Core Viewpoint - Great Wall Motor Company Limited reported a slight increase in total revenue for the first half of 2025, with total revenue reaching approximately CNY 92.33 billion, a 0.99% increase compared to the same period last year. However, net profit attributable to shareholders decreased by 10.21% to approximately CNY 6.34 billion [4][5][6]. Company Overview and Financial Indicators - Great Wall Motor is one of China's largest manufacturers of SUVs and pickups, with brands including Haval, Wey, Tank, and Ora. The company focuses on both traditional and new energy vehicles [4][5]. - As of June 30, 2025, the total number of shares issued by the company was 8,558,945,933, comprising 6,240,169,933 A-shares and 2,318,776,000 H-shares [2][6]. Financial Performance - Total revenue for the first half of 2025 was CNY 92,334,633,193.51, compared to CNY 91,427,688,543.60 in the previous year, reflecting a growth of 0.99% [5][6]. - The total profit for the period was CNY 7,004,046,142.78, a decrease of 15.22% from the previous year [5][6]. - The net profit attributable to shareholders was CNY 6,336,939,113.25, down 10.21% from CNY 7,057,573,305.01 in the same period last year [5][6]. - Basic earnings per share decreased by 10.84% to CNY 0.74 [5][6]. Industry Context - The automotive industry in China showed growth in production and sales, with total vehicle production and sales reaching 15.62 million and 15.65 million units respectively in the first half of 2025, marking increases of 12.5% and 11.4% year-on-year [5][6]. - The passenger car market continued to perform well, with production and sales of passenger cars reaching 13.52 million and 13.53 million units, reflecting year-on-year growth of 13.8% and 13% [5][6]. - New energy vehicles accounted for 44.3% of total new car sales, with pure electric vehicles making up 28.2% and plug-in hybrids 16.1% [5][6].

Core Insights - Great Wall Motors (02333) reported a total revenue of 92.335 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 0.99% [1] - The net profit attributable to shareholders decreased by 10.21% to 6.337 billion yuan, with basic earnings per share at 0.74 yuan [1] - The company sold a total of 568,852 vehicles in the first half of 2025, marking a year-on-year growth of 2.52%, with 160,435 of those being new energy vehicles, which saw a significant increase of 23.64% [1] Brand Performance - The Haval brand, positioned as a "global SUV expert," achieved sales of 323,702 units, reflecting an 8.89% year-on-year increase [2] - Haval's technological advancements include the Hi4 intelligent four-wheel drive hybrid technology and Coffee OS 3 smart cockpit system, enhancing user experience and brand value [2] - The second-generation Haval H9 won the T2.1 category at the 2025 Rally of China, showcasing its off-road reliability [2] Tank Brand Development - The Tank brand sold 104,129 units in the first half of 2025, reaching a global sales milestone of over 700,000 units [3] - The brand's "Four Full Strategy" includes a comprehensive vehicle lineup, a full power matrix, and solutions for various driving scenarios, emphasizing its commitment to user needs [3] - The Tank brand has expanded its global sales network to over 30 countries and regions, including Australia, Mexico, and the Middle East, while also achieving success in competitive events [3]

Core Insights - The company reported a total revenue of RMB 92.335 billion for the first half of 2025, reflecting a year-on-year growth of 0.99% [1] - Net profit attributable to shareholders decreased by 10.21% to RMB 6.337 billion, with basic earnings per share at RMB 0.74 [1] - The company is entering a new product cycle, which has led to an increase in sales and revenue, while investments in new models and technologies have impacted net profit [1] Sales Performance - The company sold a total of 568,852 vehicles in the first half of 2025, marking a year-on-year increase of 2.52% [2] - Sales of new energy vehicles reached 160,435 units, showing a significant growth of 23.64% compared to the previous year [2] Strategic Focus - The company is committed to the intelligent new energy vehicle sector, enhancing its market influence across its various brands, including Haval, Wey, Tank, Great Wall Pickup, Ora, Great Wall Soul, and Great Wall Commercial Vehicles [2] - The product range includes SUVs, sedans, pickups, MPVs, motorcycles, and heavy trucks, with a focus on both traditional and new energy powertrains [2] - The company aims to strengthen its off-road and global advantages while accelerating its transition to intelligent new energy vehicles [2]

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2025年 年度報告」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市 ，2025年8月29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 长城汽车股份有限公司 2025 年半年度报告 公司代码：601633 ...

