Financial Performance - Total revenue for Q3 2025 reached CNY 61.25 billion, a year-on-year increase of 20.51% compared to CNY 50.83 billion in the same period last year[4] - Net profit attributable to shareholders decreased by 31.23% to CNY 2.30 billion from CNY 3.35 billion in the previous year[4] - The net cash flow from operating activities increased by 50.90% year-to-date, totaling CNY 21.39 billion compared to CNY 14.20 billion in the same period last year[4] - Basic earnings per share fell by 30.77% to CNY 0.27 from CNY 0.39 in the same quarter last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥153.58 billion, an increase of 7.8% compared to ¥142.25 billion in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was ¥9.77 billion, a decrease of 17.3% from ¥11.82 billion in the same period of 2024[23] - Net profit for the first three quarters of 2025 was ¥9.95 billion, down from ¥12.00 billion in 2024, indicating a decline of 17.1%[23] - Net profit for the current period is ¥8,634,963,010.77, a decrease of 17.0% compared to ¥10,400,323,076.00 in the previous period[24] - Basic and diluted earnings per share for the current period are both ¥1.01, down from ¥1.22 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 220.94 billion, reflecting a 1.48% increase from CNY 217.27 billion at the end of the previous year[4] - Total assets as of September 30, 2025, amounted to ¥220.94 billion, up from ¥217.72 billion at the end of 2024, reflecting a growth of 1.0%[20] - Total liabilities decreased to ¥134.52 billion as of September 30, 2025, from ¥138.73 billion at the end of 2024, a reduction of 3.2%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 137,540[11] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 5,115,000,000 A shares, representing 59.77% of total shares[12] - HKSCC Nominee Limited, the second-largest shareholder, holds 2,305,219,511 H shares, accounting for 26.94%[12] - The third-largest shareholder, China Securities Finance Corporation, holds 196,889,089 A shares, which is 2.30% of total shares[12] - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders alone accounting for over 88%[12] - There are no reported related party relationships among the major shareholders[12] - The company has not engaged in any share lending or borrowing activities among the top shareholders[12] - The company maintains a clear structure with no significant changes in shareholder composition compared to the previous period[12] - The report indicates a stable shareholder base with no major fluctuations in shareholding patterns[12] Incentive Plans and Stock Options - The company announced the implementation of the 2023 restricted stock incentive plan and the stock option incentive plan, with details to be published on the Shanghai Stock Exchange[13] - The company is set to release information regarding the conversion of convertible bonds and the results of the 2021 stock option incentive plan on specified dates in 2025[14] - The company will provide updates on the repurchase and cancellation of restricted stocks as part of its incentive plans, with announcements scheduled for April 2025[14] - The company is expected to disclose the first unlock conditions of the 2023 restricted stock incentive plan and the stock option incentive plan in mid-April 2025[14] - The company will notify creditors regarding