登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601633 证券简称：长城汽车公告编号：2025-121 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司关于可转换公司债券转股及2023年股票期权激励计划自主行权结果暨股份变动公 告 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。 重要内容提示： ● 可转债转股情况：2025年9月1日至2025年9月30日期间，共有42,000元"长汽转债"已转换成公司股票， 转股数为1,072股。自2021年12月17日至2025年9月30日，累计共有4,942,000元"长汽转债"已转换为公司 股票，累计转股数为129,601股，占可转债转股前公司已发行股份总额的0.0014%。 ● 未转股可转债情况：截至2025年9月30日，尚未转股的可转债金额为3,495,057,000元，占可转债发行 总量的99.8588%。 ● 2023年股票期权激励计划首次授予期权行权结果：2023年股票期权激励计划首次授予第一个行权期可 行权股票期权数量为18,948,783股， ...

Group 1 - The company reported overseas sales of 45,166 units in August 2025, with cumulative sales of 283,912 units from January to August 2025 [3] - In August 2025, the company sold 37,495 units of new energy vehicles, totaling 232,502 units sold from January to August 2025 [4] Group 2 - During the period from August 1 to August 31, 2025, a total of 1,000 yuan of "Changqi Convertible Bonds" were converted into 25 shares of company stock [7] - From December 17, 2021, to August 31, 2025, a total of 4,900,000 yuan of "Changqi Convertible Bonds" were converted into 128,529 shares, representing 0.0014% of the company's total issued shares before conversion [10] - As of August 31, 2025, the amount of unconverted convertible bonds was 3,495,099,000 yuan, accounting for 99.86% of the total issuance [11] Group 3 - The first exercise period of the 2023 stock option incentive plan allowed for 18,948,783 shares to be exercised, with no shares exercised in August 2025 [8][19] - The exercise price for the first exercise period of the 2023 stock option incentive plan was adjusted to 26.47 yuan per share [18] - As of August 31, 2025, a total of 30 shares were exercised under the 2023 stock option incentive plan, raising 807.60 yuan for working capital [22]

