Core Viewpoint - Great Wall Motors is at a critical juncture five years after its 30th anniversary, facing significant changes in the automotive market and its own performance compared to competitors [1] Group 1: Market Position and Sales Performance - Five years ago, joint venture brands held a market share of 64.3%, while Great Wall was the only domestic brand with increasing sales [1] - As of July 1, Great Wall's sales for the first half of the year showed a year-on-year increase, but there is a noticeable gap compared to former peers [1] - In the last decade, Great Wall's sales have fluctuated, with 2023 sales at 123.07 million units, while competitors like BYD reached 302.44 million units [2] Group 2: Leadership and Strategy - Chairman Wei Jianjun has been a controversial figure, facing scrutiny and criticism, particularly after reporting BYD for alleged violations [3][4] - Wei's approach to competition is characterized by a straightforward, no-nonsense attitude, focusing on technical innovation rather than shortcuts [4][6] - Great Wall's strategy has been to maintain a multi-technology approach, even as competitors rapidly embrace electric vehicles [4][8] Group 3: Product Development and Market Adaptation - Great Wall has been criticized for a slow transition to electric vehicles, but its growth in sales has been driven by new energy models [4][10] - The company has recently made strategic adjustments, including the appointment of a new general manager for the Ora brand and a return to the sub-10 million yuan price range for new models [13][14] - Great Wall is set to launch several new products in the second half of the year, including the Tank 800 and new Ora electric models, indicating a renewed focus on product development [16]

Core Viewpoint - The Haval brand has launched the Menglong fuel version model, redefining the value benchmark for off-road vehicles with a competitive starting price of 136,900 yuan and a full configuration of 2.0T and four-wheel drive, making off-road experiences more accessible [1][7]. Group 1: Product Features - The Haval Menglong fuel version is equipped with a 2.0T Miller cycle engine and Great Wall's self-developed 9DCT transmission, ensuring excellent off-road performance [3]. - The engine achieves a thermal efficiency of 38.3%, with a 13% increase in maximum power and an 18% increase in torque, while expanding the economic fuel consumption range by 20% [3]. - The vehicle has a combined fuel consumption of 8.65L/100km under WLTC testing standards, comparable to that of ordinary two-wheel drive SUVs [5]. Group 2: Design and Usability - The design retains the classic boxy shape, optimizing approach and departure angles for better off-road capability, while the interior layout emphasizes practicality with a flexible trunk design [7]. - The Ultra version offers a towing capacity of 1.6 tons, allowing users to tow large equipment like RVs and motorcycles, enhancing outdoor lifestyle possibilities [7]. Group 3: Market Strategy - Haval's strategy of offering full configuration (2.0T and four-wheel drive) as standard contrasts with competitors' "low configuration to attract" approach, simplifying consumer choices and showcasing confidence in product strength [7]. - The launch of the Menglong fuel version enhances Haval's product matrix in the off-road SUV market, injecting new vitality into the fuel vehicle market amid the rising trend of new energy vehicles [7].

Group 1 - The "Huan Ta Happy Week" event organized by Great Wall Motors in Kashgar, Xinjiang, marks a continuation of activities following the 2025 Huan Ta Rally, showcasing the company's strong performance in the rally with multiple awards in different categories [1] - Great Wall Motors' Vice General Manager Wang Chao announced China's first "Off-Road Skills Grading Standard," which, along with previously released standards, forms a comprehensive grading system assessing off-roaders' capabilities and safety across four dimensions: experience, equipment, theory, and driving [3] - The off-road skills will be categorized into four levels, from beginner to professional, with each level unlocking new skills and capabilities, and the system will also include training opportunities through an upcoming off-road route book app [3] Group 2 - Chairman Wei Jianjun emphasized the importance of safety in off-road activities and the company's goal to guide enthusiasts in enjoying off-roading safely through the newly released grading system [3] - Great Wall Motors plans to introduce more models like the V6 Cannon, which require only minor modifications to participate in competitions, aiming to lower the barriers for more people to engage in off-road activities and professional events [4]

Core Insights - Great Wall Motors has achieved significant success in the recent Rally event, winning multiple awards in different categories, indicating a strong position in the off-road vehicle market [2] - The company is focusing on off-road vehicle development as a strategic move to differentiate itself in a competitive market, emphasizing product diversification and specialization [3] - Great Wall is actively building a comprehensive off-road ecosystem, including technology advancements and community engagement, to strengthen its market position [4] Group 1: Performance and Achievements - Great Wall Motors' Hi4 team won the T2.E production new energy group championship at the Rally event, while its Haval and Tank teams secured top positions in the T2.1 fuel group [2] - In May, Great Wall sold 102,200 vehicles, marking an 11.78% year-on-year increase, with Haval brand sales growing by 22.58% to 58,000 units [3] Group 2: Strategic Focus - The company is concentrating on off-road vehicles as a key strategy to navigate market competition, with a focus on creating a "blue ocean" through product differentiation [3] - Great Wall aims to leverage its new energy off-road technology to support its transition to electric vehicles while solidifying its position in the off-road segment [3] Group 3: Technological Advancements - Great Wall has introduced the Hi4 intelligent four-wheel drive technology and plans to release additional technology frameworks in the coming years, enhancing its technical capabilities [3] - The company has established a grading system for off-road capabilities based on various performance metrics, which will help in standardizing and promoting its off-road vehicles [4]

