GWMOTOR(SH:601633) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-31 12:43Core Viewpoint - Great Wall Motors is undergoing significant changes in leadership and strategy for its premium brand Wey, aiming to enhance its market position and address challenges in high-end vehicle branding [2][4][5]. Group 1: Leadership Changes - Great Wall Motors has appointed Zhao Yongpo, the general manager of Haval, as the CEO of Wey, marking the tenth leadership change in eight years for the brand [2][4]. - The frequent changes in leadership reflect the complexities and challenges of managing a high-end automotive brand [8][9]. Group 2: Sales Performance - Wey's sales have surged, with 89,000 units sold in the first eleven months of the year, representing a 93.34% year-on-year increase, while other brands like Tank and Haval saw much lower growth rates of 1.18% and 11.13% respectively [4][5]. - The overall sales for Great Wall Motors reached 1.1997 million units in the same period, showing a 9.26% increase year-on-year [7]. Group 3: Investment and Financials - The company has invested at least 2 billion yuan in direct sales channels, contributing to a significant increase in sales expenses, which rose to 7.95 billion yuan in the first three quarters, a 55.6% increase year-on-year [5][6]. - Revenue for the first three quarters was 153.58 billion yuan, up 7.96%, while net profit attributable to shareholders fell by 16.97% to 8.635 billion yuan [5]. Group 4: Brand Strategy and Market Position - Great Wall Motors is focusing on high-end positioning for Wey, emphasizing the need for a clear value proposition in the minds of consumers [5][14]. - The average selling price of Great Wall vehicles exceeds 180,000 yuan in international markets and 200,000 yuan domestically, positioning it as the highest among traditional Chinese automakers [6][14]. Group 5: Future Goals and Challenges - The company has set ambitious targets for 2026, aiming for sales of at least 1.8 million units and a net profit of no less than 10 billion yuan [6][7]. - The challenge remains in establishing a sustainable and replicable growth model for the brand, particularly in the context of high-end market dynamics [7].