（於中華人民共和國註冊成立的股份有限公司） 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* 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 股東特別大會 之投票表決結果 長城汽車股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於 2025 年 1 月 24 日（星期五）在中華人民共和國（「中國」）河北省保定市蓮池 區朝陽南大街 2266 號本公司會議室召開的本公司股東特別大會（「股東特別 大會」或「會議」）的投票表決結果。提呈的決議案已獲出席會議的本公司股 東（「股東」）正式通過。 有關會議所審議決議案的詳情，股東可參閱本公司發出的日期為 2024 年 12 月 31 日的股東特別大會通告（「股東特別大會通告」）及通函（「通 函」）。除本公告文義另有所指外，通函所界定詞彙在本公告具有相同涵義。 1. 會議召開及出席情況 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-010 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于向激励对象授予 2023 年限制性股票激励计划预留部分 限制性股票及向激励对象授予 2023 年股票期权激励计划 预留部分股票期权的公告 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。 重要内容提示： 长城汽车股份有限公司（以下简称"长城汽车""公司"或"本公司"）2023年限制 性股票激励计划（以下简称"2023年限制性股票激励计划"）、长城汽车股份有限公司2023 年股票期权激励计划（以下简称"2023年股票期权激励计划"）规定的限制性股票及股票 期权预留授予条件已经满足，根据公司2024年第一次临时股东大会、2024年第一次H股 类别股东会议及2024年第一次A股类别股东会议的授权，公司于2025年1月24日召开第八 届董事会第三十一次会议审议通过了《关于向激励对象授予2023年限制性股票激励计划 预留部分限制 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 50.83 billion yuan in Q3 2024, representing a year-on-year increase of 2.6%, while the net profit attributable to shareholders decreased by 7.8% to 3.35 billion yuan. The company is committed to its transition to new energy, making adjustments across products, channels, and supply chains, which is expected to improve sales and performance [2][4]. - For the full year 2024, the company forecasts a net profit attributable to shareholders between 12.4 billion and 13 billion yuan, indicating a year-on-year growth of 76.6% to 85.1% [4]. Summary by Sections Financial Performance - In Q4 2024, the company expects sales of 379,000 vehicles, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 29.0%. Overseas sales reached 129,000 vehicles, up 23.6% year-on-year [9]. - The expected net profit for Q4 2024 is between 1.97 billion and 2.57 billion yuan, reflecting a year-on-year change of -2.7% to +26.9% [9]. Strategic Initiatives - The company is accelerating its global expansion and firmly transitioning to new energy. It has made significant adjustments in product offerings, channels, and supply chains. The "ONE GWM" strategy is enhancing its overseas presence, covering over 170 countries and regions [9]. - The company is focusing on high-value models, with the sales of its WEY brand increasing significantly, contributing to improved profitability [9]. Future Outlook - The company anticipates a long-term growth trajectory driven by four strategic expansion initiatives and a shift towards intelligent vehicles, which is expected to enhance profitability across the entire industry chain [9]. - Projected net profits for 2024, 2025, and 2026 are 12.69 billion, 16.05 billion, and 17.95 billion yuan, respectively, with corresponding A-share PE ratios of 17.0X, 13.5X, and 12.0X [9].

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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-007 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 2025 年第一次临时股东大会决议公告 (一) 股东大会召开的时间：2025 年 1 月 17 日 (二) 股东大会召开的地点：河北省保定市朝阳南大街 2266 号长城汽车股份 有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | --- | --- | | 份总数的比例（%） | 22.60 | | 其中：A 股股东持股占股份总数的比例（%） | 6.61 | | 境外上市外资股股东持股占股份总数的比例（%） | 15.99 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 ...