Core Viewpoint - The company reported a stable performance in May 2025, with notable sales growth in specific brands, particularly WEY and Haval, while also making strides in overseas markets and launching new models to stimulate demand [2][3][4]. Group 1: Sales Performance - In May 2025, the company achieved wholesale sales of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2%. Cumulative sales from January to May reached 459,000 vehicles, down 0.5% year-on-year [2]. - Haval brand sold 58,000 vehicles in May, up 22.6% year-on-year and 1.7% month-on-month, with cumulative sales of 259,000 vehicles from January to May, an increase of 2.8% year-on-year [2]. - WEY brand saw a significant increase in sales, with 6,000 vehicles sold in May, up 115.3% year-on-year and 28.1% month-on-month, and cumulative sales of 24,000 vehicles from January to May, up 43.5% year-on-year [2]. Group 2: New Product Launches - The launch of the Haval Dragon fuel version on May 27, 2025, priced between 156,900 to 167,900 yuan, is expected to enhance sales due to its advanced powertrain and intelligent four-wheel drive system [3]. - The introduction of new models and promotional activities is anticipated to create a synergistic effect, boosting consumer interest and sales in the fuel SUV segment [3]. Group 3: International Expansion - The company reported overseas wholesale sales of 35,000 vehicles in May, a year-on-year increase of 0.2% and a month-on-month increase of 7.4%. Cumulative overseas sales from January to May totaled 158,000 vehicles, down 3.6% year-on-year [4]. - The establishment of a factory in Brazil, set to begin production in mid-2025 with an initial capacity of 50,000 vehicles, aims to strengthen local supply chains and enhance market penetration in Latin America [4].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end and intelligent electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a 0.2% year-on-year increase in May, and the establishment of a manufacturing base in Brazil is expected to enhance its market penetration in Latin America [5][6]. Summary by Sections Sales Performance - In May 2025, the Haval brand sold 58,000 vehicles, up 22.6% year-on-year, while the Wey brand saw a remarkable increase of 115.3% year-on-year with 6,000 units sold [3][4]. - The Tank brand maintained stable profits with 21,000 units sold in May, reflecting a 2.8% year-on-year increase [4]. Product Development - The Tank 700 Hi4-Z model is set to launch with a new 2.0T engine and dual motors, enhancing its off-road capabilities [4]. - The Wey brand's new models, including the Gaoshan 7, 8, and 9, have received strong market interest, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits expected to reach 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [6][7]. - The company is expected to maintain a steady growth rate, with a projected net profit growth of 11% in 2025 and 15.7% in 2026 [7][12].

Core Insights - The company reported a wholesale sales volume of 102,000 vehicles in May 2025, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [1] - Cumulative wholesale sales from January to May 2025 reached 459,000 vehicles, showing a slight decline of 0.5% year-on-year [1] Group 1: Brand Performance - Haval brand achieved wholesale sales of 58,000 vehicles in May, up 22.6% year-on-year and 1.7% month-on-month, with cumulative sales of 259,000 vehicles from January to May, reflecting a 2.8% increase year-on-year [1][3] - Wey brand saw significant growth with May sales of 6,000 vehicles, a remarkable increase of 115.3% year-on-year and 28.1% month-on-month, with cumulative sales of 24,000 vehicles from January to May, up 43.5% year-on-year [1][2] - Tank brand sold 21,000 vehicles in May, marking a 2.8% increase year-on-year and an 8.8% increase month-on-month, with cumulative sales of 82,000 vehicles from January to May, down 8.8% year-on-year [1][2] - Ora brand experienced a decline in sales, with only 2,000 vehicles sold in May, down 67.3% year-on-year, and cumulative sales of 11,000 vehicles from January to May, down 58.7% year-on-year [1] - Pickup trucks sold 16,000 units in May, reflecting a year-on-year increase of 2.7% but a month-on-month decrease of 11.4%, with cumulative sales of 83,000 vehicles from January to May, up 8.3% year-on-year [1] Group 2: New Product Launches and Promotions - The launch of the Haval Dragon fuel version on May 27, priced between 156,900 and 167,900 yuan, is expected to enhance sales due to its advanced powertrain and intelligent four-wheel drive system [3] - Haval initiated a promotional campaign called "All Series New Price" in June, covering various models, which is anticipated to stimulate sales growth [3] Group 3: International Expansion - The company reported overseas wholesale sales of 35,000 vehicles in May, a slight increase of 0.2% year-on-year and a 7.4% increase month-on-month, with cumulative sales of 158,000 vehicles from January to May, down 3.6% year-on-year [3] - A new factory in Brazil is set to begin production in mid-2025, with an initial output of three models and an annual capacity of 50,000 vehicles, supporting local supply and enhancing market penetration in Latin America [3]

