Great Wall Motor Company (2333) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached RMB92.34 billion, up 0.99% YoY, with net profit attributable to shareholders at RMB6.34 billion, down 10.21% YoY due to increased investments in new product cycles and channel expansion.

• Sales volume grew 2.52% YoY to 569,000 units, with new energy vehicle sales up 23.64% to 160,435 units, accounting for 28.2% of total sales.

• Overseas sales reached 199,000 units, representing 34.9% of total sales, with continued global expansion and new plant operations in Brazil.

• The company continued to invest in R&D, launching new hybrid and electric platforms, and expanded its global production and sales footprint.

• Gross profit margin declined to 18.38% from 19.95% YoY, mainly due to higher investments in new channels, product launches, and technology.

Financial highlights

• Gross profit was RMB16.97 billion, down 6.92% YoY, with a gross margin of 18.38%.

• Net cash flow from operating activities was RMB9.21 billion, down 1.52% YoY; net cash outflow from investing activities was RMB10.11 billion.

• Basic and diluted EPS were RMB0.74, down 10.84% YoY.

• Net assets attributable to shareholders increased 6.92% to RMB84.45 billion as of June 30, 2025.

• Total assets reached RMB222.13 billion, up 2.02% from end-2024.

Outlook and guidance

• The company will focus on intelligent new energy vehicles, off-road and pickup truck markets, and accelerate globalization, especially in Latin America, ASEAN, Middle East, and Australia.

• Management expects continued industry competition and complex external environment but aims for high-quality, sustainable growth through technology and brand enhancement.