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 ：02333（港幣櫃台）及82333（人民幣櫃台） 海 外 監 管 公 告 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1 3 . 1 0 B 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2 0 2 5年半年度業績說明會的公告」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市 ，2025 年8月26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 关于召 ...

Core Viewpoint - The pickup truck market in China is experiencing a mixed performance with strong growth in exports and the emergence of new energy pickups, while domestic demand shows signs of weakness. The market is characterized by a leading position held by Great Wall Motors and a competitive landscape among several key players [2][3][4][6]. Group 1: Pickup Truck Sales Performance - In July 2025, the pickup truck market sold 41,000 units, a year-on-year increase of 2% but a month-on-month decline of 15%, maintaining a median level over the past five years [2][6]. - From January to July 2025, total sales reached 348,000 units, reflecting an 11% year-on-year growth [2][6]. - The main sales regions for pickups are in the Southwest and Northwest, accounting for approximately 45% of total demand in July 2025 [2][18]. Group 2: Export Trends - In July 2025, pickup truck exports reached 23,000 units, showing a year-on-year increase of 13% but a month-on-month decline of 13% [3][10]. - Exports accounted for 56% of total sales in July 2025, up from 45% in 2024, indicating a strong international demand for Chinese pickups [3][10]. - Key players in the export market include Great Wall Motors, SAIC Maxus, and Changan Automobile, with many manufacturers seeing exports make up over half of their total sales [3][10][27]. Group 3: New Energy Pickup Development - In 2024, the sales of new energy pickups reached 21,000 units, a significant year-on-year increase of 170% [4][15]. - By July 2025, new energy pickup sales were 4,000 units, marking a 182% year-on-year growth despite a 41% month-on-month decline [4][15]. - The cumulative sales of new energy pickups from January to July 2025 reached 46,000 units, reflecting a remarkable 702% increase compared to the previous year [4][15]. Group 4: Market Dynamics and Regional Characteristics - The pickup truck market is influenced by the economic conditions of small businesses and private owners, with a notable recovery in demand post-pandemic [6][7]. - The market is showing signs of regional variation, with the Southwest and Northwest regions demonstrating stronger demand compared to the East [18][29]. - The trend towards electrification and the increasing popularity of pickups for leisure activities are reshaping consumer preferences and market dynamics [7][18][29]. Group 5: Competitive Landscape - Great Wall Motors continues to dominate the domestic pickup market with nearly 50% market share, while other players like Jiangling Motors and BYD are gaining ground [23][25]. - The competitive landscape is characterized by a concentration of market share among a few leading manufacturers, with exports driving overall market strength [23][27]. - The introduction of new models and the focus on electric pickups are expected to further enhance the competitive positioning of key players in the market [29].

Core Viewpoint - The implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" has revealed that only a few of the 17 major automotive companies have fulfilled their commitment to pay suppliers within 60 days, highlighting challenges in cash flow management and organizational capabilities in the industry [1][2][3]. Group 1: Company Commitments - 17 automotive companies, including major players like China FAW, GAC Group, and BYD, initially pledged to adhere to a 60-day payment term for suppliers [1]. - As of now, only three companies—China FAW, GAC, and Seres—have successfully implemented the 60-day payment term [2]. - Companies like Xpeng have signed supplementary agreements with some suppliers to formalize the 60-day payment commitment, although some suppliers are still in the process of signing [2][3]. Group 2: Industry Challenges - The average accounts payable turnover days for domestic listed automotive companies reached 182 days in 2024, indicating a long-standing issue of delayed payments in the industry [3]. - Reducing the payment cycle from over 100 days to 60 days would require automotive companies to release over 1 trillion yuan in cash flow, posing significant pressure on an industry already facing declining profit margins [3]. - The transition to a 60-day payment term involves complex organizational management challenges, including procurement, contract review, financial payments, and tax documentation [3]. Group 3: Regulatory Environment - The new regulations prohibit companies from forcing small and medium-sized enterprises to accept non-cash payment methods, which could extend payment periods [3]. - China FAW has committed to 100% cash payments to recognized small and medium-sized suppliers starting from June [3]. - Regulatory bodies are encouraged to enhance oversight to ensure compliance with the 60-day payment commitment and to address issues of hidden payment delays [4].

汇丰银行将长城汽车A股、H股评级从"持有"上调至"买入"。 ...

Core Viewpoint - Great Wall Motors has evolved from a small factory with over 60 employees 35 years ago to a large automotive enterprise with 85,000 employees and annual sales exceeding 1 million vehicles, exporting to over 170 countries and regions [3][12]. Group 1: Company Development - Great Wall Motors established its first R&D center in 1998, marking the beginning of its journey towards independent powertrain development [3]. - The R&D team has grown to 23,000 members, with nearly 50,000 patent applications and approximately 30,000 authorized patents [3]. - The company has achieved self-research and manufacturing of core components such as engines, transmissions, and power batteries, breaking through industry technology barriers [5]. Group 2: Technological Advancements - Great Wall Motors has invested heavily in product quality testing, establishing advanced testing facilities, including Asia's largest multi-angle collision test lab, with an investment of 510 million yuan and a total area of 57,000 square meters [5][7]. - The company conducts extreme condition simulations for its engines, covering 120 extreme scenarios, ensuring reliability and safety under various conditions [7]. Group 3: Global Expansion - Great Wall Motors began its international strategy in 1997 with the export of its pickup trucks to the Middle East and was the first Chinese brand to enter the right-hand drive market in Australia [8]. - The company has established complete vehicle production bases in Thailand and Brazil, with the Brazilian factory having an annual capacity of 50,000 new energy vehicles [8][10]. - Great Wall Motors has over 1,400 sales outlets globally, with cumulative overseas sales surpassing 2 million vehicles, aiming for 450,000 overseas sales in 2024 [10][12]. Group 4: Future Outlook - The company emphasizes continuous improvement and innovation, aiming to embark on a new journey for the next 35 years [12].

