Core Viewpoint - The leadership transition at Great Wall Motors involves the appointment of Feng Fuzhi and Chang Yao as CEOs of the Wei brand and Tank brand, respectively, reflecting the company's strategic shift towards a direct-to-consumer (DTC) model to enhance brand positioning and sales performance [1][3][5]. Group 1: Leadership Changes - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, and will no longer serve as CEO of the Wei and Tank brands [2]. - Feng Fuzhi joined Great Wall Motors at the end of 2023 as Vice President and has a background in retail management from Xpeng Motors and Li Auto [4]. - Chang Yao, who has been with Great Wall Motors since 2005, has held various roles and was appointed CEO of the Tank brand in May 2025 [5]. Group 2: Strategic Initiatives - Great Wall Motors is implementing a direct sales model, having opened over 400 direct sales stores with plans to expand to 600 by the end of 2025, aiming to enhance sales and brand premiumization [5]. - The direct sales model is expected to unify brand image, strengthen user operations, and improve service experience compared to traditional dealership models [5]. Group 3: Market Performance - In the first half of 2025, Wei brand sales reached 34,500 units, a year-on-year increase of 73.62%, while Tank brand sales were 104,000 units, reflecting a decline of 10.67% [6]. - The differing impacts of the direct sales strategy on the Wei and Tank brands highlight variations in brand positioning, user demographics, and product structures [6].

出品：新浪财经上市公司研究院 作者：昊 7月伊始，上市车企陆续披露上半年销售成绩单。今年1-6月，长城汽车累计销售新车56.98万台，同比仅增长1.81%，显著低于国内乘用车同期10.8%的平均 增速。 其中，坦克品牌销量为10.37万台，同比下降10.67%，相较于去年同期99%的同比增速大幅下滑，是拖累长城汽车销量的主要原因。 除了基数较高影响外，竞品的冲击是坦克品牌销量不佳的核心因素。以方程豹豹5为例，在去年8月大幅降价后，月销量迅速反超坦克400新能源，并延续至 今。此后，方程豹又陆续推出豹8和钛3，钛7也即将上市，坦克品牌越来越多的车型将面临压力。 上半年，长城汽车新能源车型销售占比约28.2%，远低于国内乘用车行业50.1%的平均渗透率。然而，今年上海车展，坦克品牌还在力推4.0T V8等大排量发 动机。 更令人担忧的是，在智能化日益普及、竞争对手大规模推进智驾平权的背景下，坦克300仍以燃油车型为主，高阶智驾系统难以下沉，中低端市场被逐步蚕 食，同时，高端车型坦克700销量也一路下滑。 电动化掉队后，长城坦克的智能化前景也令人忧心。 以方程豹豹5为例。豹5是比亚迪旗下方程豹汽车的首款车型，搭载了 ...

坦克品牌是长城汽车于2021年打造的越野车品牌，首款车型坦克300一经推出就成为越野车市场销量头 牌，单月销量一度超过万辆。 " 今年下半年，坦克将推三款新车，智驾系统搭载激光雷达。 " 作者丨王瑞昊 编辑丨田哲 2024年，长城汽车旗下高端越野SUV品牌"坦克"全年销量达23.1万辆，同比增长42.12%。其中，国内市 场贡献18.35万辆。基于此，坦克提出2025年全球销量至少增长40%的目标，即全年至少需完成超32万 辆销量。 雷峰网独家获悉，长城坦克2025年国内市场销量目标为24万辆，这意味着，其海外销量至少达到8万辆， 才能完成全年目标。 不过，从上半年表现看，距离目标仍有不小差距。 根据易车网统计数据，2025年上半年坦克全球累计销量仅10万辆出头，距离全年32万辆全球销量目标和 24万辆国内销量目标差距明显。 上半年销量未达预期，既与坦克将重要新品集中在下半年发布有关，也与越野车市场竞争加剧、玩家增多 密切相关。 毫无疑问，坦克下半年将承担更大的增长任务，如何通过新品等手段快速实现正增长，将成为其全年销量 能否达标的关键。 01 竞争对手增多，市场份额被蚕食 当时硬派越野市场极为小众，主要由路 ...

