Core Viewpoint - Great Wall Motors' Tank brand is positioned as a global luxury off-road SUV, emphasizing its commitment to advanced technology and user-centric design [1] Group 1: Brand Positioning and Value - The Tank brand adheres to the value proposition of "Iron Man's Tenderness," aiming to establish itself as a reliable and leading global off-road technology expert [1] - According to the China Automobile Circulation Association's report, the Tank brand boasts a three-year resale value rate of 60%, leading among domestic brands, indicating strong market and user recognition of its brand value [1] Group 2: Product Development and Features - Since 2025, models such as Tank 400 and Tank 500 have been equipped with industry-leading intelligent driving assistance systems and smart cockpit features, continuously enhancing product experience and brand strength [1] - The company is focused on transitioning the Tank brand from professional off-road to high-end luxury, broadening its market appeal [1] Group 3: Competitive Performance and Future Strategy - The company has achieved notable success in top domestic off-road events, including the T2.E New Energy Group championship at the 2025 China Rally, showcasing the technical strength of the Tank brand [1] - Moving forward, the Tank brand will continue to build its competitive edge in the global luxury off-road market, grounded in technology and centered around user needs [1]

Group 1 - Great Wall Motors reported a total vehicle sales of 72,594 units in February, a year-on-year decline of 6.79%. Cumulative sales for January and February reached 162,906 units, reflecting a growth of 2.58% despite the impact of the Spring Festival holiday and market off-season [1][2] - The Haval brand maintained stable performance with February sales of 43,660 units, a slight increase of 0.83% year-on-year. Cumulative sales for the first two months were 94,173 units, up 2.52% [1] - Wey brand emerged as a core growth driver for the group, with February sales of 5,615 units, a significant increase of 54.13% year-on-year. Cumulative sales for January and February reached 13,488 units, marking a growth of 55.93% [1] - The Tank brand faced short-term pressure, with February sales of 10,036 units, a year-on-year decline of 14.67%. Cumulative sales for the first two months were 24,541 units, a slight decrease of 0.27% [1] - Great Wall's pickup truck segment maintained its leading position, although sales declined to 12,011 units in February, down 30.42% year-on-year. Cumulative sales for January and February were 27,361 units, a decrease of 7.51% [1] Group 2 - Ora brand is undergoing a transformation period, with February sales of 1,263 units, a year-on-year decline of 33.46%. Cumulative sales for January and February totaled 3,320 units, down 18.85% year-on-year [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2026年2月产销量详细如下(单位:台)： | 车型 | | | 销量 | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | 月度同比 | | | | 年度同比 | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 43,660 | 43,301 | 0.83 | 94,173 | 91,858 2.52 | 39,930 | 42,697 | -6.48 | 91,282 | 92,696 | -1.53 | | WEY品牌 | 5,615 | 3,643 | 54.13 ...

证券代码：601633 证券简称：长城汽车 公告编号：2026-012 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2026 年 1 月产销快报 1月新能源车销售18,029台。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公司刊发财务业绩后，股东及潜在投资者务必详阅。 特此公告。 长城汽车股份有限公司董事会 2026年2月1日 1 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2026年1月产销量详细如下(单位:台)： | 车型 | | | 销量 | | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | | 月度同比 | | | 年度同比 | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增 ...

Core Viewpoint - Bank of America Securities has revised its sales forecasts for Great Wall Motors (601633)(02333) downward for 2025 to 2027, while adjusting profit forecasts for the same period with a target price reduction from HKD 19.5 to HKD 18, maintaining a "Neutral" rating as valuations appear reasonable [1] Group 1: Sales and Revenue - Great Wall Motors' third-quarter revenue reached RMB 61 billion, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, driven by higher sales volume and product pricing [1] - The sales forecasts for Great Wall Motors have been adjusted downward by 4%, 2%, and 3% for the years 2025, 2026, and 2027 respectively [1] Group 2: Profitability and Margins - The company's third-quarter profit fell short of expectations, declining by 31% year-on-year and 50% compared to the second quarter, attributed to a delay in recognizing an RMB 800 million tax refund and a foreign exchange loss of approximately RMB 13 million [1] - The gross margin for the third quarter was recorded at 18.4%, down 1.6 percentage points year-on-year, influenced by a decrease in sales contribution from the Tank brand and increased dealer rebates for Haval and pickup truck brands [1] - Profit forecasts for 2025 to 2027 have been adjusted to reflect a decrease of 0.6%, an increase of 3.8%, and a decrease of 0.1% respectively for those years [1]

