Investment Rating - The report maintains a "Recommended" rating for Great Wall Motors [1] Core Views - Great Wall Motors is positioned to expand its Tank brand to a broader user base, leveraging its advanced hybrid technology and intelligent driving systems [6][11] - The company is expected to enter a new growth cycle with the launch of its flagship SUV under the Wey brand, supported by a robust direct sales system [35][44] - The investment outlook remains positive due to the company's strong competitive advantages in off-road technology and a diversified product matrix [6][11] Summary by Sections 1. Hybrid Power Base: Complete Hi4 Technology System - The Hi4 technology system covers various vehicle usage scenarios, including passenger cars and commercial vehicles [12] - It includes multiple technical branches such as Hi4, Hi4-T, Hi4-Z, and Hi4-G, catering to different driving environments [12][14] 2. Intelligent Driving Assistance: Entering End-to-End 2.0 Phase - Great Wall Motors is advancing its AI intelligent driving capabilities, with the VLA model set to enhance user experience through improved understanding of driving environments [16][18] - The company has launched the Coffee Pilot Ultra system, which does not rely on high-precision maps, enhancing its autonomous driving capabilities [16][18] 3. Tank Brand Continues to Expand - The Tank brand has achieved over 700,000 units in cumulative sales, with a high resale value, solidifying its position in the off-road market [25] - The brand is transitioning from a niche market to a broader audience, supported by diverse product offerings and advanced technology [24][25] 4. Wey Brand: Intelligent Focus on High-End Household Vehicles - The Wey brand is set to launch a flagship SUV, with expectations of returning to a monthly sales volume of over 10,000 units by mid-2025 [35][44] - The product matrix is being expanded to include more models, enhancing the brand's competitiveness in the high-end market [36][41] 5. Profit Forecast and Investment Recommendations - The report forecasts net profits for Great Wall Motors at 14.7 billion, 15.9 billion, and 18.3 billion yuan for 2025 to 2027 [6] - The investment recommendation remains positive, reflecting the company's strong market position and growth potential in both off-road and family vehicle segments [6][11]

Group 1 - Great Wall Motors Co., Ltd. has applied for a patent titled "An Insulation Detection System and Method for On-Board Chargers," with publication number CN120652165A, and the application date is June 2025 [1] - The patent describes an insulation detection system that includes a switch module, first and second monitoring modules, and a control module, aimed at enhancing vehicle technology [1] - The system features different detection precisions for the first and second monitoring modules, allowing for dual-path detection to meet various detection needs, thereby improving reliability and reducing false alarms [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 and has invested in 74 enterprises, participated in 2,630 bidding projects, and holds 5,000 trademark and patent records [2] - Additionally, the company possesses 640 administrative licenses, indicating a robust operational framework [2]

Core Insights - The 2025 China Off-Road Rally Championship Jinta Station and the 6th Dunhuang Off-Road Endurance Race took place from September 13 to 16, featuring a total distance of nearly 1000 kilometers across four special stages with diverse terrains [1] Group 1: Event Overview - The Dunhuang Off-Road Endurance Race is the fourth event of the annual China Off-Road Rally Championship, presenting high demands on drivers and teams due to significant temperature variations and complex terrains such as deserts and riverbeds [1] - French lubricant brand Motul sponsored the event, providing support to Great Wall Motors, marking their second collaboration in Chinese off-road events after the 2025 China Rally [1][2] Group 2: Motul's Product Offerings - Motul supplied various lubricants for Great Wall Motors' participating models, including the 300V racing oil, Gear Competition 75W140 gear oil, RBF 660 high-performance brake fluid, and Auto Cool -25°C antifreeze [2] - The 300V racing oil utilizes ester technology to maintain engine stability under high temperature and high RPM conditions, while the other products enhance the performance and protection of different vehicle systems [2] Group 3: Future Developments - Motul's China Market and Strategy Director expressed intentions to introduce new technology products, such as the NGEN Hybrid series, to meet the diverse needs of the Chinese market [2] - Great Wall Motors' motorsport director highlighted the goal of promoting a healthy and sustainable event ecosystem in collaboration with Motul [2] Group 4: Performance Feedback - Driver Yao Weiqiang from the Great Wall Motors Tank Hi4 team reported stable engine performance and smooth power output while using Motul oil during the challenging conditions of the race [5] Group 5: Sponsorship and Support - Motul has a history of sponsoring top-tier automotive and motorcycle events globally, including the Dakar Rally, and aims to continue supporting local Chinese events to enhance the competitiveness of Chinese teams and drivers on the international stage [6]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 長城汽車股份有限公司 呈交日期： 2025年9月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 601633 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已 ...

