2025年，长城汽车迎来创立35周年。 从一家仅有60余人的小厂发展成为拥有8.2万名员工、年销量超百万辆的大型车企，如今的长城汽车拥有哈弗、魏牌、坦克、欧拉、长城炮、长城灵魂摩 托六大品牌矩阵，产品出口到170多个国家和地区，不仅在中国汽车产业升级中扮演着重要角色，也是中国汽车品牌崛起走向全球汽车市场中的中坚力 量。 今年8月份，长城汽车以35周年开放日的形式展示了其技术积淀、产业链整合能力以及"以可靠为底色"的发展理念。这场开放日不仅是对企业35年发展的 回顾，更直观展现了长城汽车从单一产品出口到"研产销服"全生态出海的转型成果。截至目前，长城汽车全球销售网络覆盖170多个国家和地区，海外销 售渠道超1400家，海外累计销量突破200万辆，2024年海外销量达45万辆，全球用户规模超1500万。在长城汽车的带动下，其配套的供应链企业也具备了 向国际车企供货的能力水平。 中国汽车出口正迅速发展，已成为全球第一大汽车出口国。作为最早一批发展出口业务的车企，长城汽车的产品如今在全球多个市场热销，其发展的"生 态出海"模式正成为逆全球化背景下中国制造突围的典型样本。 以全产业链韧性重塑全球化逻辑 长城汽车董事长魏 ...

Core Viewpoint - Great Wall Motors has officially opened its factory in Brazil, marking a significant step in its expansion into the Latin American market [1][2]. Group 1: Factory Opening and Significance - The opening of the Brazilian factory was attended by Brazilian President Lula, highlighting its importance [2]. - This factory represents Great Wall Motors' commitment to establishing a presence in Latin America, bringing its advanced Hi4 hybrid four-wheel drive technology to the region [2]. Group 2: Factory Acquisition and Development - The Brazilian factory, located in Iracemápolis, São Paulo, was acquired from Mercedes-Benz, which had previously invested 600 million Brazilian Reais in its construction and an additional 100 million Euros for upgrades [5]. - The factory was idle after Mercedes-Benz ceased production in 2021, leading to Great Wall Motors acquiring the facility in August 2021 without transferring personnel [5]. - Following the acquisition, Great Wall Motors has upgraded the factory with its global production technologies, aiming for an annual production capacity of 50,000 vehicles, with plans for future increases [5]. Group 3: Production Plans - The initial production at the Brazilian factory will include models such as the Haval H6 gasoline and hybrid SUVs, Haval H9, and Poer pickup trucks [6]. - Additionally, ethanol hybrid models are planned to be produced in Brazil within a year [6].

Group 1: Great Wall Motors - Great Wall Motors' factory in Brazil has officially completed construction and commenced production, initially focusing on models such as the 2.4T Great Wall Cannon, Haval H6 series, and Haval H9 [1] - The completion of the factory marks a significant step in the globalization strategy of Chinese automotive companies, enhancing local supply capabilities in the Latin American market and reducing trade barriers [1] - The shift from simple exports to comprehensive output of technology, capacity, and standards by Chinese automotive companies is expected to reshape the emerging market landscape [1] Group 2: Shenzhen's Green Vehicle Initiative - Shenzhen has launched the "Green Vehicle Charging Green Electricity" incentive program, allowing electric vehicle owners to earn personal "Green Certificates" for charging at designated stations [2] - The initiative aims to enhance the activity in the green electricity trading market and provides a competitive edge for new energy vehicle companies through a consumer incentive mechanism [2] - This dual-driven model of consumer and policy engagement serves as a replicable template for other cities' carbon-inclusive mechanisms [2] Group 3: WeRide and Grab Investment - WeRide, an autonomous driving technology company, has secured a multi-million dollar investment from Southeast Asian ride-hailing platform Grab to accelerate the deployment of L4 Robotaxis in the region [3] - This strategic investment signifies a breakthrough for Chinese autonomous driving technology in international markets and opens new growth opportunities for WeRide [3] - The collaboration validates the technological strength and international competitiveness of Chinese autonomous driving firms, enhancing investor confidence in the long-term value of the smart driving sector [3] Group 4: Xiaomi's Electric Vehicle Charging Response - Xiaomi's Vice President addressed concerns regarding the compatibility of electric vehicle charging while traveling abroad, highlighting the prevalence of national standard charging stations in regions like Central Asia and Russia [4] - The response alleviates market concerns about the overseas applicability of Chinese electric vehicles, indicating significant penetration of Chinese charging standards in certain international markets [4] - This information is expected to improve investor valuation expectations for new energy vehicle companies with overseas strategic plans and open new avenues for cross-border service for charging station operators [4]

