【文/观察者网 刘怀文 编辑/高莘】近日，长城汽车举办"35周年开放日"体验活动，观察者网受邀走进保 定长城汽车总部，近距离观察长城汽车在35年间的发展历程。 35年前，长城汽车是一家仅有60余人的小厂，而如今，长城汽车已发展成拥有8.5万名员工、年销超百 万辆的大型车企，产品出口到170多个国家和地区。 2025年7月，长城汽车海外销售41088辆，同比增长7.60%，展现出强劲的国际市场竞争力。这样的成果 与长城汽车坚持研发创新、体系化产业布局，还有严格质量验证密不可分。 长城汽车的发展始终锚定自主研发。1998年，长城汽车建立首个研发中心，开启动力总成自主化道路。 至今，长城汽车研发团队规模达2.3万人，已累计申请专利近5万项，获得授权专利近3万项。 通过持续自主创新，长城汽车不断突破行业技术壁垒，打破技术垄断，已实现发动机、变速器、动力电 池等核心零部件的自主研发与制造。 长城汽车的体系化布局有效推动了技术研发的进展，提高了效率。2018年，长城汽车将旗下零部件公司 全部独立运营，并在新能源、智能化等相关技术产业加大投入。 市场化的运营策略倒逼零部件企业不断提高竞争力，至今，长城汽车旗下已有3家零部件 ...

Core Viewpoint - The article outlines the career journey of Wang Fengying, the president of Xpeng Motors, highlighting her significant contributions to the automotive industry and her leadership style, which combines strong decision-making with a focus on quality and customer satisfaction [4][5]. Group 1: Wang Fengying's Career at Great Wall Motors - Wang Fengying joined Great Wall Motors at the age of 21 and quickly rose to the position of assistant manager within two months [6]. - She was a long-distance runner, which contributed to her competitive spirit and strong character, leading her to adopt a decisive management style [6]. - During her 31 years at Great Wall, she focused primarily on sales and strategy, significantly impacting the company's growth [7][9]. - Wang played a crucial role in the development and marketing of various vehicle models, including the successful launch of the Deer pickup truck, which became a national sales champion [11][23]. - She was promoted to sales manager in 1993 and later became the president of Great Wall Motors, making her the only female president in the Chinese automotive industry at that time [12][14]. Group 2: Strategic Decisions and Innovations - Wang Fengying emphasized the importance of quality and customer-centric approaches, which were pivotal in Great Wall's success [5][20]. - She led the company to focus on SUVs, which became a defining strategy after the failure of the first sedan model, "Spirit" [17][18]. - Under her leadership, Great Wall Motors achieved significant milestones, including a record net profit margin that surpassed Ferrari's [41]. - Wang's marketing strategies included adapting sales models from the home appliance industry, which helped reduce financial risks [21]. Group 3: Transition to Xpeng Motors - In January 2023, Wang Fengying joined Xpeng Motors as president, setting ambitious sales targets for the company [53][54]. - She restructured the sales organization to improve efficiency and responsiveness, increasing the number of sales districts from four to 25 [78]. - Wang's leadership style at Xpeng is characterized by decisiveness and a focus on cost control, which has led to significant improvements in operational efficiency [86][90]. - Under her guidance, Xpeng Motors achieved a remarkable sales growth of 34.2% in 2024, with cumulative sales reaching 190,068 vehicles [67].

