营收销量双创新高 长城汽车三季度提速"品牌向上" 证券日报之声 油箱加满油，电池充满电，长城汽车在第三季度以亮眼业绩驶入发展快车道。 10月25日，长城汽车披露2025年第三季度报告，报告显示，2025年第三季度，长城汽车实现营收612.47亿元，同比提升20.51%，环比提升17.07%，创下历史最佳第三季度营收表现。同期 细分数据更显增长质量：新能源车型成为核心增长引擎，三季度销售11.80万辆，同比激增49.21%，环比增长20.64%，增速远超整体销量水平，展现出新能源战略转型的显著成效。海外市场表 拉长时间维度看，2025年前三季度公司累计营收达1535.82亿元，同比增长7.96%，连续六年保持增长态势并创下同期历史新高。销量方面，前三季度累计销售92.34万辆，同比增长8.15%； 值得注意的是，尽管三季度净利润同比出现波动，但这主要源于公司加速构建直连用户的新渠道模式，以及加大新车型、新技术研发与品牌宣传投入。短期投入换取的是长期竞争力的提升，从营 品牌向上见质见效 产品结构持续优化 在规模增长的同时，长城汽车品牌价值提升与产品结构优化的成效更为显著，成为区别于行业同质化竞争的核心优势。根据相 ...

Core Insights - Great Wall Motors reported impressive performance in Q3 2025, achieving revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 revenue in its history [1] - The company sold 353,600 new vehicles in Q3, a year-on-year increase of 20.20%, also the highest Q3 sales performance ever [1] - New energy vehicles (NEVs) emerged as a key growth driver, with sales of 118,000 units in Q3, a significant year-on-year increase of 49.21% [1] Financial Performance - Cumulative revenue for the first three quarters of 2025 reached 153.582 billion yuan, a year-on-year increase of 7.96%, maintaining a growth trend for six consecutive years [1] - Cumulative sales for the first three quarters reached 923,400 units, a year-on-year increase of 8.15% [1] Product and Brand Development - The average selling price of vehicles surpassed 180,000 yuan for the first time in Q3 2025, indicating an improvement in brand premium capability [3] - High-value models priced above 200,000 yuan saw sales of 101,337 units in Q3, a year-on-year increase of 40.83% [3] - The launch of new models, such as the Tank 500, has contributed to the brand's upward strategy and market recognition [3][4] Market Expansion - Great Wall Motors' global strategy is evolving from "product export" to "ecosystem export," with over 1,400 overseas sales channels and cumulative overseas sales exceeding 2 million vehicles [10] - The opening of the Brazilian factory is a significant milestone in the company's global strategy, aiming to enhance local service capabilities and market penetration in Latin America [10][11] Future Growth Prospects - Upcoming models like the Wei brand Gao Shan 7 and the new Tank 400 are expected to drive future growth, with strong market anticipation [7][8] - The company has established a robust product launch cycle, ensuring continuous market engagement and penetration across various segments [9]

10月21日，全新坦克400预售发布会在长城汽车技术中心举行，全新坦克400 Hi4-Z智享版，预售价32.98万元；全新坦克400 Hi4-T智享版，预售价30.98 万元。目前全新坦克400 Hi4-Z智享版、全新坦克400 Hi4-T智享版已同步开启预售，预售期间预订可享6重尊崇权益。 | 定金膨胀礼 3000元订金抵扣8000元购车尾款 保障无忧礼 享价值4000元 | | --- | | 购车无忧礼 ① 至高15000元置换补贴 专属限定礼 享价值10000元 | | ② 至高21万元0息 | | 救援无忧礼,享价值12000元 安全无忧礼 享价值6000元远红外夜视系统 | 全新坦克400 Hi4-T智享版，采用最新迭代升级的第二代Hi4-T架构，将电机功率提升至130kW，扭矩提升至495Nm，动力储备更充足，纯电模式更轻 盈。充电效率方面，电池充电倍率、充电功率提升近一倍，30-80%快充时间仅需16分钟，充电速度提升了30%。越野性能方面，配备3把差速锁，可实现动 力输出在四个车轮间的自由调配，越是困难路况越显强悍。 同期，人民日报刊文指出，"潮"是东方美学的意境，是传统与现代碰撞出的惊艳； ...

