长城汽车：9月汽车销量133639辆，新能源汽车销量45961辆。 ...

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 * （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股 份 代 號 ： 02 33 3（ 港 幣 櫃 台 ） 及 823 33（ 人 民 幣 櫃 台 ） 自願公告 2025年9月產銷快報 9月海外銷售50,269台，1-9月累計銷售334,181台。 9月新能源車銷售45,961台，1-9月累計銷售278,463台。 務請注意，上述產銷量數字未經審核，亦未經本公司審計師確認，或會予以調整並有待最終確認。本公司刊發財務業績後，股東及潛在投資者務必詳閱。 本公告乃承本公司董事會之命而刊發 ...

Core Insights - The interview with Wei Jianjun, Chairman of Great Wall Motors, reveals the company's strategy to navigate the challenges in the Chinese automotive market, emphasizing a shift from chaotic competition to value-based competition [5][23]. Group 1: Market Context - In 2025, the Chinese automotive market is experiencing an 8% year-on-year increase in passenger car sales, but industry profit margins have dropped to 5.1%, the lowest in five years, due to issues like excessive marketing and homogenized competition [1][5]. Group 2: Company Strategy - Wei Jianjun advocates for a long-term approach to overcome market challenges, encapsulated in the principle of "integrity and conscientious manufacturing," which serves as a guiding star against industry volatility [6][8]. - The company has committed over 10 billion yuan in R&D for three consecutive years, with a projected R&D investment ratio of 5.2% in 2024, positioning it among the leaders in domestic automotive R&D [8][9]. Group 3: R&D and Innovation - Great Wall Motors has established a robust R&D framework, including advanced facilities like the environmental wind tunnel and Asia's largest independent safety testing lab, reflecting its commitment to high-quality vehicle development [9][10]. - The company has a team of 23,000 engineers and has applied for nearly 50,000 patents, with over 30,000 granted, of which more than 40% are in the field of new energy [8][12]. Group 4: Global Expansion - Great Wall Motors has established three full-process bases in Thailand and Brazil, along with KD factories in Ecuador, and has over 1,400 overseas service channels, achieving cumulative overseas sales of over 2 million vehicles [10][12]. - The company's global strategy focuses on comprehensive output of technology, industry, and services, with overseas sales projected to reach 454,100 units in 2024, marking a 44.61% year-on-year increase [12][21]. Group 5: Value Principles - The company adheres to the "Four Not to" principles, which include respecting capital, valuing users, maintaining ethical standards, and protecting the industry ecosystem, aiming to reject short-term profit temptations [15][16]. - These principles are operationalized through a "user value audit" mechanism, ensuring that new vehicles meet rigorous real-world testing standards before market release [15][16]. Group 6: Strategic Framework - The "Four Modernizations Strategy" includes equal emphasis on fuel and electric vehicles, diversification of new energy sources, and strategic globalization, which are not isolated but interconnected approaches to enhance competitiveness [16][18]. - The company aims to ensure that fuel and electric vehicles meet the same quality standards, which has led to growth in a declining fuel vehicle market [18][20]. Group 7: Future Outlook - Wei Jianjun expresses optimism for the future of the automotive industry in China, suggesting that with perseverance, the country could emerge as a leading automotive power in 20 years [23].

Core Insights - Longhua Automobile plans to launch a supercar by the end of next year, showcasing its ambition to enter new market segments despite challenges in the automotive industry [1][7] - The company emphasizes value creation, integrity, and customer satisfaction as its core principles, which guide its operations and strategic decisions [1][4] Investment and R&D - Longhua has invested over 3 billion yuan in a state-of-the-art wind tunnel testing facility, which can simulate various environmental conditions, making it one of the few in the country [2][3] - The company has consistently invested over 10 billion yuan annually in R&D for the past three years, totaling over 50 billion yuan, and has established 11 core technology testing labs [3][8] - Longhua has completed over 600 million kilometers of vehicle validation, demonstrating its commitment to safety and quality [3][4] Safety and Quality Assurance - The company adheres to a strict quality control process, emphasizing safety as a top priority, with significant investments in crash testing and safety validation [4][9] - Longhua's recent crash tests showcased the effectiveness of its safety features, with high costs associated with the testing process, reflecting its dedication to protecting drivers [4][9] Strategic Vision - Longhua's strategic approach includes a "Four No's" principle, focusing on long-term value rather than short-term gains, and maintaining integrity in its operations [8][12] - The company aims for a global presence, with local production and job creation in international markets, such as achieving a 50% localization rate in Thailand and creating 2,000 jobs in Brazil [10][11] Market Performance - In Q2, Longhua reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72%, and a net profit of 4.586 billion yuan, reflecting a strong performance in a challenging market [9][10] - The company sold 312,000 vehicles in Q2, marking an 11.63% increase year-on-year, indicating robust demand and operational efficiency [9][10] Future Outlook - Longhua is preparing to launch its supercar after four to five years of development, supported by significant investments in technology and talent acquisition [7][8] - The company advocates for a balanced approach to energy sources, promoting a diverse range of vehicle technologies, including internal combustion, hybrid, and electric vehicles [11][12]

