3月27日晚间，长城汽车披露2025年年报，公司报告期内实现营业收入2228.24亿元，同比增长10.20%；归属于上市公司股东的净利润98.65亿元，同比下 降22.07%；扣非净利润60.59亿元，同比减少37.5%。 截至2025年12月31日，长城汽车应收账款达95.99亿元，同比增长31.98%；资产负债率为60.99%，同比下滑4.29%。 从成本端来看，2025年，长城汽车销售费用同比激增43.93%至112.7亿元。对此，长城汽车称主要系报告期公司加速构建直连用户的新渠道模式，以及加 大新车型、新技术的上市宣传及品牌提升所致。与此同时，长城汽车2025年研发费用同比增长12.13%至104.3亿元；管理费用同比减少0.83%至47.47亿 元。 此外，财报显示，2025年，长城汽车董事和高级管理人员薪酬合计1903.79万元（税前），与2024年的1800.6万元相比有所上涨。其中，公司副董事长赵国 庆、财务总监李红栓、总经理穆峰均涨薪。 | | | | | | | | | | | | 单位:股 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [5]. Core Views - In February 2026, Great Wall Motors sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Export sales accounted for 58.8% of total sales, with 43,000 vehicles exported. New energy vehicle sales reached 13,000 units, representing 21.0% of total sales [1][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [1][9]. Summary by Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, a slight year-on-year increase of 2.6%. New energy vehicle sales totaled 31,000 units, a year-on-year decrease of 17.7% [9]. - In February, the breakdown of sales by brand included Haval at 94,173 units (+2.5% YoY), Tank at 24,541 units (-0.3% YoY), WEY at 13,488 units (+55.9% YoY), Ora at 3,320 units (-18.8% YoY), and Great Wall pickups at 27,361 units (-7.5% YoY) [9]. Global Expansion - In February, Great Wall achieved overseas sales of 42,675 units, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%. The overseas sales accounted for 58.8% of total sales, marking an increase of 18.9 percentage points year-on-year [9]. - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,400 overseas sales channels [9]. Strategic Initiatives - Great Wall is focusing on product, channel, and supply chain adjustments domestically, emphasizing the new energy transition and launching multiple new models across its brands [9]. - The company is investing in smart technology, enhancing its capabilities in data, algorithms, and computing power, which are expected to strengthen its competitive position in the smart vehicle market [9]. Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 17.4X, 12.2X, and 9.9X [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In February 2026, the company sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Among these, export sales reached 43,000 vehicles, accounting for 58.8% of total sales. New energy vehicle sales were 13,000 units, representing 21.0% of total sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities for sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][10] Summary by Relevant Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, showing a slight year-on-year increase. In February alone, total sales were 73,000 vehicles, with new energy vehicle sales at 13,000 units, down 15.7% year-on-year [10] - The company’s brands showed varied performance: Haval brand sold 94,173 vehicles (+2.5% YoY), Tank brand 24,541 vehicles (-0.3% YoY), WEY brand 13,488 vehicles (+55.9% YoY), Ora brand 3,320 vehicles (-18.8% YoY), and pickup trucks 27,361 vehicles (-7.5% YoY) [10] Global Expansion - In February, the company achieved overseas sales of 42,675 vehicles, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [10] - The company’s "ONE GWM" strategy is accelerating its international presence, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [10] Future Outlook - The company is focusing on product, channel, and supply chain adjustments domestically, with a strong emphasis on new energy vehicle development. The introduction of multiple new models across various brands is expected to contribute significantly to future sales growth [10] - The company is enhancing its technological capabilities in the smart vehicle sector, focusing on data, algorithms, and computing power to strengthen its competitive edge [10] - Profit forecasts for the company indicate net profits of 99.1 billion, 142.0 billion, and 174.0 billion yuan for 2025, 2026, and 2027 respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 9.91 billion yuan in 2025, a year-on-year decline of 21.7% [2][5] - The company is accelerating its global expansion and is committed to the transformation towards new energy, with a continuous new car cycle expected to drive improvements in sales and performance [2] - Long-term strategies, including four major expansion strategies, are anticipated to open up long-term growth potential for sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2] Summary by Relevant Sections Financial Performance - In Q4 2025, the company achieved sales of 400,000 units, a year-on-year increase of 5.5% and a quarter-on-quarter increase of 13.2% [12] - The revenue for Q4 2025 was 69.21 billion yuan, representing a year-on-year increase of 15.5% and a quarter-on-quarter increase of 13.0% [12] - The net profit attributable to shareholders for Q4 2025 is projected to be 1.28 billion yuan, a year-on-year decline of 43.5% and a quarter-on-quarter decline of 44.4% [12] Strategic Initiatives - The company is focusing on three dimensions: product, channel, and supply chain adjustments to deepen its new energy transition [12] - The "ONE GWM" strategy is accelerating the company's overseas expansion, with sales channels covering over 1,400 locations in more than 170 countries and regions [12] - The company is enhancing its technological capabilities in smart driving and data algorithms, which are expected to strengthen its competitive edge in the smart vehicle market [12] Future Projections - The projected net profits for the company from 2025 to 2027 are 9.91 billion yuan, 14.20 billion yuan, and 17.40 billion yuan, respectively [12] - The corresponding price-to-earnings ratios for A-shares are expected to be 17.9X, 12.5X, and 10.2X for the same period [12]

Core Viewpoint - Great Wall Motors has announced an employee stock ownership plan for 2025, aiming to enhance corporate governance and align core personnel with the company's long-term value [2][4]. Group 1: Employee Stock Ownership Plan - The employee stock ownership plan is set at a maximum scale of 80 million yuan, covering up to 50 core personnel, including directors and senior management [2][3]. - The performance assessment targets for 2026 include a sales volume of no less than 1.8 million units and a net profit of no less than 10 billion yuan [3][4]. - The plan includes a dual assessment mechanism at both the company and individual levels, with sales volume and net profit each accounting for 50% of the evaluation [3]. Group 2: Performance Pressure - As of November 2025, Great Wall Motors' sales reached 1.1997 million units, a year-on-year increase of 9.26%, indicating significant pressure to meet the 1.8 million unit target for 2026 [5][7]. - The company's revenue for Q3 2025 was 61.25 billion yuan, a year-on-year increase of 20.51%, while net profit declined by 31.23% to 2.298 billion yuan [6]. - Increased sales expenses, which rose by 55.52% to 7.948 billion yuan in the first three quarters of 2025, contributed to the profit decline [6].

