据《每日经济新闻》记者观察，2021年至2024年是坦克品牌的高速发展期，首年便交出8.5万辆成绩，2022年同比增长46.4%至12.4万辆，2023年同比增长 31.2%至16.3万辆，2024年更以42.1%的增速达到23.1万辆。但进入2025年，坦克品牌的销量增长开始放缓，2025年上半年坦克品牌销量同比下降10.67%至 10.4万辆。 事实上，2025年是坦克品牌的产品大年。今年上半年，其已陆续推出了包括坦克500 Hi4-Z、坦克400汽油版与柴油版、以及全新坦克300 Hi4-T在内的多款全 新或改款车型，并计划在下半年推出多款新车。据官方透露，在全新坦克500官宣上市后两小时，新车锁单12257辆。截至目前，全新坦克500预售订单已达 3.6万辆。 然而，就目前市场情况来看，整个越野细分市场的竞争依旧异常激烈。坦克系列不仅要面对传统燃油越野车的竞争，更需直面一众新兴新能源越野车型的挑 战，尤其是比亚迪方程豹豹5、豹868以及深蓝G3185等车型的强势围攻。这些竞品在新能源技术、智能化配置及市场定价上均带来了巨大压力，全新坦克 500能否在这一红海市场中脱颖而出，仍需市场检验。 每经记者｜刘 ...

近日，汽车行业一则诉讼消息引发轩然大波。根据人民法院公告网于2025年8月6日发布的公告，比亚迪 （002594）已就网络侵权责任纠纷对常尧提起诉讼，案号为(2025)京0491民初7591号。由于无法联系到 常尧本人，法院已启动公告送达程序，并将于9月下旬开庭审理。多方猜测，常尧即坦克品牌CEO，目 前已处于失联状态。 公告显示，自公告之日起经过30日，即视为向常尧送达起诉状副本、应诉通知书等一系列诉讼材料。同 时，提出答辩状的期限为公告送达期满后的次日起15日，并定于答辩期满后第3日的14时30分（遇法定 休假日顺延），在北京互联网法院第四十二法庭进行远程庭审。北京互联网法院还公布了联系人及联系 电话，方便相关人员联系。 公开资料显示，常尧于2005年本科毕业于约克大学。2022年，担任长城汽车（601633）用户运营高级总 监，负责坦克品牌的用户运营工作。此后职业发展一路高升，2024年4月，升任坦克品牌副总经理，分 管长城汽车的用户运营中台。到了2025年5月，常尧更是晋升为坦克品牌CEO 。 然而，在常尧履新不久，就有消息传出其处于失联状态。据多家媒体报道，负责长城汽车旗下知名越野 品牌坦克运营的常 ...

格隆汇8月18日｜平安证券研报指出，长城汽车全新坦克500智享版开启预售，此次新款坦克500共推出 两个版本，其中Hi4-Z智享版预售价38.88万元，Hi4-T智享版预售价36.00万元，预售24小时订单突破 11000台。公司的坦克品牌所处的细分赛道用户粘性强，坦克品牌目前已经构建起越野领域的护城河， 品牌保值率高，在《2025Q1中国汽车保值率排行榜》中，坦克成为国内唯一3年保值率攀上60%的国产 品牌，而根据坦克SUV公众号披露，坦克300三年保值率64.57%，位居紧凑型SUV保值率第一名。认为 长城汽车的越野技术及品类护城河高，混动技术架构持续丰富+越野及泛越野品类特色持续锐化，通过 Hi4-Z技术及智能化的技术加持，坦克品牌有望从小众走向大众，应用场景的多元化将带来更广阔的想 象空间。根据最新情况，调整公司2025~2027年净利润预测为147亿/159亿/183亿元（此前预测值为154 亿/169亿/182亿元），维持公司"推荐"评级。 ...

