Core Viewpoint - Great Wall Motors has become one of the first companies in China to comply with the new national standard GB38031-2025 for electric vehicle battery safety, demonstrating its technological leadership and high compliance standards in the electric vehicle sector [1] Group 1 - Great Wall Motors announced that it passed the China Automotive Research Institute's testing in May, ahead of the new national standard implementation [1] - The new standard, which focuses on safety requirements for electric vehicle power batteries, will be mandatory for new models starting from July 1, 2026, and does not affect the normal use of already sold vehicles [1] - The company’s upgrade in battery safety reflects its commitment to leading technology in the electric vehicle safety domain [1]

Group 1 - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a 14.03% increase compared to 2025. Chery Automobile Co., Ltd. aims for 3 million units, a year-on-year growth of 14.01% [3][14] - Great Wall Motors has unveiled a new platform named "Guiyuan," which received 22,000 votes from 96,000 participants. The platform focuses on user needs and aims to simplify vehicle offerings while enhancing value [5][15] - Huawei's QianKun partnership is projected to achieve over 900,000 units in total sales by 2025, continuing its commitment to integrate intelligence into every vehicle. The sales data includes brands such as Avita, Lantu, and others [7][18] Group 2 - Employees of Changan Automobile have expressed dissatisfaction on social media regarding the cancellation of traditional year-end bonuses due to unmet sales and profit targets. An incentive plan is expected in February, but details are currently unavailable [9][20]

Core Viewpoint - Great Wall Motors has officially named its new "multi-power" platform as "Guiyuan," which will serve as the ecological foundation for intelligent mobility [1] Group 1: Platform Overview - The Guiyuan platform is centered around the core idea of "tracing the origin of the industry and returning to user needs," focusing on the essence of automotive mobility and technological innovation [3] - It supports "one vehicle, multiple power sources; one vehicle, multiple categories; one vehicle, multiple forms," providing comprehensive adaptability for various scenarios [3] Group 2: Technical Compatibility - The Guiyuan platform is inherently compatible with multiple power solutions, including gasoline, diesel, BEV (Battery Electric Vehicle), HEV (Hybrid Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), and hydrogen energy [3] - It covers a range of product categories such as SUVs and MPVs, aiming to provide technology that truly fits the needs of users in different global markets and energy conditions [3] Group 3: Strategic Implications - The platform's foundational, inclusive, and growth-oriented characteristics reflect Great Wall Motors' comprehensive layout from ecological foundation construction to global adaptation strategy [3] - Each keyword associated with the Guiyuan platform corresponds to a response to the actual interests of users, emphasizing the company's commitment to user-centric innovation [3]

爱建证券研报指出，长城汽车继续推进高端化+全球化，2026年目标180万辆。年末价格竞争加剧，公 司或主动控产去库存，12月产量同比降幅大于销量，单月销量承压，新能源车与出口表现占优。2026年 目标销量120万辆（不含出口），高端新能源车为核心增量。2026年出口目标60万辆，强化非俄市场。 随着新平台车型放量、直营渠道效率提升及海外高价值车型占比提升，规模效应与单车盈利改善有望同 步兑现，盈利弹性进入释放阶段。维持"买入"评级。 ...

Core Insights - Great Wall Motors is one of the first domestic brands to officially announce participation in CES 2026, aiming to enhance its global brand recognition and communication [4][28] - The company plans to showcase its latest products and technologies at CES 2026, including the new WEY models and advanced technologies such as Hi4, V8 engines, hydrogen fuel power, and ASL 2.0 [6][30] Product Highlights - The WEY brand's new models, including the Blue Mountain and High Mountain 9, are positioned as the core of Great Wall's technology output at CES 2026, emphasizing China's strength in automotive intelligence [8][32] - The Blue Mountain features the industry-leading VLA visual language behavior model, enabling defensive driving, blind spot risk prediction, and voice command control, even in low visibility conditions [10][34] - The High Mountain series redefines high-end travel standards with a dedicated platform for new energy MPVs, offering a high "usable area rate" of 61.1% and versatile interior configurations [10][34] Technological Innovations - Great Wall's participation in CES 2026 is not just about showcasing products but also about breaking stereotypes of Chinese automobiles in international markets through technology and ecosystem exports [14][40] - The Hi4 intelligent four-wheel drive hybrid technology and hydrogen fuel systems demonstrate the company's commitment to diverse new energy solutions [14][38] - The ASL 2.0 upgrade transforms vehicles from "smart tools" to "AI agents," enhancing the potential for various travel scenarios [14][38] Global Market Strategy - As of June 2025, Great Wall Motors has established sales channels in over 170 countries and regions, with more than 1,400 sales outlets, indicating a solid foundation in international markets [17][41] - In November 2025, the company's overseas sales reached 57,309 units, a 32.7% year-on-year increase, accounting for 43.02% of total sales for that month [17][41] - The strategy of "technology export" and "ecosystem export" is seen as more impactful than mere product export, aiming to leave a lasting impression on global consumers [14][40] Event Significance - CES 2026 is viewed as a critical milestone in Great Wall's globalization journey, allowing the company to engage directly with global users and industry partners [20][44] - The event will provide insights into the latest trends in intelligence and electrification, driving the evolution of products and technologies [20][44]

