长城汽车2025中期报告

（於中華人民共和國註冊成立的股份有限公司）H股股份代號：02333（港幣櫃檯）及82333（人民幣櫃檯）A股股份代號：601633 √ √ 8 10 19 55 103 119 無路闖出路 雕刻硬派美學 動力生而強悍 1 20256306 571 Great Wall Motor Company LimitedGreat Wall Motor 226686(312)-219781386(312)-2197812zqb@gwm.com.cn 226686(312)-219781386(312)-2197812zqb@gwm.com.cn 226622992266071000www.gwm.com.cnzqb@gwm.com.cn131 www.sse.com.cn2266www.hkexnews.hkwww.gwm.com.cn √ √ √ 11 √ √ √ SUVSUVMPV ONEGWM 195202565340 CoffeeOS 3AICoffeePilot Ultra500Coffee Pilot UltraAIVLA+ H i 4H i 4Hi4-THi4-ZHi4-GHi4-Z 42.0T800V6CCLTC400km5200km 2660 310+3+N103KD 4+360+50+50+1701,400 (1) 20251-61,562.11,565.312.5%11.4% (2) 1-61,352.21,353.113.8%13% (3) 1-6696.8693.741.4%40.3%44.3%28.2%16.1% (4) 1-630.931.420.5%15%7.37.55%8.1%19.119.410.3%5.6%4.64.4580.3%543.6% (5) 1-6308.310.4%258.110.3%50.110.5%10675.2% √ 1 3 4 5 20256307,428,476,391.787,407,856,420.04 20256308,558,945,9336,240,169,933A2,318,776,000H 6 202563013.1313.20 13.18 13.1613.22 7 202563083,976202463081,90220256308.68%20246308.10% 8 9. 1 202535568,8522.52%160,43523.64% SUVMPV (1) SUV323,7028.89%Hi4Coffee OS 3CoffeePilot PlusSUVSUVSUVHi42.029CoffeePilot PlusAINOANOACoffee OS3MAX+Hi4SUVH92025T2.1Hi4 (2) 104,129SUV2.0T2.4T3.0TV6Hi4-THi4-Z8500SUV30+2025T2.E (3) 32,36960.34%+5CoffeePilot Ultra27CoffeeOS 3.2Hi4MPVSUV5542.0T800V6C400kmASLVLA+67360+50+50+ (4) 1-614,576202532025CAR&BIKE OF THE YEAR620252025GT18ASUV (5) 1-693,6494.01%7352750%702.4THi4-T2.4T2025V650 (6) S200088DCT81551S20002025(CES)4FounderS2000GL7 (7) 202533Hi4-G500Hi4-G3-4L19.9L/100km30%15%-25%CHTC-TTHi4-G29.7L/100km17%6GG105053.66 1 CoffeeOS 3Coffee OS 3MAX5002025CoffeeOS 3 OTA1000100AIAI7*24 CoffeePilotCPUltra28OTA CP500CPUltraCPPlusMAX 2025Coffee OS 312CoffeePilot UltraNOA20AI VLA+ 2 Hi4Hi4Hi4-THi4-ZHi4-GHi4-G3820%1000P2+P2.5+15%2025HEVPHEVBEV2025542.0T800V6CCLTC400km470kW5200km 800V6C980% 120kW80kW100kW90%≤1.4mm250kW180kW 3+ ONEGWM202519.87 3KD2025170140012.4T22.4T3300GWM Tech Day500700 Hi4-T400 Hi4-THi4-T4300 Hi4-T55Hi4-T2.4T500HEV6300 Hi4-T 7500 MPVMPVMPV 3 0 02 . 0 T H i 4 -T+9HAT2.4T+9AT2.0T+9AT6 300 500SUV++500 500 2026•• MAXSUVSUV MAX 3/46315SUV 2026 G1050Hi4-G 2022202520172415% √ √ 1. 2. Hi498%542.0T800V6C400kmASLVLACoffeeOS 3Coffee Pilot UltraVLA+ 3. 1701400+1+1>2 4. Hi4+Hi4Coffee OS 3Coffee Pilot Plus70 5. 6. 2 √ √ √ 2 √ 3 4 √ 1 √ 20256301,189,650.6334,754.573.01%11 (1).√(2).√(3).√ √√√ √ 202491320035 2025 (1). √ (2). √ 2025630 √ √10% √ √ √ 1 2 12 √ 1 20256306 2 A A 20256306 3 C1 4 31202582820252025 5 21 6 21 7 212 8 9 10 (1)2024712025718202588202588 (2)20258820227202588 2025630613.51B D2322024 11 2025482025-042 (1) 202556.896.95%923.350.99%63.37 (2) 20240.452025716A202588H38.51202430.34% 10 (3) 2025718<>2025882025202471 (4) 1,600202562025100 √ 20258820227202588 √ 100100100 202579http://www.sse.com.cn2025-081https://www.hkex.com.hkhttps://www.gwm.com.cn 20232023 202579http://www.sse.com.cn2025-082https://www.hkex.com.hkhttps://www.gwm.com.cn 20232023 202579http://www.sse.com.cn2025-083https://www.hkex.com.hkhttps://www.gwm.com.cn 2023 20212021 1 20212021 (1) (2) (3) 2 5% 3 20214,318.400.50% 202139,710.104.64% 4 1% 5 2021 6 (1) 20212021 (2) 7 81.2021(1)16.782021150%16.7820212050%16.55(2)12.73150%11.45206012050%12.732.2021(1)33.562021133.5620212033.10 (2) 25.45 122.89 206012025.45 9 482021202120217222025721 10 1.2021 1122= 20217222021722116,645.23 3,405.70116,645.2320212024 (1)(2)(3)(4) 2.2021 1122Black-Scholes 2021722Black-Scholes202172231,263.7031,263.70614,827.38 a)51.032021722b)33.56c)1.52.53.5d)25.02%24.80%25.12%123winde)2.1551%2.4958%2.5893%123f)0.55%12 (1)202132,653,2002021722A50.071224362022722202572115.81 2021 (1)20217,955,8002022429A22.9812242023429202542812.06 (5)202151220227242022318 2021 (1)2021300,594,0002021722A50.071224362022722202572132.14 2021 (1)202175,497,1002022429A22.9812242023429202542824.78 2021 2 0 2 563 02 0 2 1A65,042,428A1.04%A0A0% 20256302021A65,042,428A1.04%A0A0% 20232023 1 20232023 (1) (2) (3) 2 5% 3 20237,000.000.82% 20239,687.501.13% 4 1% 5 2023 6 (1) 20232023 (2) 20242024 7 8 1.2023 (1) 13.61 2023150%13.02 20232050%13.61 (2) 150% 206012050% 2.2023 (1) 27.22 2023126.04 20232027.22 (2) 1 2060120 9 482023202320241262028125 10 1.2023 1122= 2024126202412645,829.81 5,488.6045,829.8120242027 (1)(2)(3)(4) 2.2023 1122Black-Scholes 2024126Black-Scholes20241267,057.70 a)21.962024126b)27.22c)234d)26.80%29.07%30.99%Wind234e)2.19%2.24%2.29%234f)1.36%12 7,057.7019,282.6720242027 (1)202320241265,488.602024126A22.301224362025126202812512.86 (2)15,355,284 (3)3,720,91613.312023 20232024126 2023 (1)2023605,4002025124A24.7512242026124202812312.29 2023 (1)202369,794,0002024126A22.301224362025126202812526.47 20232024126 (1)2023805,2002025124A24.7512242026124202812325.02 2023 2 0 2 563 02 0 2 3A6 2