每经AI快讯，10月24日，长城汽车(601633.SH)公告称，2025年第三季度实现营业总收入612.47亿元，同 比增长20.51%；归属于上市公司股东的净利润为22.98亿元，同比下降31.23%。前三季度营收为1535.82 亿元，同比增长7.96%；净利润为86.35亿元，同比下降16.97%。本报告期公司实现销量和营业收入的同 比增长，同时因加速构建直连用户的新渠道模式，以及加大新车型、新技术的上市宣传及品牌提升，投 入增加导致收益波动。 ...

Financial Performance - Total revenue for Q3 2025 reached CNY 61.25 billion, a year-on-year increase of 20.51% compared to CNY 50.83 billion in the same period last year[4] - Net profit attributable to shareholders decreased by 31.23% to CNY 2.30 billion from CNY 3.35 billion in the previous year[4] - The net cash flow from operating activities increased by 50.90% year-to-date, totaling CNY 21.39 billion compared to CNY 14.20 billion in the same period last year[4] - Basic earnings per share fell by 30.77% to CNY 0.27 from CNY 0.39 in the same quarter last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥153.58 billion, an increase of 7.8% compared to ¥142.25 billion in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was ¥9.77 billion, a decrease of 17.3% from ¥11.82 billion in the same period of 2024[23] - Net profit for the first three quarters of 2025 was ¥9.95 billion, down from ¥12.00 billion in 2024, indicating a decline of 17.1%[23] - Net profit for the current period is ¥8,634,963,010.77, a decrease of 17.0% compared to ¥10,400,323,076.00 in the previous period[24] - Basic and diluted earnings per share for the current period are both ¥1.01, down from ¥1.22 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 220.94 billion, reflecting a 1.48% increase from CNY 217.27 billion at the end of the previous year[4] - Total assets as of September 30, 2025, amounted to ¥220.94 billion, up from ¥217.72 billion at the end of 2024, reflecting a growth of 1.0%[20] - Total liabilities decreased to ¥134.52 billion as of September 30, 2025, from ¥138.73 billion at the end of 2024, a reduction of 3.2%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 137,540[11] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 5,115,000,000 A shares, representing 59.77% of total shares[12] - HKSCC Nominee Limited, the second-largest shareholder, holds 2,305,219,511 H shares, accounting for 26.94%[12] - The third-largest shareholder, China Securities Finance Corporation, holds 196,889,089 A shares, which is 2.30% of total shares[12] - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders alone accounting for over 88%[12] - There are no reported related party relationships among the major shareholders[12] - The company has not engaged in any share lending or borrowing activities among the top shareholders[12] - The company maintains a clear structure with no significant changes in shareholder composition compared to the previous period[12] - The report indicates a stable shareholder base with no major fluctuations in shareholding patterns[12] Incentive Plans and Stock Options - The company announced the implementation of the 2023 restricted stock incentive plan and the stock option incentive plan, with details to be published on the Shanghai Stock Exchange[13] - The company is set to release information regarding the conversion of convertible bonds and the results of the 2021 stock option incentive plan on specified dates in 2025[14] - The company will provide updates on the repurchase and cancellation of restricted stocks as part of its incentive plans, with announcements scheduled for April 2025[14] - The company is expected to disclose the first unlock conditions of the 2023 restricted stock incentive plan and the stock option incentive plan in mid-April 2025[14] - The company will notify creditors regarding the cancellation of certain restricted stocks and stock options, with details to be published in April 2025[14] - The company plans to extend the exercise period for stock options, with a notification to be released in late April 2025[14] - The company will announce the completion of the first phase of the employee stock ownership plan's lock-up period in April 2025[14] - The company is preparing to disclose the results of the 2023 stock option incentive plan's first grant and the conditions for exercising options in April 2025[14] - The company will provide updates on the restricted stock incentive plan's first grant and the results of the stock option incentive plan in April 2025[14] - The company announced the cancellation of stock options granted under the first phase of the incentive plan[15] - The first lock-up period of the employee stock ownership plan has met the unlocking conditions[15] - The company reported the implementation of the first exercise period for stock options granted under the 2021 incentive plan[15] - The company disclosed the results of the conversion of convertible bonds and stock options under the 2021 incentive plan[15] - The company announced the repurchase and cancellation of part of the restricted stock granted under the 2023 incentive plan[16] - The company indicated that the second lock-up period of the employee stock ownership plan has been fulfilled, allowing for the transfer of shares[16] - The company provided a notice regarding the exercise period for stock options[16] - The company reported the results of the conversion of convertible bonds and stock options under the 2023 incentive plan[16] - The company announced the repurchase price for the restricted stock under the 2023 incentive plan[16] - The company confirmed the completion of non-trading transfer of shares that met the unlocking conditions[16] Cash Flow and Investments - Cash and cash equivalents as of September 30, 2025, were ¥23.20 billion, compared to ¥30.77 billion at the end of 2024, a decrease of 24.5%[19] - Inventory increased to ¥29.56 billion as of September 30, 2025, from ¥25.44 billion at the end of 2024, representing a growth of 16.7%[19] - The company reported R&D expenses of ¥6.64 billion for the first three quarters of 2025, compared to ¥6.21 billion in 2024, an increase of 6.9%[23] - The company’s long-term equity investments increased to ¥12.04 billion as of September 30, 2025, from ¥11.55 billion at the end of 2024, a rise of 4.3%[20] - Cash inflow from investment activities is ¥90,224,150,236.71, significantly higher than ¥36,716,365,713.12 in the previous year[27] - Cash outflow from investment activities totals ¥108,368,788,835.30, compared to ¥41,333,955,574.36 in the previous year, resulting in a net cash flow from investment activities of -¥18,144,638,598.59[27] - Cash and cash equivalents at the end of the period amount to ¥20,584,837,373.87, down from ¥37,147,612,191.65 at the end of the previous year[27] - The company received cash from sales of goods and services totaling ¥177,808,438,512.59, an increase from ¥165,611,806,446.56 in the previous year[26] - The company paid ¥14,160,710,631.23 in employee compensation, up from ¥12,335,602,436.35 in the previous year[26] Accounting Standards - The company has not applied new accounting standards for the current reporting period[28]

