记者丨焦文娟 编辑丨吴晓宇 魏牌迎来第八年第十次换帅。长城汽车董事长魏建军清楚，他和他数次更换的团队，都曾陷 入一种"高估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次媒体交流中坦言。自2016年诞生以 来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路 径。 构建体系的第一步，往往是找到驾驭体系的人。12月21日长城汽车内部完成了一项关键人事 调整：哈弗品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌 在八年内迎来了第十任品牌负责人，其更迭频率在业内罕见。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全 链条的复杂体系。 魏牌曾是长城乃至中国品牌冲击高端的先驱，其首款产品VV7在2017年月销一度破万。但随 后因技术路线、产品定义与市场节奏等问题陷入长期低迷。 魏建军说，魏牌的高端化定位没有变化。为了专注做高端，魏牌一改过往策略，将资源全力 押注于"大六座SUV"品类，推出全新蓝山与高山车型，并启动大规模的直营渠道建设。 在品牌与用户关系重塑的同时，长城加速补课智能化。12月22日，长城发布了首款 ...

（长城汽车董事长魏建军，企业供图） 21世纪经济报道记者 焦文娟 魏牌迎来第八年第十次换帅。长城汽车董事长魏建军清楚，他和他数次更换的团队，都曾陷入一种"高 估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次交流中对《21汽车·一见Auto》坦言。自2016年 诞生以来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路径。 构建体系的第一步，往往是找到驾驭体系的人。8天前，长城汽车内部完成了一项关键人事调整：哈弗 品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌在八年内迎来了第十任 品牌负责人，其更迭频率在业内罕见，其前任包括冯复之、刘艳钊、陈思英、李瑞峰等。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全链条的复杂 体系，而中国品牌在这条路上至今没有真正跑通的先例。 整个长城汽车都处在一个需要跨越新量级的周期。 12月24日，长城汽车公告通过了2025年员工持股计 划草案，规模不超过8000万元，覆盖不超过50名核心人员。该计划设定了2026年的考核目标：销量不低 于180万辆，净利润不低于100亿元 ...

21世纪经济报道记者 焦文娟 魏牌迎来第八年第十次换帅。长城汽车（601633）董事长魏建军清楚，他和他数次更换的团队，都曾陷 入一种"高估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次交流中对《21汽车·一见Auto》坦言。自2016年 诞生以来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路径。 构建体系的第一步，往往是找到驾驭体系的人。8天前，长城汽车内部完成了一项关键人事调整：哈弗 品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌在八年内迎来了第十任 品牌负责人，其更迭频率在业内罕见，其前任包括冯复之、刘艳钊、陈思英、李瑞峰等。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全链条的复杂 体系，而中国品牌在这条路上至今没有真正跑通的先例。 魏牌曾是长城乃至中国品牌冲击高端的先驱，其首款产品VV7在2017年月销一度破万。但随后因技术路 线、产品定义与市场节奏等问题陷入长期低迷。 魏建军说，魏牌的高端化定位没有变化。为了专注做高端，魏牌一改过往策略，将资源全力押注于 "大 六座SUV" 品类，推 ...

从技术路径上看，蓝山所采用的 VLA 方案，已成为当前高阶辅助驾驶领域的重要技术方向之一，理想 汽车、小鹏汽车等车企也在相关方向上持续投入。相比传统端到端方案，VLA 模型规模更大，更强调 对长时序场景的理解与推理能力，试图补足端到端方案在复杂边缘场景中的能力不足。为此，蓝山同步 升级了算力平台，采用英伟达 Thor-U 芯片，算力达到 700TOPS。而魏牌这一轮升级，更多是在为高阶 智能辅助驾驶验证能力上限。 （原标题：哈弗猛龙辅助驾驶"自动挡"，高阶依旧选中元戎启行） 12 月 21 日，原长城哈弗品牌总经理赵永坡在个人微博发文称，"从今天开始，我就是魏牌的 CEO 了"。这是魏牌成立九年来迎来的第九次 CEO 任命。 过去一年，魏牌在长城体系内承担了智能化试水的角色。以蓝山、高山为代表的车型，在引入更高阶智 能辅助驾驶方案后，产品力出现明显变化，销量走势也逐步趋稳。尤其是在蓝山搭载 VLA（视觉—语 言—动作模型）之后，魏牌在复杂场景处理和整体驾驶体验上的差异化开始显现。这一阶段性的表现， 使长城内部对高阶智能辅助驾驶是否具备商业转化能力，形成了更清晰的判断。 当高端品牌完成阶段性验证后，智能化开始向 ...

