Core Viewpoint - The article highlights the significant achievements of Leap Motor in its ten years of operation, emphasizing its ambitious goal of reaching annual sales of one million vehicles by 2026 and the importance of continuous innovation, quality, and global market expansion [6][9][13]. Group 1: Leap Motor's Achievements - Leap Motor celebrated its tenth anniversary, achieving nearly 600,000 vehicle sales in the past year and is expected to achieve annual profitability [6][8]. - The company has successfully implemented core technologies such as LEAP3.5 central domain control and 800V high-voltage platform, demonstrating its capability for rapid mass production [6][8]. - Leap Motor's B10, B01, Lafa5, and updated models C16, C11, and C10 have seen significant sales success, with the C10 reaching a monthly sales peak of 20,000 units [6][8]. Group 2: Global Expansion - Leap Motor has accelerated its global expansion, entering 35 overseas markets and establishing over 800 overseas stores, with annual overseas deliveries expected to exceed 60,000 units [7][8]. - The collaboration with Stellantis Group is yielding synergistic effects, positioning Leap Motor as a competitive player in the global market [7][8]. Group 3: Future Goals and Strategies - The company aims to enhance its capabilities in technology innovation, product quality, overseas market expansion, and organizational efficiency to meet its sales target of one million vehicles by 2026 [9][10]. - Leap Motor emphasizes the need for continuous innovation and maintaining high product quality to become a benchmark in the industry [9][10]. - The company recognizes the importance of adapting to global markets and enhancing user experience to build a strong reputation [9][10].

熟悉长城的人都知道，魏建军说话从不绕弯子。他大方承认，"魏牌的调整确实多，但每一次调整，都不是拍脑袋的决定，而是冲着解决问题去的。" 从最初的外籍高管严思，到后来的柳燕、李瑞峰、余飞、刘艳钊、陈思英，再到冯复之，每一任的平均任期都不超过一年，最短仅4个月。 梳理过去魏牌CEO的更换规律可以看出：除初代CEO严思外，外来的职业经理人任期往往较短，而长城系老将则常被委以"救火"重任。 随着冯复之这位 "空降兵"以"休假"的名义淡出后，长城汽车五大品牌的掌门人，再一次全部由在长城体系内成长起来的"自己人"担任。 魏牌的CEO岗位，就像是个"烫手山芋"。每一任新帅上任，都意味着一次品牌定位、营销策略甚至技术路线的微调或剧变。 高频率的换帅，最直接的就是战略的延续性受影响，这就导致魏牌在发展过程中，时不时会出现"换挡"的顿挫感。 面对这些代价，魏建军也坦言，"走了不少弯路，交了不少学费"，但他话锋一转，"高端化没有捷径可走，弯路也是路，只要方向对，就不怕路远。" 魏建军还表示，"做企业就像开车，不能一条道走到黑，该转弯的时候就得转弯，该换挡的时候就得换挡。只要能到达目的地，多换几次挡又何妨？" 九年时间，换了八任CEO ...

Core Viewpoint - The new CEO of Wei brand, Zhao Yongpo, expressed that joining Wei brand has provided him with a comfortable environment, despite the pressure associated with the role transition from Haval [1][3]. Group 1: CEO Transition and Company Strategy - Zhao Yongpo highlighted that Wei brand possesses the best and most advanced technology from Great Wall Motors, indicating a strong technical foundation for the company [3][5]. - He emphasized that the change in position is not merely a job switch but rather a focused task, suggesting a strategic direction for the company [3][5]. - Zhao announced that Wei brand will introduce a new platform and flagship product in 2026, indicating future growth plans [3][5]. Group 2: Company Performance and Market Position - Longhua Automobile Chairman Wei Jianjun commented on the CEO change, clarifying that it was not a dismissal but rather a response to the significant pressure felt by the previous leadership [3][5]. - Wei brand is still in the exploration phase of high-end market positioning, with no Chinese automotive brand having successfully established a strong presence in this segment yet [3][5]. - According to public data, Wei brand's cumulative sales reached 89,000 units in the first 11 months of 2025, marking a 93% year-on-year increase. However, the brand experienced a decline in sales after an initial surge, with sales dropping to 100,000 units in 2019 and continuing to decrease from 2020 to 2022 [3][5].

