1. Report Basic Information - Research Object: Heshun Petroleum [17] - Industry: Petroleum industry [2] - Reception Time: September 15, 2025 [17] - Company Reception Staff: Chairman and General Manager Zhao Zhong, Independent Director Xu Liping, Financial Controller Yu Meiling, and Board Secretary Ma Wenjing [17] 2. Core Viewpoints - As of June 30, 2025, the company's registered members exceeded 4.76 million, a year - on - year increase of 9.43%, showing strong customer attraction and brand cohesion [24] - As of the end of June 2025, the national new energy vehicle ownership reached 36.89 million, accounting for 10.27% of the total vehicle volume. The new energy vehicle development has an impact on the overall refined oil retail industry, and the company launched the charging pile business in late 2023 [24] - In the first half of 2025, the company's operating income was 1.456 billion yuan, a year - on - year increase of 5.97%. The attributable net profit was 14.05 million yuan, a year - on - year decrease of 48.75% due to oil price fluctuations and narrowing price spreads [24][25] - The company's new energy business is expanding steadily. The investment team's market research is not limited by cooperation models and partners, and it does not rule out cooperation with new - force brands [26] - The company is actively looking for and negotiating potential targets for expanding charging pile layouts, and specific situations will be announced in company announcements or regular reports [26] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Heshun Petroleum in the petroleum industry, and the reception time is September 15, 2025. The reception staff includes the chairman, general manager, independent director, financial controller, and board secretary [17] 3.2 Detailed Research Institutions - The reception objects include investors and others [20] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - As of June 30, 2025, the company's registered members exceeded 4.76 million, up 9.43% year - on - year. Members can enjoy preferential activities and value - added services [24] - As of the end of June 2025, the national new energy vehicle ownership was 36.89 million, accounting for 10.27% of the total vehicle volume. The company launched the charging pile business in late 2023 to embrace the development opportunities of new energy vehicles [24] - In the first half of 2025, the company's operating income was 1.456 billion yuan, up 5.97% year - on - year, mainly due to the growth of wholesale revenue. The attributable net profit was 14.05 million yuan, down 48.75% year - on - year, mainly due to oil price fluctuations and narrowing price spreads [24][25] - The company's new energy business is expanding steadily, and it does not rule out cooperation with new - force brands in the future [26] - The company is actively looking for and negotiating potential targets for expanding charging pile layouts, and specific situations will be announced in company announcements or regular reports [26]

Core Insights - The inauguration of Great Wall Motors' factory in Brazil marks a strategic leap for the Chinese automotive industry from product export to local ecosystem establishment [2][3] - The factory, located in Iracemapolis, has an initial annual production capacity of 50,000 vehicles and will produce models such as Haval H6 GT and Haval H9 [2] - Great Wall Motors aims to become a leading brand in the Brazilian new energy vehicle market, which currently has a penetration rate of less than 10% [2][3] Company Development - Since entering the Brazilian market in 2021, Great Wall Motors has achieved annual sales of 29,000 units, ranking 14th in the market [3] - In the first half of 2025, sales reached 15,700 units, reflecting a year-on-year growth of 19.8%, surpassing the industry average growth rate of 17% [3] - The company has over 1,400 overseas sales channels and has sold more than 2 million vehicles globally [3] Strategic Initiatives - Great Wall Motors is implementing a "dual-fuel" strategy, focusing on hybrid, pure electric, and hydrogen energy technologies [3] - The company has developed an "ethanol plug-in hybrid system" tailored to Brazil's flexible fuel demand, positioning itself as a rule-maker in local new energy technology standards [3] Brand Positioning - The company emphasizes a "cooperation and win-win" philosophy, avoiding cutthroat competition and enhancing the collective image of Chinese automotive brands abroad [4] - Great Wall Motors engages with local communities through sponsorships and cultural events, fostering emotional resonance with Brazilian consumers [4] - Positive consumer feedback highlights the advantages of Great Wall vehicles over competitors, particularly in terms of configuration and durability [4] Industry Outlook - The establishment of the Brazilian factory provides new prospects for Chinese automotive companies, enhancing their competitiveness in the global market [4] - The transition from product export to deep localization signifies a significant evolution in the strategy of Chinese automotive firms [4]

