2025年，长城汽车迎来创立35周年。 从一家仅有60余人的小厂发展成为拥有8.2万名员工、年销量超百万辆的大型车企，如今的长城汽车拥有哈弗、魏牌、坦克、欧拉、长城炮、长城灵魂摩 托六大品牌矩阵，产品出口到170多个国家和地区，不仅在中国汽车产业升级中扮演着重要角色，也是中国汽车品牌崛起走向全球汽车市场中的中坚力 量。 今年8月份，长城汽车以35周年开放日的形式展示了其技术积淀、产业链整合能力以及"以可靠为底色"的发展理念。这场开放日不仅是对企业35年发展的 回顾，更直观展现了长城汽车从单一产品出口到"研产销服"全生态出海的转型成果。截至目前，长城汽车全球销售网络覆盖170多个国家和地区，海外销 售渠道超1400家，海外累计销量突破200万辆，2024年海外销量达45万辆，全球用户规模超1500万。在长城汽车的带动下，其配套的供应链企业也具备了 向国际车企供货的能力水平。 中国汽车出口正迅速发展，已成为全球第一大汽车出口国。作为最早一批发展出口业务的车企，长城汽车的产品如今在全球多个市场热销，其发展的"生 态出海"模式正成为逆全球化背景下中国制造突围的典型样本。 以全产业链韧性重塑全球化逻辑 长城汽车董事长魏 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has shown a steady increase in sales, particularly in the WEY brand, which saw a significant year-on-year increase of 263.3% in July [2] - The introduction of new models and the activation of the Haval brand are expected to drive sales growth, with the Haval brand achieving a sales volume of 56,000 units in July, up 6.2% year-on-year [3] - The company is expanding its overseas sales, with July's overseas wholesale sales reaching 41,000 units, a year-on-year increase of 4.9% [3] Summary by Sections Sales Performance - In July, the company reported a wholesale sales volume of 104,000 units, a year-on-year increase of 14.3% and a month-on-month decrease of 5.7% [1] - Cumulative wholesale sales from January to July reached 674,000 units, up 3.6% year-on-year [1] Brand Performance - WEY brand sales in July were 10,000 units, with a remarkable year-on-year increase of 263.3% [2] - Haval brand sales were 56,000 units in July, with a year-on-year increase of 6.2% [3] - Tank brand sales were stable at 20,000 units in July, with a year-on-year increase of 7.2% [2] New Product Launches - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with an expected launch in Q3 2025 [2] - The new Haval H9 is anticipated to debut by the end of the year, emphasizing off-road capabilities [3] Financial Forecast - Projected revenues for 2025-2027 are 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively, with net profits expected to be 14.09 billion, 16.30 billion, and 18.24 billion yuan [4][19] - The report forecasts a PE ratio of 13, 11, and 10 for the years 2025, 2026, and 2027 respectively [4]

Core Insights - Great Wall Motors reported significant growth in Q2 2023, achieving record sales, revenue, and net profit figures [1] - The company aims for high-quality development through a comprehensive product matrix and global expansion strategy by 2025 [1][2] Sales and Financial Performance - In Q2 2023, Great Wall Motors sold 313,000 vehicles, a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87% [1] - Revenue for the same period reached 52.348 billion yuan, reflecting a year-on-year growth of 7.78% and a quarter-on-quarter growth of 30.81% [1] - Net profit stood at 4.586 billion yuan, marking a year-on-year increase of 19.46% and a remarkable quarter-on-quarter increase of 161.91% [1] Strategic Initiatives - The company is focusing on a long-term strategy that includes a full-scenario and full-power product matrix, alongside advancements in intelligence and global expansion [1] - Great Wall Motors is implementing the ONE GWM brand strategy and an "ecological overseas" strategy to enhance market share [1] Technological Advancements - In the field of intelligence, Great Wall Motors has established an end-to-end intelligent driving model and a new AI data intelligence system, achieving industry-leading levels in core technology areas [2] - The new intelligent driving system, Coffee Pilot Ultra, and the Coffee OS 3 smart space system have received positive user feedback, with Coffee Pilot Plus enabling full-scenario NOA without high-precision maps [2] Global Expansion - Great Wall Motors has expanded its overseas sales channels to over 1,400, transitioning from "product export" to "ecological export" [2] - Recent engagements include a meeting between the company's chairman and the Brazilian president, discussing further development in Brazil, and receiving recognition in Australia and Chile for its products [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company is expected to achieve operating revenue of 52.35 billion yuan and a net profit attributable to shareholders of 4.59 billion yuan in Q2 2025, with a single vehicle revenue of 167,000 yuan and a single vehicle profit of 15,000 yuan [2][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive sales and performance improvements [2][6]. - The company's four major expansion strategies are anticipated to open up long-term growth potential for sales, while the shift towards intelligence is expected to enhance profitability across the entire industry chain [6]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a sales volume of 313,000 vehicles, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9%. Among these, new energy vehicle sales reached 98,000 units, up 33.7% year-on-year and 56.4% quarter-on-quarter, with new energy passenger vehicles accounting for 36.8% of total sales [10]. - The company reported a Q2 net profit of 4.59 billion yuan, a year-on-year increase of 19.5% and a quarter-on-quarter increase of 161.9%, resulting in a net profit margin of 8.8% [10]. Strategic Initiatives - The company is making significant adjustments in product, channel, and supply chain dimensions to deepen its transition to new energy. It is focusing on plug-in hybrid vehicles and accelerating the launch of intelligent new energy products [10]. - The "ONE GWM" strategy is facilitating the company's overseas expansion, with sales channels covering over 1,400 locations in more than 170 countries and regions [10]. - The company is actively promoting the development of intelligent vehicles, leveraging data and algorithms as core competitive advantages [10]. Future Projections - The company forecasts net profits attributable to shareholders of 14.13 billion yuan, 17.07 billion yuan, and 21.48 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding A-share price-to-earnings ratios of 13.6X, 11.3X, and 8.9X [6].