长城汽车10月24日公告，2025年第三季度实现营业收入612.47亿元，同比增长20.51%；归属于上市公司 股东的净利润22.98亿元，同比下降31.23%。前三季度实现营业收入1535.82亿元，同比增长7.96%；归 属于上市公司股东的净利润86.35亿元，同比下降16.97%。 ...

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 2025年第三季度報告」。 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10月24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。 職工董事： 盧彩娟女士。 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 海外監管公告 一、主要财务数据 长城汽车股份有限公司 2025 年第三季度报告 证券代码：60 ...

Financial Performance - Total operating revenue for the third quarter reached RMB 61.25 billion, a year-on-year increase of 20.51%[9] - Net profit attributable to shareholders was RMB 2.30 billion, representing a decrease of 31.23% compared to the same period last year[9] - The total profit for the period was RMB 2.94 billion, down 21.25% year-on-year[9] - Basic earnings per share decreased by 30.77% to RMB 0.27[9] - The company experienced a decrease in net profit margin from 4.42% to 2.70%[9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the current reporting period is -30.23 million RMB, indicating a decline compared to the previous year[17] - The company achieved a year-on-year increase in sales volume and operating revenue, but increased investment in new models and technology led to fluctuations in net profit[17] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 1.01, down from CNY 1.22 in 2024, indicating a decrease of approximately 17.2%[40] - Net profit for the first three quarters of 2025 was ¥8.63 billion, a decrease of 17% from ¥10.40 billion in the same period of 2024[39] - The company reported a net profit of -CNY 13,709,340.01 from the merged entity in the current period, compared to -CNY 29,322,152.64 in the previous period[40] Cash Flow and Assets - The net cash flow from operating activities for the nine months ended September 30 was RMB 21.39 billion, an increase of 50.90% year-on-year[9] - The net cash flow from operating activities for the year-to-date is 50.90 million RMB, primarily due to increased cash receipts from direct sales and differences in funding return strategies[17] - Cash flow from operating activities for the first three quarters of 2025 was CNY 21,386,307,349.86, an increase of 50.9% compared to CNY 14,172,525,070.64 in 2024[43] - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at CNY 20,584,837,373.87, down from CNY 37,147,612,191.65 at the end of 2024[45] - The company's cash and cash equivalents decreased to RMB 23.20 billion from RMB 30.77 billion, representing a decline of about 24.5%[33] - The total current assets of Great Wall Motors amounted to RMB 134.98 billion, a slight increase from RMB 133.54 billion as of December 31, 2024, reflecting a growth of approximately 1.08%[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 137,540, with no preferred shareholders having restored voting rights[18] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 5,115,000,000 shares, representing 59.77% of the total shares[19] - HKSCC Nominee Limited, the second-largest shareholder, holds 2,305,219,511 shares, accounting for 26.94% of the total shares[19] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥6.64 billion, compared to ¥6.21 billion in the same period of 2024, showing an increase of 6.9%[38] - The company reported a financial expense of -¥1.56 billion in the first three quarters of 2025, a significant improvement compared to ¥239.26 million in the same period of 2024[38] - Total operating costs for the first three quarters of 2025 were ¥147.23 billion, up from ¥133.58 billion in 2024, reflecting a year-on-year increase of 10.3%[38] Equity and Liabilities - Total assets at the end of the reporting period were RMB 220.94 billion, an increase of 1.48% from the previous year[12] - Total liabilities as of September 30, 2025, amounted to ¥134.52 billion, a slight decrease from ¥138.73 billion at the end of 2024[36] - Current liabilities totaled ¥121.92 billion as of September 30, 2025, compared to ¥122.57 billion at the end of 2024, indicating a marginal decrease[35] - Non-current liabilities decreased from ¥16.16 billion at the end of 2024 to ¥12.60 billion as of September 30, 2025, representing a reduction of 22%[36] - Total