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: 2026年1月31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: 2026年2月2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 ...

Core Viewpoint - In 2025, the Chinese automotive market faced intense competition in the new energy sector and subsidy reductions, leading to significant industry pressure. However, the company achieved remarkable results through a focus on high-quality development, marked by three breakthroughs: brand enhancement, new energy advancement, and accelerated overseas expansion [1][2]. Group 1: Financial Performance - The company reported a record revenue of 222.79 billion yuan in 2025, a year-on-year increase of 10.19%, demonstrating robust operational resilience amid a challenging market environment [2]. - Total vehicle sales reached 1.32 million units in 2025, marking a historical high with a year-on-year growth of 7.33%. Sales of new energy vehicles surged to 403,653 units, up 25.44% [2]. - The overseas market also showed strong performance, with sales of 506,066 units, a year-on-year increase of 11.68%, and a monthly sales record of 57,400 units in December, reflecting a 39.05% increase [2]. Group 2: Brand Development - The company made significant strides in brand enhancement, with the WEY brand achieving a remarkable sales increase of 86.29% to 101,954 units in 2025, and a monthly sales growth of 46.45% in December [3]. - The average vehicle price reached 201,300 yuan in 2025, an increase of 11,700 yuan from 2024, indicating a shift towards high-quality development driven by brand and technology [3]. - The company’s products, including the Tank 300 and Tank 500, maintained leadership positions in their respective segments, with the Tank 300 becoming the first Chinese off-road vehicle to reach 500,000 sales [4]. Group 3: Research and Development - The company emphasizes long-term value through substantial R&D investment, with a team of 23,000 engineers and a patent publication count of 7,992 in 2025, leading among Chinese independent automakers [5]. - Key technological advancements include the proprietary 4.0T V8 engine and the Hi4 intelligent four-wheel drive technology, which won a top award from the China Society of Automotive Engineers [6]. - The launch of the "Guiyuan" AI-powered automotive platform, compatible with multiple powertrain types, and the VLA advanced driving model for the WEY brand, showcases the company's commitment to innovation [6]. Group 4: Global Expansion - The completion of the Brazilian factory in August 2025 marks a significant step in the company's global strategy, producing high-end models and enhancing its international presence [7]. - The "ONE GWM" brand strategy aims to establish a comprehensive overseas operational framework, with over 1,500 sales channels globally, further solidifying the company's influence in the international automotive market [7]. - The company's overall performance in 2025 validates its high-quality development strategy, demonstrating both short-term operational resilience and long-term growth potential through R&D and global expansion [7].

Industry Overview - The automotive market in China is shifting from a focus on quantity to quality, driven by policy changes such as the reduction of new energy vehicle purchase tax incentives and the transition of the "trade-in" policy to a percentage-based subsidy [1] - Analysts predict that by 2026, the Chinese automotive market will officially enter a high-end consumption cycle, indicating a move away from low-value competition reliant on subsidies [1] Company Performance - In 2025, Great Wall Motors sold 1,323,672 vehicles, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,653 units, up 25.44% [3] - The company achieved a revenue of 222.79 billion yuan in 2025, marking a 10.19% year-on-year growth and setting a new historical record [3] - Great Wall Motors' average revenue per vehicle reached 168,300 yuan, an increase of approximately 4,500 yuan from 2024, while the average guiding price per vehicle rose to 201,300 yuan, up 11,700 yuan from the previous year [3] Strategic Focus - Great Wall Motors is transitioning its growth drivers from solely sales volume to a three-dimensional approach that includes sales, structure, and value [3] - The company emphasizes long-term strategies and systematic capabilities to navigate through industry homogenization [3] Research and Development - Great Wall Motors has established a team of 23,000 engineers and invested nearly 10 billion yuan in building its own laboratory system to ensure core technology independence [4] - The Hi4 intelligent four-wheel drive hybrid technology received the Special Prize at the 2025 China Automotive Engineering Society Science and Technology Awards, balancing performance and efficiency [4] Global Expansion - The company has launched the world's first native AI all-power platform "Guiyuan," which supports five types of powertrains and covers seven categories, with plans to introduce over 50 global models [4][5] - Great Wall Motors' overseas sales network exceeded 1,500 by the end of 2025, with cumulative overseas sales surpassing 2 million units, indicating a successful global strategy [7] - The company has established a complete ecosystem in Brazil, with the Haval H6 achieving success comparable to luxury brands, reflecting strong product value recognition among local consumers [7]

里昂发表研报指，长城汽车公布2025年初步业绩，收入按年增长10%，但净利润按年下降22%。年终奖 金拨备或影响第四季净利润约30亿元，若剔除延迟的俄罗斯报废车税退税影响，该行估计第四季单车利 润可按季上升约2,000元至10,500元。展望2026年，该行预计长城国内销售将受内需减弱影响，而俄罗斯 市场的影响可能持续，因此下调长城汽车2026年及2027年净利润预测分别为19%及3%，并下调目标市 盈率倍数，将H股目标价由21港元下调至15港元，A股目标价则由36元下调至24元，维持"跑赢大市"评 级，因预期长城在行业波动中仍将保持韧性。 ...

