Core Viewpoint - Great Wall Motors has achieved record monthly sales and significant overseas expansion, with August 2025 sales reaching 115,600 vehicles, a year-on-year increase of 22.33% [1][4]. Sales Performance - In August 2025, Great Wall Motors sold 115,600 new vehicles, marking the best performance for August in history, with a 22.33% year-on-year increase [1][4]. - Year-to-date sales for the first eight months of 2025 reached 789,700 vehicles, reflecting a 5.94% increase compared to the same period last year [2][5]. - New energy vehicle sales in August reached 37,500 units, up 50.92% year-on-year [4]. - Sales of models priced above 200,000 yuan reached 31,600 units, a 50.57% increase year-on-year [4]. - Overseas sales in August totaled 45,200 units, a year-on-year increase of 11.65% [1][4]. Brand Performance - The Haval brand sold 68,900 vehicles in August, a 22.69% increase year-on-year [6]. - The WEY brand's new energy vehicle sales surged to 8,028 units, up 167.51% year-on-year [6]. - The Tank SUV series sold 20,000 units in August, a 22.46% increase year-on-year [7]. - The Ora brand sold 5,223 vehicles, a modest increase of 1.4% year-on-year [8]. - Great Wall Pickup was the only brand to experience a decline, with sales of 13,300 units, down 2.89% year-on-year [9]. Global Expansion - Great Wall Motors has accelerated its global expansion, with the completion of its Brazil factory, which has an annual production capacity of 50,000 vehicles [3][12]. - The company has established a comprehensive overseas system, with over 15 million global users and more than 1,400 overseas sales channels [3][13]. - Cumulative overseas sales have surpassed 2 million vehicles, with a year-on-year increase of 1.35% in the first eight months of 2025 [13]. Financial Performance - In the first half of 2025, Great Wall Motors reported revenue of 92.335 billion yuan, a 0.99% increase year-on-year, with a net profit of 6.337 billion yuan, down 10.21% [14]. - The second quarter of 2025 saw revenue of 52.348 billion yuan, a 7.78% year-on-year increase, and a net profit of 4.586 billion yuan, up 19.46% year-on-year [14]. - The company anticipates that its annual revenue for 2025 will exceed 200 billion yuan [15]. Research and Development - In the first half of 2025, Great Wall Motors' R&D expenses reached 4.239 billion yuan, a 1.12% increase year-on-year, marking a historical high for the period [16]. - The company has established nine major R&D bases and five software R&D centers, with a global patent application total nearing 50,000 [17].

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4]. Core Views - The company's performance in 1H25 met expectations, with total revenue increasing by 1.0% year-on-year to CNY 92.33 billion, while net profit attributable to shareholders decreased by 10.2% to CNY 6.34 billion [1]. - The high-end strategy is showing significant results, with total vehicle sales up by 1.8% year-on-year to 570,000 units, and new energy vehicle sales increasing by 21.2% to 160,000 units [2]. - The company is exploring new paths for "ecological overseas expansion," with overseas sales slightly down by 1.9% to 198,000 units, primarily due to market fluctuations in Russia [3]. Summary by Sections Financial Performance - In 1H25, total revenue was CNY 92.33 billion, accounting for 38% of the annual forecast, while net profit attributable to shareholders was CNY 6.34 billion, representing 41% of the annual forecast [1]. - In Q2 2025, revenue increased by 7.7% year-on-year and 30.7% quarter-on-quarter to CNY 52.32 billion, with net profit rising by 19.5% year-on-year and 161.9% quarter-on-quarter to CNY 4.59 billion [1]. Strategic Developments - The company is advancing its high-end strategy, with the Tank brand focusing on "off-road + new energy" technology, and the WEY brand targeting the high-end intelligent new energy family vehicle market [2]. - The launch of the new Tank 500 has shown strong order performance, indicating successful brand expansion [2]. Market Expansion - The company is deepening its overseas market layout, establishing production bases in Thailand and Brazil, and expanding its presence in Latin America [3]. - The slight decline in overseas sales is expected to recover as other regions begin to ramp up production [3]. Profit Forecasts - The report maintains profit forecasts for 2025E, 2026E, and 2027E at CNY 15.5 billion, CNY 17.8 billion, and CNY 19.6 billion respectively [3].

