哈弗广州车展展台。企业供图 新京报贝壳财经讯 2025年广州国际车展上，哈弗品牌以"与哈弗一起 粤活粤年轻"为主题，展示了全系产品矩阵，向用户诠释"年轻棱角"，借此传递品牌 对"年轻化"的理解，并表示将持续探索年轻化战略的实践路径。 哈弗品牌凭借对年轻化趋势的精准把握，实现了销量的稳健增长，今年1-10月总销量61.67万辆、同比增长13.28%的业绩。其中，哈弗猛龙车型累计销售突 破15万台，成为品牌年轻化战略的重要支撑。 编辑 岳彩周 校对 张彦君 哈弗年轻化战略，本质上是它不再满足于做一个"汽车制造商"，而是要主动进化为"年轻生活方式的同行者"。据介绍，在海外市场，哈弗的全球化战略也在 深入推进。长城汽车巴西工厂的投产，让哈弗在全球范围内的本土化运营进入新阶段。 ...

Core Insights - The Guangzhou Auto Show marks the end of 2025 and the beginning of a new year for the automotive market, showcasing a diverse range of domestic automakers with innovative strategies and products [1] Group 1: Electric Vehicle Developments - Seres, the first new energy vehicle company listed on both A-shares and Hong Kong stocks, announced over 900,000 deliveries and introduced the Seres Magic Cube Technology Platform 2.0, which includes upgrades in smart energy and intelligent chassis [2] - BYD remains a leading player in the Chinese automotive industry, showcasing luxury models like the U9 Xtreme supercar and plans to promote the "Yangwang" brand globally starting in early 2026 [2] - In October, new energy vehicle sales surpassed 50% of total new car sales for the first time, reaching 51.6%, indicating a significant shift towards electric vehicles [2] Group 2: Hybrid and Traditional Vehicles - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" emphasizes that internal combustion engines will remain a key power source, with a projected one-third of new passenger car sales still involving internal combustion engines by 2040 [3] - The strategy of "oil-electric synergy" is gaining traction, with a focus on enhancing user experience through intelligent upgrades in traditional vehicles [3] Group 3: Traditional Automaker Strategies - Great Wall Motors is implementing a multi-brand strategy centered on "oil-electric synergy," featuring models like the Tank 500 with impressive performance metrics [4] - The Haval brand has developed a comprehensive product matrix based on hybrid technology, while the 2026 Great Wall Cannon series includes smart cockpit features [4] Group 4: New Energy Vehicle Startups - New energy vehicle startups like Huawei's Aito, Xiaomi, and others are increasingly prominent, with Aito achieving over 1 million cumulative deliveries and launching new models at the auto show [5] - Leap Motor introduced the A10 model, completing its product matrix and aiming for mainstream market coverage by mid-2026 [5] - Xiaopeng Motors is set to launch multiple super-range models in early 2026, while Li Auto plans to enhance its models with advanced features [6]

Core Insights - The company reported a significant increase in wholesale sales for October 2025, with a total of 143,000 vehicles sold, representing a year-on-year growth of 22.5% and a month-on-month increase of 7.1% [1] - Cumulative wholesale sales from January to October reached 1.066 million vehicles, showing a year-on-year increase of 9.9% [1] Group 1: Sales Performance - Haval brand sold 88,000 vehicles in October, up 21.4% year-on-year and 7.7% month-on-month, with cumulative sales of 617,000 vehicles from January to October, reflecting a 13.3% year-on-year increase [1] - Wey brand achieved sales of 13,000 vehicles in October, marking a substantial year-on-year growth of 95.8% and a month-on-month increase of 15.2%, with cumulative sales of 76,000 vehicles, up 96.3% year-on-year [1] - Tank series sold 22,000 vehicles in October, up 16.6% year-on-year and 4.0% month-on-month, with cumulative sales of 187,000 vehicles from January to October, showing a slight decline of 0.8% year-on-year [1][2] - The pickup segment recorded sales of 14,000 vehicles in October, up 9.3% year-on-year and 9.2% month-on-month, with cumulative sales of 150,000 vehicles, reflecting a 3.7% year-on-year increase [1] - Ora brand sold 6,000 vehicles in October, a modest year-on-year increase of 1.6% but a decline of 9.7% month-on-month, with cumulative sales of 35,000 vehicles, down 33.0% year-on-year [1] Group 2: New Product Launches - The new Tank 400 model was officially pre-sold on October 21, with pre-sale prices starting at 309,800 yuan, featuring advanced technology and enhanced driving experience [2] - Haval's new models, including the 2026 Big Dog and the Menglong, are driving sales growth through competitive pricing and upgraded features [2] Group 3: International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in October, up 28.7% year-on-year and 13.7% month-on-month, with cumulative overseas sales of 391,000 vehicles from January to October, reflecting a 6.2% year-on-year increase [3] - The Tank 500 Hi4-T model has been launched in Australia, receiving positive feedback for its technology and off-road capabilities, indicating potential for steady growth in international markets [3] Group 4: Financial Projections - The company anticipates revenue growth with projected figures of 226.78 billion yuan, 289.80 billion yuan, and 318.78 billion yuan for the years 2025 to 2027, respectively [3] - Expected net profit for the same period is projected at 12.67 billion yuan, 17.52 billion yuan, and 19.40 billion yuan, with corresponding price-to-earnings ratios of 15, 11, and 10 times based on the closing price of 22.69 yuan per share on November 3, 2025 [3]