equity attributable to shareholders increased to ¥86.43 billion as of September 30, 2025, from ¥78.98 billion at the end of 2024, marking an increase of 9.2%[36] Employee Incentives and Plans - The company has implemented an employee stock ownership plan and convertible bond initiatives, which are part of its incentive strategies[23] - The company continues to focus on employee incentive plans to enhance performance and align interests[27] - The company announced the implementation of the repurchase and cancellation of part of the restricted stock from the 2023 incentive plan[27] - The first phase of the restricted stock from the 2023 incentive plan has met the conditions for lifting restrictions[27] - The first exercise period of the stock option incentive plan for 2023 has met the exercise conditions[28] - The company has extended the restriction period for stock options[28] - The first lock-up period of the second employee stock ownership plan has expired, and the unlocking conditions have been met[28] - The company has completed the cancellation of part of the stock options from the 2023 incentive plan[28] - The company has announced the results of the conversion of convertible bonds and the stock option incentive plan for 2021[29] - The company has adjusted the exercise price of the stock options from the 2021 incentive plan[29] - The company has published multiple announcements regarding the stock option and restricted stock plans on the Shanghai Stock Exchange and Hong Kong Stock Exchange[26][27][28][29]

Core Insights - The passenger car sector experienced a 0.63% increase on October 24, with Changan Automobile leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Passenger Car Sector Performance - Changan Automobile (code: 000625) closed at 12.72, with a rise of 2.75% and a trading volume of 1.93 million shares, totaling a transaction value of 2.44 billion [1] - BAIC Blue Valley (code: 600733) closed at 7.95, up 1.15%, with a trading volume of 876,000 shares and a transaction value of 697 million [1] - Seres (code: 601127) closed at 160.01, up 0.97%, with a trading volume of 203,100 shares and a transaction value of 3.24 billion [1] - SAIC Motor (code: 600104) closed at 16.68, up 0.91%, with a trading volume of 324,300 shares and a transaction value of 539 million [1] - BYD (code: 002594) closed at 103.76, with a slight increase of 0.07%, trading 305,500 shares for a total of 3.17 billion [1] - Great Wall Motors (code: 601633) closed at 23.19, down 0.09%, with a trading volume of 111,700 shares and a transaction value of 259 million [1] - GAC Group (code: 601238) closed at 7.81, down 0.38%, with a trading volume of 333,300 shares and a transaction value of 260 million [1] - Haima Automobile (code: 000572) closed at 5.67, down 0.53%, with a trading volume of 1.09 million shares and a transaction value of 622 million [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 25.2 million from institutional investors and 89.3 million from retail investors, while retail investors experienced a net outflow of 114 million [1] - Changan Automobile had a net inflow of 204 million from institutional investors, accounting for 8.39% of its total trading [2] - BAIC Blue Valley experienced a net inflow of 66.7 million from institutional investors, with a net outflow of 45.5 million from retail investors [2] - SAIC Motor had a net inflow of 55.4 million from institutional investors, with a net outflow of 37.8 million from retail investors [2] - Seres had a net inflow of 46.5 million from institutional investors, while retail investors saw a net outflow of 47.6 million [2] - Great Wall Motors had a minimal net inflow of 205,200 from institutional investors, with a net outflow of 1.2 million from retail investors [2] - GAC Group had a net outflow of 14.2 million from institutional investors, while retail investors saw a net inflow of 365,750 [2] - Haima Automobile had a net outflow of 38.3 million from institutional investors, with a net inflow of 3.8 million from retail investors [2] - BYD experienced a net outflow of 296 million from institutional investors, while retail investors had a net inflow of 99.9 million [2]

