Core Points - Great Wall Motors has signed a partnership with the China Polar Research Center to support China's polar exploration and jointly develop scientific research vehicles for polar regions [1][3] - This collaboration reflects Great Wall Motors' commitment to national strategic directions and its role in supporting scientific research [3][11] Group 1: Collaboration Details - The partnership will see Great Wall Motors become a key member of the Antarctic exploration support team, taking on responsibilities for ensuring the safety of China's polar scientific endeavors [3][7] - The Tank 300 diesel version will be utilized for transportation and support during Antarctic research missions, with Great Wall Motors providing technical personnel for on-site support [7][9] Group 2: Technical Capabilities - Great Wall Motors has established a comprehensive testing system with over 2,000 experimental projects, focusing on various aspects such as safety, thermal management, and durability to meet high global standards [3][4] - The company has conducted rigorous testing in extreme conditions, including simulations of -40°C temperatures and various weather scenarios, to ensure vehicle reliability in polar environments [4][6] Group 3: Strategic Significance - The collaboration signifies a deep integration of manufacturing capabilities with national strategic missions, highlighting the importance of polar research in China's scientific and geopolitical landscape [11][13] - Great Wall Motors' involvement in polar exploration is seen as a demonstration of China's manufacturing strength and a step towards enhancing the domestic automotive industry's technological capabilities [13][14]

Core Viewpoint - Great Wall Motors has signed a cooperation agreement with the China Polar Research Center to jointly conduct research and development for vehicles used in polar scientific expeditions, marking a significant step in integrating private automotive enterprises with national research systems [4][5]. Group 1: Partnership and Collaboration - The partnership will focus on vehicle support for polar expeditions, including cold weather validation and collaborative research on polar scenarios [4][5]. - Great Wall Motors will send technical personnel to participate as official expedition team members, ensuring the reliable operation of transportation equipment for polar scientific research [5][10]. Group 2: Vehicle Development and Testing - The Tank 300 diesel version has been designated as a "selected product for China's polar expeditions" and will be used for transportation and support tasks at the Antarctic Great Wall Station [8][12]. - The Tank 300 is undergoing extreme cold environment testing in a wind tunnel, demonstrating its capability to perform critical operations in near -30°C conditions [5][7]. Group 3: Technological Capabilities - Great Wall Motors has established a comprehensive testing system covering over 2,000 test items, supporting high global standards in various dimensions such as safety, thermal management, and durability [7]. - The company aims to continuously optimize its products and technologies based on feedback from polar vehicle usage, exploring innovative paths for polar expedition equipment [5][13].

Group 1 - Great Wall Motors has signed an agreement with the Chinese Arctic and Antarctic Administration to participate in polar research, marking a significant step in vehicle testing under extreme conditions [1][2] - The collaboration will involve joint research and development of vehicles for polar exploration, focusing on vehicle reliability and performance in extreme cold [2] - The use of a mass-produced vehicle, rather than a specially modified one, highlights the confidence in the vehicle's capabilities in harsh environments [1] Group 2 - The partnership aims to enhance the vehicle's core technologies in alignment with polar research requirements, providing customized technical support to the research institution [2] - Data collected from polar operations will directly improve user experience in cold regions, particularly regarding battery performance and stability of intelligent driving systems [2] - Participation in polar research is expected to elevate the brand's global image and enhance its premium pricing ability, especially in overseas markets [3] Group 3 - Great Wall Motors is committed to supporting scientific research missions with high-quality products and self-developed core technologies to ensure the safety of research teams [3] - The company plans to leverage this collaboration as a starting point to encourage more industry participation in national scientific endeavors [3] - Great Wall Motors will continue to pursue a strategy of globalization and comprehensive development to serve global users [3]

