新京报贝壳财经讯（记者张冰）9月22日，新京报贝壳财经记者从享界汽车获悉，享界S9T已向首批100 名用户交车。北汽集团董事长张建勇表示，"享界是北汽和华为深度融合、共同打造的豪华新能源品 牌，每一台车型不仅凝聚了双方的核心技术和坚定的战略信心，更承载着我们对豪华出行的重新思 考。" 编辑 杨娟娟 校对 王心 享界S9T于9月16日上市，是鸿蒙智行首款旅行车，定位中大型豪华车型，提供增程与纯电两种动力， 售价区间30.98万至36.98万元，华为常务董事、终端BG董事长余承东曾在享界S9T新品发布会上表 示，"我相信人们对生活的追求不会只有一种形态，享界S9T搭载了旗舰9系平台的全部技术与全新设 计，我们只为实现一个目标，要把用户的不满全都解决掉。" 在享界S9T上市的前一天，华为和北汽曾就享界品牌达成进一步深化合作，双方合作正式升级为"车企 +华为科技全生态"的战略共同体，并将聚焦专属团队、专属研发资源、专属制造与供应链体系、专属 双质检体系、专属渠道网络五大专属体系赋能。据悉，其合作官宣即落地，双方未来3年投入200亿元资 金，围绕核心领域持续推进技术迭代。 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].