要闻提示 NEWS REMIND 今日头条 HEADLINE NEWS 曹德旺回应做慈善慷慨但对员工苛刻：用的是个人的钱，不是公司的钱 10月10日消息，据媒体报道，福耀集团董事局主席曹德旺近日就"做慈善慷慨但对员工苛刻"的舆论作出回 应，他表示，做慈善用的是我个人的钱，不是公司的钱。曹德旺指出，福耀集团拥有约4万名员工，月平 均工资约1万元。公司在薪酬策略上坚持略高于行业水平，但不宜过高，以在保持竞争力的同时增强企业 抗风险能力。 他强调，企业家的事业本质是"风险事业"，若将利润全部分配或用于高福利，既不利于应对经营风险，也 无法向股东负责。此外，福耀已出台困难员工帮扶机制，对员工直系亲属患重病等情况提供资助，以体现 企业对员工的人文关怀。 1. 曹德旺回应做慈善慷慨但对员工苛刻：用的是个人的钱，不是公司的钱 2. 宗馥莉辞职原因曝光！商标使用不合规，将独立经营娃小宗 3. 字节跳动离职福利放大招：因组织调整离职的员工，将提供最长6个月、每月1.2万元补贴 4. 高通公司涉嫌违反反垄断法，市场监管总局依法决定立案调查 5. 影视飓风Tim首次公开透露家庭背景：工薪阶层，我爹是天才 6. 字节跳动张一鸣近年首 ...

Core Viewpoint - Great Wall Motor Company Limited reported a slight increase in total revenue for the first half of 2025, with total revenue reaching approximately CNY 92.33 billion, a 0.99% increase compared to the same period last year. However, net profit attributable to shareholders decreased by 10.21% to approximately CNY 6.34 billion [4][5][6]. Company Overview and Financial Indicators - Great Wall Motor is one of China's largest manufacturers of SUVs and pickups, with brands including Haval, Wey, Tank, and Ora. The company focuses on both traditional and new energy vehicles [4][5]. - As of June 30, 2025, the total number of shares issued by the company was 8,558,945,933, comprising 6,240,169,933 A-shares and 2,318,776,000 H-shares [2][6]. Financial Performance - Total revenue for the first half of 2025 was CNY 92,334,633,193.51, compared to CNY 91,427,688,543.60 in the previous year, reflecting a growth of 0.99% [5][6]. - The total profit for the period was CNY 7,004,046,142.78, a decrease of 15.22% from the previous year [5][6]. - The net profit attributable to shareholders was CNY 6,336,939,113.25, down 10.21% from CNY 7,057,573,305.01 in the same period last year [5][6]. - Basic earnings per share decreased by 10.84% to CNY 0.74 [5][6]. Industry Context - The automotive industry in China showed growth in production and sales, with total vehicle production and sales reaching 15.62 million and 15.65 million units respectively in the first half of 2025, marking increases of 12.5% and 11.4% year-on-year [5][6]. - The passenger car market continued to perform well, with production and sales of passenger cars reaching 13.52 million and 13.53 million units, reflecting year-on-year growth of 13.8% and 13% [5][6]. - New energy vehicles accounted for 44.3% of total new car sales, with pure electric vehicles making up 28.2% and plug-in hybrids 16.1% [5][6].

Core Insights - Great Wall Motors has achieved a cumulative global sales figure of 14.901 million vehicles as of December 2024, marking a significant milestone for the company as it celebrates its 35th anniversary [2] - The company has launched the "35+ Plan," aimed at recruiting talent aged 35 and above, reflecting a proactive approach to talent acquisition and a commitment to fostering a diverse workforce [2] - Great Wall Motors emphasizes continuous improvement and innovation as core values, which have been integral to its development and success over the past 35 years [3] Group 1: Company Development and Achievements - The company has established a comprehensive research and development system, highlighted by the opening of a 5 billion yuan technology center in 2015, which includes 18 large testing laboratories and over 2,000 testing capabilities [3][4] - Great Wall Motors has successfully broken foreign monopolies in key automotive technologies, achieving significant advancements in its powertrain systems, including self-developed 9DCT transmissions and V8 engines [4] - The company has achieved over 60% self-supply rate for core components, showcasing its strong competitive position in the automotive supply chain [4] Group 2: Talent Development and Corporate Responsibility - Great Wall Motors prioritizes talent development, creating a supportive environment for employees to realize their potential, with a focus on ability and contribution as the basis for evaluation [6] - The company has implemented a comprehensive support system for employees, including housing and education services, which enhances employee satisfaction and productivity [6] - The corporate philosophy emphasizes the importance of sustainable development and social responsibility, aiming to create a platform for continuous growth and innovation [7] Group 3: Financial Performance and Market Position - In the first half of 2025, Great Wall Motors reported a net profit of 6.337 billion yuan, reflecting a year-on-year decline of 10.21%, indicating challenges in maintaining profitability amid a competitive market [7] - The company recognizes the need for continuous innovation and quality improvement to transition from scale advantages to quality and brand advantages in the global market [7]