Core Insights - Great Wall Motors has established a comprehensive ecosystem centered around the automotive industry over its 35 years of development [2][17] - The company emphasizes independent technology development, as evidenced by its significant investment in R&D, which reached 11.034 billion yuan, accounting for 6.37% of its revenue in 2023 [3][15] - Great Wall Motors has a strong patent portfolio, with 6,042 patents published in the past year, maintaining its position as the leading private car manufacturer in China for four consecutive years [3][15] R&D and Innovation - The company has developed a "ecological forest" at its testing ground in Baoding, covering over 1,700 acres with more than 100 testing modules and a total road length exceeding 50 kilometers [5][6] - Great Wall Motors has implemented advanced automation in its production lines, achieving a production speed of 12 units per minute and a 100% automation rate in its welding workshop [6] - The collaboration between the testing ground and manufacturing facilities has reduced product development cycles by 30% and lowered quality costs by 25% [6] Safety and Quality - The company operates Asia's largest multi-angle collision testing laboratory, equipped to handle all mainstream collision scenarios, with a total investment of approximately 100 million yuan in crash test dummies [8][9] - Great Wall Motors prioritizes safety, as reflected in its commitment to invest in advanced testing equipment without considering cost-effectiveness [9] Employee Welfare and Community Engagement - The company has invested in real estate, education, and entertainment to address employees' living conditions, creating a unique ecological loop [11][13] - Great Wall Motors has established a comprehensive education system for employees' children, covering all educational stages from early childhood to high school [13] Strategic Development - The company's ecosystem is a well-planned strategic framework that integrates core component R&D, efficient vehicle manufacturing, and a focus on safety and employee welfare [15] - Great Wall Motors is adapting to the global shift towards new energy and intelligent vehicles, showcasing strong capabilities in range, charging speed, and intelligent driving features [15][17] - The company aims to contribute to the transformation and upgrading of the Chinese automotive industry by building a comprehensive ecosystem that encompasses R&D, manufacturing, sales, and service [15][17]

Core Viewpoint - The departure of Chen Jia, the commercial general manager of the WEY brand under Great Wall Motors, highlights the challenges in balancing the direct sales and dealership channels, which have been causing internal conflicts within the company [1][2]. Group 1: Management Changes - Chen Jia has confirmed his resignation, which was acknowledged by an internal source at WEY [1]. - Chen Jia was primarily responsible for the marketing system construction, focusing on bridging the commercial and service standards between direct stores and dealers [1]. Group 2: Sales Performance - WEY's sales have seen significant growth, with July sales exceeding 10,000 units, representing a year-on-year increase of 263.29% [2]. - Cumulatively, WEY's sales for the first seven months reached 44,500 units, marking a year-on-year growth of 96.8% [2]. Group 3: Channel Strategy - The company aims to expand its direct sales network from 430 to over 600 stores by the end of the year, covering 200 cities [2]. - The overlapping product offerings between direct sales and dealership channels have led to internal competition, creating conflicts such as price wars [3]. Group 4: Operational Challenges - The current average monthly sales volume of WEY is around 6,000 units, raising concerns about sustaining high investments in the direct sales system [4]. - Other traditional automakers are also exploring direct sales models, but typically only for low-volume models due to high labor costs and digitalization requirements [4].

Core Viewpoint - The launch of the all-new Tank 500 marks a significant advancement in the luxury off-road SUV segment, emphasizing intelligent features and luxury design inspired by traditional Chinese architecture [5][20]. Pricing and Promotions - The all-new Tank 500 is available for pre-sale with two versions: the Hi4-T at a price of 360,000 yuan and the Hi4-Z at 388,800 yuan [1]. - During the pre-sale period, customers can enjoy up to 43,000 yuan in promotional gifts, including discounts on deposits and various value-added services [3][4]. Product Features - The Tank 500 is equipped with advanced features such as a 17.3-inch rear entertainment screen, a dual-use refrigerator, and a comprehensive intelligent driving assistance system [1][6]. - The vehicle incorporates the Coffee Pilot Ultra+Coffee OS 3, enabling full-link intelligent driving from parking to driving, addressing common pain points in traditional smart driving systems [8][20]. Market Positioning - The Tank brand has successfully transformed the perception of off-road vehicles in China, making them more accessible and appealing to a broader audience [11][13]. - The brand has captured a significant share of the Chinese off-road market, with over 700,000 users benefiting from high-quality and high-performance vehicles [13][20]. Technological Innovation - The company has invested over 20 billion yuan in developing the Tank platform, offering a range of models from compact to large SUVs, and various powertrains including gasoline, diesel, and new energy options [14][16]. - The Tank 500 features a unique 3.0T V6 engine and advanced transmission systems, breaking through foreign technology barriers in the high-end power sector [16]. Community and Culture - The Tank brand fosters a strong community among off-road enthusiasts through events and user engagement initiatives, promoting a culture of customization and adventure [17][18]. - The brand's global presence has expanded, with vehicles being used in various countries for both governmental and personal purposes, showcasing the brand's versatility and appeal [20].

