Great Wall Motor posts steady revenue rise but shrinking profit in H1 2025

Shanghai (Gasgoo)- On August 29, Great Wall Motor ("GWM") released its financial results for the first half of 2025 (H1 2025).

The automaker generated revenue of 92.335 billion yuan during the period, roughly flat with a 0.99% year-on-year increase. Net profit attributable to shareholders fell 10.2% over a year earlier to 6.337 billion yuan, while adjusted net profit dropped 36.4% from a year ago to 3.581 billion yuan. Earnings per share came in at 0.74 yuan, down nearly 11% year on year. The results suggest stable topline growth but sustained pressure on profitability.

Gross margin slipped to 18.4% in H1, about one percentage point lower than a year ago. In the period, management expenses declined 5.9% year on year, and R&D spending edged up 1.1% to 4.239 billion yuan. Sales costs, however, jumped 63.3% year over year as the company ramped up spending on new product launches, brand campaigns, and retail channel upgrades.

However, second-quarter (Q2) results showed improvement. Revenue rose 7.72% over a year-ago period to 52.32 billion yuan, the company's strongest ever Q2 performance. Net profit grew 19.42% year on year to 4.586 billion yuan, while vehicle sales climbed 11.6% year-on-year to around 312,000 units.

In H1 2025, GWM sold 569,000 vehicles, a modest 2.5% year-on-year increase. New energy vehicle (NEV) models were the main growth driver, with sales rising 23.6% from the prior-year period to 160,000 units, now accounting for 40% of total deliveries. SUVs remained the backbone of its portfolio with 449,000 units sold, up 4.6%. Pickup sales increased 4% to 93,600 units, while sedans and other models declined by 25.9% year on year to 26,000 units.

International expansion remained a focus. Overseas sales reached 198,700 units in H1, roughly flat compared with last year. GWM's network now spans more than 170 countries and regions with over 1,400 overseas sales outlets. The TANK and GWM Pick-up brands continued to perform strongly in markets such as the Middle East, Australia, and South America.