Core Insights - Geely Automobile reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding non-core losses [1] - Total cash levels increased to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [1] - New energy vehicle (NEV) sales were particularly strong, totaling 725,000 units, representing a 126% increase [2] - The company has raised its full-year sales target from 2.71 million to 3 million units based on strong market performance [2] Brand Development - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% increase [2] - Zeekr and Lynk & Co brands contributed significantly to brand value, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units [2] - Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten of their segments [2] International Expansion - Geely's export sales exceeded 180,000 units, with a global sales network covering 85 countries and regions [3] - The Galaxy E5 international version EX5 became a global star product, launched in 26 countries [3] - The company is enhancing its localization capabilities with new factories in Egypt and Indonesia [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, aiming to strengthen its global competitiveness in the smart NEV sector [3] - The "One Geely" strategy is expected to enhance synergies and support the company in achieving its revised sales target of 3 million units [3]

Core Viewpoint - The launch of Lynk & Co's EM-P AI Plug-in Hybrid 2.0 showcases the company's commitment to integrating AI technology into its electric hybrid vehicles, enhancing performance, safety, and user experience in the mid-to-large plug-in hybrid sedan market [1][9]. Group 1: Product Features - The Lynk & Co EM-P AI Plug-in Hybrid 2.0 features a 1.5T Evo engine and DHT Evo hybrid drive system, achieving a combined power of 390 kW and torque of 755 N·m, with a 0-100 km/h acceleration time of approximately 5.1 seconds [5]. - The vehicle is equipped with a four-wheel drive system and laser radar, allowing real-time adjustment of power output based on external conditions, ensuring stability and control in various driving scenarios [5]. - The car's fuel consumption is approximately 4.2 L/100 km under CLTC conditions, balancing performance and economy [5]. Group 2: Technology Integration - The vehicle incorporates the LYNK Flyme Auto system, powered by NVIDIA Thor chip and Qianli Haohan H7 driver assistance system, enabling advanced driver assistance features and multi-scenario cruising [6]. - The AI-driven Starry AI Cloud Power 2.0 system utilizes deep learning and high-precision environmental data to optimize travel strategies across over 1,000 scenarios [3]. Group 3: User Experience - The interior offers 1.2 m² of space per passenger, with features such as ventilation, heating, and massage functions for all seats, along with a Harman Kardon 23-speaker sound system for an immersive audio experience [6]. - The EM-P AI Plug-in Hybrid 2.0 enhances the overall travel experience by combining performance, intelligence, safety, and comfort [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record-high performance in Q2, with a strong new vehicle cycle expected to drive growth [4][6] - Despite a competitive industry environment, the long-term outlook remains positive due to the expansion of the Tank and overseas businesses, as well as the strong launch of new models from brands like Wey, Tank, and Haval [4][6] Financial Performance Summary - In H1 2025, the company reported revenue of 92.367 billion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 6.337 billion yuan, a year-on-year decrease of 10.2% [4] - Q2 revenue reached 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8% [4] - Q2 net profit attributable to shareholders was 4.586 billion yuan, marking a historical high, with a year-on-year increase of 19.1% [4] Sales Performance Summary - The company sold 313,000 vehicles in Q2, representing a quarter-on-quarter increase of 10.1% and a year-on-year increase of 21.9% [5] - New energy vehicle sales reached 97,900 units in Q2, with a quarter-on-quarter increase of 33.7% [5] - Overseas sales continued to grow steadily, reaching 106,800 units [5] Future Outlook - The company is set to launch several new models, including high-end SUVs and new energy vehicles, which are expected to contribute to growth [6] - The company is also expanding its global footprint, with a new factory in Brazil expected to produce 50,000 new energy vehicles annually, with plans to increase capacity to 100,000 units [6] Financial Projections - Revenue is projected to grow from 173.212 billion yuan in 2023 to 290.372 billion yuan in 2027, with a compound annual growth rate (CAGR) of 18.5% [7] - Net profit is expected to increase from 7.022 billion yuan in 2023 to 18.466 billion yuan in 2027, with a CAGR of 11.9% [7] - The company's P/E ratio is projected to decrease from 27.9 in 2023 to 10.6 in 2027, indicating improved valuation over time [7]