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 Viewpoint - GWM (Great Wall Motors) has evolved from a small factory focused on pickup trucks to a comprehensive automotive manufacturer with a global presence, emphasizing self-research and development, and a shift towards an "ecological overseas" strategy [3][4][6][14]. Group 1: Company Evolution - GWM was founded in 1984 as a small factory with fewer than 100 employees, initially relying on pickup trucks in a market dominated by joint ventures and foreign brands [3]. - Over 35 years, GWM has focused on self-research, developing its own engines and components, and now supplies parts to major international automakers like BMW and Mercedes [4]. - The company has established a complete technical loop, showcasing its ability to manufacture vehicles and supply components to others [4][5]. Group 2: Global Expansion Strategy - GWM's "ecological overseas" strategy involves not just exporting vehicles but also establishing local R&D centers, factories, and service channels in foreign markets [6][8]. - The company has expanded its overseas sales channels to over 1,400 locations across Europe, South America, the Middle East, and Australia, with cumulative overseas sales exceeding 2 million vehicles [8]. - GWM's investment in local production, such as the planned factory in Brazil with an annual capacity of 100,000 vehicles, aims to mitigate risks associated with tariffs and trade barriers [9]. Group 3: Challenges and Competitiveness - GWM faces challenges in scaling its operations, particularly in the competitive electric vehicle market, where it lags behind rivals like BYD and Geely [11]. - The company has strengths in traditional manufacturing but needs to enhance its capabilities in software and intelligent vehicle technology to remain competitive [12]. - GWM's multi-brand strategy, while extensive, risks resource dilution and strategic conflicts among its various product lines [13]. Group 4: Future Outlook - GWM's ability to convert its reliability and long-term approach into competitive advantages in the rapidly evolving automotive landscape will be crucial for its future success [16]. - The company must balance speed and stability in its global expansion efforts to avoid potential pitfalls associated with heavy asset investments [13].

Core Viewpoint - Great Wall Motors has evolved from a small factory with over 60 employees 35 years ago to a large automotive enterprise with 85,000 employees and annual sales exceeding 1 million vehicles, exporting to over 170 countries and regions [3][12]. Group 1: Company Development - Great Wall Motors established its first R&D center in 1998, marking the beginning of its journey towards independent powertrain development [3]. - The R&D team has grown to 23,000 members, with nearly 50,000 patent applications and approximately 30,000 authorized patents [3]. - The company has achieved self-research and manufacturing of core components such as engines, transmissions, and power batteries, breaking through industry technology barriers [5]. Group 2: Technological Advancements - Great Wall Motors has invested heavily in product quality testing, establishing advanced testing facilities, including Asia's largest multi-angle collision test lab, with an investment of 510 million yuan and a total area of 57,000 square meters [5][7]. - The company conducts extreme condition simulations for its engines, covering 120 extreme scenarios, ensuring reliability and safety under various conditions [7]. Group 3: Global Expansion - Great Wall Motors began its international strategy in 1997 with the export of its pickup trucks to the Middle East and was the first Chinese brand to enter the right-hand drive market in Australia [8]. - The company has established complete vehicle production bases in Thailand and Brazil, with the Brazilian factory having an annual capacity of 50,000 new energy vehicles [8][10]. - Great Wall Motors has over 1,400 sales outlets globally, with cumulative overseas sales surpassing 2 million vehicles, aiming for 450,000 overseas sales in 2024 [10][12]. Group 4: Future Outlook - The company emphasizes continuous improvement and innovation, aiming to embark on a new journey for the next 35 years [12].

