Core Viewpoint - The Ora brand of Great Wall Motors has undergone a significant brand repositioning, now defined as a "multi-power global fashion boutique car brand," expanding beyond a single pure electric vehicle focus to seek broader market growth [2][5] Group 1: Brand Repositioning - The launch of the Ora 5 marks the first mass-produced model under the new brand strategy, offering five pure electric versions with a price range from 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [2] - The Ora 5 features advanced technologies such as the Coffee Pilot Ultra driver assistance system, Coffee OS 3 smart space system, and a second-generation short-blade battery with double the national standard pressure resistance, enhancing its competitiveness in the A-class pure electric SUV market [2] Group 2: Strategic Shift - Great Wall Motors is implementing a new global platform that emphasizes "one car, multiple powers, multiple categories, and multiple postures," aiming to adapt to global market demands [3][6] - The shift to a multi-power strategy is a response to the increasing competition in the new energy vehicle sector, allowing for a broader user base and better alignment with global market needs [5][6] Group 3: Long-term Vision - Great Wall Motors emphasizes a long-term perspective on industry changes, focusing on sustainable operations rather than short-term trends, advocating for healthy competition in the industry [6] - The multi-power approach is expected to enhance research and production efficiency through high commonality and integration, ultimately providing consumers with better value and pricing [6] Group 4: Market Expansion - Ora has already entered over 50 countries and regions, with a user base of 600,000 globally, indicating potential for increased market share following the brand's repositioning [6] - Future plans include launching SUVs, sedans, and personalized multi-category products to better fit global lifestyles [6]

Core Viewpoint - Great Wall Motors' Ora brand is transitioning from a single electric vehicle brand to a "multi-power global fashion boutique car brand" with the launch of the Ora 5, a new A-class pure electric SUV [1][5]. Group 1: Product Launch and Pricing - The Ora 5 was officially launched on December 16, with five configurations priced between 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [1]. - The company is offering nine purchase benefits and a year-end tax subsidy to further reduce the cost of ownership [1]. Group 2: Strategic Shift and Platform Development - Great Wall Motors introduced a new platform aimed at global markets, enabling "one car, multiple powertrains, one car, multiple categories, one car, multiple forms," to provide users with more choices [3]. - The Ora 5 is the first mass-produced model from this new platform, which emphasizes high commonality and integration of components to enhance R&D and production efficiency [5]. Group 3: Design and Target Market - The Ora 5 is positioned as a "selected car for young people," focusing on differentiation in design, intelligence, and quality [7]. - The design features a "natural aesthetics" language inspired by global scenic locations, with a unique "white space" interior design [7][8]. Group 4: Technological Advancements - The vehicle is equipped with Great Wall's third-generation driver assistance system, Coffee Pilot Ultra, which has accumulated over 230 million kilometers of user safety driving data [10]. - The system supports city NOA functionality without relying on high-precision maps and includes advanced parking assistance features [10]. Group 5: Health and Safety Standards - The Ora 5 claims to have nearly "zero benzene and formaldehyde" in its interior materials and has received a "five-star healthy car" certification from the China Automotive Research Institute [12]. - Safety features include a second-generation short-blade battery with double the national standard's anti-crush strength and dual-chamber airbags meeting European standards [12]. Group 6: Global Market Presence - The Ora brand has entered over 50 countries and regions, with a cumulative user base of 600,000 [14]. - The launch of the Ora 5 represents Great Wall Motors' strategic shift from "configuration competition" to "value competition" in the context of electrification and globalization [14].

