Group 1 - The core theme of the event was "standing the flag," symbolizing the establishment of a benchmark for the brand, inspired by the flagpole in front of the Governor's Office [1] - The chairman of Great Wall Motors, Wei Jianjun, highlighted key milestones in his entrepreneurial journey, including naming the brand after his surname and integrating traditional Chinese cultural elements into the design [1] - The V9X model is built on Great Wall Motors' self-developed "Guiyuan S platform," incorporating various proprietary technologies such as a 2.0T engine and a Hi4 hybrid architecture [1] Group 2 - Great Wall Motors has invested over 500 million yuan in automotive safety collision laboratories and has established over 100 specialized laboratories [1] - The company plans to launch a second aerodynamic acoustic wind tunnel laboratory and a comprehensive vehicle testing ground that integrates traditional performance with intelligent networking by the end of July [1] - The launch of the V9X aims to challenge the industry's bias against "luxury car origins," showcasing the intent of Chinese automotive brands to compete in the global luxury car market through cultural integration and self-research [2]

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [5]. Core Views - In February 2026, Great Wall Motors sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Export sales accounted for 58.8% of total sales, with 43,000 vehicles exported. New energy vehicle sales reached 13,000 units, representing 21.0% of total sales [1][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [1][9]. Summary by Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, a slight year-on-year increase of 2.6%. New energy vehicle sales totaled 31,000 units, a year-on-year decrease of 17.7% [9]. - In February, the breakdown of sales by brand included Haval at 94,173 units (+2.5% YoY), Tank at 24,541 units (-0.3% YoY), WEY at 13,488 units (+55.9% YoY), Ora at 3,320 units (-18.8% YoY), and Great Wall pickups at 27,361 units (-7.5% YoY) [9]. Global Expansion - In February, Great Wall achieved overseas sales of 42,675 units, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%. The overseas sales accounted for 58.8% of total sales, marking an increase of 18.9 percentage points year-on-year [9]. - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,400 overseas sales channels [9]. Strategic Initiatives - Great Wall is focusing on product, channel, and supply chain adjustments domestically, emphasizing the new energy transition and launching multiple new models across its brands [9]. - The company is investing in smart technology, enhancing its capabilities in data, algorithms, and computing power, which are expected to strengthen its competitive position in the smart vehicle market [9]. Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 17.4X, 12.2X, and 9.9X [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In February 2026, the company sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Among these, export sales reached 43,000 vehicles, accounting for 58.8% of total sales. New energy vehicle sales were 13,000 units, representing 21.0% of total sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities for sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][10] Summary by Relevant Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, showing a slight year-on-year increase. In February alone, total sales were 73,000 vehicles, with new energy vehicle sales at 13,000 units, down 15.7% year-on-year [10] - The company’s brands showed varied performance: Haval brand sold 94,173 vehicles (+2.5% YoY), Tank brand 24,541 vehicles (-0.3% YoY), WEY brand 13,488 vehicles (+55.9% YoY), Ora brand 3,320 vehicles (-18.8% YoY), and pickup trucks 27,361 vehicles (-7.5% YoY) [10] Global Expansion - In February, the company achieved overseas sales of 42,675 vehicles, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [10] - The company’s "ONE GWM" strategy is accelerating its international presence, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [10] Future Outlook - The company is focusing on product, channel, and supply chain adjustments domestically, with a strong emphasis on new energy vehicle development. The introduction of multiple new models across various brands is expected to contribute significantly to future sales growth [10] - The company is enhancing its technological capabilities in the smart vehicle sector, focusing on data, algorithms, and computing power to strengthen its competitive edge [10] - Profit forecasts for the company indicate net profits of 99.1 billion, 142.0 billion, and 174.0 billion yuan for 2025, 2026, and 2027 respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X [10]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件。 | | | --- | --- | --- | --- | --- | --- | --- | | | 份或目 | 泉内 | | | ( 請參閱上述 * 註解) 有投票權股 (日 / 月 / | | | | | | | | 份高分比 | | | and and and any and a commend and a commend and any and on the many of the many of CS20260306E00413 | BlackRock, Inc. | 1201(L) | 4,563,000(L) | HKD 12.7743 | 181.866.718(L) | 7.84(L)03/03/202 | | | | | | | 175,500(S) | 0.01(S) | 格隆汇3月9日丨根据联交所最新权益披露资料显示，2026年3月3日，长城汽车(02333.HK)遭BlackRock, Inc.在场内以每股均价12.774 ...

Core Viewpoint - The incident involving Great Wall Motors' chairman Wei Jianjun's apology for plagiarism in a promotional poster for the new V9X vehicle has sparked significant public interest and discussion, highlighting the importance of originality in branding and marketing within the automotive industry [2][4]. Group 1: Incident Overview - On March 5, Great Wall Motors announced Wei Jianjun as the spokesperson for the new V9X vehicle [4]. - Following the announcement, it was pointed out by industry creators that the promotional poster closely resembled a design they created for the Range Rover Sport a year prior, leading to accusations of plagiarism [4]. - Wei Jianjun publicly acknowledged the plagiarism on March 6, apologizing to the Range Rover brand, the original designer, and the public, and accepted full legal and financial responsibility for the incident [2][3]. Group 2: Company Response and Future Actions - In his statement, Wei Jianjun emphasized that the primary responsibility for the incident lies with him due to inadequate oversight as the spokesperson [2]. - Great Wall Motors plans to reflect deeply on this incident and improve its internal management and review processes to prevent future occurrences of plagiarism [2]. - The company reiterated its commitment to originality and welcomed public scrutiny to ensure adherence to these values [2].