Core Viewpoint - Chery Automobile has launched the Aiyreze 8 PRO 2.0T, showcasing its performance capabilities and advanced technology, aiming to meet the diverse needs of young consumers while breaking the dichotomy between "family" and "performance" vehicles [2][4][14]. Product Launch and Pricing - The Aiyreze 8 PRO 2.0T is priced between 137,900 to 149,900 CNY, with promotional prices during the "618" shopping festival ranging from 122,900 to 134,900 CNY [2]. - The Aiyreze 8 PRO 1.6T has also been updated with new pricing, offering limited-time discounts from 101,900 to 117,900 CNY [2]. Performance and Technology - The vehicle is equipped with Chery's self-developed Kunpeng 2.0TGDI engine, featuring advanced technologies such as a fish-belly intake duct and a high-efficiency turbocharging system, achieving a maximum power of 187 kW and peak torque of 390 N·m [4][6]. - The Aiyreze 8 PRO 2.0T can accelerate from 0 to 100 km/h in just 6.8 seconds, setting a new benchmark for global performance [4]. Suspension and Handling - The car features a front MacPherson and rear multi-link independent suspension system, providing stability in straight lines and precision in corners, while also ensuring comfort for family use [6]. - The IPB intelligent braking system enhances braking response time by 20%-30%, with a stopping distance of 36 meters from 100 km/h [6]. Safety Features - The Aiyreze 8 PRO adheres to high global safety standards, utilizing high-strength steel with an 80% application ratio and 20.6% hot-formed steel in critical areas, earning the title of "China's Top Ten Body" [9]. - It includes 10 airbags and an L2-level intelligent driving assistance system with 19 features, ensuring comprehensive safety for passengers [9][7]. Interior and User Experience - The vehicle boasts a luxurious interior with features such as 15.6-inch 2.5K central control screen, Qualcomm Snapdragon 8155 chip for quick startup, and a high-fidelity sound system [13][11]. - The design incorporates elements that appeal to young consumers, including a sporty aesthetic and advanced connectivity options [11][13]. Market Position and Strategy - Despite a decline in fuel vehicle sales, Chery continues to innovate in the fuel vehicle segment, aiming to capture the needs of young consumers who seek high performance and safety within a budget [14][16]. - The Aiyreze 8 series has achieved over 400,000 global sales in 33 months, with 73% of buyers under 30 years old, indicating a strong market presence [16][18]. Future Developments - Chery plans to launch a high-performance version of the Aiyreze 8 with a 400T powertrain and an Aiyreze 8 sports kit in the fourth quarter of this year [18]. - The company emphasizes its commitment to engine technology development, having produced over 3 million engines annually and maintaining a leading position in China's passenger car exports for 22 consecutive years [18].

Core Viewpoint - The automotive industry is witnessing a shift where internal combustion engines (ICE) are not being abandoned but are instead being integrated with electric powertrains, reflecting a dual approach to meet diverse consumer needs and environmental goals [5][7][21]. Group 1: Internal Combustion Engine Developments - The 2025 Shanghai Auto Show highlighted the 4.0T V8 twin-turbo engine from Great Wall Motors, symbolizing a significant advancement in China's internal combustion engine technology [2]. - The global automotive landscape is seeing a resurgence of interest in internal combustion engines, with companies like Toyota and Mazda announcing new multi-fuel compatible engines, indicating a shift back towards ICE technology [3][4]. - Great Wall Motors emphasizes a "pan-internal combustion engine strategy," advocating for a coexistence of ICE and electric systems to cater to local market demands [5][7]. Group 2: Market Trends and Consumer Preferences - Research indicates that 68% of luxury car consumers prefer to hear the roar of an engine, suggesting a sustained demand for internal combustion engines in high-end markets [7]. - In 2024, the global penetration rates for fuel, hybrid, and pure electric vehicles are projected to be 67%, 18%, and 15% respectively, highlighting the continued relevance of ICE in the automotive market [9]. - The sales of fuel vehicles have seen a resurgence, with a notable increase in market share attributed to price changes and new product offerings [15][16]. Group 3: Financial Performance and Strategic Directions - Great Wall Motors reported record revenue and net profit in 2024, with fuel-powered vehicles contributing significantly to its profitability, showcasing the financial viability of maintaining ICE alongside electric vehicles [9][10]. - Changan Automobile is also pursuing a multi-path power strategy, with a focus on hybrid and fuel-efficient technologies, indicating a broader industry trend towards diversified powertrains [12][15]. - The automotive industry is moving towards a diversified market with various powertrain options, including pure electric, plug-in hybrids, and internal combustion engines, which are expected to coexist for the foreseeable future [21].

Core Viewpoint - Great Wall Motors showcases its innovative Hi4 hybrid system and 4.0TV8 engine, emphasizing a strategy that integrates internal combustion engines with electric systems to meet diverse global market demands [1][3]. Group 1: Global Market Strategy - Great Wall Motors categorizes global markets into three segments: China, developed markets (US, Europe, Japan, South Korea), and over 170 other countries, aiming for tailored product offerings in each [3]. - The company emphasizes a unified standard of product quality and service across all markets, focusing on precise adaptation to local needs [3]. Group 2: Product Development Focus - The company believes that PHEV and hybrid models are more suitable for primary and commuting vehicle scenarios, while BEV is ideal for short-distance commuting [3]. - Great Wall Motors is committed to the hybrid route for family vehicles, highlighting the unique driving pleasure offered by larger displacement engines [3]. Group 3: Globalization and Brand Strategy - Great Wall Motors has been proactive in global expansion since 1997, implementing a localized production and operational strategy [5]. - The company aims to enhance its high-end brand presence globally, particularly in the luxury off-road segment with its Tank SUV, while also empowering its Haval and Great Wall pickup brands [5]. - The year 2025 marks the beginning of the "One Great Wall" brand strategy, focusing on ecological overseas expansion and localized deep cultivation [5].

Group 1 - Great Wall Motors (GWM) showcased nearly 40 vehicles from its six brands at the 2025 Shanghai Auto Show, including Haval, Wey, Tank SUV, Ora, Great Wall Pickup, and Great Wall Soul Motorcycle [2] - The company introduced a new brand logo and announced that the 15 millionth vehicle will roll off the production line in 2025, marking a new starting point for its development goals [2] - GWM's President Mu Feng emphasized the "One Great Wall" brand strategy, focusing on global integration through ecological expansion and localized deep cultivation [2] Group 2 - GWM is implementing a "pan-internal combustion engine strategy" to address diverse global market demands, combining both fuel and electric power solutions [3] - The company has developed a new energy four-wheel drive hybrid system called Hi4 and continues to innovate in the internal combustion engine sector, showcasing its self-developed 4.0T V8 engine at the auto show [3] - GWM has established over 1,400 overseas sales channels and serves more than 15 million global users as part of its comprehensive international strategy [3]