【文/观察者网 张家栋 编辑/高莘】 当电动化与智能化转型的势头一浪高过一浪，长城汽车却正用另一种方式展现中国汽车产业的技术实 力。 文中图片均来自长城汽车 时隔十年，在5月20日开启的2025年环塔拉力赛上，长城汽车再度现身。据悉，本次长城汽车参赛车辆 覆盖哈弗、坦克、长城炮三大品牌，以涵盖汽油、柴油、新能源三大T2原厂量产组别的十辆赛车参 赛，并最终斩获燃油组与新能源组两个组别的总赛段冠军。 尽管在赛事全长与难度上不及更具世界影响力的"达喀尔拉力赛"，但作为国内难度最大的拉力赛事，环 塔拉力赛不仅是一场由复杂多变的地形、极端恶劣的气候组成的赛程，同样也是一个检验汽车性能与可 靠性的"试炼场"。 尽管十年来市场环境不断变革，汽车行业也经历了诞生以来最关键的动力系统转折时刻，但长城却并没 有在市场销量的变革中，改变对于"赛事验证技术"的决心。 长城汽车董事长魏建军 长城汽车董事长魏建军表示，通过在极限环境下对车型进行实战检验，从而积累宝贵经验和数据，持续 优化技术，最终将赛事经验转化为量产车型的可靠性与耐久性提升，为消费者带来更出色的产品体验， 这是长城汽车参赛的核心价值。 更进一步来看，参加环塔的"以赛验车 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Great Wall Motors [3][6]. Core Views - The company reported a revenue of 40.02 billion yuan in Q1 2025, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.7% [1][6]. - Despite short-term performance pressure, the company is launching competitive new models and enhancing its technological capabilities [6]. - The company is actively pursuing collaborations to create a new ecosystem for intelligent mobility [6]. Financial Performance - In Q1 2025, Great Wall Motors achieved a gross margin of 17.8% and a net margin of 4.4% [6]. - The total revenue for 2023 is projected at 173.21 billion yuan, with a year-on-year growth of 26%, and expected to reach 340.64 billion yuan by 2027 [7][33]. - The net profit attributable to shareholders is forecasted to be 14.62 billion yuan in 2025, with a growth rate of 15% [7][33]. Sales and Market Position - The company sold 257,000 vehicles in Q1 2025, a decline of 6.7% year-on-year, while overseas sales decreased by 2.0% to 91,000 units [6]. - New energy vehicle sales increased by 5.7% year-on-year, reaching 63,000 units [6]. Product Development and Innovation - The company launched several new models in 2025, including the Tank 300 and the second-generation Haval Xiaolong MAX, which features advanced driving technology [6]. - Great Wall Motors is focusing on product upgrades and technological accumulation to enhance competitiveness [6]. Strategic Collaborations - The company has formed strategic partnerships with various technology firms to innovate in areas such as AI and intelligent vehicle manufacturing [6].