Group 1 - The company, Great Wall Motors (601633)(02333), announced the cancellation of 1.0754 million restricted A-shares on September 16, 2025 [1]

智通财经APP讯，长城汽车(02333)发布公告，于2025年9月16日该公司注销107.54万股A股限制性股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 601633 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Core Insights - The 28th International Conference on Automotive Safety Technology was successfully held in Baoding, Hebei, where Great Wall Motors, led by Chairman Wei Jianjun, introduced a systematic approach to safety standards, establishing a new benchmark in the industry that transcends the traditional view of safety equating to collision tests [1][4] Group 1: Investment in Safety Infrastructure - Great Wall Motors has invested 510 million yuan to build the largest independent safety testing laboratory in Asia, covering an area of 57,000 square meters, which can conduct up to 1,500 tests annually [2] - The laboratory features a unique design with five collision zones and eight micro-traction tracks, enhancing testing efficiency and showcasing multiple internationally leading testing capabilities [2] Group 2: Advanced Testing Equipment - The company imported 34 advanced crash test dummies from the United States, valued at approximately 100 million yuan, including the latest models like THOR and WorldSID, to improve safety testing accuracy [3] - These dummies are equipped with high-precision sensors to collect data on force distribution and injury values across different demographics, aiding in the optimization of vehicle safety performance [3] Group 3: Commitment to Safety Leadership - Wei Jianjun's unwavering commitment to safety is evident in the substantial investments made in both the testing laboratory and the crash test dummies, positioning Great Wall Motors as a leader in automotive safety [4] - The conference not only highlighted the brand's safety capabilities but also provided new references for future safety research in the automotive industry, encouraging other companies to adopt a long-term approach to user safety [4]

Core Viewpoint - The Dunhuang Rally has officially commenced, with Great Wall Motors participating in a unique model of "leading by top car manufacturers + participation of the leader," significantly enhancing the event's online visibility [1] Group 1: Event Overview - The Dunhuang Rally is recognized as a national A-level event certified by the China Automobile and Motorcycle Sports Federation, known for its long distances, high difficulty, and complex terrains, covering areas such as Gobi, canyons, riverbeds, and deserts, often referred to as "China's Dakar" [2] - The total distance of the rally is approximately 1100-1200 kilometers, with special stages accounting for about 1000 kilometers, and the event is divided into four days of competition [2] Group 2: Participant Details - Wei Jianjun, the 61-year-old chairman of Great Wall Motors, is personally driving the Haval H9 diesel version in the T2 production group, alongside navigator Yan Ke, challenging extreme terrains exceeding 1000 kilometers [1][2] - During the 10-kilometer qualifying race, Wei Jianjun described the qualifying as a warm-up to help participants get into the right state, indicating a smooth overall experience [2] Group 3: Vehicle and Group Classification - The rally features various vehicle classifications, including: - T1 modified group (including T1+/T1.1/T1.2/T1.3) for deep modifications aimed at extreme performance and off-road capability - T2 production group (including T2.1/T2.E/T2.3) allowing limited modifications while retaining key original components - T3-T4 UTV group for lightweight modifications to optimize performance under stable structures - T5 truck group (including T5.1/T5.2) for both modified and production trucks, enhancing load capacity and long-distance endurance [3]

Market Overview - The passenger car sector experienced a decline of 1.12% on September 12, with Great Wall Motors leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - The following table summarizes the closing prices, percentage changes, trading volumes, and transaction amounts for key stocks in the passenger car sector: - Great Wall Motors (601633) closed at 25.21, down 1.56% with a trading volume of 162,800 shares and a transaction amount of 413 million [1] - BYD (002594) closed at 106.35, down 0.23% with a trading volume of 1,314,300 shares and a transaction amount of 3.358 billion [1] - Changan Automobile (000625) closed at 12.47, down 0.80% with a trading volume of 610,500 shares and a transaction amount of 764 million [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 1.209 billion from institutional investors, while retail investors contributed a net inflow of 734 million [1] - The following table details the capital flow for individual stocks: - Great Wall Motors had a net outflow of 82.743 million from institutional investors, but a net inflow of 83.516 million from retail investors [2] - BYD experienced a net outflow of 468 million from institutional investors, with a net inflow of 333 million from retail investors [2] - Changan Automobile had a net outflow of 257 million from institutional investors, with a net inflow of 178 million from retail investors [2]