Core Viewpoint - Great Wall Motors achieved record revenue in 2025, but net profit declined due to increased investments in new models and technology [1][2]. Financial Performance - In 2025, Great Wall Motors reported total revenue of 222.79 billion yuan, a year-on-year increase of 10.19% [1]. - The net profit attributable to shareholders was 9.91 billion yuan, a decrease of 21.71% compared to the previous year [1]. Sales and Market Performance - The company sold 1.32 million new vehicles in 2025, marking a 7.33% increase year-on-year [1]. - Sales of new energy vehicles reached 403,700 units, up 25.44% year-on-year [1]. - Overseas sales amounted to 506,100 units, reflecting an 11.68% increase year-on-year [1]. Technological Advancements - Great Wall Motors increased R&D investment and launched the world's first native AI all-powertrain platform "Guiyuan" in January 2026 [2]. - The company developed the VLA advanced driving model, achieving a complete intelligent closed-loop system [2]. - The Hi4 intelligent four-wheel drive hybrid technology underwent 28 optimizations, with the new Hi4-Z technology offering 0-100 km/h acceleration in 4 seconds and over 200 km pure electric range [2]. Global Expansion - The Brazilian factory commenced production in August 2025, with an annual capacity of 50,000 vehicles [2]. - The Tank brand expanded to over 30 countries, with the flagship Tank 700 entering the Middle Eastern market in December 2025 [2]. - By the end of 2025, Great Wall Motors had over 16 million global users and more than 1,400 overseas sales channels [2]. Strategic Focus - The chairman emphasized that internationalization involves brand and industry chain expansion rather than just product export [3]. - Analysts noted that the company's strategic focus on core areas, such as the Hi4 technology and the Guiyuan platform, positions it well for future competition [3]. - The ongoing investments in global layout and technology development are seen as foundational for long-term growth, though balancing investment and profitability will be crucial [3].

新京报贝壳财经讯(记者白昊天)1月30日，长城汽车（601633）发布2025年年度业绩快报，2025年企业 营业收入2227.9亿元，同比增长10.19%；净利润99.12亿元，基本每股收益1.16元。 销量方面，长城汽车2025年销售新车132.37万辆，同比增长7.33%。其中新能源车型销量40.37万辆，同 比增长25.44%；海外销量50.61万辆，同比增长11.68%。 ...

Group 1: Electric Vehicle Market Insights - In December 2025, the retail penetration rate of new energy vehicles (NEVs) reached 58.7%, with a year-on-year increase of 10.9% but a month-on-month decrease of 2.5 percentage points [2][6][14] - The retail sales of passenger vehicles in December 2025 were 2.27 million units, showing a year-on-year decline of 16% and a month-on-month increase of 14.7% [11][14] - BYD maintained a market share of 25% in the NEV sector, while Geely's market share decreased to 11% [22][6] Group 2: Global Market Performance - In December 2025, Southeast Asia's NEV penetration rate exceeded expectations, with a significant contribution from VinFast, leading to a month-on-month increase [3][35] - Chinese automakers exported 641,000 passenger vehicles in December 2025, with 245,000 being NEVs, resulting in a NEV penetration rate of 38.2% [3][7] - The market share of Chinese brands in Southeast Asia reached 14.7%, with a month-on-month increase of 0.8 percentage points [51][62] Group 3: Policy and Market Outlook - The old-for-new vehicle replacement policy is set to be implemented in January 2026, which is expected to stimulate demand in the passenger vehicle market [2][6] - The industry anticipates a recovery in passenger vehicle demand in Q1 2026, driven by the new policy and a shift in consumer sentiment [4][6] - The focus for domestic investments is on companies less sensitive to policy fluctuations, such as JAC Motors, and those expected to see growth in the high-end electric vehicle segment, including Geely and Great Wall Motors [4][6]