Core Insights - The Hi4 technology system from Great Wall Motors has won the "Special Prize for Scientific and Technological Progress" at the China Automotive Engineering Society Awards, marking a significant achievement for a Chinese independent brand in the hybrid field [1][6] - The technology draws inspiration from the ancient wisdom of the Dujiangyan irrigation system, showcasing a blend of technology and culture that resonates with the public [2][3] Technology and Innovation - The Hi4 technology system, particularly the Hi4-Z model, utilizes a dual-motor multi-gear configuration to intelligently distribute power between the engine and electric motor, achieving "0 fuel consumption" during urban commuting and enhancing efficiency in hybrid mode on highways [2] - The iTVC intelligent torque vectoring control system actively seeks optimal solutions across nine modes, ensuring efficiency and safety in various driving conditions [2] Cultural Integration and Market Impact - Great Wall Motors has effectively linked the Hi4 technology with off-road culture, transforming technical specifications into a relatable lifestyle narrative [3] - The company has initiated the creation of "off-road cultural tourism bases" in collaboration with various regions, integrating vehicle testing with ecological tourism [3] International Market Performance - In Australia, Great Wall Motors' off-road vehicles, empowered by the Hi4 technology, achieved sales of 39,343 units from January to September 2025, capturing a market share of 4.3% [4] - The Hi4 technology has significantly altered the competitive landscape, with the market share of Great Wall Motors in the rugged off-road segment soaring from 10% to 52%, contributing to an overall increase in the market share of domestic brands to 80% [5] Economic Contribution - From May 2023 to the end of 2024, vehicles equipped with the Hi4 technology are projected to sell 410,000 units, generating revenue of 91.3 billion yuan and contributing 5.8 billion yuan in taxes across the entire industry chain [5] - The Hi4 technology's combination of performance and cost advantages has redefined the competitive dynamics in the market, particularly in the segment previously dominated by foreign brands [5]

Core Insights - The overall sales of the Russian automotive market are projected to reach 1.83 million units in 2024, marking a 91% year-on-year increase, the highest annual sales in recent years [1][8] - In 2025, sales are expected to decline to 136,000 units in September, a 21% year-on-year decrease, while cumulative sales from January to September 2025 are projected at 1.01 million units, down 25% year-on-year [1][9] Market Trends - The Russian automotive market has experienced significant fluctuations, with sales dropping to around 30,000 units per month during the peak of the Ukraine crisis in 2022, but recovering to approximately 100,000 units per month in 2023 [6][8] - The market is expected to stabilize at around 150,000 units per month in 2024, although it may weaken towards the end of the year due to new vehicle purchase policies [6][8] Chinese Automotive Presence - Chinese automotive companies have significantly increased their market share in Russia, achieving over 50% in 2023 and surpassing 60% in monthly market share from June to September 2024 [1][16] - By 2025, the market share of Chinese brands is expected to rebound to 57% in the first nine months, with a slight increase to 59% in September [1][16] Export and Local Sales - In 2023, China exported 1 million vehicles to Russia, with local sales of 480,000 units, representing 48% of the export volume [2][11] - By 2024, exports are projected to rise to 1.28 million units, with local sales reaching 1.07 million units, accounting for 84% of the export volume [2][11] Localization Strategies - Chinese automakers are accelerating localization efforts in Russia, including establishing regional production bases and enhancing local supply chains to mitigate tariff impacts and delivery times [3][12] - Strategies include increasing local component sourcing to over 60%, improving service networks, and adapting products for extreme weather conditions [3][12] Challenges and Risks - The Russian automotive market faces challenges such as increased import taxes, economic recession, high interest rates, and consumer hesitance due to potential returns of international brands [9][12] - The introduction of a significant increase in vehicle scrappage taxes and other protective measures may hinder the competitiveness of Chinese automakers in the Russian market [9][16] Brand Performance - In 2024, the top-performing brands in Russia include AvtoVAZ, Chery, and Geely, while traditional international brands like Toyota and Volkswagen are also present but facing challenges [18][19] - The overall market dynamics are shifting, with local brands gaining ground due to the exit of many international competitors [14][19]