Core Viewpoint - The July 2025 "Pickup First Influence Index" shows a significant decline in overall scores for pickup brands, indicating a competitive landscape where mid-tier brands are increasingly vying for consumer attention during the traditional sales off-season [1][4][18]. Ranking Summary - The top ten pickup brands in July 2025 are Changan, Great Wall, Zhengzhou Nissan, Radar, Jianghuai, Ford, Jiangxi Isuzu, JMC, Foton, and SAIC Maxus, with a total score of 1432, reflecting a month-on-month decline of 13.00% and a year-on-year decline of 0.14% [1][3]. - Changan and Great Wall maintain their positions at the top, but their scores have noticeably decreased, while the competition among mid-tier brands has intensified, with small score differences indicating potential volatility in rankings [4][18]. Performance and Marketing Activities - In July, no new models were launched, but brands focused on showcasing product performance through various marketing activities, emphasizing technical capabilities and real-world testing [7][9]. - Zhengzhou Nissan launched a new off-road technology brand "ZNA LAB," highlighting its advanced performance features, including a hybrid system capable of 800 Nm torque and 320 kW power output [7]. - Radar's EM-P pickup completed a significant challenge at Mount Everest, demonstrating its capabilities in extreme conditions and setting a benchmark for electric pickups [9]. - Jiangling's off-road version of the pickup was showcased at the Azerbaijan Energy Week, enhancing brand recognition in international markets [11]. Social Responsibility and Community Engagement - Pickup brands are increasingly integrating social responsibility into their marketing strategies, with several brands actively participating in disaster relief efforts during heavy rainfall in July [13][17]. - Changan sponsored the 2025 Hulunbuir Chenqi One-Year Horse Endurance Race, successfully merging product promotion with local cultural events [15]. - Great Wall donated 5 million yuan for flood relief efforts, while other brands like Zhengzhou Nissan and Jianghuai also engaged in community support initiatives [17]. Market Outlook - Despite the off-season, the pickup market shows resilience, with brands expected to ramp up marketing efforts as the traditional sales peak approaches [18].

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [8] Core Views - In July 2025, Great Wall Motors achieved sales of 104,372 units, representing a year-on-year increase of 14.3% but a month-on-month decrease of 5.7%. Export sales accounted for 41,088 units, or 39.4% of total sales, while new energy vehicle sales reached 35,000 units, making up 38.2% of total passenger vehicle sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in both sales and performance. Long-term strategies are set to open up growth opportunities, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][10] Summary by Sections Sales Performance - In July 2025, total sales were 104,372 units, with domestic sales at 63,000 units (up 19.2% YoY, down 10.4% MoM) and new energy sales at 35,000 units (up 43.3% YoY, down 5.0% MoM). Cumulatively, from January to July 2025, total sales reached 674,000 units, a 3.6% increase YoY, with new energy sales at 195,000 units (up 24.6% YoY) [10][11] - By brand, Haval sold 56,221 units (up 6.2% YoY), Tank sold 20,020 units (up 7.2% YoY), WEY sold 10,045 units (up 263.3% YoY), Ora sold 4,300 units (down 10.0% YoY), and Great Wall Pickup sold 13,772 units (up 14.5% YoY) [10][11] Global Expansion and Strategy - Great Wall Motors is implementing its "ONE GWM" strategy to accelerate overseas expansion, covering over 170 countries and regions with more than 1,400 sales channels. The company has established three complete vehicle production bases in Thailand and Brazil, and several KD factories in Ecuador and Pakistan, which are expected to boost sales growth [10][11] - The company is focusing on smart technology, enhancing its capabilities in data, algorithms, and computing power, which are seen as core competitive advantages in the smart vehicle era [10][11] Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 141.3 billion, 170.7 billion, and 214.8 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 13.1X, 10.9X, and 8.6X, while the Hong Kong stock price-to-earnings ratios are projected to be 7.0X, 5.8X, and 4.6X [10][11]

Core Viewpoint - Great Wall Motors reported a significant increase in July sales, driven by the explosive growth of the WEY brand and stable performance of the Haval brand, while the company continues to expand its presence in the new energy and overseas markets [2][4]. Sales Performance - Total sales in July reached 104,372 units, a year-on-year increase of 14.34%, with the Haval brand contributing 56,221 units, up 6.19% [2][3]. - WEY brand sales surged to 10,045 units, marking a staggering increase of 263.29% year-on-year, with cumulative sales for the first seven months reaching 44,539 units, up 96.8% [2][3]. - Sales of Great Wall pickups in July were 13,772 units, reflecting a 14.5% increase, while cumulative sales for the year reached 110,000 units, up 5.83% [2][3]. - The Tank brand sold 20,020 units in July, a 7.16% increase, with cumulative sales slightly down by 8.19% to 123,680 units [2][3]. - The Ora brand experienced a decline in July sales to 4,300 units, down 10.04%, with a significant year-to-date drop of 50.15% to 18,208 units, indicating a need for strategic adjustments [2][3]. New Energy and Export Markets - New energy vehicle sales in July totaled 34,593 units, accounting for 33.1% of total sales, with cumulative sales for the first seven months at 195,007 units, indicating sustained growth momentum [3]. - Exports in July reached 41,088 units, with a total of 238,746 units exported in the first seven months, showcasing the effectiveness of the company's global expansion strategy [3].