Core Insights - Long-termism is emphasized as a proactive approach, focusing on technology and value rather than short-term market fluctuations and profits [1] - Great Wall Motors (GWM) showcases strong resilience in a competitive environment with impressive financial results for 2025, including record revenue and sales figures [1][3] Financial Performance - GWM reported total revenue of 222.79 billion yuan in 2025, a year-on-year increase of 10.19%, marking a historical high [1] - The company sold over 1.32 million new vehicles in 2025, reflecting a 7.33% increase year-on-year, with over 403,000 of these being new energy vehicles, which surged by 25.44% [1][4] - Overseas sales exceeded 506,000 units, showing an 11.68% growth compared to the previous year [1][5] Technological Advancements - GWM's strategy of "technology-driven, long-termism" is evident in its development of the Hi4 intelligent four-wheel drive hybrid technology and the VLA advanced driving model [3][10] - The Hi4 technology, which was optimized in 2025, enhances vehicle performance and efficiency, catering to diverse consumer needs [4][11] - The launch of the "Guiyuan" platform in January 2026 represents a significant step towards future-proofing GWM's product lineup, allowing for compatibility across various powertrain types [10][11] Market Positioning - GWM's focus on high-end models is reflected in an average vehicle price of 201,300 yuan in 2025, an increase of 11,700 yuan from 2024 [8] - The Tank brand solidified its leadership in the high-end off-road market, with sales reaching 232,713 units in 2025 [9] - The VLA model enhances user experience by integrating advanced AI capabilities, setting a new standard in intelligent driving [10][13] Strategic Vision - GWM's commitment to high-quality development is seen as essential for transitioning from an automotive power to a strong automotive nation, emphasizing continuous quality improvement over blind expansion [16][17] - The company is well-prepared for upcoming industry changes, including adjustments in tax incentives for electric vehicles, through ongoing technological upgrades and product optimization [18] - GWM's integrated "research, production, supply, sales, and service" model has been successfully validated in markets like Thailand and Brazil, with plans for further expansion [18]

智通财经APP讯，长城汽车(601633.SH)披露2025年年度业绩快报，2025年实现营业总收入2227.9亿元， 同比增长10.19%;归母净利润99.12亿元，同比下降21.71%。 报告期公司实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以及加大新车型、 新技术的上市宣传及品牌提升，投入增加导致净利润下降。 ...

Core Viewpoint - Great Wall Motors (601633) is set to achieve a record revenue of 222.79 billion yuan in 2025, reflecting a year-on-year growth of 10.19%, showcasing strong operational resilience and growth potential in a complex industry environment [1]. Revenue and Sales Performance - In 2025, Great Wall Motors is expected to sell approximately 1.3237 million new vehicles, marking a year-on-year increase of 7.33% and setting a new historical high [2]. - The average revenue per vehicle is projected to reach 168,300 yuan, an increase of about 4,500 yuan compared to the previous year, representing the best performance in history [1]. High-Quality Development Strategy - The company emphasizes high-quality development over short-term gains, leveraging deep technical reserves, continuous brand enhancement, and a firm global expansion strategy to accumulate core momentum for long-term value [6]. - The average selling price of vehicles has risen to 201,300 yuan, up 11,700 yuan from 2024, indicating a significant improvement in product value [8]. Brand and Product Performance - The premium brand matrix has become a key growth driver, with the WEY brand selling 102,000 vehicles in 2025, a remarkable increase of 86.29% [8]. - The TANK brand achieved sales of 232,700 vehicles, leading the segment, with 38.5% of sales coming from models priced above 300,000 yuan, and over 54% from new energy vehicles [8]. - The sales of new energy vehicles reached 403,700 units, a year-on-year growth of 25.44%, significantly outpacing overall sales growth [10]. Technological Advancements - Great Wall Motors is committed to long-term technological investment, with a research and development team of 23,000 people and nearly 10 billion yuan invested in building a leading laboratory system [13]. - The Hi4 intelligent four-wheel drive hybrid technology has become a hallmark of the company, winning the Special Prize at the China Automotive Engineering Society Science and Technology Award in 2025 [13]. - The company plans to launch the "Guiyuan" platform in early 2026, which will support five power types and cover seven vehicle categories, aiming to introduce over 50 global models [15]. Global Expansion - In 2025, Great Wall Motors achieved overseas sales of 506,100 vehicles, a year-on-year increase of 11.68%, marking a new high [16]. - The company is transitioning from simple product trade to systematic output, with the completion of its factory in Brazil, which is crucial for local production and operations [16]. - The value of exported products is increasing, with models like the Haval H6 reaching luxury car price ranges in Brazil, and the TANK brand entering over 30 global markets [16]. Long-Term Strategic Vision - The chairman of Great Wall Motors emphasized that internationalization is about brand and industry chain output rather than just product export, allowing the company to avoid irrational competition in the domestic market [17]. - The 2025 performance and sales figures reflect the success of the company's long-term strategy, focusing on technology investment, brand enhancement, and systematic global market layout [17].