去年小米SU7发布首日订单量为88898台，今年这个数字直接翻了3倍——小米YU7发布3分钟大定20万 辆、1小时大定28.9万辆。 如果对数字不敏感，可以做个对比。易车网2025年5月销量数据显示，和小米同样定位在中大型纯电 SUV的汽车，销量最高是理想L6的1.8万辆。 而小米对标的特斯拉Model Y,5月份销量为2.4万辆，按这个数字换算，相当于小米YU7一个小时卖出了 特斯拉Model Y一年的销量。 人们都在问：为什么？为什么一款空间不算最大、价格也不算最便宜的SUV能成为爆款？为什么消费者 愿意为一家"手机厂"的汽车疯狂？ 互联网上有一句流传很久的行话叫做："赚钱的本质就是把有价值的东西卖给有需求的人。" 3分钟狂揽20万订单！小米YU7爆火背后：一场精准拿捏中产的'非实用'狂欢 近日，小米YU7正式发布，并且毫无疑问地成为了爆款。 那么需要小米YU7的都是谁？ 财新智库《中国中大型SUV市场研究报告》显示，中国中大型SUV典型用户画像是35岁左右，家庭人均 四口人，互联网及金融行业从业者居多，年收入50万左右。 针对这部分人的需求，小米YU7做了很多实用性的设计，比如能放8个行李箱的后备箱、座 ...

Group 1 - The "Hi4 Talk" series launched by Great Wall Motors aims to discuss the Hi4 technology system and address user concerns in an accessible manner [2] - Great Wall Motors' Vice President Wang Chao explained that Hi4 technology offers a more efficient driving mode compared to range-extended systems, likening Hi4 to a washing machine with more functions [3] - CTO Wu Huixiao emphasized that Hi4 technology provides a responsive and stable driving experience, particularly in extreme driving conditions, enhancing both safety and confidence for drivers [3] Group 2 - Great Wall Motors' Tank team showcased the performance of Hi4-T and Hi4-Z technologies in the 2025 China Rally, winning the T2.E production new energy group championship [4] - Wang Chao noted that the vehicles sustained minimal damage during the rally, demonstrating the durability and reliability of key components under extreme conditions [4] - Wu Huixiao highlighted the importance of using competitive events as a testing ground to continuously improve vehicle performance [4]

Core Viewpoint - Great Wall Motors is making a strategic shift to re-enter the competitive market for electric vehicles priced under 100,000 yuan, as the sales of new cars in this segment surged by 51% in the first five months of the year, significantly outpacing the industry average [2][19]. Group 1: Company Strategy and Leadership Changes - On June 20, Great Wall Motors announced the appointment of Lv Wenbin, former technical general manager of the Haval brand, as the new general manager of the Ora brand, indicating a focus on revitalizing the struggling electric vehicle segment [21][22]. - The Ora brand's sales plummeted to under 2,000 units in May, marking it as the weakest performer among Great Wall's five major brands [21][22]. Group 2: Sales Performance and Market Dynamics - In May 2025, Great Wall Motors sold 102,200 vehicles, a year-on-year increase of 11.78%, while cumulative sales from January to May reached 459,100 units, showing a slight decline of 0.54% [23]. - The Tank brand, a key profit driver for Great Wall, sold 20,900 units in May, up 2.82% year-on-year, but cumulative sales for the first five months fell by 8.77% [23][24]. Group 3: Competitive Landscape and Challenges - The Tank brand faces challenges due to limited market capacity and increased competition from rivals like BYD and Chery, which are encroaching on its market share [24]. - The Ora brand, once successful in attracting female consumers, has seen its unique selling proposition diluted by competitors offering similar products at competitive prices, leading to a significant drop in sales [30][31]. Group 4: Future Prospects and New Product Launches - The launch of the 2025 Ora Good Cat, priced at 89,800 yuan, is seen as a critical test for the brand under the new leadership of Lv Wenbin, with expectations that it will help boost sales [32][33]. - Analysts express confidence that the new model, with upgraded features and competitive pricing, could help Ora regain its position in the mainstream electric vehicle market [33]. Group 5: Broader Market Trends - The overall automotive market in China is experiencing a shift, with a notable trend towards lower-priced electric vehicles as consumer spending patterns change [19][30]. - Great Wall Motors is also exploring new avenues, such as entering the commercial vehicle market with the launch of the G series hybrid trucks, which could provide additional revenue streams [34].