Core Viewpoint - Great Wall Motors has reported its best-ever second-quarter financial results, driven by strong performance in high-end and new energy vehicles, marking a significant product cycle breakthrough [2]. Financial Performance - In Q2 2025, Great Wall Motors achieved revenue of 52.35 billion yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 30.81%. Net profit reached 4.58 billion yuan, up 19.46% year-on-year and 161.91% quarter-on-quarter [2]. - Vehicle deliveries reached 313,000 units, reflecting a year-on-year growth of 10.07% and a quarter-on-quarter growth of 21.87% [2]. Product Strategy - The company emphasizes "quality market share" over mere volume, focusing on high-end models to enhance brand value and technical authority [4]. - High-end models, particularly the WEY brand, have shown significant growth, with sales exceeding 10,000 units in June, a year-on-year increase of 246.95% [5]. - The average revenue per vehicle has increased from 106,400 yuan in 2021 to 167,200 yuan in Q2 2025, indicating a successful shift towards higher-priced models [5]. Technological Advancements - Great Wall Motors is enhancing its product capabilities through technological advancements, including the Hi4 technology architecture, which supports various driving scenarios [9]. - The company has established an end-to-end intelligent driving model and a new AI data system to strengthen its competitive edge in the automotive industry [9]. New Energy Transition - The company is accelerating its transition to new energy vehicles, with Q2 sales of new energy models reaching 97,900 units, a year-on-year increase of 33.7% [10]. - The WEY brand remains the main contributor to new energy sales, with a focus on user needs driving the strategy [10]. International Expansion - Great Wall Motors has seen overseas sales approach 200,000 units in the first half of the year, with Q2 sales reaching 106,800 units, reflecting a growth of over 50% in non-Russian markets [14]. - The company employs an "ecological export" strategy, establishing local production bases in countries like Thailand and Brazil to mitigate trade barriers and enhance operational efficiency [15][16].

Core Viewpoint - Great Wall Motors has reported its best-ever second-quarter financial results, driven by a new product cycle and strong performance in high-end and new energy vehicles [1][3][9] Financial Performance - In Q2 2025, Great Wall Motors achieved revenue of 52.348 billion yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 30.81% [1] - The net profit for the same period was 4.586 billion yuan, reflecting a year-on-year growth of 19.46% and a quarter-on-quarter growth of 161.91% [1] - Vehicle deliveries reached 313,000 units, marking a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87% [1] Product Strategy - The company is focusing on high-end models to enhance brand value and pricing power, with the WEY brand showing significant growth [3][4] - The WEY brand's sales exceeded 10,000 units in June, a year-on-year increase of 246.95% [3] - The Tank brand has also seen substantial growth, with a quarter-on-quarter increase of 46.9% in Q2 [4] New Energy Vehicles (NEVs) - Great Wall Motors' NEV sales reached 97,900 units in Q2, a year-on-year increase of 33.7% and a quarter-on-quarter increase of 56.4% [9] - The NEV penetration rate reached 31.3%, up 5.5 percentage points year-on-year [9] - The company is committed to accelerating its transition to NEVs, with the WEY brand leading this effort [10][12] International Expansion - In H1 2025, Great Wall Motors' overseas sales approached 200,000 units, with Q2 sales reaching 106,800 units, a 50% increase in non-Russian markets [14][16] - The company has established a localized production strategy, with factories in Thailand and Brazil, enhancing its global competitiveness [15][16] - Great Wall Motors aims to build a comprehensive overseas sales network, having over 1,400 sales channels globally [16]

