4月8日，长城汽车（HK02333，股价11.42港元）与宇树科技签署战略合作协议，将在机器人技术和智能制造领域合作，重点推进人形和四足机 器人技术、智能控制系统等，首期将探索"越野车+机器狗"的应用场景。 点评：长城汽车与宇树科技的合作将推动智能制造和机器人技术的发展，开拓新应用场景。投资者应关注这一战略合作可能带来的创新增长机 会，尤其是在智能交通和机器人产业领域，未来有望提升公司的市场竞争力。 NO.3 美的集团拟以15亿至30亿元回购公司A股股份 4月8日，美的集团（HK00300，股价65.80港元）公告计划回购A股股份，金额不超过30亿元，最低15亿元，用于股权激励和员工持股。预计回 购数量在1500万至3000万股之间，回购期限为12个月。 点评：美的集团的回购计划显示出公司对自身价值的信心，有助于提升股东回报和市场信心。投资者应关注回购对股价的支持作用，预计在未 来12个月内，股价可能会受到正面影响，值得关注。 每经记者 黄婉银 实习生 刘姝 每经编辑 魏文艺 ｜2025年4月9日 星期三｜ NO.1 香港金管局与银行业支持多个行业中小企业 4月8日，香港金融管理局与银行业推出新措施，支持中小 ...

| | | 长城汽车股份有限公司 关于 2023 年股票期权激励计划首次授予部分股票期权 注销完成的公告 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。 长城汽车股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 31 日召开 第八届董事会第三十五次会议及第八届监事会第三十一次会议，审议通过了《关于注销 公司 2023 年股票期权激励计划首次授予部分股票期权的议案》，根据《长城汽车股份有 限公司 2023 年股票期权激励计划》（以下简称"《2023 年股票期权激励计划》"），因公司 部分激励对象离职、岗位调迁、降职或激励对象年度个人绩效考核结果不合格等情况， 根据《长城汽车股份有限公司长期激励机制管理办法》《2023 年股票期权激励计划》的 相关规定，公司拟注销《2023 年股票期权激励计划》项下已获授但尚未行权的首次授予 部分股票期权 6,625,588 股。详见公司于 2025 年 3 月 31 日在指定信息披露媒体发布的 相关公告。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权的 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于持续开展"提质增效"行动的公告 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。 一、公司与宇树科技签订战略合作协议 为更好地推动机器人等先进技术与汽车制造行业的深度融合，长城汽车股份有限公 司（以下简称"公司"或"长城汽车"）与杭州宇树科技有限公司（以下简称"宇树科 技"）签署战略合作协议，双方将在机器人技术、智能制造等领域开展合作，包括但不 限于人形机器人技术、四足机器人技术、机器人本体软硬件开发、智能控制系统及智能 空间等业务领域。 此次合作将充分发挥双方核心优势，重点发力具身智能底层技术、"车+机器人"场 景创新、整车智造升级三大方向，通过"技术共研-场景共创-生态共享"的创新模式，加 速机器人技术从实验室驶向产业深水区，首期合作将围绕"越野车+机器狗"融合，探 索装备运输、探险陪伴等场景，为全球用户带来更惊喜、 ...

Core Viewpoint - In 2024, the Chinese automotive industry is rapidly transitioning towards intelligence and new energy, with Great Wall Motors maintaining a "long-termism" approach amidst market volatility and price wars, resulting in impressive annual performance. Financial Performance - Great Wall Motors achieved revenue of 202.195 billion yuan in 2024, a year-on-year increase of 16.73% [2] - Gross profit reached 39.449 billion yuan, up 25.47% year-on-year, with a gross margin of 19.51%, an increase of 1.36 percentage points [2] - Net profit surged to 12.692 billion yuan, marking a significant year-on-year growth of 80.73% [2] - Sales of new energy vehicles reached 322,200 units, a 25.65% increase year-on-year, while overseas sales hit 454,100 units, up 44.61% [2] Product Strategy - The proportion of high-priced models increased, with the Tank brand selling 232,195 units at an average price above 200,000 yuan, a 42.57% year-on-year increase, accounting for 18.8% of total sales [3] - The WEY brand, with a starting price above 220,000 yuan, sold 55,539 units, a 56.60% increase year-on-year [3] - The average revenue per vehicle reached 163,800 yuan, an increase of 23,000 yuan year-on-year [3] Research and Development - Great Wall Motors employs 23,000 R&D personnel, with R&D investment exceeding 10 billion yuan for three consecutive years [3] - The company reported a 56.49% year-on-year increase in operating cash flow, reaching 27.783 billion yuan, demonstrating strong profitability [3] Technological Innovation - The company actively advanced its smart vehicle transformation, launching the Coffee Pilot Ultra and Coffee OS 3 systems, and successfully developing the RISC-V automotive-grade MCU chip [4] - Great Wall Motors established an end-to-end intelligent driving model SEE and a new AI data intelligence system, with a 96% user adoption rate for intelligent driving in 2024 [4] Global Expansion - Great Wall Motors implemented an "ecological overseas" strategy, achieving a comprehensive layout in overseas markets [5] - The company expanded high-value model sales overseas, with the WEY brand entering Europe and the Middle East, and the Tank series launching in multiple countries [5] - The sales network now covers over 170 countries and regions, with more than 1,400 overseas sales channels [5]