Core Insights - Great Wall Motors is recruiting for a unique position titled "Polar All-round Engineer," which has attracted significant attention due to its rare requirements [1] - The role will be based in Antarctica, focusing on automotive technology breakthroughs in extreme cold conditions, including vehicle and component validation [1] - This move suggests that Great Wall Motors may establish a research and development center in polar regions, indicating a forward-looking strategy for global expansion and innovation in various driving scenarios [1] Job Requirements - The position is exclusively open to Chinese nationals with at least a bachelor's degree, teamwork spirit, and resilience [1] - Candidates with international project experience and multilingual abilities are preferred, along with those having experience in low-temperature, high-altitude, or field engineering [1] - There are no age or gender restrictions for applicants [1] Job Responsibilities - The engineer will be responsible for validating vehicles and components under extreme cold conditions and developing new polar products and key functionalities [1] - This role is notable as few automotive companies globally have assigned positions to Antarctica for such validation and development work [1]

Core Insights - Great Wall Motors held the "GWM TECH DAY" in Australia, showcasing its Hi4 technology matrix and launching a new energy off-road grading system, emphasizing its commitment to local adaptation and long-term strategy in the Australian market [1][2] Group 1: Market Performance - Great Wall Motors achieved a cumulative sales volume of 39,343 units in Australia from January to September 2025, marking a year-on-year increase of 23.7% and capturing a market share of 4.3%, ranking seventh among all brands and first among Chinese brands [1] - The company has over 200,000 users in Australia, establishing a brand ecosystem centered around community engagement, such as the Tank Club [2] Group 2: Technological Advancements - The Hi4 technology family, including Hi4, Hi4-Z, and the off-road specific Hi4-T platform, was fully presented for the first time overseas, covering both urban commuting and extreme off-road scenarios [2] - The launch of the "new energy off-road grading system" aims to shift user perception from "can it off-road" to "how to off-road scientifically," indicating a focus on user experience and education [2] Group 3: Localization Strategy - Great Wall Motors has developed a localized validation system addressing six dimensions: regulations, temperature, altitude, road conditions, fuel quality, and driving habits, ensuring products meet local needs [3] - The company plans to introduce more locally tuned models starting November 2025, reflecting its commitment to adapting to the Australian market [3] Group 4: Brand Integration and Ecosystem - The company has integrated into local culture by sponsoring events like the WSL World Surf League and AFL, enhancing brand visibility and connection with Australian outdoor culture [2] - Great Wall Motors is transitioning from a "price-for-volume" strategy to a "technology premium" approach, competing in the mainstream and mid-to-high-end market segments with its hybrid technologies [4] Group 5: Long-term Commitment - The establishment of a direct subsidiary, local tuning teams, and an after-sales training system demonstrates Great Wall Motors' determination for long-term market operation and brand value accumulation [4] - The company is investing 3 million AUD to expand its after-sales training center by 2026, aiming to improve service response speed and professionalism [3]

Core Viewpoint - Great Wall Motors is adjusting its direct sales channels by focusing exclusively on the Wei brand, as sales of the Tank 700 model have been declining, leading to its removal from direct sales outlets [2][3][4]. Group 1: Sales Channel Adjustments - The Tank 700 model has been withdrawn from most Great Wall direct sales centers, which now primarily sell Wei brand models [2][3]. - The direct sales brand "Great Wall Smart Selection" has been renamed to "Wei Brand New Energy Direct Sales" [2]. - The Tank 700 will still be available through authorized dealer channels, but its presence in direct sales is significantly reduced [3][4]. Group 2: Direct Sales Expansion - Wei brand's direct sales network has expanded to 430 stores across 110 cities, with plans to increase to over 600 stores by the end of the year, covering 200 cities [4][5]. - The direct sales model for Wei brand is similar to that of Tesla and Li Auto, emphasizing transparency and efficiency in customer interactions [5]. Group 3: Sales Performance - In September, Wei brand sales reached approximately 11,000 units, marking a year-on-year increase of 63.23%. Cumulatively, sales for the first nine months of the year reached about 63,600 units, a 96.35% increase year-on-year [5].

