新京报贝壳财经讯（记者白昊天）11月21日，2025广州国际汽车展览会正式开幕。魏牌新能源发布携全新高山家族、全新蓝山、新摩卡Hi4亮相。同时，企 业启动品牌焕新计划。魏牌首席执行官冯复之称，魏牌焕新计划将从价值、形象、体验、服务四大维度推动品牌持续向上。 互动现场。 企业供图 发布会期间，长城汽车首席技术官吴会肖正式发布了长城VLA辅助驾驶大模型，并宣布最新一代辅助驾驶系统将首搭魏牌，具体车型尚未公布。该技术将 具备与用户互动并进行思考的能力，并能够完整展现其在辅助驾驶过程中的思考过程。 编辑 徐倩 校对 赵琳 ...

11月21日，以"新科技·新生活"为主题的2025广州国际汽车展览会正式开幕。魏牌新能源携全新高山家族、全新蓝山及新摩卡Hi4等车型参展。作为长城汽车 在新能源与高端化方向发展的品牌之一，魏牌在此次车展中宣布启动品牌焕新计划，并介绍了其在技术和服务方面的进展。 魏牌CEO冯复之在发布会上表示，品牌焕新计划将从价值、形象、体验和服务四个层面推进。未来，魏牌计划于2026年推出基于新动力平台的高端产品序 列，并持续扩展服务网络，目前已在130多个城市设立超过500个服务点。 根据品牌方提供的数据，2025年1月至10月，魏牌累计销量超过8.2万台，较去年同期有所增长。其中，高山系列在9月和10月居于MPV销量前列，个人用户 购车比例达到84%；蓝山系列累计销量已突破11万台。 魏牌展示了针对不同家庭用户需求的多款车型。全新高山系列定位为新能源MPV，基于专属平台开发，具备纯平地板设计、二三排共轨等功能，以提供灵 活的车内空间。该车型配备了冰箱、影音系统等配置，并搭载了第三代Coffee Pilot Ultra辅助驾驶系统与Hi4性能版智能四驱电混技术。 全新蓝山作为SUV车型，同样搭载Coffee Pilot U ...

2025广州车展于11月21日正式启幕，以"新科技·新生活"为主题，汇聚了国内外众多汽车品牌的前沿产品与技术。魏牌新能源作为长城汽车旗下 高端新能源品牌，携全新高山家族、全新蓝山及新摩卡Hi4三款主力车型重磅登场，不仅展示了其在产品布局上的全面进阶，更正式启动了品牌焕新 计划，标志着魏牌在智能化、高端化路径上迈出关键一步。 在车展发布会上，魏牌宣布将率先搭载长城汽车最新研发的VLA辅助驾驶大模型，并首发搭载全新一代Coffee Pilot Master（简称CP Master）辅助驾驶 系统。这一举措不仅体现了魏牌在智能驾驶领域的领先地位，也进一步强化了其"科技WEY美好生活"的品牌理念。从产品到技术，从服务到体验，魏牌正 以系统化的创新推动中国新能源汽车品牌向上突破。 产品矩阵全面焕新，打造家庭出行新标杆 魏牌在本届广州车展展示了面向不同家庭用户需求的三款核心产品：全新高山家族、全新蓝山以及新摩卡Hi4。这三款车型分别覆盖MPV、SUV等主流 细分市场，体现出魏牌对"家庭出行"场景的深度理解与产品布局的精准把握。 作为魏牌冲击高端新能源MPV市场的力作，全新高山家族以"一车三款"的灵活配置，满足中产家庭在商 ...

Investment Rating - The investment rating for Great Wall Motors is "Outperform the Market" [6][4][17] Core Views - The report highlights a 19% year-on-year increase in net profit for the second quarter, driven by improved sales and a favorable product mix [1][8] - The company is expected to benefit from a new product cycle and ongoing advancements in its new energy strategy, which are anticipated to drive sales growth [3][4][17] Financial Performance Summary - For the first half of 2025, Great Wall Motors reported revenue of 92.34 billion yuan, a year-on-year increase of 1.0%, with a net profit of 6.34 billion yuan, down 10.2% year-on-year [1][8] - In Q2 2025, revenue reached 52.32 billion yuan, up 7.7% year-on-year and 30.7% quarter-on-quarter, with a net profit of 4.59 billion yuan, reflecting a 19.5% year-on-year increase and a 161.9% quarter-on-quarter increase [1][8] - The company sold 312,000 vehicles in Q2, marking a 10.1% year-on-year increase and a 21.9% quarter-on-quarter increase [1][8] Cost Structure and Profitability - In Q2 2025, the sales, management, and R&D expense ratios were 5.2%, 1.8%, and 4.5%, respectively, with the sales expense ratio increasing due to higher marketing costs for new products [2][15] - The average revenue per vehicle was 157,000 yuan, a decrease of 1,400 yuan year-on-year, while the net profit per vehicle was 8,800 yuan, down 500 yuan year-on-year [2][15] Product and Market Strategy - Great Wall Motors is advancing its new energy strategy with significant investments in hybrid, pure electric, and hydrogen technologies, alongside the launch of new models [3][4] - The company is expanding its overseas market presence, introducing new models in regions such as Latin America, ASEAN, and the Middle East [3][4] Earnings Forecast - The forecasted net profits for Great Wall Motors from 2025 to 2027 are 13.84 billion yuan, 16.20 billion yuan, and 18.81 billion yuan, respectively, with EPS projected at 1.62 yuan, 1.89 yuan, and 2.20 yuan [4][19]