Group 1 - The core event is the launch of the "Huan Ta Happy Week" by Great Wall Motors, where the Tank Hi4 team won the T2.E production new energy group championship, and the Haval team and Cannon team secured top positions in the T2.1 production fuel group [1] - Great Wall Motors introduced China's first "Off-Road Skills Grading Standard," which, along with previously released standards, forms a comprehensive grading system for off-road activities [1] - The grading system evaluates off-roaders based on four dimensions: experience, equipment, theory, and driving, categorizing skills into four levels from beginner to professional [1] Group 2 - The off-road skills grading is linked to four typical off-road scenarios: snow, mud, mountain, and sand, with each scenario also having four levels [1] - Users can register for training through an upcoming off-road route book app, and by accumulating points and achieving level 4 in all scenarios, they can enter the preparatory driver list for the next Huan Ta Rally [1] - Chairman Wei Jianjun stated that Great Wall Motors will launch more models like the V6 Cannon, which require only minor modifications to participate in off-road activities, aiming to lower the entry barrier for enthusiasts [2]

Policy Focus - The Ministry of Commerce of China responded to the EU's anti-dumping investigation on Chinese tires, emphasizing the need to protect the legitimate rights of Chinese enterprises and urging dialogue to resolve concerns [4] - Sichuan Province released a plan for the construction of regional centers for the recycling and utilization of new energy vehicle batteries, aiming to establish a comprehensive recycling system [5] - Beijing announced an increase of 100,000 new small car indicators this year, with a focus on increasing the proportion of indicators allocated to "car-free families" [6] - Fujian Province is supporting local automotive consumption activities and promoting purchase incentives [8] - Quanzhou City has allocated over 190 million yuan in subsidies for its vehicle replacement policy [9][10] Industry Highlights - The China Automotive Engineering Society emphasized the importance of OTA upgrade management and the need for clear safety responsibilities for enterprises [13] - Changan Automobile's chairman predicted that the industry competition will return to a healthier environment within two years [14] - In April, sales of Chinese brand passenger cars increased by 81.4% year-on-year [15] - From May 1-25, retail sales of passenger cars in China reached 1.358 million units, a 16% year-on-year increase [15] - The automotive industry revenue for January-April was 32,552 billion yuan, a 7% year-on-year increase [16] Company Dynamics - BYD responded to rumors of a "funding chain break" among its dealers, attributing the issue to the dealers' aggressive leverage operations [25] - Huawei transferred the "Shangjie" trademark application to SAIC, which has been approved [26] - Xiaomi's latest model, the SU7 Ultra, has received over 23,000 orders [27] - Li Auto reported a first-quarter adjusted net profit of 1.02 billion yuan, a 20% year-on-year decline [29] - Geely's battery subsidiary plans to achieve a battery production capacity of 70GWh by 2027 [31] Key Events - Xiaoma Zhixing announced a strategic partnership with the Dubai Roads and Transport Authority to launch a Robotaxi fleet [18] - Hyundai and LG Energy Solution plan to build a battery factory in the U.S. with a capacity of 30GWh [19] - Ford's CEO stated that Chinese companies are leading in electric vehicle and battery technology compared to U.S. automakers [20] - Tata Motors will build an electric vehicle battery factory in the UK, creating 9,000 jobs [22] - Tesla's new car registrations in Europe fell by 52.6% year-on-year in April [23] Product Launches - Tesla's Model Y autonomous driving model is set to be delivered in June [33] - The Dongfeng Nano 06, an electric SUV, has been launched with a starting price of 79,900 yuan [34] - The Haval Menglong fuel version has been launched with a limited-time price starting at 136,900 yuan [35] - Geely's electric hybrid pickup trucks, the Radar King Kong and Horizon, have been launched [36] - XPeng's MONA MO3 Max has been launched with a starting price of 129,800 yuan [37] Industry Collaborations - Stellantis invested in the U.S. startup Lyten to develop lithium-sulfur batteries [39] - Samsung SDI and LGES will set up a lithium iron phosphate battery production line in the U.S. [40] - The UK successfully conducted its first flying taxi flight [41] - Fengmao Technology plans to build an automotive parts production base in Jiaxing with an investment of up to 1.5 billion yuan [42][43] - Comau provided an automated assembly solution for Li Auto's next-generation range extender [44]