Core Insights - Great Wall Motors plans to unveil its supercar model by the end of 2026, a project that has been in development for four to five years under the direct supervision of Chairman Wei Jianjun [1][3] - The supercar's prototype has been completed, and the company is actively seeking suppliers with experience in ultra-luxury brands to assist in building its BG brand [3][5] - Wei Jianjun emphasizes a strategic focus on small electric vehicles for urban use, while advocating for hybrid models for larger vehicles, indicating a clear direction for the company's product lineup [3][4] Group 1 - The supercar project has been personally overseen by Chairman Wei Jianjun, with the prototype already completed [1] - Great Wall Motors is conducting a tender for suppliers to assist in the development of its ultra-luxury BG brand [3] - The company aims to create a true supercar, moving beyond just market survival [1] Group 2 - Wei Jianjun advocates for small electric vehicles as city cars, while promoting hybrid models for larger vehicles, reflecting a strategic product differentiation [3][4] - The Ora brand is expected to focus on A0 and A-level pure electric vehicles, aligning with the company's vision for electric mobility [4][5] - Great Wall Motors has set a "four modernization strategy" aimed at global expansion and product diversification, with a significant portion of sales coming from overseas markets [5]

Core Viewpoint - Great Wall Motors is transitioning its "Great Wall Smart Selection" stores nationwide to "Weipai New Energy Direct Stores," focusing solely on Weipai brand vehicles and withdrawing the Tank models from direct sales channels [1][4][7] Group 1: Company Strategy - The transition aims to establish Weipai as the only direct sales brand under Great Wall, enhancing its presence in the high-end market while addressing the challenges faced by traditional dealerships [1][4] - The new CEO of Weipai, Feng Fuzhi, indicated that the Tank models would return to dealerships, allowing Weipai to focus on direct sales, which is seen as a solution to connect with high-end users [4][9] - Great Wall's sales data shows a significant increase in new car sales, with 115,600 units sold in August, marking a 22.33% year-on-year growth, and Weipai's sales reaching 8,028 units, up 167.51% [1][9] Group 2: Market Dynamics - The dual sales model, combining direct sales and dealership sales, has led to conflicts of interest, as dealerships can offer lower prices through external financing incentives, impacting direct store sales [6][7] - Great Wall's strategy to balance the interests of direct stores and dealerships is crucial, as the latter has a long-standing relationship with the company, complicating the transition to a direct sales model [6][7] Group 3: Financial Performance - Great Wall's net profit for the first half of 2025 dropped significantly by 36.39% to 3.581 billion, attributed to increased expenses, particularly in expanding direct sales channels [9][12] - Despite a 2.52% increase in sales volume to 568,900 units, revenue growth was only 0.99%, indicating a decline in the profitability of high-end models [9][12] Group 4: Brand Development - Weipai is positioned as a key brand for Great Wall's high-end strategy, with plans to increase the number of direct stores from 430 to over 600 by the end of the year, aiming for a total of 1,000 stores [10][12] - The brand has faced challenges, including consumer price concerns and delays in product launches, which are common issues for new entrants in the high-end market [12][13] Group 5: Industry Trends - The recovery of the traditional fuel vehicle market is beneficial for Great Wall, with a reported 13.5% year-on-year increase in sales of traditional fuel passenger vehicles in August [13] - Great Wall's strategy to maintain a balance between fuel and electric vehicles allows for greater flexibility in adapting to market changes [13]

Core Viewpoint - The automotive industry is currently facing intense competition, leading to unhealthy practices that obscure the essence of car manufacturing and genuine user needs [1] Group 1: Company Values and Principles - Great Wall Motors emphasizes the importance of integrity and conscience, adhering to principles such as respecting capital without being controlled by it, valuing users without excessive marketing, and maintaining a bottom-line mindset [5][7] - The company aims to break away from follow-the-leader competition by promoting technological integration and a global strategy, thereby reshaping its value chain [7] Group 2: Technological Investment and Innovation - Great Wall Motors has invested over 10 billion in R&D for three consecutive years, with a projected R&D investment ratio of 5.2% in 2024, and has developed key technologies such as the 4.0T V8 engine and Coffee OS 3.0 [8][12] - The company has established advanced testing facilities, including China's first dedicated automotive wind tunnel, to ensure product safety and performance [9][11] Group 3: Safety and Compliance - Great Wall Motors prioritizes safety as a non-negotiable standard, achieving multiple five-star safety ratings from C-NCAP, EuroNCAP, and A-NCAP, and establishing a global safety compliance chain [11] Group 4: Global Market Strategy - The company has transitioned from a product export model to an "ecological overseas" model, focusing on R&D, production, supply, sales, and service [12] - Great Wall Motors is implementing a "four modernization strategy" to address diverse global market demands, including equal emphasis on fuel and electric power, and a comprehensive approach to energy sources [14][15] Group 5: Future Vision and Commitment - The company is committed to a global strategy, aiming to integrate into international markets and adapt to local policies while promoting its brand [17] - Great Wall Motors believes in the potential for China to evolve from a major automotive manufacturer to a strong automotive power, emphasizing the need for sustained effort and innovation [17]

