Core Viewpoint - The strategic cooperation between Great Wall Motors and Faraday Future (FF) is entering a deep implementation phase, with the FX Super One project progressing as planned, opening new avenues for Chinese automotive exports and expansion into the North American market [1][2]. Group 1: Strategic Cooperation - Great Wall Motors' Chairman Wei Jianjun confirmed that the collaboration with FF is advancing smoothly, indicating a strong commitment to the partnership [1]. - The recent strategic upgrade agreement between FF and Hebei Huanzhou Automotive Sales Co., Ltd. focuses on compliance certification, mass production, and delivery of the FX Super One in the U.S. market, as well as the joint development of three new models including the FX 4 [1][2]. - Hebei Huanzhou serves as a crucial intermediary linking FF and Great Wall Motors, facilitating resource integration and project implementation [2]. Group 2: Market Impact - The upcoming mass production and delivery of the FX Super One, along with the launch of the FX 4 and other new projects, will enhance the strategic synergy between Great Wall and FF [3]. - The collaboration is expected to leverage FF's established brand presence and compliance systems in North America, combined with Great Wall's strengths in vehicle development and supply chain management, to create a new model for cost-effective and efficient overseas market entry for Chinese automakers [2][3]. - The partnership is seen as a validation of FF's EAI bridge strategy, potentially serving as a model for future collaborations between Chinese and American automotive industries, and showcasing the global reach of Chinese high-end manufacturing [3].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy [2][11]. - The report highlights the launch of the "Guiyuan" platform, which is the world's first native AI all-powertrain automotive platform, aiming to enhance product efficiency and competitiveness [11]. - The company's overseas expansion strategy is progressing effectively, with the completion of a factory in Brazil, which will initially produce key models [11]. Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, reflecting a year-on-year increase of 10%. The net profit attributable to shareholders is expected to be 9.91 billion yuan, a decrease of 21.9% [4][11]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to 1.16 yuan, 1.76 yuan, and 2.01 yuan, respectively [11]. - The company’s net profit margin is projected to be 4.5% in 2025, with a return on equity (ROE) of 11.3% [4][11]. Sales Performance - In Q4 2025, Great Wall Motors achieved a sales volume of 400,000 vehicles, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. - The overseas sales reached 172,000 vehicles in Q4, marking a 33% increase year-on-year [11]. Strategic Developments - The "Guiyuan" platform is designed to support multiple powertrains and vehicle types, with plans to launch over 50 models [11]. - The company is enhancing its brand through increased investment in new models and technology, which has impacted short-term profitability [11].

Group 1 - Great Wall Motors expresses full support for the "Automotive Industry Price Behavior Compliance Guidelines" [1] - The company emphasizes its commitment to long-termism and adherence to legal compliance [1] - Great Wall Motors is dedicated to maintaining integrity in operations and actively safeguarding the order of the domestic market [1]

Core Viewpoint - Great Wall Motors expresses full support for the "Guidelines for Compliance in Automotive Industry Pricing Behavior," emphasizing a commitment to long-termism, legal compliance, and integrity in operations [1] Group 1: Company Position - The company firmly opposes unethical practices such as bottomless price wars, price fraud, and false promotions that severely harm consumer rights and industry development [1] - Great Wall Motors will continue to adhere to legal compliance and integrity in all aspects of vehicle and parts production, pricing, and sales [1]

Core Viewpoint - The Chinese automotive market is currently characterized by intense price wars, but Great Wall Motors stands out as a model of high-quality management, focusing on solid technology and genuine sales rather than gimmicky marketing or low prices [1][13]. Group 1: Sales and Revenue Performance - In 2025, Great Wall Motors sold 1.3237 million vehicles, which, while not the highest in the industry, reflects real market demand [3]. - The company's revenue reached 222.79 billion yuan, a year-on-year increase of 10.19%, with revenue per vehicle rising to 168,300 yuan, an increase of 4,500 yuan from the previous year [3]. Group 2: Technological Strength - Great Wall Motors emphasizes a comprehensive power solution, offering fuel, hybrid, electric, and hydrogen options, showcasing its commitment to diverse consumer needs [5]. - The Hi4 hybrid technology, recognized with a top award from the China Automotive Engineering Society, exemplifies the company's technical prowess, enabling both performance and fuel efficiency [5]. Group 3: Market Positioning and Brand Strategy - Great Wall Motors focuses on technology rather than price competition, achieving significant sales in the high-end MPV and luxury SUV markets, with models like the Wei brand achieving national sales leadership [7]. - The company maintains a strong market presence in niche segments, such as the pickup market, where it has been the sales leader for 28 consecutive years [7]. Group 4: Global Expansion Strategy - Great Wall Motors adopts an "ecological export" strategy, establishing a factory in Brazil and achieving over 2 million cumulative sales overseas, focusing on high-end products rather than cheap vehicles [9]. - The company’s approach to global markets emphasizes technological exports, positioning itself to capture high-end market segments internationally [9]. Group 5: Long-term Vision and Principles - The core of Great Wall Motors' success lies in its commitment to long-termism, avoiding short-term profit pursuits and excessive marketing, instead investing in research and development [11]. - The company’s strategy includes self-research across the entire supply chain, creating a technological moat that is difficult for competitors to replicate [11][13].