Core Insights - The passenger car sector experienced a slight increase of 0.39% on October 23, with Great Wall Motors leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Passenger Car Sector Performance - Great Wall Motors (601633) closed at 23.21, up 1.62% with a trading volume of 127,400 shares and a turnover of 293 million yuan [1] - GAC Group (601238) saw a closing price of 7.84, increasing by 1.29% with a trading volume of 372,700 shares and a turnover of 289 million yuan [1] - Seres (601127) closed at 158.47, up 0.85% with a trading volume of 218,500 shares and a turnover of 3.454 billion yuan [1] - SAIC Motor (600104) closed at 16.53, up 0.43% with a trading volume of 259,900 shares and a turnover of 427 million yuan [1] - BYD (002594) closed at 103.69, down 0.09% with a trading volume of 378,600 shares and a turnover of 3.890 billion yuan [1] - Changan Automobile (000625) closed at 12.38, down 0.16% with a trading volume of 708,400 shares and a turnover of 873 million yuan [1] - BAIC Blue Valley (600733) closed at 7.86, down 0.88% with a trading volume of 665,700 shares and a turnover of 519 million yuan [1] - Haima Automobile (000572) saw a significant decline of 5.63%, closing at 5.70 with a trading volume of 1.8812 million shares and a turnover of 1.083 billion yuan [1] Fund Flow Analysis - The passenger car sector experienced a net outflow of 776 million yuan from institutional investors, while retail investors saw a net inflow of 607 million yuan [1] - Notable fund flows include: - Seres (601127) had a net inflow of 67.44 million yuan from institutional investors, but a net outflow of 63.23 million yuan from retail investors [2] - GAC Group (601238) saw a net inflow of 5.95 million yuan from institutional investors, with retail investors contributing a net inflow of 6.76 million yuan [2] - Great Wall Motors (601633) had a slight net outflow of 29,000 yuan from institutional investors, but retail investors contributed a net inflow of 611,670 yuan [2] - BYD (002594) experienced a significant net outflow of 563 million yuan from institutional investors, while retail investors contributed a net inflow of 419 million yuan [2]

Core Points - The all-new Tank 400 has been launched with a pre-sale event, featuring two versions: Hi4-Z Intelligent Edition priced at 329,800 yuan and Hi4-T Intelligent Edition priced at 309,800 yuan [1] - The pre-sale offers six exclusive benefits for customers who place orders during this period [1] Group 1: Product Features - The Tank 400 is the only off-road SUV globally that covers a full power matrix, including gasoline, diesel, Hi4-T, and Hi4-Z, catering to diverse travel needs [4][9] - The Hi4-Z architecture allows for optimal energy distribution and performance, achieving a 0-100 km/h acceleration in just 4.3 seconds and a pure electric range of 200 km under WLTC conditions [9] - The Hi4-T Intelligent Edition features an upgraded second-generation Hi4-T architecture with a motor power of 130 kW and torque of 495 Nm, enhancing off-road capabilities [10] Group 2: Design and Aesthetics - The Tank 400's "Dunhuang Purple" color is inspired by ancient Dunhuang murals, utilizing a custom-developed pearlescent paint for a unique visual effect [8] - The vehicle's paint features an eight-layer composite finish and advanced spraying technology to ensure a smooth and vibrant surface [8] Group 3: Technology and Comfort - The Tank 400 is equipped with the Coffee Pilot Ultra driver assistance system, providing comprehensive coverage for urban and highway scenarios [11] - It includes a 5.4L onboard refrigerator with a wide temperature range and a 15.6-inch entertainment screen, enhancing the travel experience for passengers [13] - The vehicle features high-quality Nappa leather seats with ventilation, heating, and massage functions for added comfort during long journeys [13]