长城汽车的"四化战略" 中国新能源汽车的快速发展令人欣喜，但燃油车在税费及补贴等劣势下如何保持稳定发展是业内关注的 焦点。此次魏建军提出"油电平等化"直击当前行业发展痛点，引发众多企业与从业者共鸣。 在当前的市场环境下，实现油电平等化意义重大。一方面，能实现燃油车和新能源汽车公平发展，减轻 燃油车车主税收负担。另一方面，可促使汽车市场更健康发展。在此前的数轮"价格战"中，补贴和税费 优势使新能源汽车成为降价主力，而后燃油车被迫降价，导致行业利润率持续走低。此外，中国汽车未 来要全球发展，全球市场的需求多样化，需要不同的动力系统，满足全球不同市场用户的需求。 十年前，新能源汽车尚处于萌芽阶段。为加快推进这一战略新兴产业的发展，国家出台了一系列补贴和 优惠政策。据不完全统计，2009 年 - 2019 年，我国新能源汽车补贴金额超千亿元。在政策刺激下，新 能源汽车实现了快速发展。2024 年新能源汽车零售达 1089.9 万辆，新能源车渗透率高达 47.6%，去年 下半年连续 5 个月渗透率均突破 50%，进入 2025 年渗透率持续走高，今年 8 月已超 55%。 然而，随着新能源汽车销量的大幅增长，燃油车与新 ...

Core Viewpoint - The Chinese automotive market is experiencing a "price war," leading to an average profit margin of less than 5%, the lowest in recent years. However, Great Wall Motors is entering a new cycle of high-quality growth, as evidenced by its strong financial performance in Q2 2025 [1][12]. Financial Performance - In Q2 2025, Great Wall Motors reported revenue of 52.316 billion yuan, a year-on-year increase of 7.72% and a quarter-on-quarter increase of 30.73%, marking the best Q2 revenue in history [1]. - The net profit for the same period reached 4.586 billion yuan, up 19.42% year-on-year and a staggering 161.87% quarter-on-quarter, also the best Q2 performance historically [1]. Sales Growth - Great Wall Motors achieved cumulative sales of 312,000 vehicles in Q2 2025, representing a year-on-year increase of 11.63% and a quarter-on-quarter increase of 21.51%, the best Q2 sales performance ever [2]. - Sales of new energy vehicles reached 97,900 units, up 38.69% year-on-year and 56.46% quarter-on-quarter [2]. Product Strategy - The growth in profit is attributed to a deep optimization of product structure, with an increasing proportion of high-end models contributing to higher vehicle value [3]. - The high-end brand Wey has seen sales exceed 40,000 units from January to July 2025, with the new flagship model, Wey's "Gao Shan," achieving significant sales [3]. Market Positioning - Great Wall Motors is a pioneer in the off-road vehicle market in China, with its Tank brand leading in this segment. The Tank 300, a popular model, has been upgraded to meet diverse customer needs [5]. - The company emphasizes "quality market share" over merely increasing sales through lower prices, focusing on technology and product value [8]. Global Expansion - Great Wall Motors is expanding its high-value models into overseas markets, with several models launched in countries like Thailand, Australia, and Mexico, adopting a "localization" strategy [6]. - The establishment of a factory in Brazil serves as a strategic hub for the Latin American market, enhancing local service capabilities [6]. R&D and Innovation - The company has invested over 10 billion yuan in R&D for three consecutive years, with a team of 23,000 and nearly 50,000 patent applications [9]. - Great Wall Motors leads in the number of patents in the intelligent cockpit field and has made significant advancements in electric and intelligent technologies [9][10]. Future Outlook - The company plans to launch multiple new products in the second half of 2025, including entries into the motorcycle and heavy truck markets, further broadening its business scope [11]. - Great Wall Motors is transitioning from "scale growth" to "value growth," driven by a long-term strategy focused on value creation [12].