Core Viewpoint - The chairman of Great Wall Motors, Wei Jianjun, publicly apologized for the alleged plagiarism of the promotional poster for the Wei brand V9X, acknowledging the incident and accepting full legal and financial responsibility [1] Group 1: Incident Overview - On March 5, the Wei brand announced Wei Jianjun as the spokesperson for the V9X model and released a promotional poster that was later criticized for being highly similar to past promotional materials of the Land Rover Range Rover Sport, indicating potential creative plagiarism [1] - Wei Jianjun confirmed the plagiarism after internal verification and admitted that the core responsibility lies with him for not adequately overseeing the approval process as the spokesperson [1] Group 2: Response and Future Actions - In the apology video, Wei Jianjun stated that Great Wall Motors will reflect deeply on the management process flaws and will comprehensively optimize the content creation and review mechanisms to prevent future plagiarism [1] - The company reiterated its commitment to original design and compliant creation, accepting ongoing public and industry supervision [1] - As of the report's publication, the Wei brand has removed the controversial promotional materials [1] Group 3: Industry Impact - Automotive analyst Ling Ran commented that Wei Jianjun's acknowledgment of the mistake and willingness to take responsibility reflects a commendable attitude, emphasizing the need for the team to address the issue to avoid damaging the brand's reputation [1]

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, publicly apologized for the alleged plagiarism of the promotional poster for the new flagship model V9X, acknowledging that the poster indeed copied from a Land Rover advertisement and that the company will bear all legal and financial responsibilities [1][2] - Wei Jianjun emphasized that the main responsibility lies with him as the spokesperson for not adequately reviewing the promotional material, and he expressed regret to the Land Rover brand, the original creator of the poster, and the public [2] - Great Wall Motors plans to reflect deeply on this incident and improve its internal management and review processes to prevent future occurrences of plagiarism, reaffirming its commitment to originality and accepting public supervision [2] Group 2 - Land Rover responded to the incident by stating that sincerity and accountability are the best endorsements, which are also the most valued qualities of the Land Rover brand, wishing Great Wall Motors continued success [1]

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, apologized for the alleged plagiarism of the V9X poster design from Land Rover and committed to taking full legal and financial responsibility [1] - Land Rover's official Weibo account responded by emphasizing the importance of originality and wishing Great Wall Motors continued success [1]

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, publicly apologized for the plagiarism incident regarding the Wei brand V9X spokesperson poster, acknowledging the responsibility for insufficient oversight and welcoming public supervision [2] - Wei brand CEO Zhao Yongpo also issued an apology, admitting that the poster released on March 5 bore a high resemblance to a design from the Land Rover brand, describing it as a serious oversight without any excuses [4] - In recent years, it has been rare for executives in the automotive industry to apologize for their mistakes, with many opting for legal actions instead [5] Group 2 - The Wei brand V9X is the first model built on Great Wall Motors' new "Guiyuan S" platform, which is the world's first native AI all-powertrain automotive platform, designed to meet diverse user needs through standardized hardware interfaces and AI integration [5] - The V9X has dimensions of 5299mm in length, 2025mm in width, and 1825mm in height, with a wheelbase of 3150mm, featuring a "2+2+2" six-seat layout suitable for both family travel and high-end business scenarios [5] - The V9X is expected to officially launch in the second quarter of 2026, directly competing with high-end models such as the AITO M9 and Li Auto L9 [5]

Group 1: Oil Market - International oil prices have surged significantly, with U.S. crude oil rising over 14% to a peak of $92.61 per barrel, closing at $91.27 per barrel, while Brent crude oil increased by 8.76% to $92.89 per barrel [5][11] - The rise in oil prices is attributed to geopolitical tensions, particularly the military actions involving Iran and the U.S. [5][11] Group 2: Economic Policies and Forecasts - The National Development and Reform Commission (NDRC) expects this year's GDP increment to exceed 6 trillion yuan, providing strong support for employment stability, improving people's livelihoods, and mitigating risks [3] - The People's Bank of China plans to flexibly and efficiently utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to promote stable economic growth and reasonable price recovery [3] Group 3: Corporate Developments - ZTE Corporation announced a projected revenue of 133.9 billion yuan for 2025, with a net profit of 5.6 billion yuan, reflecting a year-on-year decline of 33.32% [14] - SoftBank is reportedly seeking up to $40 billion in loans primarily for investment in OpenAI, marking a significant strategic move in the AI sector [15] - Google plans to reduce its app store commission from 30% to 20% for standard in-app purchases and to 10% for subscription services, which may alter the competitive landscape in the mobile app ecosystem [16] Group 4: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has issued new regulations on short-term trading to facilitate long-term capital market participation, effective from April 7, 2026 [9] - The Ministry of Finance has allocated 100 billion yuan to promote domestic demand through a package of six policies, with a focus on supporting private investment and consumer spending [4] Group 5: Market Reactions - U.S. stock markets saw declines, with the Nasdaq dropping 1.59%, the S&P 500 down 1.33%, and the Dow Jones falling 0.95%, influenced by broader market trends and specific corporate performances [2][5] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 0.69%, driven by gains in companies like JD.com and Xpeng Motors [2][5]