Core Viewpoint - Great Wall Motors has evolved from a small factory to a major automotive enterprise with over 82,000 employees and annual sales exceeding one million vehicles, playing a crucial role in China's automotive industry upgrade and global market expansion [1][3] Group 1: Company Growth and Global Presence - Great Wall Motors is celebrating its 35th anniversary in 2025, having developed a brand matrix that includes Haval, Wey, Tank, Ora, Great Wall Pickup, and Great Wall Soul Motorcycle, with products exported to over 170 countries and regions [1][3] - The company has established a global sales network covering more than 170 countries, with over 1,400 overseas sales channels and cumulative overseas sales surpassing 2 million vehicles [3][8] - In 2024, Great Wall Motors aims for overseas sales to reach 450,000 units, with a global user base exceeding 15 million [3][8] Group 2: Technological Innovation and R&D - Great Wall Motors emphasizes the importance of "technological discourse power" in global automotive competition, focusing on mastering core technologies through sustained independent innovation [4][5] - The company has invested over 10 billion yuan in R&D for three consecutive years, with a global R&D network spanning seven countries and a team of 23,000 engineers [4][5] - Great Wall Motors has developed a comprehensive self-research system covering traditional power, new energy, intelligent networking, and chassis architecture [4][5] Group 3: Local Adaptation and Market Strategy - The company has implemented a localized operation strategy, adapting its products and services to meet local market needs, such as optimizing power systems for European emission standards and adjusting vehicle durability for Southeast Asia's climate [5][10] - Great Wall Motors has established three full-process manufacturing bases overseas, including a new plant in Brazil with a planned capacity of 50,000 units, enhancing its production network [7][8] - The company’s "ecological going global" model integrates both vehicle and supply chain collaboration, allowing it to lower logistics and tariff costs while enhancing its competitiveness in the global supply chain [8][10] Group 4: Brand Development and Market Positioning - Great Wall Motors believes that true internationalization involves brand export rather than mere product export, focusing on building a strong global brand presence [10][11] - The company has unified its brand image under GWM while developing differentiated strategies for its various brands, such as Wey's focus on high-end markets and Tank's appeal in off-road segments [10][11] - The establishment of a three-tier service system overseas ensures efficient vehicle maintenance and aligns product offerings with local policies and consumer demands [11]

Core Viewpoint - Great Wall Motors' establishment of a factory in Brazil marks a significant strategic move to deepen its presence in the Latin American market, transitioning from merely exporting vehicles to a comprehensive local integration of research, production, sales, and service [2][19]. Group 1: Factory Establishment and Production Capacity - The Great Wall Motors factory in Brazil officially commenced operations on August 16, 2023, with high-profile attendance from Brazilian government officials, highlighting the company's positive contributions to the local economy [2]. - The factory, located in Iracemapolis, São Paulo, spans 1.2 million square meters with a building area of 94,000 square meters and an annual production capacity of 50,000 vehicles, focusing initially on models like the Haval H6 and H9 [2][4]. Group 2: Strategic Market Positioning - Great Wall Motors is not just establishing production capacity but is also implementing a deep strategic layout, embodying a shift from "going out" to "digging in" and from "automobile export" to "ecological export" [2][5]. - The factory's location in São Paulo, a key automotive manufacturing hub, ensures efficient production and supply chain support [4]. Group 3: High-Quality Export Strategy - Great Wall Motors emphasizes a high-quality export strategy, contrasting with other brands that often rely on low-price tactics, which can harm brand image in the long run [4]. - The Haval H6 is positioned at a luxury price point in Brazil, showcasing advanced features and performance, which has garnered positive consumer reception [4]. Group 4: Comprehensive Ecosystem Development - The company plans to invest continuously in Brazil to build a complete industrial chain, including a research center and increased localization of parts, which is expected to create 2,000 technical jobs and boost local GDP by 1.2% [5][12]. - Great Wall Motors is developing a three-in-one ecosystem of research, manufacturing, and supply chain in Brazil, attracting multiple Chinese parts suppliers to establish operations locally [5]. Group 5: Market Potential and Challenges - Brazil's automotive market is attractive due to its population of over 200 million and a projected new car sales growth of 14.1% in 2024, making it a key entry point for Chinese automakers into the South American market [10][11]. - However, challenges such as fluctuating import tariffs and a market dominated by foreign brands present significant hurdles for Chinese companies [10][11]. Group 6: Competitive Advantages - Great Wall Motors benefits from a strong domestic market presence, having established a reputation for quality and innovation, which is now translating into positive perceptions in Brazil [11][12]. - The company has a robust strategy for electric vehicles, with a focus on hybrid, pure electric, and hydrogen technologies, aligning with local market demands [8][11]. Group 7: Global Expansion and Future Goals - The Brazilian factory serves as a critical hub for Great Wall Motors' expansion into Latin America, with plans to enhance local service capabilities and reduce delivery times [14]. - The company aims to achieve 1 million overseas vehicle sales by 2030, with the Brazilian market playing a pivotal role in this growth strategy [18][19].