Core Viewpoint - The company reported its H1 2025 performance, which met expectations, with revenue of 92.367 billion yuan, a year-on-year increase of 1.03%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.22% [2] Financial Performance - In H1 2025, the company achieved revenue of 92.367 billion yuan, up 1.03% year-on-year, and a net profit of 6.337 billion yuan, down 10.22% year-on-year. The second quarter saw revenue of 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8%. The net profit for Q2 was 4.586 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2][6] Sales and Product Structure - The company reported a wholesale sales volume of 313,000 vehicles in Q2, with year-on-year increases of 10.07% and 21.87%. The sales breakdown by brand showed significant growth for the Wei brand, which increased by 106.4% year-on-year. The company also achieved a Q2 sales volume of 98,000 new energy vehicles, with a penetration rate of 31.3% [3] Strategic Focus - The company is committed to long-term strategies focusing on three main areas: smart technology, off-road capabilities, and global expansion. It is enhancing its smart technology with the Coffee Pilot system and has achieved recognition in global markets, ranking among the top 20 in China's global brand list for 2025 [4] Future Projections - The company maintains revenue forecasts of 219.5 billion yuan, 237.6 billion yuan, and 253.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.6%, 8.3%, and 6.8%. The net profit forecasts for the same years are 12.3 billion yuan, 13.9 billion yuan, and 14.4 billion yuan, with corresponding EPS of 1.43, 1.62, and 1.68 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue expectations for 2025, 2026, and 2027 are projected to be 219.5 billion, 237.6 billion, and 253.8 billion RMB, respectively, with year-on-year growth rates of +8.6%, +8.3%, and +6.8% [3] - The net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 12.3 billion, 13.9 billion, and 14.4 billion RMB, with year-on-year changes of -3.3%, +12.9%, and +3.7% [3] - The company is accelerating its focus on smart technology, globalization, and off-road capabilities, which supports the investment thesis [3] Financial Performance Summary - For H1 2025, the company achieved total revenue of 92.37 billion RMB, a year-on-year increase of 1.03%, and a net profit of 6.34 billion RMB, a decrease of 10.22% year-on-year [10] - In Q2 2025, the company reported revenue of 52.35 billion RMB, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8% [10] - The wholesale sales volume in Q2 2025 reached 313,000 units, with a year-on-year increase of 10.07% [10] - The company’s new energy vehicle sales in Q2 2025 were 98,000 units, representing a year-on-year increase of 33.7% [10] Strategic Initiatives - The company is committed to long-term strategies focusing on smart technology, off-road capabilities, and ecological globalization [10] - The introduction of the Coffee Pilot intelligent driving system and the Coffee OS 3 smart space system reflects the company's advancements in smart technology [10] - The company has been recognized as one of the top 20 brands in China's globalization efforts for 2025 [10]

Core Insights - The Chinese automotive market has shown strong performance in the first half of 2025, with retail sales of narrow passenger cars reaching 10.901 million units, a year-on-year increase of 10.8% [1] - Domestic brands have captured a significant market share of 64%, indicating their dominance in the Chinese market [1] - BYD leads the sales chart with 2.146 million units sold, while Geely has seen a remarkable growth rate of 47% year-on-year [1][12] - New energy vehicle sales are on the rise, with companies like Leap Motor and XPeng showing significant growth [1][19] Group 1: Overall Market Performance - As of June 2025, the cumulative retail sales of narrow passenger cars in China reached 10.901 million units, reflecting a 10.8% increase compared to the previous year [1] - Domestic brands have increased their market share to 64%, solidifying their position in the market [1] - BYD has achieved a sales volume of 2.146 million units, maintaining its position as the top seller [12] - Geely's sales have surged by 47%, prompting the company to raise its annual sales target to 3 million units [1][12] Group 2: Performance of New Energy and Emerging Brands - Leap Motor has emerged as a leader among new energy vehicle manufacturers, with monthly sales nearing 50,000 units [1] - XPeng has also shown impressive growth, selling more vehicles in the first half of 2025 than in the entire previous year [1] - The new energy vehicle segment is experiencing rapid growth, with companies like BYD and Geely leading the charge [12][19] Group 3: Traditional Automakers' Performance - Some traditional automakers are showing signs of recovery, with brands like FAW-Volkswagen and SAIC Volkswagen reporting positive year-on-year growth [1][9] - FAW Toyota has seen a significant increase of 16% in sales, indicating a rebound in the joint venture segment [1][9] - However, brands like GAC are struggling, with a decline in sales, highlighting the challenges faced by traditional automakers [1][9] Group 4: Export Performance - SAIC has become a leader in overseas sales, with 494,000 units sold, accounting for nearly 25% of its total sales [10] - Changan has also made strides in international markets, with overseas sales exceeding 300,000 units, a growth of over 45% [10] - GAC has reported a 45.6% increase in overseas sales, completing 55% of its annual export target [10]

