2017年度业绩 2017 Annual Results

长城汽车股份有限公司 GREAT WALL MOTOR COMPANY LIMITED *

*仅供参考 2018年3月 * For identification purpose only Mar 20181 声明 Disclaimer 本介绍片由长城汽车股份有限公司（「公司」）编制，只作企业通讯和一般参考之用。公司无意在任何司法管辖区使用本介绍片作为出售和招揽他人购买公司任何证券的要约，或用作投资公司证券的决定基础。未经咨询专业意见的情况下，不得使用或依赖此等全部资料。本介绍纯属简报性质，并非完整地描述公司、公司业务、目前或过去的经营业绩或业务未来前景。公司不会为本介绍片发出任何明文或隐含的保证或声明。公司特此强调，不会对任何人使用或依赖本介绍片的任何资料（财务或其它资料）承担任何责任。

This presentation is prepared by Great Wall Motor Company Limited (the “Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and do not purport to be a complete description of the Company, its business, its current or historical operating results or its future prospects. This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Company specifically disclaims all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation.

2 2 业绩摘要 Results Highlights

变动 2017 2016 Change (%)

总销量/千台 Total Sales Volume/ 1,061 1,069 -0.8% ‘000 Units SUV销量/千台 SUV Sales Volume/ 924 933 -1.0% ‘000 Units 营业总收入/百万元 Total Operating Revenue/ 101,169 98,616 2.6% RMB Mn 净利润/百万元 Net Profit/ 5,043 10,554 -52.2% RMB Mn

1.本年度内，本公司通过购车摇红包等活动让利客户，对现有产品进行促销，影响净利润； During the year under review, the Company carried out sales promotion of existing products through special offers such as offering discounts via shake red packets campaigns, which affect net profit 2.未来公司将继续巩固豪华品牌WEY的竞争优势，梳理哈弗品牌产品结构，提高利润率水平。 In the future, the Company will continue to strengthen the competitive edges of the luxury brand “WEY”, rationalise the product mix of Haval and increase its profitability 3 第一部分 Section 1 行业运行情况 Auto Industry Overview

4 行业运行情况 Auto Industry Overview 中国汽车市场保持稳定增长 Stable growth in the PRC’s auto industry 行业销量保持稳定增长 2017年乘用车分国别销售情况 Steady growth in auto industry sales volume 单位：千台 Sales of PV by country in 2017 单位：百万台 ‘000 units Mn units 12,000 50% 10,847 2018-2020E CAGR 5.0% 40 2016 2017 2017市占率 10,000 Market share 40% 35 2011-2017 CAGR 7.7% 32.4 31.0 28.9 29.4 30 28.0 8,000 23.5 24.6 30% 25 22.0 19.3 6,000 20 18.5 4,850 4,205 20% 15 4,000 3,040 10 10% 2,000 1,145 5 456 180 0 0 自主德系日系美系韩系法系其他 0% 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E Ger- Local many Japan US Korea France Others 2017年销量2,888万辆，产销连续九年蝉联全球第一，且保持稳定 2017年自主品牌乘用车销量达到1,085万辆，市场占有率达到43.9%，增长保持稳定增长 The sales volume of the automobile industry in 2017 amounted to In 2017, the sales volume of local brand PV reached 10.85 million 28.88 million units and continued to ranked first in the world for units, with a market share of 43.9%, maintaining stable growth the ninth consecutive year with steady growth 数据来源：中国汽车工业协会/ Source: CAAM 数据来源：中国汽车工业协会、国家信息中心/ Source: CAAM, SIC 5 5 行业运行情况 Auto Industry Overview 汽车市场销量前十 Top 10 auto makers in terms of sales volume