智能化层面，长城欧拉5倡导"科技平权"，致力于将前沿科技转化为可感知的安心体验。长城欧拉5搭载的长城汽车第三代辅助驾驶系统Coffee Pilot Ultra， 已经陪伴用户安全行驶2.3亿公里，相当于绕地球赤道5600多圈，累计使用超280万小时。 在激光雷达的加持和Coffee Pilot Ultra系统的赋能下，长城欧拉5可实现不依赖高精地图的城市NOA功能，不仅具备红绿灯识别、智能变道、障碍物绕行等高 阶能力，更支持同级最长的3公里记忆泊车（OTA）及200+车位类型的泊车辅助。 与此同时，长城欧拉5的Coffee OS 3智慧空间系统深度融合AI技术，搭载4纳米车规级芯片，打造出"有温度的移动空间"。 12月16日，长城汽车欧拉品牌全新A级纯电SUV——长城欧拉5正式上市。新车共推出5款配置，建议零售价区间为 9.98万至13.38万元，限时换新价9.18万元 起。 目前，欧拉已经进入全球50多个国家和地区，成为了全球60万用户的共同选择。 据官方资料，欧拉5采用"自成一派的自然美学设计"，推出的6款车色灵感源自挪威极光、塞纳河畔、林芝雪山等远方风景 ，其中"塞纳灰"质感工艺堪比豪 华车，"极光绿" ...

新浪科技讯 12月17日下午消息，长城汽车欧拉品牌全新A级纯电SUV——长城欧拉5正式上市。新车共 推出5款配置，建议零售价区间为9.98万至13.38万元，限时换新价9.18万元起。 长城汽车董事长魏建军表示，长城汽车要坚持"技术本善"，坚持带给用户实际价值。后续，长城汽车将 推出"购车防忽悠指南"，用大白话拆解常见技术套路，避免消费者"踩坑"。此外，为了把选择权真正交 给用户，长城汽车推出面向全球市场的全新平台，以"一车多动力，一车多品类，一车多姿态"的全面布 局适配全球市场，长城欧拉5就是长城汽车全新平台的首款量产车型。 "全球市场没有标准答案，只有场景答案"。为了回应全球用户的期待，欧拉品牌后续将推出SUV、轿 车，以及个性化的多品类、多姿态产品，做到"把选择权交给用户"。欧拉品牌将从单一纯电汽车品牌， 正式升级为"多动力全球时尚精品汽车品牌"。 长城欧拉5定位面向年轻人的新一代时尚科技SUV，其推出的6款车色灵感源自挪威极光、塞纳河畔、林 芝雪山等远方风景 。 智能化层面，长城欧拉5搭载长城汽车第三代辅助驾驶系统Coffee Pilot Ultra。在激光雷达加持和Coffee Pilot Ultr ...

Core Insights - The Tank brand has launched the pre-sale of the new Tank 400 model, with two configurations priced at 329,800 yuan and 309,800 yuan, respectively, targeting young consumers with a focus on urban and off-road versatility [1][3]. Group 1: Product Features - The Tank 400 is designed as a "cool off-road SUV" that combines mechanical aesthetics, robust off-road capabilities, and intelligent luxury features [1][3]. - The vehicle features an original mechanical design with a total of 74,595 straight lines, 64,598 flat surfaces, and 21,532 angles, showcasing industry-leading design elements [3]. - The new model offers two hybrid architectures: Hi4-Z and Hi4-T, with the Hi4-Z version achieving a 0-100 km/h acceleration in 4.3 seconds and a WLTC electric range of 200 km [5]. Group 2: Technology and Comfort - The Tank 400 is equipped with the Coffee Pilot Ultra driver assistance system, supporting both urban and highway navigation, along with a comprehensive parking system that recognizes over 200 parking types [7]. - The vehicle's interior includes a 15.6-inch rear entertainment screen, a 5.4L onboard refrigerator, and Nappa leather seats with ventilation, heating, and massage functions for both front seats [7]. - The car's system utilizes the Coffee OS 3 smart space system, powered by the 8295 chip, which integrates the Coffee GPT voice model for advanced semantic recognition and multi-turn dialogue [10].

