据悉，针对冰雪出游需求，神州租车今年在延庆区域升级车队矩阵，新增投放坦克300、问界M7/M9、 理想L7/8/9及比亚迪（002594）宋等高通过性、强智能配置SUV车型，配合区域整体超千台SUV车队的 规模优势。 神州租车北京分公司负责人表示："冰雪旅游的核心是可达性与体验感。我们希望通过完善的服务网 络、适配的车型供给，让游客既能实现'下高铁/飞机'到'上雪场'的无缝衔接，更愿意多留几天，住一住 延庆的民宿，尝一尝火勺，灵活规划'雪场-景区-城区'的多日行程，深入感受延庆冰雪生态之美、文化 之韵。" 11月22日，北京市延庆区第四十届冰雪欢乐季启动。作为本届活动的重要企业合作伙伴，神州租车 携"租+滑"冰雪大礼包亮相，通过整合租车服务与冰雪旅游资源，为游客提供从城区到雪场的一站式出 行解决方案，也为延庆冰雪季注入了便捷化、品质化的出行选择，助力京张地区冰雪经济"热"起来。 延庆是京西北生态旅游重镇，冬季冰雪资源尤为突出。自1984年首届冰雪节至今，延庆冰雪欢乐季已走 过四十载，发展为集滑雪、冰玩、民俗、研学于一体的综合性冰雪品牌，年接待游客约400万人次。今 年，延庆奥林匹克园区、龙庆峡、玉渡山、石京龙 ...

针对冰雪出游需求，神州租车今年在延庆区域升级车队矩阵，新增投放坦克300、问界M7/M9等高通过 性、强智能配置的SUV车型，配合区域内超千台SUV车队的规模优势，为家庭游、年轻群体等不同客群 提供多样化选择。 延庆是京西北生态旅游重镇，冬季冰雪资源突出。自1984年首届冰雪节至今，延庆冰雪欢乐季已发展为 集滑雪、冰玩、民俗、研学于一体的综合性冰雪品牌，年接待游客约400万人次。此次神州租车推出的 一站式出行解决方案，精准匹配游客冬季冰雪出行需求，让"玩转延庆"变得更简单。游客通过神州租车 APP预订"京津冀优选"车辆，支持异地取还车直达雪场。此外，"租+滑"冰雪大礼包还将叠加雪票折 扣、景区优惠等权益，将租车服务与冰雪体验深度绑定。 中证报中证网讯（记者 王辉）11月22日，北京市延庆区第四十届冰雪欢乐季正式启动。作为本届活动 的企业合作伙伴，神州租车携"租+滑"冰雪大礼包亮相，通过整合租车服务与冰雪旅游资源，在本届冰 雪欢乐季为游客提供从城区到雪场的一站式出行解决方案，也为延庆冰雪季注入了便捷化、品质化的出 行选择。 ...

Core Insights - The 40th Ice and Snow Carnival in Beijing's Yanqing District has officially launched, with Shenzhou Car Rental as a key corporate partner, offering a "Rent + Ski" package to enhance travel convenience for visitors [1][4] - Yanqing is a significant ecological tourism hub in northwest Beijing, attracting approximately 4 million visitors annually, with a focus on winter sports and cultural experiences [1][4] Company Initiatives - Shenzhou Car Rental has upgraded its fleet in the Yanqing area, introducing high-performance SUVs such as Tank 300, Wanjie M7/M9, and BYD Song, catering to diverse customer needs including families and young travelers [2] - The "Rent + Ski" package allows tourists to book vehicles via the Shenzhou Car Rental app, facilitating seamless travel from urban areas to ski resorts, with additional benefits like ski ticket discounts and scenic area promotions [1][2] Industry Trends - Ice and snow tourism is becoming a crucial driver of regional economic growth, with projections indicating that nationwide ice and snow tourism visits will exceed 520 million during the 2024-2025 season [4] - Self-driving is emerging as the preferred mode of transportation for ice and snow tourism due to its flexibility, and the integration of "car rental + skiing" services is expected to enhance visitor experiences and unlock regional economic potential [4]

