另外，长城汽车9月新能源车销售45,961台；1-9月新能源车累计销售278,463台。9月海外销售50,269台；1-9月海外销售累计334,181台。 长城汽车股份有限公司（证券代码：601633，简称"长城汽车"）于10月1日发布了2025年9月产销快报。9月销量为133,639台，同比增长23.29%；本年累计销 量为923,358台，同比增长8.15%。9月产量为134,404台，同比增长25.38%；本年累计产量为919,816台，同比增长8.03%。 长城皮卡9月销量为12,901台，同比下降10.76%；本年累计销量为136,223台，同比增长3.11%。9月产量为13,995台，同比增长7.01%；本年累计产量为 137,634台，同比增长7.91%。 欧拉品牌9月销量为6,255台，同比增长14.02%；本年累计销量为29,686台，同比下降37.06%。9月产量为6,332台，同比增长40.55%；本年累计产量为29,842 台，同比下降30.12%。 坦克品牌9月销量为21,441台，同比增长14.41%；本年累计销量为165,143台，同比下降2.75%。9月产量为22,090台，同 ...

Core Insights - The Tank brand emerged as the highlight of the Alashan Hero Conference, showcasing over 1,500 tank models and emphasizing its strong community of off-road enthusiasts [1][3][23] - The event featured a blend of performance demonstrations, including the new Tank 500 Hi4-Z model, which showcased its capabilities in extreme conditions [12][10][7] - The brand promoted a message of environmental responsibility, encouraging users to prioritize cleanliness in off-road activities [6][4] Group 1: Event Overview - The Alashan Hero Conference took place from September 30 to October 3, 2025, attracting over 3,500 tank drivers from across China [1][3] - A total of 1,001 tank SUVs participated in a ceremonial display to celebrate the 76th anniversary of the People's Republic of China [4][8] - The event featured various activities, including a collaborative atmosphere where users from different brands could participate [3][22] Group 2: Brand Philosophy and Community Engagement - The Tank brand emphasized its inclusive philosophy, stating that off-roading transcends brand boundaries and fosters a sense of community among enthusiasts [3][23] - The brand provided free services and amenities at the event, including charging stations and repair services, reinforcing its commitment to user experience [3][22] - The brand's executive highlighted the event as a platform for all off-road enthusiasts, promoting unity and shared experiences [3][23] Group 3: Product Highlights - The new Tank 500 Hi4-Z model was a focal point, featuring advanced specifications such as a 59.05-degree lithium battery and a WLTC electric range of 201 km [12] - The vehicle boasts impressive performance metrics, including a peak torque of 1,195 N·m and a 0-100 km/h acceleration time of just 4.3 seconds [12] - The model is designed for comfort and luxury, equipped with features like a large entertainment screen and advanced climate control [12] Group 4: Performance Demonstrations - The event included extreme off-road challenges, showcasing the Tank 500's capabilities in both speed and control [10][15] - A notable performance involved a modified tank demonstrating climbing techniques on steep rock faces, illustrating the brand's engineering prowess [13][15] - The brand's commitment to off-road excellence was reinforced by its focus on slow, controlled movements in challenging terrains, as articulated by the company's chairman [17] Group 5: User Experience and Accessibility - The brand invited professional rally drivers to provide ordinary users with immersive off-road experiences, bridging the gap between professional and recreational off-roading [18][20] - This initiative aims to democratize off-roading, making it accessible to a broader audience and fostering a deeper appreciation for the sport [22][23] - The brand's approach reflects a commitment to enhancing user engagement and expanding the off-road community [22][23]

