Group 1 - The establishment of Quanji Zhixuan (Chengdu) Automotive Service Co., Ltd. has been reported, with a registered capital of 100 million RMB [1] - The legal representative of the new company is Tan Jian, and its business scope includes motor vehicle repair and maintenance, sales of new energy vehicle electrical accessories, and sales of plug-in hybrid special engines [1] - The company is wholly owned by Great Wall Motor Co., Ltd. through indirect shareholding [1]

Core Viewpoint - Great Wall Motors' stock has experienced a decline of 11.44% year-to-date, with a recent drop of 2.01% on November 12, 2023, indicating potential challenges in the automotive market [1][2]. Financial Performance - For the period from January to September 2025, Great Wall Motors reported a revenue of 153.58 billion yuan, reflecting a year-on-year growth of 7.96%. However, the net profit attributable to shareholders decreased by 17.20% to 8.64 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 34.70 billion yuan, with 8.95 billion yuan distributed over the last three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders decreased by 22.95% to 137,500, with an average of 0 shares per shareholder [2]. - The stock's trading activity on November 12 showed a net inflow of 9.87 million yuan from main funds, with significant buying and selling from large orders [1]. Company Overview - Great Wall Motors, established on June 12, 2001, and listed on September 28, 2011, is primarily engaged in the production and sale of automobiles and auto parts. The main revenue sources include vehicle sales (86.37%), spare parts sales (6.65%), and other services [1]. - The company operates within the automotive sector, specifically in the passenger vehicle segment, and is associated with concepts such as shared economy, smart vehicles, and Huawei [1]. Institutional Holdings - As of September 30, 2025, major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable reductions in holdings among several institutional investors [3].

Core Insights - Great Wall Motors reported a revenue of 153.58 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 7.96%, while net profit decreased by 16.97% to 8.635 billion yuan, indicating a "revenue growth without profit increase" scenario [1][3][4] - The company is focusing on balancing sales growth with profit levels, as the increase in revenue has not translated into higher profits, raising concerns about cost control and profitability logic [1][4] Financial Performance - In Q1 2025, Great Wall Motors experienced a revenue decline of 6.63% to 40.02 billion yuan, with net profit dropping 45.6% to 1.751 billion yuan [4] - Q2 2025 showed improvement with revenue of 52.32 billion yuan, a year-on-year increase of 7.72%, and net profit rising 19.42% to 4.586 billion yuan [4] - Q3 2025 revenue reached 61.25 billion yuan, up 20.51% year-on-year, but net profit fell 31.23% to 2.298 billion yuan [4][5] Marketing and R&D Investments - Marketing expenses for the first three quarters reached 7.948 billion yuan, significantly up from 5.110 billion yuan in the previous year, contributing to a decline in gross margin to 18.40% [3][5] - R&D investment for the same period was 6.636 billion yuan, still lower than BYD's 43.748 billion yuan [5] Product and Sales Performance - The average selling price of vehicles exceeded 180,000 yuan, with sales of models priced above 200,000 yuan surpassing 100,000 units, reflecting a 40.83% year-on-year increase [5] - New energy vehicle sales reached 278,500 units, a year-on-year growth of 31.67%, but the company's market share in the overall new energy vehicle market was only 2.48% [8][9] Market Strategy and Brand Positioning - Great Wall Motors aims to embrace the younger market, launching the new Tank 400 model, which is positioned as a "trendy off-road SUV" targeting urban and outdoor users [11][14] - The company is shifting focus from sheer sales volume to sustainable growth, as indicated by Chairman Wei Jianjun's comments on prioritizing healthy development over high sales figures [6][7] International Sales Growth - Overseas sales for the first three quarters reached 334,200 units, a year-on-year increase of 3.06%, accounting for 36.19% of total sales [10]

