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：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 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 於可轉換公司 券 股及2023年股 期權激勵計劃自主行 結果暨股份變動公告」。 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，2026 年 2 月2 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。 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 | 证券代码：60163 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "neutral" rating on Great Wall Motors (601633)(02333) due to the belief that its strong model projects and moderate profit growth are reasonably reflected in its valuation, with a target price set at HKD 18 [1] Group 2 - Great Wall Motors reported preliminary revenue for 2025, showing a year-on-year increase of 10% to RMB 222.8 billion, while preliminary net profit decreased by 22% to RMB 9.9 billion [1] - The preliminary net profit, excluding one-time items, was RMB 6.2 billion, representing a year-on-year decline of 36% [1] - For the fourth quarter, preliminary revenue is estimated to have increased by 15% year-on-year, or 13% quarter-on-quarter, reaching RMB 69.2 billion, with sales volume up by 5% year-on-year and 13% quarter-on-quarter [1] - The preliminary net profit for the fourth quarter decreased by 44% year-on-year and quarter-on-quarter to RMB 1.3 billion, which is below the bank's forecast of RMB 4.4 billion [1] - Excluding one-time items, the fourth quarter preliminary net profit was RMB 683 million, down 50% year-on-year and 64% quarter-on-quarter, primarily impacted by year-end bonus recognition [1] Group 3 - Management indicated that the company only received tax refunds related to sales from the first to third quarters of 2025, with fourth-quarter refunds yet to be received [2] - The decline in net profit for 2025 is attributed to the expansion of the direct sales network, resulting in an incremental cost of RMB 1.7 billion, with the WEY brand channel reaching 421 stores, including 132 new stores that require approximately six months of ramp-up time and involve significant upfront costs [2] - Increased R&D and marketing expenditures for new models are projected to rise by RMB 1 billion in 2025, including investments in the WEY high mountain, the revamped Tank 500, and the Tank 400Z [2]

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "neutral" rating on Great Wall Motors (02333) due to strong model projects and moderate profit growth being reasonably reflected in the valuation, with a target price of HKD 18 [1] Group 2 - Great Wall Motors reported preliminary revenue for 2025, showing a year-on-year increase of 10% to RMB 222.8 billion, while preliminary net profit decreased by 22% to RMB 9.9 billion [1] - The preliminary net profit, excluding one-time items, was RMB 6.2 billion, representing a year-on-year decline of 36% [1] - For the fourth quarter, preliminary revenue is estimated to have increased by 15% year-on-year, or 13% quarter-on-quarter, reaching RMB 69.2 billion, with sales growth of 5% year-on-year and 13% quarter-on-quarter [1] - The preliminary net profit for the fourth quarter decreased by 44% year-on-year and quarter-on-quarter to RMB 1.3 billion, which is below the forecast of RMB 4.4 billion [1] - Excluding one-time items, the fourth quarter preliminary net profit was RMB 683 million, down 50% year-on-year and 64% quarter-on-quarter, primarily impacted by year-end bonus recognition [1] Group 3 - Management indicated that the company only received tax refunds related to sales in the first to third quarters of 2025, with fourth-quarter refunds yet to be received [2] - The decline in net profit for 2025 is attributed to an increase in expenses of RMB 1.7 billion due to the expansion of the direct sales network [2] - The WEY brand channel has reached 421 stores, including 132 new stores, which require approximately six months of ramp-up time and involve significant upfront costs [2] - Higher R&D and marketing expenditures for new models are projected to increase by RMB 1 billion in 2025, including investments in WEY high mountain, the revamped Tank 500, and Tank 400Z [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601633 | 說明 | 無 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,239,096,087 | RMB | | 1 RMB | | 6,239,096,087 | | 增加 / 減少 (-) | | | 153 | | | RMB | | 153 | | 本月底結存 | | | 6,239,096,240 | RMB | | 1 RMB | | 6,239,096,240 | 本月底法定/註冊股本總額： RMB 8,557,872,240 第 1 頁 共 11 頁 v 1 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | | | 本月底結存 | | | | 2,318,776,000 ...

Core Viewpoint - In 2025, the Chinese automotive market faced intense competition in the new energy sector and subsidy reductions, leading to significant industry pressure. However, the company achieved remarkable results through a focus on high-quality development, marked by three breakthroughs: brand enhancement, new energy advancement, and accelerated overseas expansion [1][2]. Group 1: Financial Performance - The company reported a record revenue of 222.79 billion yuan in 2025, a year-on-year increase of 10.19%, demonstrating robust operational resilience amid a challenging market environment [2]. - Total vehicle sales reached 1.32 million units in 2025, marking a historical high with a year-on-year growth of 7.33%. Sales of new energy vehicles surged to 403,653 units, up 25.44% [2]. - The overseas market also showed strong performance, with sales of 506,066 units, a year-on-year increase of 11.68%, and a monthly sales record of 57,400 units in December, reflecting a 39.05% increase [2]. Group 2: Brand Development - The company made significant strides in brand enhancement, with the WEY brand achieving a remarkable sales increase of 86.29% to 101,954 units in 2025, and a monthly sales growth of 46.45% in December [3]. - The average vehicle price reached 201,300 yuan in 2025, an increase of 11,700 yuan from 2024, indicating a shift towards high-quality development driven by brand and technology [3]. - The company’s products, including the Tank 300 and Tank 500, maintained leadership positions in their respective segments, with the Tank 300 becoming the first Chinese off-road vehicle to reach 500,000 sales [4]. Group 3: Research and Development - The company emphasizes long-term value through substantial R&D investment, with a team of 23,000 engineers and a patent publication count of 7,992 in 2025, leading among Chinese independent automakers [5]. - Key technological advancements include the proprietary 4.0T V8 engine and the Hi4 intelligent four-wheel drive technology, which won a top award from the China Society of Automotive Engineers [6]. - The launch of the "Guiyuan" AI-powered automotive platform, compatible with multiple powertrain types, and the VLA advanced driving model for the WEY brand, showcases the company's commitment to innovation [6]. Group 4: Global Expansion - The completion of the Brazilian factory in August 2025 marks a significant step in the company's global strategy, producing high-end models and enhancing its international presence [7]. - The "ONE GWM" brand strategy aims to establish a comprehensive overseas operational framework, with over 1,500 sales channels globally, further solidifying the company's influence in the international automotive market [7]. - The company's overall performance in 2025 validates its high-quality development strategy, demonstrating both short-term operational resilience and long-term growth potential through R&D and global expansion [7].