Core Insights - The Tank brand of Great Wall Motors has launched the pre-order for the Tank 300 Polar Edition at the 23rd Guangzhou International Auto Show, with cumulative users approaching 800,000 and a market share exceeding 50% in the Chinese off-road vehicle market [1] Group 1: Product Launch - The Tank 300 Polar Edition features design elements inspired by polar conditions and offers two engine options: a 2.4T diesel high-performance engine and a 2.0T gasoline high-power engine [1] - The new vehicle is equipped with all-terrain off-road tires, a 9,500-pound wireless remote-controlled winch, a towing capacity of 2.5 tons, and features to address challenges of driving in extreme cold, such as remotely controlled front windshield heating and automatically heated nozzles [1] Group 2: Market Position - The Tank brand has achieved a significant milestone with a user base nearing 800,000 and holds over 50% market share in the Chinese off-road vehicle sector, indicating strong consumer acceptance and brand loyalty [1]

Core Viewpoint - Great Wall Motors is actively participating in global climate governance by showcasing its clean energy technologies, particularly hydrogen energy, at COP30, highlighting its commitment to sustainable development and innovation in the automotive industry [1][4]. Group 1: Participation in COP30 - Great Wall Motors delivered 100 new energy vehicles for transportation at COP30, demonstrating its role as an official partner of the conference [1][4]. - The company showcased a green hydrogen-powered ship, which received significant attention and marked a milestone in the application of clean energy technologies in transportation [2][4]. Group 2: Hydrogen Energy Technology - The hydrogen-powered ship, equipped with a hydrogen fuel cell system from FTXT, achieved zero carbon emissions, representing a breakthrough in the practical application of clean energy in diverse transportation scenarios [2][3]. - Great Wall Motors' subsidiary, FTXT, has a strong technological foundation in hydrogen fuel cell technology, which has been developed over a decade [2][3]. Group 3: Market Performance and Strategy - In October, Great Wall Motors sold 143,078 new vehicles, a year-on-year increase of 22.50%, with 46,155 of those being new energy vehicles, reflecting a 44.06% growth [5]. - The company is committed to expanding its hydrogen energy and fuel cell technology applications in various scenarios, including heavy-duty trucks, and has initiated joint testing in Brazil [3][5]. - Great Wall Motors aims to enhance its brand influence in Latin America and globally through its participation in COP30, reinforcing its "ecological going out" strategy [4][5].

Core Viewpoint - The article highlights Great Wall Motors' significant presence at COP30, showcasing its hydrogen energy technology and commitment to sustainable development, positioning itself as a leader in the global transition to clean energy solutions [5][10][13]. Group 1: Hydrogen Energy Initiatives - Great Wall Motors introduced Latin America's first hydrogen-powered vessel at COP30, emphasizing its innovative hydrogen energy solutions [5][9]. - The hydrogen vessel operates with zero carbon emissions, powered entirely by hydrogen fuel cells, showcasing the company's technological advancements in the hydrogen sector [9][12]. - The company has been investing in hydrogen technology since 2015, aiming to establish a comprehensive hydrogen energy ecosystem by 2050 [12][13]. Group 2: Global Expansion and Market Strategy - Great Wall Motors is not just exporting products but is implementing an "ecological export" model, integrating research, production, supply, sales, and service in its global strategy [22][23]. - The company has established a manufacturing plant in Brazil, marking a significant step in its internationalization efforts, with plans to enhance brand presence and market penetration [20][25]. - By 2024, Great Wall Motors anticipates overseas sales to reach 450,000 units, reflecting its aggressive global expansion strategy [22]. Group 3: Diverse Powertrain Development - The company is pursuing a multi-powertrain strategy, including hybrid, electric, and hydrogen technologies, to meet diverse market demands and regulatory environments [15][18]. - In September, Great Wall Motors achieved a record sales figure of 133,639 vehicles, with a notable 52.55% increase in new energy vehicle sales, indicating strong market performance [15][17]. - The company's robust R&D investment, exceeding 10 billion annually for three consecutive years, supports its diverse powertrain development and technological leadership [17][18].

