（编辑 丛可心） 证券日报网讯 1月7日，长城汽车在互动平台回答投资者提问时表示，长城汽车已于今年5月率先通过中 汽研检测，旗下魏牌全新高山、哈弗品牌相关动力电池包（涵盖三元锂与磷酸铁锂体系）提前满足 GB38031-2025《电动汽车用动力蓄电池安全要求》新国标，并成为国内首批获得该标准符合性报告的 车企。该新国标是国家针对新上市车型的强制性准入要求，将于2026年7月1日起正式实施，不涉及已售 出车辆的正常使用。长城汽车本次电池安全升级进一步体现了其在电动车安全领域的领先技术实力与高 标准合规能力。 ...

中华文明五千年绵延不绝的密码，不仅藏在宏大的历史叙事中，更凝结于具象的文明符号：汉长城的 砖石铭刻着"守正"的责任，以坚韧的防御体系守护文明火种；都江堰的流水蕴含着"创新"的灵感， 通过动态调适持续滋养生机。 这些共同揭示了一个核心逻辑，文明的延续性，源于对根基的守护与对变革拥抱的辩证统一。 长城汽车的"长期主义"恰似一场当代企业的"文明实践"。它以 "文化答卷"回应产业期待，并非简单 复刻传统，而是将文化基因转化为技术研发的耐性、品牌建设的定力。 01 业绩答卷彰显"变厚"实力 在当前汽车行业普遍陷入 焦虑 的背景下，长城汽车却走出了一条独特的"变厚"路径 ， 这不是简单 的规模扩张，而是一场深刻的价值重构。 2025年 长 城 汽车 交出了一份亮眼的成绩单： 累计 销售1,323,672辆，同比增长7.33%。 其 "变厚式"跃升，则是对"创新性传承"的践行，如同都江堰般持续调适、积蓄动能，以文明的韧性 铸就穿越产业周期的企业生命力。 这份亮眼增长的背后，是长城 汽车" 长期主义 " 下 ， 真金白银的硬核坚守 。 在技术研发领域 ， 长城汽车已经 投资近百亿，构建 起 全球领先的试验体系，打造自主品牌车 ...

当中国汽车产销量连续多年稳居全球第一，"大"的光环之下，"强"的追问始终如影随形。"中国汽车是谁？去向何方？"这声行业之问，藏着中国制造 业从规模扩张到价值升级的焦虑，也映照着中国汽车在全球化浪潮中的身份迷茫。 这份文化觉醒，让长城汽车成为最直接的受益者。当别的品牌还在模仿西方设计语言时，长城已经开始从中华文脉里汲取灵感，将中国文化的意境， 织进汽车设计——比如魏牌全新高山的高山流水之美。汽车不再是冰冷的工业产物，而是流动的文化载体：它可以是驰骋草原的豪情，也可以是漫步江南 的雅致；可以是守护家庭的温暖，也可以是探索世界的勇气。这种深植于血脉的文化共鸣，让长城汽车在全球化的浪潮中，撕开了一条属于中国品牌的赛 道，带着东方美学与中国智慧的价值符号，在世界舞台上，拥有了无可替代的话语权。 在众多探索者中，长城汽车董事长魏建军给出属于自己，同时也是属于中国汽车工业发展的"长城方案"——2025年12月29日，魏建军在《人民日报》 发表署名文章《用"文化引擎"驱动汽车产业发展》，跳出单纯的技术迭代与产能竞赛，以"文化引擎"为密钥，为中国汽车找到了根植本土的"根"与面向世 界的"魂"。 这是中国汽车人首次以 "文化引擎 ...

