9月27日晚，在央视财经《对话》节目中，长城汽车（601633）董事长魏建军首次披露长城汽车超级跑 车产品的推出规划。据他透露，长城汽车将在明年年底推出一款超级跑车。 2025年，中国汽车市场仍存在诸多需要面对的问题。在这样的背景下，长城汽车仍有底气进击新赛道， 底气在何处？ 在节目中，魏建军多次强调要回归价值创造本质，强调用诚信和良心造车。"扎根汽车产业这么多年， 我们在外部看都是比较轴。我们考核市场只有一个考核指标，就是用户满意度，我觉得我们（做到这一 点）就做到了良心。" 为了实现这个目标，长城汽车在研发上持续投入、对安全"锱铢必较"甚至为0.1秒的差别持续投入了二 十年，对产品质量严格把控、在全球市场上持续精心布局。同时，长城汽车以"四不为"为行为基底， 以"四化战略"为进击方法，逐渐构筑了独特的增长引擎和护城河，这或许就是长城汽车的底气所在。 投3亿，只建一个"呼风唤雨"的地方？ 站在长城汽车的环境风洞试验室前，魏建军将这一看上去平平、实则需要"奢侈"投入的试验室历史娓娓 道来：2015年建立、投入3个多亿、能模拟雪雾、赤道光照和各种动态情景，目前在国内仅有测试机构 拥有类似的试验室。主持人精辟地评 ...

Core Insights - J.D. Power and Tongji University's HVR Lab conducted a study on smart cockpits, highlighting the rapid development of AI technology and its impact on vehicle interaction systems [1] - The average score for luxury automotive smart cockpits was 620, with some models excelling in first-word response and complex command recognition [1] - Mainstream automakers' large model functionalities are widespread but lack brand differentiation, as most vehicles perform similarly in basic command recognition and simple scenario responses [1] Group 1 - The study identified significant technical differences in the underlying architecture of "wake-free interaction," with luxury brands relying on preset keyword matching, leading to unintended wake-ups [2] - New entrants in the market utilize innovative algorithms combining voiceprint recognition and contextual analysis to filter out background noise and improve command accuracy [2] - Current large models struggle with complex command recognition, vague demand understanding, and cross-domain collaboration, exposing weaknesses in multi-modal coordination and dynamic intent correction [2] Group 2 - The interaction paradigm is shifting from "passive tools" to "active cognitive partners," with leading brands moving towards proactive service capabilities [3] - Examples of proactive features include reminders based on user habits and automatic adjustments based on passenger needs, although many models still operate on a passive response basis [3] - Future developments in vehicle interaction will focus on enhancing proactive service capabilities and seamless cross-device functionality, which will be key indicators of user experience quality [3] Group 3 - The study on smart cockpits is divided into three phases: luxury, mainstream, and economy, with updated evaluation dimensions and methods [4] - An innovation index scoring model (out of 1000) was employed, consisting of HMI performance index and AI performance index, each contributing 50% to the overall score [4] - The scoring model integrates user satisfaction scores and applies scientific weight distribution to ensure comprehensive and accurate assessments [4]

Core Viewpoint - The Chinese automotive market is experiencing a "price war," leading to an average profit margin of less than 5%, the lowest in recent years. However, Great Wall Motors is entering a new cycle of high-quality growth, as evidenced by its strong financial performance in Q2 2025 [1][12]. Financial Performance - In Q2 2025, Great Wall Motors reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72% and a quarter-on-quarter increase of 30.73%, marking the best Q2 revenue in history [1]. - The net profit for the same period reached 4.586 billion yuan, up 19.42% year-on-year and a staggering 161.87% quarter-on-quarter, also the best Q2 performance historically [1]. Sales Growth - Great Wall Motors achieved cumulative sales of 312,000 vehicles in Q2 2025, representing a year-on-year increase of 11.63% and a quarter-on-quarter increase of 21.51%, the best Q2 sales performance ever [2]. - Sales of new energy vehicles reached 97,900 units, up 38.69% year-on-year and 56.46% quarter-on-quarter [2]. Product Strategy - The growth in profit is attributed to a deep optimization of product structure, with an increasing proportion of high-end models contributing to higher vehicle value [3]. - The high-end brand Wey has seen sales exceed 40,000 units from January to July 2025, with the new flagship model, Wey's "Gao Shan," achieving significant sales [3]. Market Positioning - Great Wall Motors is a pioneer in the off-road vehicle market in China, with its Tank brand leading in this segment. The Tank 300, a popular model, has been upgraded to meet diverse customer needs [5]. - The company emphasizes "quality market share" over merely increasing sales through lower prices, focusing on technology and product value [8]. Global Expansion - Great Wall Motors is expanding its high-value models into overseas markets, with several models launched in countries like Thailand, Australia, and Mexico, adopting a "localization" strategy [6]. - The establishment of a factory in Brazil serves as a strategic hub for the Latin American market, enhancing local service capabilities [6]. R&D and Innovation - The company has invested over 10 billion yuan in R&D for three consecutive years, with a team of 23,000 and nearly 50,000 patent applications [9]. - Great Wall Motors leads in the number of patents in the intelligent cockpit field and has made significant advancements in electric and intelligent technologies [9][10]. Future Outlook - The company plans to launch multiple new products in the second half of 2025, including entries into the motorcycle and heavy truck markets, further broadening its business scope [11]. - Great Wall Motors is transitioning from "scale growth" to "value growth," driven by a long-term strategy focused on value creation [12].