在"卷价格""卷配置"成为行业常态的当下，中国汽车产业竞争下半场究竟路在何方？在最新一期央视财 经《对话》栏目中，长城汽车董事长魏建军指出，车企必须回归制造本质，摒弃追求短期效应。 35年积淀，基于深刻的市场洞察，长城汽车提出以"泛内燃机化、新能源多元化、油电平等化、战略全 球化"为核心的"四化战略"，以"长期主义"对抗"短期投机"。 这种"长期主义"并非消极等待，而是一种基于深度产业洞察的主动布局。它要求企业管理者具备抵抗行 业噪声的强大内心，将资源持续投入于核心能力的构建，而非被动地跟随市场热点左右摇摆。 01 内燃机再"进化" 长城汽车提出的"泛内燃机化"，似乎在证明，内燃机在低碳时代依然拥有强大生命力。2025年，在新能 源车快速扩张的背景下，燃油车市场并未持续萎缩，反而展现出企稳，甚至阶段性增长的趋势。 中国汽车工业协会发布的数据，2025年8月，国内传统燃油乘用车销量达到90.2万辆，同比增幅高达 13.5%。这并非偶然的月度波动，而是燃油车市场销量连续第三个月保持增长。 有业内人士指出，这一市场数据的背后，是庞大存量用户的基础性需求、特定使用场景（如长途出行、 偏远地区货运）对可靠性的要求，以及 ...

Core Viewpoint - The core competitiveness of Great Wall Motors comes from customer satisfaction and long-term commitment, as emphasized by Chairman Wei Jianjun, who believes that true globalization involves comprehensive integration of technology, ecology, and industrial chains [1] Group 1: Customer Satisfaction and Long-term Strategy - Wei Jianjun insists that "user satisfaction is the only KPI," highlighting the importance of stability and patience in the automotive industry to achieve global success [1] - The company advocates for a multi-faceted approach to automotive development, including oil, hybrid, electric, and hydrogen technologies, to enhance China's competitiveness in the global market [1] Group 2: Globalization and Industry Integration - True globalization for Chinese automotive brands is not just about brand expansion but also about establishing long-term investments and global trust [1] - Wei Jianjun's vision reflects a broader confidence among Chinese automotive professionals as the country strives to become a major player in the automotive industry [1]

Core Viewpoint - The article discusses the evolution and significance of automotive brand logos in China, highlighting how logos have become essential for brand identity, market positioning, and consumer engagement in the competitive automotive industry [4][11][70]. Brand Logo Evolution - Over the past decade, more than twenty passenger car companies in China have updated their brand logos, with some brands changing multiple times within ten years [5][6]. - The period from 2014 to 2025 has seen significant logo redesigns among various brands, reflecting a trend towards simplification and modern aesthetics [6][7]. Importance of Logos - Logos are no longer mere decorative elements; they serve as the first step in implementing brand strategies and are crucial for consumer recognition and emotional connection [11][12]. - A well-designed logo should be visually appealing, easily recognizable, and strongly associated with the brand's identity [11][12]. Design Principles - Effective logo design is a systematic process that aligns with brand strategy, emphasizing simplicity, logic, and aesthetic appeal [12]. - The article outlines three key criteria for a good logo: beauty, high recognition, and strong association [11]. Case Studies of Logo Redesigns - **Changan**: The evolution of Changan's logo reflects the broader understanding of logo significance in the Chinese automotive industry, transitioning from a complex design to a more streamlined and modern aesthetic [15][16]. - **Avita**: Avita's logo embodies minimalist modernism, using simple lines to convey a sense of technology and sophistication [17]. - **Deep Blue**: The logo of Deep Blue is highly abstract, focusing on a triangular shape that symbolizes energy, though it requires consumer interpretation to connect with the brand [20]. Consumer Perception - The article emphasizes the importance of consumer perception in logo design, noting that logos must resonate with target audiences to be effective [44]. - It highlights the need for logos to be memorable and evoke positive associations, which can significantly impact brand loyalty and recognition [11][12]. Conclusion - The article concludes that the best logos are simple and versatile, capable of adapting to various contexts while maintaining their core identity [70]. - It encourages readers to engage in discussions about what constitutes a good logo and to participate in voting for the best logos among Chinese automotive brands [70].