Core Viewpoint - Bank of America Securities has revised its sales forecasts for Great Wall Motors (02333) down by 4%, 2%, and 3% for the years 2025 to 2027, while adjusting gross margin forecasts for 2026 and 2027 up by 0.2 percentage points, and changing profit forecasts for 2025 to 2027 by -0.6%, +3.8%, and -0.1% respectively, with a target price reduction from HKD 19.5 to HKD 18, maintaining a "Neutral" rating as valuations are deemed reasonable [1] Financial Performance - Great Wall Motors reported third-quarter revenue of RMB 61 billion, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, driven by sales volume and product price increases [1] - The company's third-quarter profit fell short of expectations, down 31% year-on-year and down 50% compared to the second quarter, attributed to a delay in recognizing an RMB 800 million tax refund from Russia and a foreign exchange loss of approximately RMB 13 million during the period [1] - Excluding one-time items, the net profit for the third quarter decreased by 30% year-on-year [1] - The gross margin was recorded at 18.4%, down 1.6 percentage points year-on-year, likely impacted by a decline in sales contribution from the Tank brand and increased dealer rebates for Haval and pickup truck brands [1]

Core Viewpoint - Bank of America Securities reports that Great Wall Motors' Q3 revenue reached 61 billion yuan, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, primarily driven by sales volume and product price increases [1] Financial Performance - The company's profit fell short of expectations, declining by 31% year-on-year and 50% compared to Q2 of this year, attributed to a delay in recognizing an 800 million yuan tax refund related to scrapped vehicles in Russia and approximately 130 million yuan in foreign exchange losses [1] - Excluding one-time items, net profit decreased by 30% year-on-year [1] - Gross margin stood at 18.4%, down 1.6 percentage points year-on-year, likely impacted by reduced contributions from the Tank brand and increased dealer rebates for Haval and pickup truck brands [1] Future Projections - Considering Q3 performance and the latest model launch schedule, Bank of America Securities has revised Great Wall Motors' sales forecasts for 2025 to 2027 down by 4%, 2%, and 3% respectively [1] - Gross margin forecasts for 2026 and 2027 have been adjusted upward by 0.2 percentage points [1] - Earnings forecasts for 2025 to 2027 have been revised down by 0.6%, up by 3.8%, and down by 0.1% respectively [1] - The target price has been lowered from 19.5 HKD to 18 HKD, maintaining a "Neutral" rating, with expectations that the valuation has become reasonable [1]

Core Insights - Great Wall Motors has made adjustments to its direct sales brand "Great Wall Smart Choice," retaining only models under the Wey brand in showrooms, while the Tank 700 will return to Tank brand 4S stores [2][3] - The return of the Tank 700 to the Tank brand 4S stores aims to provide customers with a "one-stop" experience for comparing and purchasing the entire Tank model lineup, enhancing customer engagement and brand loyalty [2] - The restructuring indicates a strategic focus on the Wey brand, with plans to expand the number of direct sales stores to 600 by the end of the year, covering over 200 cities [3] Company Strategy - The "Great Wall Smart Choice" brand was launched in April 2024 to compete with domestic new energy vehicle brands, initially selling high-end models from Wey and Tank [3] - The management and sales channels for Wey and Tank have been merged since 2022, with a current focus on enhancing the Wey brand's market presence through resource allocation [3] - The adjustment in the sales strategy reflects a broader trend of resource concentration on the Wey brand, which has seen significant sales growth, achieving a monthly sales record of 11,000 units in September 2025, a 63.23% year-on-year increase [3] Market Performance - The Tank brand faces challenges, with September sales at 21,400 units, a 14.41% increase year-on-year, but a cumulative decline of 2.75% for the first nine months [4] - Increased competition in the domestic off-road vehicle market has impacted the sales of the Tank 300, a key model for the brand [4] - The strategic withdrawal of the Tank brand from the "Great Wall Smart Choice" is part of a broader response to market changes [4]

