Core Viewpoint - Great Wall Motors is set to launch its first ultra-luxury sports car, featuring a self-developed 4.0TV8 twin-turbo hybrid system with a total power output of 1000 horsepower, aiming to compete with top international supercars like Ferrari SF90 [1] Financial Performance - In Q2 2025, Great Wall Motors achieved a revenue of 52.348 billion yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 30.81%, marking the best Q2 revenue performance in its history [1] - The net profit for Q2 2025 reached 4.586 billion yuan, representing a year-on-year growth of 19.46% and a quarter-on-quarter growth of 161.91%, also the highest single-quarter net profit in history [1] Sales and Product Strategy - Great Wall Motors sold a total of 313,000 vehicles in Q2 2025, a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87%, achieving the best Q2 sales performance in history [2] - Sales of new energy vehicles reached 97,900 units in Q2 2025, reflecting a year-on-year growth of 33.7% and a quarter-on-quarter growth of 56.4% [2] - The company has initiated a new product cycle with models like Tank 300, Haval second-generation Xiaolong MAX, and Wey brand's new Gaoshan driving sales growth [2] Technological Development - Great Wall Motors has adopted a differentiated technology path with its self-developed Hi4 intelligent four-wheel drive hybrid technology system, offering a comprehensive solution across various vehicle types [2] - The company emphasizes multi-power path collaborative development to mitigate market risks associated with a single technology route [2] Global Expansion - Great Wall Motors has transitioned from "product export" to "ecosystem export," with over 1,400 overseas sales channels and total overseas sales exceeding 2 million units [2] - In Q2 2025, the company achieved overseas new car sales of 106,800 units, showing steady growth [2] Strategic Initiatives - The "ONE GWM" global strategy aims to integrate global resources to create competitive products and brands [3] - Great Wall Motors has established multiple R&D centers globally, focusing on localized product development and innovation to meet market demands [3] - The company has built several overseas production bases to lower production costs and enhance supply efficiency [3] Market Positioning - Great Wall Motors employs a differentiated product strategy in key markets, emphasizing cost-effectiveness in emerging markets and technological premium in mature markets [4] - The upcoming ultra-luxury sports car is expected to enhance the brand's global influence and serve as a new flagship in its globalization efforts [4]

Group 1 - Great Wall Motors plans to invest 800 million to 1 billion RMB in DeepRoute.AI, primarily for purchasing computing power cards [1] - DeepRoute.AI, founded in February 2019, focuses on advanced intelligent driving technology and has over 20,000 units of its driving solutions in production [1] - In November 2024, DeepRoute.AI secured a $100 million Series C funding round led exclusively by Great Wall Motors [1] Group 2 - DeepRoute.AI's VLA model is expected to enter mass production in Q3 2025 and is designed for commercial application, enhancing the driving capabilities of Great Wall's vehicles [2] - The VLA model, which supports both LiDAR and pure vision solutions, boasts strong reasoning capabilities and improved interpretability of driving decisions [2] - If Great Wall Motors successfully integrates the VLA model, it will significantly enhance the competitive edge of its vehicles in the intelligent driving market [2] Group 3 - The VLA model's production has faced delays due to reliance on the NVIDIA Thor chip, which has a computing power of 2000 TFLOPS, eight times that of Orin [3] - Industry observers note that after several rounds of eliminations, few intelligent driving solution providers remain, prompting Great Wall Motors to deepen its collaboration with DeepRoute.AI [3] - Great Wall Motors previously spun off its intelligent driving division, Haomo Zhixing, which faced strategic and technical challenges, impacting its high-level driving plans [3] Group 4 - Great Wall Motors is increasingly inclined to adopt external intelligent driving solutions, with DeepRoute.AI launching the first domestic solution that does not rely on high-precision maps [4] - The intelligent driving algorithms for Great Wall's upcoming models, such as the Weipai Lanshan and Weipai Gaoshan, will be provided by DeepRoute.AI [4] - In addition to DeepRoute.AI, Great Wall Motors is collaborating with Zhuoyue Technology to develop intelligent driving solutions for its budget models [4]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (601633) [2] Core Views - Short-term performance is under pressure, but domestic and overseas growth remains certain [1] - The company reported a total sales volume of 256,800 vehicles in Q1 2025, a year-on-year decrease of 7% and a quarter-on-quarter decrease of 32% [5] - Total revenue for Q1 2025 was 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter [5] - Net profit attributable to the parent company was 1.751 billion yuan, a decline of 46% year-on-year and 23% quarter-on-quarter [5] - The company is expected to benefit from new vehicle launches and increased intelligence features, which may drive sales growth [7] Financial Data and Profit Forecast - The company’s total revenue for 2025 is estimated at 212.72 billion yuan, with a year-on-year growth rate of 5.2% [6] - The net profit attributable to the parent company for 2025 is projected to be 12.841 billion yuan, reflecting a year-on-year growth rate of 1.2% [6] - The earnings per share (EPS) for 2025 is expected to be 1.50 yuan [6] - The gross profit margin for 2025 is forecasted to be 19.2% [6] - The report adjusts the revenue forecast for 2025-2027 downwards due to increased competition and external factors, with new estimates of 212.7 billion yuan, 252.8 billion yuan, and 299.3 billion yuan respectively [7] Market Position and Strategy - The company is launching multiple new models and significant updates to existing models, which are expected to drive domestic sales growth [7] - The overseas market is also anticipated to see growth with the upcoming production at the Brazil factory and the introduction of new models [7] - The report suggests that the company can mitigate the impact of increased scrap taxes in Russia through local production and pricing strategies [7]

Core Insights - Great Wall Motors (GWM) showcased nearly 40 models across six brands at the 2025 Shanghai International Auto Show, emphasizing its leadership in smart technology, hardcore off-roading, and globalization [1][3] - The company introduced a new brand logo, with the English abbreviation GWM representing "Great Wall Motor" and symbolizing the brand spirit "Go with more" [1] Product Highlights - The Haval second-generation Xiaolong MAX received 16,368 orders within 24 hours of its launch [3] - The Haval Menglong features a design philosophy that balances aesthetics and practicality, while the Ora Lightning Cat Travel Edition is equipped with laser radar for advanced driving assistance [3] - The Wey brand's new Gaoshan model achieved over 7,848 pre-orders in 24 hours, featuring the Hi4 performance version and Coffee Pilot Ultra driving assistance system [3] - The Tank 300 Huke version is designed for extreme off-road scenarios, and the Shanhai Pao Hi4-T is globally pre-sold starting at 228,800 yuan [3] - The Long Wall Soul Motorcycle S2000GL "Tengyun Ruishi" limited edition was globally unveiled, featuring an 8-cylinder horizontally opposed engine [3] Technological Advancements - GWM has been proactive in smart technology since 2011, establishing the Jiuzhou Supercomputing Center and launching the end-to-end intelligent driving model SEE [5] - The new Coffee Pilot Ultra driving assistance system offers full-scene coverage without high-precision maps, while the Coffee OS 3 smart space system enhances user experience [5] - The Hi4-T architecture integrates strong off-road capabilities with new energy, and the Hi4-Z architecture features 2.0T/3.0T engines with the shortest transmission globally [5] - GWM's self-developed 4.0T V8 engine, 3.0T V6 powertrain, and the motorcycle's 8-cylinder engine were also showcased, highlighting the company's technological accumulation [5]