| | | 长城汽车股份有限公司 关于 2023 年限制性股票激励计划首次授予部分限制性股票 回购注销实施的公告 重要内容提示： ● 回购注销原因： 1、因6名激励对象在首次授予限制性股票限售期届满前离职，根据《2023年限制性 股票激励计划》"第十三章 激励对象发生异动的处理"的规定，上述激励对象不再符合 《2023年限制性股票激励计划》相关的激励条件，经本公司第八届董事会第三十六次会 议审议通过，向上述6名激励对象回购并注销已获授但尚未解除限售的限制性股票共计 561,480股。 2、因5名激励对象在首次授予限制性股票限售期届满前降职，根据《2023年限制性 股票激励计划》"第十三章 激励对象发生异动的处理"的规定，按其新任岗位所对应的 标准，重新核定当期可行权的限制性股票，所调减的限制性股票由公司注销。经本公司 第八届董事会第三十六次会议审议通过，公司向上述5名激励对象注销当期已调减的限 制性股票共计25,872股。 综上所述，公司本次回购注销《2023年限制性股票激励计划》首次授予部分限制性 股票共计587,352股。 ● 本次注销股份的有关情况： | 回购限制性股票数量（股） | 注销限制性股票数量 ...

金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 长城汽车股份有限公司 2023 年股权激励计划部分限制性股票 回购注销实施相关事项的 法律意见书 金证法意[2025]字 0610 第 0551 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 1 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 长城汽车股份有限公司 2023 年股权激励计划部分限制性股票 回购注销实施相关事项的 法律意见书 本所律师声明： 金证法意[2025]字 0610 第 0551 号 1、本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办 法》及《律师事务所证券法律业务执业规则》等法律、法规和规范性文件的规定， 严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本法律意见书出具日 以前已经发生或者存在的相关事实进行了充分的核查验证，保证本法律意见书所 认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记 载、误导性陈述或者重大遗漏，并承担相应法律责任； 致：长城汽车股份有限公司 2、本所律师对长城 ...

Group 1 - The company, Great Wall Motors, has decided to standardize the payment terms for its suppliers to within 60 days [1]

Group 1 - BlackRock (BLK.N) increased its long position in Great Wall Motor (02333.HK) H-shares from 5.73% to 6.35% as of June 4 [1]

Group 1 - The 2025环塔拉力赛 concluded in Xinjiang, with Great Wall Motors winning the T2.E production new energy group championship and taking the top three spots in the T2.1 production fuel group [2] - Following the success, Great Wall Motors launched the "环塔欢乐周" event aimed at off-road enthusiasts, featuring activities such as off-road driving experiences, desert driving schools, and local cuisine [2] - The company introduced China's first "off-road skill grading standard," which assesses off-roaders' capabilities across four dimensions: experience, equipment, theory, and driving [2] Group 2 - Chairman Wei Jianjun emphasized the importance of safety in off-roading and expressed that the grading system aims to guide enthusiasts to enjoy off-roading safely [3][5] - Great Wall Motors plans to introduce more models that require minimal modifications for racing, aiming to lower the barriers for consumers to participate in off-road activities and professional events [5] - A survey indicated that in 2023, 74% of domestic travelers engaged in self-driving tours, with popular routes driving changes in the automotive market, leading to increased interest in off-road vehicles [5] Group 3 - The off-road vehicle market is becoming increasingly competitive, with many brands exploring new energy off-road vehicles, addressing issues like high energy consumption and lack of comfort in traditional fuel vehicles [6] - Great Wall Motors is positioned as a "defender" in this competitive landscape, focusing on enhancing product quality and improving users' driving skills [6]