北京金诚同达律师事务所 关于 长城汽车股份有限公司 2025 年第一次临时股东大会的 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 1 北京金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 长城汽车股份有限公司 2025 年第一次临时股东大会的 法律意见书 法律意见书 金证法意[2025]字 0115 第 0028 号 金证法意[2025]字 0115 第 0028 号 致：长城汽车股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受长城汽车股份有限公司（以 下简称 "公司"）的委托，并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》《上市公司股东大会规则》（以下简称"《股 东大会规则》"）、《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》等法律、法规、规范性文件以及《长城汽车股份 有限公司章程》（以下简称"《公司章程》"）、《长城汽车股份有限公司股东大 会议事规则》（以下简称"《股东大会议事规则》"）等有关规定，指派本所律师 对公司 2025 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motor (601633 SH) [1] Core Views - Great Wall Motor is expected to achieve significant year-on-year growth in 2024 with net profit projected to increase by 76 6%-85 1% reaching 12 4-13 billion yuan [4] - The company's performance in Q4 2024 is expected to show a slight decline due to intense industry competition and increased promotional expenses for new models [4] - The Tank and Wey brands along with overseas business are expected to continue driving growth with the Tank brand achieving sales of 61 000 units in Q4 2024 a year-on-year increase of 5 5% [5] - The Wey brand particularly the Blue Mountain model saw a significant sales boost after the introduction of the NOA function with Q4 sales reaching 22 000 units a year-on-year increase of 158 7% [5] - The company's overseas business achieved sales of 129 000 units in Q4 2024 a year-on-year increase of 23 6% [5] - The Hi4-Z technology introduced in the Tank 500 Hi4-Z model is expected to enhance fuel efficiency and performance contributing to the brand's expansion in the off-road market [6] - The company plans to continue launching new models and expanding its intelligent driving solutions across various brands including Tank and Wey [6] Financial Summary and Valuation - The company's revenue is expected to grow from 137 34 billion yuan in 2022 to 263 74 billion yuan in 2026 with a compound annual growth rate (CAGR) of 14 4% [7] - Net profit is projected to increase from 8 27 billion yuan in 2022 to 18 1 billion yuan in 2026 with a CAGR of 15 9% [7] - The gross margin is expected to improve from 19 4% in 2022 to 21 3% in 2026 [7] - The net margin is projected to increase from 6 0% in 2022 to 6 9% in 2026 [7] - The return on equity (ROE) is expected to rise from 12 7% in 2022 to 16 5% in 2026 [7] - The price-to-earnings (P/E) ratio is expected to decrease from 26 2 in 2022 to 11 9 in 2026 indicating a more attractive valuation [7] Market Performance - The current stock price is 25 27 yuan with a one-year high and low of 33 34 yuan and 19 11 yuan respectively [1] - The total market capitalization is 216 21 billion yuan with a circulating market capitalization of 156 5 billion yuan [1] - The turnover rate over the past three months is 28 22% [1] Future Outlook - The company is expected to continue its focus on high-margin models and expand its overseas business with a strong emphasis on localization and ecosystem development [6] - The Tank brand and overseas business are expected to be key drivers of growth in 2025 [6] - The company's intelligent driving solutions are expected to be widely adopted across various models contributing to future growth [6]

Investment Rating - Buy (Maintained) [1] Core Views - The company released its 2024 performance forecast, with expected net profit attributable to the parent company of 12.4~13.0 billion yuan, a year-on-year increase of 77~85% [4] - In 2024Q4, the company achieved a net profit attributable to the parent company of 2.0~2.6 billion yuan, a year-on-year increase of 0~28%, but a quarter-on-quarter decrease of 40~22% [4] - The company's sales volume in 2024 was 1.23 million units, a year-on-year increase of 0.2%, with 380,000 units sold in Q4, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 29% [4] - The company's export sales in 2024 reached 450,000 units, a year-on-year increase of 43%, accounting for 37% of total sales, up 11 percentage points year-on-year [7] - The Tank brand sold 230,000 units in 2024, accounting for 19% of total sales, up 6 percentage points year-on-year [7] - The company's domestic and overseas markets are expected to drive significant sales growth in 2025, with domestic sales projected to reach 1.13 million units, a year-on-year increase of 46%, and overseas sales expected to reach 550,000 units, a year-on-year increase of 20% [7] Financial Data and Profit Forecast - The company's operating revenue in 2024 is expected to reach 193.085 billion yuan, a year-on-year increase of 11.5%, with net profit attributable to the parent company expected to be 12.477 billion yuan, a year-on-year increase of 77.7% [5] - The company's operating revenue in 2025 is expected to reach 243.546 billion yuan, a year-on-year increase of 26.1%, with net