转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于可转换公司债券转股及 2023 年股票期权激励计划 自主行权结果暨股份变动公告 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。 重要内容提示： 证券代码：601633 证券简称：长城汽车 公告编号：2025-113 ? 可转债转股情况：2025年8月1日至2025年8月31日期间，共有1,000元"长汽转 债"已转换成公司股票，转股数为25股。自2021年12月17日至2025年8月31日， 累计共有4,900,000元"长汽转债"已转换为公司股票，累计转股数为128,529 股，占可转债转股前公司已发行股份总额的0.0014%。 ? 未 转 股 可 转 债 情 况 ： 截 至 2025 年 8 月 31 日 ， 尚 未 转 股 的 可 转 债 金 额 为 （一）可转债发行上市概况 经中国证券监督管理委员会《关于核准长城汽车股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]1353号）核准，长城汽车股份有限公司（以下简称"公 司"或"本公司" ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - Historically, convertible bonds with overseas - listed stocks rarely had successful downward revisions. From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories, namely Huayou Convertible Bond (Swiss GDR listed) and Electric Convertible Bond (Hong Kong listed) [4][8]. - Currently, there are 9 convertible bonds in the entire convertible bond market with shares circulating outside the A - share market. Among them, 5 companies are listed in Hong Kong, and Great Wall Motor also has shares circulating in the US OTC market. 4 companies have issued Swiss GDRs [4][7]. - Overall, after listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, considering the downward - revision situation of Electric Convertible Bond, such convertible bonds still have the possibility of downward revision, but it may require the controlling shareholder to have a relatively large number of domestic and overseas equities and the convertible bonds to have been reduced for voting [4]. - Recently, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Considering the more complex clause handling of convertible bonds after Hong Kong listing historically, some low - remaining - term targets may have opportunities to play with clauses, which is a potential "possible change" worthy of attention in the current market environment where the overall parity of convertible bonds has significantly increased [4]. Summary by Relevant Catalogs 1. Historical Downward - Revision Situations of Convertible Bonds with Overseas - Listed Stocks - There are 9 convertible bonds in the current convertible bond market with shares circulating outside the A - share market, including 5 Hong Kong - listed companies and 4 companies with Swiss GDR issuances [7][8]. - From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories. About 16 of these targets triggered downward revisions, among which 3 convertible bonds proposed downward revisions, but Fulai Convertible Bond failed in the downward - revision proposal. Among the remaining 13 convertible bonds, 7 have been delisted, and 6 are still in the market [8][9]. 1.1 Shanghai Electric: Shareholder Meetings Held in Both A - share and H - share Markets, with 25% of H - shareholders Opposing - Electric Convertible Bond was listed on the Shanghai Stock Exchange in February 2016 and delisted in 2021. In November 2018, the company's board of directors proposed a downward revision of the convertible bond. In the special resolution on voting to revise the conversion price of Electric Convertible Bond, nearly 100% of A - shareholders voted in favor, and 75% of H - shareholders voted in favor. Since the total number of favorable votes in both places exceeded two - thirds, the downward - revision proposal passed. Throughout its life cycle, Electric Convertible Bond only had this one downward revision and finally expired and was delisted [11][12]. - From the 2018 holder structure of Electric Convertible Bond, it can be inferred that the actual controller participated in the voting. From the shareholder structure disclosed by the Hong Kong Stock Exchange in the 2018 semi - annual report, neither the controlling shareholder nor foreign investors had the right to veto [15]. - Three points can be summarized from the case of Electric Convertible Bond: foreign investors are likely to vote against downward revisions; the successful downward revision of Electric Convertible Bond may be due to the controlling shareholder having a large proportion of voting rights in both A - shares and H - shares; if a convertible bond proposes a downward revision, it may require more than two - thirds of favorable votes from both A - shares and H - shares [18][19]. 1.2 Huayou Cobalt: No Separate Shareholder Meeting for GDR, Similar to Foreign Investors in A - shares - Since Huayou Cobalt issued GDRs, its holders need to exercise voting rights through custodians. In November 2024, only one A - share temporary shareholder meeting was held for the downward - revision vote. The participating equity was 560 million shares, accounting for 33.4% of the total share capital. The major shareholder did not participate in the voting, and the opposing votes were about 10%. Considering that Huayou Cobalt's GDRs accounted for less than 6% of the total share capital, foreign investors had relatively less say in the downward revision [20]. 2. Summary: Planning for Hong Kong Listing is a "Possible Change" for Convertible Bonds - After listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, such convertible bonds still have the possibility of downward revision. Since 2025, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Some low - remaining - term targets may have opportunities to play with clauses, but after the corresponding issuers' H - share listing, the opportunities for clause games may be fewer [22].

证券代码：601633 证券简称：长城汽车 公告编号：2025-105 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于"长汽转债"可选择回售结果的公告 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。 本次回售的转债代码为"113049"，回售价格为 100.20 元人民币/张（含当期 应计利息、含税）。"长汽转债"的回售申报期为 2025 年 7 月 29 日至 2025 年 8 月 4 日，回售申报已于 2025 年 8 月 4 日上海证券交易所收市后结束。 重要内容提示： ? 回售期间：2025 年 7 月 29 日至 2025 年 8 月 4 日 ? 回售有效申报数量：10 张 ? 回售金额：1,002.00 元（含当期应计利息、含税） ? 回售资金发放日：2025 年 8 月 7 日 一、本次可转债回售的公告情况 长城汽车股份有限公司（以下简称"本公司"或"公司"）于 2025 年 7 月 （公 告编号：2025-093），并分别于 2025 年 7 月 23 日、2025 年 7 月 24 日 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Group 1 - The core stock price of Great Wall Motors (601633) closed at 22.22 yuan on August 4, 2025, with an increase of 2.4% and a trading volume of 177,000 shares, resulting in a total transaction amount of 388 million yuan [1] - On the same day, the capital flow indicated a net inflow of 5.86 million yuan from main funds, accounting for 1.51% of the total transaction amount, while retail investors showed a net outflow of 10.28 million yuan, representing 2.65% of the total transaction amount [2][4] - The company announced the ninth notice regarding the "Changqi Convertible Bond" repurchase option, with a repurchase price set at 100.20 yuan per bond, and the repurchase period from July 29, 2025, to August 4, 2025 [2][4] Group 2 - The announcement highlighted that if bondholders did not declare and implement the repurchase during the specified period, they would lose the right to repurchase for the current interest year [2] - It was noted that the closing price of the "Changqi Convertible Bond" was higher than the repurchase price, which could lead to potential losses for investors choosing to repurchase [2][4] - If the total face value of the convertible bonds in circulation falls below 30 million yuan due to the repurchase, the "Changqi Convertible Bond" will continue to trade until the end of the repurchase period [2]