Group 1 - The "Huan Ta Happy Week" event organized by Great Wall Motors in Kashgar, Xinjiang, marks a continuation of activities following the 2025 Huan Ta Rally, showcasing the company's strong performance in the rally with multiple awards in different categories [1] - Great Wall Motors' Vice General Manager Wang Chao announced China's first "Off-Road Skills Grading Standard," which, along with previously released standards, forms a comprehensive grading system assessing off-roaders' capabilities and safety across four dimensions: experience, equipment, theory, and driving [3] - The off-road skills will be categorized into four levels, from beginner to professional, with each level unlocking new skills and capabilities, and the system will also include training opportunities through an upcoming off-road route book app [3] Group 2 - Chairman Wei Jianjun emphasized the importance of safety in off-road activities and the company's goal to guide enthusiasts in enjoying off-roading safely through the newly released grading system [3] - Great Wall Motors plans to introduce more models like the V6 Cannon, which require only minor modifications to participate in competitions, aiming to lower the barriers for more people to engage in off-road activities and professional events [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a recovery in May sales, with a year-on-year increase of 11.78%, selling 102,200 vehicles [6][7] - The sales of new energy vehicles reached 32,600 units in May, up 32.41% year-on-year, while sales of models priced above 200,000 yuan increased by 24.67% [7] - The company is expanding its overseas sales, with May overseas sales at 34,500 units, accounting for 33.78% of total monthly sales [8] - New product launches are expected to support continued sales growth, with several new models introduced in April and May [8] Summary by Sections Basic Data - Latest closing price: 22.46 yuan - 12-month A-share price range: 21.83-32.03 yuan - Total shares: 8,559.53 million - Circulating market value: 191.54 billion yuan [2] Sales Performance - May sales reached 102,200 units, with a cumulative total of 459,100 units from January to May, showing a slight year-on-year decrease of 0.54% [6] - Breakdown of May sales by brand: Haval brand sold 57,700 units (+22.58% YoY), WEY brand sold 6,200 units (+115.27% YoY), and Ora brand sold 2,000 units (-67.34% YoY) [7] Financial Forecast - Expected net profits for 2025-2027 are projected at 14.315 billion, 16.584 billion, and 18.762 billion yuan, respectively, with year-on-year growth rates of 12.8%, 15.9%, and 13.1% [9] - Revenue forecasts for 2025-2027 are 234.06 billion, 264.54 billion, and 294.23 billion yuan, with growth rates of 15.8%, 13.0%, and 11.2% [11]

Core Viewpoint - The collaboration between Great Wall Motors and Tsinghua University explores the integration of Eastern aesthetics into automotive design, highlighting the innovative value of Chinese design in the global automotive industry transformation [1][3]. Group 1: Eastern Aesthetics in Design - Professor Lu Xiaobo emphasizes that the essence of Eastern aesthetics is "internal and external cultivation, harmony between man and nature," with "grandeur" as a concrete expression of this philosophy [3]. - The design language of the Great Wall Motors' Weipai Gaoshan model incorporates elements like the front face resembling "flowing waterfalls," a waistline that flows like energy, and tail lights that evoke the poetry of "lush forests and bamboo," achieving a balance between strong lines and negative space [3][5]. Group 2: Emotional Needs and User Experience - As the automotive industry is influenced by new energy and AI technologies, user emotional needs are increasingly important. The "eaves sheltering from rain" design concept illustrates how details like dynamic ambient lighting and voice assistant tone convey "unobtrusive care" [5]. - Future automotive design should transcend functional needs to create a "new human-vehicle ecosystem," as highlighted by Professor Zhang Lei [5]. Group 3: Technological Integration - The Weipai Gaoshan model utilizes Coffee OS 3.2 to enable four-zone voice interaction, multi-screen linkage, and AR-HUD technology, evolving the cockpit into a "third living space" [6]. - Great Wall Motors aims to transform the relationship between humans and vehicles from a tool-based approach to a symbiotic partnership through AI architecture, focusing on spatial reconstruction, interaction enhancement, and value reshaping [6]. Group 4: Family-Oriented Design - The "spatial equity" concept proposed by designer Xu Lingfeng features a long shared rail design in the second and third rows, creating an MPV-sized cabin for a "mobile meeting room" experience [8]. - The flexible seating system caters to the spatial needs of multi-child families while ensuring comfort for the elderly, moving beyond mere parameter competition to provide emotionally resonant travel solutions for family users [8].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end and intelligent electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a 0.2% year-on-year increase in May, and the establishment of a manufacturing base in Brazil is expected to enhance its market penetration in Latin America [5][6]. Summary by Sections Sales Performance - In May 2025, the Haval brand sold 58,000 vehicles, up 22.6% year-on-year, while the Wey brand saw a remarkable increase of 115.3% year-on-year with 6,000 units sold [3][4]. - The Tank brand maintained stable profits with 21,000 units sold in May, reflecting a 2.8% year-on-year increase [4]. Product Development - The Tank 700 Hi4-Z model is set to launch with a new 2.0T engine and dual motors, enhancing its off-road capabilities [4]. - The Wey brand's new models, including the Gaoshan 7, 8, and 9, have received strong market interest, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits expected to reach 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [6][7]. - The company is expected to maintain a steady growth rate, with a projected net profit growth of 11% in 2025 and 15.7% in 2026 [7][12].