截至2025年4月3收盘，长城汽车市值2142亿，市盈率17倍（港股PE仅8,5倍），估值在A股车企中垫底。说明投资者对长城汽车的靓丽业绩认可程度不高， 主要原因是缺乏深入了解，担心有"隐情"。 营收"暴起" 2025年3月29日，长城汽车（SH：601663.SH；HK：02333）披露了《2024年度报告》。报告显示：2024年长城汽车销量仅增0.37%，营收却增长16.7%、达 2202亿；归母净利润127亿、同比增长80.8%。#反差巨大# 2016年长城汽车营收986亿、同比增长30%；2017年勉强突破"千亿大关"后连续回落，2019年营收962亿、低于2016年。 2021年长城汽车营收增速陡然提高到32%、达到1364亿；2022年营收1374亿、增速仅0.7%； 2023年、2024年，营收连续"两位数增长"，2024年突破2000亿、同比增长16.7%。 若以2020年营收为基准，2021年、2022年营收指数分别为132、133；2023年"暴起"至168，2024年达196。 长城汽车将营收分为整车销售、零售部两大部分。2019年以前，整车销售占比超过90%。2020年以来呈缓慢下降。 ...

Summary of Conference Call Company and Industry Overview - The conference call pertains to Great Wall Motors, focusing on their March sales performance and product launches in the automotive industry. Key Points and Arguments 1. **Sales Performance in March**: - The company sold 97,991 new vehicles in March, with 25,174 being new energy vehicles, marking a year-on-year increase of 15.04% [1] - Sales of boxy models reached 41,822 units, up 27.96% year-on-year, while models priced above 200,000 yuan sold 24,508 units, reflecting a 3.89% increase [1] 2. **New Product Launches**: - In March, the company launched several new models including the second-generation Haval Xiaolong MAX and the 2025 Tank 300 [2] - The second-generation HIFOR technology and Coffee Pilot Plus intelligent driving system were also introduced [2] 3. **Brand Performance**: - Haval brand sold 52,732 new vehicles in March, with cumulative global sales reaching 9.6058 million [2] - The Tank brand sold 17,381 new vehicles in March, with a total of 644,000 units sold globally [2] 4. **Market Challenges**: - Sales in Russia saw a significant decline of approximately 50% year-on-year due to high auto loan interest rates and reduced loan issuance [3] - Despite challenges in Russia, sales in other global regions, including South America, the Middle East, Thailand, and Australia, increased by over 50% [3] 5. **Seasonal Trends**: - April is expected to be a low season for sales globally, but new product introductions in Australia and Thailand are anticipated to boost sales in May and June [4] - The company expects a significant recovery in export sales as new products are introduced [4] 6. **Future Product Strategy**: - The company plans to introduce diesel models in markets with high diesel penetration, such as Thailand and Australia, which are expected to contribute positively to sales [5] - The Tank 300's sales volume is projected to reach 13,000 to 14,000 units for the year, with a monthly target of 12,000 units [14] 7. **Profitability Outlook**: - The company anticipates an increase in gross margin to over 20% for the Wei brand in 2025, driven by higher sales volumes and improved product mix [25] - The profitability of the Tank brand remains strong, with expectations for continued growth in single-vehicle profitability [15] 8. **Technological Advancements**: - The company is focusing on enhancing its intelligent driving capabilities and plans to launch new models equipped with advanced driving systems [10][12] - The second-generation Hyper Z powertrain is expected to be introduced alongside the Tank 700 model [12] 9. **Market Expansion Plans**: - New models will be launched in various international markets, including Thailand, Australia, and Mexico, with a focus on regions with strong consumer purchasing power [37] - The company is also looking to introduce new models in Russia, albeit at a slower pace due to current market conditions [39] Other Important but Overlooked Content - The company is addressing the challenges posed by a competitive market, particularly in the economy segment, while maintaining a focus on high-end product offerings [26] - The introduction of new platforms for the Ora brand is expected to enhance product offerings and market presence [18] - The company is actively working on improving its brand image and recognition through various marketing initiatives and product launches [39]