Core Viewpoint - Great Wall Motors is set to launch its first ultra-luxury sports car, featuring a self-developed 4.0TV8 twin-turbo hybrid system with a total power output of 1000 horsepower, aiming to compete with top international supercars like Ferrari SF90 [1] Financial Performance - In Q2 2025, Great Wall Motors achieved a revenue of 52.348 billion yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 30.81%, marking the best Q2 revenue performance in its history [1] - The net profit for Q2 2025 reached 4.586 billion yuan, representing a year-on-year growth of 19.46% and a quarter-on-quarter growth of 161.91%, also the highest single-quarter net profit in history [1] Sales and Product Strategy - Great Wall Motors sold a total of 313,000 vehicles in Q2 2025, a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87%, achieving the best Q2 sales performance in history [2] - Sales of new energy vehicles reached 97,900 units in Q2 2025, reflecting a year-on-year growth of 33.7% and a quarter-on-quarter growth of 56.4% [2] - The company has initiated a new product cycle with models like Tank 300, Haval second-generation Xiaolong MAX, and Wey brand's new Gaoshan driving sales growth [2] Technological Development - Great Wall Motors has adopted a differentiated technology path with its self-developed Hi4 intelligent four-wheel drive hybrid technology system, offering a comprehensive solution across various vehicle types [2] - The company emphasizes multi-power path collaborative development to mitigate market risks associated with a single technology route [2] Global Expansion - Great Wall Motors has transitioned from "product export" to "ecosystem export," with over 1,400 overseas sales channels and total overseas sales exceeding 2 million units [2] - In Q2 2025, the company achieved overseas new car sales of 106,800 units, showing steady growth [2] Strategic Initiatives - The "ONE GWM" global strategy aims to integrate global resources to create competitive products and brands [3] - Great Wall Motors has established multiple R&D centers globally, focusing on localized product development and innovation to meet market demands [3] - The company has built several overseas production bases to lower production costs and enhance supply efficiency [3] Market Positioning - Great Wall Motors employs a differentiated product strategy in key markets, emphasizing cost-effectiveness in emerging markets and technological premium in mature markets [4] - The upcoming ultra-luxury sports car is expected to enhance the brand's global influence and serve as a new flagship in its globalization efforts [4]

Core Insights - The Chinese off-road vehicle market is experiencing unprecedented expansion, with projections indicating that the market share of hard-core off-road vehicles will exceed 3% by 2025 and potentially surpass 13% by 2030 [1] - The transition from niche products to mainstream markets is expected in the next five years, driven by technological innovations that reshape consumer perceptions of new energy off-road vehicles [1] Industry Trends - The penetration rate of hard-core off-road vehicles in the SUV market reached 2.91% in Q1 2025, with annual market share expected to exceed 3%, corresponding to sales volumes of 350,000 to 400,000 units, a significant increase from less than 2% in 2020 [1] - The Beijing Automotive Group's BJ40 model has achieved impressive sales, with 58,000 units sold in the first half of the year, marking a 29% year-on-year increase [2] - The BJ40 series ranked third in sales among hard-core off-road vehicles, with cumulative sales of 21,768 units from January to June [2] Technological Advancements - The BJ40 model features a range-extended electric version with a pure electric range of 152 km and a total range of 1,200 km, addressing range anxiety while being priced around 150,000 yuan [2] - The integration of advanced intelligent driving systems in new off-road vehicles is becoming a competitive differentiator, with BJ40's system utilizing a combination of sensors to enhance off-road capabilities [2][3] - The collaboration between Huawei and automotive companies is leading to the development of high-end intelligent off-road vehicles, with the Dongfeng M817 model focusing on urban commuting and outdoor leisure [3][4] Consumer Expectations - Consumers are increasingly demanding versatile vehicles that perform well in urban settings while also being capable of handling off-road conditions, with expectations for low operating costs and high adaptability [3][4] - The market is witnessing a shift towards intelligent off-road vehicles that can meet diverse user needs, including comfort, efficiency, and advanced driving assistance systems [4]