Core Viewpoint - The passenger car sector experienced a slight decline of 0.18% on December 24, with Haima Automobile leading the drop, while the overall stock market indices showed positive movements, with the Shanghai Composite Index rising by 0.53% and the Shenzhen Component Index increasing by 0.88% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3940.95, up 0.53% [1] - The Shenzhen Component Index closed at 13486.42, up 0.88% [1] - The passenger car sector saw a net outflow of 7.87 billion yuan from main funds, while retail investors contributed a net inflow of 6.13 billion yuan [1] Group 2: Individual Stock Performance - Changan Automobile (000625) closed at 11.93, with a slight increase of 0.51% and a trading volume of 639,000 shares, amounting to 760 million yuan [1] - GAC Group (601238) closed at 8.21, up 0.37%, with a trading volume of 240,800 shares, totaling 198 million yuan [1] - BYD (002594) closed at 94.42, down 0.41%, with a trading volume of 192,800 shares, amounting to 1.819 billion yuan [1] - Haima Automobile (000572) led the decline with a drop of 1.97%, closing at 8.98, with a trading volume of 2.7857 million shares, totaling 2.514 billion yuan [1] Group 3: Fund Flow Analysis - GAC Group saw a main fund net outflow of 2.9128 million yuan, with retail investors contributing a net inflow of 996.65 million yuan [2] - Great Wall Motors (601633) experienced a main fund net outflow of 14.755 million yuan, while retail investors had a net inflow of 1.91547 million yuan [2] - BYD faced a significant main fund net outflow of 199 million yuan, but retail investors contributed a net inflow of 82.7275 million yuan [2]

Group 1: Industry Developments - The Chinese automotive market is at a critical intersection of policy opportunities and year-end push as December 2025 approaches [1] - The Ministry of Industry and Information Technology (MIIT) has granted road access licenses for two L3 level autonomous driving vehicles from Changan Automobile and BAIC Group [2] - The MIIT is proposing seven mandatory national standards for automobiles, including safety requirements for door handles [6] Group 2: New Product Launches - Great Wall Motors has launched the Ora 5 SUV with a limited-time price starting at 91,800 yuan, featuring two battery options and advanced AI integration [3][5] - The Ora 5 is equipped with the Coffee OS 3 system and a third-generation driver assistance system, offering features like city NOA and memory parking [5] Group 3: Strategic Partnerships - CATL and Lantu have signed a ten-year deepening cooperation agreement focusing on technology application, product supply, and global market collaboration [7][9] Group 4: Corporate Actions - Zotye Auto plans to dispose of up to 3% of its shares to repay historical debts, with a maximum of 151 million shares to be sold [10] - GAC Group has initiated a Business Unit reform to enhance internal resource integration and operational efficiency, focusing on two brands, Haobo and Aion [11][13] - Hozon Auto is progressing with its bankruptcy restructuring, having selected a management trustee to oversee the process [14][16] Group 5: Regulatory Changes - The State Administration for Market Regulation and the Ministry of Ecology and Environment have issued new guidelines for the evaluation of vehicle inspection institutions to enhance regulatory standards [17]

Core Viewpoint - The new CEO of Wei brand, Zhao Yongpo, expresses confidence in transitioning from Haval to Wei, viewing it as a comfortable zone rather than a pressure-filled environment [1][7]. Group 1: Leadership Transition - Zhao Yongpo officially took over as CEO of Wei brand on December 21, following his role as general manager of Haval [3][9]. - Wei brand has experienced multiple leadership changes in its less than 10 years of existence, with the shortest tenure being 4 months and the longest 1 year and 6 months [5][11]. Group 2: Company Strategy and Challenges - Zhao emphasizes the importance of leveraging the best and most advanced technologies from Great Wall Motors to enhance user experience in Wei brand products [3][9]. - Great Wall Motors' chairman, Wei Jianjun, acknowledges the challenges of building a successful brand in the Chinese automotive industry, which has historically focused more on sales than brand management [6][11].

