Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a strong new car cycle, which will drive future growth [6] - The company reported a total sales volume of 569,800 units in the first half of 2025, a year-on-year increase of 2%, with total revenue of 92.3 billion yuan, a year-on-year increase of 1% [4] - The second quarter of 2025 saw a total sales volume of 313,000 units, a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [4] - The company is set to launch multiple new models, which are anticipated to boost sales and gross margins [6] Financial Data and Earnings Forecast - The company’s total revenue for 2025 is projected to be 224.1 billion yuan, with a year-on-year growth rate of 10.8% [5] - The net profit attributable to the parent company for 2025 is estimated at 12.9 billion yuan, reflecting a year-on-year growth rate of 1.7% [5] - The earnings per share (EPS) for 2025 is forecasted to be 1.51 yuan [5] - The gross margin is expected to be 18.7% in 2025 [5] - The return on equity (ROE) is projected to be 14.5% in 2025 [5] Sales and Market Expansion - The company is expected to achieve significant sales growth both domestically and internationally, driven by new model launches and enhancements in product offerings [6] - The domestic market will benefit from the introduction of multiple new models and significant upgrades, while the overseas market will see contributions from the newly operational factory in Brazil [6]

Core Viewpoint - Great Wall Motors achieved a revenue of 92.3 billion yuan and a net profit of 6.3 billion yuan in H1 2025, maintaining a "buy" rating due to the launch of new vehicles and a clear long-term strategy in intelligence and global expansion [1][2]. Financial Performance - The company reported a revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%; net profit attributable to shareholders was 6.34 billion yuan, a year-on-year decrease of 10%; and the net profit excluding non-recurring items was 3.58 billion yuan, a year-on-year decrease of 36% [2]. - In Q2 2025, the company achieved a revenue of 52.32 billion yuan, a year-on-year increase of 8% and a quarter-on-quarter increase of 31%; net profit attributable to shareholders was 4.59 billion yuan, a year-on-year increase of 19% and a quarter-on-quarter increase of 162% [2]. Sales and Product Structure - In Q2 2025, the company sold 313,000 vehicles, a year-on-year increase of 10% and a quarter-on-quarter increase of 22%. The sales breakdown by brand included Haval (177,000), Wey (21,000), Pickup (46,000), Ora (7,000), and Tank (62,000) [3]. - The sales proportion of high-end brands Wey and Tank increased by 1.6 and 3.4 percentage points respectively, indicating an upward optimization of the product structure [3]. Profitability and Cost Management - The company achieved a net profit per vehicle of 15,000 yuan in Q2 2025, a quarter-on-quarter increase of 115% [4]. - In Q2 2025, the sales, management, and R&D expense ratios were 5.2%, 1.8%, and 4.5% respectively, with the sales expense ratio increasing due to accelerated user channel development and marketing for new models [3]. International Expansion - In H1 2025, the company sold 198,000 vehicles overseas, a year-on-year decrease of 1.9%; in Q2 2025, overseas sales were 107,000 vehicles, a year-on-year decrease of 2% but a quarter-on-quarter increase of 17% [4]. - The company’s Brazilian factory commenced operations on August 16, 2025, serving as a regional manufacturing center for Latin American markets [4].