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. (Jianghuai Auto) is expected to report a net loss of approximately 680 million yuan for the first half of 2025, with a net loss of around 820 million yuan after excluding non-recurring gains and losses, indicating a significant narrowing of losses compared to the second half of 2024 [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company of -680 million yuan for the first half of 2025 [1]. - The expected net profit after excluding non-recurring items is -820 million yuan [1]. Reasons for Loss - Jianghuai Auto's export business has declined due to increasingly complex international conditions and intensified competition in overseas automotive markets [3]. - The high-end intelligent new energy passenger vehicle project is still in the capacity ramp-up phase and has not yet achieved economies of scale [3]. Strategic Initiatives - Jianghuai Auto is focusing on the intelligent new energy sector under the guidance of its "independent innovation and open cooperation" strategy, which is expected to yield positive results in the future [3]. - The company is increasing investment in the "Zun Jie" project in collaboration with Huawei to ensure high-level mass production and delivery [4]. R&D and Innovation - Jianghuai Auto has established a research and delivery team of over 5,000 people for the "Zun Jie" project and has set up a dedicated R&D center in Shanghai [6]. - The company collaborates with top universities and research institutions to advance cutting-edge technologies in new materials, intelligent driving, and electromagnetic safety [6][10]. - R&D investment exceeded 2 billion yuan in the first half of 2025, a year-on-year increase of 33.74% [10]. Sales Performance - Jianghuai Auto sold 190,600 vehicles in the first half of 2025, with a 15% year-on-year increase in pickup truck sales [12]. - The MPV segment saw a remarkable year-on-year sales growth of 69.89% in June, while SUV sales increased by 5.64% in the same period [12]. Market Position and Recognition - Jianghuai Auto was ranked 28th in the "Top 50 Global Brands" list by Kantar and Google, marking a rise of 3 places from 2024, and ranked 5th among automotive brands [14]. - The company's stock price increased by 3.92% in the first half of 2025, with a cumulative increase of 556.5% since its listing [14].

Group 1 - The contrasting approaches of FAW Toyota and GAC Toyota highlight different paces and outcomes in their transformation towards smart and new energy vehicles [1][5] - GAC Toyota's launch of the bZ5, developed by a Chinese team, emphasizes "new joint forces" but lacks substantial content in its transformation narrative [1][5] - GAC Toyota's second Technology Day showcased a commitment to a comprehensive transformation, including the introduction of a dedicated new energy platform and collaboration with local tech companies [1][2][3] Group 2 - GAC Toyota's "China Self-Research 2.0" era aims to enhance the role of Chinese engineers, shifting from mere translators to key decision-makers in vehicle development [2][4] - The company plans to introduce two dedicated new energy platforms and will be the first Japanese joint venture to adopt range-extended technology in its next-generation models [3][4] - GAC Toyota's successful launch of the platinum smart 3X model, achieving nearly 30,000 orders in three months, demonstrates the effectiveness of its localized development strategy [4] Group 3 - FAW Toyota's "4 new" thinking appears to be repetitive and lacks actionable content, focusing more on marketing rhetoric than on tangible innovations [5][6] - The emphasis on "new marketing" strategies by FAW Toyota does not address the core factors influencing consumer choice in the automotive market [5][6] - GAC Toyota's proactive engagement with local technology firms positions it advantageously in the competitive landscape of smart and new energy vehicles, contrasting with FAW Toyota's more traditional approach [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company's Q1 revenue and net profit were 400.2 billion yuan and 17.5 billion yuan, representing year-on-year declines of 6.6% and 45.6% respectively. The decline in profitability is attributed to short-term factors such as a new product gap and direct store construction. However, sales and performance are expected to improve throughout the year as new vehicles are launched [2][3][4]. - The company is accelerating its transition towards smart and new energy vehicles, with new car launches and marketing system reforms aimed at boosting domestic sales. The expansion into overseas markets is also expected to contribute to steady growth in exports, enhancing the sales structure and gradually improving profitability [11][10]. Summary by Sections Financial Performance - In Q1, the company's revenue, net profit, and net profit excluding non-recurring items were 400.19 billion yuan, 17.51 billion yuan, and 14.69 billion yuan, showing year-on-year declines of 6.63%, 45.60%, and 27.12% respectively. The revenue decline was primarily due to a new product gap affecting sales, while the average selling price remained stable [2][3]. - The total vehicle sales in Q1 were 257,000 units, a year-on-year decrease of 6.7%. Exports and domestic sales were 91,000 units and 166,000 units, reflecting declines of 2.0% and 9.1% respectively [3][4]. Profitability - The gross margin and net margin for Q1 were 17.84% and 4.38%, down 1.53 percentage points and 3.13 percentage points year-on-year. The decline in gross margin was mainly due to a slight drop in sales volume and changes in product mix [4][10]. - The company expects profitability to gradually recover as the domestic new car cycle begins in Q2, with a stabilization of expense ratios anticipated as direct channel investments become more stable [4][9]. Future Outlook - The company plans to launch several key models in Q2, including the second-generation Xiaolong MAX and the all-new Gaoshan, which are expected to drive sales and optimize the product mix. The introduction of new models throughout the year is anticipated to contribute significantly to sales growth [3][10]. - The core logic for the company's performance growth in 2025 is driven by the domestic new car cycle, which is expected to boost domestic sales, alongside steady growth in exports to non-Russian regions [10][11].