"阿拉善越野英雄会不是某一个品牌的独角戏，而是所有越野人的舞台。"坦克品牌执行副总经理谷玉坤的这句话让笔者感触最深。相比去年的"漫山遍 野皆长城"，长城汽车在越野领域的地位已经毋庸置疑。但值得注意的是，在这个传统小众领域逐渐走入大众化视野的同时，每年因不了解越野风险，或错 误使用产品而造成的事故屡见不鲜。正因如此，长城汽车的目光已经不再是卖了多少辆车，或者在沙漠中有多少长城品牌的车，而是如何更好的服务好用 户，让他们能够将爱好和产品物尽其用。 这份开放并非口号，而是渗透在营地的每一处细节中。12万平方米的公共露营区里，充气泵、快充桩对所有品牌车主免费开放；高速沿线15个服务驿站 中，印有"长城越野联盟"标识的补给箱里，矿泉水、应急药品等常用物资整齐排列——这种跨品牌合作延续了长城与其他品牌车主的联动，以包容姿态链接 圈层资源。 10月1日，我第四次踏上阿拉善左旗的金色沙海。站在梦想沙漠公园的观景台远眺，1001辆坦克SUV组成的钢铁长龙正沿着月亮湖岸线蜿蜒前行，二代 哈弗H9的一身漆黑、坦克 500 Hi4-Z的敦煌绿与长城炮的艳红色交织成流动的色块，与远处牧马人、普拉多的身影和谐共处。这一幕与笔者八年前的记 ...

其中，9月长城新能源车型销售4.60万辆，同比增长52.55%，刷新历史纪录；20万元以上车型销售3.62 万辆，同比增长28.80%；海外销售5.03万辆，同比增长13.98%，首次突破5万辆；方盒子车型销售6.34 万辆，同比增长37.31%，领跑方盒子市场。 从品牌来看，哈弗9月销售新车8.19万辆，同比增长30.24%；魏牌新能源9月销售新车1.10万辆，同比增 长63.23%；坦克SUV 9月销售新车2.14万辆，同比增长14.41%；欧拉9月销售新车6255辆，同比增长 14.02%；长城皮卡9月销售新车12901辆，全球累计销售超282.49万辆。 国内市场不断攀升的同时，长城汽车的全球化战略也同步发力，《中国经营报》记者获悉，10月，长城 汽车在澳大利亚举办"GWM TECH DAY"全球技术体验活动，重点展示全动力×全场景布局、发布Hi4家 族新能源矩阵、建立"新能源越野分级"体系。 长城汽车方面向记者表示，澳大利亚是GWM最早开拓的海外市场之一，具有严苛法规标准与典型户外 用车文化，是全球越野新能源技术验证的天然"试金场"。此次在澳大利亚发布，不仅是技术落地，更是 生态扎根。截至2025年 ...

Core Insights - Great Wall Motors achieved a record high sales performance in August 2025, selling 115,558 new vehicles, representing a year-on-year increase of 22.33% [1] - The sales of new energy vehicles reached 37,495 units in August, marking a significant year-on-year growth of 50.92% [1] Sales Performance - Cumulatively, from January to August 2025, Great Wall Motors sold 789,719 new vehicles, which is a 5.94% increase compared to the same period last year [1] - The total sales of new energy vehicles from January to August 2025 reached 232,502 units [1] Brand Contributions - The Haval brand was the main contributor to the growth, with August sales of 68,912 units, reflecting a year-on-year increase of 22.69% [1] - The Wey brand's new energy vehicle sales surged to 8,028 units in August, showing a substantial year-on-year growth of 167.51% [1] - Tank SUVs sold 20,022 units in August, achieving a year-on-year increase of 22.46% [1] - The Ora brand recorded sales of 5,223 units, with a month-on-month growth of 21.47% [1] - Great Wall's pickup trucks sold 13,322 units, with a global cumulative sales figure reaching 2.812 million units [1]

Core Viewpoint - Great Wall Motors is focusing on high-end new energy vehicles through its WEY brand, emphasizing a long-term development strategy and showcasing its commitment to the high-end market in the annual shareholder meeting [1][6]. Group 1: Strategic Development - The chairman emphasized a "full-scenario, full-power product matrix" strategy, which is reflected in WEY's product line, covering both MPV and SUV segments [3]. - The introduction of the new high-end models, "Gao Shan" and "Lan Shan," has shown initial success in the high-end new energy market, indicating the effectiveness of Great Wall's high-end strategy [3][6]. Group 2: Technological Advancements - WEY serves as a key platform for Great Wall's technological advancements, particularly in intelligent driving and smart cockpit systems, enhancing the user experience [5]. - The company has established a leading position in intelligent driving technology, with the new models featuring advanced systems like L2+ level autonomous driving [5]. Group 3: Global Expansion - Great Wall is pursuing a global strategy, with WEY collaborating with other brands like Haval and Tank to enhance international market presence, supported by an overseas sales network exceeding 1,400 locations [5]. - The upcoming production of the Brazilian factory in 2025 is expected to facilitate WEY's entry into emerging markets for high-end new energy vehicles [5]. Group 4: Supply Chain Optimization - The optimization of the supply chain is crucial for ensuring the quality of WEY products, with a focus on stable supply and excellence in core components [5]. - Collaborative relationships with supply chain partners are established to support the high-end positioning of WEY products, covering essential systems from battery to intelligent driving hardware [5].