Core Insights - Great Wall Motors achieved record sales in October, selling 143,078 vehicles, a year-on-year increase of 22.50% [1] - The company is focusing on smart new energy vehicles, with sales of 46,155 units in October, up 44.06% year-on-year [1] - The sales of models priced above 200,000 yuan reached 40,203 units, reflecting a growth of 32.50% [1] - Great Wall Motors accelerated its globalization efforts, with overseas sales reaching 57,158 units, a 28.68% increase [1] - The "Box" model sales also saw a rise, with 65,942 units sold, marking a 23.06% growth [1] Sales Performance - In the first ten months of 2025, Great Wall Motors sold 1,066,436 vehicles, representing a year-on-year growth of 9.87% [2] - The Haval brand sold 88,235 vehicles in October, up 21.41% [5] - The WEY brand's new energy vehicles saw a significant increase, with sales of 12,699 units, a growth of 95.79% [5] - Tank SUVs sold 22,306 units in October, reflecting a year-on-year increase of 16.64% [5] - The ORA brand sold 5,648 vehicles, a slight increase of 1.58% [5] - Great Wall's pickup trucks sold 14,088 units, up 9.31% [6] Product Development and Innovation - Great Wall Motors is enhancing its product matrix based on user demand to improve market competitiveness [4] - The company is committed to high-quality manufacturing, focusing on technology, off-road capabilities, and globalization [7] - The Hi4 technology received the Special Prize from the China Automotive Engineering Society, highlighting the company's advancements in smart new energy [8] - Great Wall Motors is actively engaging in global events, such as the GWM Tech Day in Australia, showcasing its technological strengths and product capabilities [8] Future Outlook - The company aims to continue its commitment to integrity and quality in manufacturing, focusing on user-centric products and sustainable development [9]

Core Insights - Chinese domestic brands, particularly Great Wall Motors, are experiencing a significant transformation from "quantitative change" to "qualitative change" in a highly competitive automotive market [1] - Great Wall Motors achieved record revenue of 61.247 billion yuan in Q3 2025, marking a 20.51% year-on-year increase and a 17.07% quarter-on-quarter increase [1][2] - The company’s revenue for the first three quarters of 2025 reached 153.582 billion yuan, a 7.96% increase year-on-year, indicating a consistent upward trend over the past six years [1][2] Revenue and Sales Performance - In Q3 2025, the average selling price per vehicle exceeded 180,000 yuan, with sales of models priced over 200,000 yuan surpassing 100,000 units, reflecting a 40.83% year-on-year growth [3] - Sales of new energy vehicles reached 118,000 units in Q3, a 49.21% year-on-year increase and a 20.64% quarter-on-quarter increase [3] - Overseas sales totaled 136,500 units in Q3, representing an 11.23% year-on-year increase and a 27.87% quarter-on-quarter increase [3] Product Strategy and Market Position - Great Wall Motors' growth is attributed to its commitment to a "high-quality, high-value manufacturing" strategy, with successful launches in the off-road vehicle segment [4] - The company has established itself as a leader in the off-road market, with new models like the Tank 500 and Tank 400 receiving significant market attention and sales [4] - The Wei brand's new Gao Shan model has redefined the high-end MPV market, achieving sales of 8,560 units in September, making it the best-selling MPV in China for that month [6] Global Expansion and R&D Investment - Great Wall Motors is focusing on global markets, with overseas sales reaching 334,200 units in the first three quarters of 2025, including a record of over 50,000 units sold in September [9][11] - The company invested 6.636 billion yuan in R&D in the first three quarters of 2025, a 6.86% increase year-on-year, emphasizing a sustainable growth model [9] - Great Wall Motors is developing a comprehensive global strategy, including localized production and tailored development plans for different markets [11]

