Group 1 - The 28th Chengdu International Auto Show recently opened, showcasing Great Wall Motors with six major brands and over 30 models, emphasizing the brand's commitment to "user first" [1][3] - Great Wall Motors' six brands cover diverse vehicle scenarios including urban commuting, suburban exploration, family travel, off-road adventures, and luxury travel [3][4] - The Haval Big Dog PLUS, a family-oriented SUV, officially debuted at the show with a pre-sale starting at 112,800 yuan, featuring the new Coffee OS 3 smart cockpit system and offering both fuel and PHEV power options [6][9] Group 2 - The Tank SUV's new model, Tank 500, was officially launched before the show with a starting price of 335,000 yuan, while the "V6 Cannon" pickup truck, equipped with a 3.0T V6 engine, also began pre-sales [9] - Great Wall Motors created a user engagement event at the show, sharing real user stories and reflecting on the brand's emotional connection with its customers [11]

Core Insights - Wei Jianjun, chairman of Great Wall Motors, has become a highly popular figure among Chinese automotive leaders, as showcased at the Chengdu Auto Show on August 29 [2] - Great Wall Motors is actively promoting motorsport culture, participating in events like the Dunhuang Off-Road Endurance Race, reflecting its brand commitment to "grow with users and protect their passions" [2] - The company emphasizes its unique Hi4 intelligent four-wheel drive hybrid technology, which aims to provide a four-wheel drive experience at a two-wheel drive price, catering to diverse user needs [2] Product Strategy - Great Wall Motors showcased over 30 vehicles at the auto show, highlighting its "full scene" product layout strategy, which addresses various use cases such as urban commuting, suburban exploration, family travel, rugged off-roading, and luxury trips [3] - Key models displayed included the Haval Big Dog PLUS, second-generation Haval H9 Warrior Edition, Wey High Mountain 7, new Tank 500, 2025 Ora Good Cat, Ora Lightning Cat, V6 Fire Cannon, Mountain Sea Cannon Hi4-T Travel Co-Creation Edition, and Great Wall Soul S2000, illustrating the company's comprehensive travel ecosystem [3] - The event was designed as a user party, allowing customers to share their personal stories with Great Wall Motors, enhancing emotional engagement and connection with the brand [3]

Core Viewpoint - The company reported strong performance in Q2 2025, with revenue and net profit exceeding expectations, driven by improved sales and product offerings in the high-end segment [2][3][5]. Revenue Performance - In Q2 2025, the company achieved revenue of 52.3 billion yuan, representing a quarter-on-quarter increase of 7.7% and a year-on-year increase of 30.7% [2]. - The wholesale sales totaled 313,000 units, with a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [3]. - The average selling price (ASP) was 167,000 yuan, reflecting a quarter-on-quarter improvement of 7% [3]. Profitability Metrics - The net profit attributable to shareholders was 4.59 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2]. - The gross margin for Q2 was 18.8%, showing a slight decrease of 3 percentage points year-on-year but an increase of 1 percentage point quarter-on-quarter [3]. Product and Market Strategy - The company is focusing on its Coffee OS 3 smart cockpit system, which is being integrated into multiple strategic models, enhancing the overall user experience [4]. - The launch of the next-generation all-powerful intelligent super platform in May 2025 aims to support various powertrain options, including hybrid and hydrogen fuel [4]. Future Outlook - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 14 billion, 19 billion, and 22.6 billion yuan respectively, reflecting strong growth potential [5]. - The company maintains a "buy" rating based on the robust product cycle and rapid growth in non-Russian export markets [5].

