Core Insights - Yuanrong Qixing and Haomo Zhixing, both established in 2019, are experiencing vastly different trajectories as of winter 2025, with Yuanrong Qixing showing significant growth and Haomo Zhixing facing operational stagnation [1][2]. Company Performance - Yuanrong Qixing has delivered over 200,000 vehicles equipped with its urban NOA system, achieving a market share of nearly 40% among third-party suppliers in a single month [1]. - The CEO of Yuanrong Qixing, Zhou Guang, indicated plans to accelerate production and expand into Robotaxi and overseas markets [1]. - In contrast, Haomo Zhixing announced a company-wide shutdown starting November 24, 2024, with no set date for resumption, and has faced significant layoffs and executive departures since 2024 [1][2]. Investment Landscape - Yuanrong Qixing has maintained a steady financing pace, completing six rounds of funding with a total exceeding $500 million, including a recent $100 million Series C round led by Great Wall Motors [4][5]. - The investment structure of Yuanrong Qixing evolved significantly after its Series A and B rounds, with major players like Alibaba and Dongfeng Motor Group entering as strategic investors, indicating strong industry recognition of its technology [6][7]. - Haomo Zhixing has completed seven funding rounds, but its investor landscape has shifted, with a decline in participation from prominent investors like Hillhouse Capital and Meituan, signaling a loss of confidence in its growth potential [11][12][13]. Strategic Relationships - The relationship between Yuanrong Qixing and Great Wall Motors has evolved from a client-supplier dynamic to a deeper strategic partnership, enhancing both companies' operational synergies [7]. - Haomo Zhixing, originally incubated by Great Wall Motors, has struggled to establish independent market competitiveness, leading to a significant decline in investor interest [13][15]. Future Outlook - Yuanrong Qixing's increased delivery volumes in 2025 are seen as a strong foundation for potential public listing preparations, with recent investor exits interpreted as a positive signal for its market ambitions [10]. - Haomo Zhixing's future remains uncertain, with ongoing discussions about share buybacks at previous high valuations, but disagreements on pricing reflect the company's current operational challenges [15].

Core Viewpoint - Recent rumors about Great Wall Motors planning to establish its first automotive factory in Europe by 2029, with a target production of 300,000 vehicles annually, have been denied by the company, stating there are currently no such plans in place [1][2]. Group 1: Company Plans and Developments - Great Wall Motors is evaluating investment opportunities in Europe but has not conducted any site assessments in the region as of now [1][2]. - The company has established three full-process vehicle production bases in Thailand and Brazil, and has several KD factories in Ecuador, Malaysia, and Pakistan, but has not mentioned any operations in Europe [2]. - Great Wall Motors has set up a European Technology Center in Germany focused on research and design of vehicles and automotive parts [2]. Group 2: Financial Performance - In the first three quarters of 2025, Great Wall Motors reported revenue of 153.58 billion yuan, a year-on-year increase of 7.96%, but net profit attributable to shareholders decreased by 16.97% to 8.635 billion yuan [2]. - The third quarter of 2025 saw revenue of 61.25 billion yuan, a 20.51% increase year-on-year, while net profit dropped by 31.23% to 2.298 billion yuan [2]. - The company attributed the profit decline to increased investments in new user channels, new model launches, and brand promotion efforts [2]. Group 3: Market Performance - As of the market close on November 28, Great Wall Motors' A-shares were priced at 21.90 yuan per share, reflecting a 0.64% increase, with a total market capitalization of 187.4 billion yuan [3]. - The company's stock price has declined by over 15% year-to-date [3].

Group 1 - The core viewpoint of the news is that Great Wall Motors has clarified that there are currently no specific plans for building a factory in Europe, despite earlier comments suggesting a potential expansion into the European market [2] - Great Wall Motors aims to achieve an annual production target of 300,000 vehicles in Europe by 2029 and is actively searching for potential factory locations, including Spain and Hungary [2] - The company is facing multiple complex factors in its decision-making process, including labor and logistics costs, EU industrial policies, investment environment, and tariff changes, all of which will influence the final site selection [2] Group 2 - In terms of production and sales, Great Wall Motors has shown steady growth, with a total production of 140,500 units in October, representing a year-on-year increase of 22.01% compared to 115,153 units in the same month last year [3] - For the period from January to October 2025, the cumulative production reached 1,060,316 units, a 9.7% increase from 966,579 units in the same period last year [3] - The total sales in October were 143,078 units, reflecting a year-on-year growth of 22.5% compared to 116,799 units in October of the previous year [3] - Cumulatively, sales from January to October 2025 reached 1,066,436 units, marking a 9.87% increase from 970,612 units in the same period last year [3]

Core Viewpoint - Great Wall Motors has denied rumors regarding the establishment of a manufacturing plant in Europe, stating that there are currently no plans for such an investment [1][3]. Group 1: European Expansion Plans - Great Wall Motors' international president, Shi Qingke, clarified that the company is evaluating investment opportunities in Europe but has not conducted any site assessments in the region [1]. - The company has established Great Wall Motors Europe Technology Center in Germany, focusing on research and design of vehicles and automotive parts [1]. - Previous reports about Great Wall Motors exploring multiple European countries for potential factory sites are based on information prior to 2025 [1]. Group 2: Financial Performance - In the third quarter of 2025, Great Wall Motors reported a revenue of 612.47 billion yuan, a year-on-year increase of 20.51%, but the net profit attributable to shareholders decreased by 31.23% to 22.98 billion yuan [2]. - For the first three quarters of 2025, the company achieved a revenue of 1,535.82 billion yuan, up 7.96% year-on-year, while the net profit fell by 16.97% to 86.35 billion yuan [2]. - The decline in profit is attributed to increased investments in new user channels, new model launches, and brand promotion efforts [2]. Group 3: Stock Performance - As of the market close, Great Wall Motors' A-shares were priced at 21.90 yuan per share, reflecting a 0.64% increase, with a total market capitalization of 1,874 billion yuan [4]. - The company's stock has experienced a decline of over 15% year-to-date [4].