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

Company News - Great Wall Motors (02333.HK) expects a total revenue of RMB 222.79 billion in 2025, representing a year-on-year increase of 10.19%. However, net profit is projected to decline by 21.71% to RMB 9.912 billion due to increased investments in new user channels and marketing for new models and technologies [2] - China Southern Airlines (01055.HK) anticipates turning a profit in 2025, with net profit expected to be between RMB 800 million and RMB 1 billion [2] - CICC (03908.HK) forecasts a net profit of RMB 8.542 billion to RMB 10.535 billion in 2025, reflecting a year-on-year increase of 50% to 85% [3] - Datang Power (00991.HK) projects a net profit of approximately RMB 6.8 billion to RMB 7.8 billion in 2025, indicating a year-on-year increase of about 51% to 73% [4] - Rongchang Bio (09995.HK) expects 2025 revenue of approximately RMB 3.25 billion, a year-on-year increase of about 89%, and a net profit of around RMB 716 million, achieving profitability [4] - Haijia Medical (06078.HK) anticipates revenue of approximately RMB 4.0 billion to RMB 4.05 billion in 2025, a year-on-year decrease of about 9% to 10%, with net profit expected to decline by 66% to 76% to around RMB 140 million to RMB 200 million [4] - Junshi Biosciences (01877.HK) expects 2025 revenue of around RMB 2.5 billion, a year-on-year increase of approximately 28.32%, with a net loss of about RMB 873 million, a reduction of 31.85% compared to the previous year [4] - Kaisa New Energy (01108.HK) issued a profit warning, expecting a year-on-year increase in net loss of approximately RMB 90.07 million to RMB 290 million [4] - Xingye Alloy (00505.HK) issued a profit warning, anticipating a year-on-year decrease in profit attributable to equity shareholders of about 50% [4] - Fudan Zhangjiang (01349.HK) issued a profit warning, expecting a net loss of approximately RMB 120 million to RMB 180 million in 2025 [4] - Chenming Paper (01812.HK) issued a profit warning, expecting a net loss of RMB 8.2 billion to RMB 8.8 billion, a significant increase compared to the previous year [5] - Tianqi Lithium (09696.HK) has commenced production of the first batch of standard chemical-grade lithium concentrate products from its third-phase expansion project [6] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased approximately 4.2 million shares for about HKD 150 million, with repurchase prices ranging from HKD 35.13 to HKD 42.50 [10] - Vitasoy International (00345.HK) repurchased shares worth HKD 24.37 million, acquiring 3.492 million shares at prices between HKD 6.9 and HKD 7 [11] - Yujian Xiaomian (02408.HK) plans to repurchase up to HKD 100 million of H-shares [12] - Nanshan Aluminum International (02610.HK) completed a placement of 31 million shares, raising approximately HKD 1.987 billion [12]

蓝山进入经销商渠道。 文 丨 曾兴 编辑 丨 龚方毅 长城汽车近五年来一直在转型，其中冲击高端化的魏牌尤受关注。去年 12 月初，魏牌 CEO 从 新势力背景的冯复之切换为 "老长城" 赵永坡后，相关的调整还在继续。 我们独家获悉，去年 12 月中旬，长城集团在内部宣布，将魏牌调整至品牌公司并更名为魏品 牌，组织内按车型设置作战单元——高山、蓝山、摩卡和 "DE" 作战单元，以及品牌策划、销 售管理、运营管理等职能部门。魏牌曾在 2024 年底从品牌公司拆出与长城智选整合，并在去 年 5 月对外官宣更名为 "魏牌新能源"，相当于独立运营。 渠道端配合着品牌和组织的调整。两位长城渠道人士告诉我们，从 2 月开始，魏牌蓝山车型将进入经 销商渠道，和直营门店同步销售，目前已在向经销商培训。"经销商将用代理模式，和直营店一样在 APP 订车，避免扰乱价格。" 这种模式下经销商不承担库存，用户通过官方渠道下单，厂家可以控制 终端价格稳定。目前小米、极氪均使用代理制。 一位长城渠道侧人士说，"2026 年会减少开商超店，还会开一些综合店或汽车商圈的零售店。" 我们 了解到，关于今年新开门店的数量长城内部还在商讨，目前设定 ...

（记者 王晓波） 每经AI快讯，长城汽车1月30日晚间发布公告称，公司第八届第四十七次董事会会议于2026年1月30日 以书面传签方式召开。会议审议了《关于公司2025年年度业绩快报的议案》等文件。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 ...