汽车行业销量前十乘用车销量前十企业 Top 10 auto makers in terms of sales volume Top 10 auto makers in terms of sales volume of PV 单位：百万台单位：千台 Mn units ‘000 units 7 30% 2,500 9% 8.1% 7.9% 销量市占率 8.3% 7.7% 销量市占率 8% Sales volume Market share Sales volume Market share 6 25% 23.9% 2,000 7% 5 20% 5.1% 6% 5.0% 1,500 4 4.6% 14.3% 5% 15% 3.8% 11.6% 3.3% 4% 3 9.9% 1,000 3.2% 8.7% 10% 3% 2 6.9% 4.5% 2% 3.7% 500 1 2.6% 2.3% 5% 1% 0 0% 0 0% SGM SVW FAW BHMC 上汽大众上汽通用一汽大众通用五菱SGMW 东风汽车DFG 吉利Geely 重庆长安 CHANA 长城汽车GWM 长安福特 Ford CCAG 北京现代上汽东风一汽长安北汽广汽吉利长城华晨奇瑞

SAIC DFG FAW CCAG BAIC GAC Geely Brilliance Chery VW

GWM

汽车市场，公司排名第8，市场份额3.7% 乘用车市场，公司排名第8，市场份额3.8% The Company is ranking the eighth in the auto industry , with a 3.7% The Company is ranking the eighth in the PV market, with a 3.8% market share market share 数据来源：中国汽车工业协会数据来源：中国汽车工业协会/ Source:/ Source: CAAM CAAM 6 6 行业运行情况 Auto Industry Overview SUV占比及结构变化 Sales proportion of SUV and changes in PV market composition

SUV占乘用车销量比例单位：百万台 SUV销量增速 SUV as a % of PV in terms of sales volume Mn units SUV sales volume growth rate 100% 12 60% 52.4% 49.4% 80% 10 44.6% 50% 11.0% 12.9% 16.7% 20.7% 29.5% 37.1% 41.5% 8 36.4% 40% 60% 6 25.5% 30% 40% 20.2% 69.9% 69.3% 67.0% 62.8% 4 13.3% 20% 55.4% 49.8% 47.9% 20% 2 10%

0% 0 0% 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017

轿车 SUV MPV 交叉型销量 SUV增速乘用车增速 Sedan SUV MPV Cross type Sales volume SUV growth rate PV growth rate

SUV占比稳步提升，达到41.5%，预计SUV占比将继续提升 SUV增速放缓，但保持相对较高的增速水平，仍是乘用车增长引擎 The sales proportion of SUV had been growing steadily, reaching 41.5%. It Although the SUV segment’s growth rate slowed down, it remained at a is expected that SUV sales proportion will continue to increase . relatively high level and SUV was still the growth driver of PV

数据来源：中国汽车工业协会/ Source: CAAM 7 7 行业运行情况 Auto Industry Overview 不同价位SUV占比及销量前十 SUV sales by price and top 10 SUV makers in terms of sales volume

不同价位SUV销量占比 SUV前十企业 SUV sales volume by price 单位：千台 Top 10 SUV makers ‘000 units 100% 1,000 10% 900 9% 80% 800 8%

12.0% 12.5% 15.3% 700 7% 60% 18.4% 600 6% 21.4% 25.78% 21.8% 500 5% 40% 400 4% 300 3%

20% 200 2% 100 1%

0 长城长安吉利通用五菱东风汽车广汽乘用车上汽大众上汽通用东风本田上汽乘用车0% 0% GWM CCAG Geely SGMW DFG Motor GAC SVW SHGM DF HONDA Motor SAIC

2011 2012 2013 2014 2015 2016 2017

8万以下Below 80K 8万-10万80K-100K 10万-15万100K-150K

15万-20万150K-200K 20万-25万200K-250K 25万以上above 250K 2016 2017 2017市占率 Market share 消费升级，15-20万元价格区间的市场有潜力本公司SUV总销量继续保持第一 With consumption upgraded, there was potential market for SUV priced The Group's total SUV sales volume continued to rank first. 150K-200K.