_Bert 赵永坡宣布自己已被任命为魏牌CEO @哈弗赵永坡 以创始人魏建军姓氏命名的魏牌于2016年成立，承载着长城汽车向高端市场进军的雄心。然而，这个被寄予厚望的品牌自诞生以来，便陷入了高管频繁更替 的怪圈。从曾在奥迪工作30年的严思，到拥有多家龙头企业背景的冯复之，再到如今的赵永坡，魏牌CEO的位置此前从未有人坐热。 【文/观察者网 潘昱辰 编辑/高莘】"从今天开始，我就是魏牌的CEO了。"12月21日，原哈弗总经理赵永坡在社交媒体上宣布了自己的新职位，并为即将上市 的魏牌蓝山智能进阶版预热造势。这位在长城汽车体系内成长超过20年的技术干将，成为魏牌自2016年成立以来的第9位掌舵者。 而CEO的屡屡更迭，也是魏牌成立近10年来战略摇摆、定位失准、转型受困的一个缩影。 频繁换帅 品牌成立9年来，魏牌已经更换了8位CEO，任期最长的为初代CEO严思，长达两年；最短的只有两个月，为兼任魏牌CEO的坦克CEO刘艳钊。 梳理过去魏牌CEO的更换规律可以看出：除初代CEO严思外，外来的职业经理人任期往往较短，而长城系老将则常被委以"救火"任务。 魏牌的初代CEO严思，曾在奥迪效力30年。作为品牌的初创者，魏牌（当 ...

Core Viewpoint - Longhua Automotive's Hi4 technology is recognized as a significant innovation in the global off-road vehicle electrification transition, filling multiple technological gaps and representing a key case of innovation in the Chinese automotive industry [3]. Summary by Sections Hi4 Technology Overview - As of the end of 2024, a total of 410,000 vehicles equipped with the Hi4 technology have been sold since its launch [2][6]. - The Hi4 technology family includes various models tailored for different vehicle categories, such as Hi4 for family cars, Hi4 performance version for mid-to-large vehicles, Hi4-Z for general off-road vehicles, Hi4-T for strong off-road vehicles, and Hi4-G for heavy trucks [3]. Technical Innovations - The Hi4 technology employs a power distribution approach that allows for electric hybrid four-wheel drive and intelligent energy management, differing from traditional dual-motor hybrid systems [5]. - The upcoming Hi4-Z technology will introduce a three-speed power distribution system, enhancing energy allocation and efficiency [5]. Market Positioning and Strategy - Longhua Automotive has firmly stated its position against range-extended vehicles, focusing instead on its hybrid technology [6]. - The company emphasizes a platform-based approach, allowing for diverse solutions from a single architecture, which reduces R&D costs and enables quick responses to market demands [7]. Financial Performance - Longhua Automotive reported a 20.51% year-on-year revenue increase to 61.247 billion yuan in Q3, driven by the launch of several new models [9]. - The sales of the new high-end MPV model, which features advanced driving assistance and hybrid technology, have significantly contributed to the company's growth, with a 96% increase in new vehicle sales in the first three quarters [10]. Off-Road Market Dynamics - Longhua Automotive has successfully expanded its market presence in the off-road vehicle segment, with the Tank brand achieving a 42% year-on-year sales increase, totaling 231,000 units last year [11]. - The Tank 300 model has lowered the entry price for hard-core off-road vehicles, making them more accessible to a broader audience [13]. Global Expansion and Market Strategy - Longhua Automotive's overseas sales reached 454,000 units last year, marking a 44.6% increase, with strategic positioning in markets like Dubai and Australia [14]. - The company aims to achieve quality market share rather than engage in price wars, leveraging its technological advantages to establish long-term barriers against competition [14].