the cancellation of certain restricted stocks and stock options, with details to be published in April 2025[14] - The company plans to extend the exercise period for stock options, with a notification to be released in late April 2025[14] - The company will announce the completion of the first phase of the employee stock ownership plan's lock-up period in April 2025[14] - The company is preparing to disclose the results of the 2023 stock option incentive plan's first grant and the conditions for exercising options in April 2025[14] - The company will provide updates on the restricted stock incentive plan's first grant and the results of the stock option incentive plan in April 2025[14] - The company announced the cancellation of stock options granted under the first phase of the incentive plan[15] - The first lock-up period of the employee stock ownership plan has met the unlocking conditions[15] - The company reported the implementation of the first exercise period for stock options granted under the 2021 incentive plan[15] - The company disclosed the results of the conversion of convertible bonds and stock options under the 2021 incentive plan[15] - The company announced the repurchase and cancellation of part of the restricted stock granted under the 2023 incentive plan[16] - The company indicated that the second lock-up period of the employee stock ownership plan has been fulfilled, allowing for the transfer of shares[16] - The company provided a notice regarding the exercise period for stock options[16] - The company reported the results of the conversion of convertible bonds and stock options under the 2023 incentive plan[16] - The company announced the repurchase price for the restricted stock under the 2023 incentive plan[16] - The company confirmed the completion of non-trading transfer of shares that met the unlocking conditions[16] Cash Flow and Investments - Cash and cash equivalents as of September 30, 2025, were ¥23.20 billion, compared to ¥30.77 billion at the end of 2024, a decrease of 24.5%[19] - Inventory increased to ¥29.56 billion as of September 30, 2025, from ¥25.44 billion at the end of 2024, representing a growth of 16.7%[19] - The company reported R&D expenses of ¥6.64 billion for the first three quarters of 2025, compared to ¥6.21 billion in 2024, an increase of 6.9%[23] - The company’s long-term equity investments increased to ¥12.04 billion as of September 30, 2025, from ¥11.55 billion at the end of 2024, a rise of 4.3%[20] - Cash inflow from investment activities is ¥90,224,150,236.71, significantly higher than ¥36,716,365,713.12 in the previous year[27] - Cash outflow from investment activities totals ¥108,368,788,835.30, compared to ¥41,333,955,574.36 in the previous year, resulting in a net cash flow from investment activities of -¥18,144,638,598.59[27] - Cash and cash equivalents at the end of the period amount to ¥20,584,837,373.87, down from ¥37,147,612,191.65 at the end of the previous year[27] - The company received cash from sales of goods and services totaling ¥177,808,438,512.59, an increase from ¥165,611,806,446.56 in the previous year[26] - The company paid ¥14,160,710,631.23 in employee compensation, up from ¥12,335,602,436.35 in the previous year[26] Accounting Standards - The company has not applied new accounting standards for the current reporting period[28]

