Core Viewpoint - CMB International has lowered the target price for Great Wall Motors (02333) H-shares from HKD 20 to HKD 19 while maintaining a "Buy" rating for both H-shares and A-shares [1][2] Sales and Profit Forecast - The company maintains its total sales forecast of 1.49 million units for Great Wall Motors in 2026, while increasing expectations for the WEY brand and export sales [1][2] - Net profit is expected to grow by 19% year-on-year to RMB 11.8 billion in 2026 [1][2] Financial Performance - In Q4 2025, the company's revenue increased by 16% year-on-year to RMB 69.2 billion, reaching a historical high and exceeding the firm's expectations by 9% [1][2] - Gross margin narrowed by 1.1 percentage points quarter-on-quarter to 17.3%, which was still 0.2 percentage points above expectations [1][2] - The core net profit, excluding government subsidies and tax refunds, was RMB 407 million, aligning with the firm's expectations [1][2] Product and Market Strategy - The company's "Guan Yuan" platform supports multiple powertrains with a parts commonality rate of nearly 85% [1][2] - Cost optimization from the new platform is expected to make at least four new WEY models competitively priced in 2026 [1][2] - The sales forecast for WEY is raised to 200,000 units in 2026, doubling from 2025 [1][2] Export and Pricing Outlook - The firm anticipates growth in exports, particularly for the Tank brand, with a 2026 export target of 100,000 units [1][2] - Based on the current geopolitical landscape, the export sales forecast for 2026 is raised to 620,000 units [1][2] - The average selling price (ASP) is expected to increase by 1% year-on-year to RMB 171,000, with gross margin projected to rise by 0.1 percentage points to 18.1% [1][2]

Group 1 - The core viewpoint of the report is that China Great Wall Motor (02333) has its H-share target price lowered from HKD 20 to HKD 19, while the A-share target price is also adjusted downwards, maintaining a "Buy" rating for both [1] - The sales forecast for Great Wall Motor in 2026 remains at 1.49 million units, with an increase in sales expectations for the Wey brand and exports, projecting a 19% year-on-year increase in net profit to RMB 11.8 billion [1] - In Q4 2025, the company's revenue is expected to increase by 16% year-on-year to RMB 69.2 billion, setting a historical record and exceeding the bank's expectations by 9% [1] Group 2 - The company's Yuan platform supports multiple powertrains with a parts commonality rate of nearly 85%, leading to cost optimization for new models [2] - The sales forecast for the Wey brand in 2026 has been raised to 200,000 units, doubling from 2025 [2] - Export expectations, particularly for the Tank brand, are anticipated to grow, with a target of 100,000 units in 2026, which will enhance the average selling price (ASP) and support gross margins [2]

Core Viewpoint - Great Wall Motors Co., Ltd. reported a total revenue of 222.82 billion yuan for 2025, marking a year-on-year growth of 10.2%, while the net profit attributable to shareholders decreased by 22.07% to 9.87 billion yuan [2][3] Financial Performance - Total revenue for 2025 reached 222.82 billion yuan, up from 202.19 billion yuan in 2024, reflecting a growth of 10.2% [3] - Net profit attributable to shareholders was 9.87 billion yuan, down from 12.66 billion yuan in the previous year, a decline of 22.07% [3] - Basic earnings per share were 1.16 yuan, a decrease of 22.15% compared to 1.49 yuan in 2024 [3] - The gross profit margin was 18.04%, down by 1.47 percentage points from the previous year [3][5] - Total assets at the end of 2025 were 2252.88 billion yuan, a 3.48% increase from the beginning of the year [5] - Total liabilities decreased by 0.96% to 1373.96 billion yuan, resulting in an asset-liability ratio of 60.99%, down by 2.73 percentage points [5] Sales and Market Performance - The company sold 1.32 million new vehicles in 2025, representing a year-on-year increase of 7.23% [3] - Overseas sales reached 506,800 units, a growth of 11.60%, with a total of over 2 million cumulative overseas sales [5] - The Haval brand sold 761,500 units, up 7.69%, while the Tank brand sold 234,400 units, maintaining its position as the top-selling off-road SUV in China [4] - The WEY brand achieved a record high of 99,600 units sold, a significant increase of 79.36% [4] Research and Development - The total R&D expenditure for the year was 10.38 billion yuan, with a focus on new technologies such as the Hi4 intelligent four-wheel drive system [4] - The company plans to launch the world's first native AI all-power platform, compatible with various power forms, in early 2026 [4] Dividend Distribution - The company proposed a cash dividend of 0.35 yuan per share, totaling approximately 29.95 billion yuan, which accounts for 30.36% of the net profit attributable to shareholders [2]