数据来源：中国汽车工业协会/ Source: CAAM 8 8 第二部分 Section 2 公司经营情况 Operations Review

9 公司经营情况 Operations Review

总销量分品类销量 Total sales volume Sales volume by category 单位：千台单位：千台 ‘000 units ‘000 units 1,200 1,200 1,069 1,061 1,061

1,000 1,000 924 846 771 800 733 800 621 600 600

400 400

200 200 125

12 0 - 2012 2013 2014 2015 2016 2017 皮卡 SUV 轿车其他合计 Pick-up truck SUV Sedan Others Total 2015 2016 2017

10 10 公司经营情况 Operations Review

SUV销量分品类占比单位：千台 Sales volume of SUV Sales proportion by category ‘000 units 1,000 100% 933 924 6.1% 3.0% 1.1% 11.9% 900 90% 26.7% 32.1% 800 80% 693 700 70%

600 60% 523 87.1% 81.9% 87.2% 500 50% 71.4% 420 45.0% 54.5% 400 40%

300 280 30%

200 20%

10% 22.0% 100 17.7% 16.6% 11.9% 9.7% 11.8% 0 0% 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 皮卡 SUV 轿车其他 Pick-up truck SUV Sedan Others 11 11 公司经营情况 Operations Review

主要新车型 Key new models

全新H6 VV7 VV5 Brand new: Haval H6

12 12 公司经营情况 Operations Review

新能源汽车布局 Strategic planning for new energy vehicles 1.增资入股河北御捷车业 Capital increase into Hebei Yogomo Motors Co., Ltd. (“Hebei Yogomo”) 2017年9月，本公司以增资入股方式获得河北御捷25％的股权。与河北御捷将识别各自在新能源汽车方面的优势，展开全方位合作的研究与实施。 The Group obtained 25% of the equity interests in Hebei Yogomo by way of capital increase in September 2017. The Group and Hebei Yogomo will recognise their respective advantages in respect of new energy vehicle and will conduct joint research and cooperation in various aspects 2.入股澳大利亚Pilbara Minerals Investment in Australian Pilbara Minerals 2017年9月，本公司全资子公司认购Pilbara Minerals 5,600万股的新增股份，并获得锂矿项目部分产品的包销权，将为本公司新能源汽车产业链提供资源保证。 In September 2017, the Company subscribed 56,000,000 new shares in Pilbara Minerals in Australia through its wholly-owned subsidiary, and secured the right to off-take certain production of the Pilgangoora Lithium-Tantalum project. The subscription will secure resources for the production chain of new energy vehicles of the Company. 13 13 公司经营情况 Operations Review

3.与宝马合作 Cooperation with Bayerische Motoren Werke Aktiengesellschaft (“BMW”)

①2017年2月21日，双方签署关于对MINI品牌汽车合作的可行性进行探讨和评估的协议； On 21 February 2017, the Company and BMW signed an agreement to explore and evaluate the feasibility of cooperating on the production of vehicles under the MINI brand. ②2018年2月23日，双方签署合作意向书，双方拟利用其各自在汽车行业的技术和商业知识，以合资公司的形式在汽车领域开展合作，合作将主要聚焦于新能源汽车及未来技术。在签署意向书后，双方将进一步决定投资规模，建立商业模式及完成项目可行性研究。 On 23 February 2018, the Company and BMW entered into a letter of intent (“LOI”) on cooperation, pursuant to which both parties intend to use their respective technical and commercial expertise in the automotive industry to cooperate in the form of a joint venture. The cooperation shall mainly focus on new energy vehicles and future technology. After signing the LOI, both parties will further determine the investment scale, establish a business model and complete research projects on feasibility.

14 14 第三部分 Section 3 公司财务情况 Financial Review

15 公司财务情况 Financial Review

资产负债表 Balance Sheet 单位：人民币百万元 RMB Mn 截至2017.12.31止截至2016.12.31止截至2015.12.31止变动 As at As at As at Change (%) 31 Dec 2017 31 Dec 2016 31 Dec 2015

流动资产 69,293 53,928 40,390 28.5 Current assets 其中： Including: 4,831 2,154 3,642 124.3 货币资金 Cash and bank balances 应收票据 49,075 39,786 28,162 23.3 Bills receivable

非流动资产 41,254 38,381 31,521 7.5 Non-current assets

负债合计 61,289 44,955 33,524 36.3 Total liabilities

资产总值 110,547 92,309 71,911 19.8 Total assets

股东权益 49,258 47,354 38,387 4.0 Total shareholders’ equity

16 16 公司财务情况 Financial Review

单位：人民币百万元利润表 Income Statement RMB Mn

变动 2017 2016 2015 Change (%)

