Core Insights - Great Wall Motors reported impressive performance in Q3 2025, achieving revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 revenue in its history [1] - The company sold 353,600 new vehicles in Q3, a year-on-year increase of 20.20%, also the highest Q3 sales performance ever [1] - New energy vehicles (NEVs) emerged as a key growth driver, with sales of 118,000 units in Q3, a significant year-on-year increase of 49.21% [1] Financial Performance - Cumulative revenue for the first three quarters of 2025 reached 153.582 billion yuan, a year-on-year increase of 7.96%, maintaining a growth trend for six consecutive years [1] - Cumulative sales for the first three quarters reached 923,400 units, a year-on-year increase of 8.15% [1] Product and Brand Development - The average selling price of vehicles surpassed 180,000 yuan for the first time in Q3 2025, indicating an improvement in brand premium capability [3] - High-value models priced above 200,000 yuan saw sales of 101,337 units in Q3, a year-on-year increase of 40.83% [3] - The launch of new models, such as the Tank 500, has contributed to the brand's upward strategy and market recognition [3][4] Market Expansion - Great Wall Motors' global strategy is evolving from "product export" to "ecosystem export," with over 1,400 overseas sales channels and cumulative overseas sales exceeding 2 million vehicles [10] - The opening of the Brazilian factory is a significant milestone in the company's global strategy, aiming to enhance local service capabilities and market penetration in Latin America [10][11] Future Growth Prospects - Upcoming models like the Wei brand Gao Shan 7 and the new Tank 400 are expected to drive future growth, with strong market anticipation [7][8] - The company has established a robust product launch cycle, ensuring continuous market engagement and penetration across various segments [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in August sales, reaching 115,600 units, a year-on-year increase of 22.33% [4] - The company’s cumulative sales from January to August reached 789,700 units, with a year-on-year increase of 5.94% [4] - The company’s overseas sales in August reached a record high of 45,200 units, a year-on-year increase of 11.65% [6] - The company is accelerating the launch of new products, which is expected to support continuous sales growth [6] - The forecasted net profit for the company from 2025 to 2027 is expected to be 13.31 billion, 16.49 billion, and 18.69 billion yuan respectively, with corresponding growth rates of 4.86%, 23.90%, and 13.37% [7] Summary by Sections Basic Data - Latest closing price: 26.28 yuan - 12-month A-share price range: 20.95-32.03 yuan - Total share capital: 8,558.95 million shares - Circulating market value: 224.116 billion yuan [2] Sales Performance - August sales by brand: Haval brand sold 68,900 units (+22.69% YoY), WEY brand sold 8,000 units (+167.51% YoY), and Tank brand sold 20,000 units (+22.46% YoY) [5] - The cumulative sales for Haval brand from January to August reached 446,600 units (+9.22% YoY) [5] Financial Forecast - Projected revenue for 2025 is 232.499 billion yuan, with a year-on-year growth rate of 15.0% [9] - Projected earnings per share for 2025 is 1.56 yuan, with a price-to-earnings ratio of 16.90X [9]

Core Viewpoint - The V6 Cannon, a new pickup truck from Great Wall Motors, has been officially launched for pre-sale at a price of 229,800 yuan, showcasing advanced off-road capabilities and innovative design features [1] Group 1: Product Features - The V6 Cannon is built on an intelligent professional off-road platform, featuring a lightweight design with a short wheelbase and a powerful engine [1][5] - It is equipped with a 3.0T engine that delivers a maximum net power of 260 kW and peak torque of 500 N·m, achieving 0-100 km/h acceleration in under 6 seconds [3] - The vehicle includes a self-developed 9AT transmission with over 97% efficiency and a maximum torque capacity of 750 N·m, ensuring smooth gear shifts and responsive performance [3] Group 2: Performance and Capability - The V6 Cannon has a weight of only 2,285 kg and features a ground clearance of 240 mm, enhancing its off-road capability [5] - It is equipped with a high-performance four-wheel drive system that increases torque capacity to 3,300 N·m, improving its off-road traction and climbing ability [6] - The vehicle offers six all-terrain driving modes, including features like electronic differential locks and a tank turn mode, enhancing its versatility in various driving conditions [6]

Group 1 - The core viewpoint of the news is the launch and pre-sale of the new "V6 Cannon" pickup truck by Great Wall Motors at the Chengdu Auto Show, with a pre-sale price of 229,800 yuan and three pre-sale benefits for buyers [1] Group 2 - The V6 Cannon is developed on an intelligent professional off-road tank platform, featuring a short wheelbase, lightweight body, and a strong power system. It won six championships in the T2.1 production fuel category at the 2023 Rally of the Silk Road [3] - The vehicle is powered by a 3.0T V6 engine, delivering a maximum net power of 260 kW and peak torque of 500 N·m, with a 0-100 km/h acceleration time of around 6 seconds. It incorporates a 48V mild hybrid system to balance performance and fuel economy [3] - The transmission system features a self-developed 9AT gearbox with a maximum transmission efficiency exceeding 97% and a maximum load torque of 750 N·m. It also includes a BorgWarner electronically controlled silicone oil fan to enhance cooling performance for high-intensity off-road conditions [3] Group 3 - The V6 Cannon has a two-door single cab design, a wheelbase of 2745 mm, and a curb weight of 2285 kg. The vehicle is raised by 2 inches at the factory, with approach, departure, and breakover angles of 33°, 22°, and 26° respectively, and a minimum ground clearance of 240 mm, enhancing its off-road capability [5] - It is equipped with dual 8-stage adjustable nitrogen shock absorbers, a high-performance BorgWarner four-wheel drive transfer case, and features such as front and rear electronic differential locks, crawl mode, tank turn, and six all-terrain driving modes, including an off-road expert mode that can disable electronic assistance systems [5] - The V6 Cannon is positioned to meet the needs of off-road enthusiasts and specific event usage, reflecting Great Wall Motors' "testing vehicles through competition" philosophy [5]