Core Viewpoint - The new energy technology is redefining the off-road SUV market, transitioning it from a niche to a mass market, with Great Wall's Tank brand as a key player in this transformation [2]. Group 1: Product Launch and Features - The Tank 400 was launched with two power versions: Hi4-Z Intelligent Version priced at 329,800 yuan and Hi4-T Intelligent Version priced at 309,800 yuan [2]. - The Tank 400 emphasizes mech aesthetics, hardcore off-road performance, and intelligent luxury configurations, aiming to set a new benchmark in the trendy off-road SUV market [3]. - The Hi4-Z architecture allows for optimal energy distribution and usage, addressing issues like low power in single-gear hybrid mode and high fuel consumption in urban settings [3][4]. Group 2: Performance and Technology - The Tank 400 Hi4-Z Intelligent Version features a peak power of 600 kW, achieving 0-100 km/h acceleration in 4.3 seconds, and offers a pure electric range of 200 km under WLTC conditions [4]. - The Hi4-T Intelligent Version has upgraded motor power to 130 kW and torque to 495 Nm, with charging efficiency improved by nearly 100%, allowing for fast charging from 30% to 80% in just 16 minutes [4]. - The vehicle is equipped with three differential locks for enhanced off-road capability and features the Coffee Pilot Ultra driver assistance system for comprehensive urban and highway coverage [4]. Group 3: Comfort and User Experience - The Tank 400 includes a 5.4L onboard refrigerator with a temperature range from -6°C to 50°C, and a 15.6-inch rear entertainment screen certified for low blue light [5]. - It is powered by the third-generation Coffee OS3 system, featuring an 8295 chip for smooth user operation and the Coffee GPT voice model for precise command recognition [5]. - The pre-sale of the Tank 400 offers six exclusive benefits for early reservations, enhancing the purchasing experience for young users [5].

Core Insights - The all-new Tank 400 has officially launched its pre-sale, offering two configurations: Hi4-Z and Hi4-T, priced at 329,800 yuan and 309,800 yuan respectively [1] - The vehicle emphasizes "mecha aesthetics, hardcore performance, and luxury intelligence," aiming to set a benchmark for trendy off-road SUVs and cater to the younger demographic [1] Design and Aesthetics - The Tank 400 features an original mecha aesthetic, breaking away from mainstream automotive design with 74,595 straight lines, 64,598 flat surfaces, and 21,532 angles, appealing to the fashion-forward youth [3] - A new color option, Dunhuang Purple, inspired by the Dunhuang Mogao Caves, utilizes a custom-developed pearlescent paint and an eight-layer composite finish for a smooth and vibrant appearance [4] Performance and Specifications - The Hi4-Z version boasts a peak power of 600 kW, achieving 0-100 km/h in 4.3 seconds, with a WLTC range of 200 km in pure electric mode [4] - The Hi4-T version features an upgraded second-generation Hi4-T architecture, with motor power increased to 130 kW and torque to 495 Nm, enhancing performance and charging efficiency [4] - Fast charging capabilities have improved, allowing 30-80% charge in just 16 minutes, with a charging speed increase of 30% [4] Intelligent Features - The Tank 400 is equipped with the Coffee Pilot Ultra driver assistance system, covering urban and highway scenarios, along with a parking system that supports over 200 parking types [6] - Comfort features include a 5.4L onboard refrigerator with a temperature range of -6°C to 50°C, and a 15.6-inch rear entertainment screen certified for low blue light [6] - The vehicle also includes high-quality Nappa leather seats with ventilation, heating, and massage functions, enhancing the travel experience [6]

