Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, driven by a strong product cycle and ongoing advancements in smart technology and international expansion [7][8] - The revenue forecast for 2025 is adjusted upwards to 240.1 billion yuan, with a projected net profit of 13.963 billion yuan, reflecting a growth rate of 10.01% [1][8] - The company is focusing on enhancing its product lineup with advanced technology, including the Coffee OS 3 smart cockpit system and a new multi-power platform for various vehicle types [7][8] Financial Summary - Total revenue for 2023 is projected at 173.212 billion yuan, with a year-on-year growth of 26.12% [1] - The net profit attributable to shareholders for 2023 is estimated at 7.022 billion yuan, showing a decline of 15.06% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 1.63 yuan, with a price-to-earnings (P/E) ratio of 15.85 based on the latest diluted shares [1][8] - The gross margin for Q2 2025 is reported at 18.8%, with a slight year-on-year decrease [7] - The company achieved a wholesale sales volume of 313,000 vehicles in Q2 2025, representing a year-on-year increase of 10% [7]

Core Insights - Great Wall Motors' premium electric vehicle brand, Wey, showcased its new models at the 2025 Chengdu Auto Show, with the highlight being the upcoming launch of the Gaoshan 7 on September 10 [1] Group 1: Sales Performance - Wey has achieved over 10,000 units in delivery for two consecutive months, with total sales surpassing 40,000 units from January to July this year, marking a return to the mainstream high-end electric vehicle market [3] - The Blue Mountain model has exceeded 100,000 units in cumulative deliveries, becoming the third six-seat electric SUV to reach this milestone [3] Group 2: Product Positioning - The Gaoshan 7 is designed specifically for family users, positioning itself as "a mobile living room for the family," emphasizing spaciousness and comfort [3] - The vehicle is touted as having the "highest usable space" under 300,000, being the only model in its class to feature standard laser radar and intelligent four-wheel drive, aiming to capture a larger share of the electric MPV market [3] Group 3: Digital Strategy and Infrastructure - Wey has invested significantly in building a dedicated digital channel to engage deeply with users through a Direct-to-Consumer (DTC) model, aiming to enhance service efficiency and user experience [4] - The number of retail centers has grown from zero to over 460 in just over a year, with plans to expand to 700 centers covering more than 200 cities by the end of the year [4] Group 4: Technological Advancements - The next-generation all-powerful intelligent super platform is set to be launched, which is based on Great Wall Motors' 35 years of technological accumulation [4] - This platform is unique in its compatibility with five different power forms and features advanced technologies such as a dual 4-second 2.0 hybrid system, an industry-leading 800V hybrid architecture, and a large hybrid battery pack with over 400 km pure electric range [4]

Core Insights - The article highlights the successful performance of Great Wall Motors' premium electric vehicle brand, Wey, which has achieved over 10,000 deliveries for two consecutive months and a cumulative sales of over 40,000 units from January to July this year [4][6][13] - Wey's strategy focuses on deep user engagement through a Direct-to-Consumer (DTC) model, which has led to significant growth in retail centers and user satisfaction [6][8][13] Group 1: Sales Performance - Wey has returned to the mainstream of high-end electric vehicles with impressive sales figures, including nearly 20,000 units delivered since the launch of the new Gaoshan model in May [4][6] - The upcoming Gaoshan 7 is designed specifically for family users, aiming to enhance Wey's position in the electric MPV segment [4][6] Group 2: User Engagement and DTC Model - The DTC model allows Wey to listen to user feedback and ensure a high-quality service experience, with over 460 retail centers established and plans to expand to 700 by the end of the year [6][8] - Wey actively involves users in product development, such as naming the new color for the Blue Mountain model and establishing support stations along key travel routes [8] Group 3: Technological Advancements - Wey announced the upcoming launch of a next-generation all-power intelligent super platform, which will support five different power forms and feature advanced technologies [8] - The Blue Mountain model has received recognition for its performance in areas like assisted driving and extreme endurance, with total deliveries surpassing 100,000 units [6][8] Group 4: Marketing and Brand Positioning - The brand has engaged in creative marketing strategies, including collaborations with popular IPs and influencers to enhance user experience and brand visibility [3][10] - Wey's commitment to long-term value creation through user-centric approaches is emphasized as a core aspect of its brand philosophy [13]