Company Reports

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor reported a 47% year-on-year decline in core profit in the second quarter. Vehicle exports grew 47%, while domestic sales fell 21% during the period. Despite a higher export mix, profitability remained weak, reflecting ongoing pricing pressure in the domestic market.

Great Wall Motor finished the first half with vehicle sales of 0.58 million units, up 2.5% year on year, primarily driven by strong export sales. During the period, exports grew 47% year on year while domestic sales slumped 21% due to weak performance from new energy vehicles.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor's December-quarter net profit fell 46% year on year. Vehicle exports grew 33% year on year while domestic sales slipped 9% during the period. Vehicle margin remained under pressure due to deep price discounts.

Great Wall Motor finished 2025 with vehicle sales of 1.3 million units, up 7% year on year but underperforming China’s passenger vehicle growth of 9%. Vehicle exports grew 12% year on year while domestic sales rose 5% during the period.

Great Wall Motor reported a 30% year-on-year decline in core net profit for the third quarter. Vehicle export grew 11% year on year while domestic sales rose 27% during the period. The vehicle margin remained challenged, due to heavy price discounts.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor, or GWM, saw a 41% year-on-year decline in core net profit for the June quarter. Vehicle export slid 2% year on year but domestic sales grew 17% during the period. Regardless, the heavy price discounts led to challenging margin pressure.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor reported 46% year-over-year decline in net profit for the first quarter to CNY 1.8 billion. Vehicle exports slid 2% year over year and domestic sales dropped 9% during the period, leading to margin pressure.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor's fourth-quarter net profit grew by 12% year on year to CNY 2.3 billion, missing our expectations. Despite a 24% year-on-year growth in vehicle exports, domestic sales dropped 4% during the period, leading to challenging margin pressures.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor, or GWM, reported 77%-85% year-over-year growth in preliminary net profit for 2024 to CNY 12.4 billion-CNY 13.0 billion. However, the midpoint of the guidance is 10% below our full-year estimate of CNY 14.1 billion.

Great Wall Motor reported in-line revenue for the third quarter, but net profit missed our expectations. A 40% growth in export volume was not enough to offset competition pressure in a sluggish domestic market, with the firm's China sales down another 33% year over year during the quarter.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

No-moat Great Wall Motor, or GWM, reported in-line revenue for the second quarter but net profit beat our expectation. We attribute the 2-time year-over-year net profit growth to the company’s 51% surge in export sales in the quarter, which helped lift unit revenue and mitigate margin pressure from price competition in the domestic market. We raise our fair value estimate to HKD 11.80 from HKD 10.80, which implies a 2025 forward price/earnings ratio of 7 times. At the current price level, GWM’s H-shares remain fairly valued in 3-star territory.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.