Core Insights - Great Wall Motors achieved record revenue and profit in Q2 2025, with revenue of 52.316 billion yuan and net profit of 4.586 billion yuan, alongside a total sales volume of 312,000 vehicles, marking its best Q2 performance in history [1][2] - The company has entered a new cycle of high-quality growth, successfully increasing both sales volume and average vehicle price, which reached 175,400 yuan, reflecting a 2.1% year-on-year increase and a 6.3% quarter-on-quarter increase [1][2] Financial Performance - In Q2 2025, Great Wall Motors reported a 161.87% increase in profit compared to the previous quarter, showcasing its resilience amid market challenges [1] - The average selling price of vehicles has risen, indicating a growing acceptance of the brand among higher-end consumer segments [1][2] Market Strategy - Great Wall Motors is focusing on high-value models and has successfully launched the new Wei brand model, Gao Shan, which has gained significant traction in the mid-to-large MPV market [4][5] - The company is not engaging in price wars but is instead enhancing product value and maintaining quality, as demonstrated by the performance of models like the Haval Menglong and Haval Big Dog Plus [6][8] Product Development - The new models, such as the Tank 500 and Gao Shan, are designed to meet diverse consumer needs, combining luxury, performance, and practicality [5][6] - Great Wall Motors is leveraging its technological advancements, such as the Hi4 intelligent hybrid system, to enhance vehicle performance and efficiency [6][12] Competitive Advantage - The company is building a competitive moat through three main pillars: technology, off-road capabilities, and globalization, rather than relying on short-term marketing tactics [9][11] - Great Wall Motors is committed to a long-term strategy that emphasizes sustainable growth and brand trust, as evidenced by its international expansion and local manufacturing initiatives [11][15] Future Outlook - The company is expected to continue its growth trajectory by integrating smart technology into more models and expanding its presence in international markets [16] - Great Wall Motors is not just focused on immediate sales but is also working on establishing a long-term brand value and consumer trust [16]

Core Viewpoint - The company reported its H1 2025 performance, which met expectations, with revenue of 92.367 billion yuan, a year-on-year increase of 1.03%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.22% [2] Financial Performance - In H1 2025, the company achieved revenue of 92.367 billion yuan, up 1.03% year-on-year, and a net profit of 6.337 billion yuan, down 10.22% year-on-year. The second quarter saw revenue of 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8%. The net profit for Q2 was 4.586 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2][6] Sales and Product Structure - The company reported a wholesale sales volume of 313,000 vehicles in Q2, with year-on-year increases of 10.07% and 21.87%. The sales breakdown by brand showed significant growth for the Wei brand, which increased by 106.4% year-on-year. The company also achieved a Q2 sales volume of 98,000 new energy vehicles, with a penetration rate of 31.3% [3] Strategic Focus - The company is committed to long-term strategies focusing on three main areas: smart technology, off-road capabilities, and global expansion. It is enhancing its smart technology with the Coffee Pilot system and has achieved recognition in global markets, ranking among the top 20 in China's global brand list for 2025 [4] Future Projections - The company maintains revenue forecasts of 219.5 billion yuan, 237.6 billion yuan, and 253.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.6%, 8.3%, and 6.8%. The net profit forecasts for the same years are 12.3 billion yuan, 13.9 billion yuan, and 14.4 billion yuan, with corresponding EPS of 1.43, 1.62, and 1.68 yuan [6]

Core Viewpoint - In 2024, the Chinese automotive industry is rapidly transitioning towards intelligence and new energy, with Great Wall Motors maintaining a "long-termism" approach amidst market volatility and price wars, resulting in impressive annual performance. Financial Performance - Great Wall Motors achieved revenue of 202.195 billion yuan in 2024, a year-on-year increase of 16.73% [2] - Gross profit reached 39.449 billion yuan, up 25.47% year-on-year, with a gross margin of 19.51%, an increase of 1.36 percentage points [2] - Net profit surged to 12.692 billion yuan, marking a significant year-on-year growth of 80.73% [2] - Sales of new energy vehicles reached 322,200 units, a 25.65% increase year-on-year, while overseas sales hit 454,100 units, up 44.61% [2] Product Strategy - The proportion of high-priced models increased, with the Tank brand selling 232,195 units at an average price above 200,000 yuan, a 42.57% year-on-year increase, accounting for 18.8% of total sales [3] - The WEY brand, with a starting price above 220,000 yuan, sold 55,539 units, a 56.60% increase year-on-year [3] - The average revenue per vehicle reached 163,800 yuan, an increase of 23,000 yuan year-on-year [3] Research and Development - Great Wall Motors employs 23,000 R&D personnel, with R&D investment exceeding 10 billion yuan for three consecutive years [3] - The company reported a 56.49% year-on-year increase in operating cash flow, reaching 27.783 billion yuan, demonstrating strong profitability [3] Technological Innovation - The company actively advanced its smart vehicle transformation, launching the Coffee Pilot Ultra and Coffee OS 3 systems, and successfully developing the RISC-V automotive-grade MCU chip [4] - Great Wall Motors established an end-to-end intelligent driving model SEE and a new AI data intelligence system, with a 96% user adoption rate for intelligent driving in 2024 [4] Global Expansion - Great Wall Motors implemented an "ecological overseas" strategy, achieving a comprehensive layout in overseas markets [5] - The company expanded high-value model sales overseas, with the WEY brand entering Europe and the Middle East, and the Tank series launching in multiple countries [5] - The sales network now covers over 170 countries and regions, with more than 1,400 overseas sales channels [5]