Industry Overview - The automotive market in China is shifting from a focus on quantity to quality, driven by policy changes such as the reduction of new energy vehicle purchase tax incentives and the transition of the "trade-in" policy to a percentage-based subsidy [1] - Analysts predict that by 2026, the Chinese automotive market will officially enter a high-end consumption cycle, indicating a move away from low-value competition reliant on subsidies [1] Company Performance - In 2025, Great Wall Motors sold 1,323,672 vehicles, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,653 units, up 25.44% [3] - The company achieved a revenue of 222.79 billion yuan in 2025, marking a 10.19% year-on-year growth and setting a new historical record [3] - Great Wall Motors' average revenue per vehicle reached 168,300 yuan, an increase of approximately 4,500 yuan from 2024, while the average guiding price per vehicle rose to 201,300 yuan, up 11,700 yuan from the previous year [3] Strategic Focus - Great Wall Motors is transitioning its growth drivers from solely sales volume to a three-dimensional approach that includes sales, structure, and value [3] - The company emphasizes long-term strategies and systematic capabilities to navigate through industry homogenization [3] Research and Development - Great Wall Motors has established a team of 23,000 engineers and invested nearly 10 billion yuan in building its own laboratory system to ensure core technology independence [4] - The Hi4 intelligent four-wheel drive hybrid technology received the Special Prize at the 2025 China Automotive Engineering Society Science and Technology Awards, balancing performance and efficiency [4] Global Expansion - The company has launched the world's first native AI all-power platform "Guiyuan," which supports five types of powertrains and covers seven categories, with plans to introduce over 50 global models [4][5] - Great Wall Motors' overseas sales network exceeded 1,500 by the end of 2025, with cumulative overseas sales surpassing 2 million units, indicating a successful global strategy [7] - The company has established a complete ecosystem in Brazil, with the Haval H6 achieving success comparable to luxury brands, reflecting strong product value recognition among local consumers [7]

里昂发表研报指，长城汽车公布2025年初步业绩，收入按年增长10%，但净利润按年下降22%。年终奖 金拨备或影响第四季净利润约30亿元，若剔除延迟的俄罗斯报废车税退税影响，该行估计第四季单车利 润可按季上升约2,000元至10,500元。展望2026年，该行预计长城国内销售将受内需减弱影响，而俄罗斯 市场的影响可能持续，因此下调长城汽车2026年及2027年净利润预测分别为19%及3%，并下调目标市 盈率倍数，将H股目标价由21港元下调至15港元，A股目标价则由36元下调至24元，维持"跑赢大市"评 级，因预期长城在行业波动中仍将保持韧性。 ...

平安证券研报指出， 长城汽车 2025年销量创新高，渠道搭建影响盈利潜力释放。2025年公司实现归母 净利润99.1亿元，同比下滑22%，2025年四季度实现归母净利润12.8亿元，同环比分别下降 43.6%/44.4%。2025年公司销量达到132.4万台，同比增长7.3%，年度销量创历史新高，其中 新能源车 型销量达到40.4万台，同比增长25.4%，海外销量达到50.6万台，同比增长11.7%，新能源及海外销量刷 新纪录。受直营渠道建设等多种因素影响，公司2025年盈利潜力并未充分释放，结合公司2025年业绩快 报以及公司最新情况，调整公司2026~2027年净利润预测为133亿/165亿元（此前预测值为152亿/195亿 元）。直营渠道的建设是公司做大做强魏品牌的必要投入，公司归元平台已发布，新产品周期即将开 启，前期投入或将逐步兑现，此外公司在越野、皮卡等领域具备较强领先优势，依然维持公司"推荐"评 级。 ...

Core Viewpoint - Citigroup has downgraded the target price for Long Automobile (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Group 1: Financial Performance - Great Wall Motors (601633) recently released a performance report, forecasting a net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which is below investor expectations [1] - The decline in profit is attributed to a 1 percentage point decrease in gross margin to 18.5%, increased expenses related to direct sales and new product promotions, a delay in the recognition of approximately RMB 1 billion in tax refunds for scrapped vehicles in Russia, and an increase in year-end bonuses [1] Group 2: Revenue and Sales Outlook - Long Automobile expects its total revenue for the last year to grow by 10.2% year-on-year to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of its products is reported to be RMB 168,300 [1] - The management has set a sales target of 1.8 million units for this year, with an overseas sales target of 600,000 units, anticipating growth from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]