profit attributable to the parent company expected to be 15.692 billion yuan, a year-on-year increase of 25.8% [5] - The company's operating revenue in 2026 is expected to reach 286.234 billion yuan, a year-on-year increase of 17.5%, with net profit attributable to the parent company expected to be 18.622 billion yuan, a year-on-year increase of 18.7% [5] - The company's gross profit margin in 2024 is expected to be 20.5%, with ROE expected to be 15.5% [5] - The company's EPS in 2024 is expected to be 1.46 yuan per share, with a P/E ratio of 17 [5] Sales and Product Performance - The company's sales structure has been optimized, with the export proportion increasing to 37% in 2024, up 11 percentage points year-on-year [7] - The Tank brand's sales in 2024 accounted for 19% of total sales, up 6 percentage points year-on-year [7] - The Haval brand achieved sales of 230,000 units in Q4 2024, a quarter-on-quarter increase of 36%, while the Wey brand achieved sales of 22,000 units, a quarter-on-quarter increase of 78% [7] - The company's product competitiveness has significantly improved after model updates, with the Blue Mountain and Menglong models showing rapid sales growth after updates [7] Future Outlook - The company is expected to launch multiple new models and updates in 2025, driving domestic sales growth to 1.13 million units, a year-on-year increase of 46% [7] - The company's overseas sales are expected to reach 550,000 units in 2025, a year-on-year increase of 20%, supported by the upcoming production at the Brazil factory and the launch of multiple models overseas [7] - The company's profitability is expected to continue to improve, with net profit attributable to the parent company projected to reach 15.692 billion yuan in 2025 and 18.622 billion yuan in 2026 [5][7]

Summary of Conference Call Company Overview - The conference call primarily discusses **Great Wall Motors**, focusing on its recent performance, strategic direction, and product developments. Key Points Financial Performance - The company expects to achieve an operating profit attributable to the parent company of **12.4 billion to 13 billion CNY** in 2024, an increase of **5.378 billion to 5.978 billion CNY**, representing a year-on-year growth of **76.60% to 85.14%** [2] - The projected net profit, excluding non-recurring gains and losses, is estimated at **9.4 billion to 10 billion CNY**, up by **4.566 billion to 5.166 billion CNY**, indicating a year-on-year increase of **94.47% to 106.88%** [2] - For Q4, the net profit is expected to be between **1.972 billion to 2.572 billion CNY**, with operational performance showing steady growth despite seasonal fluctuations [2] Sales and Market Position - Cumulative global sales reached **14.9012 million units**, with the Haval brand alone selling **706,000 units** in 2024 [3] - The Haval brand continues to expand its SUV lineup, including models like the second-generation H9 and the new H6, with monthly sales exceeding **13,000 units** for the Haval Manglong [3] - The company has launched the new **Lai Shan** and **Mocha HIFO**, which have received accolades for their intelligent features and safety [4] Product Development and Innovation - Great Wall Motors is focusing on **intelligent and electric vehicles**, with a commitment to enhancing product quality and accelerating globalization [2] - The **Ora brand** targets the female demographic with models like the Good Cat, achieving cumulative sales of **63,000 units** in 2024 [5] - The company is expanding its product offerings to include motorcycles, with the launch of the **S2000** [10] Global Expansion Strategy - The company aims for a global sales target of **450,000 units** in 2024, with significant growth in overseas markets, including Malaysia, Indonesia, and Vietnam [6] - Great Wall Motors has established a comprehensive overseas sales network, with **1,400 dealerships** globally, and plans to increase this number [19] - The company is also focusing on localizing production to mitigate currency risks, with an expected foreign currency settlement volume of around **10 billion CNY** for 2024 [15] Technological Advancements - The company has developed a new AI data intelligence system and is enhancing its autonomous driving capabilities, with significant advancements in its **Coffee OS3** and **Helix Auto** systems [8] - Great Wall Motors is investing in its computing power, with a total computing capacity of **1.64 EVLOPS** to support its autonomous vehicle development [21] Challenges and Risks - The company is aware of potential currency fluctuations affecting its overseas operations, particularly in markets like Russia, and is implementing strategies to mitigate these risks [14][15] - The competitive landscape in the automotive market is evolving, with Great Wall Motors focusing on maintaining its