"阿拉善越野英雄会不是某一个品牌的独角戏，而是所有越野人的舞台。"坦克品牌执行副总经理谷玉坤的这句话让笔者感触最深。相比去年的"漫山遍 野皆长城"，长城汽车在越野领域的地位已经毋庸置疑。但值得注意的是，在这个传统小众领域逐渐走入大众化视野的同时，每年因不了解越野风险，或错 误使用产品而造成的事故屡见不鲜。正因如此，长城汽车的目光已经不再是卖了多少辆车，或者在沙漠中有多少长城品牌的车，而是如何更好的服务好用 户，让他们能够将爱好和产品物尽其用。 这份开放并非口号，而是渗透在营地的每一处细节中。12万平方米的公共露营区里，充气泵、快充桩对所有品牌车主免费开放；高速沿线15个服务驿站 中，印有"长城越野联盟"标识的补给箱里，矿泉水、应急药品等常用物资整齐排列——这种跨品牌合作延续了长城与其他品牌车主的联动，以包容姿态链接 圈层资源。 10月1日，我第四次踏上阿拉善左旗的金色沙海。站在梦想沙漠公园的观景台远眺，1001辆坦克SUV组成的钢铁长龙正沿着月亮湖岸线蜿蜒前行，二代 哈弗H9的一身漆黑、坦克 500 Hi4-Z的敦煌绿与长城炮的艳红色交织成流动的色块，与远处牧马人、普拉多的身影和谐共处。这一幕与笔者八年前的记 ...

玉门关下，汉长城遗迹蜿蜒伸向大漠深处。长城汽车董事长魏建军凝视着这道穿越两千年的文明屏障，深有感触地说道："与长城同名是自豪、压力， 更是'必须干好'的使命感。" 9月，长城汽车携手央视新闻《中国经济引力场》栏目开启的敦煌寻根之旅，不仅是一次品牌精神的溯源，更是一场现代工业文明与千年文化遗产的深 度对话。从莫高窟壁画中萃取的 "敦煌绿"车漆，到守护文明的治沙行动，再到全球化布局中的文化输出，长城汽车正将敦煌文化中"探索、坚守、自信、传 承"的"万里精神"，转化为企业发展的核心动能。 从长城砖石到品牌基因的精神传承 敦煌，这座屹立于大漠深处的千年古城，曾是丝绸之路的咽喉要道，见证了东西方文明的交融与碰撞。莫高窟的壁画、汉长城的残垣、月牙泉的清波， 无一不诉说着中华文明的厚重与精彩。在这片土地上，一代代敦煌守护者以平凡之躯守护文明火种，他们的坚守不仅是对历史的承诺，更是中华民族精神的 生动写照：常书鸿，这位被誉为"敦煌守护神"的画家，放弃巴黎的优渥生活，回国守护莫高窟；段文杰，临摹敦煌壁画60年，用画笔记录千年之美；樊锦 诗，则以数字化技术让敦煌"永生"。三代人，一个使命，他们用生命守护文明，让敦煌成为中华文化的 ...

Core Viewpoint - Great Wall Motors has introduced the "Wanli Spirit," which emphasizes "exploration, perseverance, confidence, and inheritance," linking the company's 35-year development with the cultural heritage of Dunhuang, aiming to promote Chinese culture globally through the automotive industry [1][3][21] Group 1: Exploration - The "Wanli Spirit" embodies the essence of exploration, reflecting the historical significance of Dunhuang as a cultural hub along the Silk Road, and aligns with Great Wall Motors' commitment to technological and market breakthroughs [3][4] - Great Wall Motors has made significant advancements in energy and intelligence, such as the launch of the 4.0TV8 engine, which breaks foreign brands' monopolies in the high-end V8 engine market, and the Hi4 technology system that integrates core technologies for hybrid vehicles [8] - The company has successfully penetrated various markets with models like the Tank 300 and Tank 500 Hi4-T, leading the off-road segment, and the Haval H6, which has maintained over 100 months as the best-selling SUV in China [8][9] Group 2: Perseverance - The spirit of perseverance is reflected in Great Wall Motors' commitment to quality and long-termism, avoiding short-term profit pressures and focusing on maintaining a high-quality market share [10][13] - The company has invested nearly 10 billion in testing facilities to ensure product performance, including the establishment of advanced testing labs and a high-standard quality management system [13][15] - Great Wall Motors has consistently upheld its commitment to high-quality manufacturing, whether in the era of fuel vehicles or during the transition to new energy vehicles [15] Group 3: Confidence and Inheritance - Great Wall Motors aims to combine Chinese automotive technology with Dunhuang culture to reach global markets, establishing a comprehensive system for local research, development, production, and calibration in overseas markets [16][21] - The company's "ecological export" model emphasizes adapting products to local needs while incorporating Eastern design aesthetics, similar to Dunhuang's historical role as a cultural melting pot [16][21] - The initiative to promote Chinese culture through automotive design and branding activities reflects the company's commitment to cultural output, allowing global audiences to appreciate Chinese craftsmanship and cultural depth [21]

