Core Viewpoint - The domestic narrow passenger car market in China experienced a significant decline in sales in February 2026, with a year-on-year decrease of 25.4% and a month-on-month decrease of 33.1%. The cumulative sales for January and February also fell by 18.9% compared to the previous year. This downturn is attributed to multiple factors, including the extended Spring Festival holiday, which affected production and market activity. However, this is considered a short-term fluctuation and not indicative of long-term market trends. Upcoming local subsidy policies, spring auto shows, and new product launches are expected to revitalize the market and promote stable industry growth [2][4]. Sales Data Summary February 2026 Sales - The total retail sales of narrow passenger cars reached 1.034 million units, down 25.4% year-on-year and down 33.1% month-on-month [2]. - Major manufacturers' sales figures for February 2026 include: - Geely Auto: 206,160 units, down 23.7% month-on-month, up 0.6% year-on-year, with a market share of 13.6% [5]. - BYD Auto: 187,782 units, down 8.6% month-on-month, down 41.0% year-on-year, with a market share of 12.4% [5]. - Chery Auto: 155,779 units, down 19.7% month-on-month, down 10.3% year-on-year, with a market share of 10.3% [5]. - Changan Auto: 92,006 units, up 34.5% month-on-month, down 2.2% year-on-year, with a market share of 6.1% [5]. - Tesla China: 58,599 units, down 15.2% month-on-month, up 91.0% year-on-year, with a market share of 3.9% [5]. January-February 2026 Cumulative Sales - Cumulative wholesale sales for January and February 2026 show: - Geely Auto: 476,327 units, up 1.0% year-on-year, with a market share of 13.6% [6]. - BYD Auto: 393,300 units, down 36.0% year-on-year, with a market share of 11.3% [6]. - Chery Auto: 349,748 units, down 11.2% year-on-year, with a market share of 10.0% [6]. - Volkswagen: 186,228 units, down 17.7% year-on-year, with a market share of 5.3% [6]. New Energy Vehicle (NEV) Sales - February 2026 NEV sales data indicates: - BYD Auto: 187,782 units, down 8.6% month-on-month, down 41.0% year-on-year, with a market share of 26.0% [9]. - Geely Auto: 117,488 units, down 5.4% month-on-month, up 19.4% year-on-year, with a market share of 16.3% [9]. - Tesla China: 58,599 units, down 15.2% month-on-month, up 91.0% year-on-year, with a market share of 8.1% [9]. NEV Cumulative Sales (January-February 2026) - Cumulative NEV sales for January and February 2026 show: - BYD Auto: 393,300 units, down 36.0% year-on-year, with a market share of 24.7% [11]. - Geely Auto: 241,740 units, up 10.1% year-on-year, with a market share of 15.2% [11]. - Tesla China: 127,728 units, up 36.0% year-on-year, with a market share of 8.0% [11].

Core Viewpoint - Great Wall Motors has shown a positive stock performance with a 2.04% increase on March 13, reaching a price of 21.03 CNY per share, with a total market capitalization of 179.97 billion CNY [1][4]. Financial Performance - For the period from January to September 2025, Great Wall Motors achieved a revenue of 153.58 billion CNY, representing a year-on-year growth of 7.96% [5]. - The net profit attributable to shareholders for the same period was 8.64 billion CNY, which reflects a decrease of 17.20% compared to the previous year [5]. Shareholder Information - As of September 30, 2025, the number of shareholders for Great Wall Motors was 137,500, a decrease of 22.95% from the previous period [2][5]. - The average circulating shares per shareholder remained at 0 shares, indicating no change [2]. Dividend Distribution - Since its A-share listing, Great Wall Motors has distributed a total of 34.70 billion CNY in dividends, with 8.95 billion CNY distributed over the last three years [6]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation, holding 197 million shares, unchanged from the previous period [3][6]. - Hong Kong Central Clearing Limited, the fourth-largest shareholder, reduced its holdings by 27.42 million shares to 58.10 million shares [3][6].