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, "长汽转债," due to the stock price falling below a specified threshold, allowing bondholders to redeem their bonds at a predetermined price [2][3]. Redemption Terms and Price - The redemption price for "长汽转债" is set at 100.20 RMB per bond, which includes accrued interest [10]. - The redemption period is from July 29, 2025, to August 4, 2025, with the payment date for redeemed bonds on August 7, 2025 [11][9]. - The company will stop the conversion of bonds during the redemption period [13]. Conditions for Redemption - The redemption clause is activated if the company's A-share stock price remains below 70% of the bond's conversion price for any consecutive thirty trading days [2][3]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the opportunity to redeem for that interest year [2][3]. Interest Calculation - The interest rate for the fifth year (June 10, 2025, to June 9, 2026) is 1.5%, with the accrued interest calculated to be approximately 0.20 RMB per bond [5][4]. - The total redemption price is thus 100.20 RMB per bond, including the accrued interest [5][10]. Trading During Redemption Period - "长汽转债" will continue to trade during the redemption period but will not allow conversions [13]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [13].

关于"长汽转债"可选择回售的第九次提示性公告 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。 重要内容提示： ? 回售价格：100.20 元人民币/张（含当期利息、含税） ? 回售期：2025 年 7 月 29 日至 2025 年 8 月 4 日 证券代码：601633 证券简称：长城汽车 公告编号：2025-104 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 ? 回售资金发放日：2025 年 8 月 7 日 ? 回售期内"长汽转债"停止转股 ? 本次回售不具有强制性 ? 本次满足回售条款而"长汽转债"持有人未在上述回售期内申报并实施 回售的，本计息年度（即 2025 年 6 月 10 日至 2026 年 6 月 9 日）不能再行 使回售权。 ? 风险提示：可转债持有人选择回售等同于以 100.20 元/张（含当期利息） 卖出持有的"长汽转债"。截至目前， "长汽转债"的收盘价格高于本次回售 价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 长城汽车股份有限公司股份有限公司（以下简称"本公司"或" ...

Group 1 - Company reported overseas sales of 41,088 units in July 2025, with a cumulative total of 238,746 units from January to July 2025 [3] - In July 2025, the company sold 34,593 units of new energy vehicles, totaling 195,007 units from January to July 2025 [4] - The reported production and sales figures are unaudited and may be subject to adjustments pending final confirmation [4] Group 2 - From July 1 to July 31, 2025, a total of 13,000 yuan of "Changqi Convertible Bonds" were converted into 330 shares of the company [7] - From December 17, 2021, to July 31, 2025, a total of 4,899,000 yuan of "Changqi Convertible Bonds" were converted into 128,504 shares, representing 0.0014% of the company's total issued shares before conversion [12] - As of July 31, 2025, the amount of unconverted convertible bonds was 3,495,101,000 yuan, accounting for 99.86% of the total issuance [8] Group 3 - The 2021 stock option incentive plan's third exercise period had 65,045,039 shares available for exercise, with no shares exercised in July 2025 [8] - The 2023 stock option incentive plan's first exercise period had 18,948,783 shares available for exercise, with no shares exercised in July 2025 [8] - The initial conversion price for the convertible bonds was adjusted to 39.16 yuan per share as of July 2025 [10]