Investment Rating - The report assigns an "Outperform" rating to Great Wall Motor, expecting a relative return exceeding 10% over the next 12-18 months [20]. Core Viewpoints - Great Wall Motor emphasizes a long-term strategy focused on building a high-value vehicle portfolio for global expansion, prioritizing product and service reliability over rapid growth [2][7]. - The company aims to deepen its multi-powertrain platform strategy, promoting "one vehicle, multiple powertrains" to cater to diverse market needs, especially in regions with limited electricity infrastructure [2][8]. - In 2024, Great Wall anticipates vehicle sales of 1.23 million units, a 0.4% year-on-year increase, with revenue projected at RMB 202.2 billion, reflecting a 16.7% growth, and net profit expected to reach RMB 12.69 billion, marking an 80.8% increase [2][7]. - The company's globalization strategy focuses on "ecological overseas expansion," with over 1,400 overseas sales channels and cumulative exports surpassing 1.9 million units, targeting over one million units in overseas sales by 2030 [2][8]. Summary by Sections Company Strategy - Great Wall Motor reaffirms its commitment to long-termism, aiming for high-quality market share and product reliability, even at the cost of slower growth [2][7]. - The company plans to launch several key models in 2025, including the Tank SUV for urban markets, alongside expanding its product matrix with WEY, Haval, ORA, and pickup series [2][8]. Performance Metrics - In 2024, Great Wall expects to achieve vehicle sales of 1.23 million units, a slight increase of 0.4% year-on-year, with revenue projected at RMB 202.2 billion, up 16.7%, and net profit anticipated at RMB 12.69 billion, an increase of 80.8% [2][7]. Brand Development - WEY, as a key brand in Great Wall's premium strategy, has shown significant growth, with May sales reaching 6,161 units, a 115.3% year-on-year increase, and cumulative deliveries of 24,297 units in the first five months, up 44% [3][9]. - The brand is enhancing its product and design competitiveness through increased R&D and marketing investments, and is expected to drive growth through product diversification and ecological globalization [3][10].

Core Viewpoint - Great Wall Motors showcases its innovative Hi4 hybrid system and 4.0TV8 engine, emphasizing a strategy that integrates internal combustion engines with electric systems to meet diverse global market demands [1][3]. Group 1: Global Market Strategy - Great Wall Motors categorizes global markets into three segments: China, developed markets (US, Europe, Japan, South Korea), and over 170 other countries, aiming for tailored product offerings in each [3]. - The company emphasizes a unified standard of product quality and service across all markets, focusing on precise adaptation to local needs [3]. Group 2: Product Development Focus - The company believes that PHEV and hybrid models are more suitable for primary and commuting vehicle scenarios, while BEV is ideal for short-distance commuting [3]. - Great Wall Motors is committed to the hybrid route for family vehicles, highlighting the unique driving pleasure offered by larger displacement engines [3]. Group 3: Globalization and Brand Strategy - Great Wall Motors has been proactive in global expansion since 1997, implementing a localized production and operational strategy [5]. - The company aims to enhance its high-end brand presence globally, particularly in the luxury off-road segment with its Tank SUV, while also empowering its Haval and Great Wall pickup brands [5]. - The year 2025 marks the beginning of the "One Great Wall" brand strategy, focusing on ecological overseas expansion and localized deep cultivation [5].

Core Viewpoint - In 2024, Great Wall Motors achieved record highs in revenue and net profit, but domestic sales declined by 14.8% [2][4]. Financial Performance - Great Wall Motors reported a revenue of 202.195 billion yuan, a year-on-year increase of 16.73%, and a net profit of 12.69 billion yuan, up 80.7% [2][4]. - The company's gross margin reached 19.51%, an increase of 1.36 percentage points from the previous year [2][4]. - The average revenue per vehicle increased by 23,000 yuan to 163,800 yuan, marking a record high [2][4]. Sales Performance - Total sales for Great Wall Motors reached 1.2345 million units, a slight increase of 0.37% year-on-year [2][4]. - Domestic sales fell to 780,000 units, a decline of 14.8%, with SUV and pickup sales also decreasing [9][10]. - In contrast, competitors like BYD and Geely saw significant increases in domestic sales, with BYD up 38.6% and Geely up 25% [9][10]. Overseas Expansion - Overseas sales grew to 454,000 units, accounting for 36.8% of total sales, with a year-on-year increase of 44.61% [4][7]. - Revenue from overseas markets reached 80.3 billion yuan, a 51.1% increase, making up 39.7% of total revenue [4][7]. - Russia emerged as the largest overseas market, with sales of 220,000 units, contributing significantly to profitability [4][7]. Product Strategy - The Haval brand contributed the most to sales, with 707,000 units sold, but its revenue contribution was lower than expected [5][6]. - The Tank SUV and Wey brand electric vehicles significantly boosted profits, with Tank SUVs accounting for 28% of profit contribution despite lower sales [6][7]. - Great Wall Motors has focused on high-margin models, leading to an increase in average revenue per vehicle [5][6]. Challenges and Concerns - Three of Great Wall Motors' five brands saw a decline in sales, raising concerns about its market position [9][10]. - The company faces challenges in maintaining profitability amid declining domestic sales and increasing competition [10][11]. - Future uncertainties in the Russian market due to potential tariff changes could impact overseas sales [11][12]. Strategic Initiatives - Great Wall Motors plans to accelerate international expansion and enhance its electric vehicle offerings [12][13]. - The company aims to establish a comprehensive market presence in various regions, including Europe and Southeast Asia [12][13]. - A focus on developing self-research capabilities in smart driving and intelligent services is also part of the strategy [12][13].