第一财经·2025-09-01 09:36Core Viewpoint - The article highlights that Great Wall Motors is entering a new cycle of high-quality growth despite the ongoing price war in the Chinese automotive market, which has seen average profit margins drop below 5% [1][17]. 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 quarter-on-quarter increase of 30.73%, marking the best Q2 revenue in its history [1]. - The net profit for the same period reached 4.586 billion yuan, up 19.42% year-on-year and a staggering 161.87% quarter-on-quarter, also the best Q2 performance historically [1]. Sales Growth - Great Wall Motors sold 312,000 vehicles in Q2 2025, representing an 11.63% year-on-year increase and a 21.51% quarter-on-quarter increase, achieving the best Q2 sales performance [3]. - The sales of new energy vehicles reached 97,900 units, showing a year-on-year growth of 38.69% and a quarter-on-quarter growth of 56.46% [3]. Product Strategy - The company has focused on high-value models, with the average vehicle price rising to 170,500 yuan in the first half of 2025, a 2.9% increase year-on-year [1]. - Great Wall Motors has launched multiple new models in 2025, contributing to sales growth, including the second-generation Haval Xiaolong MAX and various new energy models [3]. Brand Positioning - Great Wall Motors has seen an increase in the sales proportion of high-end models, with its premium brand Wey achieving over 10,000 units sold for two consecutive months [4]. - The Tank brand remains a leader in the off-road vehicle market, with the Tank 300 being particularly popular [6]. International Expansion - The company is pursuing a "high-quality overseas expansion" strategy, launching several high-value models in international markets, including the Tank 300 and Tank 500 in various countries [7]. - Great Wall Motors has established a manufacturing facility in Brazil to serve the Latin American market, enhancing local service capabilities [7]. Long-term Strategy - The company emphasizes "quality market share" over volume-driven sales, focusing on technology and product value to balance sales and profits [9]. - Great Wall Motors has invested over 10 billion yuan in R&D for three consecutive years, with a patent portfolio of nearly 50,000 applications [11]. Technological Advancements - The Hi4 technology system has been fully developed, covering various vehicle scenarios and enhancing performance and safety [13]. - The new generation of intelligent driving systems, Coffee Pilot Ultra, offers comprehensive driving assistance across multiple scenarios [14]. Future Outlook - Great Wall Motors plans to launch several new products in the second half of 2025 and is expanding into motorcycle and heavy truck markets [15]. - The company is transitioning from "scale growth" to "value growth," driven by its long-term strategic focus [17].