辅助驾驶行业，已经许久未出现新"赢家"了。 在近期的广州车展上，元戎启行公布了最新的商业化成绩单：截至目前，已交付20万辆搭载城市NOA的量产车型。今年10月，元戎启行在辅助驾驶城市 NOA第三方供应商市场的单月市占率，更是已经接近40%。 值得注意的是，在一年多以前，这两个数值还都还是零。从零到如今10余款车型实现规模化交付，元戎启行仅用了14个月。这家自动驾驶公司像一匹"黑 马"，在短时间内改写了市场格局，成为今年备受瞩目的"赢家"之一。 高阶辅助驾驶洗牌接近尾声，第三方供应商的优势持续扩大，已形成少数赢家通吃的局面。 凭借一年多时间实现从零到单月近40%市占率的迅猛势头，元戎启行被业界视为拿到了最后一张巨头入场券，与华为、Momenta形成了三足鼎立的态势。 2024年是元戎启行的商业化突破的关键一年。这一年，元戎拿下魏牌蓝山车型项目，成为长城汽车在辅助驾驶领域的重要供应商。 而后，元戎仅用8个月便完成全场景城市NOA的量产。支持城市NOA的蓝山车型上市后，单月销量暴涨至6019辆，环比增长将近3倍。 3台爆款车型在手，元戎启行的累计交付量达到20万辆。 公司商业化在短时间内获得巨大突破，创始人周光向3 ...

作为一款新豪华SUV，魏牌蓝山凭借其宽敞的空间、智能的科技配置和强劲的混合动力系统，吸引了大 量家庭用户的关注。当拿到车钥匙，坐进驾驶舱，它又会给人带来怎样的实际体验？ "移动客厅"果然有点料 既然定义为全场景NOA智慧旗舰SUV，智能驾驶辅助是否好用很重要。可以说，蓝山的全场景NOA （领航辅助驾驶）表现比较稳健，系统对路况感知准确，变道超车的过程既果断又不失稳重，基本上感 觉不到顿挫感，可以大幅减轻驾驶负担。 一声"小魏同学"唤醒语音助手后，无需反复说出唤醒语，即可连续下达指令。甚至一句话略有停顿，也 能够读懂记者的指令，这点对于驾乘人员人机交互来说相当友好。车机系统反应迅速，识别效率较高。 得益于AI大模型的加入，让蓝山系统具备了延伸思考和陪聊能力，让独自驾驶不再沉闷。由于搭载了 高通骁龙8295芯片，车机系统整个操作过程都显得丝滑流畅。 而在市区多个交通灯无倒计时的路段，记者可以通过车机屏幕上的时间倒数来掌握通行时间，提前做好 起步及刹停准备。尽管个别路口倒计时出现了一些偏差，但这种人性化设计，还是对提高通行效率有较 大帮助。 动力响应迅速线性，底盘调校更偏向舒适 毫无疑问，30万级价位的六座SUV， ...

虽然在部分人看来，本届广州车展没有之前那么热火朝天，但至少在某些产品细分赛道，车企们显得"热情高涨"，大六座SUV就是一个典型例子。在广州车 展上诸多大六座SUV的重磅发布，可谓丰俭由人，各有的各的卖点。 购买门槛在30万元以下的，不乏吉利、奇瑞这些自主品牌大厂以及大牌造车新势力出品。 吉利银河M9以不足18万元的起售价，提供了宽敞六座空间和全员奢享的舒适体验。同时，它搭载了新一代雷神电混系统和AI数字底盘，兼顾了强劲性能、 低能耗和高阶智能驾驶。在广州车展完成上市首秀的奇瑞风云系列风云T11，起售价为18.99万元。该车要以越级配置，打造成豪华SUV的平替产品。乐道 L90售价从26.58万元起，支持Baas租电方案的起售价更低至17.98万元。 入手门槛为28.99万元的领克900，采用了SPA Evo架构，可旋转二排座椅、双8295芯片，具备丰富的动力选择。起售价为29.98万元的腾势N8L，全系标配"易 三方"技术平台和云辇-A智能空气悬架。预计明年上半年交付的零跑D19，以25万-30万级定价，提供了号称百万级的空间配置。而魏牌蓝山也以29.98 万-32.68万元的售价，通过媲美百万级豪车的舒适空 ...

