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 ...

不服输，才是企业经营的底色 在商业世界里，没有永远的高光，也没有永恒的低谷。市场风云变幻，技术迭代如潮，政策风向难测，消费者口味更是说变就变。今天还在庆祝销量破 亿，明天可能就被对手截胡；刚融资上市，转眼就被资本抛弃。企业的生命周期，从来不是一条平滑上升的曲线，而是一场不断跌倒、不断爬起的拉锯 战。真正能让一家企业穿越周期的，不是运气，不是风口，而是那股"不服输"的劲儿——明知山有虎，偏向虎山行。 一、不认命，是创业公司的"第一性原理" 2012年，字节跳动刚成立时，BAT三座大山压得所有创业者喘不过气。新闻客户端市场早已是腾讯、网易、搜狐的天下，算法推荐被质疑"没编辑基因"。 张一鸣却带着几十号人，在知春路一家小办公室里日夜迭代，坚信"信息应该主动找人"。头两年，日活迟迟不过千万，投资人劝"早点卖身"，但他就是不 服：为什么中国不能有自己的内容分发操作系统？正是这种"不服"，让今日头条从红海杀出血路，也为抖音的全球化埋下伏笔。后来有人问张一鸣："你 怎么判断风口？"他答："我们不追风口，我们让风来追。"——这不是狂傲，而是把不服输写进了商业模型。 二、跌倒后不"躺平"，才能把危机变成跳板 五、结语：生意有输 ...

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].

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].

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]