Sales Performance - In September, Great Wall Motors sold 133,639 vehicles, representing a year-on-year increase of 23.29% [3] - Cumulative sales for the year reached 923,358 units, showing an 8.15% year-on-year growth [3] Production Performance - The company produced 134,404 vehicles in September, which is a 25.38% increase compared to the same month last year [3] - Year-to-date production totaled 919,816 units, reflecting an 8.03% year-on-year increase [3] Brand-Specific Performance - Haval brand sold 81,923 units in September, up 30.24% year-on-year, with cumulative sales of 528,483 units, a 12.03% increase [1][2] - WEY brand achieved sales of 11,026 units in September, a significant 63.23% increase, with year-to-date sales of 63,593 units, up 96.35% [2] - The sales of Great Wall Pickup decreased by 10.76% in September to 12,901 units, but cumulative sales increased by 3.11% to 136,223 units [2] - Ora brand's September sales were 6,255 units, a 14.02% increase, but cumulative sales fell by 37.06% to 29,686 units [2] - Tank brand sold 21,441 units in September, a 14.41% increase, while year-to-date sales decreased by 2.75% to 165,143 units [2] New Energy and Overseas Sales - In September, Great Wall Motors sold 45,961 new energy vehicles, with cumulative sales of 278,463 units for the year [2] - The company recorded 50,269 units in overseas sales for September, totaling 334,181 units in cumulative overseas sales for the year [2]

Core Insights - The Tank brand emerged as the highlight of the Alashan Hero Conference, showcasing over 1,500 tank models and emphasizing its strong community of off-road enthusiasts [1][3][23] - The event featured a blend of performance demonstrations, including the new Tank 500 Hi4-Z model, which showcased its capabilities in extreme conditions [12][10][7] - The brand promoted a message of environmental responsibility, encouraging users to prioritize cleanliness in off-road activities [6][4] Group 1: Event Overview - The Alashan Hero Conference took place from September 30 to October 3, 2025, attracting over 3,500 tank drivers from across China [1][3] - A total of 1,001 tank SUVs participated in a ceremonial display to celebrate the 76th anniversary of the People's Republic of China [4][8] - The event featured various activities, including a collaborative atmosphere where users from different brands could participate [3][22] Group 2: Brand Philosophy and Community Engagement - The Tank brand emphasized its inclusive philosophy, stating that off-roading transcends brand boundaries and fosters a sense of community among enthusiasts [3][23] - The brand provided free services and amenities at the event, including charging stations and repair services, reinforcing its commitment to user experience [3][22] - The brand's executive highlighted the event as a platform for all off-road enthusiasts, promoting unity and shared experiences [3][23] Group 3: Product Highlights - The new Tank 500 Hi4-Z model was a focal point, featuring advanced specifications such as a 59.05-degree lithium battery and a WLTC electric range of 201 km [12] - The vehicle boasts impressive performance metrics, including a peak torque of 1,195 N·m and a 0-100 km/h acceleration time of just 4.3 seconds [12] - The model is designed for comfort and luxury, equipped with features like a large entertainment screen and advanced climate control [12] Group 4: Performance Demonstrations - The event included extreme off-road challenges, showcasing the Tank 500's capabilities in both speed and control [10][15] - A notable performance involved a modified tank demonstrating climbing techniques on steep rock faces, illustrating the brand's engineering prowess [13][15] - The brand's commitment to off-road excellence was reinforced by its focus on slow, controlled movements in challenging terrains, as articulated by the company's chairman [17] Group 5: User Experience and Accessibility - The brand invited professional rally drivers to provide ordinary users with immersive off-road experiences, bridging the gap between professional and recreational off-roading [18][20] - This initiative aims to democratize off-roading, making it accessible to a broader audience and fostering a deeper appreciation for the sport [22][23] - The brand's approach reflects a commitment to enhancing user engagement and expanding the off-road community [22][23]