Group 1 - The core point of the news is that Great Wall Motors Co., Ltd. has applied for a patent related to a method for verifying the depolarization duration of battery packs, which aims to ensure the accuracy of remaining battery capacity calculations [1] - The patent application, titled "Verification Method, Device, Vehicle, and Storage Medium for Depolarization Duration of Battery Packs," was published under CN 119758135 A and was filed on December 2024 [1] - The method involves obtaining state characteristic values of the battery pack at preset intervals when it is unloaded, including individual cell voltage values, and recording these values under certain conditions to determine the remaining capacity [1] Group 2 - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 848,655.9123 million RMB and has made investments in 74 enterprises [2] - Great Wall Motors has participated in 2,314 bidding projects and holds 5,000 trademark and patent information records, along with 602 administrative licenses [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In March 2025, the company achieved a total sales volume of 97,991 vehicles, representing a year-on-year decrease of 2.3% but a month-on-month increase of 25.8%. Notably, the sales of new energy vehicles reached 25,000 units, accounting for 32.5% of total sales, with a year-on-year increase of 15.0% and a month-on-month increase of 66.5% [2][5]. - The company is accelerating its global expansion and is committed to transitioning towards new energy, which is expected to drive improvements in both sales and performance. The long-term growth potential is supported by four strategic expansion initiatives and a shift towards smart technology, which opens up profitability across the entire industry chain [2][5]. Summary by Sections Sales Performance - In March 2025, the company sold 97,991 vehicles, with domestic sales of 66,000 units (up 2.7% year-on-year, up 41.4% month-on-month) and export sales of 31,806 units (down 11.2% year-on-year, up 2.4% month-on-month) [5]. - Cumulative sales for the first three months of 2025 totaled 257,000 vehicles, down 6.7% year-on-year, while new energy vehicle sales reached 63,000 units, up 5.7% year-on-year [5]. Brand Performance - In March, the Haval brand sold 52,732 units (down 2.4% year-on-year, up 21.8% month-on-month), while the Tank brand sold 17,381 units (down 8.3% year-on-year, up 47.8% month-on-month). The WEY brand saw a significant increase in sales, up 29.6% year-on-year [5]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments domestically, emphasizing the plug-in hybrid segment and accelerating the launch of smart new energy products across multiple brands [5]. - The "ONE GWM" strategy is enhancing the company's overseas presence, with sales channels established in over 170 countries and regions, and production bases in Thailand and Brazil [5]. Financial Projections - The company is projected to achieve net profits of 16.04 billion, 17.62 billion, and 19.66 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding A-share price-to-earnings ratios are estimated at 13.7X, 12.5X, and 11.2X [5].

Group 1 - The core point of the news is that Great Wall Motors Co., Ltd. has applied for a patent related to a power management method for vehicles on the production line, which aims to enhance production efficiency by allowing battery charging during the assembly process [1] Group 2 - Great Wall Motors was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 848,655.9123 thousand RMB and has made investments in 74 enterprises [2] - Great Wall Motors has participated in 2,314 bidding projects and holds 5,000 trademark and patent information records, along with 602 administrative licenses [2]

Core Insights - Great Wall Motors (GWM) reported impressive financial results for 2024, with revenue of 202.195 billion yuan (+16.73%) and net profit of 12.692 billion yuan (+80.73%), indicating a significant improvement in profitability quality [1][2] - The company is undergoing a strategic transformation, shifting from a focus on scale to prioritizing quality, which is reflected in its product offerings and market approach [3][4] Financial Highlights - GWM achieved a record operating cash flow of 27.783 billion yuan (+56.49%), which is 2.18 times its net profit, providing ample resources for future R&D and global expansion [2] - The gross margin increased to 19.51% (+1.36 percentage points), and the net profit per vehicle exceeded 10,000 yuan, showcasing effective cost control and revenue growth [1][2] Strategic Transformation - The company is implementing a three-pronged strategy: - Product shift from "SUV expert" to "full scene coverage" with a focus on high-value models [3] - Market expansion from "local reliance" to "global deep cultivation," achieving overseas sales of 454,100 units (+44.61%) [4][5] - Technology advancement from "follower" to "leader," with significant investments in smart and new energy technologies [6] Market and Product Development - GWM's Tank brand has achieved over 600,000 global sales, with a market share exceeding 50% in the off-road segment [3] - The company is focusing on high-value models, such as the Wei brand and the Ora brand targeting female consumers, which have shown strong profitability [3][5] Global Expansion - GWM's overseas strategy includes localizing production, with a CKD factory in Malaysia reducing vehicle costs by 18% and plans for a factory in Brazil by 2025 [4] - The company emphasizes a dual approach of "local deep cultivation + technology output" to enhance its global presence [4] Technological Leadership - GWM's Hi4 hybrid technology has been adopted in over 40% of its models, significantly enhancing performance and efficiency [6] - The company is investing heavily in R&D, with over 25% of its workforce dedicated to this area, ensuring a strong technological foundation for future growth [6] Long-term Investment Value - GWM's strategic focus on high-value models and technology is expected to sustain net profit growth rates of 40%-53% by 2025 [8] - The company aims to transition from a traditional automaker to an "AI mobility technology company," creating a comprehensive ecosystem that integrates energy, manufacturing, and services [8][9]