Core Insights - Great Wall Motors reported a revenue of 153.58 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.96%, with sales exceeding 923,400 units, up 8.15% [2] - However, the net profit attributable to shareholders decreased by 16.97% to 8.635 billion yuan, with a significant quarterly profit drop of 31.23% [2][3] - The decline in profit is attributed to strategic investments aimed at future growth, particularly in building direct-to-consumer (DTC) channels and enhancing brand premiumization [3][4] Financial Performance - The net profit for Q3 was 2.298 billion yuan, down 31.23% year-on-year, raising concerns about profitability [3] - Excluding one-time factors such as tax refunds and exchange losses, the net profit decline would be approximately 30% [4] - Gross margin decreased to 18.4%, down 1.6 percentage points, influenced by reduced contributions from the Tank brand and increased dealer rebates for Haval and pickup brands [4] Strategic Investments - Sales expenses surged by 55.52% to 7.948 billion yuan, significantly outpacing revenue and sales growth [2][3] - The DTC model aims to enhance user data control, improve brand experience, and reduce profit dilution from intermediaries, despite short-term profit erosion [3][4] - Long-term benefits include increased repurchase rates, flexible pricing strategies, and rapid product iteration through user data feedback [3] Product and Brand Development - Sales of models priced above 200,000 yuan reached 101,300 units, a 40.83% increase, indicating progress in brand premiumization [4] - The WEY brand saw a remarkable 96.35% increase in sales to 63,600 units, with the high-end MPV model achieving significant monthly sales [4] - The Tank brand established a leading position in the rugged off-road market with models like the Tank 500 [4] Global Expansion - New energy vehicles (NEVs) accounted for 30.16% of total sales, with cumulative sales of 278,500 units, a 31.67% increase [5] - Overseas sales reached 334,200 units, up 3.06%, with Q3 sales of 136,500 units, reflecting strong growth [5][6] - Localized production in Brazil and a growing sales network across over 170 countries enhance competitive advantages [6] Market Positioning - The average profit per vehicle sold was 9,351 yuan, maintaining a strong position among domestic brands despite competitive pricing pressures [7] - The company is navigating a transitional phase in the automotive industry, balancing revenue growth with necessary investments for future competitiveness [7] - Future sales expense reductions are anticipated as the DTC channel's impact becomes evident, alongside continued momentum from high-quality models [8]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, with target prices set at RMB 33.66 and HKD 23.37 respectively [7][11]. Core Insights - The company reported a Q3 revenue of RMB 61.2 billion, representing a quarter-on-quarter increase of 21% and a year-on-year increase of 17%. However, the net profit attributable to shareholders was RMB 2.3 billion, down 31% quarter-on-quarter and 50% year-on-year, primarily due to deferred tax refunds in CIS countries [1]. - The company achieved a record high sales volume of 350,000 vehicles in Q3, a 10% year-on-year increase, with 120,000 of those being new energy vehicles, marking a 49% quarter-on-quarter increase [2]. - The company is focusing on new vehicle launches, particularly the Wei brand and Tank series, with significant models like the Wei brand Gaoshan 7 and Tank 400 expected to drive sales in Q4 [3]. - The overseas market showed signs of recovery, with Q3 overseas sales reaching 334,000 vehicles, a 3% year-on-year increase, attributed to the opening of a new manufacturing facility in Brazil and strong performance in the CIS market [4]. Summary by Sections Q3 Performance - Revenue for Q3 was RMB 61.2 billion, with a quarter-on-quarter increase of 21% and a year-on-year increase of 17%. Net profit attributable to shareholders was RMB 2.3 billion, down 31% quarter-on-quarter and 50% year-on-year [1]. - For the first three quarters, total revenue reached RMB 153.6 billion, a year-on-year increase of 8%, while net profit was RMB 8.6 billion, down 17% year-on-year [1]. Sales and Market Trends - The company sold 350,000 vehicles in Q3, a record high for the quarter, with new energy vehicle sales reaching 120,000, a 49% increase quarter-on-quarter [2]. - The new energy vehicle penetration rate increased from 27% in Q3 2024 to 33% in Q3 2025 [2]. New Product Launches - The company is maintaining a strong new vehicle launch schedule in Q4, with the Gaoshan 7 and Tank 400 models expected to contribute significantly to sales [3]. - The Gaoshan 7 was launched at a price of RMB 285,800, featuring advanced technology and spacious design [3]. Overseas Market Performance - Q3 overseas sales reached 334,000 vehicles, a 3% year-on-year increase, with September sales hitting 50,000 vehicles, a 14% increase year-on-year [4]. - The new manufacturing facility in Brazil is expected to enhance production capacity and market reach in Latin America [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 13.1 billion for 2025, with a target price of RMB 33.66 based on a PE ratio of 22x for A-shares and 14x for H-shares [5][11].

