8月29日，备受瞩目的第二十八届成都国际汽车展览会拉开帷幕。 作为下半年首场A级车展，成都车展立足"金九银十"这一黄金档期，其战略地位早超越了单纯的展会范畴。它就像是一个全国车市的年中"体检中 心"，在这里，各大车企交出上半年的成绩单，同时发布下半年的战略规划。它也是中西部地区连接全球产业链、推动消费升级的核心枢纽，吸引着来自 世界各地的目光。 本届成都车展以"领潮而立 向新而行"为主题，汇聚近120个汽车品牌，展出车辆逾1600辆，展区面积22万平方米，涵盖整车、改装车、人形机器人、 三电系统等产业热点。 自主品牌此次以"专馆集结"的强势姿态亮相，仿佛在向世界宣告从追随者到规则制定者的身份转变。 e STERY 6 3 e . 长安猎手新价值分享匿K50金东上市发布会 1) 8 3 : . 日 12 Caloo 长安启德E07 深蓝S09车型的中控台单独被拿来做了一个"移动中岛"储存饮料并发放给观展观众 中国长安以10号馆为主秀场，旗下长安、长安马自达、长安启源、阿维塔、深蓝等品牌集结亮相。 e r @ 0 8 in 历 万 就 自 纵 模 8 最佳11 15-12 19 奇瑞集团五大品牌齐发，其所在的5号 ...

都江堰传承千年不衰，不仅在于工程体系完美，更在于其蕴含尊重自然规律的生态观和长期主义价值观。长城汽车坚定长期主义，立志把长城Hi4 打造成为中国汽车技术的"都江堰"。成立35年来，一直以实干为路径的长城汽车，坚持"为民"价值取向，未来仍将以科技创新为核心，为全球市 场持续提供高价值、高可靠的技术和产品。 问道青城山，拜水都江堰。2300年前，都江堰以科学治水，将成都平原变成沃野千里的"天府之国"。如今，长城汽车将都江堰"因势利导、旱涝皆 安、顺势而为、和谐共生"的治水哲学，巧妙融入汽车产业的新能源与智能技术探索中，致敬都江堰跨越千年的中国智慧。 面对新能源时代用户痛点，长城汽车坚持以民为本，在技术研发上充分发挥因势利导、顺势而为的中华智慧，研发出全球首创的长城Hi4智能四驱 电混技术体系。该技术以"惠民"为导向，让用户以两驱的价格享受四驱的体验，驾驶更安全、动力更强劲。以全新坦克500搭载的Hi4-Z为例，其 采用功率分流架构，与都江堰"四六分水"设计一致，能在驱动车辆时利用另一路动力发电并存储，用户在加速、爬坡等场景时，强劲动力随用随 有，同时发动机保持高效运作，实现省油又省电。 8月27日，央视新闻《首屈 ...

Core Insights - The company focuses on clear product positioning, emphasizing Haval SUVs, rugged off-road vehicles, and high-end new energy segments to create a differentiated competitive advantage [1] - The integration of hybrid technology, particularly the Hi4/Hi4-T systems, enhances brand building and offers high cost-performance four-wheel drive solutions [2] - The company aims to leverage strong domestic product capabilities to expand into high-margin overseas automotive markets, thereby improving overall profitability [2] Financial Performance - In Q1 2025, the company reported a revenue of 40.019 billion yuan, a year-on-year decrease of 6.63%, and a net profit attributable to shareholders of 1.751 billion yuan, down 45.60% [2] - The gross margin for Q1 2025 was 17.84%, with a net profit margin of 4.38%, primarily due to a product upgrade cycle and increased investment in direct sales system development [2] - The company projects revenues of 242.71 billion, 282.58 billion, and 345.81 billion yuan for 2025-2027, with year-on-year growth rates of 20.0%, 16.4%, and 22.4% respectively [4] Market Positioning - The Tank model focuses on the rugged off-road niche, with the Tank 300 projected to be the top-selling domestic rugged off-road vehicle in 2024, achieving sales of 74,000 units [3] - The introduction of Hi4-T and Hi4-Z hybrid systems is expected to enhance the competitive edge of Tank models in the high-end off-road market [3] Strategic Outlook - The company emphasizes a "long-termism" approach in its global layout, integrating production, research, and sales to support high-quality overseas development [2] - The rapid growth in automotive exports and high-margin overseas markets is identified as a core driver for the company's performance growth [2]