加入轩辕同学 ， 成就新汽车人! 设计 | 张 萌 作者 | 常 笑 编辑 | 黄 大 路 2025年12月20日，北京浮光礼堂星光汇聚，中国汽车产业年度贡献奖——第十三届轩辕年度盛典在此隆重启幕。 在全球汽车产业变革的关键时期，这场盛会既是对年度汽车产业成果的权威检阅，更将凝聚行业共识，为中国汽车的进阶之路指引新的方向。 作为由《汽车商业评论》与奥地利EFS联合发起、轩辕同学主办的权威奖项，轩辕奖自2013年创立以来，便以"推动中国汽车产业高质量、可持 续，有竞争力地发展"为初心，全程见证并深度参与了中国汽车产业从跟跑、并跑到领跑的壮阔征程。 当天下午两点， 轩辕奖执委会主任、评审团副主席、轩辕同学校长贾可博士 发表开场致辞，并指出："当下的汽车行业并不缺乏各类奖项评 选，真正稀缺的是能挣脱羁绊、坚守本心的独立评审精神。" 历经十三载风雨洗礼，"独立于商业、独立于权力、独立于关系"的三大准则早已深植于轩辕奖的评选基因。这不仅是轩辕奖坚守至今的立身之本， 更筑牢了中国汽车产业转型期权威评选的基石，为行业树立起"做长期而正确事情"的价值航向。 贾可博士进一步强调："站在百年变局的时代关口，轩辕奖不仅要推动中国汽 ...

Core Viewpoint - Great Wall Motors achieved record high revenue and sales in Q3 2025, driven by a strong performance in its new energy vehicle segment, indicating successful strategic transformation and brand enhancement [1][3]. Financial Performance - In Q3 2025, Great Wall Motors reported revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 revenue performance in history [3]. - Cumulatively, for the first three quarters of 2025, the company achieved revenue of 153.582 billion yuan, a year-on-year growth of 7.96%, maintaining a growth trend for six consecutive years [3]. - Total sales for the first three quarters reached 923,400 units, up 8.15% year-on-year [3]. Product and Brand Development - The average selling price per vehicle exceeded 180,000 yuan for the first time in Q3 2025, reflecting an increase in brand value and product structure optimization [3]. - The launch of new models, such as the Tank 500 and the Wei brand's new high-end MPV, has significantly contributed to sales, with the Wei brand's new model achieving a monthly sales record of 8,560 units in September [3]. - The company is shifting its brand perception from "cost-effective" to "quality and uniqueness," enhancing user recognition and loyalty [3]. Future Growth Prospects - Upcoming models, including the Wei brand's Gao Shan 7 and the new Tank 400, are expected to drive further growth, with the Tank 400 offering a differentiated product positioning [3]. - Great Wall Motors has established a robust product launch strategy, ensuring a continuous cycle of new product introductions [3]. Global Expansion Strategy - The company's global strategy is evolving from "product export" to "ecosystem export," focusing on a comprehensive value chain approach [3]. - The completion of the Brazilian factory marks a significant milestone in its global strategy, with plans for localized production and sales [3]. - Great Wall Motors is committed to a multi-powertrain strategy, covering gasoline, diesel, hybrid, and electric vehicles, enhancing its competitive edge in international markets [3].

Core Insights - Great Wall Motors reported impressive performance in Q3 2025, achieving revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 revenue in its history [1] - The company sold 353,600 new vehicles in Q3, a year-on-year increase of 20.20%, also the highest Q3 sales performance ever [1] - New energy vehicles (NEVs) emerged as a key growth driver, with sales of 118,000 units in Q3, a significant year-on-year increase of 49.21% [1] Financial Performance - Cumulative revenue for the first three quarters of 2025 reached 153.582 billion yuan, a year-on-year increase of 7.96%, maintaining a growth trend for six consecutive years [1] - Cumulative sales for the first three quarters reached 923,400 units, a year-on-year increase of 8.15% [1] Product and Brand Development - The average selling price of vehicles surpassed 180,000 yuan for the first time in Q3 2025, indicating an improvement in brand premium capability [3] - High-value models priced above 200,000 yuan saw sales of 101,337 units in Q3, a year-on-year increase of 40.83% [3] - The launch of new models, such as the Tank 500, has contributed to the brand's upward strategy and market recognition [3][4] Market Expansion - Great Wall Motors' global strategy is evolving from "product export" to "ecosystem export," with over 1,400 overseas sales channels and cumulative overseas sales exceeding 2 million vehicles [10] - The opening of the Brazilian factory is a significant milestone in the company's global strategy, aiming to enhance local service capabilities and market penetration in Latin America [10][11] Future Growth Prospects - Upcoming models like the Wei brand Gao Shan 7 and the new Tank 400 are expected to drive future growth, with strong market anticipation [7][8] - The company has established a robust product launch cycle, ensuring continuous market engagement and penetration across various segments [9]