Core Viewpoint - Wei brand is establishing itself as a high-end new energy brand by creating value for users through a direct-to-consumer (DTC) model, achieving significant delivery milestones and expanding its retail presence across China [1][3][10]. Group 1: DTC Model and User Engagement - The DTC model is designed to listen to users' genuine feedback, ensuring a professional, efficient, and convenient service experience [3]. - Wei brand has invested heavily in building digital channels, increasing its retail centers from 0 to over 460 in just over a year, with plans to expand to 700 centers covering over 200 cities by the end of the year [3]. Group 2: Sales Performance and Product Launches - In the first seven months of the year, Wei brand's cumulative sales exceeded 40,000 units, re-establishing its position in the high-end new energy market [5]. - The newly launched Gao Shan model has delivered nearly 20,000 units since its release in May, marking a new era for MPV families [5]. - The upcoming Gao Shan 7 model is positioned as a family-oriented vehicle, emphasizing spaciousness and comfort, with a price point under 300,000 [6]. Group 3: Product Features and Market Position - The Lan Shan model has excelled in media tests for advanced driving assistance and extreme range, achieving over 100,000 units delivered, making it the third six-seat new energy SUV to reach this milestone [8]. - The popularity of Gao Shan and Lan Shan in the 300,000 market segment indicates that Wei brand has found its "value high ground" in the exploration of high-end new energy brands [10]. Group 4: Future Developments - Wei brand announced the upcoming launch of a next-generation all-power intelligent super platform, which is the only platform globally compatible with five power forms, featuring advanced technologies such as a dual 4-second 2.0 hybrid system and an 800V hybrid architecture [10].

Core Viewpoint - The launch of the new high-end electric MPV model, Gaoshan 7, by Great Wall Motors' premium brand Wey, marks a strategic move to strengthen its position in the competitive 300,000 RMB market segment, emphasizing advanced features like laser radar and intelligent driving capabilities [1] Group 1: Product Launch and Features - The Gaoshan 7 is highlighted as the "only MPV under 300,000 RMB equipped with standard laser radar," enabling parking assistance from space to space, directly competing with higher-end models in terms of intelligent driving [1] - The pricing strategy for Gaoshan 7 is set below 300,000 RMB, avoiding direct competition with popular models like the Denza D9, while aiming to solidify Wey's market position with its unique combination of "laser radar + intelligent four-wheel drive" [1] Group 2: Market Performance - Wey has achieved over 10,000 units sold for two consecutive months, with total sales exceeding 40,000 units from January to July this year, indicating a return to the mainstream of the high-end electric vehicle market [1] Group 3: Future Developments - At the auto show, Wey announced the upcoming launch of the next-generation all-power intelligent super platform, which is based on Great Wall Motors' 35 years of technological accumulation and will support five different power forms [1] - The new platform will feature advanced technologies, including a dual 4-second 2.0 hybrid system, 800V hybrid architecture, large hybrid battery packs, and a pure electric range exceeding 400 kilometers [1]

Core Insights - The company reported a revenue of 92.335 billion yuan for the first half of 2025, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 633.7 million yuan, a decrease of 10.21% [1] - The company maintained a high gross margin of 18.4% despite intense competition in the automotive market, reflecting a long-term management philosophy focused on operational quality [1] - The average selling price per vehicle remained high at 162,300 yuan, demonstrating the effectiveness of the company's high-end strategy amidst a price war [1] - The off-road vehicle segment continued to grow, with the Tank 300 model achieving the highest sales in its segment, while the Tank 500 and Tank 400 models also performed well [1] - The company retained its leading position in the pickup truck market, with a market share close to 50%, benefiting from high-value models [1] Future Outlook - New models such as the Gaoshan 7 and a full-size six-seat SUV are set to launch in the second half of the year, which is expected to drive significant growth in the company's performance [2] Investment Recommendations - The company's high-end strategy is viewed positively, although short-term gross margins may be under pressure due to fierce price competition in the automotive market. Revenue forecasts for 2025-2027 have been adjusted to 240.208 billion, 276.239 billion, and 309.388 billion yuan, respectively, with net profit forecasts of 14.040 billion, 15.845 billion, and 18.106 billion yuan [3] - The earnings per share (EPS) estimates have been revised to 1.64, 1.85, and 2.12 yuan for the same period. The closing price on August 29, 2025, was 25.85 yuan, corresponding to a price-to-earnings (PE) ratio of 15.76, 13.96, and 12.22 for 2025-2027 [3]

