Group 1 - The core stock price of Great Wall Motors (601633) closed at 22.22 yuan on August 4, 2025, with an increase of 2.4% and a trading volume of 177,000 shares, resulting in a total transaction amount of 388 million yuan [1] - On the same day, the capital flow indicated a net inflow of 5.86 million yuan from main funds, accounting for 1.51% of the total transaction amount, while retail investors showed a net outflow of 10.28 million yuan, representing 2.65% of the total transaction amount [2][4] - The company announced the ninth notice regarding the "Changqi Convertible Bond" repurchase option, with a repurchase price set at 100.20 yuan per bond, and the repurchase period from July 29, 2025, to August 4, 2025 [2][4] Group 2 - The announcement highlighted that if bondholders did not declare and implement the repurchase during the specified period, they would lose the right to repurchase for the current interest year [2] - It was noted that the closing price of the "Changqi Convertible Bond" was higher than the repurchase price, which could lead to potential losses for investors choosing to repurchase [2][4] - If the total face value of the convertible bonds in circulation falls below 30 million yuan due to the repurchase, the "Changqi Convertible Bond" will continue to trade until the end of the repurchase period [2]

Group 1 - The core business of the company is the research, production, and sales of automotive transmissions and vehicle gears [1][2] - The company is one of the first private enterprises in China to enter the automotive transmission field [2] - The stock has strong concepts related to reducers and major client Great Wall Motors [3] Group 2 - Recent stock price increase is driven by the strong performance of the reducer concept, with significant sales growth in the company's automotive transmissions and new energy vehicle reducers [3] - Major clients for the company's automotive transmissions include Great Wall Motors, BAIC Foton, Dongfeng Liuzhou, Xiamen Golden Dragon, Zhongxing Motors, Zhengzhou Nissan, and Changan Automobile, with Great Wall Motors being the largest client [3] - The stock has shown a strong technical performance, with a 26% increase over four trading days and a net inflow of 37.18 million yuan from main funds [5]

8月4日，上证指数涨0.66%，收报3583.31点，恒生指数涨0.92%，收报24733.45点。 长城汽车AH溢价达81.93%，位居AH股溢价率第44位。当日收盘，长城汽车A股报22.22元，涨幅 2.4%，H股报13.36港元，上涨5.03%。 本文源自：金融界 作者：行情君 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 资料显示，长城汽车股份有限公司是一家全球化智能科技公司,业务包括汽车及零部件设计、研发、生 产、销售和服务,旗下拥有哈弗、魏牌、欧拉、坦克及长城皮卡。长城汽车打造了以能源、智能化为导 向的森林生态体系,确立混动、纯电、氢能三轨并行发展,在智能驾驶、智能座舱、智慧底盘等方面进行 全产业链布局,构建了业内领先的"光伏+分布式储能+集中式储能"的能源体系,完成了"太阳能-电池-氢能- 车用动力"的全价值链布局。 ...