汉长城遗址前，魏建军在央视的见证下谈及"长城"二字的分量："与长城同名是自豪、压力，更是'必须干好'的使命感，守造车品质，将中国汽车美誉形象弘 扬全球。" 在业内人士看来，魏建军亲自溯源"汉长城"遗迹，寻根品牌名字起源。这解决了"我们是谁，我们从哪里来"的根本问题。通过与文化遗产"古长城"绑定，长 城汽车不再是冰冷的工业产品，而是被赋予了历史使命感和文化传承者的角色，这将提升品牌的高度和厚度。 在听闻治沙人为治沙工程在艰苦的环境中坚守的故事，魏建军当场捐赠基金和长城炮用于治沙工作，表达守护敦煌文化的决心。 玉门关下，魏建军谈到中国汽车出海得着眼长远，不能有短期思维。长城汽车35年坚持长期思维，靠品质做海外市场，展现出中国品牌的担当。 敦煌自古便是中原与西域交通的必经之地，在丝绸之路的繁荣中扮演着关键角色。不到敦煌，不知中华文化的厚重与精彩。在这个充满历史与文化色彩的地 方，诞生了东西方文明交汇的璀璨，承载了古代中国经济繁荣的密码。 跨越千年，9月19日，长城汽车携手央视新闻《中国经济引力场》栏目，致敬敦煌文化，开启一段现代工业文明与千年文化遗产的对话，携手守护与传承华 夏文明的瑰宝。 此次，长城汽车董事长魏建 ...

Core Viewpoint - The article discusses the participation of Wei Jianjun, the chairman of Great Wall Motors, in the 2025 Dunhuang Off-Road Endurance Race, highlighting his passion for cars and the significance of this event for the development of China's automotive culture and motorsport industry [2][10][114]. Group 1: Event Overview - The 2025 Dunhuang Off-Road Endurance Race covers a challenging course of approximately 1100-1200 kilometers through various terrains, including riverbeds, canyons, and deserts [1][2]. - The event poses significant challenges for both vehicles and drivers, making it a rigorous test of endurance [2][4]. Group 2: Wei Jianjun's Motivation - Wei Jianjun's participation in the race is seen as a genuine commitment rather than a mere marketing stunt, as he has a long-standing passion for cars dating back 35 years [10][11]. - His early experiences with cars and racing shaped his ambition to create a globally recognized automotive brand, which led him to take over Great Wall Motors during a challenging period [15][16]. Group 3: Great Wall Motors' Racing History - Great Wall Motors has a history of participating in significant racing events, including the Dakar Rally, where it made its debut as a Chinese brand [21][26]. - The company has consistently aimed to prove its vehicles' capabilities in extreme conditions, which is reflected in its participation in various endurance races [67][68]. Group 4: Challenges in Chinese Motorsports - The article highlights the struggles of the Chinese motorsport scene, including the lack of commercial viability and media coverage, which hampers the growth of events like the China Rally Championship (CRC) [35][38][56]. - Despite the challenges, there is a growing interest in motorsports, as evidenced by the increase in participants in events like the Dunhuang race [99]. Group 5: Future of Chinese Automotive Culture - The article emphasizes the potential for growth in China's automotive culture, driven by local manufacturers like Great Wall Motors, which are increasingly willing to invest in motorsport [63][64]. - Wei Jianjun's involvement in racing is seen as a catalyst for attracting attention to the motorsport industry and fostering a more robust automotive culture in China [112][114].

