On March 29, Great Wall Motor Co., Ltd. (hereinafter referred to as "Great Wall Motor") released its 2024 financial report. The announcement shows that the company achieved an operating income of 202.195 billion yuan last year, a year-on-year increase of 16.73%; the net profit attributable to shareholders was 12.692 billion yuan, a year-on-year increase of 80.73%; the net profit attributable to shareholders after deducting non-recurring gains and losses was 9.735 billion yuan, a year-on-year increase of 101.4%. The basic earnings per share were 1.49 yuan, and it plans to distribute a cash dividend of 0.45 yuan per share (including tax).

Great Wall Motors Chairman Wei Jianjun stated that in 2024, the company will adhere to long-termism, focus on steady operations, commit to the smart new energy strategy, maintain stable sales growth, continuously enhance profitability, and further achieve high-quality development.

    Last year, the net profit per bicycle reached 10,300 yuan.

Great Wall Motors has six major brands: Haval, Wey, Tank, Great Wall Pickup, Ora, and Great Wall Soul, with products covering categories such as SUVs, sedans, pickups, MPVs, and motorcycles. According to the financial report, Great Wall Motors achieved an annual sales volume of 1.2345 million units in 2024, a year-on-year increase of 0.37%. Among these, sales of new energy vehicles reached 322,200 units, a year-on-year increase of 25.65%.

From its various brands, Haval has achieved a global cumulative sales volume of 9.5 million vehicles, launching models such as the 2024 Haval Menglong and the second-generation Haval H9 last year. WEY, focusing on the high-end market, introduced its first full-scenario NOA intelligent flagship SUV last year. The Tank brand has surpassed a global cumulative sales volume of 600,000 vehicles, with models like the Tank 700 Hi4-T and the 2024 Tank 400 Hi4-T launched last year. ORA is dedicated to meeting the needs of female users by creating differentiated pure electric products, with models like the 2024 ORA Good Cat and the ORA Good Cat Anniversary Edition released last year. Great Wall Pickup holds a market share of nearly 50%, and the Great Wall Pao brand launched models such as the KingKong Pao 8AT, 2.4T Passenger Pao, 2.4T Commercial Pao, 2.4T Off-Road Pao, and Shanhai Pao Cross Edition in 2024. Additionally, the Great Wall Soul Motorcycle S2000 was officially launched last year.

The product matrix built through a multi-brand strategy has continuously improved the gross profit margin of Great Wall Motor. According to the financial report, Great Wall Motor achieved a gross profit margin of 19.51% in 2024, an increase of 1.36 percentage points year-on-year; revenue per vehicle was 163,800 yuan, an increase of 23,000 yuan year-on-year; net profit per vehicle was 10,300 yuan, an increase of 4,600 yuan year-on-year; cash flow from operating activities was 27.783 billion yuan, a year-on-year increase of 56.49%.

"The financial report of Great Wall Motors shows a typical characteristic of 'profit growth outpacing revenue growth,' which indicates that its product structure and operational quality are continuously optimizing," said Hu Qimu, deputy director of the Strategic Emerging Industries Research Center at Tsinghua University, in an interview with the Securities Daily. "In the context of overall industry pressure, being able to achieve simultaneous increases in gross profit margin and per-vehicle profit demonstrates the company's strong cost control capabilities and product pricing power."

    R&D investment has exceeded 10 billion yuan for three consecutive years.

Innovation and R&D are the cornerstone of enterprise growth. Financial reports show that Great Wall Motors' R&D investment has exceeded 10 billion yuan for three consecutive years, with 23,000 R&D personnel. Based on the enhancement of R&D capabilities, Great Wall Motors continues to advance in the fields of intelligent new energy and off-road vehicles.

Wei Jianjun introduced that in 2024, Great Wall Motor locked on to the intelligent new energy track, focusing on improving product strength. The annual sales volume of new energy vehicles achieved a leap, with cumulative sales reaching 322,200 units, a year-on-year increase of 25.65%. The company's domestic passenger vehicle new energy penetration rate reached 43.99%.

