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 李紅栓 ，2025 12 1 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 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 ...

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11月產銷快報」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2025 12 1 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。 海外監管公告 证券代码：601633 证券简称：长城汽车 公告编号：2025-125 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2025 年 11 月产销快报 本公司董事会及全体董事保证本公告内 ...

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 ： 02 33 3（ 港 幣 櫃 台 ） 及 823 33（ 人 民 幣 櫃 台 ） 自願公告 2025年11月產銷快報 本公告乃由長城汽車股份有限公司（「本公司」）自願刊發。 本公司董事會謹此宣佈，本公司於2025年11月產銷量詳細如下(單位:台)： | 車型 | | | 銷量 | | | | | | 產量 | | | | | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Insights - Great Wall Motors reported a total sales volume of 133,200 units in November 2025, representing a year-on-year increase of 4.57% [1] - The production volume for the same month was 134,200 units, remaining flat compared to the previous year [1] - The company achieved overseas sales of 57,309 units and sold 40,113 units of new energy vehicles [1] Sales Performance - Haval brand sales reached 75,383 units, showing a year-on-year decline of 3.83% [1] - WEY brand sales surged to 12,763 units, marking a significant year-on-year increase of 81.14% [1] - Pickup truck sales totaled 16,011 units, reflecting a modest year-on-year growth of 1.00% [1] - Ora brand sales fell to 4,821 units, down 16.97% year-on-year [1] - Tank brand sales increased to 24,135 units, with a year-on-year growth of 19.55% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本月底結存 | ...

Core Insights - The passenger car sector experienced a rise of 1.37% on December 1, with Sairus leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Passenger Car Sector Performance - Sairus (601127) closed at 131.22, with a gain of 3.99% and a trading volume of 273,600 shares, amounting to a transaction value of 354.9 million [1] - SAIC Motor (600104) closed at 15.47, up 3.34%, with a trading volume of 1,783,500 shares and a transaction value of 276.6 million [1] - Great Wall Motors (601633) closed at 22.12, gaining 1.00%, with a trading volume of 148,300 shares and a transaction value of 32.7 million [1] - BYD (002594) closed at 95.77, up 0.63%, with a trading volume of 233,700 shares and a transaction value of 2.237 billion [1] - Changan Automobile (000625) closed at 11.93, down 0.08%, with a trading volume of 365,400 shares and a transaction value of 43.5 million [1] - BAIC Blue Valley (600733) closed at 7.79, down 0.64%, with a trading volume of 867,900 shares and a transaction value of 679 million [1] - Haima Automobile (000572) closed at 8.94, down 1.11%, with a trading volume of 1,948,900 shares and a transaction value of 1.753 billion [1] - GAC Group (601238) closed at 66.8, down 2.81%, with a trading volume of 2,048,400 shares and a transaction value of 1.861 billion [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 50.42 million from main funds, while retail funds experienced a net inflow of 54.51 million [1] - Main funds showed a net inflow of 270 million for Sairus, while retail funds had a net outflow of 210 million [2] - SAIC Motor had a main fund net inflow of 216 million, with retail funds showing a net outflow of 244 million [2] - BYD experienced a net inflow of 33.58 million from main funds, while retail funds had a net outflow of 67.91 million [2] - Great Wall Motors had a minor net inflow of 939,900 from main funds, with retail funds showing a net outflow of 21.43 million [2] - Changan Automobile had a net outflow of 15.60 million from main funds, while retail funds had a net inflow of 26.67 million [2] - BAIC Blue Valley had a significant net outflow of 1.15 billion from main funds, with retail funds showing a net inflow of 1.30 billion [2] - GAC Group had a net outflow of 2.69 million from main funds, while retail funds had a net inflow of 27.51 million [2]

致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | 股份發行人及根 ...