Core Viewpoint - Great Wall Motors is set to launch its first ultra-luxury sports car, featuring a self-developed 4.0TV8 twin-turbo hybrid system with a total power output of 1000 horsepower, aiming to compete with top international supercars like Ferrari SF90 [1] Financial Performance - In Q2 2025, Great Wall Motors achieved a revenue of 52.348 billion yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 30.81%, marking the best Q2 revenue performance in its history [1] - The net profit for Q2 2025 reached 4.586 billion yuan, representing a year-on-year growth of 19.46% and a quarter-on-quarter growth of 161.91%, also the highest single-quarter net profit in history [1] Sales and Product Strategy - Great Wall Motors sold a total of 313,000 vehicles in Q2 2025, a year-on-year increase of 10.07% and a quarter-on-quarter increase of 21.87%, achieving the best Q2 sales performance in history [2] - Sales of new energy vehicles reached 97,900 units in Q2 2025, reflecting a year-on-year growth of 33.7% and a quarter-on-quarter growth of 56.4% [2] - The company has initiated a new product cycle with models like Tank 300, Haval second-generation Xiaolong MAX, and Wey brand's new Gaoshan driving sales growth [2] Technological Development - Great Wall Motors has adopted a differentiated technology path with its self-developed Hi4 intelligent four-wheel drive hybrid technology system, offering a comprehensive solution across various vehicle types [2] - The company emphasizes multi-power path collaborative development to mitigate market risks associated with a single technology route [2] Global Expansion - Great Wall Motors has transitioned from "product export" to "ecosystem export," with over 1,400 overseas sales channels and total overseas sales exceeding 2 million units [2] - In Q2 2025, the company achieved overseas new car sales of 106,800 units, showing steady growth [2] Strategic Initiatives - The "ONE GWM" global strategy aims to integrate global resources to create competitive products and brands [3] - Great Wall Motors has established multiple R&D centers globally, focusing on localized product development and innovation to meet market demands [3] - The company has built several overseas production bases to lower production costs and enhance supply efficiency [3] Market Positioning - Great Wall Motors employs a differentiated product strategy in key markets, emphasizing cost-effectiveness in emerging markets and technological premium in mature markets [4] - The upcoming ultra-luxury sports car is expected to enhance the brand's global influence and serve as a new flagship in its globalization efforts [4]

Summary of Conference Call Industry and Companies Involved - The conference call focused on the automotive industry, specifically discussing two new vehicle models: Geely's Galaxy Star 8 and Great Wall's new model, the Wei brand's High Mountain [1][13]. Key Points and Arguments - **Geely Galaxy Star 8 Pricing and Subsidies**: The effective price after a manufacturer replacement subsidy of 10,000 yuan is between 115,800 and 155,800 yuan. The replacement subsidy is notably easy to obtain, requiring only the vehicle registration document of the owner or a relative, making it effectively a cash discount [2]. - **Product Features of Galaxy Star 8**: The vehicle includes advanced configurations such as the Qianli Haohan high-end intelligent driving system and Flyme Auto system, with various battery options providing different ranges (60 km and 130 km) [3][4]. - **Comparison with BYD Han DMI**: The Galaxy Star 8 is compared with the BYD Han DMI, which has a price range of 168,800 to 225,800 yuan. The Galaxy Star 8 is expected to achieve monthly sales of 7,000 to 10,000 units based on the performance of similar models [6][12]. - **Great Wall's High Mountain Model**: The High Mountain model was launched with prices of 309,800 and 353,800 yuan, which are lower than the pre-sale prices by 20,000 and 26,000 yuan respectively. The model emphasizes spaciousness and safety, featuring a design that allows for comfortable seating in the third row [7][8]. - **Sales Projections for High Mountain**: The previous model had average monthly sales of around 1,000 units. The new model is expected to achieve a combined monthly sales target of 5,000 units for both High Mountain 8 and 9, given the significant improvements in product features and competitive pricing [12]. Other Important Details - **Configuration Enhancements**: The High Mountain model includes upgrades such as a 12.3-inch front display and dual 15.6-inch screens, enhancing the overall user experience [9][10]. - **Market Positioning**: The Galaxy Star 8 and High Mountain models are positioned in different market segments, with the former targeting a more economical segment and the latter focusing on larger, more spacious vehicles [1][7]. - **Competitive Analysis**: The High Mountain model is compared with competitors like the Blue Sky Dreamer, highlighting its competitive pricing and features, which are expected to attract consumers looking for value [11]. - **Overall Market Sentiment**: The conference reflects a positive outlook on the sales potential of both models, driven by their competitive pricing, advanced features, and favorable market conditions [12][13].

