投資概要

轉型期收入增長與利潤承壓並存
根據長城汽車2025年年度業績快報，公司全年實現總收入2227.90億元（人民幣，下
同），同比+10.2%，歸屬于股東淨利潤為99.12億元，同比-21.7%，扣非後歸母淨利潤
同比-36.5%至61.58億元。
利潤下滑主要源於公司為加速構建直連用戶的新渠道模式，並加大新車型、新技術的
上市宣傳及品牌提升，相關投入增加導致盈利能力下降。
單看第四季度，公司的淨利潤錄得12.8億元，同比-43.5%，環比-44.4%，主要受到一
次性計提年終獎，和報廢稅延遲返還的影響，如果剔除該等因素，公司經營保持穩
健。

新能源與海外雙引擎驅動銷量增長，產品結構優化推動單車收入持續提升
長城汽車2025年銷量創歷史新高，達到132.4 萬台，同比+7.3%，新能源與海外雙引
擎驅動增長。其中，新能源車型銷量達到40.4 萬台，同比+25.4%，新能源車型占比擴
大4.4個百分點至30.5%；海外銷量達到50.6 萬台，同比+11.7%，海外銷量占比擴大
1.5個百分點至38.2%。
旗下子品牌中，哈弗、魏牌、坦克、歐拉、皮卡銷量分別為75.9 萬/10.2 萬/23.3 萬/4.8
萬/18.2 萬台，同比+7.41%/+86.29%/+0.74%/-23.68%/+2.57%。高端品牌坦克保持穩定，
魏牌增長顯著，魏牌高山連續3個月交付量破萬。車型銷售結構持續優化的趨勢下，
單車均價穩步提升，2025年公司單車ASP同比+2.7%或4400元，至16.83萬元，品牌
力進一步加強。

推出歸元平臺，開啟全新產品週期
2026年1月公司發佈全球首個原生AI全動力平臺：歸元，可兼容PHEV、HEV、BEV、
FCEV、ICE五大動力形式，覆蓋轎車、SUV、皮卡、MPV及跑車等七大品類，搭載自研
6C電芯與900V架構，智能座艙與輔助駕駛技術領先；後續將推出超50款新車，覆蓋
全品類，實現“一套架構、全域適配”。基於歸元平臺的首款6 座旗艦車型魏牌V9X發
佈在即，在動力、續航，操控，內飾等方面配置領先，有望夯實公司在高端市場的品
牌根基。

Investment Summary

Revenue Growth Amid Transformation While Profits Face Pressure
According to the 2025 annual result forecast of Great Wall Motor, the Company reported
total revenue of RMB222.79 billion in the full year (RMB, the same below), up 10.19% yoy,
while net profit attributable to the parent company amounted to RMB9,912 million, down
21.71% yoy. Net profit attributable to the parent company excluding non-recurring items
dropped by 36.5% yoy to RMB6.16 billion.
The decline in profit was mainly due to the Company accelerating the build-out of a new
channel model that connects directly with users, while also increasing promotion and brand
building efforts for the launch of new vehicle models and technologies. The increase in
related investments weighed on the Company’s profitability.
Looking at the fourth quarter alone, the Company recorded net profit attributable to the
parent company of RMB1.28 billion, down 43.5% yoy and down 44.4% mom. The decline
was mainly affected by a one-off provision for year-end bonuses and the delayed rebate of
scrappage tax. Excluding these factors, the Company’s operations remained stable.

New Energy Vehicles and Overseas Markets Drive Sales Growth, While Product Mix
Optimisation Lifts Per-Vehicle Revenue
Sales volume of Great Wall Motor reached a record high of 1,324 thousand units in 2025, up
7.3% yoy, driven by the dual engines of new energy vehicles and overseas markets. Among
them, EV sales reached 404 thousand units, up 25.4% yoy (the share of EVs increased by 4.4
ppts to 30.5%); overseas sales volume reached 506 thousand units, up 11.7% yoy (the share
of overseas sales increased by 1.5 ppts to 38.2%).
Among the Company’s sub-brands, Haval, WEY, Tank, Ora, and pickup recorded sales
volume of 759 thousand, 102 thousand, 233 thousand, 48 thousand, and 182 thousand units,
respectively, up 7.41%, up 86.29%, up 0.74%, down 23.68%, and up 2.57% yoy. The premium
Tank brand maintained stable performance, while WEY delivered significant growth, with
the WEY Gaoshan recording monthly deliveries exceeding 10 thousand units for three
consecutive months. Against the backdrop of continuous optimisation in the vehicle sales
structure, the ASP of a single vehicle increased steadily. In 2025, the Company’s ASP rose up
2.7% yoy, or RMB4,400, to RMB168.3 thousand, reflecting further strengthening of the
brand.

Launch of the ‘GWM One’ Platform Opens a New Product Cycle
In January 2026, Great Wall Motor launched the world’s first native AI full-powertrain
platform — GWM One. The platform is compatible with five powertrain types: PHEV, HEV,
EV, FCEV, and ICE, covering seven vehicle categories including sedan, SUV, pickup, MPV, and
sports cars. It is equipped with a self-developed 6C battery cell and a 900V architecture,
alongside advanced intelligent cockpit and driver-assistance technologies. The Company
plans to launch more than 50 new models in the future, covering all major vehicle segments
and achieving “one architecture with full-scenario adaptability”. The first flagship six-seat
model based on the GWM One platform, the WEY V9X, is set to debut soon. With leading
specification in power, range, handling and interior design, the model is expected to further
solidify the Company’s brand positioning in the premium segment.