Core Viewpoint - Great Wall Motors achieved record-breaking revenue and vehicle sales in Q3 2025, demonstrating strong market competitiveness and a successful product strategy focused on high-end models and technological advancements [1][3][10]. Financial Performance - In Q3 2025, Great Wall Motors reported revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 performance in history [1]. - For the first three quarters of 2025, the company generated revenue of 153.582 billion yuan, reflecting a year-on-year growth of 7.96%, also the highest in the last six years [1]. Sales Performance - Great Wall Motors sold 353,600 vehicles in Q3 2025, representing a year-on-year increase of 20.20% and a quarter-on-quarter increase of 12.97%, achieving the best Q3 sales performance [3]. - In the first three quarters of 2025, the total vehicle sales reached 923,400 units, up 8.15% year-on-year [3]. Product Development - The product lineup has been enhanced with successful launches such as the new Wei brand Gao Shan and Tank 500, which have shown strong market competitiveness [3][8]. - The Wei brand Gao Shan achieved sales of 8,560 units in September, becoming the best-selling MPV in China for that month [3][5]. Technological Advancements - The new Gao Shan model features advanced driver assistance systems and a spacious interior design, addressing common pain points in larger vehicles [6][11]. - The Tank 500 integrates smart driving technology and has received over 10,000 orders in its first month, indicating strong consumer interest [8]. Market Strategy - Great Wall Motors is focusing on high-value market segments, with sales of vehicles priced above 200,000 yuan increasing by 40.83% year-on-year [10]. - The company is implementing a differentiated market strategy to avoid internal competition and enhance overall product market value [13]. Global Expansion - Great Wall Motors is actively pursuing global market opportunities, with over 1,400 overseas sales channels and more than 2 million cumulative overseas sales [13]. - The company aims to reshape public perception of Chinese automotive quality through its global branding efforts [13]. Strategic Vision - The company emphasizes a strategy of pursuing quality market share rather than merely focusing on sales volume, aiming for a balance between sales growth and profitability [15].

Core Insights - Longhua Automobile plans to launch a supercar by the end of next year, showcasing its ambition to enter new market segments despite challenges in the automotive industry [1][7] - The company emphasizes value creation, integrity, and customer satisfaction as its core principles, which guide its operations and strategic decisions [1][4] Investment and R&D - Longhua has invested over 3 billion yuan in a state-of-the-art wind tunnel testing facility, which can simulate various environmental conditions, making it one of the few in the country [2][3] - The company has consistently invested over 10 billion yuan annually in R&D for the past three years, totaling over 50 billion yuan, and has established 11 core technology testing labs [3][8] - Longhua has completed over 600 million kilometers of vehicle validation, demonstrating its commitment to safety and quality [3][4] Safety and Quality Assurance - The company adheres to a strict quality control process, emphasizing safety as a top priority, with significant investments in crash testing and safety validation [4][9] - Longhua's recent crash tests showcased the effectiveness of its safety features, with high costs associated with the testing process, reflecting its dedication to protecting drivers [4][9] Strategic Vision - Longhua's strategic approach includes a "Four No's" principle, focusing on long-term value rather than short-term gains, and maintaining integrity in its operations [8][12] - The company aims for a global presence, with local production and job creation in international markets, such as achieving a 50% localization rate in Thailand and creating 2,000 jobs in Brazil [10][11] Market Performance - In Q2, Longhua reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72%, and a net profit of 4.586 billion yuan, reflecting a strong performance in a challenging market [9][10] - The company sold 312,000 vehicles in Q2, marking an 11.63% increase year-on-year, indicating robust demand and operational efficiency [9][10] Future Outlook - Longhua is preparing to launch its supercar after four to five years of development, supported by significant investments in technology and talent acquisition [7][8] - The company advocates for a balanced approach to energy sources, promoting a diverse range of vehicle technologies, including internal combustion, hybrid, and electric vehicles [11][12]

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].