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Insights - The company reported a strong revenue growth in Q3, achieving a record high for the third quarter, with revenue of 612.47 billion yuan, up 20.5% year-on-year and 17.1% quarter-on-quarter. However, net profit attributable to shareholders decreased by 31.2% quarter-on-quarter and 49.9% year-on-year due to declining gross margins and increased investments in direct sales channels and new model promotions [4][5][6] - The company is in a strong new vehicle cycle, with significant sales increases across its brands, particularly in the overseas market, which is expected to continue driving growth [6][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1,535.82 billion yuan, a year-on-year increase of 8.0%, while net profit was 86.35 billion yuan, down 17.0% year-on-year [4] - Q3 sales reached 353,600 units, a year-on-year increase of 20.2% and a quarter-on-quarter increase of 13.0%. Notably, the sales of new energy vehicles rose by 49.2% year-on-year [5] - The company adjusted its earnings forecasts for 2025-2026 downwards but raised the forecast for 2027, reflecting a long-term positive outlook due to the continuation of new vehicle cycles and overseas market expansion [4][6] Sales and Market Expansion - The company’s Q3 sales included 11.80 million units of new energy vehicles, marking a significant increase, and overseas sales reached 136,500 units, with a notable growth of 11.2% quarter-on-quarter [5] - The company is actively expanding its product matrix and enhancing its global presence, particularly in South America and Europe, with the launch of new models and local production facilities [6][7] Financial Metrics and Valuation - The projected financial metrics for the upcoming years indicate a revenue growth trajectory, with expected revenues of 229.95 billion yuan in 2025 and 271.35 billion yuan in 2026, alongside a gradual recovery in net profit margins [7][9] - The current price-to-earnings (P/E) ratio is projected to be 15.8 for 2025, decreasing to 10.5 by 2027, indicating potential value for investors [7][9]

Core Viewpoint - The article discusses the participation of Wei Jianjun, the chairman of Great Wall Motors, in the 2025 Dunhuang Off-Road Endurance Race, highlighting his passion for cars and the significance of this event for the development of China's automotive culture and motorsport industry [2][10][114]. Group 1: Event Overview - The 2025 Dunhuang Off-Road Endurance Race covers a challenging course of approximately 1100-1200 kilometers through various terrains, including riverbeds, canyons, and deserts [1][2]. - The event poses significant challenges for both vehicles and drivers, making it a rigorous test of endurance [2][4]. Group 2: Wei Jianjun's Motivation - Wei Jianjun's participation in the race is seen as a genuine commitment rather than a mere marketing stunt, as he has a long-standing passion for cars dating back 35 years [10][11]. - His early experiences with cars and racing shaped his ambition to create a globally recognized automotive brand, which led him to take over Great Wall Motors during a challenging period [15][16]. Group 3: Great Wall Motors' Racing History - Great Wall Motors has a history of participating in significant racing events, including the Dakar Rally, where it made its debut as a Chinese brand [21][26]. - The company has consistently aimed to prove its vehicles' capabilities in extreme conditions, which is reflected in its participation in various endurance races [67][68]. Group 4: Challenges in Chinese Motorsports - The article highlights the struggles of the Chinese motorsport scene, including the lack of commercial viability and media coverage, which hampers the growth of events like the China Rally Championship (CRC) [35][38][56]. - Despite the challenges, there is a growing interest in motorsports, as evidenced by the increase in participants in events like the Dunhuang race [99]. Group 5: Future of Chinese Automotive Culture - The article emphasizes the potential for growth in China's automotive culture, driven by local manufacturers like Great Wall Motors, which are increasingly willing to invest in motorsport [63][64]. - Wei Jianjun's involvement in racing is seen as a catalyst for attracting attention to the motorsport industry and fostering a more robust automotive culture in China [112][114].