营业总收入 101,169 98,616 76,033 2.6 Total operating revenue

毛利 19,123 24,238 19,162 -21.1 Gross profit

营业利润 Operating 5,854 12,261 9,235 -52.3 profit

归属于本公司股东的净利润 Net profit attributable to 5,027 10,551 8,059 -52.4 shareholders of the Company

基本每股收益（元） Basic earnings per share 0.55 1.16 0.88 -52.4 (RMB)

17 17 公司财务情况 Financial Review

单位：人民币百万元现金流量表 Cash Flow Statements RMB Mn

2017 2016 2015

经营活动产生的现金流量净额 -1,077 8,835 10,034 Net cash flow from operating activities

投资活动产生的现金流量净额 -3,056 -8,367 -6,517 Net cash flow from investing activities

筹资活动产生的现金流量净额 6,089 -1,116 -4,112 Net cash flow from financing activities

汇率变动对现金及现金等价物的影响 Effect of foreign exchange rate changes on cash and cash -5 82 -28 equivalents

现金及现金等价物净增加额 1,952 -566 -623 Net increase in cash and cash equivalents

期末现金及现金等价物余额 3,844 1,892 2,458 Cash and cash equivalents at the end of the period

18 18 公司财务情况 Financial Review

其他财务指标 Other Financial Indicators 利润率费用率 30% Profit margin Expenses as a % of revenue 25.2% 6% 24.6% 25% 4.4% 18.9% 3.7% 20% 4% 3.2% 15% 3.6% 3.3% 10% 2% 3.2% 12.1% 12.4% 5% 0% 5.8% 0% 2015 2016 2017 2015 2016 2017 综合毛利率营业利润率销售费用/营业收入研发费用/营业收入单位：人民币千元 GPM OPM Selling expense as a % of Rev R&D expense as a % of Rev RMB ‘000 110 平均售价 60 存货周转天数 ASP Inventory turnover (Day) 106 50 105 103 40 25 26 101 30 24 100 20 10 95 0 2015 2016 2017 2015 2016 2017

注：平均售价为含税价/ Note： The ASP is tax included price 19 19 第四部分 Section 4 展望 Prospects

20 未来展望 Prospects 未来出行趋势 Future trend in driving

市内城际

通勤交通环境污染和城市拥堵日益严重，智能EV满足个中国快速城市化，部分一二线城市人口将继续聚集，人出行需求，改善通勤体验，且节能环保。城际交通将同样迎来快速增长。PHEV车型续航长 As problems of environmental pollution and traffic 等特点，将改善城际出行的体验。野外自驾 jam become increasingly severe, intelligent EV Rapid urbanization in China will lead to higher (electric vehicle) can satisfy individual travel population density in first and second tier cities as well needs and improve daily commute experiences, as rapid growth in intercity travel. PHEV (plug-in with eco-friendly benefits. hybrid electric vehicle) with advantages such as ability to travel longer distances could improve intercity travel experiences.

消费升级和自驾旅游带动出行需求快速增长， SUV能够满足多样化出行需求。 Consumption upgrading and self-drive tour have led to a rapid growth in travel demand and SUV can meet the diversified travel needs.

21 21 未来展望 Prospects 研发方向与布局 R&D direction and planning

新能源汽车方面，同步开展EV、HEV、PHEV三种技术架构的车型开发以及FCV的策划，未来将推出更多新能源车型；与宝马以合资公司的形式在汽车领域开展合作，合作将主要聚焦于新能源汽车及未来技术。 In terms of new energy vehicles, the Group concurrently engaged in the development of EV (electric vehicle), HEV (hybrid electric vehicle) and PHEV (plug-in hybrid electric vehicle), which involved three different types of technology, as well as the planning of FCV (fuel cell vehicle). The Group will introduce more new energy models in the future. The Group will also cooperate with BMW in the field of automotive industry in the form of a joint venture; the cooperation will mainly focus on new energy vehicles and future technology.

积极开发智能驾驶i-Pilot平台，协同国内与国际开发的模式，同时与博世、德尔福、瑞萨等公司进行战略合作，积极布局智能驾驶关键技术。 The Group has been actively developing intelligent driving platform i-Pilot, and coordinating domestic and international development methods. The Group also carried out strategic cooperation with companies including Bosch, Delphi Technologies, and Renesas Electronics to actively develop the key technologies of intelligent driving.

