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]

Core Viewpoint - The company reported a mixed performance in July 2025, with significant growth in certain brands while facing challenges in others, indicating a need for strategic focus on product innovation and market expansion [2][4][5]. Sales Performance Overview - In July 2025, the company achieved a wholesale volume of 104,000 vehicles, representing a year-on-year increase of 14.3% but a month-on-month decrease of 5.7%. Cumulative wholesale from January to July reached 674,000 vehicles, up 3.6% year-on-year [2]. - Breakdown of July sales includes: - Haval: 56,000 vehicles, +6.2% YoY, -9.9% MoM; cumulative 378,000 vehicles, +7.1% YoY [2]. - Wey: 10,000 vehicles, +263.3% YoY, -1.5% MoM; cumulative 45,000 vehicles, +96.8% YoY [2]. - Pickup trucks: 14,000 vehicles, +14.5% YoY, +4.2% MoM; cumulative 110,000 vehicles, +5.8% YoY [2]. - Ora: 4,000 vehicles, -10.0% YoY, +31.0% MoM; cumulative 18,000 vehicles, -50.2% YoY [2]. - Tank: 20,000 vehicles, +7.2% YoY, -7.2% MoM; cumulative 124,000 vehicles, -8.2% YoY [2]. Brand Analysis - Tank brand showed stable sales with July wholesale of 20,000 vehicles, while Wey brand exhibited strong growth with a 263.3% increase in July sales [4]. - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with expectations for a Q3 2025 launch, featuring advanced technology aimed at enhancing off-road performance and efficiency [4]. - Wey's new flagship SUV is anticipated to be the first model on a new intelligent platform, which could enhance brand image and drive sales growth [4]. Haval Brand Performance - Haval's July sales reached 56,000 vehicles, with a new Haval H9 expected to debut by year-end, emphasizing off-road capabilities [5]. - The Haval Big Dog 2026 model launched on July 17, achieving over 20,000 orders within 24 hours, showcasing the brand's influence in the market [5]. - The ongoing product strategy in both hardcore and light off-road segments is expected to drive sales growth [5]. International Sales and Production - The company reported overseas wholesale sales of 41,000 vehicles in July, up 4.9% YoY and 2.5% MoM, with cumulative sales from January to July at 239,000 vehicles, down 17.5% YoY [6]. - The Brazilian factory is set to commence operations in August, which is expected to enhance sales in Latin America [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion, 261.70 billion, and 296.25 billion yuan, respectively, with net profit forecasts of 14.09 billion, 16.30 billion, and 18.24 billion yuan [7]. - The expected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10, respectively, indicating a favorable valuation trend [7].

Group 1 - The core point of the article is the launch of the M817 SUV by Mengshi Technology, which starts at a pre-sale price of 329,900 yuan, featuring advanced technology and design elements [1][5][8] - The M817 offers two versions: a city version and an off-road version, with a distinctive mech-inspired design and a length of 5.1 meters, along with a wheelbase exceeding 3 meters [1][5] - The vehicle is equipped with Huawei's advanced driving system and drone technology, enhancing its smart capabilities for both urban and off-road driving [5][8] Group 2 - The M817's powertrain includes a 1.5T engine combined with an electric motor, delivering a total output of 687 horsepower and a peak torque of 848 Nm, achieving 0-100 km/h in 5.2 seconds [5][8] - The SUV's competitive landscape includes models like the Tank 700 and Equation Leopard 8, with the M817 aiming to differentiate itself through pricing and smart features [7][8] - The article highlights the limited competition in this segment, suggesting that the M817's performance in high-intensity off-road scenarios remains to be validated [8] Group 3 - The article also discusses the launch of the Land Rover Defender OCTA, which targets the luxury off-road SUV market with a starting price of approximately 1.46 million yuan [10][16] - The OCTA features a powerful 635 horsepower engine and advanced suspension technology, aiming to compete with high-end models like the Mercedes G-Class and Lexus LX600 [16] - The Volvo EX30 Cross Country is introduced as a small electric SUV with a limited-time price of 233,800 yuan, focusing on a light off-road design appealing to urban commuters [31][35]

Core Viewpoint - The launch of the 2026 Haval Dog marks a significant upgrade in the light off-road SUV segment, emphasizing comfort, intelligence, and performance, with a starting price of 98,900 yuan [1] Comfort Features - The 2026 Haval Dog redefines comfort through multi-dimensional experiences, including a newly designed D-shaped steering wheel and advanced cloud-soft seating technology with dual ventilation and heating functions [3][6] - The vehicle features a high-quality audio system with 640W power and a 5.1 channel layout, providing a cinema-like sound experience [6] - Enhanced air quality is ensured by a new air purification system, which includes a plasma generator and real-time air quality monitoring [6] Intelligent Cabin - The new CoffeeOS3 system enables advanced voice interaction with a 250ms response time and supports over 70 voice-controlled functions, enhancing driver focus [13] - A 14.6-inch central control screen with high resolution and anti-glare technology serves as the interactive hub, complemented by a large storage capacity for smooth operation [15] - The vehicle includes L2-level driver assistance features and a seamless connection between the car and mobile devices, making driving easier and more enjoyable [15] Performance and Capability - The 2026 Haval Dog is equipped with a 2.0T high-power engine and a 9DCT wet dual-clutch transmission, ensuring both low-speed power and high-speed efficiency [20] - The vehicle's advanced four-wheel drive system and dual-locking differentials enhance its off-road capabilities, allowing it to tackle various terrains effectively [16][20] - Safety features include a robust body structure made of 72% high-strength steel and a comprehensive 540° panoramic view system for improved visibility [22] Practical Features - The vehicle is designed for all scenarios, featuring a smart connectivity system, electric tailgate, and Bluetooth digital key for enhanced convenience [23] - The 2026 Haval Dog aims to provide a versatile solution for urban commuting, outdoor adventures, and off-road challenges, appealing to users seeking a multi-functional vehicle [23]