Core Viewpoint - The 2025 Dunhuang Rally highlights the commitment of Great Wall Motors and its chairman Wei Jianjun to promote motorsport culture and demonstrate the reliability of their production vehicles through direct participation in competitive events [1][3][14] Group 1: Event Overview - The 2025 China Automotive Off-Road Rally Championship Dunhuang Station officially commenced on September 11, 2025, with the starting ceremony held on September 13 [1] - Wei Jianjun, as a driver, showcased respect for the competition by starting second, adhering to the event's traditions and rules [3] Group 2: Company Representation - Wei Jianjun led three brands under Great Wall Motors—Haval, Tank, and Great Wall Pickup—demonstrating confidence in their products [3] - The participation of the chairman in the rally is seen as a milestone in Chinese motorsport history, pushing off-road rallying into the public eye and fostering the development of the motorsport industry [5] Group 3: Product Performance - The vehicles participating in the T2 group must maintain original factory specifications, emphasizing the performance of mass-produced models in extreme conditions [5][11] - The Haval H9 diesel version driven by Wei Jianjun features a 2.4T diesel engine with a maximum power of 137 kW and a torque of 490 N·m, showcasing its capability in diverse terrains [7] - The Tank 300 Hi4-T and Tank 500 Hi4-Z models exhibit advanced hybrid technology, enhancing performance and efficiency in competitive scenarios [8][10] Group 4: Event Support and Infrastructure - Great Wall Motors provided comprehensive support during the event, including a complete spare parts system and emergency supplies, ensuring efficient operations [11] - All participating vehicles were based on production models, ensuring a high level of quality and reliability for users [11] Group 5: Industry Impact and Future Directions - Great Wall Motors has established a "human-vehicle-field" grading system for off-road vehicles, aiming to enhance user experience and safety [12] - The chairman's involvement reflects a long-term vision for promoting motorsport culture and inclusivity within the industry [14]

Overview of the Auto Show - The 28th Chengdu International Auto Show was held from August 29 to September 7, 2025, showcasing over 1,600 vehicle models from nearly 120 brands, focusing on new technologies and products in the automotive industry [6][7]. Key Highlights - A total of 104 key models were monitored at the show, with 33 debut models. Chinese brands accounted for over half of the key models, followed by European brands. New products made up 46% of the models, with SUVs representing 62.5% of the body types, and sedans at 33.7%. Notably, 75% of the key models were electric vehicles [2][7][11]. Product Trends - The color design of vehicles is evolving towards diversification, personalization, and eco-friendly technologies. Several models featured unique color schemes that reflect brand positioning and innovative craftsmanship [9][10]. - The pickup truck segment saw significant innovation, with many manufacturers showcasing new models that emphasize powertrain technology, smart features, and user experience. Electric vehicles are becoming increasingly prominent in the pickup market [11][12]. Technological Innovations - Manufacturers are focusing on range-extending power systems, with several companies presenting new models equipped with batteries over 40 kWh, achieving pure electric ranges exceeding 300 km [12][13]. - The evolution of vehicle interiors is marked by advancements in interactive experiences, transitioning from passive to active engagement, with future developments expected to include multi-modal interactions [14][15]. Featured Models - The Zeekr 9X features a dual 8295 smart cockpit and a 900V hybrid architecture, with a price range of 479,900 to 569,900 yuan [17]. - The new AITO M7 showcases a complete redesign, increased dimensions, and a new pure electric version, with a range of 700 km [19]. - The Lantu Zhi Guang L, set to launch in Q4 2025, features a 1.5T PHEV system and a pure electric range of 410 km [22]. - The NIO ES8, with a starting price of 308,800 yuan, offers a luxurious interior and advanced driving assistance systems [30]. Market Dynamics - The auto show reflects a shift in consumer preferences towards electric and hybrid vehicles, with significant advancements in technology and design aimed at enhancing user experience and environmental sustainability [2][11][12].