投資概要
十月總體銷量環比小幅改善，產品銷售結構繼續升級
長城汽車 10 月銷量 10.02 萬輛，同比下降 11%，環比+7%，同比下滑主要因疫情多地
散發對多個汽車消費大省癿需求造成擾動。丌過 10 月長城癿海外銷售表現優異，共交
付 21，052 輛，同比+50%，環比+12%，占總銷量比重達到 21%。1 至 10 月長城汽車
累計銷量達到 90.3 萬輛，同比-9.4%。其中，新能源車型累計銷售 107，870 輛，同比
+9.95%，占比提高至 11.9%。公司高價值車型占比繼續提升，2022 年 1-10 月長城汽車
20 萬元以上車型銷量占比 14.62%，同比+4.93 百分點；智能化車型銷量占比達
85.84%，同比+10.54 百分點；三大技術品牌車型銷量占比 70.56%，同比+11.67 百分
點。

Investment Summary
With a Slight Improvement in the Overall Sales Volume in October, the Product Sales
Structure Is Continued to Be Upgraded
Great Wall Motors reported a sales volume of 100.2 thousand units in October, down 11%
yoy and up 7% mom. The year-on-year decline was mainly due to the disruption of demand
of major automobile consuming provinces amid the spread of the pandemic in multiple
places. However, Great Wall Motors displayed outstanding performance in the overseas
sales in October. A total of 21,052 units were delivered, up 50% yoy and up 12% mom,
accounting for 21% of the total sale volume. From January to October, Great Wall Motors'
cumulative sales volume reached 903 thousand units, down 9.4% yoy. In particular, 107,870
new energy vehicles were sold accumulatively, up 9.95% yoy, accounting for 11.9% of the
total sales volume. The proportion of the Company's high-value models continued to
increase. From January to October 2022, Great Wall Motors' sales volume of models above
RMB200 thousand accounted for 14.62%, up 4.93 ppts yoy; the sales volume of intelligent
models accounted for 85.84%, up 10.54 ppts yoy; and the sales volume of the models of
three major technology brands accounted for 70.56%, up 11.67 ppts yoy.

投資概要
缺芯和原材料上漲，影響去年下半年業績略低於預期
2021 年，長城汽車實現營業收入 1364.05 億元（人民幣，下同），同比增加 32%，實
現歸母淨利潤 67.3 億元，同比增長 25.4%，每股收益 0.73 元，每股派發現金紅利 0.07
元（含稅），加上 2021 年中期股息 0.3 元，分紅派息率達到 51%。全年毛利率
16.16%，同比下降 1.05 個百分點。由於股票期權費用和加大智慧化、電動化、新車型
研發投入，管理費用和研發費用分別同比大增 58.4%/46.4%至 40.4/44.9 億。最終淨利
潤率下降 0.26 個百分點至 4.93%。
去年業績略低於我們預期，主要是因為下半年汽車行業缺芯情況嚴重，打斷了整車廠
癿生產和交車節奏，同時疊加原材料持續漲價，影響了毛利率表現。下半年，長城汽
車癿汽車銷量/收入/淨利潤分別同比-7.5%/+10.47%/-24.2%。其中，第三/第四季度癿歸
母淨利潤分別同比-6.9%/-35.8%，毛利率分別為 17.33%/15.3%。同時，因員工年終獎費
用集中計提、歐拉用戶充電權益計提、以及股權激勵費用計提等因素拖累，第四季度
淨利潤率由第三季度癿 4.9%下滑至 3.9%。
2021 年長城汽車癿皮卡/SUV/轎車癿銷量分別為 23.7/90.7/13.7 萬輛，同比分別
+4%/+9%/+135%。以歐拉/WEY 為代表癿新能源車型和高端車型貢獻較大。2021 年長
城汽車新能源汽車銷量為 13.9 萬輛，同比增長 137%。

Investment Summary
2021H2 Results Are Slightly Lower than Expected Due to Chip shortage and Rising Raw
Material Prices
In 2021, Great Wall Motor reported operating revenue of RMB132.17 billion, up 32% yoy.
The net profit attributable to the parent company was RMB6.73 billion, up 25.4% yoy. The
earnings per share was RMB0.73, and the cash dividend per share was RMB0.07 (taxinclusive). Including a mid-term dividend of RMB0.3 in 2021, the dividend payout ratio
reached 51%. The gross margin in 2021 was 16.16%, down 1.05 ppts yoy. Due to stock
option expenses and increased investment in intelligence, electrification and new model
R&D, administration expenses and R&D expenses surged to RMB4.04 billion and RMB4.49
billion, respectively, up 58.4% and 46.4% yoy, respectively. Eventually, the net profit margin
fell 0.26 ppts to 4.93%.
Last year's results were slightly lower than we expected, mainly due to the serious chip
shortage in the automotive industry in H2. The production and delivery pace of vehicle
factories was interrupted, while the continuous price rise of raw materials affected the gross
margin. In H2, Great Wall Motor saw a 7.5% year-on-year decrease in sales volume, a
10.47% year-on-year increase in revenue, and a 24.2% year-on-year decrease in net profit.
Among them, Great Wall Motor reported a year-on-year decrease of 6.9% and 35.8%,
respectively in the net profit attributable to the parent company in Q3 and Q4. The gross
margin was 17.33% and 15.3%, respectively. Meanwhile, the net profit margin in Q4 fell to
3.9% from 4.9% in Q3 due to factors such as the centralized accrual of year-end employee
bonus expenses, the accrual of charging equity of Ora users, and the accrual of equity
incentive expenses.
In 2021, Great Wall Motor sold 237 thousand pickups, 907 thousand SUVs and 137 thousand
sedans, respectively, a year-on-year increase of 4%, 9% and 135%, respectively. New energy
models and high-end models represented by Ora and Wey have made great contributions. In
2021, Great Wall Motor sold 139 thousand new energy vehicles, a year-on-year increase of
137%