Core Viewpoint - Great Wall Motors has evolved from a small factory to a major automotive enterprise with over 82,000 employees and annual sales exceeding one million vehicles, playing a crucial role in China's automotive industry upgrade and global market expansion [1][3] Group 1: Company Growth and Global Presence - Great Wall Motors is celebrating its 35th anniversary in 2025, having developed a brand matrix that includes Haval, Wey, Tank, Ora, Great Wall Pickup, and Great Wall Soul Motorcycle, with products exported to over 170 countries and regions [1][3] - The company has established a global sales network covering more than 170 countries, with over 1,400 overseas sales channels and cumulative overseas sales surpassing 2 million vehicles [3][8] - In 2024, Great Wall Motors aims for overseas sales to reach 450,000 units, with a global user base exceeding 15 million [3][8] Group 2: Technological Innovation and R&D - Great Wall Motors emphasizes the importance of "technological discourse power" in global automotive competition, focusing on mastering core technologies through sustained independent innovation [4][5] - The company has invested over 10 billion yuan in R&D for three consecutive years, with a global R&D network spanning seven countries and a team of 23,000 engineers [4][5] - Great Wall Motors has developed a comprehensive self-research system covering traditional power, new energy, intelligent networking, and chassis architecture [4][5] Group 3: Local Adaptation and Market Strategy - The company has implemented a localized operation strategy, adapting its products and services to meet local market needs, such as optimizing power systems for European emission standards and adjusting vehicle durability for Southeast Asia's climate [5][10] - Great Wall Motors has established three full-process manufacturing bases overseas, including a new plant in Brazil with a planned capacity of 50,000 units, enhancing its production network [7][8] - The company’s "ecological going global" model integrates both vehicle and supply chain collaboration, allowing it to lower logistics and tariff costs while enhancing its competitiveness in the global supply chain [8][10] Group 4: Brand Development and Market Positioning - Great Wall Motors believes that true internationalization involves brand export rather than mere product export, focusing on building a strong global brand presence [10][11] - The company has unified its brand image under GWM while developing differentiated strategies for its various brands, such as Wey's focus on high-end markets and Tank's appeal in off-road segments [10][11] - The establishment of a three-tier service system overseas ensures efficient vehicle maintenance and aligns product offerings with local policies and consumer demands [11]

Core Viewpoint - Great Wall Motors is celebrating its 35th anniversary, showcasing its evolution from a small manufacturer to a global automotive leader, emphasizing the transition of China's automotive industry from "technology introduction" to "standard output" [1][22]. Group 1: Technological Advancements - Great Wall Motors has established a comprehensive layout in the energy and intelligence sectors, positioning itself as a key player in the global automotive supply chain, with subsidiaries expected to enter the global top 100 automotive parts suppliers by 2025 [3]. - The company's Xu Shui smart factory demonstrates high efficiency and precision, achieving a 100% welding rate and a 96% acceptance rate for body frame accuracy, which is competitive with world-class manufacturing facilities [4]. - Great Wall Motors has consistently invested over 10 billion yuan in R&D for three consecutive years, with 2024's R&D expenditure projected at 10.4 billion yuan, representing 5.2% of sales, significantly above the industry average of 3.1% [6]. Group 2: Safety and Quality Assurance - The company has invested 500 million yuan in the largest independent automotive safety testing laboratory in Asia, capable of simulating 9,000 real-world road scenarios [7]. - Great Wall Motors has developed a comprehensive quality control system across its entire supply chain, ensuring high standards in safety and performance [10]. Group 3: Global Expansion - Great Wall Motors has transitioned from "product export" to "ecosystem export," establishing three complete vehicle production bases in Thailand and Brazil, with over 1,400 overseas sales channels and cumulative exports exceeding 2 million vehicles [8]. - The new factory in São Paulo, Brazil, is expected to create 1,300 direct jobs and indirectly support over 5,000 jobs in the supply chain [8]. Group 4: Talent Development and Corporate Culture - The company emphasizes talent as its core competitive advantage, with a record bonus distribution of 4 billion yuan to employees in 2024, and a "35+ plan" that facilitates career growth without restrictions on age or background [16]. - Great Wall Motors has established a comprehensive support system for employees, including affordable housing, educational services for children, and healthcare facilities [17]. Group 5: Brand Philosophy and Future Outlook - The company aims to redefine "Chinese manufacturing" to "Chinese leadership," focusing on trust as a fundamental value, and is committed to enhancing the global perception of Chinese automotive products [20][22].