平安证券研报指出， 长城汽车 2025年销量创新高，渠道搭建影响盈利潜力释放。2025年公司实现归母 净利润99.1亿元，同比下滑22%，2025年四季度实现归母净利润12.8亿元，同环比分别下降 43.6%/44.4%。2025年公司销量达到132.4万台，同比增长7.3%，年度销量创历史新高，其中 新能源车 型销量达到40.4万台，同比增长25.4%，海外销量达到50.6万台，同比增长11.7%，新能源及海外销量刷 新纪录。受直营渠道建设等多种因素影响，公司2025年盈利潜力并未充分释放，结合公司2025年业绩快 报以及公司最新情况，调整公司2026~2027年净利润预测为133亿/165亿元（此前预测值为152亿/195亿 元）。直营渠道的建设是公司做大做强魏品牌的必要投入，公司归元平台已发布，新产品周期即将开 启，前期投入或将逐步兑现，此外公司在越野、皮卡等领域具备较强领先优势，依然维持公司"推荐"评 级。 ...

Core Viewpoint - Citigroup has downgraded the target price for Long Automobile (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Group 1: Financial Performance - Great Wall Motors (601633) recently released a performance report, forecasting a net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which is below investor expectations [1] - The decline in profit is attributed to a 1 percentage point decrease in gross margin to 18.5%, increased expenses related to direct sales and new product promotions, a delay in the recognition of approximately RMB 1 billion in tax refunds for scrapped vehicles in Russia, and an increase in year-end bonuses [1] Group 2: Revenue and Sales Outlook - Long Automobile expects its total revenue for the last year to grow by 10.2% year-on-year to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of its products is reported to be RMB 168,300 [1] - The management has set a sales target of 1.8 million units for this year, with an overseas sales target of 600,000 units, anticipating growth from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]

Core Insights - The automotive industry in Hubei Province is projected to exceed 1.1 trillion yuan by 2025, with the city of Huangshi achieving a remarkable output value of 31.508 billion yuan in the previous year, marking a year-on-year growth of 79.3% [1] - Huangshi aims to transform its automotive sector by focusing on end-product manufacturing, leveraging its existing component production capabilities, and integrating with major players like Great Wall Motors [1][2] Group 1 - Huangshi has 53 automotive industry chain enterprises, with 38 being large-scale companies, and a localization rate of 43% for components [2] - The city is establishing a comprehensive testing area for intelligent connected vehicles and hydrogen vehicles within a 22 square kilometer ecological zone, which will include various autonomous vehicles [2] - A total of 20 related industrial projects have been signed, with a planned total investment exceeding 35 billion yuan [2] Group 2 - Huangshi's strategy includes promoting the synergy of the new energy and intelligent connected vehicle industry to form a robust industrial cluster worth hundreds of billions [2]

Core Viewpoint - Citigroup has lowered the target price for Great Wall Motors (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Financial Performance - Great Wall Motors reported an expected net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which was below investor expectations [1] - The decline in profit was primarily due to a 1 percentage point decrease in gross margin to 18.5%, increased expenses related to direct sales and new product promotions, a delay in the recognition of approximately RMB 1 billion in tax refunds for scrapped vehicles in Russia, and an increase in year-end bonuses [1] Revenue and Sales Outlook - The company anticipates a year-on-year revenue growth of 10.2% to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of products is reported to be RMB 168,300 [1] - Management has set a sales target of 1.8 million vehicles for this year, with an overseas sales target of 600,000 vehicles, expecting growth to come from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]

Core Viewpoint - CICC maintains "outperform" rating for Great Wall Motors, with a target price reduction of 20% for both A-shares and H-shares, indicating potential upside from current prices [1] Group 1: Financial Performance - Great Wall Motors reported a revenue of 222.79 billion RMB for the previous year, a year-on-year increase of 10.2% [1] - The net profit attributable to shareholders was 9.91 billion RMB, a year-on-year decline of 21.9% [1] - In the last quarter, revenue reached 69.21 billion RMB, reflecting a year-on-year increase of 15.5% and a quarter-on-quarter increase of 13% [1] - The net profit for the last quarter was 1.28 billion RMB, down 43.5% year-on-year and 44.3% quarter-on-quarter [1] Group 2: Future Projections - CICC has lowered the profit forecasts for 2025 and 2026 by 32% and 20% respectively, now estimating profits of 9.9 billion RMB and 14 billion RMB [2] - A new profit forecast for 2027 has been introduced at 17 billion RMB [2] Group 3: Strategic Developments - The company launched the world's first native AI full-power vehicle platform, which is expected to support the accelerated launch of new energy models by 2026 [1] - The WEY brand has shown significant results in high-end market positioning, with over 10,000 units delivered for three consecutive months since October of last year [1] - Great Wall Motors has a strong presence in overseas markets, which is expected to benefit from multi-regional expansion opportunities [1]

中金指，公司于1月发布全球首个原生AI全动力汽车平台归元平台，可兼容不同动力和车型，核心部件 和系统能力再提升，降本持续推进，认为有望支持2026年公司加速新能源全新车型推出。此外，WEY 品牌高端化成效显著，其中高山自去年10月起连续3个月交付破万辆，接棒构建高端化第二增长曲线。 公司在海外市场积淀深厚，中金认为公司仍可受益于多区域拓展机遇。 考虑到报废税返还节奏、年终奖计提等影响，中金下调公司2025、2026盈利预测32%、20%至99亿、 140亿元，首次引入2027年盈利预测170亿元。 智通财经APP获悉，中金发布研报称，维持长城汽车(02333)"跑赢行业"评级，当前股价分别对应长汽 (601633.SH)A股2026年12.6倍、H股7.3倍市盈率；下调A股目标价20%至24.8元，下调H股目标价20%至 18港元，分别对应2026财年15倍、10倍市盈率，较当前股价有20%、36%上行空间。 长城汽车公布业绩快报，去年收入2,227.9亿元人民币(下同)，同比增10.2%；归母净利99.1亿元，同比跌 21.9%。去年末季收入692.1亿元，同比增15.5%、按季增13%；归母净利12.8亿 ...