chinese Arctic and Antarctic Administration to jointly develop and test vehicles for polar research, aiming to integrate automotive capabilities with national scientific efforts [7]

Core Viewpoint - Long-term growth for Great Wall Motors is expected to be driven by international expansion as the domestic automotive market in China is anticipated to slow down by 2026 [1] Group 1: International Expansion - Great Wall Motors is accelerating its overseas expansion to enhance growth momentum, with plans for an overseas production network to support sales and improve investment returns [1] - The company is establishing a factory in Brazil with a capacity of 50,000 vehicles, targeting markets in Mexico, Argentina, and Chile, while also leveraging its factory in Thailand with a capacity of 80,000 vehicles to reach ASEAN/Asian markets [1] Group 2: Financial Performance - In Q3, Great Wall Motors experienced pressure on gross margin, which decreased by 1.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter to 17.2% [1] - The decline in gross margin is attributed to increased advertising and promotional expenses related to new models, partly due to market competition, as well as the expansion of direct sales channels [1] - Despite the current pressures, it is expected that the expanded network will lead to higher sales efficiency, allowing the gross margin to stabilize around 19% by 2026 [1] Group 3: Analyst Rating - DBS has revised its target price for Great Wall Motors from HKD 23 to HKD 19 while maintaining a "Buy" rating [1]

Core Viewpoint - The company has confirmed its partnerships with several major automotive manufacturers, indicating a strong position in the automotive software and hardware market. Group 1 - The company has established partnerships with automotive manufacturers such as Geely, Xpeng, SAIC, Great Wall, Dongfeng, and FAW for its vehicle-mounted software and hardware products [1] - The company's products are already being applied in multiple new mass-produced models from these manufacturers [1]

Group 1: New Energy Vehicle Sales Performance - In October, Li Auto's sales dropped to 32,000 units, a nearly 40% year-on-year decline, following a recall of over 10,000 units of the 2024 Li MEGA model due to safety concerns [2] - NIO delivered 40,400 vehicles in October, marking a 92.59% year-on-year increase, with the new ES8 contributing significantly to this growth [2] - Xpeng Motors achieved a record high of 42,000 deliveries in October, with a cumulative total of 355,000 units from January to October, reflecting a 190% year-on-year growth [2] - Leap Motor led the new energy vehicle segment with 71,000 deliveries in October, a remarkable 84% increase compared to the same month last year [1] Group 2: Traditional Automakers' Performance - BYD sold 442,000 new energy vehicles in October, showing an 11.5% month-on-month increase, although the growth rate is slowing [3] - Geely achieved sales of 307,100 vehicles in October, with a 12% month-on-month increase and a 35% year-on-year increase, marking its first month surpassing 300,000 units [4] - Chery Group reported total sales of 281,000 vehicles in October, with new energy vehicle sales exceeding 110,000 units, a historical high with a 54.7% year-on-year growth [4] Group 3: Market Trends and Future Outlook - Leap Motor's chairman expressed confidence in significant sales growth in 2026, with a strategic plan in place for the next five years [1] - The automotive industry is entering a competitive phase as companies prepare for the final two months of the year, with many aiming to meet their annual sales targets [5] - Changan Automobile reported total sales of 278,000 vehicles in October, with new energy vehicle sales reaching 119,000 units, a 36% year-on-year increase [5]

Group 1: Overall Market Performance - The automotive sector is at a crossroads, with electric vehicle (EV) benefits waning and smart vehicle technology in its early stages[2] - The overall performance of the passenger vehicle sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition[3] - The passenger vehicle industry saw a year-on-year growth of only 3% in retail sales, while exports grew by 23%[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a significant year-on-year sales increase of 58.1%, with domestic sales up 64.5% and exports up 22.9% in Q3 2025[5] - The bus segment saw strong performance, with leading companies like Yutong exceeding expectations due to rapid sales growth and improved profit margins[6] - Motorcycle exports showed robust growth, with large-displacement motorcycle exports reaching 146,000 units, a year-on-year increase of 57.4%[7] Group 3: Financial Metrics - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases[3] - The overall net profit margin for the heavy-duty truck sector improved, with major players like China National Heavy Duty Truck Group reporting a 21% increase in net profit[8] - The motorcycle industry saw a year-on-year profit increase of 21%, despite a 10% decline in revenue quarter-on-quarter[7] Group 4: Risks and Challenges - Risks include potential escalations in trade wars, slower-than-expected global economic recovery, and geopolitical uncertainties[2] - The automotive industry faces challenges from regulatory pressures and a lack of significant price reductions among manufacturers[3]

| | | 长城汽车股份有限公司 关于可转换公司债券转股及 2023 年股票期权激励计划 自主行权结果暨股份变动公告 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： 一、可转债转股情况 （一）可转债发行上市概况 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，长城汽车股份有限公司（以下简称"公 司"或"本公司"）于2021年6月10日公开发行3,500万张可转换公司债券，每张面值100 元，发行总额35亿元。 公司本次公开发行的"长汽转债"自2021年12月17日起可转换为本公司股份,初始 转股价格为38.39元/股，由于2021年10月21日及2022年5月20日分别实施了2021年半年 度利润分配、2021年度利润分配；2021年7月20日、2021年9月8日、2021年11月9日、2022 年4月15日、2022年6月22日完成2020年股权激励计划首次授予部分限制性股票回购注销、 2021年股权激励计划授予限制性股票登记、20 ...

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 司關於可轉換公司債券轉股及2023年股票期權激勵計劃自主行權結果暨股份變動公告」。 承董事會命 長城汽車股份有限公司 公司秘書 ，2025 11 3 於本公告日期，董事會成員如下： 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 海外監管公告 李紅栓 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-123 | | --- | --- | --- | | 转债代码：1130 ...