Core Viewpoint - The report from Ping An Securities highlights Great Wall Motors' comprehensive hybrid power solutions, showcasing its advanced Hi4 hybrid technology system and its strategic positioning in the automotive market [1] Group 1: Hybrid Technology - Great Wall Motors has developed a hybrid technology system called Hi4, which includes four main technical branches: Hi4 intelligent four-wheel drive, Hi4-T off-road super hybrid, Hi4-Z general off-road super hybrid, and Hi4-G intelligent hybrid heavy trucks, covering various vehicle scenarios from urban to off-road [1] - The company is one of the early entrants in AI-assisted driving, continuously iterating its navigation assistance in urban areas, with the VLA (Vision-Language-Action) model set to be integrated into its vehicles [1] Group 2: Product Strategy - The high-end home-use brand Wey will standardize advanced assisted driving features across its entire lineup, while the Tank brand, positioned for high-end off-road vehicles, is expected to expand its market presence through advanced intelligent driving capabilities [1] - The upcoming launch of the flagship SUV from the Wey brand is supported by a direct sales system, enhancing market penetration [1] Group 3: Market Positioning - Great Wall Motors is experiencing a strategic upgrade in its high-end offerings within the off-road/general off-road and family vehicle segments, with a strong competitive edge in off-road technology and product variety [1] - The company's overseas business stability is backed by three comprehensive manufacturing plants, and the export proportion of high-end products like the Tank brand is increasing [1]

Group 1 - The company has a comprehensive hybrid power solution covering various vehicle scenarios, including passenger cars and commercial vehicles [1] - The high-level intelligent assisted driving has entered the end-to-end 2.0 era, with the VLA model set to be equipped in high-end home-use vehicles [1] - The Tank brand is expanding rapidly to a broader user base, leveraging strong user loyalty and high resale value of main models [1] Group 2 - The flagship SUV of the Wei brand is set to launch, with expectations of sales returning to over 10,000 units by June 2025 [2] - The company maintains net profit forecasts of 14.7 billion, 15.9 billion, and 18.3 billion for 2025 to 2027, supported by strong off-road technology and a rich hybrid technology framework [2] - The company is entering a high-end strategic leap period in both off-road and family vehicle segments, maintaining a "recommend" rating [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]

Group 1: Industry Overview - In the first half of the year, domestic automobile production and sales in China exceeded 15 million units, achieving over 10% year-on-year growth [1] - New energy vehicle sales accounted for 44.3% of total automobile sales [1] Group 2: Company Performance - BYD and SAIC Motor both surpassed 2 million units in sales, while Great Wall Motors sold only 569,800 units, ranking last among major automakers [1] - Geely Automotive recorded the highest growth rate at 47% year-on-year, while Great Wall Motors' growth was only 1.81%, significantly below the national average [1] Group 3: Great Wall Motors Specifics - Great Wall Motors' Ora brand saw its sales halved, and the Tank brand sold 103,700 units, down 10.67% year-on-year, a sharp decline from a 99% growth last year [3] - The Tank brand, which is positioned as a high-end off-road vehicle, faces intense competition from new entrants like BYD's Fangchengbao series, which has gained market share due to its cost-performance advantage [3] - Despite weak sales growth, Great Wall Motors increased its marketing expenses by 34.57%, the highest among A-share listed automakers [3] Group 4: Financial Performance - As of July 10, Great Wall Motors' stock price had dropped approximately 17%, contrasting with significant gains for companies like Xpeng Motors and BYD, which saw increases of over 40% [5] - In the first quarter, Great Wall Motors experienced an operating cash outflow of nearly 9 billion yuan, while BYD had an operating cash inflow of 8.58 billion yuan [5] - Great Wall Motors' cash and cash equivalents at the end of the first quarter were 28.6 billion yuan, lower than other major automakers [5] - The company's short-term debt repayment capability is concerning, with a cash to short-term debt ratio of only 0.63, ranking it among the lowest in the A-share market [5]