Group 1 - The "Hi4 Talk" series launched by Great Wall Motors aims to discuss the Hi4 technology system and address user concerns in an accessible manner [2] - Great Wall Motors' Vice President Wang Chao explained that Hi4 technology offers a more efficient driving mode compared to range-extended systems, likening Hi4 to a washing machine with more functions [3] - CTO Wu Huixiao emphasized that Hi4 technology provides a responsive and stable driving experience, particularly in extreme driving conditions, enhancing both safety and confidence for drivers [3] Group 2 - Great Wall Motors' Tank team showcased the performance of Hi4-T and Hi4-Z technologies in the 2025 China Rally, winning the T2.E production new energy group championship [4] - Wang Chao noted that the vehicles sustained minimal damage during the rally, demonstrating the durability and reliability of key components under extreme conditions [4] - Wu Huixiao highlighted the importance of using competitive events as a testing ground to continuously improve vehicle performance [4]

Core Viewpoint - Great Wall Motors emphasizes the advantages of its Hi4 technology over range-extended electric vehicles, highlighting its efficiency and versatility in various driving scenarios [2][3]. Group 1: Hi4 Technology Overview - Hi4 is described as an intelligent four-wheel drive hybrid technology, which includes multiple variants tailored for different vehicle types, such as mid-size cars, large cars, off-road vehicles, and heavy trucks [2]. - The Hi4 system offers a direct drive mode in addition to the electric-only mode, making it more efficient in mid to high-speed scenarios compared to range-extended vehicles [2]. Group 2: Reliability and Durability - Concerns regarding the reliability of the more complex Hi4 system are addressed, with comparisons made to the durability of footwear, suggesting that having multiple operational modes can enhance longevity [3]. - Great Wall Motors participates in competitive events like the Rally to test and improve the durability of its vehicles, with the Tank brand achieving notable success in the 2025 China Rally [4]. Group 3: Market Position and Consumer Insights - Currently, only 5% of family vehicles in China are four-wheel drives, with cost being a significant barrier to wider adoption [3]. - The Hi4 architecture aims to reduce the cost and energy consumption associated with four-wheel drive systems, thereby enhancing safety and encouraging broader acceptance among consumers [3]. - The Tank brand has achieved a high resale value, with a reported 61.53% retention rate after three years, indicating strong market performance and consumer trust [4].

Core Viewpoint - Great Wall Motors is focusing on its Hi4 technology instead of range-extended electric vehicles (REEVs), emphasizing efficiency and cost-effectiveness in the competitive new energy vehicle market [1][2][5] Group 1: Technology Comparison - The Hi4 technology offers a more efficient driving mode compared to REEVs, as it includes a direct drive mode that reduces energy loss in mid-to-high-speed scenarios [1][2] - Hi4 technology is designed to cater to various vehicle categories, including mid-size, large, and off-road vehicles, enhancing its applicability across different consumer needs [2][4] Group 2: Market Demand and Strategy - The demand for four-wheel drive (4WD) systems is increasing due to urban traffic developments and rising self-driving tourism, creating new opportunities for Great Wall Motors [4] - Great Wall Motors plans to invest 19 billion yuan in 2024 for the development of smart new energy technologies, with Hi4 being the core of its technological strategy [5] Group 3: Competitive Advantage - By choosing a more technically demanding hybrid route, Great Wall Motors avoids homogenized competition in the market dominated by brands like Ideal and Aito, establishing a unique brand identity [5] - The Hi4 architecture allows Great Wall Motors to offer a "4WD experience at a 2WD price," providing a competitive edge in the new energy technology sector [5]

