Group 1 - In the second half of this year, Ora will launch two significant new products aimed at the global market, focusing on smart technology and comfort while maintaining classic design elements [1] - The two new models are the result of three years of development and an investment of 1 billion yuan, with the potential to reshape the competitive landscape of the pure electric vehicle market [1] - Ora, as the only BEV brand under Great Wall Motors, is pivotal for the company's transition to new energy vehicles, shifting from a niche focus on female consumers to a mainstream electric vehicle market strategy [1][3] Group 2 - At the 2025 Chengdu International Auto Show, the "user co-creation culture" was highlighted, showcasing user-generated designs that reflect the brand's dynamic interaction with its customers [2] - Since its establishment seven years ago, Ora has expanded to over 50 countries and regions, gaining more than 520,000 users and supporting 7 billion kilometers of urban travel [2] - The brand aims to resonate with a diverse user base that values lifestyle and individuality, positioning itself as a differentiated player in the competitive new energy vehicle market [2] Group 3 - In June, Ora launched the 2025 models of the Ora Good Cat and the Good Cat GT Mulan Edition, targeting the mainstream market after a two-year hiatus from new model releases [3] - Great Wall Motors has high expectations for Ora, focusing on increasing sales of mainstream models and expanding into overseas markets [3] - The effectiveness of Ora's new brand and marketing strategies in navigating the competitive landscape of the new energy vehicle market remains to be seen [3]

Core Viewpoint - Great Wall Motors reported a 1.03% year-on-year increase in revenue for the first half of 2025, but net profit fell by 10.21%, indicating a significant challenge for the company as it faces a "mid-life crisis" [1][23][24]. Financial Performance - In the first half of 2025, Great Wall Motors achieved total revenue of 923.67 billion, up from 914.29 billion in the same period last year, reflecting a growth of 1.03% [25]. - The net profit for the same period was 63.37 billion, down from 70.79 billion year-on-year, marking a decline of 10.21% [25][24]. - The company's basic earnings per share decreased by 10.84%, from 0.83 to 0.74 [25]. Strategic Adjustments - Great Wall Motors is reviving its electric vehicle brand, Ora, as part of a strategic shift to fill the gap in its electric vehicle lineup [3][4]. - The appointment of a new general manager for the Ora brand, Lü Wenbin, signifies a renewed focus on electric vehicle operations, including product planning and marketing [5][7]. - The company plans to launch two significant new products aimed at the global market in the second half of 2025, with an investment of 10 billion over three years [10]. Market Positioning - Great Wall Motors has been cautious in entering the high-end electric vehicle market, focusing instead on the A0-level electric vehicle segment, which has shown significant growth potential [13][14]. - The A0-level electric vehicle market saw a 142% year-on-year increase in retail sales in June 2025, indicating strong demand [13]. - The company’s traditional fuel vehicle sales are declining, with a 1.8% drop in Haval brand sales and a 13.06% drop in pickup sales in 2024 compared to 2023 [23][24]. Competitive Landscape - The electric vehicle market is becoming increasingly competitive, with several new energy vehicle brands achieving profitability, contrasting with Great Wall's previous stance on electric vehicles being unprofitable [26][28]. - The company is adapting to the changing market dynamics by setting a goal for its new energy business to achieve profitability by 2026, with a focus on the Ora brand [28][32]. - Great Wall Motors is enhancing its direct sales channels and increasing R&D investment, which rose from 16.9 billion in 2013 to 92.8 billion in 2024 [31][32].

Group 1: New Product Launch - The new Ora Good Cat/Good Cat GT Mulan version has been launched with a limited-time price range of 79,800 to 102,800 yuan [2][6] - The vehicle dimensions are 4242×1825×1632mm with a wheelbase of 2650mm, remaining consistent with the current model [4] - The new model offers various color options including Point Cobalt Blue, Brilliant Green, Pink Coral, and others, with the rear logo changed to GWM [5] Group 2: Interior and Technology Features - The interior features a simplified design with an upgraded 10.25-inch instrument screen and a 14.6-inch floating display, available in multiple color schemes [8] - The vehicle is equipped with Coffee OS 3, supporting features like dynamic visibility, continuous dialogue, dialect recognition, and L2-level assisted driving [9][11] Group 3: Competitive Positioning - The pricing and configuration of the Ora Good Cat are seen as competitive, aiming to attract consumers with its aesthetics and female-friendly design, competing against models like BYD Dolphin and Geely Xingyuan [12] Group 4: Company Developments - Li Auto has integrated its "R&D and Supply Group" and "Sales and Service Group" into a new "Smart Vehicle Group," led by President Ma Donghui [13][15] - This restructuring aims to create a closed-loop operation from strategy to business, allowing Li Auto to focus more on future development [15] Group 5: Industry Innovations - Tesla's Model Y has achieved fully autonomous delivery in the U.S., with a vehicle driving itself from the factory to the customer's home without remote control [16][17] - This development showcases Tesla's confidence in its Full Self-Driving (FSD) capabilities, although the company faces significant sales pressure globally, particularly in the Chinese market [18]