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 。 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。 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 .1 0B 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2023年員工持股計劃第二個鎖定期符合解鎖條件的股份非交易過戶完成的公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2025 9 25 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 | 证券代码：601633 | 证券简称： ...

乘联分会数据显示，2025年8月皮卡市场销售4.0万辆，同比持平，环比下降3%，处于近5年的中高位水 平。2025年1-8月份皮卡市场销售36.9万辆，同增长7%。长城汽车持续保持强势皮卡领军地位，国内外 表现均较平稳。 ...

点 击 蓝 字 关 注 我 们 一、皮卡市场总体分析 2025年皮卡批发市场走势前低中高，相对于历年的春节较早，因此2025年2-3月的皮卡走势获得增量，4-8 月皮卡销量逐步下滑。 皮卡属于生产资料车型，在春节之前一般购买皮卡相对较少，春节之后的3-4月皮卡销售进入旺季，这也 是房地产、工程项目和单位购买的需求增长点。 乘用车的销量代表了中国消费者的生活品质以及追求，但是商用车的销量代表了中国小企业、小私营业 主的发展状况，只有商用车的需求上来了，基础民生问题得到解决，乘用车市场才能有恢复的可能。 1、历年皮卡市场逐月走势 本文全文共 3692 字，阅读全文约需 12 分钟 皮卡产销： 2025年8月皮卡市场销售4.0万辆，同比持平，环比下降3%，处于近5年的中高位水平。2025年 1-8月份皮卡市场销售36.9万辆，同增长7%。 长城汽车持续保持强势皮卡领军地位，国内外表现均较平稳。受出口持续同比增长促进，长城汽车、上 汽大通、郑州日产、长安汽车、江淮汽车表现较强。在国内皮卡零售市场，长城汽车、江铃汽车、郑州日产、 江西五十铃等表现较好，国内"皮卡一超三强"格局继续保持。皮卡市场的主力区域在西南、西北为主 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601127 | 赛力斯 | 148.65 | 3.70% | 62.43万 | 91.41亿 | | 002594 | 比亚迪 | 107.50 | 1.69% | 69.35万 | 74.22 亿 | | 601238 | 广汽集团 | 7.62 | 0.26% | 26.53万 | 2.01亿 | | 601633 | 长城汽车 | 24.40 | -0.41% | 14.45万 | 3.53亿 | | 000572 | 出於印與 | 5.52 | -0.54% | 95.89万 | 5.37亿 | | 000625 | 长安汽车 | 12.08 | -0.74% | 62.25万 | 7.53亿 | | 600733 | 北汽蓝谷 | 7.84 | -1.01% | 98.70万 | 7.77 亿 | | 600104 | ┣汽集团 | 17.16 | -2.83% | 112.66万 | 19.50亿 | 证券之星消息，9月25日乘用车板 ...

Core Insights - The automotive industry is experiencing a significant performance divergence among companies in the first half of 2025, with some achieving growth in both revenue and net profit, while others face declines in both metrics [1][4]. Revenue and Profit Performance - Among 16 A/H share listed automotive companies, 11 reported revenue growth, and 9 achieved profitability, with over half of the companies being profitable [1][4]. - BYD leads the industry with revenue of 371.281 billion yuan, a year-on-year increase of 23.3%, and a net profit of 15.511 billion yuan, up 13.79% [3][4]. - Traditional automakers like Geely, Great Wall, and SAIC maintained net profits above 6 billion yuan, but all experienced approximately 10% declines in net profit [1][4][5]. - The overall automotive industry revenue reached 509.17 billion yuan, a year-on-year increase of 8%, while costs rose by 9% to 447.8 billion yuan, resulting in a profit of 24.44 billion yuan, up 3.6% [4]. Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan, attributed to a previous asset sale in 2024 [4][5]. - Great Wall's revenue was 92.335 billion yuan, a slight increase of 0.99%, with net profit declining by 10.21% to 6.337 billion yuan [5]. - Changan, Dongfeng, and GAC faced performance pressures due to challenges in joint ventures, with Changan's revenue down 5.25% to 72.691 billion yuan and net profit down 19.09% to 2.291 billion yuan [5][6][7]. - GAC reported a revenue decline of 7.95% to 42.166 billion yuan and a net loss of 2.538 billion yuan, a significant drop of 267.39% [7]. New Energy Vehicle Collaborations - Companies collaborating with Huawei on the "Five Realms" brand, particularly Seres, have shown significant performance improvements, with Seres achieving a net profit increase of 81.03% to 2.941 billion yuan [8][9]. - Other companies like BAIC Blue Valley and Jianghuai faced challenges, with Jianghuai's revenue down 9.1% to 19.36 billion yuan and a net loss of 777 million yuan, marking a 356.89% decline [9]. Emerging Players Performance - Among the new energy vehicle startups, Li Auto continues to lead with a revenue of 56.17 billion yuan, down 2%, and a net profit of 1.743 billion yuan, up 2.8% [13][14]. - Xpeng and NIO reported revenues of 34.09 billion yuan and 31.043 billion yuan, respectively, with Xpeng showing a significant growth of 132.51% [13][14]. - Leap Motor achieved its first half-year profit of 33 million yuan, while NIO and Xpeng continue to struggle with profitability [13][14]. Market Trends and Future Outlook - The overall market is seeing a shift towards high-end models, with Seres' high-end models leading sales in their respective price segments [8]. - Companies are focusing on cost control and operational efficiency to improve profitability, with NIO implementing a comprehensive cost reduction plan [14].

