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].

Core Viewpoint - GAC Commercial Vehicle has officially established GAC Lingcheng New Energy Commercial Vehicle Co., Ltd, launching its first new energy "full-domain pickup" concept vehicle, GAC PICKUP 01, along with various innovative technologies and strategies aimed at transforming into intelligent new energy commercial vehicles [1][2] Group 1: Company Development - GAC Lingcheng is a restructured entity from GAC Hino, which was established in 2007 and previously held a significant market share in the high-end heavy truck sector [1] - GAC Group has increased its stake in GAC Lingcheng to 89.72%, while Hino's share has decreased to 4.83% [1] - The company aims to achieve a revenue target of 30 billion yuan by 2030 as part of its "135" development strategy [1] Group 2: Technological Innovations - GAC Lingcheng emphasizes that the electrification of commercial vehicles is a systemic revolution rather than a simple replacement of power systems [2] - The Deepsky microcrystalline cell, designed specifically for commercial vehicles, boasts innovations that ensure "zero ignition, zero explosion" [2] - The GAIA adaptive intelligent architecture supports multiple power forms, addressing the challenges of adapting commercial vehicles to various scenarios [3] Group 3: Market Strategy - GAC PICKUP 01 is positioned to compete directly with international rivals like Toyota Hilux and Ford Ranger, targeting key markets such as Australia, Saudi Arabia, Chile, and Mexico before entering the domestic market [4] - The company plans to leverage GAC's sales network across over 70 countries to facilitate its entry into the global pickup market, which has an annual sales volume exceeding 6 million units [3][4] Group 4: Financial Strategy - GAC Lingcheng is actively seeking capital support and has engaged with multiple investors to optimize its capital structure over the next five years [5] - The company is pursuing the issuance of asset-backed securities (ABS) and aims to introduce strategic investors to enhance its equity structure, with plans to initiate an IPO within three years [5]

Investment Rating - The report maintains a "Strong Buy" investment rating for Great Wall Motors [3][6]. Core Views - The company reported a revenue of 40.02 billion yuan in Q1 2025, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.7% [1][6]. - Despite short-term performance pressure, the company is launching competitive new models and enhancing its technological capabilities [6]. - The company is actively pursuing collaborations to create a new ecosystem for intelligent mobility [6]. Financial Performance - In Q1 2025, Great Wall Motors achieved a gross margin of 17.8% and a net margin of 4.4% [6]. - The total revenue for 2023 is projected at 173.21 billion yuan, with a year-on-year growth of 26%, and expected to reach 340.64 billion yuan by 2027 [7][33]. - The net profit attributable to shareholders is forecasted to be 14.62 billion yuan in 2025, with a growth rate of 15% [7][33]. Sales and Market Position - The company sold 257,000 vehicles in Q1 2025, a decline of 6.7% year-on-year, while overseas sales decreased by 2.0% to 91,000 units [6]. - New energy vehicle sales increased by 5.7% year-on-year, reaching 63,000 units [6]. Product Development and Innovation - The company launched several new models in 2025, including the Tank 300 and the second-generation Haval Xiaolong MAX, which features advanced driving technology [6]. - Great Wall Motors is focusing on product upgrades and technological accumulation to enhance competitiveness [6]. Strategic Collaborations - The company has formed strategic partnerships with various technology firms to innovate in areas such as AI and intelligent vehicle manufacturing [6].

Core Insights - Great Wall Motors (GWM) reported impressive financial results for 2024, with revenue of 202.195 billion yuan (+16.73%) and net profit of 12.692 billion yuan (+80.73%), indicating a significant improvement in profitability quality [1][2] - The company is undergoing a strategic transformation, shifting from a focus on scale to prioritizing quality, which is reflected in its product offerings and market approach [3][4] Financial Highlights - GWM achieved a record operating cash flow of 27.783 billion yuan (+56.49%), which is 2.18 times its net profit, providing ample resources for future R&D and global expansion [2] - The gross margin increased to 19.51% (+1.36 percentage points), and the net profit per vehicle exceeded 10,000 yuan, showcasing effective cost control and revenue growth [1][2] Strategic Transformation - The company is implementing a three-pronged strategy: - Product shift from "SUV expert" to "full scene coverage" with a focus on high-value models [3] - Market expansion from "local reliance" to "global deep cultivation," achieving overseas sales of 454,100 units (+44.61%) [4][5] - Technology advancement from "follower" to "leader," with significant investments in smart and new energy technologies [6] Market and Product Development - GWM's Tank brand has achieved over 600,000 global sales, with a market share exceeding 50% in the off-road segment [3] - The company is focusing on high-value models, such as the Wei brand and the Ora brand targeting female consumers, which have shown strong profitability [3][5] Global Expansion - GWM's overseas strategy includes localizing production, with a CKD factory in Malaysia reducing vehicle costs by 18% and plans for a factory in Brazil by 2025 [4] - The company emphasizes a dual approach of "local deep cultivation + technology output" to enhance its global presence [4] Technological Leadership - GWM's Hi4 hybrid technology has been adopted in over 40% of its models, significantly enhancing performance and efficiency [6] - The company is investing heavily in R&D, with over 25% of its workforce dedicated to this area, ensuring a strong technological foundation for future growth [6] Long-term Investment Value - GWM's strategic focus on high-value models and technology is expected to sustain net profit growth rates of 40%-53% by 2025 [8] - The company aims to transition from a traditional automaker to an "AI mobility technology company," creating a comprehensive ecosystem that integrates energy, manufacturing, and services [8][9]