Group 1 - The 2025 Chengdu Auto Show features an exhibition area of 220,000 square meters, attracting nearly 120 brands and over 1,600 vehicle models, including various types of new energy vehicles [1] Group 2 - Buick has launched its high-end new energy sub-brand "至境" with the first model, the 至境L7, which is a mid-large luxury sedan with dimensions of 5032×1952×1500mm and a wheelbase of 3000mm [2][4] - The 至境L7 features a sleek design with a closed front face, starry L-shaped headlights, and a minimalist interior equipped with Qualcomm's SA8775P chip and laser radar [4] - The vehicle is powered by a range-extended power system with a 1.5T engine and a 252kW drive motor, offering a pure electric range of 302km and a comprehensive range of 1400km [4] Group 3 - The问界M7 EV is undergoing a major redesign, built on the赛力斯魔方 platform, with an increase in length to 5080mm and a wheelbase of 3030mm [5][7] - The new model adopts a "鲲鹏美学" design and features a closed front face, dual-wing light group, and a minimalist interior with advanced driver assistance systems [7][9] - The问界M7 EV is equipped with a CATL battery pack, offering a pure electric range of over 700km and supporting fast charging [9] Group 4 - Ford's Bronco has made its global debut at the Chengdu Auto Show, maintaining the design of its fuel version while introducing a new energy variant [10][12] - The Bronco's dimensions for the range-extended version are 5025×1960×1825mm, with a wheelbase of 2950mm, and it features a simplified interior focused on comfort and technology [12] - The pure electric version boasts a range of 650km, while the range-extended version offers a combined range of 1220km [13] Group 5 - The 2026款海豹07 DM-i has been unveiled with upgraded configurations, including laser radar and enhanced driver assistance capabilities, with dimensions of 4995×1900×1495mm [14][16] - The vehicle features a stylish design and is powered by a 1.5T plug-in hybrid system, providing a pure electric range of 70km and 125km [16] Group 6 - The仰望U8L has started pre-sales with a starting price of 1.3 million, featuring a length increase of 81mm and a wheelbase of 3250mm [18] - The vehicle is equipped with a 2.0T range-extended power system, delivering a total power output of 880kW and a peak torque of 1280Nm [19] Group 7 - The 极氪9X is now available for pre-order, priced between 479,900 and 569,900 yuan, built on the浩瀚-S architecture [20][22] - The vehicle features a luxurious design with dimensions of 5239×2029×1819mm and is equipped with advanced interior technology and a powerful hybrid powertrain [22][24] Group 8 - The 高山7 from Great Wall's Wei brand will begin pre-sales on September 10, with dimensions of 5050×1960×1900mm and a wheelbase of 3085mm [26] - The vehicle features a luxurious interior with advanced technology and a hybrid powertrain, providing a comprehensive power output of 337kW [28] Group 9 - The 风神L8 PHEV is positioned as a compact SUV with a pre-sale price of 129,900 to 149,900 yuan, featuring dimensions of 4762×1910×1677mm [29][31] - The vehicle is equipped with a 1.5T engine and electric motor combination, offering a maximum power of 265kW and various battery options for different electric ranges [33] Group 10 - The 星途星纪元E05 is a mid-size SUV with dimensions of 4780×1890×1725mm, featuring a sporty design and advanced interior technology [34][36] - The vehicle is powered by a 1.5T range-extended system, providing a pure electric range of 165km [38] Group 11 - The 尚界H5 has started pre-sales with a price of 169,800 yuan, offering both pure electric and range-extended versions [39][41] - The vehicle features a modern design with a closed front face and advanced technology, including a maximum power output of 150kW and a comprehensive range of 1360km [43]