长城汽车10月24日公告，2025年第三季度实现营业收入612.47亿元，同比增长20.51%；归属于上市公司 股东的净利润22.98亿元，同比下降31.23%。前三季度实现营业收入1535.82亿元，同比增长7.96%；归 属于上市公司股东的净利润86.35亿元，同比下降16.97%。 ...

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：2333（港幣櫃檯）及82333（人民幣櫃檯） 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 2025年第三季度報告」。 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 ，2025年10月24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。 職工董事： 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、范輝先生及鄒兆麟先生。 * 僅供識別 海外監管公告 一、主要财务数据 长城汽车股份有限公司 2025 年第三季度报告 证券代码：60 ...

Financial Performance - Total operating revenue for the third quarter reached RMB 61.25 billion, a year-on-year increase of 20.51%[9] - Net profit attributable to shareholders was RMB 2.30 billion, representing a decrease of 31.23% compared to the same period last year[9] - The total profit for the period was RMB 2.94 billion, down 21.25% year-on-year[9] - Basic earnings per share decreased by 30.77% to RMB 0.27[9] - The company experienced a decrease in net profit margin from 4.42% to 2.70%[9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the current reporting period is -30.23 million RMB, indicating a decline compared to the previous year[17] - The company achieved a year-on-year increase in sales volume and operating revenue, but increased investment in new models and technology led to fluctuations in net profit[17] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 1.01, down from CNY 1.22 in 2024, indicating a decrease of approximately 17.2%[40] - Net profit for the first three quarters of 2025 was ¥8.63 billion, a decrease of 17% from ¥10.40 billion in the same period of 2024[39] - The company reported a net profit of -CNY 13,709,340.01 from the merged entity in the current period, compared to -CNY 29,322,152.64 in the previous period[40] Cash Flow and Assets - The net cash flow from operating activities for the nine months ended September 30 was RMB 21.39 billion, an increase of 50.90% year-on-year[9] - The net cash flow from operating activities for the year-to-date is 50.90 million RMB, primarily due to increased cash receipts from direct sales and differences in funding return strategies[17] - Cash flow from operating activities for the first three quarters of 2025 was CNY 21,386,307,349.86, an increase of 50.9% compared to CNY 14,172,525,070.64 in 2024[43] - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at CNY 20,584,837,373.87, down from CNY 37,147,612,191.65 at the end of 2024[45] - The company's cash and cash equivalents decreased to RMB 23.20 billion from RMB 30.77 billion, representing a decline of about 24.5%[33] - The total current assets of Great Wall Motors amounted to RMB 134.98 billion, a slight increase from RMB 133.54 billion as of December 31, 2024, reflecting a growth of approximately 1.08%[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 137,540, with no preferred shareholders having restored voting rights[18] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 5,115,000,000 shares, representing 59.77% of the total shares[19] - HKSCC Nominee Limited, the second-largest shareholder, holds 2,305,219,511 shares, accounting for 26.94% of the total shares[19] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥6.64 billion, compared to ¥6.21 billion in the same period of 2024, showing an increase of 6.9%[38] - The company reported a financial expense of -¥1.56 billion in the first three quarters of 2025, a significant improvement compared to ¥239.26 million in the same period of 2024[38] - Total operating costs for the first three quarters of 2025 were ¥147.23 billion, up from ¥133.58 billion in 2024, reflecting a year-on-year increase of 10.3%[38] Equity and Liabilities - Total assets at the end of the reporting period were RMB 220.94 billion, an increase of 1.48% from the previous year[12] - Total liabilities as of September 30, 2025, amounted to ¥134.52 billion, a slight decrease from ¥138.73 billion at the end of 2024[36] - Current liabilities totaled ¥121.92 billion as of September 30, 2025, compared to ¥122.57 billion at the end of 2024, indicating a marginal decrease[35] - Non-current liabilities decreased from ¥16.16 billion at the end of 2024 to ¥12.60 billion as of September 30, 2025, representing a reduction of 22%[36] - Total equity attributable to shareholders increased to ¥86.43 billion as of September 30, 2025, from ¥78.98 billion at the end of 2024, marking an increase of 9.2%[36] Employee Incentives and Plans - The company has implemented an employee stock ownership plan and convertible bond initiatives, which are part of its incentive strategies[23] - The company continues to focus on employee incentive plans to enhance performance and align interests[27] - The company announced the implementation of the repurchase and cancellation of part of the restricted stock from the 2023 incentive plan[27] - The first phase of the restricted stock from the 2023 incentive plan has met the conditions for lifting restrictions[27] - The first exercise period of the stock option incentive plan for 2023 has met the exercise conditions[28] - The company has extended the restriction period for stock options[28] - The first lock-up period of the second employee stock ownership plan has expired, and the unlocking conditions have been met[28] - The company has completed the cancellation of part of the stock options from the 2023 incentive plan[28] - The company has announced the results of the conversion of convertible bonds and the stock option incentive plan for 2021[29] - The company has adjusted the exercise price of the stock options from the 2021 incentive plan[29] - The company has published multiple announcements regarding the stock option and restricted stock plans on the Shanghai Stock Exchange and Hong Kong Stock Exchange[26][27][28][29]