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：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 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 13.10B 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 公司秘書 李紅栓 中國河北省保定市，2026 年 3 月27 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。 职工董事：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、 輝先生及鄒兆麟先生。 * 僅供識別 长城汽车股份有限公司 2025 年年度报告 公司代码：601633 公司简称： ...

Group 1 - In January 2026, Great Wall Motors sold 90,300 new vehicles, representing a year-on-year increase of 11.59% but a month-on-month decline of 27.18% [1] - Overseas sales for Great Wall Motors increased by 43.77% year-on-year [1] - The Haval brand sold 50,500 vehicles, up 4.03% year-on-year; the Wey brand sold 7,873 vehicles, up 57.24%; and the Tank brand sold 14,500 vehicles, up 12.92% [1] Group 2 - SAIC Motor Group did not disclose overall sales figures, but some business units reported data [1] - SAIC Passenger Vehicle's Roewe and MG brands had retail sales exceeding 78,000 units, a year-on-year increase of 9.8% [1] - SAIC-GM Wuling's global sales in January reached 105,800 units, while SAIC-GM's terminal deliveries were 51,000 units, up 8.2% year-on-year [1] Group 3 - Dongfeng Motor's Lantu brand delivered 10,500 vehicles in January, a year-on-year increase of 31% [1] - Yipai Technology's sales reached 21,300 vehicles, a significant year-on-year increase of 145% [1] - The Mengshi brand sold 1,008 vehicles, marking a year-on-year growth of 300% [1]

Core Viewpoint - The article discusses the challenges faced by the Weipai brand under Great Wall Motors, highlighting the frequent leadership changes and the ongoing struggle to establish a successful high-end automotive brand in China since its inception in 2016 [1] Group 1: Leadership Changes - Weipai has undergone its tenth leadership change in eight years, which is notably high within the industry [1] - Zhao Yongpo, the general manager of the Haval brand, has been appointed as the CEO of Weipai, indicating a strategic internal adjustment [1] Group 2: Brand Development Challenges - The founder of Great Wall Motors, Wei Jianjun, acknowledges the difficulty in creating a successful automotive brand, emphasizing the complexity of managing a comprehensive operational system [1] - Despite many companies aspiring for high-end branding, there has yet to be a successful precedent for Chinese brands in this domain [1]

Core Viewpoint - The new CEO of Wei brand, Zhao Yongpo, expressed that joining Wei brand has provided him with a comfortable environment, despite the pressure associated with the role transition from Haval [1][3]. Group 1: CEO Transition and Company Strategy - Zhao Yongpo highlighted that Wei brand possesses the best and most advanced technology from Great Wall Motors, indicating a strong technical foundation for the company [3][5]. - He emphasized that the change in position is not merely a job switch but rather a focused task, suggesting a strategic direction for the company [3][5]. - Zhao announced that Wei brand will introduce a new platform and flagship product in 2026, indicating future growth plans [3][5]. Group 2: Company Performance and Market Position - Longhua Automobile Chairman Wei Jianjun commented on the CEO change, clarifying that it was not a dismissal but rather a response to the significant pressure felt by the previous leadership [3][5]. - Wei brand is still in the exploration phase of high-end market positioning, with no Chinese automotive brand having successfully established a strong presence in this segment yet [3][5]. - According to public data, Wei brand's cumulative sales reached 89,000 units in the first 11 months of 2025, marking a 93% year-on-year increase. However, the brand experienced a decline in sales after an initial surge, with sales dropping to 100,000 units in 2019 and continuing to decrease from 2020 to 2022 [3][5].