Core Insights - Great Wall Motors officially announced the final naming of its new platform as "Guiyuan" on January 6, 2026, following a process of online naming, heated discussions, and user voting [1] Group 1 - The naming process involved collaboration with users, highlighting a return to user needs and a resonance with the core values of the industry [1]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [4] Core Insights - Great Wall Motors is advancing its high-end and global strategies, targeting sales of 1.8 million vehicles by 2026 [1] - The company experienced a year-end sales pressure but showed structural improvements, with highlights in new energy vehicles and exports [4] - The report emphasizes the increasing penetration of new energy vehicles and significant growth in overseas markets [4] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to grow from 173,212 in 2023 to 295,824 in 2027, with a CAGR of 18.2% [2] - Net profit (in million yuan) is expected to rise from 7,022 in 2023 to 17,266 in 2027, reflecting a growth rate of 20.8% in 2027 [2] - Earnings per share (in yuan) are forecasted to increase from 0.82 in 2023 to 2.02 in 2027 [2] - Gross margin is expected to improve from 18.7% in 2023 to 19.3% in 2027 [2] - Return on equity (ROE) is projected to rise from 10.3% in 2023 to 14.1% in 2027 [2] Market Data - The closing price of the stock is 22.51 yuan, with a market capitalization of 139,770 million yuan [3] - The stock has a price-to-earnings ratio of 26.7, which is expected to decrease to 10.9 by 2027 [2][3] Sales Performance - In December 2025, Great Wall Motors sold 124,000 vehicles, a year-on-year decrease of 8.3%, but the total sales for the year reached 1.324 million, up 7.3% [4] - New energy vehicle sales reached 39,000 units in December, accounting for 31.4% of total sales, with a year-on-year increase of 25.4% [4] - Exports in December were 57,000 units, a year-on-year increase of 39.1%, contributing to a total of 506,000 units exported in 2025 [4] Strategic Focus - The company aims to sell 600,000 vehicles overseas in 2026, with a focus on non-Russian markets [4] - Domestic sales target for 2026 is set at 1.2 million vehicles, with a focus on high-end new energy vehicles [4] - The report highlights the introduction of multiple new models across different brands to capture market share [4]

Core Viewpoint - Great Wall Motors has officially implemented a full weekend off policy, marking a significant shift in its employee work schedule, which has been a topic of speculation for months [1][3][12] Group 1: Company Policy Changes - The adjustment to a full weekend off will take effect in 2026 and will apply to all employees, transitioning from a previous system of alternating work schedules [3][5] - This change represents the fourth iteration of the company's vacation policy, moving from "single and double weekends" to "double weekends" [3][12] Group 2: Employee Reactions - Employees expressed relief and joy over the new policy, highlighting the importance of spending weekends with family [2][5] - Some employees noted that while the cancellation of high-temperature leave (10 days) is a downside, the overall benefit of stable weekends outweighs this loss [1][5] Group 3: Industry Context - The automotive industry has been experiencing intense competition, leading to high levels of employee overtime and burnout [8][9] - Reports indicate that many companies in the sector have been forced to adopt extreme work schedules, with some employees working up to 100 hours of overtime per month [9][12] - The shift to a more balanced work-life approach, as seen with Great Wall Motors, is viewed as a sign of the industry moving away from harmful competitive practices [12] Group 4: Financial Performance - In 2025, Great Wall Motors achieved a record high in new car sales, reaching 1.3237 million units, a year-on-year increase of 7.33% [5] - The sales of new energy vehicles also saw significant growth, with 403,700 units sold, marking a 25.44% increase [5] - Despite the sales growth, the company faced challenges with profitability, as net profit declined by 16.97% in the first three quarters of 2025 due to high marketing and channel costs [5]

记者了解到，长城汽车此次双休调整于2026年正式落地，覆盖全体员工，此前流传数月的"取消大小 周"传言终于成真。这一调整意味着，长城员工的休假制度完成了从"每月单双休"到"大小周""大小周 +高温假"，再到完整双休的第四次迭代。（每经） ...

长城汽车全面落实双休 员工：终于能好好陪家人过周末了 每经编辑｜段炼 据大河报报道，2026年初的一个午餐时段，保定长城汽车的食堂突然沸腾，欢呼声此起彼伏。一位老员工举着手机不停刷新，屏幕上2026年工作日历 里"周末双休"的标注格外醒目，他红着眼眶念叨："终于等到这一天了。" 这一幕的背后，是长城汽车正式取消大小周、全面落实双休制度的消息尘埃落定，这则消息远比午餐的热菜更让人振奋。 记者了解到，长城汽车此次双休调整于2026年正式落地，覆盖全体员工，此前流传数月的"取消大小周"传言终于成真。这一调整意味着，长城员工的休假 制度完成了从"每月单双休"到"大小周""大小周+高温假"，再到完整双休的第四次迭代。 | 2月 February March April | | 2026年日历 January | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...