Core Viewpoint - Great Wall Motors reported a significant decline in net profit by 45.60% in Q1 2025, attributed to a product upgrade cycle, decreased sales, and increased investment in direct sales system development [1][2][3] Financial Performance - Total revenue for Q1 2025 reached 40.019 billion yuan, a decrease of 6.63% year-on-year [2][5] - Net profit attributable to shareholders was 1.751 billion yuan, down 45.60% compared to the previous year [1][2] - Earnings per share fell to 0.21 yuan, a decline of 44.74% from 0.38 yuan in the same period last year [2][5] - The net cash flow from operating activities was -8.980 billion yuan, worsening from -2.634 billion yuan in the previous year [1][2] Asset and Equity Position - As of the end of Q1 2025, total assets amounted to 2125.47 billion yuan, a decrease of 2.38% from the end of 2024 [2][5] - Shareholders' equity increased by 4.66% to 826.62 billion yuan compared to the beginning of the year, indicating an improvement in the company's equity structure [2][3] Debt Management - The total liabilities at the end of the reporting period were 1298.85 billion yuan, down from 1387.26 billion yuan at the beginning of the year, reflecting effective debt control measures [3]

Financial Performance - Total revenue for Q1 2025 was CNY 40.02 billion, a decrease of 6.63% compared to CNY 42.86 billion in the same period last year[5] - Net profit attributable to shareholders was CNY 1.75 billion, down 45.60% from CNY 3.23 billion year-on-year[5] - Basic earnings per share decreased by 44.74% to CNY 0.21 from CNY 0.38 in the previous year[6] - Operating profit for Q1 2025 was ¥1,723,592,831.81, a decline of 52.5% from ¥3,622,767,861.93 in Q1 2024[25] - Total profit for Q1 2025 was ¥1,851,376,023.21, compared to ¥3,748,200,858.65 in Q1 2024, indicating a decrease of 50.5%[25] - The net profit for the first quarter of 2025 was approximately ¥1.75 billion, a decrease of 45.5% compared to ¥3.22 billion in the same period of 2024[26] - The total comprehensive income for the first quarter of 2025 reached approximately ¥3.50 billion, an increase of 18.5% from ¥2.95 billion in the first quarter of 2024[26] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -8.98 billion, compared to CNY -2.62 billion in the same period last year[5] - Cash flow from operating activities showed a net outflow of approximately ¥8.98 billion, compared to a net outflow of ¥2.63 billion in the first quarter of 2024, indicating a significant decline in operational cash flow[29] - Cash flow from investing activities generated a net inflow of approximately ¥10.05 billion, a recovery from a net outflow of ¥2.72 billion in the same quarter of the previous year[30] - Cash flow from financing activities resulted in a net inflow of approximately ¥302.95 million, down from ¥2.33 billion in the first quarter of 2024[30] - Cash and cash equivalents increased to ¥31,358,017,343.44 as of March 31, 2025, from ¥30,768,672,688.70 at the end of 2024[20] - Total assets at the end of the reporting period were CNY 212.55 billion, a decrease of 2.38% from CNY 217.27 billion at the end of the previous year[6] - Total assets decreased to ¥212,547,066,299.77 as of March 31, 2025, from ¥217,719,500,344.69 at the end of 2024[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 150,334[11] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 59.74% of the shares[12] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., holds 5,115,000,000 A shares, representing a significant portion of the company's equity[13] - HKSCC Nominees Limited holds 2,303,112,411 H shares, indicating strong foreign investment interest[13] - The top 10 shareholders do not have any related party relationships, ensuring independent governance[13] - The company has not engaged in any securities lending or borrowing activities related to the top shareholders[14] Future Plans and Investments - The company is focusing on product upgrades and direct sales system investments to enhance future performance[10] - Great Wall Motors plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[19] - The company is investing RMB 5 billion in new product development, focusing on electric and hybrid vehicles over the next three years[19] - Great Wall Motors aims to launch three new electric vehicle models in 2024, with a projected sales target of 300,000 units[19] - The company has initiated a strategic partnership with a technology firm to enhance its autonomous driving capabilities, with an investment of RMB 2 billion[19] - Great Wall Motors is exploring potential acquisitions to strengthen its supply chain, particularly in battery manufacturing[19] - The company has set a performance guidance for 2024, expecting revenue growth of 12% and a net profit margin of 8%[19] - Great Wall Motors is committed to sustainability, aiming for a 30% reduction in carbon emissions by 2025 through improved manufacturing processes[19] Stock and Bond Issuance - Great Wall Motors announced the issuance of convertible bonds, with details to be published on January 2, 2025, on the Shanghai Stock Exchange website[15] - The company will provide updates on the stock option incentive plan and the results of the stock conversion on February 5, 2025[15] - Great Wall Motors plans to announce the results of the 2023 restricted stock incentive plan on February 14, 2025[15] - The company will disclose the list of recipients for the 2023 restricted stock incentive plan on February 25, 2025[15] - An announcement regarding the repurchase and cancellation of restricted stocks is scheduled for February 14, 2025[15] - Great Wall Motors will provide information on the cancellation of the 2023 stock option incentive plan on March 31, 2025[15] - The company will publish the results of the stock option incentive plan on March 4, 2025[15] - Great Wall Motors will issue a notice to creditors regarding the cancellation of restricted stocks on March 31, 2025[15] - The company will provide updates on the stock option incentive plan results on March 31, 2025[15] - Great Wall Motors will publish details regarding the stock option incentive plan on March 31, 2025[15] Sales and Market Performance - The company experienced a decline in sales volume due to a product upgrade cycle, impacting revenue and cash flow[10] - Great Wall Motors reported a significant increase in revenue, reaching RMB 100 billion in 2023, representing a 15% year-over-year growth[19] - The company achieved a net profit of RMB 8 billion for the fiscal year, up 20% compared to the previous year[19] - User data indicates that the total number of vehicles sold in 2023 was 1.2 million units, marking a 10% increase from 2022[19]