Core Insights - Great Wall Motors has signed a partnership with the Chinese Arctic and Antarctic Administration to support polar scientific research, with the Tank 300 diesel model designated as a vehicle for Antarctic operations [2] - The collaboration will focus on the development and testing of vehicles for polar exploration, ensuring that the vehicles meet extreme cold weather requirements and exploring innovative paths for autonomous polar research equipment [2] - The Tank 300 diesel model has been awarded the title of "Selected Product for China's Arctic and Antarctic Expeditions" and will be used for transportation and support tasks at the Antarctic Great Wall Station [2] Company Initiatives - Great Wall Motors emphasizes research and development, having established a comprehensive testing system with over 2,000 experimental projects to support high-performance requirements [2] - The company has an environmental wind tunnel laboratory capable of conducting extreme cold weather validations to ensure vehicle quality and engineering capabilities for polar climates [2] - The company aims to leverage feedback from polar vehicle usage to continuously optimize its products and technologies, exploring new forms of polar vehicle offerings [2] Industry Context - Polar scientific research is crucial for understanding Earth's environmental changes and natural resources, and Great Wall Motors plans to encourage more industry participation in national scientific endeavors [3] - The company is committed to a development philosophy of "globalization, all-scenario, and all-power" to better serve its users [3]

Core Viewpoint - The Chinese automotive industry is transitioning from a growth phase to a mature phase, with a significant slowdown in sales growth and a shift in focus towards brand building and globalization to maintain profitability and market share [1][11]. Group 1: Industry Characteristics and Changes - The automotive industry is experiencing three main characteristics: diminishing total volume dividends, low growth normalization in sales, and a shift in production capacity from traditional fuel vehicles to new energy vehicles [11][19]. - The industry has undergone significant changes, including the transition from a focus on meeting transportation needs to a broader application in various life scenarios, and the evolution of vehicles from mere transportation tools to intelligent entities [42][45]. Group 2: Sales and Market Trends - The sales volume of the automotive industry is expected to reach 34.89 million units in 2025, with a growth rate of approximately 11%, driven by tax incentives and subsidies [1][11]. - The penetration rate of new energy vehicles is projected to increase significantly, with sales expected to rise from 1.21 million in 2019 to 14 million by 2024, reflecting a compound annual growth rate of 63% [19][24]. Group 3: Brand and Globalization Strategies - Brand building and globalization are essential strategies for automotive companies to counteract intense competition and maintain market share, with a focus on creating brand premiums and establishing barriers through advanced technologies [2][4]. - Domestic automotive brands are increasingly expanding overseas, supported by the establishment of production capacities, distribution channels, and service systems in international markets [2][4]. Group 4: Technological Advancements - The automotive industry is on the brink of a technological revolution, with advancements in intelligent driving expected to transition from co-pilot (L3) to agent (L4) capabilities, creating new investment opportunities in various components [2][3]. - The expected mass production of robots in 2026 will mark a significant milestone for the robotics industry, with a high overlap in components between automotive and robotics sectors, presenting investment opportunities in related supply chains [3][4]. Group 5: Policy and Economic Influences - The automotive industry is influenced by macroeconomic cycles, industry cycles, and policy cycles, with the latter playing a crucial role in shaping market dynamics through incentives and regulations [1][50]. - The upcoming reduction in new energy vehicle purchase tax incentives in 2026 is anticipated to stabilize overall automotive sales, with a slowdown in the growth rate of new energy vehicle sales [1][50].

