公司发布6 月产销快报，6 月汽车销量为11.1 万辆，同比+12.9%，环比+8.3%；2025 年Q2 汽车销量为 31.3 万辆，同比+10.1%，环比+21.9%；2025 年H1 汽车销量为57.0 万辆，同比+1.8%。 新能源销售保持高增长，2025Q2 海外销售回升明显6 月公司新能源汽车销量为3.6 万辆，同比+39.4%， 环比+11.5%；1-6 月累计销量为16.0 万辆，同比+21.2%。2025 年H1 新能源汽车销量占比为28.2%，同 比+4.5pct，电动化进一步向上。出海方面，6 月海外销量为4.0 万辆，同比+5.2%，环比+16.0%，1-6 月 海外累计销量为19.8 万辆，同比-1.9%。2025 年Q2 公司海外销量为10.7万辆，同比-1.8%，环比 +17.5%，环比回升明显。我们预计公司巴西工厂将于2025年H2 投产，投产后初期将生产3 款车型，产 能5 万辆，后续产能将逐步提高至10万辆，通过海外建厂实现销售，一方面提升公司销量，另一方面也 降低了公司受到关税等不利因素的影响。 投资建议 我们预计公司2025-2027 年营收分别为2427/2812/3 ...

（文/观察者网 张家栋 编辑/高莘） 6月27日，2025款欧拉好猫及好猫GT木兰版迎来正式上市，其中，2025款欧拉好猫建议零售价8.38万— 10.38万元；2025款好猫GT木兰版建议零售价9.68万—10.68万元。 作为在中国汽车市场最早出现的A0级纯电车型之一，2020年上市的欧拉好猫曾凭借其经典的外观设 计、独特的精品定位，以及专注女性市场的品牌标签，一度成为国内对应细分市场的标杆级产品。该车 型的热销，也一度令长城在此前的战略周期中，确定了其纯电转型的方向。 不过，随着近年来国内纯电市场的快速发展，电驱、电池等核心零部件的技术提升与成本下降，A0级 纯电车型的精品化概念也正迅速发生改变。尤其是在智能化需求走向电动车的各个细分市场之际，精品 小车也逐渐向着大众化需求方向发展。 本次新款好猫的发布会上，"经典"成为了欧拉品牌新的关键词，欧拉汽车表示，表示将立足历久弥新的 设计、与时俱进的体验和精益求精的品质，打造品牌与用户之间的心灵纽带，从而塑造新的品牌价值。 如今，作为欧拉品牌的销量支柱，同样也是品牌的代表之作，2025款欧拉好猫的上市，也恰恰展现了长 城重塑品牌的决心。新车指导价在2024款的 ...

2025款欧拉好猫全面升级，欲重新定义精品A0级纯电轿车价值标杆。新车采用全新运动前脸，并 在前保险杠两侧新增了通风孔设计，配合由40颗LED光源组成的猫眼大灯、18英寸"八音盒机芯"轮 毂、"节奏大师"尾灯等，让2025款欧拉好猫极具辨识度。 6月27日，2025款欧拉好猫和2025款欧拉好猫GT木兰版在保定长城汽车技术中心正式上市。其中， 2025款欧拉好猫的建议零售价区间为8.38万~10.38万元，限时换新价区间为7.98万—9.98万元；2025款 欧拉好猫GT木兰版的建议零售价区间为9.68万~10.68万元，限时换新价区间为9.28万~10.28万元。同 时，欧拉汽车还为下订用户提供了包含换新礼、泊车礼、非凡礼和安行礼等共7重限时"好"礼。 在发布会现场，欧拉品牌总经理吕文斌指出，在新能源汽车产业加速变革的当下，"纯电小型车的 碳排放更低，可以真正践行'降碳、减排'，能更充分践行国家'双碳'战略。在能源变革与城市进化的关 键交汇点，纯电小型车就是时代的必然选择！" 据介绍，自2020年上市以来，欧拉好猫已陆续进入全球50多个国家和地区，在全球范围收获超28万 用户。从研发到上市再到全球热销，品质 ...

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].

2025款欧拉好猫建议零售价在8.38万-10.38万元，限时换新价低至7.98万-9.98万元；2025款欧拉好猫GT木兰版建议零 售价为9.68万-10.68万元，限时换新价为9.28万-10.28万元。为回馈用户，欧拉汽车还精心准备了包含换新礼、泊车 礼、非凡礼和安行礼等在内的7重限时"好"礼，为消费者购车增添更多实惠与惊喜。 发布会现场，欧拉品牌总经理吕文斌宣布了一项极具创意的活动——欧拉拿出300万元活动基金，举办"欧拉出好片"摄 影活动。无论用户是用手机随手记录生活点滴，还是凭借专业相机精心创作，无论是时尚穿搭展示，还是捕捉生活、 旅途中的美好瞬间，只要分享出来，就有机会获得欧拉精心准备的心动礼品，其中包含深受年轻人追捧的Labubu等潮 玩单品，以及Pocket等专业摄影设备。这一活动充分彰显了欧拉以开放包容之姿，与用户携手同行，共同勾勒新能源 时代城市美好出行画卷的决心。 紧跟"双碳"战略，下半年两款重磅新品蓄势待发 在全球能源转型的大趋势下，"双碳"战略已成为汽车行业变革的核心驱动力。随着我国城市化进程稳步推进，新能源 汽车市场蓬勃发展，城市充电网络建设加速，上半年我国"车桩"增量比达1:3 ...

| 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 ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The report highlights that Great Wall Motors is facing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.019 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The report notes that the decline in net profit is primarily due to product cycle fluctuations leading to decreased quarterly sales, increased sales expenses, and delays in new car certifications affecting tax refunds in Russia [1] - Great Wall Motors' Q1 gross margin was 17.84%, with sales expenses rising to 2.296 billion yuan, reflecting a significant increase due to accelerated investments in direct sales and new model launches [1] - The report emphasizes the growth of the Wey brand and ongoing international expansion, with total wholesale sales of 256,800 units in Q1, a year-on-year decrease of 6.7% [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix across various brands [1] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 219.515 billion yuan, 237.623 billion yuan, and 253.828 billion yuan respectively, reflecting a year-on-year growth of 8.57%, 8.25%, and 6.82% [1] - Net profit forecasts for the same years have been revised to 12.270 billion yuan, 13.854 billion yuan, and 14.366 billion yuan, indicating a year-on-year decrease of 3.33% in 2025, followed by increases in subsequent years [1] Financial Summary - The total revenue for 2023 is projected at 173.212 billion yuan, with a year-on-year growth of 26.12% [1] - The diluted EPS for 2025 is estimated at 1.43 yuan, with a P/E ratio of 18.44 [1] - The report indicates that the company’s sales and R&D investments are increasing, which has led to a downward adjustment in profit expectations [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.02 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix [1] - The forecast for 2025-2027 has been adjusted downwards for both revenue and net profit due to increased competition in the industry [1] Financial Summary - Total revenue forecast for 2025 is 219.515 billion yuan, with a year-on-year growth of 8.57% [1] - Net profit attributable to shareholders for 2025 is projected at 12.270 billion yuan, reflecting a decrease of 3.33% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 18.44 [1]