Core Insights - The article highlights the successful performance of Great Wall Motors' premium electric vehicle brand, Wey, which has achieved over 10,000 deliveries for two consecutive months and a cumulative sales of over 40,000 units from January to July this year [4][6][13] - Wey's strategy focuses on deep user engagement through a Direct-to-Consumer (DTC) model, which has led to significant growth in retail centers and user satisfaction [6][8][13] Group 1: Sales Performance - Wey has returned to the mainstream of high-end electric vehicles with impressive sales figures, including nearly 20,000 units delivered since the launch of the new Gaoshan model in May [4][6] - The upcoming Gaoshan 7 is designed specifically for family users, aiming to enhance Wey's position in the electric MPV segment [4][6] Group 2: User Engagement and DTC Model - The DTC model allows Wey to listen to user feedback and ensure a high-quality service experience, with over 460 retail centers established and plans to expand to 700 by the end of the year [6][8] - Wey actively involves users in product development, such as naming the new color for the Blue Mountain model and establishing support stations along key travel routes [8] Group 3: Technological Advancements - Wey announced the upcoming launch of a next-generation all-power intelligent super platform, which will support five different power forms and feature advanced technologies [8] - The Blue Mountain model has received recognition for its performance in areas like assisted driving and extreme endurance, with total deliveries surpassing 100,000 units [6][8] Group 4: Marketing and Brand Positioning - The brand has engaged in creative marketing strategies, including collaborations with popular IPs and influencers to enhance user experience and brand visibility [3][10] - Wey's commitment to long-term value creation through user-centric approaches is emphasized as a core aspect of its brand philosophy [13]

Core Viewpoint - Great Wall Motors (601633)(02333) has seen a nearly 5% increase in stock price, currently at 18.91 HKD, with a trading volume of 268 million HKD, following the launch of the new Tank 500 model, which has received strong pre-order interest [1] Group 1 - On August 27, Great Wall Motors officially launched the new Tank 500, priced between 335,000 to 375,000 CNY [1] - The Tank brand's Executive Vice President, Gu Yukun, announced that the Tank 500 secured 12,257 orders within just 2 hours of its release [1] - According to Shenwan Hongyuan, the fundamental logic for Great Wall Motors has remained unchanged since Q2, focusing on the growth of its high-profit brands, Wey and Tank [1] Group 2 - Following the upgrades of the Blue Mountain and the launch of the High Mountain 7, Wey's monthly sales are expected to reach 20,000 units, with potential for further sales growth as new platform models are introduced [1] - The strong pre-sale performance of the Tank 500 is noted as a positive indicator for the company's future sales [1] - Currently, Great Wall Motors' Hong Kong stock price-to-earnings (PE) ratio is considered low, indicating high cost-effectiveness and sustained recommendation value in the short to medium term [1]

Core Viewpoint - Great Wall Motors (02333) has seen a nearly 5% increase in stock price, currently at HKD 18.91, with a trading volume of HKD 268 million, following the launch of the new Tank 500 model, which has received strong pre-order interest [1] Group 1: Company Performance - The new Tank 500 was officially launched on August 27, with a price range of RMB 335,000 to RMB 375,000 [1] - The Tank brand's executive vice president announced that within just 2 hours, 12,257 units of the Tank 500 were locked in for orders [1] - Shenwan Hongyuan noted that Great Wall Motors' fundamental logic has remained unchanged since Q2, focusing on the growth of its high-profit brands, Wey and Tank [1] Group 2: Sales and Profitability Outlook - Following the upgrades of the Blue Mountain and the launch of the High Mountain 7, Wey's monthly sales are expected to reach 20,000 units [1] - The introduction of new platform models is anticipated to further elevate sales ceilings, significantly enhancing profit elasticity [1] - The strong pre-sale performance of the Tank 500 indicates a positive market reception, contributing to the company's growth potential [1] Group 3: Market Valuation - The current price-to-earnings (PE) ratio of Great Wall Motors in the Hong Kong market is considered low, indicating high cost-effectiveness [1] - The company is viewed as having sustained recommendation value in both the short and medium term [1]

Group 1 - The core viewpoint of the article highlights that the Gao Shan 7 is positioned as the first MPV for young families, combining the spaciousness of an MPV with the aesthetic appeal of an SUV [1] - The exterior design of the Gao Shan 7 is similar to the Gao Shan 8 and 9, but it features a shorter body while still providing ample space [1] - The vehicle offers smooth seat adjustments and a rich array of configurations, making it suitable for family comfort and driving enjoyment [1]