Core Insights - The inauguration of Great Wall Motors' factory in Brazil marks a strategic leap for the Chinese automotive industry from product export to local ecosystem establishment [2][3] - The factory, located in Iracemapolis, has an initial annual production capacity of 50,000 vehicles and will produce models such as Haval H6 GT and Haval H9 [2] - Great Wall Motors aims to become a leading brand in the Brazilian new energy vehicle market, which currently has a penetration rate of less than 10% [2][3] Company Development - Since entering the Brazilian market in 2021, Great Wall Motors has achieved annual sales of 29,000 units, ranking 14th in the market [3] - In the first half of 2025, sales reached 15,700 units, reflecting a year-on-year growth of 19.8%, surpassing the industry average growth rate of 17% [3] - The company has over 1,400 overseas sales channels and has sold more than 2 million vehicles globally [3] Strategic Initiatives - Great Wall Motors is implementing a "dual-fuel" strategy, focusing on hybrid, pure electric, and hydrogen energy technologies [3] - The company has developed an "ethanol plug-in hybrid system" tailored to Brazil's flexible fuel demand, positioning itself as a rule-maker in local new energy technology standards [3] Brand Positioning - The company emphasizes a "cooperation and win-win" philosophy, avoiding cutthroat competition and enhancing the collective image of Chinese automotive brands abroad [4] - Great Wall Motors engages with local communities through sponsorships and cultural events, fostering emotional resonance with Brazilian consumers [4] - Positive consumer feedback highlights the advantages of Great Wall vehicles over competitors, particularly in terms of configuration and durability [4] Industry Outlook - The establishment of the Brazilian factory provides new prospects for Chinese automotive companies, enhancing their competitiveness in the global market [4] - The transition from product export to deep localization signifies a significant evolution in the strategy of Chinese automotive firms [4]

Core Insights - Great Wall Motors has established a comprehensive ecosystem centered around the automotive industry over its 35 years of development [2][17] - The company emphasizes independent technology development, as evidenced by its significant investment in R&D, which reached 11.034 billion yuan, accounting for 6.37% of its revenue in 2023 [3][15] - Great Wall Motors has a strong patent portfolio, with 6,042 patents published in the past year, maintaining its position as the leading private car manufacturer in China for four consecutive years [3][15] R&D and Innovation - The company has developed a "ecological forest" at its testing ground in Baoding, covering over 1,700 acres with more than 100 testing modules and a total road length exceeding 50 kilometers [5][6] - Great Wall Motors has implemented advanced automation in its production lines, achieving a production speed of 12 units per minute and a 100% automation rate in its welding workshop [6] - The collaboration between the testing ground and manufacturing facilities has reduced product development cycles by 30% and lowered quality costs by 25% [6] Safety and Quality - The company operates Asia's largest multi-angle collision testing laboratory, equipped to handle all mainstream collision scenarios, with a total investment of approximately 100 million yuan in crash test dummies [8][9] - Great Wall Motors prioritizes safety, as reflected in its commitment to invest in advanced testing equipment without considering cost-effectiveness [9] Employee Welfare and Community Engagement - The company has invested in real estate, education, and entertainment to address employees' living conditions, creating a unique ecological loop [11][13] - Great Wall Motors has established a comprehensive education system for employees' children, covering all educational stages from early childhood to high school [13] Strategic Development - The company's ecosystem is a well-planned strategic framework that integrates core component R&D, efficient vehicle manufacturing, and a focus on safety and employee welfare [15] - Great Wall Motors is adapting to the global shift towards new energy and intelligent vehicles, showcasing strong capabilities in range, charging speed, and intelligent driving features [15][17] - The company aims to contribute to the transformation and upgrading of the Chinese automotive industry by building a comprehensive ecosystem that encompasses R&D, manufacturing, sales, and service [15][17]

