Great Wall Motor Company (2333) H2 2025 earnings summary

Executive summary

• Operating revenue reached RMB 222.82 billion in 2025, up 10.2% YOY, driven by strong NEV and overseas sales growth.

• Net profit attributable to shareholders fell 22.1% YOY to RMB 9.87 billion, mainly due to increased R&D, sales channel, and brand promotion investments.

• Sales volume reached 1,324,000 units, up 7.23% YOY, with NEVs accounting for 31% and overseas sales for 38%.

• NEV sales grew 26% YOY to 406,000 units; NEV penetration in China hit 53.9%, surpassing fuel vehicles for the first time.

• Proposed cash dividend of RMB 0.35 per share, payout ratio 30.36%.

Financial highlights

• Gross profit increased 1.9% YOY to RMB 40.2 billion; gross profit margin was 19.51%, down 1.47 percentage points YOY.

• Operating profit dropped 16.8% YOY to RMB 11.53 billion.

• Net cash flow from operating activities surged to RMB 40.36 billion, up from RMB 27.77 billion in 2024.

• R&D expenses rose 12.13% YOY to RMB 9.30 billion; total R&D investment (including capitalized) was RMB 10.38 billion.

• Total assets grew to RMB 225.3 billion; shareholders' equity rose to RMB 87.89 billion.

Outlook and guidance

• 2026 is pivotal for accelerating toward the 2030 overseas sales target of 1 million units annually.

• Industry-wide vehicle sales in China expected to reach 34.75 million units in 2026, with NEV sales forecast to grow 15.2%.

• Focus on high-quality growth, technology-driven product upgrades, and further globalization.

• Risks include intensified domestic competition and international geopolitical uncertainties.