Group 1 - The 2025 Guangzhou International Auto Show has officially opened, featuring a speech by the CEO of Wei brand, Feng Fuzhi, who announced the launch of the Wei brand renewal plan focusing on value, image, experience, and service [1][3] - Great Wall Motors has officially released the VLA assisted driving model, with the new generation assisted driving system CP Master set to debut on the Wei brand [3] - Wei brand's new models, including the High Mountain family, Blue Mountain, and new Mocha Hi4, were showcased at the auto show, with sales figures indicating a significant increase, achieving over 82,000 units sold from January to October 2025, a year-on-year growth of 200% [3]

Core Insights - The article discusses the sales performance and customer demographics of the Galaxy M9, highlighting the challenges faced in vehicle availability and customer preferences [2][10]. Sales Performance - In a third-tier city, the dealership receives about 20 customer groups daily, with 25% specifically interested in the Galaxy M9. Last month, the dealership delivered 71 vehicles, of which only 7 were M9s, attributed to limited stock and an average waiting time of 45 days from order to delivery [2][3]. - The dealership currently has only 2 vehicles in stock, with the rest being test drive and display models [3]. Customer Demographics - The primary buyers of the M9 are males aged 30 to 55, typically from families of four or five. Many customers are small business owners or management personnel, with 70% trading in older vehicles [4][10]. - Customers who ultimately chose other vehicles often cited two main reasons: the desire to avoid waiting and a preference for the Huawei brand [7]. Competitive Landscape - The most compared models include the Deep Blue S09, AITO M7, and M8, with 60% of customers having considered the Deep Blue S09 [6]. - Customers who initially showed interest in the M9 but switched to other brands often did so due to long wait times or additional costs associated with desired features [8][10]. Customer Preferences - The most popular configurations are the mid-range 230km two-wheel drive Exploration version and the top-range 210km four-wheel drive Navigation version, together accounting for over 80% of sales. Black is the most popular color [16]. - The mid-range 230km two-wheel drive Intelligent Navigation version is the least popular due to the absence of features like a heads-up display and rear seat entertainment [16]. Customer Feedback - Customers have expressed concerns about the reliance on the central touchscreen for many functions, which can be challenging for older users [18][19]. - The estimated maintenance cost for the M9 is around 650 yuan, with a service interval of one year or 10,000 kilometers [21]. Promotions and Financing - The manufacturer offers a super trade-in policy, allowing customers to receive a 10,000 yuan subsidy without needing to own a vehicle, effectively acting as a price reduction [12]. - Financing options include a three-year, 120,000 yuan interest-free loan, which is the most popular choice among customers [14]. Special Offers - Certain professions, such as teachers and firefighters, can benefit from a 2,000 yuan customer subsidy. The installation of electric running boards, initially set to be discontinued, continues to be offered [22].

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]

Core Viewpoint - The company reported a revenue of 61.2 billion yuan in Q3 2025, with a year-on-year increase of 21% and a quarter-on-quarter increase of 17%. However, the net profit attributable to the parent company was 2.3 billion yuan, reflecting a year-on-year decrease of 31% and a quarter-on-quarter decrease of 50% [2][3]. Revenue Performance - The Q3 revenue was influenced by the confirmation of the scrapping tax refund in the Russian market. The wholesale sales totaled 354,000 vehicles, with year-on-year increases of 20% and quarter-on-quarter increases of 13%. The sales structure improved, with the Wei brand's sales proportion increasing by 1 percentage point due to the popularity of the Gaoshan series [3]. - The company exported 140,000 vehicles in Q3, marking a year-on-year increase of 11% and a quarter-on-quarter increase of 28%, primarily driven by the increase in Haval brand exports [3]. Profitability Analysis - The gross margin for Q3 was 18.4%, down by 2.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. The decline was attributed to a decrease in sales of high-margin models and increased dealer rebates for Haval and pickup trucks [3]. - The company reported a net profit of 2.3 billion yuan for Q3, with a net profit per vehicle of 6,000 yuan [3]. New Product Cycle and Technology - The company is advancing its new vehicle cycle with a robust technological foundation. The CoffeeOS 3 intelligent cockpit system is being integrated into multiple strategic models, enhancing the overall intelligent travel ecosystem [4]. - The Coffee Pilot Ultra feature was officially launched in August, providing enhanced driving assistance capabilities in new models [4]. Profit Forecast and Investment Rating - Due to intensified market competition, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 11.9 billion, 17.4 billion, and 22.1 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 17, 11, and 9 times [5]. - Despite the challenges, the company maintains a "buy" rating, anticipating a strong new product cycle for the Wei and Ora brands in 2026 [5].