Core Viewpoint - Great Wall Motors reported a slight increase in revenue for the first half of 2025, but experienced a decline in net profit, indicating challenges in profitability despite stable sales growth [2][3]. Financial Performance - Total revenue for the first half of 2025 was approximately 92.33 billion yuan, a year-on-year increase of 0.99% [2][3]. - Net profit attributable to shareholders was approximately 6.34 billion yuan, reflecting a year-on-year decrease of 10.21% [2][3]. - Net profit after deducting non-recurring gains and losses was approximately 3.58 billion yuan, down 36.39% year-on-year [2][3]. - Total assets reached approximately 222.13 billion yuan, an increase of 2.02% compared to the previous year [2][3]. - Net assets attributable to shareholders were approximately 84.45 billion yuan, up 6.92% year-on-year [2][3]. Research and Development - The company has established a dual-core R&D model focusing on the Beijing-Tianjin-Hebei and Yangtze River Delta regions, with nine major R&D bases and five software R&D centers [4]. - Great Wall Motors has applied for nearly 50,000 patents, with over 30,000 granted, covering more than 40 countries and regions [4]. Supply Chain Management - The company emphasizes a collaborative and responsible supply chain environment, establishing strategic partnerships with core suppliers to ensure product quality and production stability [4]. - In June, Great Wall Motors committed to standardizing payment terms to within 60 days to support the health of the entire industry chain [4]. Production Layout - The company operates a "dual-wheel drive" production strategy, with a global production layout of "10+3+N" [4]. - Great Wall Motors has ten full-process vehicle production bases in China and three in Thailand and Brazil, along with several KD factories in Ecuador, Malaysia, and Pakistan [4]. Marketing Strategy - The company is transitioning to a "direct + dealership" dual-channel sales model, enhancing digital channel construction [5]. - As of the first half of 2025, the WEY brand has established over 360 retail centers and 50 delivery centers, improving user experience through standardized services [5]. - The overseas sales network covers over 170 countries and regions, with more than 1,400 overseas sales channels [5].