Core Viewpoint - Great Wall Motors emphasizes its commitment to not pursuing range-extended electric vehicles, focusing instead on its Hi4 technology as a superior hybrid solution [1] Group 1: Technology and Product Strategy - Great Wall Motors is one of the few companies in the industry that does not engage in range-extended hybrid technology, believing that its Hi4 technology system is a better hybrid solution [1] - The Hi4 technology system integrates core technologies such as efficient engines, transmissions, and electric drives, covering a diverse range of hybrid products from passenger to commercial vehicles [1][2] - The company has achieved a comprehensive new energy layout across its five brands, including Wei, Haval, Ora, Tank, and Great Wall Pickup, with a focus on self-research and development [2] Group 2: Market Position and Competition - The automotive market is becoming increasingly competitive, with major players like BBA (Benz, BMW, Audi) and Toyota launching aggressive new energy strategies, which will reshape the market landscape by 2026 [2] - Great Wall Motors aims to maintain its competitiveness in the new energy vehicle sector by adhering to a long-term high-quality development philosophy and focusing on quality market share [2] Group 3: Sales and Marketing Strategy - Great Wall Motors plans to explore a direct sales model, with the first 33 direct stores set to open on May 1, aiming to enhance communication with customers and create a closed-loop system from manufacturing to sales [4] - The company has launched the "ONE GWM" global strategy to integrate its six major brands for overseas market expansion, marking the beginning of a new era in brand strategy development [4] Group 4: International Expansion - Great Wall Motors has been operating in overseas markets for nearly 30 years, with over 1,400 sales channels and cumulative overseas sales exceeding 1.9 million vehicles [5] - The company has established vehicle assembly plants in Thailand and Brazil, and KD factories in various countries, indicating a strong commitment to international growth [5] Group 5: Regulatory Compliance and Future Trends - In response to recent regulatory requirements regarding the promotion of assisted driving, Great Wall Motors acknowledges the necessity of these regulations and commits to strict compliance [5] - The company believes that the future of intelligent driving will involve continuous technological advancements and improved regulations, emphasizing the importance of responsible marketing practices [5]

Core Viewpoint - Great Wall Motors is focusing on a unique strategy that avoids the range-extended electric vehicle (EREV) market, emphasizing its advanced hybrid technology and a commitment to both internal combustion engines and electric drive systems to meet diverse consumer needs [2][6][10]. Product Strategy - Great Wall Motors plans to launch multiple models under the Tank and Ora brands in the second half of the year [1]. - The company has developed a comprehensive hybrid ecosystem through its Hi4 technology, which integrates efficient engines, transmissions, and electric drives [6][8]. - The Tank brand will introduce several 2026 models, including the Tank 400 Hi4-Z, while the Ora brand will release two new electric models focusing on small and compact SUVs [10]. International Expansion - Great Wall Motors has been actively pursuing international markets, with a goal to become "the world's GWM" through its ONE GWM strategy [3][12]. - In 2024, the company achieved significant growth in overseas markets, with revenue reaching 80.26 billion yuan, accounting for nearly 40% of total revenue, and overseas sales increasing by 44.61% to 454,100 units [3][4]. - The company has established over 1,400 overseas sales channels and has sold vehicles in more than 170 countries, with a focus on localizing production and operations [4][12]. Market Positioning - Great Wall Motors is strategically positioning itself to adapt to different international markets, tailoring products to local economic conditions and consumer preferences [13][14]. - The company recognizes a shift in its customer base towards younger consumers, who prioritize experiential value and usage scenarios over traditional factors like brand and price [15].

Core Viewpoint - Great Wall Motors showcased its commitment to innovation and technology at the 2025 Shanghai Auto Show with the theme "Technology Great Wall, Off-road Great Wall, World Great Wall" [1] Group 1: Product Launches - Great Wall Motors unveiled its new 4.0T V8 engine, marking a significant advancement for Chinese companies in the large displacement engine sector [1] - The Hi4 technology system was prominently featured, including various architectures such as Hi4, Hi4 Performance Version, Hi4-T, Hi4-Z, and Hi4-G, demonstrating a comprehensive hybrid ecosystem [1] Group 2: Brand Highlights - The Haval brand presented two key models equipped with Hi4 technology: the second-generation Haval Xiaolong MAX and the Haval Menglong [1] - The Wey brand introduced the new Gaoshan MPV and a new color version of the Blue Mountain [1] - The Ora brand showcased the Lightning Cat travel version, which combines fashion, intelligence, and spaciousness [1] - The Tank brand launched the Tank 300 3.0T hard bridge model, emphasizing its rugged off-road capabilities [1] - The Great Wall Pickup brand initiated global pre-sales for the Mountain and Sea Pickup Hi4-T [1] - Soul Motorcycle displayed a custom-painted version of its motorcycle models [1]