Core Viewpoint - Great Wall Motors has systematically opened its advanced testing laboratory cluster, showcasing its research and development capabilities aimed at transforming traditional subjective metrics like "experience" and "safety" into measurable engineering parameters to build differentiated capabilities in market competition [1] Group 1: Extreme Environment Validation - Great Wall Motors has invested significant resources in building testing capabilities to simulate extreme environments, including a high-altitude laboratory that can replicate conditions from 0 to 5000 meters and temperatures from -30°C to 45°C [3] - The environmental wind tunnel testing facility simulates high temperature, humidity, and strong solar radiation, conducting durability tests on battery thermal management and air conditioning systems, and can also simulate rain and snow [3] Group 2: Electromagnetic Compatibility and User Experience - The ten-meter EMC laboratory simulates extreme electromagnetic interference to validate the reliability of intelligent driving perception systems under such conditions, aiming to eliminate risks from signal disruption [5] - Great Wall Motors has invested over 12 million yuan in its intelligent interaction experience laboratory, which quantifies user experience through VR simulations and physiological data collection, providing data for optimizing interaction logic and interface design [5] Group 3: Air Quality Control and Strategic Logic - The VOC laboratory monitors in-car air quality with high-precision instruments capable of detecting at ppt levels, simulating various temperatures and driving scenarios [7] - Great Wall Motors has a strategic focus on transitioning from verification to definition in its testing systems, with a research and development team of approximately 23,000 and annual R&D investments exceeding 10 billion yuan for three consecutive years [7] Group 4: Development Strategy - By integrating heavy asset testing facilities with its R&D system, Great Wall Motors aims to establish a long-term technological "moat" by converting core values like safety and experience into a sustainable engineering system amid the electric and intelligent vehicle competition [9]

Core Viewpoint - Great Wall Motors (601633) emphasizes its commitment to providing high-quality products and services globally, adhering to a long-term development philosophy and focusing on precise and efficient research and development, continuous technological innovation, and brand enhancement [1] Group 1: Product Strategy - The company will not abandon the sedan category and plans to target specific market segments with product offerings [1] - Great Wall Motors aims to create standout products within the sedan category, prioritizing segments with larger market capacity and significant growth potential in the luxury market for new energy products [1] Group 2: Innovation and Supply Chain - The company is focused on building a comprehensive intelligent product system that covers all scenarios, power types, and categories, alongside a mutually beneficial supply chain system [1]

证券日报网讯2月10日，长城汽车（601633）在互动平台回答投资者提问时表示，长城汽车非常重视投 资者的利益，致力于通过科学、稳健的市值管理策略与可持续的股东回报机制，支持汽车产业健康、良 性发展。同时，长城汽车更致力于坚守品质红线，打造高品质产品，持续提升核心竞争力，力求为股东 创造更大价值。长城汽车秉承公开、平正、公正透明的企业文化理念，面向全球用户，坚守造车初心， 让良心造车回归本质，让诚信造车回归本质，让核心技术引领造车回归本质，让科技实现平权。在市值 管理方面，公司通过业绩说明会、股东大会、路演等多种形式，将公司的技术突破、全球化布局与生态 合作等内容，清晰转化为资本市场的价值语言，持续引导长期投资预期。同时，公司通过精细化投资者 关系管理、规划股权激励与股东回报等政策，有效优化股东结构、绑定核心人才并强化股东信任。此 外，公司通过专业化的舆情监测与市值分析，及时应对市场波动，致力于维护公司价值的合理与稳定。 针对短期股价波动，公司希望投资者客观、理性看待。 ...

Core Insights - The automotive testing landscape is evolving from traditional performance validation to a comprehensive quality assurance and innovation catalyst throughout the entire lifecycle of vehicle development [1][7] - A competitive "arms race" among Chinese automakers is emerging, focusing on automotive testing facilities as the industry transitions from "mechanical manufacturing" to "intelligent mobility" [1][7] Group 1: Intelligent Interaction Testing Laboratory - Great Wall Motors has opened a new intelligent interaction testing laboratory, which is a highlight of its testing system, with total investment exceeding 12 million yuan [1][4] - The laboratory features capabilities for VR interaction experiences, HMI prototype testing, real vehicle simulation driving, and human factors evaluation, allowing for high-fidelity testing of smart cockpit and multi-modal interaction functionalities before actual vehicle production [4][5] - The testing lab aims to reduce trial-and-error costs during the vehicle production phase by utilizing virtual simulation technology [4][5] Group 2: Environmental Wind Tunnel Testing Laboratory - Great Wall Motors has also invested 300 million yuan in an environmental wind tunnel testing laboratory, which has been opened for external visits [5][6] - This facility can adjust temperatures between -40℃ and 60℃ and humidity levels from 5% to 95%, covering various global climate conditions, and features a variable area nozzle design capable of achieving wind speeds up to 250 km/h [5][6] - The wind tunnel includes solar radiation simulation equipment, enabling extreme environment testing for battery thermal management, air conditioning cooling, and engine heat dissipation systems, thus enhancing automotive development efficiency [5][6][7]

Core Viewpoint - Great Wall Motors (601633) is showcasing its advancements in cold weather driving technology and user service through the Ice and Snow Joy Week event in Harbin, emphasizing its commitment to regional culture and practical applications in extreme conditions [1] Group 1: Event Highlights - The Ice and Snow Joy Week event features deep interactions between Chairman Wei Jianjun and car owners from various regions, including live connections with owners in Altay, Hulunbuir, and Jilin City to discuss vehicle performance in extreme cold scenarios [1] - The Hi4 technology system of Great Wall Motors has successfully completed practical verification in cold environments, providing safety support for various ice and snow travel scenarios through intelligent four-wheel drive, torque distribution, and power diversion designs [1] Group 2: Community Engagement - Chairman Wei Jianjun announced the establishment of a rescue fund to provide support for car owners in need during emergencies [1] - Before the Spring Festival, Great Wall Motors plans to set up highway service stations in over 20 major transportation hub cities across the country, offering warm drinks and emergency tools to all brand car owners [1]