Core Viewpoint - Great Wall Motors has achieved a total computing power of 5 EFLOPS at the Jiuzhou Supercomputing Center, with hardware expansion exceeding 10,000 units, and is continuously upgrading to support larger model training in the future [1] Group 1: Computing Power and Infrastructure - The Jiuzhou Supercomputing Center's advantages include not only scale but also efficiency, utilizing high-speed RDMA networks and high-performance storage systems to provide significant linear acceleration for large-scale model training [1] - The infrastructure is designed to avoid computational waste caused by data transmission and storage delays, significantly shortening the training cycle for complex AI models [1] Group 2: Future Strategy - Great Wall Motors plans to adhere to a "forest ecosystem" system, focusing on precise investment in research and development to maintain technological leadership and competitiveness amid industry transformation [1]

Core Viewpoint - Great Wall Motors has denied rumors regarding plans to build a factory in Europe, stating that there are currently no such plans in place [1] Group 1 - Great Wall Motors' International President, Shi Qingke, clarified in a media interview on November 26 that the company is evaluating investment and site selection for a factory in Europe, but no plans have been finalized [1] - The rumors about Great Wall Motors conducting assessments in multiple European countries are based on information prior to 2025, and the company has not conducted any related assessments in any European countries [1]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，长城汽车股份有限公司申请一项名为"控制方法、车辆和计算机可读存储介 质"的专利，公开号CN121019282A，申请日期为2025年9月。专利摘要显示，本申请提供了一种控制方 法、车辆和计算机可读存储介质，涉及车载供电技术领域。该方法包括：在车辆处于第一供电模式的情 况下，判断是否存在控制车辆从第一供电模式切换至第二供电模式的供电切换指令；在确定存在供电切 换指令的情况下，控制加热器进入低功率加热模式；在加热器进入低功率加热模式之后，调节电机的高 压电参数至目标电压；在高压电参数等于目标电压之后，控制预充继电器和主负继电器闭合，以控制车 辆从第一供电模式切换至第二供电模式。该方法在接收到供电切换指令后，先控制加热器进入低功率加 热模式，再对电机的状态进行调整，可以有效避免电机内部电压失控飙升的问题，以实现电压的快速泄 放，从而达到国标规定的泄放要求。 天眼查资料显示，长城汽车股份有限公司，成立于2001年，位于保定市，是一家以从事汽车制造业为主 的企 ...

Group 1 - The core point of the article is that Great Wall Motors Co., Ltd. has obtained a patent for a battery pack housing, which allows for the production of different specifications and configurations of battery packs to meet the needs of various vehicle models, thereby reducing development costs and improving production efficiency [1] Group 2 - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of approximately 855.89 million RMB [2] - Great Wall Motors has invested in 75 enterprises and participated in 2,793 bidding projects, with 5,000 trademark and patent information entries, as well as 640 administrative licenses [2]

Group 1 - Zhangjiagang Great Wall Motor R&D Co., Ltd. has obtained a patent for a manual unlocking structure for the rear door, indicating innovation in vehicle rear door technology [1] - The patent, with authorization number CN223593955U, was applied for on December 2024, showcasing the company's ongoing commitment to research and development [1] - The manual unlocking structure simplifies operation by allowing the unlocking of the rear door without disassembling components, addressing potential issues of component loss [1] Group 2 - Zhangjiagang Great Wall Motor R&D Co., Ltd. was established in 2021 and is located in Suzhou, focusing on research and experimental development [2] - The company has a registered capital of 45 million RMB and has participated in two bidding projects, indicating active engagement in the market [2] - The company holds 498 patent records and has four administrative licenses, reflecting its strong emphasis on innovation and compliance [2]

Core Viewpoint - Great Wall Motors is planning to establish its first automotive factory in Europe, aiming for an annual production capacity of 300,000 vehicles by 2029 [1][3]. Group 1: Expansion Plans - Great Wall Motors is actively seeking locations for its European factory, with Spain and Hungary as potential sites [1]. - The company has set a target to sell 1 million vehicles overseas by 2030, necessitating an accelerated expansion into the European market [3]. Group 2: Market Considerations - Labor and logistics costs are key factors in the site selection process for the new factory, as initial operations will require transporting components to the target market for assembly [1]. - The company is closely monitoring EU industrial policies, particularly changes in the investment environment and tariffs, to ensure the long-term viability of its investment in Europe [3]. Group 3: Current Operations and Challenges - Great Wall Motors currently operates overseas factories in Russia, Thailand, and Brazil [3]. - Despite a record overseas sales projection of 453,000 vehicles in 2024, the registration of its new energy brand Ora in Europe has seen a significant decline of 41%, with only 3,706 new registrations [3].