Investment Rating - The investment rating for Great Wall Motors is "Buy-A" with a 6-month target price of 35.19 CNY per share [3][8]. Core Views - The report highlights that Great Wall Motors achieved a revenue of 61.25 billion CNY in Q3 2025, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%. However, the net profit attributable to shareholders decreased by 31% year-on-year and 50% quarter-on-quarter [1]. - The sales volume in Q3 2025 reached 354,000 units, up 26% year-on-year and 13% quarter-on-quarter, with an average selling price (ASP) of 173,000 CNY, showing a slight decline year-on-year but an increase quarter-on-quarter [2]. - The company has a strong cash reserve of 48.6 billion CNY as of Q3 2025, with a net cash flow from operating activities of 12.2 billion CNY, reflecting a 153% year-on-year growth [3]. Summary by Sections Financial Performance - In Q3 2025, Great Wall Motors reported a gross margin of 18.4%, down 2.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, primarily due to changes in sales structure and increased tax rates [2]. - The operating profit for Q3 2025 was approximately 3.3 billion CNY, down 4% year-on-year but up 9% quarter-on-quarter, with a corresponding profit per vehicle of about 9,400 CNY [2][9]. Market Outlook - The report anticipates that the high-end models, particularly the Tank and Wey series, will contribute significantly to profit growth, with new models expected to enhance market penetration [3][8]. - The transition of the economy brand is expected to accelerate, with Haval and Ora brands launching new models that could lead to a turnaround in sales and profitability [3]. Valuation Metrics - The projected net profits for Great Wall Motors for 2025-2027 are adjusted to 12.98 billion CNY, 20.01 billion CNY, and 23.51 billion CNY, respectively, with corresponding price-to-earnings ratios of 15.3, 9.9, and 8.4 times [8][9].

Core Insights - The launch of the Gao Shan 7 MPV by Wei brand aims to address the traditional MPV issues of being "heavy" and "slow" by incorporating Hi4 intelligent electric hybrid four-wheel drive and advanced driver assistance systems [1] - The Gao Shan series completes Wei brand's coverage of the MPV market, targeting different consumer segments from flagship to entry-level family users [1] - Despite initial order success, the market response for Gao Shan 7 has been lukewarm, with a minor price adjustment of 4,000 yuan failing to significantly attract buyers compared to the more popular Gao Shan 8 [1][2] Product Positioning - Gao Shan 9 is positioned as a flagship model suitable for both business and family use, Gao Shan 8 is designed for large families, while Gao Shan 7 focuses on young family users [1] - The Gao Shan series has shown strong market competitiveness, with Gao Shan sales reaching 7,768 units in September, a 55% month-on-month increase, making it the second best-selling MPV after Toyota Sienna [2] Sales Performance - Wei brand's sales from January to September reached 63,600 units, a year-on-year increase of 96.35%, significantly outpacing other brands like Tank and Haval [2] - Despite impressive growth, Wei brand's sales volume is still less than one-eighth of Haval's, which sold 528,500 units in the same period [2] Strategic Importance - Wei brand's growth is strategically significant for Great Wall Motors, as it aims to enhance the company's overall electric vehicle sales, which currently lag behind competitors like Geely [2] - Great Wall's total electric vehicle sales for the first nine months of the year were 278,500 units, with a penetration rate of 30%, compared to Geely's 1,167,800 units and a penetration rate of 53.8% [2] Channel Strategy - Wei brand is focusing on a direct-to-consumer (DTC) model to reshape the car buying experience, emphasizing the importance of direct brand-user connections [3] - The core objective is to effectively communicate Great Wall's technological advancements and brand value to consumers [3]