Core Viewpoint - Great Wall Motors announced its production and sales figures for July 2025, showing a mixed performance across different brands and models [2][3]. Group 1: Sales Performance - Haval brand sold 56,221 units in July 2025, a 6.19% increase compared to 52,944 units in July 2024. Year-to-date sales reached 377,648 units, up 7.08% from 352,682 units last year [3]. - WEY brand experienced significant growth, with sales of 10,045 units in July 2025, a 263.29% increase from 2,765 units in July 2024. Year-to-date sales were 44,539 units, a 96.80% increase from 22,632 units last year [3]. - Great Wall Pickup sold 13,772 units in July 2025, a 14.50% increase from 12,028 units in July 2024. Year-to-date sales reached 110,000 units, up 5.83% from 103,944 units last year [3]. - Ora brand saw a decline in sales, with 4,300 units sold in July 2025, a decrease of 10.04% from 4,780 units in July 2024. Year-to-date sales were 18,208 units, down 50.15% from 36,529 units last year [3]. - Tank brand sold 20,020 units in July 2025, a 7.16% increase from 18,682 units in July 2024. Year-to-date sales were 123,680 units, down 8.19% from 134,720 units last year [3]. - Total sales for the company reached 104,372 units in July 2025, a 14.34% increase from 91,285 units in July 2024. Year-to-date total sales were 674,161 units, up 3.57% from 650,954 units last year [3]. Group 2: Production Performance - Haval brand produced 51,663 units in July 2025, a 5.05% increase from 49,179 units in July 2024. Year-to-date production was 369,079 units, up 3.30% from 357,282 units last year [3]. - WEY brand's production reached 10,420 units in July 2025, a 431.63% increase from 1,960 units in July 2024. Year-to-date production was 46,337 units, up 106.51% from 22,438 units last year [3]. - Great Wall Pickup's production was 13,736 units in July 2025, a 9.37% increase from 12,559 units in July 2024. Year-to-date production reached 110,702 units, up 9.63% from 100,980 units last year [3]. - Ora brand produced 3,544 units in July 2025, a decrease of 3.01% from 3,654 units in July 2024. Year-to-date production was 17,951 units, down 47.04% from 33,895 units last year [3]. - Tank brand's production was 21,425 units in July 2025, an 18.32% increase from 18,108 units in July 2024. Year-to-date production reached 127,750 units, down 2.97% from 131,661 units last year [3]. - Total production for the company was 101,045 units in July 2025, an 18.22% increase from 85,470 units in July 2024. Year-to-date total production was 672,226 units, up 4.00% from 646,352 units last year [3].

证券代码：601633 证券简称：长城汽车 公告编号：2025-102 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2025 年 7 月产销快报 | 车型 | | | 销量 | | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | 月度同比 | | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 56,221 | 52,944 | 6.19 | 377,648 | 352,682 | 7.08 | 51,663 | 49,179 | 5.05 | 369,079 | 357,282 | 3.30 | | WEY品牌 | 10,045 | 2,765 | 263.29 | 44,539 | 22,632 | 96.80 | ...

此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條發出。以下為 長城汽車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車 股份有限公司2025年7月產銷快報」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市，2025 8月1日 於本公告日期 ，董事會成員如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責 ，對其準確性或完整性亦不發表 任何聲明 ，並明確表示 ，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔 任 何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED * （ 於中華人民共和國註冊成立的股份有限公司 ） 股份代號 ：02333（港幣櫃台）及 82333（人民幣櫃台） 海 外 監 管 公 告 執行董事：魏建軍先生 、趙國慶先生及李紅栓女士。 非執行董事：何平先生。 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 * 僅供識別 证券代码：601633 证券简称：长城汽车 公告编号：2025-102 转债 ...