在中国车企的战略转型过程中，长城汽车的全球化路径尤为典型，其发展轨迹已由早期单纯的产品贸 易，逐步转向技术体系、品牌理念、用户运营与本地化服务深度融合的生态化输出。 本报（chinatimes.net.cn）记者刘凯 北京报道 据中国汽车工业协会统计，2025年1—8月，中国汽车出口总量已达429.2万辆，同比增长13.7%。而当中 国汽车产业在国内市场完成技术与产能的双重积累，一场变革正在全球汽车舞台上展开。这场变革已不 再局限于简单的产品出口，而是迈向技术输出、品牌建设与本土化生态运营的深层次跨越。它既是中国 制造业整体实力的集中体现，也是中国汽车工业从"引进来"到"走出去"再到"走上去"的必然演进。 在新的出海浪潮中，中国车企正将国内市场锤炼出的产品实力与创新模式延伸至全球，通过构建涵盖研 发、生产、营销与服务的全价值链体系，实现从"卖产品"到"树品牌"、从"拓市场"到"建生态"的战略升 维。 从"产品输出"到"生态落地"的升维之战 日前，长城汽车在澳大利亚举办"GWM TECH DAY"全球技术体验活动，突破传统新车发布形式，系统 展示了其在新能源领域的技术布局。活动中，Hi4新能源产品矩阵集中亮相， ...

Core Viewpoint - The announcement details the conversion of convertible bonds and the results of the 2023 stock option incentive plan, highlighting low conversion rates and the status of unconverted bonds [2][6][18]. Convertible Bond Conversion Status - From September 1 to September 30, 2025, a total of 42,000 yuan of "Changqi Convertible Bonds" were converted into 1,072 shares of company stock [2][6]. - Cumulatively, from December 17, 2021, to September 30, 2025, 4,942,000 yuan of "Changqi Convertible Bonds" have been converted into 129,601 shares, representing 0.0014% of the company's total shares before conversion [2][6]. - As of September 30, 2025, the amount of unconverted convertible bonds stands at 3,495,057,000 yuan, accounting for 99.8588% of the total issuance [2][6]. 2023 Stock Option Incentive Plan - The first exercise period of the 2023 stock option incentive plan allows for the exercise of 18,948,783 stock options, with the exercise period running from May 12, 2025, to January 25, 2026 [2][7]. - As of September 30, 2025, only 31 shares have been exercised under the plan, with a total of 834.07 yuan raised for working capital [17]. - The exercise price for the stock options is set at 26.47 yuan per share [17]. Company Actions and Share Capital Changes - The company has conducted several stock buybacks and cancellations due to various reasons, including the departure of incentive plan participants, resulting in the cancellation of 1,075,400 shares [18]. - The company has fulfilled the necessary procedures to notify creditors and has submitted applications for the cancellation of shares to the relevant authorities [18].

Core Insights - A Chinese automaker is experiencing a significant increase in its Quality scores in Benzinga's Edge Stock Rankings, contrasting with Tesla's declining scores [1][5] Group 1: Tesla's Performance - Tesla's Quality score has dropped from 73.14 to 57.00 in August, recovering slightly to 64.67 but remaining below previous highs [2] - The decline in Tesla's score is attributed to brand issues linked to CEO Elon Musk's political involvement, resulting in sales hitting a three-year low in key markets [3] - Tesla is facing challenges in China, where EVs now account for over 51% of auto sales, with the country representing 70% of the global EV market in volume for 2024 [4] Group 2: Chinese Competitor's Growth - Great Wall Motor Co. has seen its Quality score rise from 31.87 to 70.37 within a week, indicating a strong recovery [5] - The company reported a 45% year-over-year increase in earnings for 2024, benefiting from the resolution of COVID-19 impacts [6] - Great Wall Motor's gross margins improved from approximately 15% to 18%, supported by strong operating metrics such as inventory turnover and return on capital [6] - The company ended 2024 with a net cash position, driven by robust free cash flows and minimal debt growth [7]

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-121 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于可转换公司债券转股及 2023 年股票期权激励计划 自主行权结果暨股份变动公告 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。 重要内容提示： 一、可转债转股情况 （一）可转债发行上市概况 经中国证券监督管理委员会《关于核准长城汽车股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]1353号）核准，长城汽车股份有限公司（以下简称"公 司"或"本公司"）于2021年6月10日公开发行3,500万张可转换公司债券，每张面值100 元，发行总额35亿元。 可转债转股情况：2025年9月1日至2025年9月30日期间，共有42,000元"长汽转 债"已转换成公司股票，转股数为1,072股。自2021年12月17日至2025年9月30 日，累计共有4,942,000元"长汽转债"已转换为公司股票，累计转股数为1 ...