Core Insights - The company is transitioning to a fully direct sales model for its Wei brand, phasing out the previous dealership model and rebranding existing stores to "Wei Brand New Energy" [1][5] - The shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle manufacturers within the Great Wall Automotive system [1][5] - The direct sales strategy is part of a broader trend among automotive companies to adopt dual sales models, balancing direct sales with traditional dealership networks [2][3] Group 1: Direct Sales Model - Great Wall Automotive has decided to fully embrace a direct sales model, moving away from the dual sales approach that included traditional dealerships [2][3] - The transition to direct sales is intended to improve customer experience and brand image, with a focus on connecting directly with consumers [5][6] - The company plans to expand its direct sales outlets significantly, targeting second and third-tier cities to capture new market segments [6] Group 2: Brand and Market Strategy - The Wei brand will become the sole focus of the direct sales channel, with the Tank brand being withdrawn from this model [1][5] - The company has reported significant sales growth for the Wei brand, with a 63% year-on-year increase in September deliveries and a 96% increase in cumulative deliveries from January to September [6] - The strategic shift aims to position Wei in competitive markets against emerging players, while also addressing the high costs associated with direct sales operations [6][7] Group 3: Challenges and Organizational Changes - The dual sales model presents challenges in maintaining consistent pricing between direct sales and dealership networks, which can lead to internal competition [3] - Transitioning to a fully direct sales model requires significant changes in organizational processes, decision-making, and corporate culture, which poses a greater challenge for traditional automakers [7]

Core Viewpoint - The news highlights the transition of Great Wall Motors' sales strategy, with the Tank brand exiting the direct sales model and the Wei brand taking a more prominent role in the direct sales channel, aiming to enhance brand image and sales performance [1][2][8]. Group 1: Sales Strategy Changes - Tank brand will exit the Great Wall Intelligent Selection direct sales model, with the Wei brand transitioning to a direct sales model by the end of October [1][2]. - The "Great Wall Intelligent Selection" WeChat account has been renamed to "Wei Brand New Energy Direct Sales" as part of this transition [1]. - The direct sales model aims to address the challenges faced by traditional dealerships, particularly in high-end vehicle sales [2][4]. Group 2: Sales Performance - Wei brand's sales reached 63,600 units in the first nine months of 2025, marking a 96.35% year-on-year increase, making it the fastest-growing brand under Great Wall Motors [2][7]. - In contrast, Tank brand's sales were 165,100 units, showing a slight decline of 2.75% year-on-year [2][7]. - Wei brand's sales target for 2025 is set between 80,000 to 100,000 units, requiring at least a 46.18% increase compared to 2024 [7]. Group 3: Operational Adjustments - The direct sales model has led to increased operational costs for Wei brand, with sales expenses rising by 63.31% to 5.036 billion yuan in the first half of 2025 [6][5]. - The company plans to expand its direct sales outlets to 600 by the end of the year, covering over 200 cities, with a focus on second and third-tier cities [4][8]. - The exit of the Tank brand from the direct sales model is expected to shift the cost burden solely onto the Wei brand, raising concerns about the sustainability of its growth [6][8]. Group 4: New Product Launches - Wei brand has launched several new models, including the Gao Shan 8, Gao Shan 9, and a refreshed version of the Lan Shan, aimed at boosting sales and market presence [7][8]. - The Gao Shan series targets different customer segments, with prices ranging from 285,800 to 355,800 yuan [7]. - The introduction of new models is part of Wei brand's strategy to penetrate the high-end market and enhance its competitive edge [8].