北京商报讯（记者 葛婷婷）9月19日，长城汽车董事长魏建军与敦煌博物馆副馆长张春生等嘉宾齐聚敦 煌，参与央视新闻《中国经济引力场》栏目录制，展开一场跨越千年的对话，共同探寻敦煌文化所蕴含 的"万里精神"，并以此诠释中国汽车品牌的当代责任与担当。 谈及企业治理，魏建军强调"长期主义"的重要性。"长城2500多年，莫高窟1600多年，长城汽车35年显 得很短。我们要耐得住寂寞，守住底线，做到绝对诚信。"他表示，中国已成为汽车大国，正向汽车强 国迈进，长城汽车必须走出去，并以最高标准要求自己，维护中国制造的形象。 在全球布局中，长城汽车践行"融合共生"理念。以巴西工厂为例，企业通过技术协同、促进就业与产业 链本地化，与当地社会共同成长。魏建军最后表示："长城代表着中国，我们责任重大，必须把产品做 精，让用户放心，让长城汽车像万里长城一样屹立不倒。" 此次敦煌之旅，彰显了长城汽车深度融入文化传承、以产业报国助力民族品牌崛起的坚定决心。 此次活动是长城汽车"致敬敦煌文化"寻根之旅的重要组成部分。对话从玉门关、汉长城遗址到莫高窟艺 术宝库，深入探讨了敦煌所代表的探索、自信、坚守、传承与融合共生的精神内核。魏建军表示，长城 ...

Investment Rating - The report does not provide specific investment recommendations for individual companies or suppliers in the intelligent driving sector [4][9]. Core Insights - 2025 is identified as a pivotal year for automotive intelligence, with a projected increase in domestic electrification penetration rates to 50%-80% over the next three years, leading to a reshaping of the automotive landscape [4]. - Major intelligent driving manufacturers have successfully implemented complex urban NOA (Navigation on Autopilot) experiences, enhancing high-level functionalities such as parking and scene understanding [4]. - The report evaluates the intelligent driving experiences of ten manufacturers, including XPeng, NIO, and Tesla, through both large sample and small sample road tests, focusing on various dimensions such as scene implementation and comfort [4][9]. Summary by Sections Road Test Overview - The report includes both large sample concentrated road tests and small sample deep road tests to assess the performance of intelligent driving systems [8][27]. - The large sample tests involved approximately 50 participants testing various models along a standardized route, while the small sample tests were conducted by the same evaluators under similar conditions [9][27]. Intelligent Driving Models Tested - The models tested in September 2025 include XPeng P7, NIO ES8, and Tesla Model 3, among others, with specific versions noted for each [10][11]. Performance Evaluation - Compared to Q1 2025, Q3 2025 shows improvements in intelligent driving capabilities across all manufacturers, with a narrowing gap between the leading and following manufacturers [4]. - The report highlights that new entrants in the self-research sector are showing promising performance, with significant iterations expected in the coming months [4]. Specific Model Insights - XPeng's XOS 5.7.7 demonstrated excellent performance with an average takeover frequency of 1.51 times, showcasing strong capabilities in complex scenarios [34]. - The NIO ES8 with cedar model achieved an average takeover frequency of 2.03, indicating robust performance in urban environments [43]. - Tesla's FSD version 13.2 recorded a higher average takeover frequency of 5.73, suggesting areas for improvement in its intelligent driving capabilities [49]. Technical Developments - The report notes advancements in hardware and software across various manufacturers, with many now utilizing self-developed chips and algorithms [26][24]. - Specific improvements in driving comfort and efficiency were reported, with some models achieving significant enhancements in user experience metrics [22].

