Core Insights - Great Wall Motors reported a revenue of 153.58 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 7.96%, achieving the best performance in its history [1][2] - The company is focusing on long-term strategies, increasing R&D and channel investments, and optimizing its product structure to enhance brand positioning [2][3] Revenue Performance - In Q3 2025, Great Wall Motors achieved a revenue of 61.25 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, also the best Q3 revenue performance in history [2][3] - For the first nine months of 2025, the company sold 923,400 new vehicles, a year-on-year increase of 8.15%, with 278,500 of those being new energy vehicles, reflecting a growth of 31.67% [2][3] Sales Growth - In Q3 2025, Great Wall Motors sold 353,600 new vehicles, a year-on-year increase of 20.20% and a quarter-on-quarter increase of 12.97%, achieving the best Q3 sales performance [3] - The high-end brand "WEY" saw a significant sales increase of 96.35% year-on-year in the first three quarters, contributing to the brand's upward momentum [3] Product and Market Strategy - The launch of the WEY brand's new model "Gaoshan" in September 2025 achieved a monthly sales record of 8,560 units, becoming the best-selling MPV in China [4] - The "TANK" brand has successfully transitioned from a trendy boxy design to a luxury off-road vehicle, with the new TANK 500 model achieving 12,257 orders in just two hours after its launch [5] International Expansion - Great Wall Motors sold 334,200 vehicles overseas in the first three quarters of 2025, with September sales reaching 50,269 units, a year-on-year increase of 13.98% [6] - The company has established a strong presence in Australia, with sales of 39,343 units in the first nine months of 2025, a growth of 23.7%, making it the leading Chinese brand in that market [6][7] Technological Advancements - The Hi4 intelligent four-wheel drive technology has been a key driver for the company's international strategy, with 122 patents granted and participation in the formulation of nine national standards [6][7] - The modular design of Hi4 technology adapts to various global conditions, enhancing the competitiveness of Chinese automotive technology [7] Strategic Manufacturing - The completion of the Brazilian factory in August 2025 is a strategic move for Great Wall Motors to penetrate the Latin American market, aiming to shorten delivery times and enhance local service capabilities [8] - The Brazilian factory will produce high-value models like the Haval H6 and H9, contributing to a significant increase in overseas sales [8]

Core Insights - Great Wall Motors reported its best-ever revenue performance for the first three quarters of 2025, achieving 153.58 billion yuan, a year-on-year increase of 7.96% [3][4] - The third quarter revenue reached 61.25 billion yuan, marking a 20.51% year-on-year increase and a 17.07% quarter-on-quarter growth, also the highest third-quarter revenue in history [5][6] - The company is focusing on long-term strategies, increasing R&D and channel investments, and optimizing product structure to enhance brand positioning [1][2] Revenue and Sales Performance - In the first nine months of 2025, Great Wall Motors sold 923,400 new vehicles, a year-on-year increase of 8.15%, with 278,500 of those being new energy vehicles, up 31.67% [4][10] - The third quarter saw sales of 353,600 new vehicles, a 20.20% year-on-year increase, and 11,800 new energy vehicles sold, reflecting a 49.21% year-on-year growth [5][9] Product and Brand Development - The high-end brand "Wei" saw a significant sales increase of 96.35% in the first three quarters, contributing to the brand's upward trajectory [5][9] - The launch of the new "Tank" models, including the Tank 500 and Tank 400, has successfully transitioned the brand from a trendy image to a luxury off-road vehicle, with strong market acceptance [6][8] International Expansion and Localization - Great Wall Motors achieved overseas sales of 334,200 units in the first three quarters, with September sales alone reaching 50,269 units, a 13.98% year-on-year increase [10][11] - The company has established a strategic foothold in Brazil with the opening of a new factory, aimed at enhancing local production and service capabilities for the Latin American market [14][16] Technological Advancements - The Hi4 intelligent four-wheel drive technology has been a key driver for the company's international competitiveness, with 122 patents granted and significant sales revenue generated [11][13] - The technology's successful adaptation for various global markets has helped reshape perceptions of Chinese automotive capabilities [13][16]

Core Viewpoint - Great Wall Motors launched the new Tank 500 SUV, emphasizing its positioning as an all-scenario intelligent luxury off-road vehicle with competitive pricing compared to pre-sale prices [1][3] Group 1: Product Launch - The launch event took place at the UNESCO World Heritage site of Dujiangyan, marking a unique setting for the unveiling of the Tank 500 [1] - The Tank 500 offers three power versions: Hi4-Z, Hi4-T, and a 3.0T V6 fuel variant, with prices ranging from 33.5 million to 37.5 million yuan [1] Group 2: Technology Innovation - The Tank 500 incorporates Hi4 intelligent four-wheel drive hybrid technology, which is likened to the ancient water management wisdom of Dujiangyan [3] - The Hi4-Z technology features a combination of "power distribution planetary gear + three-speed DHT + dual-motor four-wheel drive," creating an energy management system that mirrors the functions of Dujiangyan's water control [3] Group 3: Product Features - The interior of the Tank 500 showcases luxury with Nappa leather seats processed through 78 procedures, offering ventilation, heating, and massage functions [4] - It includes a 50W independent compressor for temperature control ranging from -6℃ to 50℃, along with a 17.3-inch 3K rear entertainment screen for enhanced comfort [4] - The vehicle is equipped with the Coffee Pilot Ultra third-generation system, enabling full-scenario navigation assistance from parking to parking [4] Group 4: Company Vision - Great Wall Motors' chairman, Wei Jianjun, expressed the commitment to develop reliable technology that protects user interests, aiming for Hi4 to become a benchmark in Chinese automotive technology [6]