Core Viewpoint - Great Wall Motors is at a critical juncture five years after its 30th anniversary, facing significant changes in the automotive market and its own performance compared to competitors [1] Group 1: Market Position and Sales Performance - Five years ago, joint venture brands held a market share of 64.3%, while Great Wall was the only domestic brand with increasing sales [1] - As of July 1, Great Wall's sales for the first half of the year showed a year-on-year increase, but there is a noticeable gap compared to former peers [1] - In the last decade, Great Wall's sales have fluctuated, with 2023 sales at 123.07 million units, while competitors like BYD reached 302.44 million units [2] Group 2: Leadership and Strategy - Chairman Wei Jianjun has been a controversial figure, facing scrutiny and criticism, particularly after reporting BYD for alleged violations [3][4] - Wei's approach to competition is characterized by a straightforward, no-nonsense attitude, focusing on technical innovation rather than shortcuts [4][6] - Great Wall's strategy has been to maintain a multi-technology approach, even as competitors rapidly embrace electric vehicles [4][8] Group 3: Product Development and Market Adaptation - Great Wall has been criticized for a slow transition to electric vehicles, but its growth in sales has been driven by new energy models [4][10] - The company has recently made strategic adjustments, including the appointment of a new general manager for the Ora brand and a return to the sub-10 million yuan price range for new models [13][14] - Great Wall is set to launch several new products in the second half of the year, including the Tank 800 and new Ora electric models, indicating a renewed focus on product development [16]

Core Viewpoint - The current MPV market is characterized by a focus on commercial use rather than family use, which needs to change. The new Wei brand model, Gao Shan, aims to be the first luxury MPV designed for families [2][3]. Group 1: Market Trends and Changes - The MPV market is undergoing unexpected changes as it officially enters the "family era," with a focus on meeting the travel needs of families [2]. - Long-term demographic changes, such as the three-child policy and multi-generational living, create a demand for MPVs that cater to family travel [2]. Group 2: Product Launch and Features - The Wei brand Gao Shan launched two models, Gao Shan 8 and Gao Shan 9, with official prices set at 309,800 yuan and 353,800 yuan respectively [2]. - The Gao Shan models emphasize five key value scenarios: a tasteful home, a comfortable home, a safe home, an intelligent home, and a healthy home [3]. Group 3: Sales Performance and Market Reception - Since the pre-sale began on April 21, 2023, Gao Shan has received over 18,000 orders, and 327 test drive vehicles have accumulated 34,000 test drives covering over 580,000 kilometers [5]. - The strong demand for quality family travel solutions is validated by the market's recognition of the Gao Shan model [5]. Group 4: Technical Specifications and Innovations - The Gao Shan is built on a pioneering dedicated platform for new energy MPVs, allowing for flexible space layouts and smooth handling [5]. - The vehicle features a high-strength cage structure with 81.96% high-strength steel, ensuring safety, and includes advanced technology such as the Coffee OS 3.2 system [5]. Group 5: Market Challenges - The MPV market has seen a decline in annual sales from 2 million to 1 million units over the past eight years, with market share dropping from 8% to 5% [6]. - Companies need to consider differentiation strategies when launching new MPV products to stand out in a competitive market [6].