Core Insights - Great Wall Motors reported a total operating revenue of 202.195 billion yuan for 2024, representing a year-on-year increase of 16.73% [4] - The net profit reached 12.692 billion yuan, marking an 80.73% year-on-year growth, achieving a historical high [4] - The company’s non-recurring net profit attributable to shareholders was 9.735 billion yuan, up 101.4% year-on-year [4] Financial Performance - The single-vehicle profit exceeded 10,000 yuan, reaching 10,300 yuan, an increase of nearly 500 yuan year-on-year [6] - The single-vehicle revenue was 163,800 yuan, up 2,300 yuan year-on-year [6] - The overall vehicle sales reached 1.2345 million units, with new energy vehicle sales growing by 25.65% to 322,200 units [8] Market Strategy - Great Wall Motors is focusing on quality market share rather than just volume, with a significant increase in high-value models [8] - The sales of vehicles priced above 200,000 yuan increased by 37.13%, accounting for one-fourth of total sales [8] - The company’s overseas sales reached 454,100 units, a 44.61% year-on-year increase, with high-value models contributing to 39.7% of overseas revenue [11] Innovation and R&D - Great Wall Motors has invested over 10 billion yuan in R&D for three consecutive years, employing 23,000 R&D personnel [19] - The company is advancing in smart and new energy vehicles, with proprietary technologies like the Hi4 intelligent four-wheel drive system [20] - The company emphasizes a sustainable development model, focusing on quality and long-term strategies rather than short-term gains [16][20] Global Expansion - The company is enhancing its global production system, with projects in Malaysia, Indonesia, Senegal, and Vietnam [11][13] - Great Wall Motors has established over 1,400 overseas sales channels and has sold over 1.9 million units globally [13] - The company aims to achieve annual overseas sales of one million units by 2030, with over one-third being high-end models [14]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7]. Core Insights - The company achieved a revenue of 202.2 billion yuan in 2024, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 12.69 billion yuan, up 80.8% year-on-year [1][6]. - The company continues to accelerate its transformation towards smart technology and has achieved record overseas sales, with a total of 454,000 units sold abroad, marking a 44.6% increase year-on-year [6][7]. - The company’s R&D investment has exceeded 10 billion yuan for three consecutive years, with a workforce of 23,000 dedicated to R&D, laying a solid foundation for enhancing research capabilities [6][7]. Financial Performance - In 2024, the company reported a gross margin of 19.5% and a net margin of 6.3%, with a significant reduction in overall expense ratios compared to 2023 [6][7]. - The company’s revenue per vehicle reached 164,000 yuan, an increase of 23,000 yuan year-on-year, achieving a historical high [6][7]. - The projected net profits for 2025, 2026, and 2027 are expected to be 15.52 billion yuan, 18.21 billion yuan, and 20.86 billion yuan respectively, indicating a strong growth trajectory [6][7]. Market Position and Strategy - The company has established a comprehensive sales network covering over 170 countries and regions, with more than 1,400 overseas sales channels [6][7]. - The introduction of new technologies, such as the Hi4 hybrid technology and the Coffee Pilot Ultra smart driving system, demonstrates the company's commitment to innovation and enhancing its competitive edge in the market [6][7]. - The company aims to strengthen its global competitiveness by focusing on high-quality development and expanding its presence in international markets [6][7].