Core Insights - Great Wall Motors is navigating a transformative wave in the automotive industry, focusing on global expansion and brand elevation for Chinese automotive brands [1] Group 1: Product Strategy and Market Focus - Great Wall Motors has launched the ONE GWM brand, emphasizing the creation of "global cars" tailored for international markets, responding to the evolving preferences of younger consumers [4][5] - The company is adapting its product offerings based on insights into consumer needs, with brands like Tank and Ora developed to meet specific market demands [4] Group 2: International Expansion - Since 1997, Great Wall Motors has exported products to over 170 countries, with more than 1,400 overseas sales channels and cumulative overseas sales exceeding 1.9 million vehicles [6] - The company is transitioning from product export to "ecological export," aiming for a comprehensive international presence across research, production, supply, sales, and service [6] Group 3: New Energy Vehicles (NEVs) - Great Wall Motors is committed to independent R&D in the NEV sector, with a comprehensive strategy across its five brands, including high-end smart vehicles and practical electric options [7] - The company acknowledges the competitive landscape post-subsidy phase in 2027 but is confident in its self-developed technology to meet market demands [7] Group 4: Marketing and Sales Strategy - The company is reforming its marketing channels by establishing a direct sales system to enhance customer engagement and streamline the manufacturing to service chain [8] - Great Wall Motors is focused on maintaining product quality and user experience over short-term gains, opting not to pursue certain technologies that do not align with its standards [8] Group 5: Commitment to Quality and User Trust - Great Wall Motors emphasizes a long-term approach to high-quality development, valuing the trust of its 15 million users as its most significant asset [8] - The company is committed to providing accurate information regarding advanced driver-assistance systems, ensuring responsible marketing practices [8]

Core Insights - Great Wall Motors (601633.SH) reported a total operating revenue of 40.019 billion yuan for Q1 2025, representing a year-on-year decline of 6.63% [1] - The net profit attributable to shareholders was 1.751 billion yuan, down 45.60% year-on-year [1] - The primary reasons for the decline include the company's product upgrade cycle, a decrease in sales, and increased investment in the direct sales system [1]