Investment Rating - The report maintains a positive outlook on strong domestic automotive brands, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [6][7]. Core Insights - The report highlights a significant increase in domestic vehicle registrations, with a total of 519,000 units registered in the week of September 15-21, surpassing the 400,000 weekly threshold, representing a year-on-year increase of 6.3% and a month-on-month increase of 13.3% [6][24]. - The report notes that the penetration rate of new energy vehicles reached 57.42%, with weekly registrations of 298,000 units, reflecting a year-on-year increase of 16.3% and a month-on-month increase of 11.2% [6][29]. - The report anticipates that the overall automotive market will see a rebound in orders, with September's third week showing an upward trend in orders, reaching historical highs [6][41]. Summary by Sections Core Insights - The report emphasizes a sustained positive outlook on strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [6][7]. - It highlights that the total vehicle registrations for the week of September 15-21 were 519,000, exceeding the 400,000 threshold, with a year-on-year increase of 6.3% and a month-on-month increase of 13.3% [6][24]. - The report also notes that the new energy vehicle registration volume reached 298,000 units, with a penetration rate of 57.42%, indicating a year-on-year increase of 16.3% and a month-on-month increase of 11.2% [6][29]. Market Tracking - The automotive sector ranked third in weekly performance with a 3% increase, while the overall market showed a positive trend with several stocks performing well, particularly in the T-chain and robotics sectors [11][15][18]. - The report indicates that the automotive sector's valuation percentile is at 51%, placing it in the historical mid-range [11][15]. Industry Prosperity - The report tracks the overall industry sentiment, noting that the third week of September saw a significant increase in orders due to the launch of popular models [41]. - It also highlights the ongoing trend of domestic brands capturing market share from joint ventures, with domestic brands' market share increasing from 36% in January 2021 to 64% by December 2024 [37].

2025年9月19日，央视新闻《中国经济引力场》栏目走进敦煌。敦煌市文物保护中心副主任、敦煌博物馆副馆长张春生，长城汽车董事长魏建军与央视主持 人李京京展开对话。栏目中，长城汽车以"致敬敦煌文化"为主题，探索中国品牌与传统文化的融合发展路径。 走进敦煌 追溯丝路文化渊源 敦煌文化之美，以莫高窟为核心。历经千年营造，莫高窟集合了多元文化元素，在历史长河中孕育出璀璨的人类文明成果。从灵动飘逸的飞天，到独具特色 的雷公鼓，莫高窟的每一处细节，都展现了文化艺术的独特魅力。 长城汽车将这份敦煌文化之美融入产品设计。坦克500"敦煌绿"取色于中国青绿山水巅峰之作217窟，沉稳而富有生机。国风配色之外，更凭借出色的舒适 性、智能座舱等产品硬实力，成为文化与技术融合的典范，生动展现长城汽车在产品中对文化价值的传承与创新。 敦煌文化的千年存续，源自一代代文保工作者和治沙人的坚守。在感慨敦煌之美同时，长城汽车不仅通过产品设计向守护者致敬，也通过企业实践，努力传 承并发扬这一文化。借鉴丝路探索精神，长城汽车聚焦底层技术突破，在能源与智能化领域构建全产业链自主布局，推动中国汽车技术从"引进"迈向"输 出"，以创新技术、汽车生态开拓全 ...

Core Viewpoint - The automotive market is experiencing an unprecedented surge in new energy vehicle (NEV) launches as companies rush to capitalize on the impending reduction of the purchase tax exemption policy, which will halve from January 1, 2026, leading to increased consumer costs and heightened competition among manufacturers [1][2][4]. Group 1: Market Dynamics - Over 70 new energy models are being launched in September, with an average of two new cars released daily, significantly higher than the previous year's figure of less than 40 models [2]. - The upcoming reduction in the purchase tax exemption, which has been in place for ten years, will result in consumers facing an additional burden of up to 15,000 yuan per vehicle starting in 2026 [2][4]. - The competition in the high-end segment is intensifying, with brands like Zeekr and NIO introducing advanced models that enhance performance and technology [2]. Group 2: Consumer Behavior - The impending tax policy change is influencing consumer purchasing decisions, with many opting to buy now to avoid higher costs in the future [5]. - Companies are implementing various promotional strategies, including financial incentives and trade-in subsidies, to attract consumers and alleviate their concerns [3][4]. Group 3: Sales Pressure - Many manufacturers are facing challenges in meeting their annual sales targets, with companies like Li Auto, NIO, and XPeng reporting completion rates below 60% for their goals [4]. - The competitive landscape is shifting towards aggressive financial strategies, including low or zero-interest loans, to lower the barriers for consumers [4]. Group 4: Future Outlook - The current market dynamics signify a transition towards a more competitive environment post-policy changes, where product quality, brand strength, and cost management will become critical [6]. - The ongoing promotional efforts are not only aimed at capturing the last of the policy benefits but also at preparing for a more challenging market landscape in the coming years [6].