Group 1 - The departure of Chen Jia, the General Manager of Weipai's commercialization, has been confirmed, raising concerns about the challenges in balancing the direct sales and dealer channels [1][2] - Weipai's sales have seen significant growth, with July sales exceeding 10,000 units, representing a year-on-year increase of 263.29%, and cumulative sales for the first seven months reaching 44,500 units, up 96.8% [2] - The conflict between the direct sales model and the dealer network has become more pronounced, as overlapping products lead to competition rather than cooperation, resulting in potential internal price wars [2][3] Group 2 - Weipai plans to increase the number of direct sales stores from 430 to over 600 by the end of the year, expanding its coverage to 200 cities [1] - The current direct sales model requires high manpower costs and a certain level of digitalization, which poses challenges for traditional car manufacturers [3] - Balancing the interests of direct sales and dealer channels remains a critical test for Weipai's management [3]

Core Viewpoint - The automotive market is experiencing a "price war" as various car manufacturers introduce aggressive promotional strategies to boost sales during the summer season [1][21]. Group 1: Promotional Strategies - Leida Auto has launched a significant promotion offering 0 down payment and 3 years of interest-free financing, targeting young consumers, especially recent graduates [4][6]. - Li Auto is providing a 5-year interest-free financing option for its popular Li L6 model, with potential savings of up to 26,300 yuan in interest [7][9]. - Geely has implemented a broad discount strategy across its entire model range, with the Emgrand series starting at 44,900 yuan after a maximum cash discount of 15,000 yuan [11][13][15]. - Great Wall Motors' Wey brand is offering high-value configurations for free, such as a 17.3-inch rear entertainment screen and lifetime free advanced driving assistance features, alongside significant financing options [18][20]. Group 2: Market Trends - The automotive market is seeing a shift towards lower purchase thresholds with many brands offering low down payments, zero interest, or long-term financing options, making it easier for consumers to buy cars [21][23]. - The competition among car manufacturers is becoming more refined, with promotional strategies targeting specific consumer demographics, indicating a move towards more precise market segmentation [23][24].

Core Insights - The event held by Great Wall Motors' WEY brand highlighted the challenges faced since its establishment and outlined future strategies for growth [2][6] - The company is shifting to a direct sales model, which contrasts with the industry trend of moving towards dealer networks, aiming to strengthen brand recognition and customer engagement [3][4] Group 1: Company Strategy - Great Wall Motors plans to establish a robust direct sales service system for the WEY brand, aiming to clarify its positioning as a high-end intelligent new energy brand [3] - The company will restart its direct sales model in May 2024, having previously utilized a dealer model, with a goal of expanding to 600 stores covering over 200 cities within the year [3][4] - The direct sales strategy is designed to operate alongside the existing dealer network, creating a dual-track sales approach to adapt to market changes [3][4] Group 2: Market Positioning - The WEY brand has experienced significant fluctuations in sales since its launch, with a notable decline in 2022 to 36,400 units, but a recovery began in 2023 [6][7] - In 2024, the brand's cumulative sales reached 54,700 units, marking a year-on-year increase of 31.55% [7] - The introduction of the new "All-Power Super Intelligent Platform" aims to cater to diverse consumer needs by supporting five different powertrain types, enhancing the brand's competitive edge [7][8] Group 3: Product Development - The new platform features advanced technologies, including a 6C fast-charging system that allows for 200 kilometers of range with just 5 minutes of charging [8] - The company launched the refreshed Blue Mountain model, with three variants priced between 299,800 and 326,800 yuan, and announced an 80,000 yuan subsidy for early supporters of the brand [8] - Sales data indicates a positive trend, with WEY selling 4,811 units in April 2024, a year-on-year increase of 7.92%, and a cumulative sales increase of 28.94% in the first four months of the year [8]