Group 1 - GWM (Great Wall Motors) adopts a dual approach to powertrains, integrating both internal combustion engines and electric drive systems to meet local demands, with a focus on PHEV for main vehicles and BEV for commuting vehicles [2] - GWM has developed the Hi4 hybrid system and a 4.0T V8 engine, filling a gap in the high-displacement engine market for Chinese brands, which took 10 years to develop [3] - The 4.0T V8 engine is seen as a key to entering the luxury car market, with potential plans to launch a new ultra-luxury brand [3] Group 2 - The Tank brand is enhancing its off-road identity, launching the Tank 300 Huke version, while Haval aims to popularize four-wheel drive technology in the mid-range market [4] - In Q1, China's auto exports reached 1.54 million units, a 16% increase year-on-year, prompting GWM to focus on global market strategies [5] - GWM's global strategy categorizes markets into three segments, with the first two (China and developed markets) accounting for 67.7% of sales [5][6] Group 3 - GWM emphasizes a unified product and service quality under the "ONE GWM" brand strategy, adapting products to meet local market needs [6] - The company plans to leverage its Tank SUV to penetrate the global off-road vehicle market while enhancing its technology offerings through the WEY brand [6]

| 证券代码：601633 | 证券简称：长城汽车 公告编号：2025-057 | | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | 长城汽车股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 23 日 (二)股东大会召开的地点：河北省保定市莲池区朝阳南大街 2266 号长城汽车股 份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,850 | | --- | --- | | 其中：A 股股东人数 | 1,849 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,997,271,827 | | 其中：A 股股东持有股份总数 | 5,335,091,856 | | 境外上市外资股股东持有股份 ...

北京金诚同达律师事务所 2025 年第三次临时股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 关于 金诚同达律师事务所 法律意见书 长城汽车股份有限公司 北京金诚同达律师事务所 1. 本所律师仅就本次股东大会的召集、召开程序，出席会议人员的资格、 召集人资格，会议的表决程序、表决结果的合法性发表意见，不对本次股东大会 所审议的议案内容及该等议案所表述的事实或数据的真实性、准确性和完整性发 表意见； 2. 本所律师已经按照《股东大会规则》的要求，对本次股东大会所涉及的 相关事项进行了核查和验证，所发表的结论性意见合法、准确，不存在虚假记载、 误导性陈述或者重大遗漏，并承担相应法律责任； 关于长城汽车股份有限公司 2025 年第三次临时股东大会的 法律意见书 金证法意[2025]字 0422 第 0372 号 致：长城汽车股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受长城汽车股份有限公司 （以下简称"长城汽车"或"公司"）的聘请，指派本所律师出席公司 2025 年第 三次临时股东大会（以下简称"本 ...

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。 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 股東特別大會 之投票表決結果 長城汽車股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於 2025 年 4 月 23 日（星期三）在中華人民共和國（「中國」）河北省保定市蓮池 區朝陽南大街 2266 號本公司會議室召開的本公司股東特別大會（「股東特別 大會」或「會議」）的投票表決結果。提呈的決議案已獲出席會議的本公司股 東（「股東」）正式通過。 有關會議所審議決議案的詳情，股東可參閱本公司發出的日期為 2025 年 3 月 28 日的股東特別大會通告（「股東特別大會通告」）及通函（「通 函」）。除本公告文義另有所指外，通函所界定詞彙在本公告具有相同涵義。 1. 會議召開及出席情況 (i) 會議召開情況 會議於 2025 年 4 月 23 日（星期三）在中國河北省保定市蓮池區朝陽南大街 2266 號本公司會議室舉行。會議由董事會召集 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601633 证券简称：长城汽车 公告编号：2025-055 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于2023年限制性股票激励计划 首次授予限制性股票第一期解锁暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为15,355,284股。 本次股票上市流通总数为15,355,284股。 ● 本次股票上市流通日期为2025年4月28日。 2024年1月26日，公司召开2024年第一次临时股东大会、2024年第一次H股类别股东会议及2024年第一 次A股类别股东会议，审议通过了《关于长城汽车股份有限公司2023年限制性股票激励计划（草案）及 其摘要的议案》《长城汽车股份有限公司2023年限制性股票激励计划实施考核管理办法的议案》《关于 提请股东大会授权董事会及其授权人士全权办理公司2023年限制性股票激励计划相关事宜的议案》。详 见公司于2024年1月 ...

长城汽车股份有限公司 关于 2023 年限制性股票激励计划 首次授予限制性股票第一期解锁暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 15,355,284股。 本次股票上市流通总数为15,355,284股。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 16 日召开第八届董事会第三十六次会议，审议通过了《关于公司 2023 年限制性股票 激励计划首次授予限制性股票第一期解除限售条件成就的议案》，根据《长城汽车 股份有限公司 2023 年限制性股票激励计划》（以下简称"《2023 年限制性股票激励 计划》"）有关规定，本公司《2023 年限制性股票激励计划》首次授予限制性股票 第一期解除限售条件已成就，详见公司于 2 ...