Core Insights - Great Wall Motors reported significant growth in Q2 2023, achieving record sales, revenue, and net profit figures [1] - The company aims for high-quality development through a comprehensive product matrix and global expansion strategy by 2025 [1][2] Sales and Financial Performance - In Q2 2023, Great Wall Motors sold 313,000 vehicles, a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87% [1] - Revenue for the same period reached 52.348 billion yuan, reflecting a year-on-year growth of 7.78% and a quarter-on-quarter growth of 30.81% [1] - Net profit stood at 4.586 billion yuan, marking a year-on-year increase of 19.46% and a remarkable quarter-on-quarter increase of 161.91% [1] Strategic Initiatives - The company is focusing on a long-term strategy that includes a full-scenario and full-power product matrix, alongside advancements in intelligence and global expansion [1] - Great Wall Motors is implementing the ONE GWM brand strategy and an "ecological overseas" strategy to enhance market share [1] Technological Advancements - In the field of intelligence, Great Wall Motors has established an end-to-end intelligent driving model and a new AI data intelligence system, achieving industry-leading levels in core technology areas [2] - The new intelligent driving system, Coffee Pilot Ultra, and the Coffee OS 3 smart space system have received positive user feedback, with Coffee Pilot Plus enabling full-scenario NOA without high-precision maps [2] Global Expansion - Great Wall Motors has expanded its overseas sales channels to over 1,400, transitioning from "product export" to "ecological export" [2] - Recent engagements include a meeting between the company's chairman and the Brazilian president, discussing further development in Brazil, and receiving recognition in Australia and Chile for its products [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][9]. Core Views - The report highlights that the company's Q2 performance showed improvement both year-on-year and quarter-on-quarter, driven by increased sales and product mix enhancement [5][8]. - The company achieved total revenue of 92.37 billion yuan in the first half of 2025, a year-on-year increase of 1.0%, while the net profit attributable to shareholders was 6.34 billion yuan, a year-on-year decrease of 10.2% [5]. - In Q2 2025, total revenue reached 52.35 billion yuan, up 7.8% year-on-year and 30.8% quarter-on-quarter, with a net profit of 4.59 billion yuan, reflecting a year-on-year increase of 19.1% and a quarter-on-quarter increase of 161.9% [5]. Summary by Sections Recent Performance - In Q2 2025, the company sold 313,000 vehicles, representing a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9% [5]. - The average selling price per vehicle reached 167,000 yuan, up 11,000 yuan quarter-on-quarter [5]. Sales and Market Position - The company maintained its leading position in the pickup truck segment, with Q2 export sales of 10,700 units, a year-on-year decrease of 1.8% but a quarter-on-quarter increase of 17.5% [5]. - For the first half of 2025, total global sales of the company's pickups reached 96,000 units, a year-on-year increase of 4.7%, with overseas sales of 30,000 units, up 24.3% year-on-year [5]. Product Development - The company has been actively launching new products, with the latest models featuring advanced hybrid systems and extended range capabilities [5]. - The introduction of new models is expected to accelerate demand, particularly with the integration of intelligent driving technologies [5]. Financial Forecast - The company is projected to achieve revenues of 225.3 billion yuan, 252.6 billion yuan, and 281.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 12%, and 11% [8]. - The net profit attributable to shareholders is expected to reach 14.03 billion yuan, 15.76 billion yuan, and 17.14 billion yuan for the same years, with growth rates of 11%, 12%, and 9% respectively [8].