market position through innovation and brand recognition [19][34] Future Outlook - The company plans to introduce new models across its brands in 2025, including updates to the Haval and Tank series, and aims to enhance its presence in the high-end market segment [16][17] - Great Wall Motors is committed to increasing its market share in the electric vehicle sector, with a focus on sustainable growth and technological innovation [26][28] Additional Insights - The company emphasizes the importance of brand perception and customer experience, aiming to enhance its service capabilities and direct sales channels [41][42] - Great Wall Motors is positioning itself as a leader in the SUV and electric vehicle markets, with a strong focus on quality and customer satisfaction [34][42]

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4][5] Core Views - The company's performance for 2024 is expected to show a significant increase in net profit, with a forecasted growth of 76.6% to 85.1%, reaching between 12.4 billion to 13 billion CNY [1] - The company is focusing on high-end and global development, with a positive trend in both areas [1][2] - The overseas market is projected to continue its robust growth, with non-Russian regions becoming the largest contributors [3] Summary by Sections Financial Performance - The forecasted net profit for 2024 is expected to be between 12.4 billion to 13 billion CNY, with a non-recurring net profit increase of 94.5% to 106.9%, reaching 9.4 billion to 10 billion CNY [1] - In Q4 2024, the net profit is projected to be between 1.97 billion to 2.57 billion CNY, with a non-recurring net profit of 1.03 billion to 1.63 billion CNY [1] Sales and Market Development - The company anticipates a slight increase in total vehicle sales for 2024, projected at 1.233 million units, with a significant rise in new energy vehicle sales by 22.8% to 322,000 units [2] - The company plans to launch new and updated models in 2025 to strengthen its position in niche markets [2] International Expansion - The overseas sales are expected to grow by 43.4% in 2024, reaching 453,000 units, accounting for 36.7% of total sales [3] - The company is focusing on expanding its presence in markets such as Malaysia, Indonesia, and Brazil, with ongoing projects to enhance its competitive edge [3] Profitability and Valuation - The report adjusts the 2024 net profit forecast down by 2.5% to 12.82 billion CNY, while increasing the 2025 and 2026 forecasts by 4.9% and 6.1% to 15.45 billion CNY and 17.79 billion CNY respectively [4] - The report highlights the company's improving profitability metrics, with a projected return on equity (ROE) of 16.72% for 2024 and 17.52% for 2025 [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total sales volume of 135,286 vehicles in December 2024, representing a year-on-year increase of 20.3% and a month-on-month increase of 6.2%. The total annual sales exceeded 1.23 million vehicles [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][4]. - The company's four major expansion strategies are expected to open up long-term growth opportunities for sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][4]. Summary by Sections Sales Performance - In December 2024, domestic sales reached 93,993 vehicles, up 18.9% year-on-year and 11.6% month-on-month. New energy vehicle sales reached 42,265 units, marking a record high with a year-on-year increase of 41.6% [2][4]. - Cumulatively, the company sold 1.233 million vehicles in 2024, a slight increase of 0.2% year-on-year, with new energy vehicle sales totaling 322,000 units, up 22.9% year-on-year [2][4]. Brand Performance - The Haval brand sold 83,425 vehicles in December, up 27.2% year-on-year. The Tank brand sold 21,879 vehicles, up 26.4% year-on-year. The WEY brand saw a significant increase of 150.8% year-on-year, with the Blue Mountain model contributing 8,057 units sold [2][4]. - The company's overseas sales in December reached 41,293 vehicles, a year-on-year increase of 23.4%, with a total of 453,000 units sold overseas in 2024, up 43.4% year-on-year [2][4]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments to enhance domestic performance. It is committed to deepening its transition to new energy, with a focus on plug-in hybrid vehicles and a clear positioning for new models [2][4]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, with sales channels covering over 1,300 locations in more than 170 countries and regions [2][4]. - The company is actively promoting the development of smart vehicles, leveraging data and algorithms as core competitive advantages [2][4]. Financial Projections - The company is expected to achieve net profits of 12.69 billion, 16.05 billion, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding A-share price-to-earnings ratios of 16.8X, 13.3X, and 11.9X [2][4].