Core Viewpoint - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, while stepping down from his roles as General Manager of the Wey and Tank brands [1][4]. Group 1: Management Changes - Liu Yanzhao previously managed the Wey and Tank brands, responsible for their operational management [4]. - Following a restructuring at the end of 2022, Liu Yanzhao was appointed to oversee both brands under a dual-brand operation model [4]. - The communication platform Liu now leads was established at the end of 2023, alongside other platforms for product management, digital intelligence, user operations, sales services, terminal operations, and new media live streaming [4]. Group 2: Organizational Structure - Great Wall Motors has adopted an organizational structure inspired by internet companies, featuring a "strong backend - large middle platform - small frontend" model [4]. - The middle platform aims to optimize resources and unify marketing strategies across brands, serving as a standard guide for management practices [4]. Group 3: Marketing Strategy - Prior to the establishment of the middle platform, Great Wall Motors relied on individual brand teams, which lacked synergy and led to disorganized personnel allocation [5]. - The recent appointment of new general managers for the Wey and Tank brands indicates a shift towards a more cohesive marketing strategy [5]. Group 4: Sales Performance - In the first half of the year, Great Wall Motors reported a slight increase in sales, with a total of approximately 569,000 vehicles sold, marking a year-on-year growth of 1.84% [6]. - However, the performance of the Ora brand was notably poor, with sales dropping by 56.19% year-on-year, while the Tank brand also experienced a decline of 10.67% [6].

Core Viewpoint - GAC Fiat Chrysler (广汽菲克) has declared bankruptcy due to its inability to repay debts and insufficient assets to cover liabilities, as confirmed by management reports and audits [2][6]. Group 1: Bankruptcy Announcement - GAC Fiat Chrysler's management announced the bankruptcy based on its debt situation and asset evaluations, stating that it cannot repay due debts and lacks the conditions for restructuring or reconciliation [2]. - The company had applied for bankruptcy approval in October 2022, leading to the takeover of its Guangzhou factory by GAC Aion for electric vehicle production [5]. Group 2: Asset Liquidation - The company's Changsha factory has undergone five failed auction attempts on JD.com, with the starting price dropping from 19.15 billion yuan in July 2024 to approximately 9.92 billion yuan in January 2025, nearly a 50% reduction [5]. - GAC Fiat Chrysler's management is actively seeking potential investors for the core asset (Changsha factory) to facilitate debt recovery for creditors [5]. Group 3: Historical Context - GAC Fiat Chrysler, established in 2010, was known for brands like Fiat, Chrysler, and Jeep, and saw significant success with Jeep models, achieving a peak net asset value of 4.422 billion yuan in 2017 [9][10]. - However, Jeep sales declined sharply from 125,000 units in 2018 to just 20,400 units in 2021, leading to a drastic reduction in the company's net assets to around 200,000 yuan by 2021 [10].

Core Insights - The meeting marked the initiation of the construction of a national standard system for off-road vehicles in China, highlighting the growing demand for standardization in the rapidly developing off-road vehicle market [1][2] - Great Wall Motors, as a leading brand in the off-road vehicle sector, is committed to leveraging its technological expertise to enhance industry standards [1][2] Group 1: Event Overview - The "China Off-Road Vehicle National Standard System Construction Demand Launch Meeting" was successfully held in Baoding, organized by the China Automotive Standardization Research Institute and Great Wall Motors [1] - Over 60 industry experts from various organizations, including Great Wall Motors, FAW, Changan, and Geely, participated in discussions about the construction needs of the off-road vehicle standard system [1] Group 2: Industry Insights - In 2024, domestic brands are expected to surpass 80% market share in the off-road segment, with Great Wall's Tank series leading sales [1] - The application of new technologies such as electrification and intelligence in off-road vehicles is raising the bar for standard formulation [1][2] Group 3: Technical Contributions - Great Wall Motors' technical team emphasized the need for a comprehensive national standard system that covers the entire lifecycle of off-road vehicles, integrating various levels of technology [2] - The company has established a matrix of three off-road brands—Haval, Tank, and Great Wall Cannon—addressing a wide range of market needs from urban SUVs to professional off-road vehicles [2] - Great Wall Motors has developed a tripartite standard system focusing on core areas such as four-wheel drive technology, chassis design, and power systems, providing significant reference for industry standard formulation [2]