Core Viewpoint - Great Wall Motors is actively participating in global climate governance by showcasing its clean energy technologies, particularly hydrogen energy, at COP30, highlighting its commitment to sustainable development and innovation in the automotive industry [1][4]. Group 1: Participation in COP30 - Great Wall Motors delivered 100 new energy vehicles for transportation at COP30, demonstrating its role as an official partner of the conference [1][4]. - The company showcased a green hydrogen-powered ship, which received significant attention and marked a milestone in the application of clean energy technologies in transportation [2][4]. Group 2: Hydrogen Energy Technology - The hydrogen-powered ship, equipped with a hydrogen fuel cell system from FTXT, achieved zero carbon emissions, representing a breakthrough in the practical application of clean energy in diverse transportation scenarios [2][3]. - Great Wall Motors' subsidiary, FTXT, has a strong technological foundation in hydrogen fuel cell technology, which has been developed over a decade [2][3]. Group 3: Market Performance and Strategy - In October, Great Wall Motors sold 143,078 new vehicles, a year-on-year increase of 22.50%, with 46,155 of those being new energy vehicles, reflecting a 44.06% growth [5]. - The company is committed to expanding its hydrogen energy and fuel cell technology applications in various scenarios, including heavy-duty trucks, and has initiated joint testing in Brazil [3][5]. - Great Wall Motors aims to enhance its brand influence in Latin America and globally through its participation in COP30, reinforcing its "ecological going out" strategy [4][5].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Core Insights - In October 2025, the domestic narrow passenger car market retail sales reached 2.248 million units, a year-on-year decrease of 0.5% and a month-on-month increase of 0.2% [1] - Cumulatively, from January to October 2025, total sales reached 19.256 million units, reflecting a year-on-year growth of 8.0% [1] Group 1: Market Performance - October 2025 saw a slight year-on-year decline in retail sales of passenger cars due to a high base from the previous year, with a decrease of 0.9% [3] - New energy vehicles (NEVs) experienced a year-on-year growth of 7.3% in October, while conventional fuel vehicles saw a decline of 10% [3] - The cumulative growth rate of passenger cars has shown a gradual deceleration in the second half of the year [3] Group 2: Manufacturer Sales Rankings - BYD ranked first in retail sales from January to October 2025 with 2.838 million units sold, a decrease of 2.1% year-on-year, holding a market share of 14.7% [9] - Geely followed with 2.141 million units sold, marking a significant year-on-year increase of 56.2% and a market share of 11.1% [9] - In October 2025, BYD sold 295,871 units, down 14.8% month-on-month and 31.4% year-on-year, capturing a market share of 13.2% [8] Group 3: New Energy Vehicle Sales - In October 2025, BYD led the NEV wholesale sales with 436,856 units, a month-on-month increase of 11.1% but a year-on-year decrease of 12.7%, holding a market share of 27.0% [10] - Geely's NEV sales reached 177,882 units in October, reflecting a year-on-year increase of 63.6% [10] - From January to October 2025, BYD also led NEV sales with 3.656 million units, a year-on-year growth of 12.9% and a market share of 30.3% [11]

Market Overview - The Hang Seng Index closed at 26,649, up 1.55% for the day and 32.85% year-to-date[3] - The S&P 500 index closed at 6,832, increasing by 1.54% daily and 16.17% year-to-date[3] - The Nasdaq Composite rose by 2.27% to 23,527, with a year-to-date increase of 21.83%[3] Economic Indicators - China's CPI rose by 0.2% month-on-month and turned positive year-on-year with a 0.2% increase, marking the first rise in six months[9] - Core CPI in China increased by 1.2% year-on-year, continuing a six-month upward trend[9] Sector Performance - Major tech stocks in Hong Kong saw gains, with Tencent, Kuaishou, and Alibaba rising over 2%[9] - New consumption stocks performed strongly, with China Duty Free up over 15%[9] - Gold stocks collectively surged, with companies like Chifeng Jilong Gold and China Silver Group rising over 6%[9] U.S. Government Developments - The U.S. government is expected to end its longest shutdown, with a compromise plan passing a key Senate vote[12] - This development has significantly boosted market risk appetite, leading to gains in major U.S. indices[12] Stock Movements - Nvidia surged by 5.8%, Palantir jumped 8.8%, and Tesla rose by 3.7% following positive market sentiment[12] - Chinese concept stocks also saw a rise, with the Nasdaq Golden Dragon China Index up 2.25%[12]

本报讯 （记者袁传玺）天眼查工商信息显示，近日，全极智选（成都）汽车服务有限公司成立，注册资本1亿元，经营范 围含机动车修理和维护、汽车零配件零售、摩托车及零配件零售等。股权全景穿透图显示，该公司由长城智选信息科技（保 定）有限公司全资持股，后者为长城汽车全资子公司。 （编辑 张明富） ...