Core Insights - The passenger car sector experienced a slight increase of 0.39% on October 23, with Great Wall Motors leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Passenger Car Sector Performance - Great Wall Motors (601633) closed at 23.21, up 1.62% with a trading volume of 127,400 shares and a turnover of 293 million yuan [1] - GAC Group (601238) saw a closing price of 7.84, increasing by 1.29% with a trading volume of 372,700 shares and a turnover of 289 million yuan [1] - Seres (601127) closed at 158.47, up 0.85% with a trading volume of 218,500 shares and a turnover of 3.454 billion yuan [1] - SAIC Motor (600104) closed at 16.53, up 0.43% with a trading volume of 259,900 shares and a turnover of 427 million yuan [1] - BYD (002594) closed at 103.69, down 0.09% with a trading volume of 378,600 shares and a turnover of 3.890 billion yuan [1] - Changan Automobile (000625) closed at 12.38, down 0.16% with a trading volume of 708,400 shares and a turnover of 873 million yuan [1] - BAIC Blue Valley (600733) closed at 7.86, down 0.88% with a trading volume of 665,700 shares and a turnover of 519 million yuan [1] - Haima Automobile (000572) saw a significant decline of 5.63%, closing at 5.70 with a trading volume of 1.8812 million shares and a turnover of 1.083 billion yuan [1] Fund Flow Analysis - The passenger car sector experienced a net outflow of 776 million yuan from institutional investors, while retail investors saw a net inflow of 607 million yuan [1] - Notable fund flows include: - Seres (601127) had a net inflow of 67.44 million yuan from institutional investors, but a net outflow of 63.23 million yuan from retail investors [2] - GAC Group (601238) saw a net inflow of 5.95 million yuan from institutional investors, with retail investors contributing a net inflow of 6.76 million yuan [2] - Great Wall Motors (601633) had a slight net outflow of 29,000 yuan from institutional investors, but retail investors contributed a net inflow of 611,670 yuan [2] - BYD (002594) experienced a significant net outflow of 563 million yuan from institutional investors, while retail investors contributed a net inflow of 419 million yuan [2]

Core Insights - Great Wall Motors won the "Science and Technology Progress Award" for its project on hybrid four-wheel drive technology, marking the first time this top honor has been awarded in the hybrid technology field in over 30 years [1] - The Hi4 technology, which is a breakthrough in hybrid four-wheel drive, addresses several global challenges in the sector and has led to the development of China's first single-motor 9-speed parallel hybrid four-wheel drive system [1][2] Technology and Innovation - The Hi4 technology features a dual-motor multi-gear series-parallel four-wheel drive configuration, overcoming the technical limitations of traditional dual-motor systems [1] - As of September 2025, Hi4 technology has secured 122 authorized invention patents across six technical fields and has contributed to the formulation of nine national standards [1] Market Performance - By the end of 2024, vehicles equipped with Hi4 technology achieved cumulative sales of 410,000 units, generating sales revenue of 91.3 billion yuan [3] - In Australia, from January to September 2025, Great Wall Motors sold 39,300 units, a year-on-year increase of 23.7%, capturing a market share of 4.3%, making it the leading Chinese brand in that market [3] Competitive Landscape - The domestic market is highly competitive, with notable technologies from BYD, Geely, and Chery also vying for market share, alongside the rise of pure electric off-road vehicles posing new challenges to hybrid technology [3] - The market strategy of Hi4 emphasizes "four-wheel drive experience at two-wheel drive prices," but its success will depend on the overall product strength, brand marketing, and cost control of the vehicles it powers [3] Industry Implications - The award for Hi4 technology signifies a significant advancement for Chinese automotive companies in core off-road vehicle technologies, previously dominated by foreign brands [2] - The recognition of Hi4 technology as a leading innovation reflects the capability of domestic enterprises to achieve original breakthroughs in core technologies, although the journey from technological breakthroughs to industry leadership remains ongoing [3]

