Core Insights - The launch of the new Tank 400 by Great Wall Motors features gasoline, diesel, and hybrid versions, with a price range of 249,800 to 319,800 yuan [1] - The Tank brand has been established for four and a half years, achieving nearly 800,000 users and capturing 50% of the domestic market share in its segment, while exporting to over 30 countries and regions [1] Product Details - The dimensions of the new Tank 400 are 4964 mm in length, 1970 mm in width, and 1905 mm in height, with a wheelbase of 2850 mm [1] - The interior includes a 15.6-inch central control screen with 2.5K resolution, a third-generation vehicle system, and advanced voice interaction capabilities [1] - Additional features include a 12.3-inch full LCD instrument panel and a head-up display [1] - The new Hi4-Z model offers terrain adaptability, equipped with four-wheel drive and a differential lock [1]

Core Points - The new Tank 400 has been launched with gasoline, diesel, and hybrid versions, priced between 249,800 to 319,800 yuan [1] - The Tank brand, established 4.5 years ago, has gained nearly 800,000 users and holds a 50% market share in its domestic segment, with exports to over 30 countries and regions [1] Group 1 - The dimensions of the new Tank 400 are 4964mm × 1970mm × 1905mm, with a wheelbase of 2850mm [3] - The interior features a 15.6-inch central control screen with 2.5K resolution, third-generation vehicle machine system, and large model voice interaction capabilities [3] - Additional interior equipment includes a 12.3-inch full LCD instrument panel and a head-up display [3] Group 2 - The new Tank 400 introduces the Hi4-Z model, which has some terrain adaptability, equipped with four-wheel drive and a differential lock [4]

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-124 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zqb@gwm.com.cn 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 长城汽车股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 27 日（星期四）09:00-1 ...

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 。 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 關於召開2025年第三季度業績說明會的公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 中國河北省保定市 ，2025年11月6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。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-124 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城 ...

Core Insights - The passenger car sector experienced a slight increase of 0.22% on November 6, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index rose by 1.73% to 13452.42 [1] Passenger Car Sector Performance - Notable stock performances included: - Haima Automobile (000572) closed at 9.00, up by 2.39% with a trading volume of 6.5994 million shares and a turnover of 6.006 billion yuan [1] - BYD (002594) closed at 97.52, up by 1.80% with a trading volume of 402,000 shares and a turnover of 3.898 billion yuan [1] - Great Wall Motors (601633) closed at 22.81, up by 1.60% with a trading volume of 163,800 shares and a turnover of 373 million yuan [1] - GAC Group (601238) closed at 7.88, up by 1.16% with a trading volume of 368,800 shares and a turnover of 291 million yuan [1] - Changan Automobile (000625) closed at 12.31, up by 0.24% with a trading volume of 556,900 shares and a turnover of 685 million yuan [1] - SAIC Motor (600104) closed at 15.88, down by 0.13% with a trading volume of 412,000 shares and a turnover of 655 million yuan [1] - BAIC Blue Valley (600733) closed at 8.25, down by 2.37% with a trading volume of 1,004,400 shares and a turnover of 832 million yuan [1] - Seres (601127) closed at 142.13, down by 2.67% with a trading volume of 399,200 shares and a turnover of 5.663 billion yuan [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 1.492 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.246 billion yuan [1] - Specific fund flows included: - BYD experienced a net inflow of over 224 million yuan from institutional investors, but a net outflow of 193 million yuan from speculative funds [2] - SAIC Motor had a net inflow of 48.72 million yuan from institutional investors, with a net outflow of 51.19 million yuan from speculative funds [2] - GAC Group saw a net inflow of 12.08 million yuan from institutional investors, but a net outflow of 1.34 million yuan from retail investors [2] - Great Wall Motors had a net outflow of 412,460 yuan from institutional investors, while retail investors contributed a net inflow of 1.13 million yuan [2] - Changan Automobile faced a significant net outflow of 71.20 million yuan from institutional investors, but retail investors provided a net inflow of 56.70 million yuan [2] - BAIC Blue Valley had a substantial net outflow of 1.42 billion yuan from institutional investors, while speculative funds saw a net inflow of 713 million yuan [2] - Seres experienced a net outflow of 702 million yuan from institutional investors, with a net inflow of 217 million yuan from speculative funds [2] - Haima Automobile had a net outflow of 858 million yuan from institutional investors, but retail investors contributed a net inflow of 666 million yuan [2]

Core Insights - Hebei Province's industrial added value increased from 1.18135 trillion yuan to 1.49085 trillion yuan from 2020 to 2024, with a manufacturing value added accounting for 26.3% of GDP, 1.4 percentage points higher than the national average [1] - The province has developed two trillion-level industries in advanced steel and high-end equipment, along with several hundred billion-level industries, showcasing significant industrial growth [1] Group 1: Industrial Growth - The annual growth rate of industrial added value for large-scale industries is 6.2%, with operating income rising from 4.21 trillion yuan to 5.17 trillion yuan [1] - Hebei has established six national advanced manufacturing clusters, including high-end equipment in Baoding and emergency equipment in the Beijing-Tianjin-Hebei region [1] Group 2: Specialty Industries - Hebei has created 107 provincial-level key specialty industry clusters, with 90 clusters establishing shared factories and over 10,000 shared devices, involving more than 13,000 enterprises [2] - The province has nurtured 589 "leading" enterprises within these clusters, driving the collaborative development of over 3,200 cluster enterprises [2] Group 3: Enterprise Development - The number of large-scale industrial enterprises in Hebei increased by 4,286 from the end of 2020, reaching a total of 18,525 [3] - Hebei aims to cultivate 30 national-level manufacturing champions and 456 "little giant" enterprises, enhancing the vitality and competitiveness of small and medium-sized enterprises [3]