每经记者 段思瑶 每经编辑 孙磊 时隔多年，长城汽车归属于上市公司股东的净利润（以下简称归母净利润）重回100亿元以上。 3月28日晚，长城汽车发布的2024年财报显示，报告期内实现营业收入2021.95亿元，同比增长16.73%；归母净利润为126.92亿元，同比增长80.76%。 值得注意的是，长城汽车俄罗斯等海外工厂的产能已经"爆表"。长城汽车在2024年财报中披露，俄罗斯工厂设计产能为8万辆，但报告期内的产能已经超过 13万辆，产能利用率为165.61%。 海外市场的溢价，助推2024年长城汽车境外业务毛利率提升至18.76%，营收收入占比提升至39.7%，同比增长5.9个百分点。 图片来源：每经记者 张建 摄 截至目前，长城汽车旗下五大品牌已全部实现"出海"。而在过去一年，长城汽车提速魏牌高山、坦克700 Hi4-T等高价值车型的海外投放，并推动马来西 亚、印尼CKD项目投产。长城汽车预计，到2030年其在海外市场的单年销量将超过百万辆，其中高端车型销量占比将超过1/3。 "国际贸易环境的变化可能对汽车企业的进出口业务产生影响"。在2024年财报中，长城汽车提到2025年公司可能面对的风险。对此，长 ...

Core Insights - In 2024, China's automotive industry faces a turning point amid price wars and transformation anxieties, with Great Wall Motors (GWM) standing out due to its impressive financial performance, including a revenue of 202.195 billion yuan, a 16.73% year-on-year increase, and a net profit of 12.692 billion yuan, up 80.73% [1] - GWM's success is attributed to its commitment to "long-termism," focusing on technological depth, product innovation, and global ecological construction rather than short-term scale chasing [1] Financial Performance - GWM's gross margin increased to 19.51%, up 1.36 percentage points year-on-year, while the average gross margin in the industry fell from 17.5% to 15.8% [2] - Operating cash flow reached 27.783 billion yuan, a 56.49% increase, showcasing strong financial resilience supported by three core strategies [2] Product Strategy - GWM's high-value product structure upgrade has made high-value models the profit engine, with the Tank brand selling 232,200 units, a 42.57% increase, and the average price of the Wey brand exceeding 250,000 yuan [2] - The Hi4 hybrid technology has significantly outperformed industry averages, with over 60% of new energy vehicle sales coming from Hi4 models [4] Cost Control - GWM has achieved extreme cost control through vertical integration of the supply chain, with over 50% self-research in key components, leading to a reduction in procurement costs and a decrease in raw material cost ratio by 1.24% [3] - The average discount rate for GWM's vehicles was only 3.8%, significantly lower than the industry average of 8.5% [3] Technological Innovation - GWM's Hi4 hybrid architecture offers superior efficiency, with a city electric range of 200 km and a combined fuel consumption of 1.2L/100km, addressing user pain points effectively [4] - The Coffee Pilot intelligent driving system focuses on real user experiences, achieving a 96% usage rate among users in 2024 [4] Market Position - GWM maintains a dominant position in the off-road vehicle market, with a market share exceeding 50% and a 40% year-on-year increase in off-road vehicle sales [5] - The Tank SUV's sales reached 231,000 units, with a starting price of 199,800 yuan, making off-road vehicles more accessible to the mass market [5] Global Expansion - GWM's overseas sales reached 454,100 units, a 44.61% increase, with overseas revenue accounting for 39.7% of total income, up 5.9 percentage points [7] - The company is transitioning from "low-price volume" to "high-value ecological output," with models like Wey and Tank achieving price premiums of 8%-12% in overseas markets [7] Long-term Strategy - GWM's transformation logic emphasizes "time compounding," with R&D personnel numbering 23,000 and continuous investment exceeding 10 billion yuan for three consecutive years [8] - The company is building a technology route that includes hybrid, pure electric, and hydrogen energy, with significant advancements in fuel cell systems and supercomputing capabilities [8] Conclusion - GWM's 2024 annual report illustrates a strategic demonstration of how to navigate industry cycles, emphasizing the importance of technology, differentiation in niche markets, and high-value globalization [8] - The company's practices highlight that true competitiveness stems from a commitment to core capabilities and respect for user value, marking a crucial leap for China's automotive industry from "large" to "strong" [8]

| 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 | ...