Core Insights - The article emphasizes the importance of the passenger car market as a key component of China's domestic consumption strategy, highlighting its role in driving industrial value and consumer demand [1][3] - The rise of the new energy vehicle market is attributed to technological advancements and industrial upgrades, aligning with the "14th Five-Year Plan" which advocates for high-level technological self-reliance [1][3] - Great Wall Motors' Hi4 technology is recognized as a significant breakthrough in the electric transformation of global off-road vehicles, showcasing the company's strength in hybrid and intelligent off-road technology [3][4] Technological Innovation - Hi4 technology is designed to meet diverse consumer needs across various driving scenarios, including family commuting and off-road adventures, by offering a comprehensive technology family [4][6] - The development of Hi4 technology reflects a shift from a one-size-fits-all approach to a user-centered design, addressing the growing demand for both performance and fuel efficiency [6][7] - Great Wall Motors has established a robust innovation ecosystem with 122 authorized patents, enabling the rapid deployment of Hi4 technology and ensuring reliable and stable production [7][9] Market Performance - From May 2023 to the end of 2024, vehicles equipped with Hi4 technology are projected to achieve sales of 410,000 units, generating revenue of 91.3 billion yuan and tax contributions of 5.8 billion yuan [9][11] - Hi4 technology enhances user experience by providing high-performance four-wheel drive capabilities with two-wheel drive fuel efficiency, making advanced driving technology accessible to average consumers [9][11] - The technology has also gained international recognition, with exports to 19 countries and a 23.7% year-on-year sales increase in the Australian market, positioning Great Wall Motors as a leading Chinese brand [9][11] Strategic Implications - The success of Hi4 technology illustrates the transition of China's automotive industry from following to leading in innovation, emphasizing the need for deep integration of the innovation and industrial chains [11] - The article suggests that the cultivation of new productive forces requires tackling core technological challenges while remaining focused on user needs, providing valuable insights for high-quality development in Chinese manufacturing [11]

Group 1: Market Performance - The China Securities Intelligent Vehicle Theme Index (930721) rose by 2.20% as of December 1, 2025, with component stocks such as Guanghetong (300638) increasing by 20.01% and Beijing Junzheng (300223) by 17.04% [1] - The Intelligent Vehicle ETF Fund (159795) also saw a rise of 2.14%, marking its third consecutive increase, with a latest price of 1.05 yuan [1] - Over the past week, the Intelligent Vehicle ETF Fund has accumulated a rise of 3.63% [1] Group 2: Company Developments - Leap Motor reported a record high delivery of 70,327 units in November, representing a year-on-year growth of over 75%, maintaining a growth trend for nine consecutive months [3] - Xiaomi Group announced the launch of its embodied AI model MiMo-Embodied, which integrates autonomous driving and embodied intelligence, with Xiaomi's vehicle deliveries exceeding 40,000 units in November [3] - Great Wall Motors introduced the VLA auxiliary driving model and previewed a new generation of the auxiliary driving system, CPMaster [3] Group 3: Investment Insights - Ideal Auto plans to invest 12 billion yuan in R&D for 2025, with over 6 billion yuan allocated to AI [4] - According to GF Securities, as overseas automakers lose market share, they are accelerating their smart technology advancements to enhance competitiveness, while Chinese brands are positioned to benefit from global opportunities in the intelligent vehicle supply chain [4] - The integration of intelligent vehicles and robotics is expected to expand the valuation ceiling of the sector, with the Intelligent Vehicle ETF Fund closely tracking the performance of leading companies in intelligent vehicle applications [4] Group 4: Index Composition - As of September 9, 2025, the top ten weighted stocks in the China Securities Intelligent Vehicle Theme Index (930721) include Chipone (688521), Luxshare Precision (002475), and Top Group (601689), collectively accounting for 48.47% of the index [4][5]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - Current demand is weak, but annual cumulative sales remain within a reasonable range, with retail sales of passenger vehicles in China from November 1-23 at 1.384 million units, a year-on-year decrease of 11% [2][21]. - The report highlights the acceleration of domestic brands in the automotive market, with significant developments in AI and solid-state battery technologies [5][4]. - The automotive industry is witnessing a shift towards self-owned brands revitalizing joint venture capacities, as seen with Changan taking over Beijing Hyundai's Chongqing plant [3][35]. Summary by Sections Weekly Market Review - The automotive sector rose by 3.24% this week, outperforming the CSI 300 index by 1.60 percentage points [13]. - The automotive parts sector saw the highest increase at 4.03%, with notable individual stock performances from GAC Group and BYD [16][17]. Data Tracking - Retail and wholesale sales of passenger vehicles showed a cumulative increase of 6% and 11% year-on-year, respectively, for the year to date [21]. - New energy vehicle retail sales from November 1-23 reached 849,000 units, a 3% increase year-on-year, with cumulative sales for the year up 20% [21]. Industry News - Xiaomi launched its MiMo-Embodied model, marking a significant advancement in integrating autonomous driving with embodied intelligence [29][30]. - GAC Group established the first large-capacity solid-state battery production line in China, capable of producing batteries with over 60 Ah capacity [33]. - Long-term plans for Changan include utilizing the newly acquired Hyundai plant to support its production goals [35]. - NIO reported a record third-quarter revenue of 21.79 billion yuan, with a significant increase in vehicle deliveries [38][39].