丨 2025年9月1日 星期一 丨 NO.1 8月中国汽车经销商库存预警指数为57.0% 每经记者｜裴健如 每经编辑｜余婷婷 点评：锐胜汽车独立亮相并聚焦MPV市场，未来5年投入200亿研发资金，这一举措将重塑其发展路 径。凭借更多自主权，其有望在产品、营销等方面创新，提升市场竞争力与品牌影响力，为企业价值带 来想象空间。从行业板块看，将加剧MPV市场竞争，推动产品优化升级，促使行业资源重新配置。对 股市整体而言，为汽车板块注入新活力，引发投资者对MPV细分领域的关注。 NO.3 长城创始人魏建军肯定"普通车"价值 近期，长城汽车创始人魏建军在交流中谈到普通车和高级车的价值时表示："我们不是非得提供高级产 品，我们要提供能为用户创造价值的产品。比方说在一些低消费地区，你非得弄个高级车去，人家也买 不起，这产生不了价值。不是高级车就能创造价值，普通车不管是作为乘坐工具还是生产工具，能为用 户创造价值，能帮他挣钱，那也很好啊。" 点评：魏建军此番言论，体现出长城汽车的发展思路。这会使长城汽车更贴合不同消费群体，有助于拓 展市场份额，增强投资者对其经营策略合理性的信心。从行业板块看，能引导车企重新审视产品定位， 推 ...

Core Viewpoint - The company reported strong performance in Q2 2025, with revenue and net profit exceeding expectations, driven by improved sales and product offerings in the high-end segment [2][3][5]. Revenue Performance - In Q2 2025, the company achieved revenue of 52.3 billion yuan, representing a quarter-on-quarter increase of 7.7% and a year-on-year increase of 30.7% [2]. - The wholesale sales totaled 313,000 units, with a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [3]. - The average selling price (ASP) was 167,000 yuan, reflecting a quarter-on-quarter improvement of 7% [3]. Profitability Metrics - The net profit attributable to shareholders was 4.59 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2]. - The gross margin for Q2 was 18.8%, showing a slight decrease of 3 percentage points year-on-year but an increase of 1 percentage point quarter-on-quarter [3]. Product and Market Strategy - The company is focusing on its Coffee OS 3 smart cockpit system, which is being integrated into multiple strategic models, enhancing the overall user experience [4]. - The launch of the next-generation all-powerful intelligent super platform in May 2025 aims to support various powertrain options, including hybrid and hydrogen fuel [4]. Future Outlook - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 14 billion, 19 billion, and 22.6 billion yuan respectively, reflecting strong growth potential [5]. - The company maintains a "buy" rating based on the robust product cycle and rapid growth in non-Russian export markets [5].

Core Insights - The company reported a revenue of 92.335 billion yuan for the first half of 2025, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 633.7 million yuan, a decrease of 10.21% [1] - The company maintained a high gross margin of 18.4% despite intense competition in the automotive market, reflecting a long-term management philosophy focused on operational quality [1] - The average selling price per vehicle remained high at 162,300 yuan, demonstrating the effectiveness of the company's high-end strategy amidst a price war [1] - The off-road vehicle segment continued to grow, with the Tank 300 model achieving the highest sales in its segment, while the Tank 500 and Tank 400 models also performed well [1] - The company retained its leading position in the pickup truck market, with a market share close to 50%, benefiting from high-value models [1] Future Outlook - New models such as the Gaoshan 7 and a full-size six-seat SUV are set to launch in the second half of the year, which is expected to drive significant growth in the company's performance [2] Investment Recommendations - The company's high-end strategy is viewed positively, although short-term gross margins may be under pressure due to fierce price competition in the automotive market. Revenue forecasts for 2025-2027 have been adjusted to 240.208 billion, 276.239 billion, and 309.388 billion yuan, respectively, with net profit forecasts of 14.040 billion, 15.845 billion, and 18.106 billion yuan [3] - The earnings per share (EPS) estimates have been revised to 1.64, 1.85, and 2.12 yuan for the same period. The closing price on August 29, 2025, was 25.85 yuan, corresponding to a price-to-earnings (PE) ratio of 15.76, 13.96, and 12.22 for 2025-2027 [3]