Core Insights - The core viewpoint of the articles emphasizes the significance of the Hi4 technology system developed by Great Wall Motors, which has been recognized for its contribution to the automotive industry and its role in driving economic growth through technological advancements [1][5][10] Technological Breakthroughs - Great Wall Motors' Hi4 technology system has emerged as a leading force in the intelligent electric hybrid four-wheel drive sector, showcasing a comprehensive driving system with "3 engines + 9 modes" that addresses the pain points of new energy vehicles [3][5] - The Hi4 system offers five key technical advantages: speed, smoothness, quietness, fuel efficiency, and safety, enhancing the performance boundaries and user experience of new energy products [3][5] Economic Impact - The introduction of the Hi4 technology has led to a significant increase in sales, with 410,000 units sold by the end of 2024, generating revenue of 91.3 billion yuan and contributing 5.8 billion yuan in taxes, exemplifying the economic benefits of technological innovation [5][6] - The technology has enabled Great Wall Motors to lower the cost of high-end intelligent electric hybrid four-wheel drives, making them more accessible to consumers and driving domestic demand [6][8] Market Dynamics - Great Wall Motors has increased its market share in the hard-core off-road vehicle segment from 10% in 2020 to 52% in 2024, while the overall share of domestic brands rose from 26.9% to 80%, indicating a significant shift in market power towards Chinese brands [8][10] - The Hi4 technology system has disrupted the long-standing technological barriers imposed by foreign brands in the off-road hybrid sector, enhancing the competitive landscape for Chinese manufacturers [8][10] Global Expansion - With the support of the Hi4 technology system, Great Wall Motors has expanded its international presence, exporting products to 19 countries, including Australia and New Zealand, thereby enhancing the global influence of Chinese automotive brands [6][10] - The modular design of the Hi4 system allows for adaptability in various global markets, challenging the stereotype that Chinese vehicles are only suitable for the economy segment, as evidenced by the competitive pricing of Great Wall's off-road models in international markets [10]

Core Viewpoint - Great Wall Motors has officially launched the pre-sale of its new Tank 400 model, starting at a price of 309,800 yuan, indicating a strategic move to enhance its product lineup and market presence [1]. Group 1: Sales Performance - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29%, the best performance for September in its history [4]. - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [4]. - For August, the company reported sales of 115,558 vehicles, a year-on-year increase of 22.33%, also setting a historical record for that month [4]. Group 2: Global Expansion - The completion of the Brazilian factory in August is expected to significantly boost Great Wall Motors' efforts in the Brazilian and Latin American markets, marking a key milestone in its globalization strategy [4]. - The company has adopted the "ONE GWM" brand strategy and an "ecological export" model, which encompasses research, production, supply, sales, and service, to strengthen its overseas presence [4]. - Great Wall Motors has over 15 million global users and more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [4]. Group 3: Stock Performance - As of October 21, Great Wall Motors' stock closed at 23.17 yuan, with a daily increase of 0.83%, bringing its market capitalization to 198.29 billion yuan [5].

Group 1 - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29% [3] - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [3] - For August, Great Wall Motors reported sales of 115,558 vehicles, which is a 22.33% increase year-on-year, also setting a record for the month [3] Group 2 - The company is focusing on accelerating new product launches and enhancing intelligent features to improve market performance [3] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, which is expected to drive its expansion in the Brazilian and Latin American markets [3] - The company has established a global user base of over 15 million and has more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [3] Group 3 - As of October 21, Great Wall Motors' stock price was 23.17 yuan, with a daily increase of 0.83%, and a market capitalization of 198.29 billion yuan [4]

Core Viewpoint - On October 20, Great Wall Motors experienced a slight increase in stock price by 0.57%, with a trading volume of 293 million yuan, indicating a stable market performance [1] Financing and Margin Trading - On October 20, Great Wall Motors had a financing buy-in amount of 17.17 million yuan and a financing repayment of 16.44 million yuan, resulting in a net financing buy of 730,400 yuan [1] - As of October 20, the total financing and margin trading balance for Great Wall Motors was 558 million yuan, with the financing balance accounting for 0.39% of the circulating market value, which is below the 10th percentile level over the past year [1] - In terms of securities lending, on October 20, the company repaid 8,500 shares and sold 11,200 shares, with a selling amount of 257,400 yuan, while the remaining securities lending balance was 71,400 shares [1] Financial Performance - For the first half of 2025, Great Wall Motors reported a revenue of 92.33 billion yuan, reflecting a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.48% to 6.34 billion yuan [2] - Cumulatively, 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] Shareholder Structure - As of June 30, 2025, Great Wall Motors had 178,500 shareholders, an increase of 18.73% from the previous period [2] - Among the top ten circulating shareholders, China Securities Finance Corporation holds 197 million shares, remaining unchanged, while Hong Kong Central Clearing Limited reduced its holdings by 1.94 million shares to 85.52 million shares [3]