Core Viewpoint - The article discusses the launch of the new Wei brand MPV, Gao Shan, which aims to provide a family-friendly vehicle that addresses the unique needs of Chinese multi-generational families, offering luxury and comfort at a competitive price point [3][5]. Group 1: Product Features and Design - The Gao Shan 8 and Gao Shan 9 are priced at 309,800 yuan and 353,800 yuan respectively, providing a more affordable alternative to luxury MPVs like the Alphard [3]. - Gao Shan 8 features a length of 5280 mm, a wheelbase of 3145 mm, and a flexible cargo space ranging from 435 liters to 1901 liters, designed for both family and business use [8][10]. - Gao Shan 9 has a length of 5410 mm and a cabin depth of 3823 mm, with a flat floor design that maximizes usable space [10]. - The vehicle includes innovative features such as a "super refrigerator," "super cinema," and "super sofa," enhancing the overall user experience [12][15]. Group 2: Technology and Performance - The Gao Shan is built on a dedicated new energy MPV platform, allowing for a flat floor design that enhances space flexibility [17][19]. - The vehicle utilizes the Hi4 performance version intelligent four-wheel drive technology, which ensures efficient power output and enhances spatial adaptability [21][23]. - The Coffee Pilot Ultra intelligent driving assistance system, equipped with 27 high-precision sensors, supports various driving scenarios, enhancing safety and convenience [24]. Group 3: Safety Features - The Gao Shan emphasizes safety with a high-strength steel structure, achieving an 81.96% high-strength steel ratio, and advanced collision testing facilities [27][29]. - The vehicle includes over 20 intelligent safety features as standard, ensuring comprehensive protection for all passengers [30]. - The battery safety system meets the highest industry standards, with extensive testing to ensure reliability under extreme conditions [32][34]. Group 4: Market Positioning and Consumer Insight - The article highlights the gap in the MPV market where many vehicles focus on business use rather than family needs, which Gao Shan aims to address [7][11]. - The design philosophy of Gao Shan is centered around understanding and accommodating the dynamic space needs of families, making it a practical choice for various family activities [11][36].

Core Viewpoint - The launch of the new high-end MPV model "全新高山" by Great Wall Motors aims to redefine family travel standards in the MPV market, emphasizing comfort, safety, intelligence, and health for multi-generational families [1][6][21] Product Launch and Market Positioning - The new high-end MPV "全新高山" was officially launched on May 13, with two models priced at 309,800 yuan and 353,800 yuan respectively [1] - The vehicle is designed to meet the needs of families, addressing the current market trend of prioritizing commercial use over family use in MPVs [6][21] Research and Development - Great Wall Motors invested 500 million yuan over four years to develop a dedicated platform for this new energy MPV, based on insights from over 3,000 families [6][10] - The vehicle has received over 18,000 pre-orders since its launch on April 21, indicating strong market demand [6][21] Design and Features - The design philosophy of "全新高山" focuses on five core value scenarios: a tasteful home, a comfortable home, a safe home, an intelligent home, and a healthy home [7][20] - The vehicle features a length of 5.28 meters and a wheelbase of over 3.1 meters, allowing for flexible interior space configurations [7][10] Safety and Technology - The vehicle incorporates a high-strength cage structure with 81.96% high-strength steel, surpassing competitors in safety standards [11] - It includes a comprehensive safety system with over 20 L2+ level functions, such as advanced driving assistance and customizable user commands [16] Health and Environmental Considerations - "全新高山" is the first MPV to achieve "zero formaldehyde" and "C-GCAP five-star" certifications, emphasizing health and safety [17] - The vehicle features a unique UV sterilization system to ensure a clean environment, particularly during flu seasons [17] Market Impact - The successful pre-sale and positive reception of "全新高山" signify a shift in the MPV market from commercial utility to a focus on family-oriented experiences [21] - The model aims to provide a high-quality travel experience at a competitive price point, potentially reshaping family travel norms in China [21]

Core Viewpoint - The launch of the new Wei brand high-end MPV models, High Mountain 8 and High Mountain 9, has generated significant interest, with over 18,000 orders placed within a month of their announcement, indicating a strong market response [1][2]. Group 1: Product Details - The High Mountain 8 is priced at 309,800 yuan, while the High Mountain 9 is priced at 353,800 yuan [1]. - Both models are built on a dedicated new energy MPV platform, offering flexible space layouts and smooth handling [1]. - The High Mountain 8 measures 5.28 meters in length with a wheelbase of over 3.1 meters, featuring a 7-seat layout, while the High Mountain 9 is 5.4 meters long with a nearly 3.3-meter wheelbase and a 6-seat configuration [1]. Group 2: Safety and Technology Features - The new models come equipped with the Coffee Pilot Ultra intelligent driving assistance system, which supports over 20 L2+ level functions, including high-speed and urban navigation, memory parking, and automatic emergency braking [2]. - The system boasts a maximum power output of 337 kW, allowing for a 0-100 km/h acceleration in 5.7 seconds [2]. - Additional luxury features include three high-definition screens and a dual-door intelligent refrigerator [2]. Group 3: Market Performance and Challenges - Despite the initial order success, the sales figures for the Wei brand's high-end MPV remain low, with only 5,633 units sold in 2024, highlighting a significant gap compared to competitors in the high-end MPV segment [2]. - The rebranding of previous models has faced skepticism, raising questions about whether the changes are substantial or merely cosmetic [2].