Core Viewpoint - The news highlights the transition of Great Wall Motors' sales strategy, with the Tank brand exiting the direct sales model and the Wei brand taking a more prominent role in the direct sales channel, aiming to enhance brand image and sales performance [1][2][8]. Group 1: Sales Strategy Changes - Tank brand will exit the Great Wall Intelligent Selection direct sales model, with the Wei brand transitioning to a direct sales model by the end of October [1][2]. - The "Great Wall Intelligent Selection" WeChat account has been renamed to "Wei Brand New Energy Direct Sales" as part of this transition [1]. - The direct sales model aims to address the challenges faced by traditional dealerships, particularly in high-end vehicle sales [2][4]. Group 2: Sales Performance - Wei brand's sales reached 63,600 units in the first nine months of 2025, marking a 96.35% year-on-year increase, making it the fastest-growing brand under Great Wall Motors [2][7]. - In contrast, Tank brand's sales were 165,100 units, showing a slight decline of 2.75% year-on-year [2][7]. - Wei brand's sales target for 2025 is set between 80,000 to 100,000 units, requiring at least a 46.18% increase compared to 2024 [7]. Group 3: Operational Adjustments - The direct sales model has led to increased operational costs for Wei brand, with sales expenses rising by 63.31% to 5.036 billion yuan in the first half of 2025 [6][5]. - The company plans to expand its direct sales outlets to 600 by the end of the year, covering over 200 cities, with a focus on second and third-tier cities [4][8]. - The exit of the Tank brand from the direct sales model is expected to shift the cost burden solely onto the Wei brand, raising concerns about the sustainability of its growth [6][8]. Group 4: New Product Launches - Wei brand has launched several new models, including the Gao Shan 8, Gao Shan 9, and a refreshed version of the Lan Shan, aimed at boosting sales and market presence [7][8]. - The Gao Shan series targets different customer segments, with prices ranging from 285,800 to 355,800 yuan [7]. - The introduction of new models is part of Wei brand's strategy to penetrate the high-end market and enhance its competitive edge [8].

Core Insights - The Tank 300 has been awarded the "Hardcore SUV Satisfaction First Place" for two consecutive years in the 2025 China Automotive Industry User Satisfaction Index (CACSI) evaluation, highlighting its strong product strength and positive user reputation [1][20] - The CACSI evaluation covered 149 popular brands and models, involving 35 automotive manufacturers and 41 brands, with assessment criteria including overall satisfaction, quality reliability, performance design, after-sales service, and sales service [1] Product Performance - The Tank 300's success is attributed to its robust technical support and comprehensive product validation system, leveraging Great Wall Motors' 35 years of off-road technology experience [4] - The vehicle features a Hi4-T hybrid system that combines the stability of an engine with the explosive power of an electric motor, providing fuel savings in urban driving and strong power support for off-road conditions [4] - Great Wall Motors has invested approximately 1 billion yuan in advanced laboratory systems to ensure the reliability of each vehicle, conducting extensive testing in various extreme environments [6] Testing and Validation - The Tank 300 underwent over 30 engine tests during its development phase, accumulating 14,000 hours of operation, equivalent to approximately 4.8 million kilometers, ensuring performance stability under extreme conditions [6] - The vehicle has been tested in diverse off-road scenarios, including high temperatures and high altitudes, confirming its reliability and low failure rate compared to industry standards [6] Competitive Achievements - The Tank 300 has demonstrated its capabilities in professional off-road events, winning multiple championships in the 2025 China Rally and proving its durability and performance under challenging conditions [7][9] - The vehicle has been recognized as a "selected product for China's polar research" and has participated in significant national missions, showcasing its adaptability in extreme terrains [9] User Experience and Innovation - The Tank 300 has undergone 14 over-the-air (OTA) updates since its launch, reflecting the brand's commitment to user-centered innovation and continuous improvement [12][13] - Recent OTA upgrades have introduced features such as a sentinel mode for enhanced security and improved connectivity with mainstream mobile systems, enhancing user experience [12][13] After-Sales Service - The Tank 300 offers comprehensive after-sales service, including a warranty of up to 5 years or 150,000 kilometers, and lifetime warranty for key components for the first owner, ensuring peace of mind for users [14][16] - Great Wall Motors has established a high-efficiency parts supply system and provides 24/7 customer support, ensuring timely assistance and quality service for all Tank 300 owners [16] Cultural Impact and Community Engagement - The Tank 300 has achieved cumulative global sales of over 470,000 units, leading the hardcore off-road market and fostering a unique "Tank culture" among its diverse user base [17] - The brand has introduced a co-creation modification model, allowing users to contribute ideas for vehicle adaptations, thereby enhancing community engagement and brand loyalty [19]