Core Insights - The resilience of China's automotive industry has been highlighted since the outbreak of the COVID-19 pandemic, with significant growth in automotive exports over the past two years [1] - In the first nine months of 2025, Chinese autonomous vehicle sales in overseas markets reached 2.42 million units, a year-on-year increase of 12% [5][6] - The strongest growth in overseas retail markets for Chinese vehicles is observed in Southeast Asia, Africa, and the European Union, while weaker performance is noted in the former Soviet Union, the United States, and Central and South America [6][7] Group 1: Overseas Performance of Chinese Automotive Companies - In September 2025, the preliminary statistics for local sales of Chinese autonomous vehicle companies in overseas markets reached 336,000 units, representing a year-on-year increase of 25% and a month-on-month increase of 18% [5][6] - The monthly export trends show a seasonal characteristic, with a notable increase in exports during the summer months [5] - The overall export data indicates a strong growth trajectory, particularly in the European market, which has seen continuous growth over the past three years [7][9] Group 2: Strategies and Market Dynamics - The strategy for automotive exports has evolved from KD assembly to localized production and overseas acquisitions, with significant success for companies like SAIC, Geely, Great Wall, and Chery [2] - Chinese automotive brands are increasingly establishing localized business management centers abroad to enhance their sales and service capabilities, leading to improved brand reputation in local markets [2] - The market share of Chinese vehicles varies significantly across regions, with Africa at 20%, Oceania at 15%, and Southeast Asia and the Middle East around 10% [8] Group 3: Challenges and Regulatory Environment - The Russian market presents challenges due to increased import taxes and fees, which have doubled since 2023, impacting the cost of Chinese vehicles [13] - Despite these challenges, Chinese companies like Chery and Geely have shown strong performance in Russia, with Chery achieving monthly sales exceeding 30,000 units [13][14] - The increase in vehicle scrappage tax in Russia is expected to raise the cost of imported vehicles, leading to a potential increase in retail prices by 10%-15% [13] Group 4: Electric Vehicle Export Performance - The export performance of Chinese electric vehicles is particularly strong, with brands like BYD, SAIC, Geely, and Great Wall showing significant growth [18] - BYD's overseas sales have surged, reflecting the growing demand for electric vehicles in international markets [18] - The overall trend indicates that Chinese automotive companies are increasingly competitive in the global electric vehicle market, despite challenges in certain regions [18]

Core Insights - The automotive industry in China is making progress in addressing payment terms, with major companies committing to pay suppliers within 60 days, as highlighted by the China Automotive Industry Association's initiative [1][4][8] - A review of the third-quarter reports of A-share listed automotive companies shows a general reduction in accounts payable turnover days, indicating improvements in payment practices [2][3] Payment Terms Improvement - The average accounts payable turnover days for 11 selected A-share listed passenger car companies decreased, with GAC Group having the shortest at 76.14 days and Qianli Technology the longest at 154.61 days [2] - Notable reductions in turnover days include Beiqi Blue Valley, which decreased from 112.32 days to 83.79 days, a drop of 28.53 days or 25% [2] - Despite improvements, some companies still face challenges with historical accounts payable, such as SAIC Group, which reported 76.9 billion yuan in outstanding notes payable [2][3] Cash Flow Status - Most automotive companies maintained positive cash flow in the third quarter, with SAIC Group, Great Wall Motors, and Changan Automobile each exceeding 10 billion yuan in operating net cash flow [3] - However, some companies are experiencing cash flow pressures, indicating a mixed financial health across the industry [3][7] Best Practices Among Leading Companies - GAC Group has consistently maintained a supplier payment period of under 60 days, utilizing a digital management system to streamline processes from order issuance to payment [5] - Seres has innovated with a "factory within a factory" model, enhancing efficiency and reducing costs by integrating supplier production lines directly into its facilities [6] - China FAW has implemented a 100% cash payment policy for small and medium-sized suppliers, moving away from mixed payment methods [6] Ongoing Challenges - Despite improvements, operational bottlenecks remain, particularly with legacy orders that do not meet the new payment terms, leading to discrepancies in treatment between new and old contracts [7][8] - Suppliers express concerns about potential repercussions for complaints, leading them to prefer negotiation over formal disputes [7] - The industry faces pressure to optimize cash flow management as companies adjust to the new payment terms, which may strain their liquidity [8]

Core Viewpoint - Great Wall Motors is committed to providing efficient, collaborative, and exceptional integrated logistics services for customers [2] Group 1: Company Strategy - The company focuses on the automotive logistics supply chain across all business areas [2] - Great Wall Motors aims to specialize, refine, and strengthen its contract logistics services [2] - The company is also expanding into new logistics business areas [2]

（文章来源：证券日报） 证券日报网讯长城汽车11月5日在互动平台回答投资者提问时表示，未来，长城汽车将基于"森林生 态"体系，坚持精准投入研发，确保在行业变革中保持技术领先与竞争力。 ...