Core Insights - The article discusses the transition of Great Wall Motors' Wei brand to a fully direct sales model, phasing out the existing dealership system and rebranding "长城智选" stores to "魏牌新能源" [2][8] - This shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle startups within Great Wall's ecosystem [2][8] Group 1: Direct Sales Model Implementation - Great Wall Motors will fully adopt a direct sales model for the Wei brand by the end of October, terminating the existing dealership model [2] - The transition includes the complete withdrawal of the Tank brand from the Wei sales channel, allowing stores to focus solely on Wei products [2][8] - The direct sales strategy is part of a broader initiative to improve customer experience and brand positioning, as articulated by company executives [7][8] Group 2: Market Strategy and Expansion - The Wei brand is expanding its direct sales presence, with plans to increase the number of direct sales stores to 500 across over 300 cities, focusing on second and third-tier markets [9] - In September, Wei delivered 11,000 vehicles, marking a 63% year-on-year increase, and a total of 64,000 vehicles delivered from January to September, representing a 96% growth [9] - The strategic shift aims to capture market share in areas where competitors like Li Auto and Aito have not yet solidified their presence [9] Group 3: Challenges and Financial Implications - The transition to a direct sales model has led to increased sales expenses, which rose by 63.31% to 5.036 billion yuan in the first half of 2025, while net profit decreased by 36.39% [9][10] - The direct-to-consumer (DTC) model requires a significant organizational transformation, which poses challenges for traditional automakers compared to simply establishing direct sales outlets [10]

Core Insights - Great Wall Motors is transitioning to a fully direct sales model for its Wei brand, phasing out the existing dealer network and rebranding "长城智选" stores to "魏牌新能源" [2][3] - The shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle startups within Great Wall's ecosystem [2][8] - The company plans to expand its direct sales presence significantly, targeting second and third-tier cities to capture new market segments [9] Group 1: Direct Sales Model Transition - Great Wall Motors will completely adopt a direct sales model for the Wei brand by the end of October, ending the dealer model [2] - The transition is part of a broader strategy initiated in April last year, which aimed to reduce inventory pressure on dealers by shifting high-end models to direct sales [4][6] - The direct sales model is expected to improve customer experience and brand image, as articulated by company executives [8] Group 2: Market Expansion and Performance - As of May, Great Wall has established over 430 user centers across 110 cities for Wei brand sales and services, with plans to expand to 500 stores covering over 300 cities [9] - Wei brand's sales performance has been strong, with a 63% year-on-year increase in September, delivering 11,000 vehicles [9] - The direct sales model has led to a significant rise in sales expenses, with a 63.31% increase to 5.036 billion yuan in the first half of 2025, while net profit decreased by 36.39% [9] Group 3: Challenges and Strategic Implications - The dual sales model previously employed posed challenges in price control between direct sales and dealer networks, leading to potential internal competition [5][6] - The transition to a fully direct sales model aims to eliminate pricing conflicts and enhance market penetration [7] - The shift to a direct-to-consumer (DTC) approach requires a fundamental transformation in organizational processes and corporate culture, which is more complex than merely establishing direct sales outlets [10]

Group 1 - The core viewpoint of the article emphasizes the safety challenges associated with machine driving compared to human driving, as highlighted by Miao Wei, a former Minister of Industry and Information Technology [2] - The 2025 World Intelligent Connected Vehicle Conference will focus on various aspects of the intelligent connected vehicle industry, including policies, technology, safety, artificial intelligence, applications, and data [2] - Miao Wei pointed out three main safety challenges for machine driving: insufficient capability to handle "long-tail scenarios," inherent limitations in perception and cognition, and the uncontrollable risks posed by the "black box effect" in decision-making processes [2] Group 2 - Morgan Stanley's recent research indicates that the true innovation opportunities in the automotive industry lie in breakthroughs within the AI ecosystem, introducing the "3A" opportunities: Autonomous Driving, AI Embodiment, and AI Data Centers [3] - If traditional vehicle sales companies can achieve substantial breakthroughs in the "3A" areas, they could potentially unlock an additional market value space of $2-3 trillion [3] - CITIC Securities previously projected that Level 3 (L3) autonomous driving will become the main upgrade direction for intelligent driving from Q4 2025 to 2026 [3] Group 3 - A table outlines various automotive brands and their representative models along with their levels of intelligent assisted driving, indicating that Tesla and BYD have models classified as Level 4 (L4), while several others, including Geely and Changan, have models classified as Level 3 (L3) [4] - The SAE classification system for autonomous driving technology ranges from Level 0 (no automation) to Level 5 (full automation), detailing the responsibilities of human drivers at each level [4]