Group 1 - The core point of the article is that Great Wall Motors (02333.HK) reported a total sales volume of 133,200 units in November 2025, representing a year-on-year increase of 4.57% [1] - The production volume for November was 134,200 units, which remained flat compared to the previous year [1] - WEY brand sales reached 12,763 units in November, showing a significant year-on-year increase of 81.14% [1] Group 2 - In November, overseas sales amounted to 57,309 units, with a cumulative total of 448,648 units sold from January to November [1] - The sales of new energy vehicles in November were 40,113 units, contributing to a cumulative total of 364,731 units sold from January to November [1]

Core Insights - Great Wall Motors reported a total sales volume of 133,200 units in November 2025, representing a year-on-year increase of 4.57% [1] - The production volume for the same month was 134,200 units, remaining flat compared to the previous year [1] - The company achieved overseas sales of 57,309 units and sold 40,113 units of new energy vehicles [1] Sales Performance - Haval brand sales reached 75,383 units, showing a year-on-year decline of 3.83% [1] - WEY brand sales surged to 12,763 units, marking a significant year-on-year increase of 81.14% [1] - Pickup truck sales totaled 16,011 units, reflecting a modest year-on-year growth of 1.00% [1] - Ora brand sales fell to 4,821 units, down 16.97% year-on-year [1] - Tank brand sales increased to 24,135 units, with a year-on-year growth of 19.55% [1]

Core Viewpoint - Great Wall Motors reported a total revenue of 61.25 billion yuan for Q3 2025, representing a year-on-year increase of 20.5%, while the net profit attributable to shareholders decreased by 31.2% to 2.3 billion yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved a wholesale volume of 354,000 vehicles, reflecting a quarter-on-quarter increase of 20.2% and a year-on-year increase of 13.0% [1] - The average selling price (ASP) per vehicle reached 173,000 yuan, up by 600 yuan quarter-on-quarter [1] - The gross profit margin stood at 18.4%, showing a slight decline of 0.4 percentage points quarter-on-quarter [1] Group 2: Sales and Market Expansion - The company’s overseas sales reached 137,000 vehicles in Q3 2025, marking a year-on-year increase of 11.2% and a quarter-on-quarter increase of 27.9% [2] - Cumulatively, overseas sales for the first three quarters of the year totaled 334,000 vehicles, up by 3.1% year-on-year [2] - Sales of new energy vehicles (NEVs) in Q3 2025 amounted to 118,000 units, representing a year-on-year increase of 49.2% and a quarter-on-quarter increase of 20.6% [2] Group 3: Product Launches - The all-new Tank 400 began pre-sales on October 21, with prices starting at 329,800 yuan for the Hi4-Z version and 309,800 yuan for the Hi4-T version [2] - The Gaoshan 7 was officially launched on October 15, with a suggested retail price of 285,800 yuan, featuring spacious dimensions and enhanced maneuverability [2] Group 4: Future Outlook - The company is expected to achieve revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 11%, 24%, and 12% respectively [3] - Projected net profits attributable to shareholders for the same period are 13.45 billion yuan, 17.4 billion yuan, and 20.43 billion yuan, with growth rates of 6%, 29%, and 17% respectively [3] - The earnings per share (EPS) are forecasted to be 1.57 yuan, 2.03 yuan, and 2.39 yuan, corresponding to price-to-earnings (PE) ratios of 14.8, 11.4, and 9.7 times [3]

Core Viewpoint - Great Wall Motors has officially launched the pre-sale of its new Tank 400 model, starting at a price of 309,800 yuan, indicating a strategic move to enhance its product lineup and market presence [1]. Group 1: Sales Performance - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29%, the best performance for September in its history [4]. - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [4]. - For August, the company reported sales of 115,558 vehicles, a year-on-year increase of 22.33%, also setting a historical record for that month [4]. Group 2: Global Expansion - The completion of the Brazilian factory in August is expected to significantly boost Great Wall Motors' efforts in the Brazilian and Latin American markets, marking a key milestone in its globalization strategy [4]. - The company has adopted the "ONE GWM" brand strategy and an "ecological export" model, which encompasses research, production, supply, sales, and service, to strengthen its overseas presence [4]. - Great Wall Motors has over 15 million global users and more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [4]. Group 3: Stock Performance - As of October 21, Great Wall Motors' stock closed at 23.17 yuan, with a daily increase of 0.83%, bringing its market capitalization to 198.29 billion yuan [5].

Group 1 - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29% [3] - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [3] - For August, Great Wall Motors reported sales of 115,558 vehicles, which is a 22.33% increase year-on-year, also setting a record for the month [3] Group 2 - The company is focusing on accelerating new product launches and enhancing intelligent features to improve market performance [3] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, which is expected to drive its expansion in the Brazilian and Latin American markets [3] - The company has established a global user base of over 15 million and has more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [3] Group 3 - As of October 21, Great Wall Motors' stock price was 23.17 yuan, with a daily increase of 0.83%, and a market capitalization of 198.29 billion yuan [4]