其中，9月长城新能源车型销售4.60万辆，同比增长52.55%，刷新历史纪录；20万元以上车型销售3.62 万辆，同比增长28.80%；海外销售5.03万辆，同比增长13.98%，首次突破5万辆；方盒子车型销售6.34 万辆，同比增长37.31%，领跑方盒子市场。 从品牌来看，哈弗9月销售新车8.19万辆，同比增长30.24%；魏牌新能源9月销售新车1.10万辆，同比增 长63.23%；坦克SUV 9月销售新车2.14万辆，同比增长14.41%；欧拉9月销售新车6255辆，同比增长 14.02%；长城皮卡9月销售新车12901辆，全球累计销售超282.49万辆。 国内市场不断攀升的同时，长城汽车的全球化战略也同步发力，《中国经营报》记者获悉，10月，长城 汽车在澳大利亚举办"GWM TECH DAY"全球技术体验活动，重点展示全动力×全场景布局、发布Hi4家 族新能源矩阵、建立"新能源越野分级"体系。 长城汽车方面向记者表示，澳大利亚是GWM最早开拓的海外市场之一，具有严苛法规标准与典型户外 用车文化，是全球越野新能源技术验证的天然"试金场"。此次在澳大利亚发布，不仅是技术落地，更是 生态扎根。截至2025年 ...

Core Viewpoint - The article discusses the participation of Wei Jianjun, the chairman of Great Wall Motors, in the 2025 Dunhuang Off-Road Endurance Race, highlighting his passion for cars and the significance of this event for the development of China's automotive culture and motorsport industry [2][10][114]. Group 1: Event Overview - The 2025 Dunhuang Off-Road Endurance Race covers a challenging course of approximately 1100-1200 kilometers through various terrains, including riverbeds, canyons, and deserts [1][2]. - The event poses significant challenges for both vehicles and drivers, making it a rigorous test of endurance [2][4]. Group 2: Wei Jianjun's Motivation - Wei Jianjun's participation in the race is seen as a genuine commitment rather than a mere marketing stunt, as he has a long-standing passion for cars dating back 35 years [10][11]. - His early experiences with cars and racing shaped his ambition to create a globally recognized automotive brand, which led him to take over Great Wall Motors during a challenging period [15][16]. Group 3: Great Wall Motors' Racing History - Great Wall Motors has a history of participating in significant racing events, including the Dakar Rally, where it made its debut as a Chinese brand [21][26]. - The company has consistently aimed to prove its vehicles' capabilities in extreme conditions, which is reflected in its participation in various endurance races [67][68]. Group 4: Challenges in Chinese Motorsports - The article highlights the struggles of the Chinese motorsport scene, including the lack of commercial viability and media coverage, which hampers the growth of events like the China Rally Championship (CRC) [35][38][56]. - Despite the challenges, there is a growing interest in motorsports, as evidenced by the increase in participants in events like the Dunhuang race [99]. Group 5: Future of Chinese Automotive Culture - The article emphasizes the potential for growth in China's automotive culture, driven by local manufacturers like Great Wall Motors, which are increasingly willing to invest in motorsport [63][64]. - Wei Jianjun's involvement in racing is seen as a catalyst for attracting attention to the motorsport industry and fostering a more robust automotive culture in China [112][114].

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight increase in revenue but a significant decline in net profit, with a notable recovery in Q2 performance. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 923.35 billion, a year-on-year increase of 0.99%, while net profit attributable to shareholders was 63.37 billion, a decrease of 10.21% [1] - In Q2 2025, the company recorded revenue of 523.16 billion, a year-on-year increase of 7.71% and a quarter-on-quarter increase of 30.73% [2] - The company's gross margin for the first half of 2025 was 18.38%, down 2.36 percentage points year-on-year, and the net margin was 6.86%, down 0.88 percentage points year-on-year [3] Group 2: Product and Market Strategy - The company initiated a new product cycle in the first half of 2025, leading to a year-on-year increase in sales and revenue [2] - The overseas revenue reached 358.9 billion, accounting for 39% of total revenue, with overseas sales of 198,700 units, representing 35% of total sales [2] - The company has developed a comprehensive brand matrix including Haval, Wey, Tank, Great Wall Pickup, Ora, Great Wall Soul, and Great Wall Commercial Vehicles, optimizing its product structure [2] Group 3: Technological Advancements - The company emphasizes self-research in intelligent technology, achieving significant advancements in smart cockpit and intelligent driving assistance systems [3] - Continuous investment in new energy technology has led to a 23.64% year-on-year increase in new energy vehicle sales [3] - The company is transitioning towards becoming a smart technology company, with core self-research in intelligent cockpit systems [3] Group 4: Future Outlook - The company maintains an "accumulate" investment rating, with projected net profits of 226.06 billion, 254.89 billion, and 291.49 billion for 2025, 2026, and 2027 respectively [3]

