Group 1 - The core viewpoint of the news is that Great Wall Motors' stock has experienced fluctuations, with a recent decline of 2.07% and a year-to-date drop of 3.09% [1] - As of June 30, 2025, Great Wall Motors reported a revenue of 923.35 billion yuan, reflecting a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.48% to 63.37 billion yuan [2] - The company has distributed a total of 346.96 billion yuan in dividends since its A-share listing, with 89.50 billion yuan distributed in the last three years [3] Group 2 - The stockholder count for Great Wall Motors reached 178,500 as of June 30, 2025, marking an increase of 18.73% from the previous period [2] - The main business revenue composition of Great Wall Motors includes 86.79% from vehicle sales, 6.35% from spare parts sales, and 4.03% from molds and others [1] - The company is categorized under the automotive industry, specifically in the passenger vehicle sector, and is involved in various concept sectors including complete vehicles and autonomous driving [1]

Core Viewpoint - Great Wall Motors has announced a plan to repurchase and cancel certain restricted stocks due to the departure of some incentive recipients, as part of its 2023 stock incentive plan [1][3]. Group 1: Compliance and Approval Process - On December 12, 2023, Great Wall Motors held its eighth board meeting and supervisory board meeting, where relevant proposals for the incentive plan were approved [2]. - The company will hold a series of meetings in January 2024 to further review and approve the related proposals [2]. - On July 9, 2025, the board approved the repurchase and cancellation proposal, and a notice was issued to creditors on July 10, 2025, indicating no creditor claims had been filed by the date of the legal opinion [2]. Group 2: Details of Repurchase and Cancellation - The repurchase is due to 12 initial incentive recipients and 9 reserved incentive recipients leaving the company before the end of the lock-up period, making them ineligible for the incentive [3]. - A total of 1,075,400 shares will be repurchased, including 554,400 shares from the initial grant and 521,000 shares from the reserved grant [3]. - The repurchase price for the initial grant shares is set at 12.86 yuan per share, while the reserved grant shares will be repurchased at 12.29 yuan per share, with interest added as per regulations [3]. - The company has opened a dedicated securities account for the repurchase and expects to complete the cancellation by September 16, 2025 [3].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15][27]. Core Insights - In the first half of 2025, the company achieved a revenue of 92.335 billion yuan, a slight increase of 0.99% year-on-year, while the net profit attributable to shareholders was 6.337 billion yuan, down 10.21% year-on-year [6][7]. - The second quarter of 2025 showed significant recovery, with revenue reaching 52.316 billion yuan, up 7.71% year-on-year, and net profit of 4.586 billion yuan, up 19.09% year-on-year [6][7]. - The company is focusing on the smart and new energy vehicle sector, with new energy vehicle sales growing by 23.64% year-on-year, accounting for 28% of total sales [7][12]. - The company is optimizing its global business layout, with overseas revenue accounting for 39% of total revenue in the first half of 2025, and products exported to over 170 countries and regions [8][10]. Summary by Sections Financial Performance - The company reported a gross margin of 18.38% and a net profit margin of 6.86% in the first half of 2025, with a decline in profitability attributed to increased investments in new channels and product promotions [13][14]. - The company expects net profits of 22.606 billion yuan, 25.489 billion yuan, and 29.149 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.64 yuan, 1.86 yuan, and 2.34 yuan [15][16]. Product and Brand Development - The company has a diverse brand matrix including Haval, WEY, Tank, and Ora, with Haval being the main sales driver, achieving sales of 323,700 units in the first half of 2025, up 8.89% year-on-year [10][11]. - The company is advancing its smart technology capabilities, with significant developments in intelligent cockpit and driving assistance systems, enhancing user experience and functionality [11][12]. Market Strategy - The company is accelerating its "ecological overseas" strategy, establishing a comprehensive value chain for research, production, and sales in international markets [8][10]. - The focus on new energy technology continues to drive growth, with the launch of a new intelligent super platform compatible with multiple power forms [12][14].

