Core Viewpoint - Great Wall Motors showcases its technological strength in the Chinese automotive industry through participation in the 2025环塔拉力赛, emphasizing the importance of real-world testing for vehicle performance and reliability [1][3]. Group 1: Event Participation and Achievements - Great Wall Motors returned to the环塔拉力赛 after ten years, competing with ten vehicles across three brands: Haval, Tank, and Great Wall Pickup, winning championships in both the fuel and new energy categories [3][5]. - The环塔拉力赛 is recognized as one of the most challenging rally events in China, serving as a testing ground for vehicle performance under extreme conditions [3][5]. Group 2: Technological Development and Strategy - Chairman Wei Jianjun stated that the core value of participating in such events is to gather valuable data and experience to enhance vehicle reliability and durability, ultimately improving consumer product experience [5][7]. - Great Wall Motors aims to integrate internal combustion engines and electric drive systems, focusing on hybrid technology and meeting diverse global user needs [5][7]. Group 3: Product Range and Data Utilization - The company has developed a range of off-road vehicles, including models like Tank 700 Hi4-T and Haval H9, utilizing advanced technologies such as Hi4-T hybrid systems and high-torque engines [7][10]. - Data collected during the rally will be used to refine production models, enhancing overall vehicle performance [7][10]. Group 4: Cultural Integration and Future Plans - Great Wall Motors plans to incorporate local culture into its brand strategy, enhancing brand presence through events and user engagement [7][10]. - The company intends to return to the Dakar Rally, aiming to demonstrate the strength of Chinese automotive brands on a global stage [7][10]. Group 5: Safety and Skill Development - The company has introduced a "Off-Road Skill Grading Standard" to promote safety and guide enthusiasts in enjoying off-road experiences [10]. - Great Wall Motors launched an off-road driving training camp to share practical experiences and improve skills among off-road enthusiasts [8][10].

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].