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 investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 52.32 billion yuan in Q2 2025, representing a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 4.59 billion yuan, which is a year-on-year increase of 19.5% [2][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles, with a continuous new car cycle expected to drive improvements in sales and performance [2]. - The company's four major expansion strategies are expected to open up long-term growth potential for sales, while the shift towards intelligent vehicles is anticipated to enhance profitability across the entire industry chain [2]. Summary by Sections Financial Performance - In Q2 2025, the company sold 313,000 vehicles, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9%. The sales of new energy vehicles reached 98,000 units, up 33.7% year-on-year and 56.4% quarter-on-quarter, with new energy vehicles accounting for 36.8% of total sales [2][4]. - The revenue for Q2 2025 was 52.32 billion yuan, a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%. The average revenue per vehicle was 167,000 yuan, showing a slight decrease of 0.4 thousand yuan year-on-year but an increase of 1.1 thousand yuan quarter-on-quarter [2][4]. - The gross profit margin for Q2 2025 was 18.8%, a decrease of 1.7 percentage points year-on-year but an increase of 1.0 percentage points quarter-on-quarter. The net profit margin was 8.8%, up 0.9 percentage points year-on-year and 4.4 percentage points quarter-on-quarter [2][4]. Strategic Initiatives - The company is focusing on three dimensions: product, channel, and supply chain adjustments in the domestic market. It is committed to deepening its transition to new energy, with a focus on plug-in hybrid vehicles and a clear positioning for new products [2]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [2]. - The company is enhancing its technological capabilities in the era of intelligence, focusing on data, algorithms, and computing power to strengthen its competitive edge [2]. Future Outlook - The company expects to see continued growth in sales and performance driven by its overseas expansion and the acceleration of new energy vehicle transitions, along with an increase in the proportion of high-value models like the Tank and WEY [2]. - Forecasted net profits for 2025, 2026, and 2027 are 14.13 billion yuan, 17.12 billion yuan, and 21.52 billion yuan, respectively, with corresponding A-share PE ratios of 15.7X, 12.9X, and 10.3X [2].

Core Viewpoint - Great Wall Motors reported a slight revenue increase but a significant decline in net profit, indicating challenges in maintaining profitability amid strategic shifts and market competition [4][5]. Financial Performance - Total revenue for the first half of the year reached 92.33 billion, a year-on-year increase of 0.99% [4]. - Net profit attributable to shareholders was 6.34 billion, down 10.21% compared to the previous year [4]. - The total profit decreased by 15.22%, reflecting the impact of increased investments in new products and market expansion [4][5]. - Cash flow from operating activities was 9.21 billion, a decrease of 1.52% from the previous year [4]. - Net assets attributable to shareholders increased by 6.92% to 84.45 billion [4]. Sales and Market Dynamics - Total vehicle sales for the first half were 568,900 units, a modest increase of 2.52% year-on-year [4]. - Sales of the Haval and Tank brands showed significant slowdowns, with Haval's sales up only 7.24% and Tank's down 10.67% [3]. - The premium Wei brand saw a substantial increase in sales, up 73.62% to 34,000 units, becoming a more critical part of Great Wall's profit structure [3]. Strategic Initiatives - The company attributed profit fluctuations to increased investments in new product cycles, including new marketing channels and brand enhancement efforts [5][6]. - Sales expenses surged by 63.31% to 5.04 billion, indicating a strategic focus on market expansion and brand building [6]. - Research and development expenses slightly increased by 1.21% to 4.24 billion, showing a continued commitment to innovation [6]. Competitive Landscape - Great Wall faces increasing competition from BYD and Geely, which have significantly outpaced it in sales and profitability [7]. - BYD's sales reached 2.15 million, up 33.04%, while Geely's sales were 1.41 million, up 47% [7]. - Great Wall's new energy vehicle penetration rate was only 28.2%, compared to Geely's 51.5% [7]. Future Outlook - The market has high expectations for Great Wall's high-end and international strategies, which are anticipated to open new growth cycles [7]. - The company is planning to launch new models under the Ora brand to revitalize its market presence [8]. - Great Wall is also investing in its supply chain capabilities, including a new factory for smart driving components and various battery products [8].

Core Insights - Beijing Automotive Manufacturing Plant has launched Ruisheng as an independent brand focused on the MPV market, aiming to penetrate the high-end segment [2][3] - The Ruisheng Wangpai M7 MPV model is set to be released in October 2024, with a price range of 61,800 to 147,800 yuan [2] - The MPV market is currently polarized, with high-end models priced excessively and low-end products lacking in user experience [2] Market Strategy - Ruisheng targets the 120,000 to 250,000 yuan MPV market, which includes family users and small business owners [3] - The brand plans a "three-step" strategy to capture market share from 2025 to 2027, aiming to become a mainstream player by 2030 [3] - The brand's success hinges on building market recognition and establishing a reputation for quality and safety [3] Industry Context - Beijing Automotive Manufacturing Plant is now part of Weiqiao Group, which is known for its vertical integration in the aluminum industry [4] - Weiqiao Group provides technological support in lightweight, intelligent, and green solutions for Ruisheng [5] - The company plans to invest 20 billion yuan in R&D over the next five years [5]

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, driven by a strong product cycle and ongoing advancements in smart technology and international expansion [7][8] - The revenue forecast for 2025 is adjusted upwards to 240.1 billion yuan, with a projected net profit of 13.963 billion yuan, reflecting a growth rate of 10.01% [1][8] - The company is focusing on enhancing its product lineup with advanced technology, including the Coffee OS 3 smart cockpit system and a new multi-power platform for various vehicle types [7][8] Financial Summary - Total revenue for 2023 is projected at 173.212 billion yuan, with a year-on-year growth of 26.12% [1] - The net profit attributable to shareholders for 2023 is estimated at 7.022 billion yuan, showing a decline of 15.06% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 1.63 yuan, with a price-to-earnings (P/E) ratio of 15.85 based on the latest diluted shares [1][8] - The gross margin for Q2 2025 is reported at 18.8%, with a slight year-on-year decrease [7] - The company achieved a wholesale sales volume of 313,000 vehicles in Q2 2025, representing a year-on-year increase of 10% [7]

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].