Core Viewpoint - The Chinese automotive industry is entering a new development stage, emphasizing "high-quality development" over speed and scale, with a focus on efficiency, order, and long-term capability building [1][2] Group 1: Industry Trends - The term "anti-involution" has become a key focus in industry policy and regulation, shifting the automotive industry's understanding of development [1] - The ongoing price war and competitive tactics that breach reasonable boundaries highlight the need for companies to self-regulate and maintain manufacturing standards [1] Group 2: Company Positioning - Great Wall Motors has taken a proactive stance in addressing market disruptions, particularly regarding "zero-kilometer used cars," emphasizing the potential impact on industry credit and manufacturing foundations [1] - The company's chairman, Wei Jianjun, has publicly called for maintaining industry standards, aligning with national efforts to curb disorderly competition and promote high-quality development [1] Group 3: Product and Technology Focus - Great Wall Motors is committed to delivering technology to users, integrating VLA large model capabilities with Hi4 hybrid systems to enhance product experience in real-world scenarios [2] - The company’s approach emphasizes engineering-driven technology advancements, resulting in positive market feedback and improved sales and reputation [2] Group 4: Globalization Strategy - Unlike previous strategies that relied on export scale, Great Wall Motors is focusing on establishing local manufacturing capabilities and supply chain collaboration in overseas markets [2] - This shift from "selling overseas" to "rooting locally" aims to enhance stability and sustainability in its global operations [2] Group 5: Recognition - Great Wall Motors has been recognized in the "2025 Automotive Industry Influence Yearbook" as a representative company exemplifying high-quality development paths [2]

Core Viewpoint - The article emphasizes the concept of "Cultural Engine" proposed by Wei Jianjun, Chairman of Great Wall Motors, as a new approach to drive the transformation and high-quality development of the automotive industry, moving from scale expansion and technological catch-up to value innovation and brand elevation [1] Group 1: Differentiation Pathway - The automotive industry is facing intensified homogenization and price wars, leading to a bottleneck in growth based solely on cost and scale advantages [1] - The "Cultural Engine" concept advocates shifting from low-level competition to building unique cultural identity and brand spirit, marking a transition from visible parameters and prices to invisible cultural values and emotional resonance [1] - Great Wall Motors' "Technology + Culture" dual empowerment system exemplifies this new approach [1] Group 2: Technological and Design Dimensions - The company creatively draws inspiration from historical cultural elements, such as the "wisdom of Dujiangyan," to innovate technologies like the Hi4-Z power distribution system, enhancing both off-road performance and energy efficiency [2] - Cultural elements are integrated into product design, with colors inspired by Dunhuang murals, making vehicles like the Tank 500 and Tank 400 symbols of Dunhuang culture [4] - The design philosophy of the new Wei brand models incorporates cultural connotations, showcasing unique Eastern aesthetic design language [4] Group 3: User Value - The focus on high-quality brand development is centered on creating tangible value for users, with cultural empowerment translating into enhanced product performance [5] - Great Wall Motors aims to establish a spiritual connection with users by fostering off-road culture and integrating cultural experiences into their products [5] - The relationship between the brand and users is based on cultural recognition, which is more enduring than price-based connections [5] Group 4: Global Perspective and Cultural Confidence - The "Cultural Engine" concept is positioned within a global context, emphasizing the importance of cultural and value output alongside product and market expansion [6] - Great Wall Motors is changing perceptions of "Made in China" by embedding Eastern aesthetics and values into its products, moving from a "cost-performance" label to a "cultural value" recognition [6] Group 5: Roles in Industry Transformation - Great Wall Motors acts as a learner, beneficiary, and practitioner of cultural soft power, recognizing its core value in industrial development [8] - The company has successfully integrated cultural elements into technology, product design, and brand building, establishing a differentiated high-end brand image [8] - As a practitioner, Great Wall Motors has initiated impactful cultural actions, demonstrating a commitment to preserving cultural heritage and integrating it into modern industrial practices [9] Group 6: Future Development - The year 2025 is designated as the "Cultural Year" for Great Wall Motors, indicating a systematic construction of its developmental "thickness" across technology, products, and brand [10] - The concept of "thickening the Great Wall" signifies an expansion of competitive foundations to include cultural values, brand spirit, and user emotions [10] - This approach aims to help the Chinese automotive industry overcome bottlenecks and explore sustainable upward development paths, contributing to the transition from a major automotive nation to a strong automotive power [10]