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, publicly addressed the frequent leadership changes at the WEY brand, stating that it is not due to dismissals but rather the pressure felt by the individuals [1] - Wei emphasized that every Chinese automotive brand has a dream of high-end development, and the complexity of operating a car brand involves a full chain from R&D to sales and service [1] - Since its establishment in 2016, the WEY brand has seen an average leadership change every 12 months, with Zhao Yongpo being the ninth leader in nine years [1] Group 2 - Initially, the WEY brand experienced rapid growth, selling over 100,000 units within nine months of its launch, but sales have since declined significantly, dropping from 100,000 units in 2019 to 36,400 units in 2022, a decrease of over 60% [2] - In 2023, aided by a new product matrix, WEY sold 89,000 units in the first 11 months, with an average transaction price of 293,700 yuan, but this only accounted for 4.4% of Great Wall's total sales of 1,233,300 units [2] - The new CEO, Zhao Yongpo, has the critical task of driving sales growth for the WEY brand [3]

Core Viewpoint - Great Wall Motors' premium brand Wey has announced a leadership change, with Zhao Yongpo becoming the new CEO, marking the ninth CEO since the brand's establishment in 2016. The future of Zhao's tenure will depend on Wey's subsequent development [1]. Group 1: Leadership Change - Zhao Yongpo, previously the general manager of Haval, has taken over as CEO of Wey, indicating a significant shift in leadership as the brand seeks to improve its market position [1][5]. - Feng Fuzhi, the former CEO, implemented a direct-to-consumer (DTC) model and a new channel strategy called "Great Wall Smart Choice," which helped boost sales significantly during his tenure [3][5]. Group 2: Sales Performance - Under Feng's leadership, Wey's sales showed remarkable growth, with July sales reaching 10,045 units (up 263.29% year-on-year), August at 8,028 units (up 167.51%), September at 11,026 units (up 63.23%), October at 12,699 units (up 95.79%), and November at 12,763 units (up 81.14%) [3]. - For the first 11 months of 2023, Wey's cumulative sales reached 89,000 units, representing a 93% increase year-on-year, making it the fastest-growing brand within the Great Wall system [3]. Group 3: Market Comparison - Despite Wey's rapid growth, it still lags behind competitors such as Lynk & Co, which sold 316,744 units (up over 22.1%), and Lantu, which delivered 146,351 units (up over 80%) in the same period [5]. - The frequent changes in leadership, with an average tenure of 12 months per CEO, reflect underlying sales anxieties and a lack of strategic continuity for the brand [5][7]. Group 4: Future Challenges - Zhao Yongpo faces the challenge of ensuring strategic continuity and differentiating the brand in the high-end market, as previous leadership changes have led to inconsistent strategic directions [7][8]. - The success of Wey in the high-end market will depend on its ability to maintain a coherent strategy and effectively implement its channel transformation [8].

Group 1 - CEO Feng Fuzhi of Great Wall's WEY brand is currently on "leave" and has stopped approving business, with Haval General Manager Zhao Yongpo set to take over his position [1] - Since its establishment in 2016, WEY has seen eight CEO changes, with Feng Fuzhi being the latest, having debuted as CEO at the WEY Blue Mountain launch on May 20 this year [1] - Feng Fuzhi joined Great Wall in late 2023 and was responsible for the development of the direct sales channel "Great Wall Smart Choice" [1] Group 2 - The "Great Wall Smart Choice" direct sales store has adjusted its sales model to only sell WEY brand models, with the Tank 700 being removed from the showroom [2] - The "Great Wall Smart Choice" has been renamed to "WEY New Energy Direct Sales" [2] Group 3 - Notably, Feng Fuzhi's Weibo account shared promotional content for WEY on December 9 [3] Group 4 - In November, WEY's sales reached 12,763 units, marking a year-on-year increase of 81.14% [4]