Core Viewpoint - The 2025 Dunhuang Rally highlights the commitment of Great Wall Motors and its chairman Wei Jianjun to promote motorsport culture and demonstrate the reliability of their production vehicles through direct participation in competitive events [1][3][14] Group 1: Event Overview - The 2025 China Automotive Off-Road Rally Championship Dunhuang Station officially commenced on September 11, 2025, with the starting ceremony held on September 13 [1] - Wei Jianjun, as a driver, showcased respect for the competition by starting second, adhering to the event's traditions and rules [3] Group 2: Company Representation - Wei Jianjun led three brands under Great Wall Motors—Haval, Tank, and Great Wall Pickup—demonstrating confidence in their products [3] - The participation of the chairman in the rally is seen as a milestone in Chinese motorsport history, pushing off-road rallying into the public eye and fostering the development of the motorsport industry [5] Group 3: Product Performance - The vehicles participating in the T2 group must maintain original factory specifications, emphasizing the performance of mass-produced models in extreme conditions [5][11] - The Haval H9 diesel version driven by Wei Jianjun features a 2.4T diesel engine with a maximum power of 137 kW and a torque of 490 N·m, showcasing its capability in diverse terrains [7] - The Tank 300 Hi4-T and Tank 500 Hi4-Z models exhibit advanced hybrid technology, enhancing performance and efficiency in competitive scenarios [8][10] Group 4: Event Support and Infrastructure - Great Wall Motors provided comprehensive support during the event, including a complete spare parts system and emergency supplies, ensuring efficient operations [11] - All participating vehicles were based on production models, ensuring a high level of quality and reliability for users [11] Group 5: Industry Impact and Future Directions - Great Wall Motors has established a "human-vehicle-field" grading system for off-road vehicles, aiming to enhance user experience and safety [12] - The chairman's involvement reflects a long-term vision for promoting motorsport culture and inclusivity within the industry [14]

Core Viewpoint - The launch of the new model Titanium 7 has generated significant customer interest and sales momentum, with a notable shift in consumer preferences from previous models like Leopard 5 to Titanium 7 due to its competitive pricing and features [2][4][6]. Market Performance - The Titanium 7 model has attracted a substantial increase in foot traffic to dealerships, particularly from customers specifically interested in this new model [2]. - Following its launch on September 9, the Titanium 7 experienced a second wave of customer interest, attributed to its lower-than-expected pricing, with the top configuration priced at 219,800 yuan and the entry-level version at 179,800 yuan [4][6]. Sales Conversion - Approximately 30% of the customers who expressed interest before the launch converted to orders after the launch, with a high conversion rate among those who had previously made blind bookings [6]. - The top configuration of the Titanium 7 has become the most popular choice, accounting for 40% of orders, while the other configurations priced at 189,800 yuan and 206,800 yuan also saw significant interest [6]. Financing Options - The primary financing option available is a three-year interest-free loan, making the vehicle more accessible to potential buyers [8]. Competitive Landscape - Competitors mentioned include Ideal L6/L7, Tank 300, Haval Menglong, Toyota Highlander, and Volkswagen Touareg, with a significant number of customers comparing the Titanium 7 to the Ideal L series [10][11]. - The Titanium 7 overlaps with the Tang DMi model, which is currently offering discounts of 20,000 to 30,000 yuan, indicating a competitive pricing strategy [12]. Customer Demographics - The customer base for the Titanium 7 is predominantly male, making up over 80% of buyers, reflecting the vehicle's appeal to a male demographic interested in off-road capabilities and advanced technology [18]. - The quality of customers has improved, with many being from stable professions such as teachers and civil servants, indicating a return to a more affluent customer profile [15][16]. Market Trends - The vehicle's pricing is expected to remain stable at least until after the Spring Festival, with trade-in incentives of 6,000 yuan for the Titanium 7 and 5,000 yuan for other brands [20].

Core Insights - Great Wall Motors (02333) reported a total revenue of 92.335 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 0.99% [1] - The net profit attributable to shareholders decreased by 10.21% to 6.337 billion yuan, with basic earnings per share at 0.74 yuan [1] - The company sold a total of 568,852 vehicles in the first half of 2025, marking a year-on-year growth of 2.52%, with 160,435 of those being new energy vehicles, which saw a significant increase of 23.64% [1] Brand Performance - The Haval brand, positioned as a "global SUV expert," achieved sales of 323,702 units, reflecting an 8.89% year-on-year increase [2] - Haval's technological advancements include the Hi4 intelligent four-wheel drive hybrid technology and Coffee OS 3 smart cockpit system, enhancing user experience and brand value [2] - The second-generation Haval H9 won the T2.1 category at the 2025 Rally of China, showcasing its off-road reliability [2] Tank Brand Development - The Tank brand sold 104,129 units in the first half of 2025, reaching a global sales milestone of over 700,000 units [3] - The brand's "Four Full Strategy" includes a comprehensive vehicle lineup, a full power matrix, and solutions for various driving scenarios, emphasizing its commitment to user needs [3] - The Tank brand has expanded its global sales network to over 30 countries and regions, including Australia, Mexico, and the Middle East, while also achieving success in competitive events [3]