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability despite increased sales volume and improved margins [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 92.33 billion yuan, a year-on-year increase of 1.0%, while net profit attributable to shareholders was 6.34 billion yuan, down 10.2% year-on-year [1]. - For Q2 2025, revenue reached 52.32 billion yuan, with a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%. Net profit for the same quarter was 4.59 billion yuan, reflecting a year-on-year increase of 19.5% and a quarter-on-quarter increase of 161.9% [1]. Sales and Market Dynamics - The company sold 570,000 vehicles in H1 2025, a year-on-year increase of 1.9%, with Q2 sales reaching 313,000 vehicles, up 10.1% year-on-year and 21.9% quarter-on-quarter [2]. - The sales of high-end models increased, with the combined sales of WEY and Tank brands accounting for 26.5% of total sales in Q2, up 4.9 percentage points from Q1 [2]. Profitability and Cost Management - The average selling price (ASP) per vehicle in Q2 2025 was 167,000 yuan, up 7% from the previous quarter, contributing to a gross margin of 18.8%, which improved by 1 percentage point from Q1 [2]. - The overall operating expense ratio in Q2 was 10.3%, showing a slight decrease year-on-year and quarter-on-quarter, with specific expense ratios for sales, management, R&D, and financial costs reflecting mixed trends [2]. Global Expansion and Export Performance - The company exported 198,000 vehicles in H1 2025, a decrease of 1.9% year-on-year, primarily due to a decline in the Russian market, which saw a 56.0% drop [3]. - In Q2 2025, exports improved with 107,000 vehicles sold, a quarter-on-quarter increase of 17.5%, as non-Russian markets showed growth [3]. Product Development and Market Strategy - The company is accelerating its transition to electric and intelligent vehicles, with new models like the Tank 500 and WEY high-end MPVs expected to drive sales growth [4]. - The proportion of new energy vehicles reached 31.3% in Q2 2025, reflecting a year-on-year increase of 5.5 percentage points [4]. Future Outlook - The company anticipates revenue growth from 232.98 billion yuan in 2025 to 307.71 billion yuan in 2027, with net profit expected to rise from 14.20 billion yuan to 18.91 billion yuan over the same period [4].

证券研究报告·公司点评报告·乘用车 长城汽车（601633） 2025 年半年报点评：业绩符合预期，新品周 期强势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 173,212 | 202,195 | 240,100 | 325,150 | 409,700 | | 同比（%） | 26.12 | 16.73 | 18.75 | 35.42 | 26.00 | | 归母净利润（百万元） | 7,022 | 12,692 | 13,963 | 19,024 | 22,551 | | 同比（%） | (15.06) | 80.76 | 10.01 | 36.24 | 18.54 | | EPS-最新摊薄（元/股） | 0.82 | 1.48 | 1.63 | 2.22 | 2.63 | | P/E（现价&最新摊薄） | 31.51 | 17.43 | 15.85 | 11.63 | 9.81 | [Table_Tag ...

【汽车"黑科技"亮相四川都江堰】8月27日，由国产品牌长城汽车自研的Hi4混动系统在都江堰与公众见 面。据介绍，该动力系统以智能四驱电混技术为特色，可对于车辆动力分配进行智能化管理，在节油、 节能、性能增强等方面对车辆有着显著提高，目前已搭载至多款长城旗下车型。长城汽车董事长魏建军 表示："长城Hi4智能四驱电混技术的逻辑，与都江堰的创建理念是相通的，传承了都江堰'因势利导、 顺势而为'的中国智慧。#长城Hi4致敬都江堰# ...

Core Insights - Great Wall Motors' premium electric vehicle brand, Wey, showcased its new models at the 2025 Chengdu Auto Show, with the highlight being the upcoming launch of the Gaoshan 7 on September 10 [1] Group 1: Sales Performance - Wey has achieved over 10,000 units in delivery for two consecutive months, with total sales surpassing 40,000 units from January to July this year, marking a return to the mainstream high-end electric vehicle market [3] - The Blue Mountain model has exceeded 100,000 units in cumulative deliveries, becoming the third six-seat electric SUV to reach this milestone [3] Group 2: Product Positioning - The Gaoshan 7 is designed specifically for family users, positioning itself as "a mobile living room for the family," emphasizing spaciousness and comfort [3] - The vehicle is touted as having the "highest usable space" under 300,000, being the only model in its class to feature standard laser radar and intelligent four-wheel drive, aiming to capture a larger share of the electric MPV market [3] Group 3: Digital Strategy and Infrastructure - Wey has invested significantly in building a dedicated digital channel to engage deeply with users through a Direct-to-Consumer (DTC) model, aiming to enhance service efficiency and user experience [4] - The number of retail centers has grown from zero to over 460 in just over a year, with plans to expand to 700 centers covering more than 200 cities by the end of the year [4] Group 4: Technological Advancements - The next-generation all-powerful intelligent super platform is set to be launched, which is based on Great Wall Motors' 35 years of technological accumulation [4] - This platform is unique in its compatibility with five different power forms and features advanced technologies such as a dual 4-second 2.0 hybrid system, an industry-leading 800V hybrid architecture, and a large hybrid battery pack with over 400 km pure electric range [4]