Core Viewpoint - The company reported stable revenue growth in H1 2025, but faced a decline in net profit due to increased marketing expenses and investments in new channels and technologies [2][3]. Revenue and Profit Analysis - Total revenue for H1 2025 was 92.33 billion yuan, a year-on-year increase of 1.0%. Q2 2025 revenue was 52.32 billion yuan, with year-on-year and quarter-on-quarter growth of 7.7% and 30.7% respectively [2][3]. - The net profit attributable to shareholders for H1 2025 was 6.34 billion yuan, down 10.5% year-on-year. Q2 2025 net profit was 4.59 billion yuan, with year-on-year and quarter-on-quarter increases of 19.1% and 161.9% respectively [2][3]. - The non-recurring net profit for H1 2025 was 3.58 billion yuan, a decrease of 36.4% year-on-year, with Q2 2025 at 2.11 billion yuan, showing a year-on-year decline of 41.8% but a quarter-on-quarter increase of 43.8% [2][3]. Sales Performance - Total vehicle deliveries in H1 2025 reached 570,000 units, a year-on-year increase of 1.8%. Q2 2025 deliveries were 313,000 units, with year-on-year and quarter-on-quarter growth of 10.1% and 21.9% respectively [4]. - Specific brand performance in Q2 2025 included Haval with 177,000 units (up 24.7% year-on-year), Wey with 21,000 units (up 106.3% year-on-year), and Tank with 62,000 units (down 7.8% year-on-year) [4]. Cost and Expense Management - In Q2 2025, the expense ratios for sales, management, R&D, and financial costs were 5.2%, 1.8%, 4.5%, and -1.3% respectively, with year-on-year changes of +0.9 pts, -0.2 pts, -0.1 pts, and -0.7 pts [3]. Global Expansion - In Q2 2025, overseas sales were 107,000 units, showing a year-on-year decrease of 1.8% but a quarter-on-quarter increase of 17.5%. The new factory in Brazil commenced production in August, aiming for an annual capacity of 50,000 units [5]. Future Projections - Revenue projections for 2025-2027 are 240.58 billion yuan, 291.09 billion yuan, and 334.75 billion yuan respectively, with net profits expected to be 13.25 billion yuan, 20.18 billion yuan, and 23.30 billion yuan [6][8].

Core Viewpoint - The company is experiencing a mixed performance in 2025, with revenue growth but declining profit margins, while new product launches and international expansion are expected to drive future growth [1][5]. Financial Performance - In H1 2025, the company achieved revenue of 92.33 billion yuan, a year-on-year increase of 1%. The net profit attributable to shareholders was 6.34 billion yuan, a decrease of 10% year-on-year [1]. - In Q2 2025, revenue reached 52.32 billion yuan, showing a quarter-on-quarter increase of 8% and a year-on-year increase of 31%. The net profit for Q2 was 4.59 billion yuan, reflecting a quarter-on-quarter increase of 19% and a year-on-year increase of 162% [1]. Product and Market Strategy - The company plans to launch over 10 new models in H2 2025, focusing on the Tank and Wey brands, which are expected to enhance brand positioning and market competitiveness [3]. - The sales of new energy vehicles reached 98,000 units in Q2 2025, a year-on-year increase of 65%, with a new energy penetration rate rising from 26% in Q2 2024 to 31% in Q2 2025 [2]. International Expansion - In H1 2025, overseas sales totaled 198,000 units, a decrease of 2% year-on-year, but July saw a recovery with sales of 41,000 units, an increase of 8% year-on-year [4]. - The company is expanding its presence in South America and right-hand drive markets, with significant investments planned for Thailand and a new factory in Brazil expected to boost production capacity [4]. Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 13.1 billion, 15.9 billion, and 18.1 billion yuan, reflecting a conservative outlook due to increased competition in the automotive industry [5]. - The target price for the company's A-shares is set at 33.66 yuan, based on a 22x PE ratio, while the target price for H-shares is adjusted to 23.28 HKD, based on a 14x PE ratio [5].

Core Insights - The pickup truck segment in China is increasingly seen as a lifestyle symbol, with a growing market for new energy pickups surpassing traditional fuel pickups [2] - Changan Automobile launched the new energy pickup "Hunter K50" at the Chengdu Auto Show on August 29, 2024, featuring advanced technologies and a new branding approach [2] - The Hunter K50 offers six variants with prices ranging from 127,900 to 192,900 yuan, showcasing significant technological advancements such as 30kW external discharge and a range of 1,031 kilometers [2] Group 1 - The Hunter K50's external discharge capability of 30kW is five times that of typical vehicles, enhancing its utility for outdoor activities [3] - The vehicle's range, supported by Changan's Blue Whale range extender technology, allows for greater operational scope compared to pure electric pickups [3] - The Hunter K50 is designed with robust specifications, including a payload capacity of 1.1 tons, a maximum load of 2 tons, and a towing capacity of 2.5 tons [3] Group 2 - The new energy pickup market is becoming increasingly competitive, with brands like Great Wall, Geely, and JAC entering the space, while the Hunter K50 differentiates itself through its range extender technology and enhanced external discharge capabilities [4] - Changan Automobile collaborates with partners like DJI, Huawei, and CATL to create a unique lifestyle experience for users, contributing to the growth of Chinese pickup culture [4]