In terms of intelligence, Great Wall Motor has established a complete technical architecture including the end-to-end intelligent driving large model SEE, the new generation AI data intelligence system, and the Juzhou Supercomputing Center. The Coffee Pilot Ultra intelligent driving system and the Coffee OS3 smart space system and other technological products have been put into mass production and installed in vehicles.

In the field of power batteries, Great Wall Motors adheres to a diversified technological approach, deploying multiple chemical system batteries such as ternary, lithium iron phosphate, sodium-ion, and solid-state, covering various battery forms including prismatic and short blade types, to meet the diverse installation needs of different vehicle models. Additionally, the company has developed a high-power ultra-fast charging 800V vehicle platform capable of 5C ultra-fast charging, enabling efficient energy replenishment to 80% in just 10 minutes, further alleviating users' range anxiety.

    Wei Jianjun stated that in October last year, the company released the Great Wall Motor off-road classification standard to help users experience the charm of off-roading in different scenarios. The company's Hi4 hybrid technology system, which covers all scenarios, has added the Hi4-Z Pan-off-road Super Hybrid Architecture, a new longitudinally mounted dual-motor hybrid architecture. For the first time in the industry, it applies power-split technology to off-road models, delivering a maximum system power of 715kW, a 0-100km/h acceleration time of around 4 seconds, and the longest pure electric range of over 200 kilometers in the plug-in hybrid off-road field globally. Through continuous technological innovation, the company is committed to providing users with a driving experience that is more economical, longer in range, and safer.

    Promote the globalization layout of the entire value chain

In terms of globalization, the financial report of Great Wall Motor shows that the company has fully leveraged the innovative potential of new quality productivity, advancing the "ONE GWM" global brand strategy. Centered around the "international new four modernizations" strategy, which consists of localized capacity, native operation, cross-cultural branding, and secure supply chains, the company is comprehensively promoting globalization in research and development, production, supply, sales, and services across the entire value chain.

In 2024, Great Wall Motor's overseas sales reached 454,100 vehicles, a year-on-year increase of 44.61%. Currently, Great Wall Motor has more than 14 million global users, over 1,400 overseas sales channels, and cumulative overseas sales exceeding 1.9 million vehicles.

Under the guidance of the "Ecological Globalization" strategy, Great Wall Motors continues to optimize its global business layout. In terms of market expansion, Great Wall Motors' sales network has covered over 170 countries and regions, with more than 1,400 overseas sales channels. In terms of production layout, Great Wall Motors has established three full-process vehicle production bases in countries such as Thailand and Brazil, and has multiple KD factories in places like Ecuador and Pakistan. In the African market, the company has signed a KD factory cooperation memorandum with Senegal, accelerating the implementation of its localization strategy in emerging markets.

Looking ahead to 2025, Wei Jianjun stated that Great Wall Motors will anchor its strategy on the leap in intelligent new energy technology and high-quality globalization. On one hand, leveraging the Forest Ecosystem, the company will continue to strengthen its technological advantages in hybrid architecture (Hi4 system), intelligent algorithms (end-to-end autonomous driving model SEE), data (AI data intelligence system), and computing power (Jiuzhou Supercomputing Center), consolidating its competitive edge in the automotive industry. On the other hand, Great Wall Motors will accelerate its ecosystem-driven "going global" process, focusing on the GWM brand and formulating different development paths for its sub-brands based on their product characteristics. By combining market and industrial policies of different countries and regions, the company will strategically deploy new energy products and build localized ecosystems. The goal is to achieve overseas sales exceeding one million units by 2030, forming a product matrix that covers all categories, power types, and grades, providing global users with superior products and services.

Huanghe Science and Technology Institute visiting professor Zhang Xiang told Securities Daily that Great Wall Motor's overseas sales reached 454,100 units, a year-on-year increase of 44.61%, accounting for 36.8% of total sales, becoming a key support for its performance. However, its domestic new energy penetration rate still needs to accelerate, with relatively weak pure electric layout. As the competition in smart electric vehicles enters the "second half" (such as the popularity of urban NOA and the construction of ultra-fast charging networks), Great Wall Motor needs to accelerate its layout in the pure electric sector to maintain long-term competitiveness.