Core Viewpoint - Minsheng Securities report indicates that Great Wall Motors' wholesale sales in July reached 104,000 units, representing a year-on-year increase of 14.3% but a month-on-month decrease of 5.7% [1] Sales Performance - Cumulative wholesale sales from January to July totaled 674,000 units, showing a year-on-year increase of 3.6% [1] - Tank brand's wholesale sales in July were 20,000 units, up 7.2% year-on-year but down 7.2% month-on-month [1] - Wey brand's wholesale sales in July reached 10,000 units, reflecting a significant year-on-year increase of 263.3% but a slight month-on-month decrease of 1.5% [1] New Product Launches - The all-new Tank 500 Hi4-T/Hi4-Z is set to begin pre-sales in August, with an expected market launch in Q3 2025 [1] - The vehicle will feature Hesai ATX ultra-high-definition lidar and advanced driver assistance systems, focusing on enhancing off-road performance and efficiency [1] Strategic Developments - The new flagship SUV from Wey is expected to be the first model on the "All-Power Intelligent Super Platform," which is based on SOA architecture to achieve vehicle intelligence [1] - The platform will incorporate industry-leading VLA large models, aiming to elevate the brand's high-end image and potentially boost sales [1] International Expansion - In July, the company's overseas wholesale sales were 41,000 units, marking a year-on-year increase of 4.9% and a month-on-month increase of 2.5% [1] - Cumulative overseas wholesale sales from January to July were 239,000 units, reflecting a year-on-year decrease of 17.5% [1] - The Brazilian factory is scheduled to start production in August, which is expected to enhance the company's presence in the Latin American market [1] Future Outlook - The company is expected to see steady growth in overseas sales as it localizes operations in Brazil [1] - The promotion of new products both domestically and internationally is progressing well, with a rapid increase in the share of new energy intelligent models [1] - The high-end intelligent route is becoming increasingly clear for the company [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Great Wall Motors, with a notable increase in production and sales figures for July 2023 [1] - In July, the total production reached 101,045 units, representing a year-on-year increase of 18.22%, while total sales amounted to 104,372 units, up 14.34% year-on-year [1] - For the first seven months of the year, cumulative production was approximately 672,200 units, and total sales were about 674,100 units, reflecting increases of 4% and 3.57% respectively [1] Group 2 - The sales of new energy vehicles in July were 34,593 units, showing a year-on-year decrease of 4.98% [1] - According to Minsheng Securities, the sales of the Tank series remained stable, while the Wey brand showed strong growth, and the Haval brand continued to perform well in the market [1] - In July, overseas wholesale sales reached 41,000 units, marking a year-on-year increase of 4.9% and a month-on-month increase of 2.5%; however, the cumulative overseas wholesale sales for January to July were 239,000 units, down 17.5% year-on-year [1] Group 3 - The company plans to start operations at its Brazil factory in August, which is expected to enhance its presence in the Latin American market [1] - The local production in Brazil is anticipated to support steady growth in overseas sales for Great Wall Motors [1]

消息面上，长城汽车公布，7月份，汽车产量共计101,045台，同比增加18.22%；销量共计104,372台， 同比增加14.34%。今年首七个月，累计汽车产量约67.22万台，销量总计约67.41万台，分别增加4%及 3.57%。7月份，新能源车销售34,593台，同比减少4.98%。 民生证券指出，公司坦克销量稳健，魏牌增势强劲，哈弗品牌持续热销。该行指出，7月，公司海外批 发销量为4.1万辆，同比增长4.9%，环比增长2.5%；1-7月海外批发销量为23.9万辆，同比下滑17.5%。 巴西工厂计划于8月SOP，进一步辐射拉美。该行认为，长城汽车伴随巴西本地化推进，出海销量有望 稳步提升。 长城汽车（601633）(02333)午前涨超5%，截至发稿，涨4.56%，报13.3港元，成交额1.93亿港元。 ...

Core Viewpoint - Great Wall Motors (02333) experienced a stock price increase of over 5%, closing at HKD 13.3 with a trading volume of HKD 193 million, following the release of its production and sales data for July [1] Production and Sales Performance - In July, Great Wall Motors produced a total of 101,045 vehicles, representing a year-on-year increase of 18.22% - The company sold 104,372 vehicles in July, marking a year-on-year increase of 14.34% - For the first seven months of the year, the cumulative production reached approximately 672,200 vehicles, while total sales were about 674,100 vehicles, reflecting increases of 4% and 3.57% respectively [1][1][1] New Energy Vehicle Sales - In July, sales of new energy vehicles amounted to 34,593 units, showing a year-on-year decrease of 4.98% [1] Brand Performance - According to Minsheng Securities, the sales of the Tank brand remained stable, while the Wey brand showed strong growth, and the Haval brand continued to perform well in the market [1] Overseas Sales and Expansion - In July, the overseas wholesale sales reached 41,000 units, which is a year-on-year increase of 4.9% and a month-on-month increase of 2.5% - From January to July, the overseas wholesale sales totaled 239,000 units, reflecting a year-on-year decline of 17.5% [1][1] - The company plans to commence operations at its Brazil factory in August, which is expected to enhance its presence in the Latin American market [1]

