Core Viewpoint - Bank of America Securities reports that Great Wall Motors' Q3 revenue reached 61 billion yuan, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, primarily driven by sales volume and product price increases [1] Financial Performance - The company's profit fell short of expectations, declining by 31% year-on-year and 50% compared to Q2 of this year, attributed to a delay in recognizing an 800 million yuan tax refund related to scrapped vehicles in Russia and approximately 130 million yuan in foreign exchange losses [1] - Excluding one-time items, net profit decreased by 30% year-on-year [1] - Gross margin stood at 18.4%, down 1.6 percentage points year-on-year, likely impacted by reduced contributions from the Tank brand and increased dealer rebates for Haval and pickup truck brands [1] Future Projections - Considering Q3 performance and the latest model launch schedule, Bank of America Securities has revised Great Wall Motors' sales forecasts for 2025 to 2027 down by 4%, 2%, and 3% respectively [1] - Gross margin forecasts for 2026 and 2027 have been adjusted upward by 0.2 percentage points [1] - Earnings forecasts for 2025 to 2027 have been revised down by 0.6%, up by 3.8%, and down by 0.1% respectively [1] - The target price has been lowered from 19.5 HKD to 18 HKD, maintaining a "Neutral" rating, with expectations that the valuation has become reasonable [1]

Sales Performance - In September, Great Wall Motors sold 133,639 vehicles, representing a year-on-year increase of 23.29% [3] - Cumulative sales for the year reached 923,358 units, showing an 8.15% year-on-year growth [3] Production Performance - The company produced 134,404 vehicles in September, which is a 25.38% increase compared to the same month last year [3] - Year-to-date production totaled 919,816 units, reflecting an 8.03% year-on-year increase [3] Brand-Specific Performance - Haval brand sold 81,923 units in September, up 30.24% year-on-year, with cumulative sales of 528,483 units, a 12.03% increase [1][2] - WEY brand achieved sales of 11,026 units in September, a significant 63.23% increase, with year-to-date sales of 63,593 units, up 96.35% [2] - The sales of Great Wall Pickup decreased by 10.76% in September to 12,901 units, but cumulative sales increased by 3.11% to 136,223 units [2] - Ora brand's September sales were 6,255 units, a 14.02% increase, but cumulative sales fell by 37.06% to 29,686 units [2] - Tank brand sold 21,441 units in September, a 14.41% increase, while year-to-date sales decreased by 2.75% to 165,143 units [2] New Energy and Overseas Sales - In September, Great Wall Motors sold 45,961 new energy vehicles, with cumulative sales of 278,463 units for the year [2] - The company recorded 50,269 units in overseas sales for September, totaling 334,181 units in cumulative overseas sales for the year [2]

Core Viewpoint - Great Wall Motors announced its production and sales figures for August 2025, showing a mixed performance across different brands with overall sales increasing year-on-year. Group 1: Sales Performance - The total sales volume for August 2025 reached 115,558 units, representing a year-on-year increase of 22.33% compared to 94,461 units in August 2024 [3] - Cumulative sales for the year reached 789,719 units, up 5.94% from 745,415 units in the same period last year [3] Group 2: Brand-Specific Performance - Haval brand sold 68,912 units in August 2025, a 22.69% increase from 56,166 units in August 2024, with cumulative sales of 446,560 units, up 9.22% [3] - WEY brand experienced significant growth, with sales of 8,028 units in August 2025, a 167.51% increase from 3,001 units last year, and cumulative sales of 52,567 units, up 105.08% [3] - The sales of Great Wall Pickup decreased slightly by 2.89% to 13,322 units in August 2025, while cumulative sales increased by 4.81% to 123,322 units [3] - Ora brand saw a minor increase of 1.40% in August sales to 5,223 units, but cumulative sales dropped significantly by 43.78% to 23,431 units [3] - Tank brand sales increased by 22.46% to 20,022 units in August 2025, with cumulative sales slightly down by 4.88% to 143,702 units [3] - Other brands reported a significant decline in sales, with a 32.00% decrease in August sales to 51 units and a 73.75% drop in cumulative sales to 137 units [3]

| 车型 | | | 销量 | | | | 产量 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | 月度同比 | | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 48,557 | 59,103 | -17.84 | 48,557 | 59,103 | -17.84 | 49,999 | 56,419 | -11.38 | 49,999 | 56,419 | -11.38 | | WEY品牌 | 5,007 | 3,351 | 49.42 | 5,007 | 3,351 | 49.42 | 4,740 | 3,146 | 50.67 | 4,740 | 3,146 | 50.67 | | 长城皮卡 | 12,321 | 15,466 | -20.33 | ...