Core Viewpoint - The article discusses the recent performance and market presence of Wei brand's high-end electric vehicle, Gao Shan, highlighting its sales success and customer interest in a competitive market [1][2]. Market Overview - Wei brand is a direct sales system under Great Wall Motors, established in 2024, focusing on electric vehicles with a unified pricing strategy [2]. - The only Wei brand store in a northern tier-four city has seen a consistent increase in customer visits, particularly for the Gao Shan model [3]. Sales Performance - Since the launch of the new Gao Shan in mid-May, foot traffic has remained high, with a significant portion of visitors expressing interest in the Gao Shan model [7]. - The Gao Shan 8 is the most popular variant, accounting for 90% of sales, with a waiting period of about one month for delivery [10][12]. Customer Demographics - The majority of customers are families, particularly those with two children, indicating a target demographic for family-oriented vehicles [15]. - Customers often compare Gao Shan with competitors like Lantu Dreamer and Buick GL8, reflecting a competitive landscape [18][20]. Pricing and Incentives - Gao Shan models offer various financial incentives, including cash discounts and trade-in bonuses, totaling up to 25,000 yuan for customers with old vehicles [12]. - The pricing strategy includes a cash discount of 3,000 yuan and additional trade-in support, making it attractive for potential buyers [12]. Customer Feedback - Some customers have expressed concerns regarding limited terminal discounts compared to competitors and specific design issues with the third-row seating [21]. - The vehicle's delivery time of 25-30 days has led some customers to opt for competitors due to urgency [20]. Competitive Analysis - The article notes that while Gao Shan has garnered interest, its reputation and customer feedback are still developing compared to more established competitors [20]. - The article emphasizes the importance of customer experience and product reliability in influencing purchasing decisions [20].

8月25日，沪深两融数据显示，长城汽车获融资买入额0.57亿元，居两市第683位，当日融资偿还额0.59 亿元，净卖出210.18万元。 融券方面，当日融券卖出0.38万股，净买入8.60万股。 最近三个交易日，21日-25日，长城汽车分别获融资买入1.31亿元、0.36亿元、0.57亿元。 ...

Group 1 - HSBC upgraded the rating of Great Wall Motors' A-shares to "Buy" [1] - The target price set by HSBC for Great Wall Motors is 31.20 RMB [1]

Core Insights - GWM inaugurated its first full-process manufacturing plant in South America located in Iracemápolis, São Paulo, with an annual production capacity expected to increase from 20,000 to 50,000 vehicles, reflecting its "high-quality globalization" strategy [1] - The Brazil Plant is recognized as a symbol of advanced technology and local adaptation, having achieved ISO 9001:2015 certification prior to operations, ensuring high global quality and safety standards [1] Industry Overview - The GWM HAVAL H6 series is the best-selling Chinese SUV in Brazil and will be produced locally in various hybrid versions, enhancing its market presence [3] - The GWM POER 2.4T Pickup, equipped with a 2.4L turbo diesel engine and 9-speed automatic transmission, is positioned as a competitor to established models like the Toyota Hilux [4] - The GWM HAVAL H9 SUV is designed for Brazil's diverse terrains, targeting families and adventurers with its mid- to full-size diesel SUV offering [4] Technological Advancements - GWM's independent R&D in diesel power technology has led to successful international recognition, with models like the TANK 300/500, HAVAL H9, and GWM POER noted for their performance and efficiency [6] - The GWM POER 2.4T has been praised for its superior torque and power delivery compared to competitors, while the TANK 500 Diesel "Black Warrior" is noted for its advantages in long-distance driving [7] Market Impact - From January to July 2025, electrified vehicle sales in Brazil increased by nearly 47% year-on-year, with the HAVAL H6 series among the leaders in this segment [9] - GWM's investment in the Brazil Plant is expected to create 1,000 local jobs by the end of the year and promote local sourcing for essential components [9] Government Support - Brazilian President Lula emphasized the importance of the GWM Brazil plant for national industry, highlighting its role in job creation, income increase, and professional expertise enhancement for Brazilians [10] Future Outlook - The GWM Brazil Plant is positioned as a long-term partner in Brazil's sustainable future, offering advanced hybrid solutions and robust diesel options while maintaining internationally certified quality [12]

Core Viewpoint - The new high-end MPV, Wei Pai Gao Shan 7, is set to start pre-sales on September 10, enhancing the product lineup of Great Wall Motors' premium brand Wei Pai [1] Group 1 - The Gao Shan 7 is positioned as a "family mobile living room" with a length of 5050mm and a wheelbase of 3085mm, featuring a 7-seat layout [1] - The vehicle will be publicly unveiled at the Chengdu Auto Show, which opens on August 29 [1]