GWMOTOR(SH:601633) Jing Ji Guan Cha Wang·2025-09-29 10:07Core Viewpoint - The article discusses the rapid development of the new energy vehicle (NEV) industry in China, highlighting the need for "oil-electric equality" to address the tax and subsidy disparities between fuel and electric vehicles, as proposed by Wei Jianjun, Chairman of Great Wall Motors [1][2][3]. Summary by Sections New Energy Vehicle Development - From 2009 to 2019, China's subsidies for NEVs exceeded 100 billion yuan, leading to significant growth in the sector [1]. - By 2024, NEV retail sales are projected to reach 10.899 million units, with a penetration rate of 47.6%, which has surpassed 55% as of August this year [1]. Tax and Subsidy Disparities - Fuel vehicle owners face higher tax burdens, with taxes approximately 15% more than those for NEV owners [1]. - The automotive industry is increasingly advocating for oil-electric equality to create a fairer competitive environment [3]. Great Wall Motors' "Four Modernizations" Strategy - Wei Jianjun introduced the "Four Modernizations" strategy, which includes: 1. Pan-internal combustion engine development 2. Diversification of new energy sources 3. Oil-electric equality 4. Strategic globalization [2][3]. Importance of Oil-Electric Equality - Achieving oil-electric equality is crucial for fair development between fuel and NEVs, reducing tax burdens on fuel vehicle owners and promoting healthier market dynamics [3]. - The strategy aims to address the diverse demands of global markets by developing various power systems, including pure electric, hybrid, and hydrogen vehicles [3]. Hi4 Technology System - Great Wall Motors has developed the Hi4 technology system, which integrates high-efficiency engines, transmissions, and electric drives, offering a complete hybrid ecosystem [4]. - The Hi4 system is designed to meet different market needs, with specific models for various vehicle types, including compact SUVs and off-road vehicles [4]. Globalization Strategy - Great Wall Motors is implementing the "ONE GWM" brand strategy to adapt to different international markets, focusing on localized product development [5]. - The company has established a presence in multiple countries, with over 400,000 units of overseas production capacity and sales channels in more than 170 countries [8]. Financial Performance - In Q2 2025, Great Wall Motors reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72%, and a net profit of 4.586 billion yuan, up 19.42% [8][9]. - NEV sales reached 97,900 units, reflecting a growth of 38.69%, while overseas sales also showed steady growth [9].