Core Viewpoint - Great Wall Motors has signed a revised framework agreement with Beam Automobile, establishing the upper limit for daily related transactions for 2026, which is part of an ongoing collaboration that began in 2020 [2][3] Group 1: Transaction Details - From January 1 to November 30, 2025, Great Wall Motors engaged in various related transactions with Beam Automobile, including sales of parts and molds amounting to 1.193 billion yuan, vehicle and parts procurement around 12 million yuan, R&D services totaling 79.1193 million yuan, consulting services amounting to 7.6339 million yuan, procurement of R&D services at 51.1515 million yuan, IT-related services worth 4.2577 million yuan, and logistics services totaling 190.019 million yuan [2] - From 2020 to November 30, 2025, Great Wall Motors provided factory construction management and production process development services to Beam Automobile, with a cumulative amount of 137 million yuan [2] Group 2: Agreement Terms - The revised agreement specifies the upper limits for daily related transactions for 2026, although specific amounts were not disclosed in the announcement [2] - The previously agreed cumulative transaction limit for factory construction management and production process development services from 2020 to 2027 is set at 200 million yuan, with 137 million yuan already utilized as of November 30, 2025 [2] Group 3: Company Background - Beam Automobile was established in December 2019 with a registered capital of 1.7 billion yuan, jointly owned by Great Wall Motors and BMW (Netherlands) Holding Company, each holding a 50% stake [3] - The executive director and deputy general manager of Great Wall Motors, Zhao Guoqing, serves as a director of Beam Automobile, indicating that Beam Automobile is a related party [3]

Summary of Key Points Core Viewpoint - On December 29, Great Wall Motors experienced a decline of 0.75% in stock price, with a trading volume of 350 million yuan, indicating a relatively stable market presence despite fluctuations in stock performance [1]. Financing and Margin Trading - On December 29, Great Wall Motors had a financing buy-in amount of 27.78 million yuan and a financing repayment of 21.77 million yuan, resulting in a net financing buy of 6.01 million yuan. The total margin trading balance reached 642 million yuan [1]. - The current financing balance of 634 million yuan represents 0.45% of the circulating market value, which is above the 60th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on December 29, the company had a securities lending repayment of 14,600 shares and a securities lending sell of 22,000 shares, amounting to 497,400 yuan at the closing price. The securities lending balance was 7.81 million yuan, exceeding the 80th percentile level over the past year, also indicating a high level of activity [1]. Financial Performance - As of September 30, Great Wall Motors reported a total of 137,500 shareholders, a decrease of 22.95% from the previous period. The average circulating shares per person remained at 0 shares, unchanged [2]. - For the period from January to September 2025, the company achieved an operating revenue of 153.58 billion yuan, reflecting a year-on-year growth of 7.96%. However, the net profit attributable to shareholders decreased by 17.20% to 8.64 billion yuan [2]. Dividend Distribution - Since its A-share listing, Great Wall Motors has distributed a total of 34.70 billion yuan in dividends, with 8.95 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation as the third-largest shareholder with 197 million shares, unchanged from the previous period. Hong Kong Central Clearing Limited was the fourth-largest shareholder with 58.10 million shares, a decrease of 27.42 million shares [3]. - Other notable institutional shareholders include E Fund Consumption Industry Stock (110022) and Huatai-PB CSI 300 ETF (510300), both of which saw reductions in their holdings compared to the previous period [3].

长城汽车股份有限公司 2023 年第二期员工持股计划管理办法 （2025 年 12 月修订） 第一章 总则 一、为规范长城汽车股份有限公司（以下简称"长城汽车"或"公司"） 2023年第二期员工持股计划（以下简称"员工持股计划"或"本员工持股计 划"）的实施，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《关于上市公司实施 员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《上海证券交 易所上市公司自律监管指引第1号——规范运作》（以下简称"《规范运作指 引》"）等相关法律、行政法规、规范性文件和《长城汽车股份有限公司章 程》（以下简称"《公司章程》"）、《长城汽车股份有限公司2023年第二期员工 持股计划（草案）》（以下简称"《持股计划草案》"）之规定，特制定《长城 汽车股份有限公司2023年第二期员工持股计划管理办法》（以下简称"本管理办 法"或"《员工持股计划管理办法》"）。 二、本员工持股计划遵循的基本原则 (一) 依法合规原则 公司实施员工持股计划，严格按照法律、行政法规的规定履行程序，真实、 准确、完整、及时地实施信息披露。任 ...