Core Viewpoint - Great Wall Motors has officially launched its factory in Brazil, marking a significant step in its strategic expansion into the South American market, showcasing its commitment to local development and innovation [1][9]. Group 1: Factory Overview - The factory is located in Iracemapolis, São Paulo, covering an area of 1.2 million square meters with a building area of 94,000 square meters, and has an annual production capacity of 50,000 vehicles [1]. - Initial production will focus on models such as the Haval H6 series, Haval H9, and the 2.4T Great Wall Cannon, catering to the demand for intelligent and electric vehicles in Brazil [1]. Group 2: Strategic Layout - Great Wall Motors is not merely establishing production capacity but is implementing a comprehensive strategic layout that includes R&D, manufacturing, sales, and service in Brazil [1][3]. - The company aims to create a complete industrial chain in Brazil, including a research center and increased localization of parts, which is expected to generate 2,000 technical jobs and boost local GDP by 1.2% [3]. Group 3: Product and Market Strategy - Great Wall Motors is adopting a high-quality approach to entering the Brazilian market, contrasting with other brands that have relied on low-price strategies [2]. - The Haval H6 is positioned at a luxury price point, gaining recognition for its performance and advanced features among Brazilian consumers [2][7]. Group 4: Powertrain and Technology - The company is pursuing a comprehensive powertrain strategy in Brazil, focusing on hybrid, electric, and hydrogen technologies, including a specialized ethanol plug-in hybrid system [4]. - This approach positions Great Wall Motors as a rule-maker in local new energy technology standards, reflecting its deep understanding of the Brazilian market [4]. Group 5: Market Potential and Challenges - Brazil's automotive market is attractive due to its population of over 200 million and a projected new car sales growth of 14.1% in 2024, reaching 2.6349 million units [5][6]. - However, challenges include fluctuating import tariffs and strong competition from established foreign brands, necessitating a robust local presence for success [6][7]. Group 6: Brand Perception and Local Engagement - Great Wall Motors has built a positive brand image in Brazil, with local consumers recognizing the value and reliability of its vehicles, particularly in the SUV and pickup segments [7][8]. - The company engages with local communities through cultural initiatives, enhancing its brand resonance and trust with the Brazilian government [8]. Group 7: Global Expansion and Future Outlook - The Brazilian factory serves as a strategic hub for Great Wall Motors' expansion into the Latin American market, aiming to optimize its global market layout [9][10]. - The company has set a target of achieving 1 million units in overseas sales by 2030, with the Brazilian market playing a crucial role in this growth strategy [10][11].