Core Viewpoint - The company reported a significant increase in vehicle sales for June and the first half of 2025, driven by strong performance in key brands and a focus on new energy vehicles [1][2][3][4]. Group 1: Sales Performance - In June, the company's total vehicle sales reached 111,000 units, representing a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [1][2]. - For the first half of 2025, total vehicle sales amounted to 570,000 units, showing a year-on-year growth of 1.8% [2]. - The sales breakdown for key brands in H1 2025 includes Haval at 321,000 units (+7.2%), Wey at 34,000 units (+73.6%), Ora at 14,000 units (-56.2%), and Tank at 104,000 units (-10.7%) [2]. Group 2: New Energy Vehicles - The company sold 36,000 new energy vehicles in June, marking a year-on-year increase of 39.4% and a month-on-month increase of 11.5% [3]. - Cumulative sales of new energy vehicles for the first half of 2025 reached 160,000 units, reflecting a year-on-year growth of 21.2% [3]. - New energy vehicles accounted for 28.2% of total sales in H1 2025, an increase of 4.5 percentage points year-on-year [3]. Group 3: International Expansion - In June, overseas sales reached 40,000 units, a year-on-year increase of 5.2% and a month-on-month increase of 16.0% [3]. - Cumulative overseas sales for the first half of 2025 were 198,000 units, showing a slight decline of 1.9% year-on-year [3]. - The company plans to launch its Brazilian factory in H2 2025, initially producing three models with a capacity of 50,000 units, which will eventually increase to 100,000 units [3]. Group 4: Financial Projections - Revenue projections for 2025, 2026, and 2027 are 242.7 billion, 281.2 billion, and 310.7 billion yuan, respectively, with year-on-year growth rates of 20%, 16%, and 11% [4]. - Net profit attributable to the parent company is expected to be 14.1 billion, 16.4 billion, and 18.4 billion yuan for the same years, with growth rates of 11%, 16%, and 12% [4]. - The projected EPS for 2025, 2026, and 2027 is 1.65, 1.92, and 2.15 yuan per share, with a CAGR of 13% [4].

Core Insights - The 2025 Ora Good Cat and Good Cat GT Mulan Edition have been officially launched with suggested retail prices ranging from 83,800 to 103,800 yuan for the Good Cat and 96,800 to 106,800 yuan for the GT version [1] - The Ora Good Cat, launched in 2020, was one of the earliest A0-level pure electric models in the Chinese market, gaining popularity due to its classic design and focus on the female market [1][3] - The brand is shifting away from its "pink economy" label to compete in the mainstream A0-level market, reflecting a broader transformation strategy under Great Wall Motors [3][5] Product Details - The new model features a sporty front face with enhanced aerodynamics and improved range, alongside design elements like 18-inch wheels and distinctive tail lights [6] - The vehicle is equipped with a powerful system featuring 16GB of RAM and 128GB of storage, enabling rapid boot-up and compatibility with major smartphone brands [7] - Interior upgrades include a new two-spoke steering wheel and the latest Coffee OS 3 system, with a combination of a 10.25-inch instrument panel and a 14.6-inch floating central control screen [9] Technological Enhancements - The new models introduce various driving modes and enhanced parking assistance systems, supported by 19 sensing hardware units and 8T computing power for over 100 parking scenarios [10] - The efficient electric drive system allows for a CLTC range of up to 430 km for most variants, with safety features meeting new national standards [12]

Group 1 - The 2025 Ora Good Cat and 2025 Ora Good Cat GT Mulan Edition were officially launched on June 27, with price ranges set between 83,800 to 103,800 yuan for the Good Cat and 96,800 to 106,800 yuan for the GT Mulan Edition, along with various promotional offers for customers [1][3] - The brand manager emphasized the importance of pure electric small cars in achieving lower carbon emissions and supporting the national "dual carbon" strategy, positioning them as a necessary choice in the current energy transformation [3][10] - The 2025 Ora Good Cat aims to redefine the value benchmark for premium A0-class electric sedans, featuring a new sporty front face and distinctive design elements such as LED headlights and unique wheel designs [5][9] Group 2 - The smart cockpit of both the 2025 Ora Good Cat and GT Mulan Edition includes a new two-spoke steering wheel and an upgraded Coffee OS 3 system, featuring a combination of a 10.25-inch instrument panel and a 14.6-inch floating central control screen [7][9] - The new models are equipped with an efficient electric drive system, with a CLTC range of 430 km for most variants, and a commitment to safety standards that will be implemented in 2026 [9][10] - Since its launch in 2020, the Ora Good Cat has entered over 50 countries and regions globally, achieving over 280,000 users, and has been recognized as the quality champion in the compact electric vehicle segment by J.D. Power [9][10]

