Core Insights - The 2026 Great Wall Cannon was officially launched at the Guangzhou Auto Show on November 21, with three versions: commercial, passenger, and off-road, priced between 99,800 to 188,800 yuan [1] - Since its launch in 2019, the Great Wall Cannon has achieved cumulative global sales of over 750,000 units, maintaining sales of over 10,000 units for 60 consecutive months, and is sold in over 60 countries [1][8] Commercial Version - The 2026 commercial Cannon offers two diesel power options: 2.4T with 9AT and 2.0T with 8AT, with upgrades in the gasoline version [6] - It features a high-strength trapezoidal frame and leaf spring combination, with a cargo box size of 1760*1520*540mm, and includes standard safety features like a roll bar and external rope hook [6] - The 2.4T model has a towing capacity of 3 tons, while the 2.0T model can tow 2.5 tons, and the body is made of galvanized steel that has undergone 1720 hours of corrosion testing [6] Passenger Version - The 2026 passenger Cannon is powered by a 2.4T engine paired with a 9AT transmission, with enhanced power parameters for the gasoline version [4] - It is equipped with the Coffee OS 3 smart cockpit, featuring a 10.25-inch full LCD instrument panel and a 14.6-inch central control screen, supporting multiple connectivity options [4] - The system has 16GB of memory and 128GB of storage, with a voice response time of 250 milliseconds and multi-command recognition capability [4] Off-Road Version - The 2026 off-road Cannon is equipped with a 2.4T diesel engine, delivering a maximum net power of 135kW and peak torque of 480N·m, with a 9AT transmission [2] - It features the BorgWarner 4A+MLOCK four-wheel drive system, standard mechanical differentials, and nine driving modes, along with a 9500-pound wireless T-MAX winch [2] - The vehicle includes off-road enhancements such as a water fording hose, metal bumpers, side steps, and a 3mm thick underbody armor [2] Strategic Direction - Great Wall Motors aims to meet diverse user needs with the 2026 Cannon series, focusing on upgrades in power systems and intelligent configurations [8] - The company plans to continue innovating in the pickup segment and expanding its global market presence [8]

Core Insights - The 2026 models of Great Wall Motors' Cannon series were officially launched at the Guangzhou Auto Show, showcasing significant upgrades and competitive pricing across different variants [1]. Pricing Summary - The official suggested retail price for the 2026 commercial Cannon ranges from 99,800 to 142,800 yuan - The official suggested retail price for the 2026 passenger Cannon ranges from 126,800 to 168,800 yuan - The official suggested retail price for the 2026 off-road Cannon ranges from 179,800 to 188,800 yuan [1]. Engine and Performance Enhancements - The 2026 off-road Cannon features a powerful 2.4T diesel engine with a maximum net power of 135 kW and peak torque of 480 N·m - The off-road variant is equipped with the BorgWarner 4A+MLOCK four-wheel drive system and comes standard with three mechanical differential locks to enhance off-road capabilities [1]. Technological Advancements - The 2026 passenger Cannon is powered by a 2.4T engine paired with a 9AT transmission, offering high power for various driving scenarios - It features the Coffee OS 3 intelligent cockpit, which is claimed to be the most advanced in its class [1]. Commercial Vehicle Features - The 2026 commercial Cannon offers a leading dual diesel power combination of 2.4T+9AT and 2.0T+8AT, with upgraded gasoline power options - The vehicle is built with a widened and thickened high-strength trapezoidal frame and a 3+2 large-size leaf spring combination, providing superior load-bearing capacity that leads its class [1].

Core Insights - The company reported a revenue of 92.335 billion yuan for the first half of 2025, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 633.7 million yuan, a decrease of 10.21% [1] - The company maintained a high gross margin of 18.4% despite intense competition in the automotive market, reflecting a long-term management philosophy focused on operational quality [1] - The average selling price per vehicle remained high at 162,300 yuan, demonstrating the effectiveness of the company's high-end strategy amidst a price war [1] - The off-road vehicle segment continued to grow, with the Tank 300 model achieving the highest sales in its segment, while the Tank 500 and Tank 400 models also performed well [1] - The company retained its leading position in the pickup truck market, with a market share close to 50%, benefiting from high-value models [1] Future Outlook - New models such as the Gaoshan 7 and a full-size six-seat SUV are set to launch in the second half of the year, which is expected to drive significant growth in the company's performance [2] Investment Recommendations - The company's high-end strategy is viewed positively, although short-term gross margins may be under pressure due to fierce price competition in the automotive market. Revenue forecasts for 2025-2027 have been adjusted to 240.208 billion, 276.239 billion, and 309.388 billion yuan, respectively, with net profit forecasts of 14.040 billion, 15.845 billion, and 18.106 billion yuan [3] - The earnings per share (EPS) estimates have been revised to 1.64, 1.85, and 2.12 yuan for the same period. The closing price on August 29, 2025, was 25.85 yuan, corresponding to a price-to-earnings (PE) ratio of 15.76, 13.96, and 12.22 for 2025-2027 [3]