Core Viewpoint - Great Wall is attempting to inject smart technology into its rugged off-road vehicles to seek new growth opportunities amid sales pressure [2][5] Group 1: Product Launch and Features - The newly launched Tank 500 Intelligent Edition is Great Wall's first rugged off-road model equipped with an intelligent driving system [2] - The Tank 500 Intelligent Edition comes in two versions, Hi4-T and Hi4-Z, with pre-sale prices of 360,000 yuan and 388,800 yuan, respectively, which is an increase of 25,000 yuan compared to non-intelligent driving versions [2] - The vehicle features the third-generation intelligent driving system Coffee Pilot Ultra, capable of "parking to parking" intelligent driving, and the third-generation smart cabin system Coffee OS3 [2] Group 2: Performance Upgrades - The electric motor power has been increased from 120 kW to 130 kW, with a significant torque increase to a declared 495 Nm, reaching up to 500 Nm in practice [2] - The upgrades aim to cater to urban users who may use the Tank 500 as an electric vehicle [2] Group 3: Market Strategy and Challenges - There is internal debate within Great Wall regarding the necessity of smart driving features in rugged off-road vehicles, but sales pressure has driven the decision to integrate these technologies [2][4] - The development of intelligent driving for off-road vehicles is more complex than for regular models, requiring a longer calibration period and significant cost investments [4] - Great Wall aims to expand the target audience from professional off-road enthusiasts to family consumers and light off-road lovers [4] Group 4: Sales Performance and Future Plans - Tank brand sales reached 135,000 units in the first seven months of the year, a decrease of 8.19% year-on-year, while Great Wall's total sales were 674,000 units, growing only 3.57% year-on-year, significantly lagging behind the industry growth rate of 12% [5] - Great Wall is also planning to develop non-body-on-frame MPVs to stimulate greater demand, indicating a strategic shift to find new growth avenues [5]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company is expected to achieve a revenue of 923 billion yuan in the first half of 2025, representing a year-on-year increase of 1.03%, while the net profit attributable to shareholders is projected to be 63.4 billion yuan, down 10.2% year-on-year [1] - The second quarter of 2025 saw a revenue of 523.5 billion yuan, an increase of 7.8% year-on-year and 30.8% quarter-on-quarter, driven by new vehicle launches and improved overseas sales [2] - The company is entering a new growth phase with the launch of new models and a focus on direct-to-consumer channels, which is expected to enhance brand value and sales [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 45.9 billion yuan, up 19.1% year-on-year and 161.9% quarter-on-quarter, while the non-recurring net profit was 21.1 billion yuan, down 30.1% year-on-year [3] - The average selling price (ASP) per vehicle in Q2 2025 reached 167,000 yuan, a decrease of 2.1% year-on-year but an increase of 7.3% quarter-on-quarter [2] Market Outlook - The mainstream market for new vehicles is expected to see an upward sales trend, supported by the successful launch of new models and a comprehensive marketing strategy [4] - The company has significant potential in the off-road vehicle market, with the Hi4Z technology expected to enhance product offerings and profitability [4] - The company has a diverse product range and strong technological capabilities, indicating substantial export potential as new models and powertrains are introduced [4] Valuation and Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 140.3 billion yuan, 174.0 billion yuan, and 209.6 billion yuan respectively, with corresponding price-to-earnings ratios of 13.4, 10.8, and 9.0 times [4][10] - The six-month target price is set at 32.79 yuan per share, reflecting a 20 times price-to-earnings ratio for 2025 [4]

Group 1 - The core message of the event emphasizes that "changing for users" is a fundamental value for the company, not just a slogan [1] - The company showcased new models including the Blue Mountain and the new high mountain series, highlighting their commitment to user feedback and action [1][3] - The new high mountain series includes three models designed to meet diverse family needs, with over 8,000 orders placed within 26 hours of pre-sale launch [3] Group 2 - The high mountain welfare version features remote-controlled reclining seats and high-quality materials, catering to passengers with mobility challenges [3] - Safety is a top priority, with the new high mountain equipped with the Coffee Pilot Ultra driving assistance system and a high-strength cage structure for active protection [3] - The company adopts a "long-termism" approach in the face of rapid electrification and intelligent transformation in the automotive industry, focusing on refining technology and user experience [5] Group 3 - The Blue Mountain model has achieved a cumulative retail volume of 36,430 vehicles and a wholesale volume of 38,732 vehicles as of April 21, ranking among the top three in its market segment [5] - The company has refreshed the Blue Mountain with new color options based on user feedback, addressing aesthetic fatigue in luxury electric SUVs [6] - The Mocha Hi4 model will also debut with new color options and upgrades in the third quarter [6]