Core Viewpoint - Longhua Automobile is recognized as a true national brand that withstands the test of time and market, emphasizing self-research and innovation, vertical integration, and a globalized full industry chain layout [1][12]. Group 1: High-Quality Development - Longhua Automobile focuses on mastering key core technologies, ensuring quality and innovation in its products [1]. - The company has invested over 10 billion annually in R&D, establishing a strong competitive edge in technology and innovation [5][6]. - Longhua's 4.0T V8 engine and advanced transmission systems mark significant milestones in China's automotive industry [5]. Group 2: Industry Challenges and Responses - The automotive industry faces intense price wars and declining profit margins, with 2024 profits down 8% year-on-year to 462.3 billion [4]. - Longhua's chairman, Wei Jianjun, has openly criticized the industry's price wars and called for responsible practices, leading to increased regulatory scrutiny [3][4]. - The company has maintained a long-term development strategy, focusing on quality over short-term gains [5]. Group 3: Global Expansion and Market Strategy - Longhua has adopted an "ecological overseas" strategy, emphasizing brand and industry output rather than mere product export [8]. - The company has established production bases in Thailand and Brazil, with significant local production rates and advanced manufacturing techniques [8][9]. - Longhua's global sales network spans over 170 countries, with cumulative overseas sales exceeding 2 million vehicles [10]. Group 4: Recognition and Future Outlook - The recognition from the People's Daily highlights Longhua's commitment to high-quality development and its role as a representative of national brands [12]. - Longhua's approach to internationalization and commitment to quality has garnered respect in overseas markets, as evidenced by positive engagements with foreign leaders [9].

Core Viewpoint - The article highlights the successful agricultural development in the Gobi Desert region of Xinjiang, particularly through the establishment of modern greenhouse facilities that enable the cultivation of various crops, including tomatoes and ginger, in an otherwise inhospitable environment [2][3]. Group 1: Agricultural Development - The Gobi Desert has been transformed into a productive agricultural area with the introduction of modern greenhouse technology, allowing for the cultivation of crops like tomatoes and ginger [2][3]. - The establishment of a demonstration park in Yingjisha County, supported by Shandong province, showcases the potential for agricultural innovation in arid regions [2][3]. - The successful growth of ginger in the Gobi Desert is noted as a first in southern Xinjiang, demonstrating the effectiveness of modern agricultural techniques [2][3]. Group 2: Local Community and Culture - The article provides insights into the local community, highlighting the cultural aspects of the Uyghur people and their hospitality, as exemplified by the warm welcome extended to visitors [3][4]. - The personal story of a local worker, who transitioned from studying accounting to managing greenhouses, illustrates the impact of agricultural development on individual lives and local employment opportunities [3][4]. - The description of traditional Uyghur cuisine and family gatherings emphasizes the rich cultural heritage and community spirit in the region [5].

Core Insights - The meeting marked the initiation of the construction of a national standard system for off-road vehicles in China, highlighting the growing demand for standardization in the rapidly developing off-road vehicle market [1][2] - Great Wall Motors, as a leading brand in the off-road vehicle sector, is committed to leveraging its technological expertise to enhance industry standards [1][2] Group 1: Event Overview - The "China Off-Road Vehicle National Standard System Construction Demand Launch Meeting" was successfully held in Baoding, organized by the China Automotive Standardization Research Institute and Great Wall Motors [1] - Over 60 industry experts from various organizations, including Great Wall Motors, FAW, Changan, and Geely, participated in discussions about the construction needs of the off-road vehicle standard system [1] Group 2: Industry Insights - In 2024, domestic brands are expected to surpass 80% market share in the off-road segment, with Great Wall's Tank series leading sales [1] - The application of new technologies such as electrification and intelligence in off-road vehicles is raising the bar for standard formulation [1][2] Group 3: Technical Contributions - Great Wall Motors' technical team emphasized the need for a comprehensive national standard system that covers the entire lifecycle of off-road vehicles, integrating various levels of technology [2] - The company has established a matrix of three off-road brands—Haval, Tank, and Great Wall Cannon—addressing a wide range of market needs from urban SUVs to professional off-road vehicles [2] - Great Wall Motors has developed a tripartite standard system focusing on core areas such as four-wheel drive technology, chassis design, and power systems, providing significant reference for industry standard formulation [2]