| | | 长城汽车股份有限公司 ● 回购注销原因： 关于 2023 年限制性股票激励计划首次授予及预留授予部分 限制性股票回购注销实施的公告 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。 重要内容提示： 2、因9名激励对象在预留授予限制性股票限售期届满前离职，根据《2023年限制性 股票激励计划》"第十三章 激励对象发生异动的处理"的规定，上述激励对象不再符合 《2023年限制性股票激励计划》相关的激励条件，经本公司第八届董事会第三十九次会 议审议通过，向上述9名预留授予限制性股票激励对象回购并注销已获授但尚未解除限 售的限制性股票共计521,000股。 综上所述，公司本次回购注销《2023年限制性股票激励计划》首次授予及预留授予 部分限制性股票共计1,075,400股。 1、因12名激励对象在首次授予限制性股票限售期届满前离职，根据《2023年限制 性股票激励计划》"第十三章 激励对象发生异动的处理"的规定，上述激励对象不再符 合《2023年限制性股票激励计划》相关的激励条件，经本公司第八届董事会第三十九次 会议审议通过 ...

金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 长城汽车股份有限公司 2023 年股权激励计划部分限制性股票 回购注销实施相关事项的 中国北京市建国门外大街1号国贸大厦A座十层 100004 北京金诚同达律师事务所 关于 电话：010-5706 8585 传真：010-8515 0267 1 金诚同达律师事务所 法律意见书 法律意见书 金证法意[2025]字 0910 第 0842 号 本所根据《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》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等相关法律、法规和规范性文件及《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 年限制性股票 激励计划》（以下简称"《2023 年限制性股票激励计划》"）的有关规定，出具本 法律意见书。 长城汽车股份有限公司 2023 年股权激励计划部分限制性股票 回购注销实施相关事项的 法律意见书 金证法意[2025]字 0910 第 0842 号 致：长城汽车股份有限公司 北京金诚同达律师事务所（以下简称"本所" ...

Core Viewpoint - Great Wall Motors (02333) announced the cancellation of 1.0754 million restricted shares on September 16, 2025 [1] Company Summary - The company will be canceling a total of 1.0754 million restricted shares [1]

Group 1 - The company Great Wall Motors (601633)(02333) announced the cancellation of 1.0754 million restricted shares on September 16, 2025 [1]

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 .1 0B 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「北京金誠同達律師 事務所關於長城汽車股份有限公司2023年股權激勵計劃部分限制性股票回購注销實施相關事項 的法律意見書」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 ，2025 9 11 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 金诚同达律师事务所 ...

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 .1 0B 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 公司關於2023年限制性股票激勵計劃首次授予及預留授予部分限制性股票回購注銷實施的公 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 ，2025 9 11 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。 * 僅供識別 海外監管公告 | | | 长城汽车股份有限公司 ...

Core Insights - Great Wall Motors' Wei brand launched the Gaoshan 7 MPV with a pre-sale price of 289,800 yuan, targeting young families and aiming to set a benchmark for MPVs under 300,000 yuan [1][2] - The Gaoshan 7 features a spacious design, advanced technology, and safety measures, emphasizing its role as a "mobile living room" for families [1] Product Features - The Gaoshan 7 is built on a dedicated platform for high-end electric MPVs, measuring 5050mm in length and 3085mm in wheelbase, with a claimed "usable space rate" of 61.1% [1] - It includes a minimum turning radius of 5.6 meters, addressing common parking challenges associated with mid-to-large MPVs [1] - Standard features include laser radar, Coffee Pilot Ultra driver assistance system, and automatic parking capabilities [1] - The vehicle utilizes Hi4 performance version intelligent four-wheel drive technology, with a maximum power output of 337kW and a 0-100 km/h acceleration time of 5.7 seconds [1] - Safety features include a high-strength cage structure with an ultra-high strength steel ratio of 81.96%, side air curtain length of 3107mm, and a battery pack that has passed 89 safety tests [1] Market Positioning - The launch of the Gaoshan 7 is part of Wei brand's strategy to expand its market share among family users, reflecting increasing competition among domestic brands in the high-end electric MPV sector [2] - The brand has seen a recovery in sales this year, with consecutive months exceeding 10,000 units sold, and its MPV products frequently ranking among the top in plug-in hybrid MPV weekly sales [2] - The Blue Mountain model has achieved cumulative deliveries surpassing 100,000 units [2]