Core Viewpoint - Momenta has secured contracts with Great Wall Motors for two new models, including the Haval Menglong, which will feature an L2+ level of assisted driving capabilities and is expected to launch in early next year [2]. Group 1: New Model Features - The new models will utilize Momenta's latest end-to-end solution, based on the R6 flywheel large model, similar to that used in the Buick Zhijing L7, and will be developed on the Qualcomm Snapdragon 8620 chip with an effective computing power of 156 TOPS [2]. - The assisted driving capabilities will include features such as highway NOA (Navigation on Autopilot) and parking assistance, but will not support urban NOA initially [2]. Group 2: Future Developments - Momenta plans to shift its mass production solutions entirely to end-to-end models, incorporating large models based on reinforcement learning [5]. - The R6 flywheel large model, which utilizes reinforcement learning, was first mass-produced in the Buick Zhijing L7, providing urban NOA capabilities [5]. Group 3: Collaboration with Great Wall Motors - Momenta has established a dedicated demo testing team for assisted driving at Great Wall's headquarters in Baoding, with CEO Cao Xudong actively overseeing the project and providing technical demonstrations [7]. - Great Wall Motors also collaborates with Yuanrong Qixing for its assisted driving solutions, with plans for the Wuling Blue Mountain model to launch in August 2024 featuring Yuanrong's urban NOA solution [7].

（文章来源：证券日报） 证券日报网讯 12月23日，长城汽车发布公告称，公司2025年第五次临时股东会审议通过《关于提请股 东会授权董事会办理2025年员工持股计划相关事宜的议案》等多项议案。 ...

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, publicly addressed the frequent leadership changes at the WEY brand, stating that it is not due to dismissals but rather the pressure felt by the individuals [1] - Wei emphasized that every Chinese automotive brand has a dream of high-end development, and the complexity of operating a car brand involves a full chain from R&D to sales and service [1] - Since its establishment in 2016, the WEY brand has seen an average leadership change every 12 months, with Zhao Yongpo being the ninth leader in nine years [1] Group 2 - Initially, the WEY brand experienced rapid growth, selling over 100,000 units within nine months of its launch, but sales have since declined significantly, dropping from 100,000 units in 2019 to 36,400 units in 2022, a decrease of over 60% [2] - In 2023, aided by a new product matrix, WEY sold 89,000 units in the first 11 months, with an average transaction price of 293,700 yuan, but this only accounted for 4.4% of Great Wall's total sales of 1,233,300 units [2] - The new CEO, Zhao Yongpo, has the critical task of driving sales growth for the WEY brand [3]

Core Viewpoint - The article discusses the strategic direction and challenges faced by WEY brand under Great Wall Motors, particularly focusing on the leadership change and future product strategies as the brand approaches its 10th anniversary in 2026 [2][6]. Group 1: Leadership and Management - The recent change in WEY's CEO, with Zhao Yongpo taking over, is seen as a response to the pressures of managing a high-end automotive brand [4][3]. - Great Wall Motors' Chairman Wei Jianjun emphasizes the need for a CEO to possess comprehensive skills to manage the entire automotive value chain effectively [3][4]. Group 2: Product Strategy - The product strategy for WEY includes "one car, multiple powertrains, one car, multiple forms, one car, multiple categories," which will guide the brand's offerings in 2026 and beyond [6][8]. - The upcoming high-end product will feature advanced multi-power technology and maintain the mechanical quality that Great Wall is known for [6][7]. Group 3: Production and Sales Efficiency - New models will be produced in the same factory and sold through the same channels as existing models to enhance production focus and reduce management costs [7][8]. - Great Wall has achieved comprehensive coverage in powertrain technology, including traditional and new energy sources, to adapt to global market trends [7][8]. Group 4: Market Position and Challenges - The brand's sales have shown significant recovery, with a 93.94% year-on-year increase in sales from January to November 2025, nearing the target of 100,000 annual sales [18]. - Wei Jianjun asserts that true high-end brands require time to develop a value proposition that resonates with consumers, indicating that the current high-end positioning in the Chinese market is still evolving [18][20]. Group 5: Competitive Landscape - The automotive industry is experiencing intense competition, with overcapacity and declining profits, pushing companies to adapt to new technologies and business models [19][22]. - Great Wall's average vehicle price remains competitive at around 180,000 yuan, which is higher than other leading domestic brands, providing a buffer during market downturns [21]. Group 6: Technological Advancements - The introduction of AI and smart technologies is crucial for maintaining a competitive edge, with Great Wall focusing on self-developed intelligent driving systems and data integration [12][22]. - The recent launch of the Blue Mountain Smart Edition showcases advancements in AI capabilities, including natural language processing and enhanced driving assistance features [12].