Core Viewpoint - Ora is undergoing a significant strategic transformation by introducing the Ora 5, which will offer multiple powertrain options including pure electric, hybrid electric vehicle (HEV), and internal combustion engine (ICE) versions, marking a departure from its previous focus solely on electric vehicles [4][6][8]. Group 1: Market Context and Strategic Shift - Ora has not launched a new model in three years, leading to speculation about its future amidst intense competition [1][2]. - The introduction of the Ora 5 represents a shift in focus from a female-centric brand to a broader product-centric approach [9][10]. - The brand's previous strategy of targeting women has not aligned well with the overall image of its parent company, Great Wall Motors, which is more rugged and masculine [11][13]. - After a peak sales year in 2021 with over 130,000 units, Ora faced a decline in 2022 due to the discontinuation of its best-selling models, the Black Cat and White Cat, which were unprofitable [14][17]. Group 2: Product Development and Platform Innovation - The new Ora 5 will be built on the "Guiyuan" platform, which allows for the flexible configuration of various powertrains, including PHEV, HEV, BEV, FCEV, and ICE [24][26]. - This platform enables standardization and modularization of vehicle components, which can help reduce production costs and improve after-sales service [28][32]. - The shift to a multi-powertrain strategy is partly driven by the need to compete in global markets where hybrid and fuel vehicles remain dominant [36]. Group 3: Market Opportunities and Challenges - The timing of Ora's entry into the "premium fuel small car" segment is strategic, as the market for electric vehicles is expected to face challenges due to subsidy reductions and changing consumer preferences [38][40]. - The brand's design reputation aligns well with the evolving market trend towards small cars that cater to individual expression and daily commuting needs [44][45]. - With the support of advanced technology from Great Wall, Ora aims to create competitive small cars that meet consumer demands [49]. Group 4: Future Outlook - The year 2026 is anticipated to be significant for Ora, with plans to expand its product lineup to include various models such as A-class sedans and SUVs [59]. - Ora is also looking to expand its international presence, targeting markets in Thailand, Italy, Spain, Australia, Saudi Arabia, and Brazil [60]. - The success of Ora in the competitive landscape will depend on its ability to adapt to market changes and effectively communicate its new brand positioning [50][61].

Core Viewpoint - The article discusses the recent plagiarism incident involving Weipai, a brand under Great Wall Motors, where its promotional material for the V9X model closely resembled an advertisement for the Land Rover Range Rover Sport. The founder, Wei Jianjun, publicly apologized, which garnered mixed reactions from the public, raising questions about the brand's marketing integrity and originality [4][6][9]. Group 1: Incident Overview - On March 5, Wei Jianjun's promotional poster for the Weipai V9X was accused of pixel-level plagiarism of the Land Rover advertisement, leading to a public apology from Wei Jianjun on March 6, where he admitted to the wrongdoing [4][6]. - The incident sparked significant online discussion, with many praising Wei Jianjun's sincere apology and willingness to take responsibility [6][7]. - The Weipai brand has a history of similar incidents, having previously been accused of copying promotional materials from other brands, including a video for the Blue Mountain MPV that mirrored the Lexus LM [9][11]. Group 2: Marketing Strategy and Brand Positioning - Weipai is positioned as a high-end electric vehicle brand under Great Wall Motors, with plans to enhance its market presence through direct sales and a rebranding strategy [8]. - The V9X model is built on the "Guiyuan" platform, designed to accommodate various powertrains, including electric and hybrid options, indicating a focus on versatility and innovation in the product lineup [8]. - The brand's marketing approach has been criticized as lacking originality, with the recent plagiarism incident highlighting potential weaknesses in its creative processes [15][20]. Group 3: Public and Industry Reactions - The public's response to the apology was largely positive, with many appreciating Wei Jianjun's straightforwardness and accountability [6][7]. - However, the incident raised concerns about the brand's marketing practices and the potential for it to be perceived as a calculated publicity stunt rather than a genuine mistake [16][19]. - Industry experts and creatives involved in the original Land Rover advertisement expressed skepticism about the likelihood of such a blatant copy occurring without internal knowledge within Weipai [19][20].