Core Viewpoint - The article discusses the significant growth and strategies of Chinese automotive companies in the global market, highlighting their export achievements and unique approaches to internationalization in the first half of 2025 [3][4]. Group 1: Overall Industry Trends - In the first half of 2025, China's automotive exports reached 3.083 million units, marking a year-on-year increase of 10.4% [3]. - Chinese automakers are no longer focused solely on sales numbers but are embedding capital, production capacity, and supply chains into global markets through methods such as Hong Kong IPOs, overseas factories, and joint ventures [4]. - The global expansion of Chinese car manufacturers has entered a new phase, with a shift from merely selling cars to establishing production facilities abroad [3][4]. Group 2: Chery Automotive - Chery maintained its position as the top exporter, with an export volume of 548,000 units, accounting for 17.8% of total exports [6]. - Chery's overseas sales revenue was approximately 29.1 billion RMB in 2022, representing 35.3% of total revenue, and is projected to approach 50% by 2024 [6][8]. - The company has established a global sales network with 1,075 dealers and 2,541 sales outlets outside China, leading in several international markets [7]. Group 3: BYD - BYD's exports surged by 130% year-on-year to 470,000 units in the first half of 2025, becoming the second-largest exporter among Chinese automakers [10][11]. - In Europe, BYD's electric vehicle sales surpassed Tesla for the first time in April, with registrations reaching 7,231 units [11]. - BYD is expanding its global production and supply chain network, with a new factory in Brazil marking its third overseas production line [12]. Group 4: Great Wall Motors - Great Wall Motors achieved overseas sales of 198,000 units, with 30,083 units of pickup trucks sold, representing a 24.3% increase [15][16]. - The company has a long history of exporting pickups, having entered the international market in 1998 [16]. - Great Wall's high-end brand WEY is also accelerating its internationalization efforts [16]. Group 5: Geely - Geely's overseas export volume reached 184,000 units in the first half of 2025, with a strong performance in the electric vehicle segment [18]. - The company is expanding its dealer network in Australia and New Zealand, aiming to establish 100 dealerships in the next three years [20]. - Geely's high-end brand Zeekr has entered over 40 countries, with a significant presence in the luxury vehicle market [20]. Group 6: XPeng Motors - XPeng Motors achieved overseas sales of approximately 19,000 units, expanding its business to 46 countries and regions [21][26]. - The company is focusing on Southeast Asia and Europe, with plans to establish a localized production facility in Indonesia [25]. - XPeng aims to cover 60 countries and regions by the end of 2025, with a goal of being among the top three global exporters of new energy vehicles by 2027 [25][26]. Group 7: Leap Motor - Leap Motor's overseas sales reached approximately 20,000 units in the first half of 2025, aided by a partnership with Stellantis [27][31]. - The company has established over 100 sales outlets in Germany, achieving a market share of over 1% in the pure electric vehicle segment [28]. - Leap Motor is also planning localized assembly projects in Malaysia to enhance its market presence [28]. Group 8: Seres - Seres submitted its IPO application to the Hong Kong Stock Exchange and has established operations in multiple countries across Europe, the Middle East, and Africa [33][35]. - The company is focusing on localized manufacturing in Indonesia and has plans for expansion in the Middle East and Africa [37][38]. - Seres aims to enhance its overseas sales channels and delivery capabilities through diverse partnerships and local manufacturing [38].

Core Viewpoint - The announcement from Great Wall Motors provides detailed production and sales figures for June 2025, highlighting both monthly and year-to-date performance across various brands [2][3]. Production and Sales Summary - Total sales for June 2025 reached 110,690 units, representing a 12.86% increase compared to June 2024's 98,080 units [3]. - Year-to-date sales for 2025 stand at 569,789 units, a slight increase of 1.81% from 559,669 units in the same period of 2024 [3]. Brand Performance - **Haval Brand**: - June sales were 62,396 units, up 30.73% from 47,729 units in June 2024 [3]. - Year-to-date sales reached 321,427 units, a 7.24% increase from 299,738 units [3]. - **WEY Brand**: - June sales surged to 10,197 units, a remarkable increase of 246.95% from 2,939 units in June 2024 [3]. - Year-to-date sales totaled 34,494 units, up 73.62% from 19,867 units [3]. - **Great Wall Pickup**: - June sales were 13,213 units, down 13.36% from 15,251 units in June 2024 [3]. - Year-to-date sales reached 96,228 units, a 4.69% increase from 91,916 units [3]. - **Ora Brand**: - June sales fell to 3,283 units, a decrease of 45.55% from 6,029 units in June 2024 [3]. - Year-to-date sales were 13,908 units, down 56.19% from 31,749 units [3]. - **Tank Brand**: - June sales were 21,571 units, down 17.22% from 26,059 units in June 2024 [3]. - Year-to-date sales totaled 103,660 units, a decrease of 10.67% from 116,038 units [3]. - **Others**: - June sales for other models were 30 units, down 58.90% from 73 units in June 2024 [3]. - Year-to-date sales were 72 units, down 80.06% from 361 units [3].