Core Viewpoint - Great Wall Motors has officially launched its factory in São Paulo, Brazil, marking a new phase in its globalization strategy, supported by over 100 billion yuan in R&D investment over three consecutive years and nearly 50,000 patents [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investment, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of exceeding 10 billion yuan for three years [2]. - Nearly 40% of the R&D budget is allocated to key areas of new energy and intelligence, resulting in significant technological achievements, including 2,962 new authorized patents in the first half of 2025, with 37.8% related to new energy [2]. Vertical Integration and Quality Control - The company has achieved over 70% self-sufficiency in core components through strategic vertical integration, with subsidiaries like Honeycomb Energy and Precision Auto entering the global top 100 parts suppliers list for 2024 [3]. - Great Wall Motors has invested 510 million yuan in a multi-angle safety collision laboratory, the largest in Asia, to enhance quality control, capable of simulating 9,000 complex road conditions [3]. Globalization Strategy - The São Paulo factory represents a milestone in Great Wall Motors' globalization strategy, transitioning from product export to a localized ecosystem approach, including R&D, supply chain management, and sales services [4]. - The company has developed an "ethanol plug-in hybrid system" tailored for Brazil's ethanol fuel market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company's overseas business is projected to contribute over 45.3 billion yuan in revenue in 2024, with overseas gross margins exceeding domestic levels [5]. - For 2024, Great Wall Motors expects total revenue of 202.2 billion yuan, with net profit increasing by 80.73% to 12.7 billion yuan, and operating cash flow rising by 56.49% to 27.783 billion yuan [5]. Future Outlook - Great Wall Motors anticipates that its technology reserves in new energy and intelligence will enter a harvest period, with its hydrogen-powered heavy trucks achieving over 15 million kilometers of safe operational mileage [5]. - The São Paulo factory's capacity ramp-up is expected to drive significant revenue growth in the Latin American market, potentially becoming a key engine for the next 10 billion yuan in revenue [5].

Core Viewpoint - The official launch of the Haval H6 GT at the new factory in São Paulo marks a new phase in Great Wall Motors' globalization strategy, supported by significant R&D investments and a robust patent portfolio [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investments, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of over 10 billion yuan for three consecutive years [2]. - Nearly 40% of the R&D budget is allocated to key areas such as new energy and intelligent technology, resulting in substantial technological achievements, including nearly 50,000 patent applications [2]. Technological Advancements - The company has achieved breakthroughs in core technologies, with a mature technology route encompassing hybrid, pure electric, and hydrogen energy systems [3]. - The Hi4 electric hybrid four-wheel drive system meets diverse needs, and the Hi4-G heavy-duty hybrid technology has undergone rigorous testing over 5 million kilometers [3]. - Strategic vertical integration has led to over 70% self-sufficiency in core components, enhancing cost advantages [3]. Quality Control - Great Wall Motors emphasizes quality control throughout the R&D ecosystem, with advanced facilities such as a 5.1 billion yuan multi-angle safety collision laboratory [3][4]. - The company’s manufacturing processes, including a fully enclosed stamping line and high automation rates, ensure superior product quality [4]. Globalization Strategy - The São Paulo factory represents a milestone in the company's globalization strategy, transitioning from product export to a comprehensive local ecosystem [4]. - The company has developed an ethanol plug-in hybrid system tailored to Brazil's unique market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company’s international strategy has led to over 20 million vehicles exported and projected overseas revenue exceeding 45.3 billion yuan in 2024, with higher gross margins than domestic operations [5]. Future Outlook - Great Wall Motors anticipates that its technological reserves in new energy and intelligent sectors will enter a harvest phase, with the Brazilian factory expected to drive significant revenue growth [5][6]. - The company’s approach exemplifies the successful transformation of China's manufacturing industry through substantial R&D investments and localized value creation [6].