Great Wall Motors' Financial Prospects Mediocre in First Half, Several Positives in Second Half

The latest financial report for the first half of 2025 released by Great Wall Motor shows that in the first half of 2025, the company achieved an operating income of 92.334 billion yuan, a year-on-year increase of 0.99%. The total profit was 7.004 billion yuan, down 15.22% year-on-year. The net profit attributable to shareholders of the listed company was 6.336 billion yuan, a year-on-year decrease of 10.21%. The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 3.581 billion yuan, a year-on-year decrease of 36.39%.

Great Wall Motors explained that the company achieved year-on-year growth in sales volume and operating income due to the launch of a new product cycle. At the same time, the company accelerated the construction of new direct-to-user channel models and increased investment in the promotion of new models, new technologies, and brand enhancement. These increased investments led to fluctuations in net profit.

In the first half of the year, Great Wall Motor's sales reached 569,700 vehicles, an increase of 1.81% year-on-year. Among them, Haval brand's cumulative sales for the first half of the year were 321,400 vehicles, an increase of 7.24% year-on-year. WEY brand's cumulative sales for the first half of the year were 34,400 vehicles, an increase of 73.62% year-on-year. Tank brand's cumulative sales for the first half of the year were 116,000 vehicles, a decrease of 10.67% year-on-year. Ora brand's cumulative sales for the first half of the year were 31,700 vehicles, a decrease of 56.19% year-on-year. Great Wall Pickup's sales were 96,200 vehicles, an increase of 4.67% year-on-year.

From the sales data, among Great Wall Motor’s five brands in the first half of the year, only the Haval and WEY brands served as the main sales drivers, with cumulative sales exceeding 345,800 vehicles. The combined sales of these two brands accounted for over 60% of the total. In contrast, the Tank and ORA brands experienced declines in the face of increasing competition in the hybrid off-road segment. The Tank brand faced mounting market pressure, with sales dropping by 10.67% year-on-year to 103,660 units. The ORA brand, affected by product iteration and a limited product lineup, saw its sales halved, with cumulative sales of only 13,000 vehicles in the first half of the year. Great Wall’s pickup truck sales remained flat; considering the level of market competition, maintaining these figures is no easy feat and reflects the product’s competitive advantage and market recognition.

In the first half of this year, Great Wall Motor's selling expenses reached 5.036 billion yuan, an increase of 63.31% year-on-year. Regarding the main reasons for the increase in selling expenses, Great Wall Motor stated that during the reporting period, the company accelerated the construction of a new channel model that directly connects with users, and increased promotion for the launch of new models and new technologies as well as efforts to enhance its brand.

Great Wall Motor’s semi-annual report disclosed that in the first half of the year, the company’s marketing channel model mainly relied on “direct sales + dealership” dual channels and is comprehensively transitioning to an “all-touchpoint direct connection with users” model, accelerating the development of digital channels. The WEY brand has established over 360 retail centers, more than 50 delivery centers, and over 50 user service centers.

Great Wall Motors, as one of the largest SUV and pickup truck manufacturers in China, owns brands such as Haval, Wey, Tank, Great Wall Pickup, Ora, Great Wall Soul, and Great Wall Commercial Vehicles. Their powertrains include traditional combustion models, plug-in hybrids, and pure electric new energy vehicles. The product range mainly covers SUVs, sedans, pickup trucks, MPVs, motorcycles, heavy trucks, and the production and supply of major related auto parts.

In the second half of the year, Great Wall Motors will gradually enrich its range of new products. With the launch of new models such as the Haval Big Dog PLUS, the second-generation Haval Xiaolong MAX, the all-new Gaoshan, the all-new Lanshan, the all-new Tank 500, and the 2025 Ora Haomao, these upcoming new vehicles are expected to boost Great Wall Motors' market sales in the second half of the year.

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