Share Structure and Listings - The company reported a total of 8,558,945,933 shares issued as of June 30, 2025, including 6,240,169,933 A-shares and 2,318,776,000 H-shares[29]. - The A-shares are listed on the Shanghai Stock Exchange with a stock code of 601633, while H-shares are listed on the Hong Kong Stock Exchange with stock codes 02333 (HKD) and 82333 (RMB)[29]. - The company has a total of 100 shares per lot for A-shares and 500 shares per lot for H-shares[29]. Financial Performance - Total operating revenue for the first half of the year reached ¥92.33 billion, a year-on-year increase of 0.99%[35]. - Net profit attributable to shareholders decreased by 10.21% to ¥6.34 billion compared to the same period last year[35]. - The net profit after deducting non-recurring gains and losses fell by 36.39% to ¥3.58 billion[35]. - The company's total assets increased by 2.02% to ¥222.13 billion compared to the end of the previous year[35]. - Basic earnings per share decreased by 10.84% to ¥0.74[36]. - The weighted average return on net assets dropped by 2.51 percentage points to 7.56%[36]. - Total revenue for the period ending June 30, 2025, was RMB 92.33 billion, a 0.99% increase from RMB 91.43 billion for the same period in 2024[55]. - Vehicle sales revenue reached RMB 79.75 billion, up 1.04% from RMB 78.93 billion year-over-year[55]. - Gross profit decreased to RMB 16.97 billion, reflecting a 6.92% decline compared to RMB 18.24 billion in the previous year[55]. - The gross margin decreased by 1.57 percentage points to 18.38% from 19.95%[55]. Operational Highlights - The company is entering a new product cycle, aiming to enhance sales and operating revenue while accelerating the establishment of direct user channels[35]. - Significant investments in new vehicle models and technologies are being made to boost brand promotion[35]. - The company continues to focus on expanding its market presence in the SUV and pickup segments, leveraging its diverse brand portfolio[43]. - Great Wall Motors has established 9 R&D bases and 5 software R&D centers, with nearly 50,000 patent applications and over 30,000 authorized patents by June 2025, covering more than 40 countries and regions[44]. - The company has launched the Hi4 family of hybrid architectures, including four major structures, enhancing user experience with superior range and performance[46]. - Great Wall Motors has a global production layout of "10+3+N," with 10 manufacturing bases in China and 3 overseas, ensuring stable production and quality[47]. - The company has built over 360 retail centers and 50 delivery centers in the first half of the year, enhancing user experience through standardized services[48]. Market Trends and Sales - In the first half of 2025, the automotive industry saw production and sales of 15.62 million and 15.65 million vehicles, respectively, representing year-on-year growth of 12.5% and 11.4%[49]. - The passenger car market continued to perform well, with production and sales reaching 13.52 million and 13.53 million vehicles, reflecting year-on-year growth of 13.8% and 13%[50]. - New energy vehicle production and sales reached 6.97 million and 6.94 million units, with year-on-year growth of 41.4% and 40.3%, accounting for 44.3% of total new car sales[51]. - The export of vehicles reached 3.08 million units in the first half of the year, with a year-on-year increase of 10.4%, including a 75.2% increase in new energy vehicle exports[53]. - Total vehicle sales reached 568,852 units in the first half of 2025, reflecting a year-on-year increase of 2.52%[78]. - Sales of new energy vehicles amounted to 160,435 units, marking a significant year-on-year growth of 23.64%[78]. - Haval brand sold 323,702 units in the first half of 2025, achieving an 8.89% increase compared to the same period last year[80]. - Tank brand's sales reached 104,129 units, contributing to a total global sales milestone of over 700,000 units[80]. - Wey brand saw a remarkable sales increase of 60.34%, with 32,369 units sold in the first half of 2025[82]. - Great Wall Pickup achieved sales of 93,649 units in the first half of the year, a year-on-year increase of 4.01%, maintaining a nearly 50% market share in China[84]. Research and Development - The company continues to enhance its global sales network, now covering over 30 countries and regions[80]. - The introduction of the next-generation all-power intelligent platform is expected to enhance the company's competitive edge in the high-end new energy market[82]. - The company is committed to technological innovation and expanding its product offerings in the smart new energy sector[81]. - Great Wall Motors has developed the Hi4 family of hybrid technology, including four major architectures, enhancing power response efficiency by 20% and achieving over 1000 horsepower with a unique three-engine intelligent power structure[91]. - The company has established R&D systems in Germany, Japan, and India, and has set up three complete vehicle production bases in Thailand and Brazil, enhancing its global business layout[95]. Financial Management and Governance - The company has not faced any significant risks that could materially impact its production and operations during the reporting period[6]. - The financial information in the report is prepared in accordance with the Chinese Accounting Standards and relevant regulations[4]. - The company guarantees the truthfulness, accuracy, and completeness of the semi-annual report, with no false records or major omissions[7]. - There are no non-operational fund occupations by controlling shareholders or related parties reported[6]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The report includes a risk statement indicating that future plans do not constitute a substantive commitment to investors[5]. - The company did not engage in any significant acquisitions or asset sales during the reporting period[62]. - The company has no significant future investment or acquisition plans as of June 30, 2025[130]. - The audit committee has reviewed the mid-term performance announcement and financial reports, confirming compliance with applicable accounting standards[138]. - There are no significant events after the reporting period that require disclosure[143]. Employee Incentives and Stock Options - Great Wall Motors announced the implementation of the 2023 restricted stock incentive plan, with the first grant of restricted stocks completed[155]. - The company reported the completion of the cancellation of part of the restricted stocks under the 2023 incentive plan[157]. - Great Wall Motors disclosed the results of the self-exercise of convertible bonds and stock options under the 2021 incentive plan[158]. - The first unlocking of the restricted stocks under the 2023 incentive plan was announced, indicating progress in employee incentives[158]. - The company confirmed the completion of the first grant of stock options under the 2023 stock option incentive plan[156]. - The company is focusing on enhancing employee motivation through stock options and restricted stock grants[158]. - The incentive plans aim to transform employees from "workers" to "partners," promoting long-term development and aligning interests with shareholders[162]. - The plans are designed to attract and stabilize talented management and core personnel, enhancing the company's human resource advantages[163]. - The performance targets set in the plans are intended to boost competitiveness and motivate management and core personnel[163]. - The total number of shares available for issuance under the 2021 Restricted Stock Incentive Plan is 43.184 million shares, accounting for 0.50% of the total shares issued as of the semi-annual report date[164]. - The total number of stock options available under the 2021 Stock Option Incentive Plan is 397.101 million options, representing 4.64% of the total shares issued as of the semi-annual report date[164].
长城汽车(02333) - 2025 - 中期财报