Group 1 - The Haval brand showcased its new models at the 28th Chengdu Auto Show, focusing on the theme "Hi4 and the Family's Passion" [2] - The Haval Dog PLUS, a mid-size SUV targeting family off-road needs, has officially started pre-sales with a price range of 112,800 to 160,800 yuan [2] - The Haval Dog PLUS features six-dimensional upgrades to meet diverse family scenarios, including advanced safety and performance technologies [2] Group 2 - The Haval Menglong 2026 model is presented as a rugged new energy off-road SUV, demonstrating its all-terrain capabilities through dynamic experiences [3] - The second-generation Haval Xiaolong MAX introduces a new color option and features the second-generation Hi4 electric four-wheel drive system, balancing urban commuting and family travel [3]

Core Insights - Great Wall Motors (601633) reported total revenue of 92.335 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 0.99% [1] - The net profit attributable to shareholders decreased by 10.21% to 6.337 billion yuan, with basic earnings per share at 0.74 yuan [1] - The company sold a total of 568,852 vehicles in the first half of the year, marking a year-on-year growth of 2.52%, with 160,435 of those being new energy vehicles, which saw a significant increase of 23.64% [1] Brand Performance - The Haval brand, positioned as a "global SUV expert," achieved sales of 323,702 units in the first half of the year, up 8.89% year-on-year [2] - Haval's brand value system focuses on "concentration, technology, safety, and progress," supported by core technologies such as Hi4 intelligent four-wheel drive and Coffee OS3 smart cockpit systems [2] - The second-generation Haval H9 won the T2.1 category at the 2025 Rally of China, showcasing its off-road reliability [2] Tank Brand Development - The Tank brand sold 104,129 units in the first half of the year, reaching a global sales milestone of over 700,000 units [3] - The brand's "four comprehensive strategies" include a full model range, a full power matrix, and full scene coverage, catering to diverse user needs [3] - The Tank brand's sales network has expanded to over 30 countries and regions, including Australia, Mexico, and the Middle East, enhancing its global presence [3]

Core Insights - Great Wall Motors (02333) reported a total revenue of 92.335 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 0.99% [1] - The net profit attributable to shareholders decreased by 10.21% to 6.337 billion yuan, with basic earnings per share at 0.74 yuan [1] - The company sold a total of 568,852 vehicles in the first half of 2025, marking a year-on-year growth of 2.52%, with 160,435 of those being new energy vehicles, which saw a significant increase of 23.64% [1] Brand Performance - The Haval brand, positioned as a "global SUV expert," achieved sales of 323,702 units, reflecting an 8.89% year-on-year increase [2] - Haval's technological advancements include the Hi4 intelligent four-wheel drive hybrid technology and Coffee OS 3 smart cockpit system, enhancing user experience and brand value [2] - The second-generation Haval H9 won the T2.1 category at the 2025 Rally of China, showcasing its off-road reliability [2] Tank Brand Development - The Tank brand sold 104,129 units in the first half of 2025, reaching a global sales milestone of over 700,000 units [3] - The brand's "Four Full Strategy" includes a comprehensive vehicle lineup, a full power matrix, and solutions for various driving scenarios, emphasizing its commitment to user needs [3] - The Tank brand has expanded its global sales network to over 30 countries and regions, including Australia, Mexico, and the Middle East, while also achieving success in competitive events [3]