传统车型将基于平台化、轻量化方向推出更多产品力优异车型。 For traditional car models: will launch more outstanding models with lightweight materials based on platform-sharing.

22 22 未来展望 Prospects

国际化布局韩国 Korea Globalization strategy 俄罗斯德国 Russia Germany 日本 Japan 美国 USA

保定 Baoding 印度奥地利 India 上海 Austria Shanghai

南非澳大利亚 South Africa Australia 中国研发 Domestic R&D 研发中心 R&D Centers 海外销售公司 Overseas sales companies

国内设立保定、上海研发中心，同时积极整合全球优势资源，海外设立日本、印度、德国、美国、奥地利和韩国研发中心，实现全球化研发 Domestically, the Group has established research and development centers in Baoding and Shanghai; the Group has also actively integrated its global resources and established research and development centres in Japan, India, Germany, the United States, Austria and Korea, to achieve global research and development. 另一方面，俄罗斯、南非、澳大利亚的销售公司基本已完成品牌切换，未来将积极建设网络、提升品牌形象，提升国际销量。 On the other hand, the sales companies in Russia, South Africa and Australia had switched their focus to promote and market the Haval brand. The Group will actively develop its sales network, enhance brand image and increase global sales volume in the future. 23 23 未来展望 Prospects 新能源布局 NEV strategy 新能源汽车 New Energy Vehicle

插电式混动纯电动燃料电池 PHEV EV FCV

WEY P8 2018 XEV 概念车 2017 待公布 XEV Concept 2017 to be disclosed

2017年，首次参加法兰克福车展，即将上市首款插电式混动车型并展示XEV概念车 2018年，加入国际氢能委员会 P8 In 2017, the Group joined the In 2018, the Group became a The first plug-in hybrid vehicle Frankfurt Motor Show for the first member of the Hydrogen Council. model P8 will be launched soon time and exhibited XEV Concept Car. 24 24 未来展望 Prospects 智能驾驶路线图 Intelligent Driving R&D Roadmap

长城科技节自动驾驶动态展示 ADAS技术研究 Demo at GWM 5th Science Technology i-Pilot“智慧领航”规划发布 ADAS Techs Research Forum i-Pilot Plan Release 2010 2015 2017

2013 2015 2020 中国智能车未来挑战赛首款搭载ADAS产品上市超L3级别自动驾驶系统商品化 China IV Future Challenge Production Commercialization of Self-Driving Vehicle with ADAS feature System Above Level 3 Autonomy

25 25 未来展望 Prospects

产品规划 New model plan 2018年上市多款新车及改款车型，加速新能源产品布局。公司设定2018年全年销量目标为116万辆 In 2018, the Group will launch a variety of new car models and facelift models, as well as accelerate the strategic development of new energy products. The Group’s sales volume target for 2018 is 1,160,000 units.

混合動力车型 P8 VV6 Hybrid car model P8

H4 其它 Others

C30EV升级版 C30EV upgraded version 其它 Others 26 26 未来展望 Prospects

汽车后市场 Automotive after-sales market

以智能驾驶、新能源汽车为支撑，探索分时、网约等多种汽车共享业务，拓展全国重点市场，搭建未来出行生态圈。 With the support of intelligent driving and new energy vehicles, the Group will explore car sharing services such as time-slot allocation and online reservation, expand key markets in China and develop a business ecosystem for future travel.

以销售渠道为基础路径，积极拓展汽车金融业务，增强金融产品灵活性，提升产品竞争力，更大范围满足终端市场需求。 Capitalising on the sales channels, the Group will actively expand automobile finance business, enhance the flexibility of automobile finance products, improve product competitiveness and satisfy demands of end markets to a larger extent .

基于汽车产品生命周期，延伸汽车产业链，完善汽车后市场服务，如汽车保险经纪、二手车业务、汽车报废回收、汽车精品等。 In view of the automotive products’ life cycle, the Group intends to achieve further vertical integration, by improving automotive after-sales market services, such as car insurance brokerage, second-hand car business, recycling of broken vehicles and car accessories.

27 27 问答环节 Q&A Session

28 28