Core Viewpoint - The company achieved its annual performance expectations with total revenue increasing by 16.7% year-on-year to 202.2 billion yuan and net profit attributable to shareholders rising by 80.8% to 12.69 billion yuan in 2024 [1] Group 1: Financial Performance - Total revenue for 2024 reached 202.2 billion yuan, slightly below the expected 205.4 billion yuan [1] - Net profit attributable to shareholders increased by 80.8% year-on-year to 12.69 billion yuan, close to the forecast of 12.8 billion yuan [1] - In Q4 2024, revenue was 59.94 billion yuan, showing a year-on-year increase of 11.6% and a quarter-on-quarter increase of 17.9% [1] - Q4 2024 net profit attributable to shareholders was 2.26 billion yuan, up 11.7% year-on-year but down 32.4% quarter-on-quarter [1] - The company’s Q4 2024 net profit after deducting non-recurring items was 1.36 billion yuan, reflecting a year-on-year increase of 32.7% but a quarter-on-quarter decrease of 50% [1] Group 2: Product and Market Strategy - The company’s vehicle sales in 2024 increased by 0.2% year-on-year to 1.233 million units, with new energy vehicle sales rising by 22.8% to 322,000 units, achieving a penetration rate of 26.1% [2] - The company is focusing on high-end product development, with the launch of the new off-road hybrid architecture Hi4-Z in October 2024 [2] - The company plans to enhance its high-end brand image through technological iterations and optimization of user scenarios and channels [2] - The Haval brand aims to leverage core technologies to create more popular models, while the new luxury motorcycle brand, Great Wall Soul, has launched its first model, Soul S2000 [2] Group 3: Global Expansion - The company’s overseas sales in 2024 increased by 43.4% year-on-year to 453,000 units, accounting for 36.7% of total sales [3] - The company has established over 1,400 overseas sales channels and production bases in countries like Thailand and Brazil, enhancing its global supply chain [3] - The company is expected to focus on markets in Latin America, the Middle East, North Africa, and ASEAN in 2025, anticipating steady growth in overseas sales [3] - The company maintains profit forecasts for 2025-2026 at 15.5 billion yuan and 17.8 billion yuan, with an additional forecast of 19.6 billion yuan for 2027 [3]

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4] Core Views - The company's annual performance met expectations, with total revenue increasing by 16.7% year-on-year to CNY 202.2 billion, and net profit attributable to shareholders rising by 80.8% to CNY 12.69 billion [1] - The company is focusing on the transition to smart new energy technologies and high-quality globalization [1] - The company achieved a 43.4% year-on-year increase in overseas sales, indicating a strong global expansion strategy [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of CNY 202.2 billion, a 16.7% increase from the previous year, and a net profit of CNY 12.69 billion, an 80.8% increase [1] - The fourth quarter of 2024 saw revenue of CNY 59.94 billion, with a year-on-year increase of 11.6% [1] - The company expects net profit for 2025 and 2026 to be CNY 15.46 billion and CNY 17.81 billion, respectively [3] Product and Market Strategy - The company sold 1.233 million vehicles in 2024, with a 22.8% increase in new energy vehicle sales [2] - The company is advancing its high-end product strategy, with new models and technology iterations planned for 2025 [2] - The company is also innovating product categories, including the launch of a super luxury motorcycle brand [2] Global Expansion - The company has established a global sales network with over 1,400 channels across more than 170 countries [3] - The overseas sales accounted for 36.7% of total sales in 2024, reflecting a robust international presence [3] - The company plans to focus on markets in Latin America, the Middle East, and Southeast Asia for further growth [3]

Core Insights - Great Wall Motors achieved significant growth in 2024, with revenue surpassing 200 billion yuan, reaching 202.19 billion yuan, a year-on-year increase of 16.73% [1][5] - The net profit soared to 12.69 billion yuan, marking an impressive year-on-year growth of 80.76% [1][5] - The company has found new growth drivers, with overseas sales reaching a record high of 454,100 units, a year-on-year increase of 44.61% [1][6] Revenue and Profitability - Total revenue for 2024 was 202.19 billion yuan, up from 172.32 billion yuan in 2023, reflecting a growth rate of 16.73% [4] - Net profit for the year was 12.69 billion yuan, compared to 7.02 billion yuan in 2023, representing an 80.76% increase [4] - The operating cash flow was 27.78 billion yuan, a 56.49% increase year-on-year, with a gross margin of 19.51%, up 1.36 percentage points [2][4] Sales Performance - Total vehicle sales reached 1.23 million units, with new energy vehicle sales growing by 25.65% to 322,200 units [1][5] - The penetration rate of new energy vehicles in the domestic passenger car market reached 43.99% [5] - The sales of high-priced models, such as the Tank brand, increased significantly, with sales of 232,200 units, a 42.57% increase [5] International Expansion - Great Wall Motors' global strategy yielded significant results, with overseas sales reaching 454,100 units, contributing to a cumulative total of over 1.8 million units sold internationally [6] - The gross margin for overseas operations was 18.76%, with revenue contribution increasing by 5.9 percentage points to 39.7% [5] Cost Management and Efficiency - The company successfully reduced the proportion of raw material costs by 1.24 percentage points, while extending the accounts payable cycle to 193 days [5] - The capacity utilization rate of the Russian factory reached 165.61%, and the Jingmen base achieved 159.4% [5] Shareholder Returns - The company proposed a cash dividend of 0.45 yuan per share to all shareholders [3]

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2024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3月28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。 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 长城汽车股份有限公司 2024 年年度报告 公司代码：601633 公司简称：长 ...