Core Viewpoint - Great Wall Motors is at a critical juncture as it approaches its 35th anniversary in 2025, facing intense domestic competition and the need for transformation in the fields of new energy and smart technology [1] Financial Performance - In Q2 2025, Great Wall Motors achieved a record revenue of 52.348 billion yuan, marking the best second-quarter performance in its history; net profit reached 4.586 billion yuan, a year-on-year increase of 19.46% and a quarter-on-quarter increase of 161.91%, setting a new high for quarterly net profit [1] - The recovery in profitability is attributed to a strategic optimization of its product mix, leading to significant improvements in average selling price (ASP) and gross margin [1] Brand Strategy - Great Wall Motors operates six brands that effectively target specific market segments, with the Haval brand maintaining a strong presence in the SUV market while the Wey brand focuses on high-end smart electric vehicles [2] - The Tank brand has become a leading player in the high-end off-road vehicle market, with cumulative global sales exceeding 700,000 units, establishing a high-profit niche [2] - The company’s strategy of multi-brand collaboration has allowed it to avoid internal competition and effectively capture value across different consumer segments, contributing to a significant increase in net profit despite industry-wide price wars [2] Supply Chain and Ecosystem - Great Wall Motors has developed a "forest ecosystem" that integrates key components from electric systems to smart driving, providing a robust cost defense and enhancing strategic value [3] - Subsidiaries like Honeycomb Energy and Honeycomb Automotive have achieved stability in core component supply and cost advantages, allowing the company to gain more control in supply chain negotiations [3] - This ecosystem is also generating new profit growth points by supplying parts to external clients, including major brands like BMW [3] Global Expansion - The company’s overseas sales reached 106,800 units in Q2, accounting for over one-third of total sales, indicating a strong growth trajectory in international markets [4] - Great Wall Motors is not merely exporting vehicles but is implementing a comprehensive "ecological export" model that includes R&D, production, and supply chain services [4] - The establishment of full-process production bases in countries like Thailand and Brazil has enabled the successful introduction of high-value models to global markets [5] Strategic Outlook - Analysts, including those from Guohai Securities, express optimism about Great Wall Motors' future performance, citing its solid competitive advantages overseas and high profit certainty [5] - The company’s Q2 report serves as a test of its industrial model amid rapid technological changes and market uncertainties, highlighting a divergence in strategic approaches within the automotive industry [6] - Great Wall Motors is pursuing a heavy asset strategy aimed at achieving full control over core technologies and applications, which requires substantial capital investment and operational efficiency [6] Future Challenges - The potential rewards of this strategy include unparalleled cost control, faster internal collaboration, and the ability to create highly differentiated products [6] - The competition in the automotive industry will increasingly revolve around contrasting organizational models and business philosophies, with Great Wall Motors' approach being a significant gamble that could redefine its future [6]

Core Viewpoint - In 2024, the Chinese automotive industry is rapidly transitioning towards intelligence and new energy, with Great Wall Motors maintaining a "long-termism" approach amidst market volatility and price wars, resulting in impressive annual performance. Financial Performance - Great Wall Motors achieved revenue of 202.195 billion yuan in 2024, a year-on-year increase of 16.73% [2] - Gross profit reached 39.449 billion yuan, up 25.47% year-on-year, with a gross margin of 19.51%, an increase of 1.36 percentage points [2] - Net profit surged to 12.692 billion yuan, marking a significant year-on-year growth of 80.73% [2] - Sales of new energy vehicles reached 322,200 units, a 25.65% increase year-on-year, while overseas sales hit 454,100 units, up 44.61% [2] Product Strategy - The proportion of high-priced models increased, with the Tank brand selling 232,195 units at an average price above 200,000 yuan, a 42.57% year-on-year increase, accounting for 18.8% of total sales [3] - The WEY brand, with a starting price above 220,000 yuan, sold 55,539 units, a 56.60% increase year-on-year [3] - The average revenue per vehicle reached 163,800 yuan, an increase of 23,000 yuan year-on-year [3] Research and Development - Great Wall Motors employs 23,000 R&D personnel, with R&D investment exceeding 10 billion yuan for three consecutive years [3] - The company reported a 56.49% year-on-year increase in operating cash flow, reaching 27.783 billion yuan, demonstrating strong profitability [3] Technological Innovation - The company actively advanced its smart vehicle transformation, launching the Coffee Pilot Ultra and Coffee OS 3 systems, and successfully developing the RISC-V automotive-grade MCU chip [4] - Great Wall Motors established an end-to-end intelligent driving model SEE and a new AI data intelligence system, with a 96% user adoption rate for intelligent driving in 2024 [4] Global Expansion - Great Wall Motors implemented an "ecological overseas" strategy, achieving a comprehensive layout in overseas markets [5] - The company expanded high-value model sales overseas, with the WEY brand entering Europe and the Middle East, and the Tank series launching in multiple countries [5] - The sales network now covers over 170 countries and regions, with more than 1,400 overseas sales channels [5]

长城汽车 20250328 摘要 Q&A 2024 年全球汽车市场表现如何？ 2024 年全球汽车销量达到 9,015 万辆，同比增长 1.2%。其中，中国市场汽车销 售 3,143.67 万辆，同比增长 4.5%，继续位列全球第一大汽车消费市场，占全 球汽车消费市场的三分之一。中国汽车市场全年呈 U 型走势，年初高增长主要 来源于春节前的车企冲量，国补政策出台保障了下半年行业稳定增长。新能源 汽车继续保持快速增长，年销售量首次突破 1,000 万辆，达到 1,286.6 万辆， 同比增长 35.5%，新能源汽车渗透率为 40.9%。全年汽车出口形势延续快速增长 态势，累计出口 585.9 万辆，同比增长 13.9%，占总销量比重为 18.6%，较上一 年度提升 2.3 个百分点。 • 2024 年中国汽车市场呈 U 型走势，新能源汽车销量突破 1,286.6 万辆，同 比增长 35.5%，渗透率达 40.9%。汽车出口 585.9 万辆，同比增长 13.9%， 占总销量 18.6%。 • 长城汽车 2024 年销量 123.45 万台，新能源车型销售 32.2 万辆，同比增长 25.65%，新能源渗透率 4 ...