Core Viewpoint - The company achieved its annual performance expectations with total revenue increasing by 16.7% year-on-year to 202.2 billion yuan and net profit attributable to shareholders rising by 80.8% to 12.69 billion yuan in 2024 [1] Group 1: Financial Performance - Total revenue for 2024 reached 202.2 billion yuan, slightly below the expected 205.4 billion yuan [1] - Net profit attributable to shareholders increased by 80.8% year-on-year to 12.69 billion yuan, close to the forecast of 12.8 billion yuan [1] - In Q4 2024, revenue was 59.94 billion yuan, showing a year-on-year increase of 11.6% and a quarter-on-quarter increase of 17.9% [1] - Q4 2024 net profit attributable to shareholders was 2.26 billion yuan, up 11.7% year-on-year but down 32.4% quarter-on-quarter [1] - The company’s Q4 2024 net profit after deducting non-recurring items was 1.36 billion yuan, reflecting a year-on-year increase of 32.7% but a quarter-on-quarter decrease of 50% [1] Group 2: Product and Market Strategy - The company’s vehicle sales in 2024 increased by 0.2% year-on-year to 1.233 million units, with new energy vehicle sales rising by 22.8% to 322,000 units, achieving a penetration rate of 26.1% [2] - The company is focusing on high-end product development, with the launch of the new off-road hybrid architecture Hi4-Z in October 2024 [2] - The company plans to enhance its high-end brand image through technological iterations and optimization of user scenarios and channels [2] - The Haval brand aims to leverage core technologies to create more popular models, while the new luxury motorcycle brand, Great Wall Soul, has launched its first model, Soul S2000 [2] Group 3: Global Expansion - The company’s overseas sales in 2024 increased by 43.4% year-on-year to 453,000 units, accounting for 36.7% of total sales [3] - The company has established over 1,400 overseas sales channels and production bases in countries like Thailand and Brazil, enhancing its global supply chain [3] - The company is expected to focus on markets in Latin America, the Middle East, North Africa, and ASEAN in 2025, anticipating steady growth in overseas sales [3] - The company maintains profit forecasts for 2025-2026 at 15.5 billion yuan and 17.8 billion yuan, with an additional forecast of 19.6 billion yuan for 2027 [3]

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4] Core Views - The company's annual performance met expectations, with total revenue increasing by 16.7% year-on-year to CNY 202.2 billion, and net profit attributable to shareholders rising by 80.8% to CNY 12.69 billion [1] - The company is focusing on the transition to smart new energy technologies and high-quality globalization [1] - The company achieved a 43.4% year-on-year increase in overseas sales, indicating a strong global expansion strategy [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of CNY 202.2 billion, a 16.7% increase from the previous year, and a net profit of CNY 12.69 billion, an 80.8% increase [1] - The fourth quarter of 2024 saw revenue of CNY 59.94 billion, with a year-on-year increase of 11.6% [1] - The company expects net profit for 2025 and 2026 to be CNY 15.46 billion and CNY 17.81 billion, respectively [3] Product and Market Strategy - The company sold 1.233 million vehicles in 2024, with a 22.8% increase in new energy vehicle sales [2] - The company is advancing its high-end product strategy, with new models and technology iterations planned for 2025 [2] - The company is also innovating product categories, including the launch of a super luxury motorcycle brand [2] Global Expansion - The company has established a global sales network with over 1,400 channels across more than 170 countries [3] - The overseas sales accounted for 36.7% of total sales in 2024, reflecting a robust international presence [3] - The company plans to focus on markets in Latin America, the Middle East, and Southeast Asia for further growth [3]

Core Viewpoint - Great Wall Motors reported strong financial performance for 2024, with significant growth in revenue and net profit, driven by a focus on smart new energy strategies and a multi-brand product matrix [1][3][4]. Financial Performance - The company achieved a revenue of 202.195 billion yuan, a year-on-year increase of 16.73% [1] - Net profit attributable to shareholders reached 12.692 billion yuan, up 80.73% year-on-year [1] - The basic earnings per share were 1.49 yuan, with a proposed cash dividend of 0.45 yuan per share [1] - The gross profit margin improved to 19.51%, an increase of 1.36 percentage points [3] - The net cash flow from operating activities was 27.783 billion yuan, a growth of 56.49% [3] Sales and Product Strategy - Total vehicle sales for the year reached 1.2345 million units, a slight increase of 0.37% [2] - Sales of new energy vehicles (NEVs) reached 322,200 units, marking a growth of 25.65% [2][4] - The company operates six major brands, including Haval, WEY, Tank, Great Wall Pickup, Ora, and Great Wall Soul, covering various vehicle categories [2] R&D and Innovation - R&D investment has exceeded 10 billion yuan for three consecutive years, with a workforce of 23,000 in R&D [4] - The company has established a comprehensive technology architecture for smart new energy and off-road vehicles [4] - Great Wall Motors has diversified its battery technology, including lithium-ion, sodium-ion, and solid-state batteries [4] Global Expansion - Overseas sales reached 454,100 units, a year-on-year increase of 44.61%, accounting for 36.8% of total sales [6][8] - The company has established production bases in Thailand and Brazil, and KD factories in Ecuador and Pakistan [6] - Great Wall Motors aims to achieve over 1 million overseas sales by 2030, focusing on localized ecosystems [8] Future Outlook - The company plans to enhance its smart new energy technology and global strategy, focusing on the Hi4 hybrid architecture and AI data systems [7] - There is a need to accelerate the development of pure electric vehicles to maintain long-term competitiveness in the market [8]

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 ：02333（港幣櫃台）及82333（人民幣櫃台） 海 外 監 管 公 告 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2024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3月28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。 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 长城汽车股份有限公司 2024 年年度报告 公司代码：601633 公司简称：长 ...