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, "长汽转债," due to the stock price falling below a specified threshold, allowing bondholders to redeem their bonds at a predetermined price [2][3]. Redemption Terms and Price - The redemption price for "长汽转债" is set at 100.20 RMB per bond, which includes accrued interest [10]. - The redemption period is from July 29, 2025, to August 4, 2025, with the payment date for redeemed bonds on August 7, 2025 [11][9]. - The company will stop the conversion of bonds during the redemption period [13]. Conditions for Redemption - The redemption clause is activated if the company's A-share stock price remains below 70% of the bond's conversion price for any consecutive thirty trading days [2][3]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the opportunity to redeem for that interest year [2][3]. Interest Calculation - The interest rate for the fifth year (June 10, 2025, to June 9, 2026) is 1.5%, with the accrued interest calculated to be approximately 0.20 RMB per bond [5][4]. - The total redemption price is thus 100.20 RMB per bond, including the accrued interest [5][10]. Trading During Redemption Period - "长汽转债" will continue to trade during the redemption period but will not allow conversions [13]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [13].

Core Points - The announcement details the conditional redemption rights for the convertible bonds issued by Great Wall Motors, allowing bondholders to sell their bonds back to the company at a specified price due to a decline in the stock price [1][2] Redemption Terms - Redemption Price: 100.20 RMB per bond (including current interest and tax) [1][4] - Redemption Period: From July 29, 2025, to August 4, 2025 [1][4] - Payment Date for Redemption Funds: August 7, 2025 [1][4] - During the redemption period, the convertible bonds will stop being convertible into shares [1][4] - The redemption is not mandatory; bondholders can choose whether to redeem [1][4] Conditions for Redemption - The redemption rights are activated if the closing price of the company's A-shares is below 70% of the current conversion price for 30 consecutive trading days [2][3] - If bondholders do not exercise their redemption rights during the specified period, they will lose the right to redeem for the current interest year [1][2] Interest Calculation - The interest rate for the fifth year (June 10, 2025, to June 9, 2026) is set at 1.5%, with the current interest calculated to be approximately 0.20 RMB per bond [4][5] Trading During Redemption Period - The convertible bonds will continue to trade during the redemption period but will not be convertible into shares [5] - If the total face value of the convertible bonds falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period [5]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has shown a steady increase in sales, particularly in the WEY brand, which saw a significant year-on-year increase of 263.3% in July [2] - The introduction of new models and the activation of the Haval brand are expected to drive sales growth, with the Haval brand achieving a sales volume of 56,000 units in July, up 6.2% year-on-year [3] - The company is expanding its overseas sales, with July's overseas wholesale sales reaching 41,000 units, a year-on-year increase of 4.9% [3] Summary by Sections Sales Performance - In July, the company reported a wholesale sales volume of 104,000 units, a year-on-year increase of 14.3% and a month-on-month decrease of 5.7% [1] - Cumulative wholesale sales from January to July reached 674,000 units, up 3.6% year-on-year [1] Brand Performance - WEY brand sales in July were 10,000 units, with a remarkable year-on-year increase of 263.3% [2] - Haval brand sales were 56,000 units in July, with a year-on-year increase of 6.2% [3] - Tank brand sales were stable at 20,000 units in July, with a year-on-year increase of 7.2% [2] New Product Launches - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with an expected launch in Q3 2025 [2] - The new Haval H9 is anticipated to debut by the end of the year, emphasizing off-road capabilities [3] Financial Forecast - Projected revenues for 2025-2027 are 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively, with net profits expected to be 14.09 billion, 16.30 billion, and 18.24 billion yuan [4][19] - The report forecasts a PE ratio of 13, 11, and 10 for the years 2025, 2026, and 2027 respectively [4]