Core Viewpoint - The completion and operation of Great Wall Motors' factory in Brazil marks a significant step in the company's strategy to deepen its presence in the Latin American market, leveraging advanced technology and local production capabilities to enhance competitiveness and meet local demand [1][3][7]. Group 1: Factory Overview - The Great Wall Motors factory in Brazil covers an area of 1.2 million square meters, with a building area of 94,000 square meters, featuring advanced production capabilities including hybrid and diesel vehicle manufacturing [4]. - The initial production capacity of the factory is set at 50,000 vehicles per year [4]. Group 2: Market Strategy - Great Wall Motors aims to establish a strong foothold in Brazil, which is the largest automotive market in South America, by transitioning from simple product exports to a more localized production strategy [3][6]. - The company has achieved a sales volume of 29,000 vehicles over three years since entering the Brazilian market, with a 19.8% year-on-year increase in sales in the first half of 2025, surpassing the industry average growth rate by 17 percentage points [3][6]. Group 3: Product and Technology - The initial models to be produced at the Brazilian factory include the Haval H9, 2.4T Great Wall Cannon, and Haval H6 series, with plans to introduce the WEY brand's flagship SUV [6]. - Great Wall Motors has developed a comprehensive powertrain strategy, including advanced engine technologies such as 3.0T V6, 4.0T V8 gasoline engines, and 2.4T diesel engines, along with self-developed 9AT/9HAT transmissions [6]. Group 4: Global Strategy and Localization - The establishment of the factory is part of Great Wall Motors' "new four modernizations" strategy, focusing on localization of production, business operations, brand cross-cultural integration, and supply chain security [7]. - The company has a global user base of over 15 million and has established more than 1,400 overseas sales channels, with cumulative overseas sales exceeding 2 million vehicles [8]. Group 5: Local Economic Impact - The factory's operation is expected to create over 2,000 jobs in Brazil, contributing positively to the local economy and fostering collaboration with local suppliers [11][12]. - Great Wall Motors plans to increase local procurement to 35% next year, enhancing its integration into the local supply chain [11]. Group 6: Corporate Social Responsibility - The company has been recognized as a best employer brand in Brazil, emphasizing its commitment to creating a positive work environment and promoting cultural exchange [12]. - Great Wall Motors focuses on long-term value creation, balancing short-term market performance with brand building, technological innovation, and social responsibility [12].

Core Insights - The inauguration of Great Wall Motors' factory in Brazil marks a strategic leap for the Chinese automotive industry from product export to local ecosystem establishment [2][3] - The factory, located in Iracemapolis, has an initial annual production capacity of 50,000 vehicles and will produce models such as Haval H6 GT and Haval H9 [2] - Great Wall Motors aims to become a leading brand in the Brazilian new energy vehicle market, which currently has a penetration rate of less than 10% [2][3] Company Development - Since entering the Brazilian market in 2021, Great Wall Motors has achieved annual sales of 29,000 units, ranking 14th in the market [3] - In the first half of 2025, sales reached 15,700 units, reflecting a year-on-year growth of 19.8%, surpassing the industry average growth rate of 17% [3] - The company has over 1,400 overseas sales channels and has sold more than 2 million vehicles globally [3] Strategic Initiatives - Great Wall Motors is implementing a "dual-fuel" strategy, focusing on hybrid, pure electric, and hydrogen energy technologies [3] - The company has developed an "ethanol plug-in hybrid system" tailored to Brazil's flexible fuel demand, positioning itself as a rule-maker in local new energy technology standards [3] Brand Positioning - The company emphasizes a "cooperation and win-win" philosophy, avoiding cutthroat competition and enhancing the collective image of Chinese automotive brands abroad [4] - Great Wall Motors engages with local communities through sponsorships and cultural events, fostering emotional resonance with Brazilian consumers [4] - Positive consumer feedback highlights the advantages of Great Wall vehicles over competitors, particularly in terms of configuration and durability [4] Industry Outlook - The establishment of the Brazilian factory provides new prospects for Chinese automotive companies, enhancing their competitiveness in the global market [4] - The transition from product export to deep localization signifies a significant evolution in the strategy of Chinese automotive firms [4]