Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.48 yuan [7]. Core Views - The company's short-term performance is under pressure but does not alter long-term expectations, with a positive trend observed in Q1 2025 [3][4]. - The company is positioned as a "national team" in AI computing power, benefiting from the development of domestic computing and AI capabilities [4][5]. - The company is focusing on enhancing its product offerings and technological capabilities, which are expected to drive future growth [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 14.203 billion yuan, a year-on-year increase of 5.83%, but reported a net loss of 1.479 billion yuan [3]. - For Q1 2025, the operating revenue was 2.858 billion yuan, reflecting a year-on-year growth of 7.32%, with a reduced net loss of 160 million yuan [3][4]. - Revenue projections for 2025-2027 are estimated at 16.372 billion yuan, 18.046 billion yuan, and 19.873 billion yuan, respectively, with growth rates of 15.3%, 10.2%, and 10.1% [9][10]. Product Development - The company is continuously enhancing its hardware and software capabilities, including the launch of AI servers based on domestic technologies [5]. - Significant improvements in product performance have been noted, such as a 2.5 times performance increase in the new generation of products compared to previous versions [6]. - The company has developed AI products capable of training large models with billions of parameters, showcasing its strength in the AI computing sector [6]. Market Expansion - The company is optimizing its product lines to enhance cost-performance ratios and is expanding its offerings in various computing and printing products [6]. - New business areas, such as marine information technology and specialized computing, are expected to contribute to revenue growth in 2025 [4][6]. - The company is focusing on the domestic market and aligning its strategies with national strategic needs, which is anticipated to drive new growth opportunities [7].

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

Core Viewpoint - Great Wall Motors is focusing on a unique strategy that avoids the range-extended electric vehicle (EREV) market, emphasizing its advanced hybrid technology and a commitment to both internal combustion engines and electric drive systems to meet diverse consumer needs [2][6][10]. Product Strategy - Great Wall Motors plans to launch multiple models under the Tank and Ora brands in the second half of the year [1]. - The company has developed a comprehensive hybrid ecosystem through its Hi4 technology, which integrates efficient engines, transmissions, and electric drives [6][8]. - The Tank brand will introduce several 2026 models, including the Tank 400 Hi4-Z, while the Ora brand will release two new electric models focusing on small and compact SUVs [10]. International Expansion - Great Wall Motors has been actively pursuing international markets, with a goal to become "the world's GWM" through its ONE GWM strategy [3][12]. - In 2024, the company achieved significant growth in overseas markets, with revenue reaching 80.26 billion yuan, accounting for nearly 40% of total revenue, and overseas sales increasing by 44.61% to 454,100 units [3][4]. - The company has established over 1,400 overseas sales channels and has sold vehicles in more than 170 countries, with a focus on localizing production and operations [4][12]. Market Positioning - Great Wall Motors is strategically positioning itself to adapt to different international markets, tailoring products to local economic conditions and consumer preferences [13][14]. - The company recognizes a shift in its customer base towards younger consumers, who prioritize experiential value and usage scenarios over traditional factors like brand and price [15].

中国电子财务有限责任公司 专项审计报告 大信专审字[2025]第 1-00178 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 关于中国电子财务有限责任公司 风险评估专项审计报告 大信专审字[2025]第 1-00178 号 中国长城科技集团股份有限公司： 一、审核意见 我们接受委托，审核了后附的中国电子财务有限责任公司(以下简称"中国电子财务公司") 编制的中国电子财务有限责任公司截止 2024 年 ...

中国长城科技集团股份有限公司 内控审计报告 大信审字[2025]第 1-01919 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 1-01919 号 中国长城科技集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中 国长城科技集团股份有限公司（以下简称贵公司）2024 年 12 月 31 日的财务报告内部控 ...

中信建投证券股份有限公司 关于中国长城科技集团股份有限公司 2024年度募集资金存放与使用情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为中国长 城科技集团股份有限公司（以下简称"中国长城"或"公司"）非公开发行 A 股股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号—上 市公司募集资金管理和使用的监管要求》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 13 号—保荐业务》等有关法律法规和规范性文件的要 求，对公司 2024 年募集资金存放与使用情况的事项进行了核查，并出具核查意见如 下： 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 2021 年 12 月 16 日，中国长城科技集团股份有限公司（以下简称"中国长城" 或公司）收到中国证券监督管理委员会《关于核准中国长城科技集团股份有限公司 非公开发行股票的批复》（证监许可[2021]3926 号文）核准公司非公开发行不超过 878,454,615 股新股。公司实际 ...

中国长城科技集团股份有限公司 非经营性资金往来及其他关联资金往 来情况汇总表的专项审计报告 大信专审字[2025]第 1-01738 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 我们接受委托，审计了中国长城科技集团股份有限公司（以下简称贵公司）的财务报表， 包括 2024 年 12 月 31 日合并及母公司资产负债表、2024 年度合并及母公司利润表、股东 权益变动表、现金流量表以及财务报表附注，并于 2025 年 4 月 24 日出具大信审字[2025] 第 1-01907 号审计报告。在对上述 ...

中国长城科技集团股份有限公司 营业收入扣除情况 专项审核报告 大信专审字[2025]第 1-01564 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 营业收入扣除情况专项审核报告 大信专审字[2025]第 1-01564 号 中国长城科技集团股份有限公司全体股东： 我们接受委托，审计了中国长城科技集团股份有限公司（以下简称"贵公司"）的财务 报表，包括 2024 年 12 月 31 日合并及母公 ...

中国长城科技集团股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2025]第 1-01740 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 募集资金存放与实际使用情况审核报告 大信专审字[2025]第 1-01740 号 中国长城科技集团股份有限公司全体股东： 我们接受委托，对后附的中国长城科技集团股份有限公司（以下简称"贵公司"）《2024 年度募集资金存放与实际使用情况的专项 ...