Core Viewpoint - Great Wall Motors' Ora brand has launched the 2025 Ora Good Cat and 2025 Ora Good Cat GT Mulan Edition, aiming to enhance market share through competitive pricing and product upgrades [2][3]. Pricing Strategy - The starting price of the new Good Cat has been reduced by nearly 30,000 yuan, with overall pricing now below 100,000 yuan [3]. - The suggested retail price for the 2025 Ora Good Cat ranges from 83,800 to 103,800 yuan, while the GT Mulan Edition is priced between 96,800 and 106,800 yuan [2]. Sales Performance - Ora has experienced a significant decline in sales, with 2024 sales dropping to 63,300 units, a year-on-year decrease of 41.69% [3]. - In May 2025, sales fell to 1,961 units, down 67.34% year-on-year, with cumulative sales from January to May at 11,000 units, a decline of 58.69% [3]. Management Changes - Great Wall Motors appointed Lv Wenbin as the new general manager of the Ora brand to oversee strategic planning, product layout, marketing, and user operations [3][4]. Product Development - Ora has not launched new products for over two years but plans to introduce two significant new models for the global market in the second half of 2023, with a development cost of 1 billion yuan [4]. Product Upgrades - The new Good Cat models feature upgrades in intelligence and power systems, including the latest Coffee OS 3 and enhanced parking assistance systems [5]. - The new models have a CLTC range of 430 km, except for the 401 km classic version [5]. Strategic Positioning - Ora will continue to focus on pure electric vehicles, aligning with national carbon reduction strategies and avoiding hybrid models [5]. Marketing Strategy - The marketing approach has shifted from a sole focus on female consumers to include urban white-collar workers, artistic youth, and families, aiming for broader market appeal [6]. - There are indications that Ora may re-establish independent sales channels after integrating with other Great Wall brands [6]. Historical Context - In early 2022, Ora discontinued the popular Black Cat and White Cat models due to profitability issues, despite their combined sales exceeding 173,000 units [6].

Core Viewpoint - The launch of the 2025 Ora Good Cat and 2025 Ora Good Cat GT Mulan Edition represents a significant step in redefining the value standards of premium A0-class electric sedans, emphasizing innovative design, competitive pricing, and enhanced product capabilities [1][3][20]. Pricing and Promotions - The suggested retail price for the 2025 Ora Good Cat ranges from 83,800 to 103,800 yuan, with a limited-time trade-in price as low as 79,800 to 99,800 yuan; the 2025 Ora Good Cat GT Mulan Edition is priced between 96,800 and 106,800 yuan, with a trade-in price of 92,800 to 102,800 yuan [3]. - To reward customers, Ora has prepared a series of promotional gifts, including trade-in gifts, parking gifts, and other special offers [3]. Product Features and Innovations - The 2025 Ora Good Cat features a refreshed design with new color options and an upgraded interior inspired by classic Chinese art, enhancing both aesthetics and user experience [7][9]. - The new models are equipped with advanced smart cockpit technology, including a dual-spoke steering wheel, a 10.25-inch instrument panel, and a 14.6-inch floating central control screen, supporting over 40 applications and seamless connectivity with major smartphone brands [9]. - Enhanced parking assistance systems with 80 times increased computing power and 19 sensing hardware components allow for efficient parking in over 100 scenarios [13]. Sustainability and Market Trends - The launch aligns with China's "dual carbon" strategy, promoting lower carbon emissions through the adoption of electric vehicles, particularly in urban settings where charging infrastructure is rapidly developing [4][6]. - The company plans to introduce two additional global market products in the second half of the year, developed over three years with an investment of 1 billion yuan, focusing on aesthetics, technology, and comfort [6]. User Engagement and Brand Loyalty - The brand emphasizes a strong connection with users, as demonstrated by a creative photography campaign that encourages customers to share their experiences with the vehicles [3][18]. - Since its launch in 2020, the Ora Good Cat has successfully entered over 50 countries, accumulating more than 280,000 global users and winning accolades for quality, including the J.D. Power 2025 award for compact electric vehicle quality [18].

| 黄细里 | Ekste | | --- | --- | | 刘力宇 | | | 煮路 | | | 郭雨蒙 | | | 孙仁昊 | De se o | | 赖闊旭 | יות משפחים | | | | | 投资要点 | | --- | 公告要点： 公司公布2025Q1业绩。2025Q1公司实现营收400.19亿元，同环比-6.6%/-33.2%，实现归母净利 润17.51亿元，同环比-45.7%/-22.7%，归母净利润同比下降主要系：1）产品周期波动导致季度 销量下降；2）销售费用同比增长；3）俄罗斯报废税返还因新车认证后延所致。盈利能力方 面，公司Q1毛利率为17.84%，同环比分别-2.2/+1.3pct，受俄罗斯报废税后延约影响。费用率方 面，Q1公司销售费用为22.96亿元，同环比分别+34.6%/+44.6%，主要系：1）直营体系加速投 入的影响；2）新车型上市和预热的影响，如高山、坦克300、二代枭龙max等。 魏品牌放量，出海持续推进： 销量结构上，长城汽车Q1批发销量25.68万辆，同环比分别-6.7%/-32.3%。分品牌来看，哈弗/ 魏 牌 / 坦 克 / 欧 拉 / 皮 卡 销 ...