股份代號：02333（港幣櫃檯）及 82333（人民幣櫃檯） 董 事 會 會 議 通 知 長城汽車股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於2026年3月27日（星期五）於中國河北省保定市蓮池區朝陽南大街2266號舉行， 藉以審議及 批准（其中包括）本公司及其子公司截至2025年12月31日止年度的經審計的年度業績（以《中 國企業會計準則》編製）及考慮派發股息（如有）。 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） 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 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2026年3月12日 於本公告日期，董 ...

Core Viewpoint - Great Wall Motors (02333.HK) announced that its board meeting will be held on March 27, 2026, to review and approve the audited annual performance for the year ending December 31, 2025, and to consider the distribution of dividends, if any [1] Group 1 - The board meeting will take place in Baoding, Hebei Province, China [1] - The financial results will be prepared in accordance with the Chinese Accounting Standards [1] - The meeting will also address the potential distribution of dividends [1]

Core Viewpoint - Great Wall Motors (02333.HK) announced that its board meeting will be held on March 27, 2026, in Baoding, Hebei Province, China, to review and approve the audited annual performance for the year ending December 31, 2025, and to consider the distribution of dividends, if any [1]. Group 1 - The board meeting is scheduled for March 27, 2026 [1] - The meeting will take place in Baoding, Hebei Province, China [1] - The agenda includes reviewing the audited annual performance for the year ending December 31, 2025 [1]

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 。 ，2026年3月12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。 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（港幣櫃檯）及 82333（人民幣櫃檯） 董 事 會 會 議 通 知 長城汽車股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於2026年3月27日（星期五）於中國河北省保定市蓮池區朝陽南大街2266號舉行， 藉以審議及 批准（其中包括）本公司及其子公司截至2025年12月31日止年度的經審計的年度業績（以《中 國企業會計準則》編製）及考慮派發股息（如有）。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 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。 ...

Core Viewpoint - Chang'an Automobile's total sales in February reached 73,000 units, representing a year-on-year decline of 6.8% and a month-on-month decline of 19.6% [1] Group 1: Sales Performance - The overseas sales in February amounted to 42,675 units, showing a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, accounting for 58.8% of total sales [1] Group 2: Strategic Initiatives - The company is accelerating its global expansion and is committed to transitioning to new energy, actively pursuing innovation and transformation, which is expected to drive both sales and performance growth [1] - In the short to medium term, the combination of accelerated overseas expansion, the domestic shift towards new energy, and an increase in the proportion of high-value models like the Tank is likely to boost sales and performance [1] Group 3: Long-term Outlook - The company's four strategic expansion initiatives are expected to open up long-term growth potential for sales, while the shift towards smart technology is set to enhance profitability across the entire industry chain [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 9.91 billion, 14.20 billion, and 17.40 billion yuan respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X, and Hong Kong stock P/E ratios of 9.9X, 6.9X, and 5.6X [1] - The investment rating is maintained at "Buy" [1]

Core Viewpoint - The report from Changjiang Securities indicates that Great Wall Motors experienced a total sales volume of 73,000 units in February, reflecting a year-on-year decline of 6.8% and a month-on-month decline of 19.6% [1] Group 1: Sales Performance - In February, the overseas sales reached 42,675 units, marking a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [1] Group 2: Strategic Initiatives - The company is accelerating its global expansion and is committed to transitioning towards new energy vehicles, actively pursuing innovation and transformation, which is expected to drive both sales and performance growth [1] - In the short to medium term, the combination of accelerated overseas expansion and the domestic shift towards new energy vehicles, along with an increase in the proportion of high-value models like the Tank, is anticipated to boost the company's sales and performance [1] Group 3: Long-term Outlook - In the long term, the company's four strategic expansion initiatives are expected to open up long-term growth potential for sales, while the shift towards intelligent transformation is set to enhance profitability across the entire industry chain [1] - The projected net profit attributable to the parent company for 2025-2027 is estimated to be 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X, and Hong Kong stock P/E ratios of 9.9X, 6.9X, and 5.6X [1] - The report maintains a "buy" rating for the company [1]