Core Viewpoint - Great Wall Motors is at a critical juncture as it approaches its 35th anniversary in 2025, facing intense domestic competition and the need for transformation in the fields of new energy and smart technology [1] Financial Performance - In Q2 2025, Great Wall Motors achieved a record revenue of 52.348 billion yuan, marking the best second-quarter performance in its history; net profit reached 4.586 billion yuan, a year-on-year increase of 19.46% and a quarter-on-quarter increase of 161.91%, setting a new high for quarterly net profit [1] - The recovery in profitability is attributed to a strategic optimization of its product mix, leading to significant improvements in average selling price (ASP) and gross margin [1] Brand Strategy - Great Wall Motors operates six brands that effectively target specific market segments, with the Haval brand maintaining a strong presence in the SUV market while the Wey brand focuses on high-end smart electric vehicles [2] - The Tank brand has become a leading player in the high-end off-road vehicle market, with cumulative global sales exceeding 700,000 units, establishing a high-profit niche [2] - The company’s strategy of multi-brand collaboration has allowed it to avoid internal competition and effectively capture value across different consumer segments, contributing to a significant increase in net profit despite industry-wide price wars [2] Supply Chain and Ecosystem - Great Wall Motors has developed a "forest ecosystem" that integrates key components from electric systems to smart driving, providing a robust cost defense and enhancing strategic value [3] - Subsidiaries like Honeycomb Energy and Honeycomb Automotive have achieved stability in core component supply and cost advantages, allowing the company to gain more control in supply chain negotiations [3] - This ecosystem is also generating new profit growth points by supplying parts to external clients, including major brands like BMW [3] Global Expansion - The company’s overseas sales reached 106,800 units in Q2, accounting for over one-third of total sales, indicating a strong growth trajectory in international markets [4] - Great Wall Motors is not merely exporting vehicles but is implementing a comprehensive "ecological export" model that includes R&D, production, and supply chain services [4] - The establishment of full-process production bases in countries like Thailand and Brazil has enabled the successful introduction of high-value models to global markets [5] Strategic Outlook - Analysts, including those from Guohai Securities, express optimism about Great Wall Motors' future performance, citing its solid competitive advantages overseas and high profit certainty [5] - The company’s Q2 report serves as a test of its industrial model amid rapid technological changes and market uncertainties, highlighting a divergence in strategic approaches within the automotive industry [6] - Great Wall Motors is pursuing a heavy asset strategy aimed at achieving full control over core technologies and applications, which requires substantial capital investment and operational efficiency [6] Future Challenges - The potential rewards of this strategy include unparalleled cost control, faster internal collaboration, and the ability to create highly differentiated products [6] - The competition in the automotive industry will increasingly revolve around contrasting organizational models and business philosophies, with Great Wall Motors' approach being a significant gamble that could redefine its future [6]

Group 1 - The core viewpoint of the article highlights the sales growth driven by new and updated vehicle models, with total sales reaching 313,000 units in Q2, representing a 21.87% increase quarter-on-quarter [1] - Haval brand sales reached 176,800 units, an increase of 32,200 units, primarily due to the launch of the Menglong fuel version and the new Xiaolong [1] - Tank brand sales were 61,700 units, up by 19,700 units, driven by the introduction of the new Tank 300 and accelerated overseas expansion [1] - Weipai sales totaled 21,200 units, an increase of 7,800 units, supported by the launch of the Gaoshan series and a recovery in sales of the Lanshan model in Q2 [1] Group 2 - The company received approximately 2.5 billion yuan in Q2 from the previously unaccounted Russian scrappage tax refund, with expectations for this to normalize into quarterly receipts [2] - Looking ahead, the Weipai Lanshan will undergo product upgrades, while the Gaoshan 7 launch is expected to boost monthly sales of the Gaoshan series to over 10,000 units [2] - The Tank 400, 500, and 700 intelligent driving versions, along with the Hi4-Z version, will significantly expand the target user base [2] - Ora plans to launch two new models, including a compact hatchback and an A-class SUV, while new and updated Haval models are also anticipated [2]

Group 1 - The second-generation Xiaolong MAX achieved 8,000 sales in May with an average daily order of over 200 [1] - The Gaoshan model is expected to sell over 5,000 units in June, while the Lanshan has an average daily order of 150 [1] - The Menglong fuel version has an average daily order of 100 [1] Group 2 - New models include the 2025 Ora Good Cat and the Tank 500 Hi4-Z Intelligent Driving version in June, with Tank 400, 500, 700, and Haval Big Dog/Second Generation Big Dog facelifts expected in the third quarter [1] - Exports turned positive year-on-year in May, with expectations for year-on-year growth in Q3; the Australian market saw around 5,000 units in May, and the Russian market is expected to improve marginally in June [1] Group 3 - The increase in costs due to the construction of direct sales stores is expected to decline, and sales assessments will be strengthened in the future [1] - The company aims to promote the integration of Ora and Haval's new energy vehicles [1]