Core Insights - The fuel vehicle market in China is experiencing a temporary recovery despite the rising penetration of new energy vehicles (NEVs) [1][2] - Major automotive companies are adjusting their strategies, with some postponing their plans for full electrification and continuing to invest in internal combustion engine (ICE) technology [2][3] - The profitability of fuel vehicles remains significant for many automakers, influencing their strategic decisions [3][4] Group 1: Market Performance - In May, traditional fuel vehicle sales reached 854,000 units, a month-on-month increase of 2.2%, while NEV sales were 1.095 million units, accounting for 54.7% of total passenger vehicle sales [1] - Regional differences are evident, with the Northwest region showing a 68% ownership rate for fuel vehicles and hybrid models in lower-tier cities outpacing pure electric models by 20 percentage points for 18 consecutive months [1] Group 2: Strategic Adjustments by Automakers - Audi has retracted its plan to cease ICE vehicle development by 2033, reflecting a broader trend among global automakers to maintain a dual-path strategy that includes both ICE and NEV investments [2] - Companies like Great Wall Motors are also adopting a "pan-internal combustion engine strategy," focusing on both hybrid technologies and traditional engines [2] Group 3: Profitability and Cost Considerations - Volkswagen Group reported a total profit of €1.7 billion (approximately 13.4 billion RMB) in China, with over 290,000 vehicle deliveries, of which NEVs accounted for about 6.9% [3] - The supply chain for ICE vehicles is more stable and cost-effective compared to the volatile battery raw material market, which has seen significant price fluctuations [3] Group 4: Policy Environment and Future Outlook - The EU has introduced new CO2 emission regulations, aiming for zero emissions by 2035, while in China, the implementation of the National VI emission standards is still pending, allowing automakers to utilize hybrid technologies in the interim [4] - The recovery of the fuel vehicle market is partly driven by temporary policy incentives, and maintaining existing replacement subsidy policies could sustain market competitiveness, especially in the price-sensitive segment below 150,000 RMB [5]

Core Insights - The energy consumption landscape during the "May Day" holiday shows strong market performance for both electric and fuel vehicles, with a 28% year-on-year increase in electric vehicle charging at highway service areas [2] - Despite advancements in charging infrastructure, 69.3% of car buyers still prefer fuel vehicles, indicating a complex market demand [2] - Major automakers are adopting a "dual-track" technology strategy to address diverse market needs, exemplified by Great Wall Motors' "pan-internal combustion engine strategy" [2] Industry Trends - The penetration rate of new energy vehicles in China reached 47.6% in 2024, a 12 percentage point increase year-on-year, yet fuel vehicles still hold significant market share due to diverse regional and usage scenarios [3] - Traditional automakers are innovating to enhance the competitiveness of fuel vehicles, with Geely's G-Power system achieving a thermal efficiency of 44.26% and Changan's new Blue Whale power platform achieving low fuel consumption [3] Technological Developments - Multinational brands are implementing differentiated technology strategies, such as Audi's integration of a 48V mild hybrid system with its EA888 Evo4 engine, reducing fuel consumption in the Q7 model [4] - Modular platforms are being developed to accommodate fuel, hybrid, and electric powertrains, allowing for a 30% reduction in single vehicle R&D costs [4] Market Dynamics - The sustained demand for fuel vehicles in China is driven by user preferences, technological complementarity, and the adaptability of the industrial base [6] - In the family first-time buyer segment, 63% of price-sensitive consumers prefer fuel vehicles due to lower purchase costs and convenience [6] - The fuel vehicle supply chain remains robust, with 75% of the 23,000 automotive parts companies focusing on fuel vehicle components [6] Global Perspective - Fuel vehicle market share remains high in regions like Southeast Asia, the Middle East, and Africa, with Chinese automakers optimizing products for these markets [7] - In 2024, fuel vehicle exports from China are expected to reach 2.34 million units, a 27% year-on-year increase, with the average export price rising from $12,000 to $18,000 [7] - The market is evolving through demand segmentation, technological integration, and global expansion, indicating that the coexistence of fuel and electric vehicles will characterize the automotive industry for the next decade [7]

Group 1 - Great Wall Motors has launched the second-generation Haval Xiaolong MAX intelligent hybrid SUV, with a starting market price of 116,800 yuan [1] - The vehicle features the new second-generation Hi4 intelligent four-wheel drive hybrid technology, combining a 1.5L dedicated hybrid direct injection engine with dual motors, achieving a total system power of 238 kW and peak torque of 595 N·m [3] - The SUV has a WLTC comprehensive fuel consumption of 0.97 L/100 km and a maximum pure electric range of 165 km under CLTC conditions, with fuel consumption dropping to 4.2 L/100 km in a depleted state [3] Group 2 - The vehicle dimensions are 4780 mm in length, 1895 mm in width, and 1725 mm in height, with a wheelbase of 2810 mm and a flexible trunk capacity ranging from 540 L to 1366 L [5] - Safety features include a high-strength steel body structure comprising 73.6% high-strength steel, six airbags, and a battery system designed with six layers of protection against thermal runaway [5] - The chassis utilizes a front MacPherson and rear multi-link independent suspension system, paired with a four-wheel ventilated disc brake system [5] Group 3 - The intelligent driving system is equipped with the Coffee Pilot Plus assistance system, supporting memory navigation on urban roads and automatic on/off ramp functions on high-speed roads, with a maximum memory parking distance of 2 kilometers [6] - The parking system can recognize over 200 types of parking spaces, with an average parking time controlled within 30 seconds [6] - The cabin features the Coffee OS 3 intelligent system, powered by the Qualcomm 8155 chip, and is compatible with HUAWEI HiCar and other connectivity protocols [6]