另外，长期以来，关于"日常用车四驱是否必要"的争议始终存在。有一部分用户认为，需要使用四驱的场景，在日常用车中占比小，不值得为了四驱额外付 出成本。但事实上，四驱车在部分复杂场景下，有更高的操控上限，安全性一般高于两驱车。 但吴会肖认为，随着城市内的地库、匝道、高架、停车楼越来越多，需要四驱的场景也越来越多，而且如今大家热衷自驾游，向往诗和远方，会更频繁地面 临户外复杂场景。在这样的背景下，四驱会愈发受到用户的重视，Hi4也将为推动四驱技术在中国持续普及，发挥至关重要的作用。 6月24日-6月26日，长城汽车"Hi4 Talk嗨聊会"开播。长城汽车CTO吴会肖及长城汽车技术中心副总经理王超，围绕用户对Hi4技术体系关心的问题进行了回 答。 在此次"嗨聊会"上，长城汽车再次对为何不做增程式电动车进行了回应。长城汽车技术中心副总经理王超表示，增程也叫串联，本质上是Hi4的一种运行模 式，即发动机只发电，不驱动。Hi4相比于增程，多了发动机直驱模式，在中高速场景下，这是一种更加经济高效的驱动模式。王超也拿洗衣机来生动举 例，如果说增程是"洗+甩"的洗衣机，那么Hi4就是"洗+甩+烘"的洗衣机，不仅功能更全，体验也更 ...

汽车 比较研究系列 以长板优势推进品牌进阶，智驾强监管筑牢安全底座 强于大市（维持） 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@pingan.com.cn 平安观点： 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 2025 年 06 月 11 日 发挥长板以实现品牌进阶。当前车企的高端化策略大致分为两类：一是具 有明显长板的车企深耕自身优势领域，并持续扩大领先，产品策略以及技 术路线不盲从，典型代表理想汽车、长城汽车、小米汽车。理想 MEGA 坚持品牌旗舰定位，通过推出家庭特别版将家庭用户体验发挥得更加极 致；长城汽车深耕越野品类，推出大功率发动机，高端化突破方式不走寻 常路；小米汽车推出 SU7 Ultra，进一步强化用户对 SU7 的运动属性认知； 二是对标思路，2025 年上 ...

长城汽车去年开始铺设直营店，本来是为了打造样板间，现在真的要放手做了。汽车像素独家获悉，长城不仅准备将快速增长的魏牌全部交给直营门店来 销售，还有意让长城智选团队在魏牌的产品开发中掌握一定话语权。相应的组织架构设计，已经在探索。 转型之路上的长城，将魏牌推到了最前面。 01.变革围绕魏牌 两周前，一手搭建长城智选体系的负责人冯复之公布了他的新身份——魏牌新 CEO。他透露，坦克品牌的产品将退出智选体系，长城用一年时间建立的 数百家直营门店，将由旗下高端车的混合卖场，变成魏牌的专属渠道。 智选是长城汽车 2024 年 4 月底对外公布的新项目，效仿新势力普遍采用的直营销售体系，长城开始在主要城市的核心商圈建设直营门店，进入直营体系 的车型全部选自魏牌、坦克等长城旗下的高端品牌。 冯复之称，长城智选目前在全国建成超过 430 家用户中心，今年计划将门店数量进一步拓展到 600 家，覆盖全国超过 200 座城市。 长城智选负责人、魏牌新 CEO 一年建立起 400 多家直营店，长城初步尝到了甜头。今年前 5 个月魏牌销量 2.4 万辆，同比增幅接近 43.6%，是长城旗下增速最快的品牌。相比之下，直 营渠道对坦克品 ...

Core Viewpoint - Great Wall Motors has successfully participated in the challenging Rally of the Silk Road, achieving top positions in both fuel and new energy categories, showcasing its commitment to quality and performance in extreme conditions [1][10][19]. Group 1: Event Overview - The Rally of the Silk Road, known as Asia's largest and most difficult off-road event, spans approximately 4500 kilometers across diverse terrains including deserts, gobi, and riverbeds [3][8]. - Great Wall Motors entered the competition with its three major brands: Haval, Tank, and Great Wall Pickup, competing in the original factory production categories for diesel, gasoline, and new energy vehicles [8][19]. Group 2: Performance and Achievements - Great Wall Motors' team secured the top three positions in the T2.1 fuel category and the first place in the T2.E new energy category, demonstrating the reliability and durability of their vehicles under extreme conditions [10][21]. - The Tank Hi4 team achieved a total score of 84 points in the T2.E new energy category, outperforming competitors with scores of 58 and 44 points [10]. Group 3: Technical Insights - The rigorous conditions of the rally tested the vehicles' components, including engines and transmissions, under high temperatures and dust, ensuring that the vehicles sold to consumers have been validated in extreme environments [10][21]. - The technology transfer from the racing environment to mass production is a key strategy for Great Wall Motors, enhancing the quality of their vehicles through real-world data and experiences gained from the rally [7][23]. Group 4: Company Philosophy and Future Directions - Great Wall Motors emphasizes the importance of safety and reliability in vehicle manufacturing, adhering to high-quality standards throughout the development process [21]. - The company aims to leverage the data and experiences from the rally to continuously improve its vehicle offerings, reinforcing its commitment to quality and performance [23].