全新坦克400 Hi4-T智享版采用第二代Hi4-T架构，电机功率提升至130kW，扭矩提升至495Nm。官方数据显示，电池充电倍率、充电功率较先前提升近一 倍，30—80%快充时间为16分钟，充电速度提升30%。越野性能方面，配备3把差速锁，可实现动力输出在四个车轮间的自由调配，适应困难路况。同时， 全新坦克400搭载长城汽车研发的辅助驾驶系统，实现全场景覆盖，全融合泊车系统支持200多种车位类型，给用户带来更便利的出行体验。 全新坦克400配备5.4L车载冷暖冰箱，支持-6℃到50℃宽域调温；影音娱乐方面，全新坦克400搭载15.6英寸二排超清娱乐屏，通过双重护眼认证，能有效降 低反光；采用高品质Nappa真皮材质座椅，主副驾均配备通风、加热及按摩功能，给用户带来更舒适的出行体验。此外，全新坦克400还搭载长城汽车第三 代智慧空间系统，配备8295芯片，用户操作丝滑流畅。 从动力性能到智能配置，再到细节化的舒适装备，全新坦克400围绕越野出行与日常使用需求做了针对性设计，为用户带来更加多元的出行选择。 10月21日，主题为"潮酷越野新时代"的全新坦克400预售发布会举行。会上发布全新坦克400 Hi4-Z ...

10月21日，主题为"潮酷越野新时代"的全新坦克400预售发布会成功举行，全新坦克400 Hi4-Z智享版，预售价 32.98万元；全新坦克400 Hi4-T智享版，预售价30.98万元。 外观方面，全新坦克400以原创机甲美学打破汽车行业主流曲面造型设计。据了解，全新坦克400设计了74595条直 线、64598个平面和21532个棱角，塑造出潮酷机甲造型。 值得注意的是，全新坦克400的敦煌紫配色，灵感来源于敦煌莫高窟壁画。为了让全新坦克400硬朗的棱角和折面 拥有液态金属一般的质感，敦煌紫车色采用专属定制开发的紫色珠光漆。 全新坦克400首次搭载的Hi4-Z架构，通过功率分流、全球最短纵置3档DHT变速箱。官方介绍，解决了单挡混动低 速无力、市区高油耗的痛点，破解了增程能量损耗的问题，还解决了持续爬坡等大负荷场景下保电难的问题。 与此同时，全新坦克400 Hi4-Z智享版，以高达600kW的瞬时放电能力，支持前后双电机可同频爆发巅峰功率，实 现4.3秒零百加速性能。同时，全新坦克400拥有WLTC工况下200km纯电续航，搭载163kW高压快充，搭配高倍率 电芯。 全新坦克400 Hi4-T智享版还采用 ...

发布会当日，长城汽车董事长魏建军乘坐全新坦克400，在成都开启直播体验年轻人潮酷生活方式，前往AG超玩会电竞俱乐部，通过游戏 互动，感受电竞体育职业精神；参与攀岩挑战，巧妙将攀岩运动与长城Hi4技术原理结合，为全新坦克400预售发布预热造势。 突破越野圈层，向年轻潮酷进化 10月21日，主题为"潮酷越野新时代"的全新坦克400预售发布会成功举行，全新坦克400 Hi4-Z智享版，预售价32.98万元；全新坦克400 Hi4- T智享版，预售价30.98万元。全新坦克400依托机甲美学、硬核性能、豪华智能三大优势，聚焦打造潮酷越野SUV价值标杆，领衔开启潮酷 越野新时代。 坦克品牌执行副总经理谷玉坤在发布会上表示，全新坦克400是全球唯一覆盖全动力矩阵、满足全场景出行需求的潮酷越野SUV，致力成 为年轻人的都市潮酷装备，移动智能装备，硬核性能装备，为年轻群体带来"可城可野"的潮酷出行体验。 全新坦克400 Hi4-T智享版，采用最新迭代升级的第二代Hi4-T架构，将电机功率提升至130kW，扭矩提升至495Nm，动力储备更充足，纯 电模式更轻盈。充电效率方面，电池充电倍率、充电功率提升近一倍，30-80%快充时 ...