Core Insights - The Chinese automotive industry is entering a strategic opportunity period to transition from a major automotive nation to a strong automotive power during the "14th Five-Year Plan" [2] - Great Wall Motors is focusing on "cultural empowerment" as a development model, differentiating itself from competitors who emphasize configuration parameters and price [2] - The company aims to integrate China's rich historical and cultural resources into modern industrial product design, technology philosophy, and brand narrative [2] Group 1 - Great Wall Motors plans to make 2025 its "Cultural Year," drawing inspiration from historical elements like the Dujiangyan irrigation system for its new energy power architecture [2] - The company is transforming artistic elements from Dunhuang into distinctive vehicle colors and design language, aiming to infuse automotive technology with cultural depth and emotional value [2] - This "technology + culture" dual-driven strategy breaks traditional automotive manufacturing paradigms and offers a new value dimension for Chinese automotive brands in global competition [2] Group 2 - Great Wall Motors is evolving from "product export" to "ecosystem export," and is now exploring "cultural export" [3] - The company's global strategy, including the launch of a factory in Brazil, emphasizes exploration and integrity, which helps build trust in local markets [3] - The narrative of Great Wall Motors is shifting from "cost-performance advantage" to "resonance of value and culture" in its global communications [3]

Group 1 - The core point of the article is that Great Wall Motors held its 45th meeting of the eighth board of directors on December 29, 2025, to discuss adjustments to the annual leasing transactions limit for 2026 [1] - In the fiscal year from January to December 2024, Great Wall Motors reported that the automotive sector accounted for 98.72% of its total revenue, while other businesses contributed 1.28% [1] Group 2 - As of the time of reporting, Great Wall Motors has a market capitalization of 193.5 billion yuan [2]

Core Viewpoint - Great Wall Motors (601633)(02333) has approved a proposal to allocate a long-term incentive fund of RMB 80 million for the year 2025, which is expected to enhance operational efficiency and create more value for shareholders [1] Group 1 - The company has decided to set aside RMB 80 million for the long-term incentive fund for 2025 [1] - The allocation of the long-term incentive fund is not expected to have a significant impact on the company's financial status and operating results [1] - The fund will be used for employee incentives, aimed at boosting the motivation of technical, management, and business teams [1]

关于计提 2025 年度长期激励基金的公告 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。 长城汽车股份有限公司（以下简称"长城汽车"或"公司"）于第八届董事会第四 十五次会议审议通过了《关于计提 2025 年度长期激励基金的议案》，同意公司 2025 年 度计提长期激励基金人民币 8,000 万元。现将相关具体情况公告如下： 一、公司长期激励基金管理办法的决策程序 2025 年 12 月 3 日，公司召开了第八届董事会第四十四次会议,审议通过了《关于< 长城汽车股份有限公司长期激励基金管理办法>的议案》，详见公司于 2025 年 12 月 3 日 在指定信息披露媒体发布的相关公告。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-134 | | --- | --- | --- | | 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 12 月 23 日，公司召开了 2025 年第五次临时股东会,审议通过了《关于<长 城汽车股份有限公司长期激励基金管理办法> ...

证券代码：601633 证券简称：长城汽车 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2023 年限制性股票激励计划 （2025 年 12 月修订） 长城汽车股份有限公司 二〇二五年十二月 长城汽车 2023 年限制性股票激励计划（2025 年 12 月修订） 声 明 本公司董事会、监事会及全体董事、监事保证本激励计划及其摘要不存在虚 假记载、误导性陈述及重大遗漏，并对其真实性、准确性、完整性承担法律责任。 - 2 - 长城汽车 2023 年限制性股票激励计划（2025 年 12 月修订） 特别提示 一、 长城汽车股份有限公司 2023 年限制性股票激励计划（草案）（以下简 称"本激励计划"或"本计划"）依据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司股权激励管理办法》及其他有关法律、法规、规章及规 范性文件，以及长城汽车股份有限公司（以下简称"公司"或"长城汽车"）《公 司章程》等规定制定。 二、 本激励计划采取的激励工具为限制性股票。股票来源为公司向激励对 象定向发行的本公司 A 股普通股股票。 三、 本激励计划拟授予激励对象限制性股票 7000 万股，涉及的标 ...