搜尋歷史
熱門搜尋
經銷商登入 / 註冊
Editor's Note: Great Wall Motor released an operating performance report for the first half of the year showing a net profit plunge of over 60%. The official explanation cites deferred overseas tax subsidy revenue and exchange rate fluctuations, while Wei Jianjun further emphasized that while surface figures are important, the healthy development of the enterprise is of greater concern.
Net Profit Halved, Wei Jianjun Posts Explanation
On July 14, Great Wall Motor disclosed its 2026 semi-annual performance forecast. The company stated that during the reporting period, sales volume and operating revenue saw year-on-year growth, driven by overseas growth and domestic high-value model growth, continuously enhancing the company's global brand power.
However, profits were cut in half. The announcement showed that in the first half of 2026, Great Wall Motor's net profit attributable to the parent company is expected to be 2.35 billion to 2.6 billion RMB, a decrease of 3.7 billion to 3.9 billion RMB compared to the same period last year, a year-on-year decline of 58% to 62%; additionally, the deducted non-recurring net profit attributable to the parent company is between 1.5 billion to 1.75 billion RMB, also a decrease of 1.8 billion to 2.0 billion RMB compared to the same period last year, a year-on-year decline of 51% to 58%.
In response, Great Wall Motor stated in the announcement, "The year-on-year decline in net profit this period is mainly due to the deferral of overseas tax policy subsidy revenue recovery (2.274 billion RMB received in the same period last year), and the impact of exchange rate fluctuations. After offsetting hedging and value preservation product gains against comprehensive exchange gains and losses, the comprehensive exchange loss was approximately 266 million RMB (unaudited), with exchange gains decreasing by approximately 1.759 billion RMB year-on-year (1.493 billion RMB gain in the same period last year)."
On the same day, Great Wall Motor Chairman Wei Jianjun also responded on social media platforms, stating that the profit decline was due to the deferral of overseas tax policy subsidy revenue recovery and the impact of exchange rate fluctuations. He further stated, "While surface figures are important, we care more about the healthy development of the enterprise. In terms of channel operations, we sell more and distribute less. The domestic inventory-to-sales ratio is better than the industry average, ensuring healthy operations for both the enterprise and dealers."
Industry media reported that data shows, as of the end of June 2026, Great Wall Motor's total domestic inventory coefficient was only 1.3, with the average inventory-to-sales ratio stabilizing at 1.5 (meaning dealer inventory is equivalent to only 1.5 months of sales volume). This data is far lower than the 1.58 national automobile dealer comprehensive inventory coefficient announced by the China Automobile Dealers Association for June 2026, and significantly lower than the industry general warning line of 2.0.
To stabilize market confidence, Great Wall Motor simultaneously announced an H share buyback plan. Wei Jianjun also expressed that adhering to real data and healthy operating quality to practice long-termism. The company is confident in future development and will buy back shares according to plan, demonstrating recognition of the company's long-term value with concrete actions. On the same 14th, an announcement by Great Wall Motor showed plans to use own funds to buy back up to 10% of the total issued H shares.
H1 Sales 580,000 Vehicles, Growth 2.48%
Putting aside short-term disturbances in the profit level, Great Wall Motor's operating fundamentals in the first half of 2026 actually had plenty of highlights. Sales and production data previously released showed that from January to June 2026, cumulative new car sales reached 583,895 vehicles, a year-on-year increase of 2.48%. Against the background of slowing growth in the domestic car market and an intensifying price war, a rare positive growth performance was maintained. During the same period, operating revenue also increased.
Among these, the overseas market has become the largest growth engine for Great Wall Motor. In the first half of the year, Great Wall Motor's overseas cumulative sales reached 291,426 vehicles, a year-on-year surge of 47.44%, accounting for nearly half of total sales. In June, single-month overseas sales reached 60,168 vehicles, up 50.16% year-on-year, maintaining high-speed growth for consecutive months. From Russia and Thailand to Brazil and South Africa, Great Wall Motor's global layout has entered the harvest period.
Brands such as Haval and Great Wall Pickups rank at the forefront of sub-sectors in multiple overseas markets. Compared to the fierce competition in the domestic market, the overseas market has become an important factor to offset domestic competitive pressure.
At the same time, it needs attention that Great Wall Motor's brand upscaling strategy continues to advance. Data shows that sales of Great Wall Motor's models over 200,000 RMB reached 270,200 vehicles, up 55,700 vehicles year-on-year, with a sales share of 44%, up 7 percentage points year-on-year, with the high-end share steadily increasing. Among them, although the Tank brand is under pressure, it still leads in the hardcore off-road sector, while WEY has gradually gained a foothold in the high-end New Energy vehicle market.
Additionally, cumulative sales of New Energy vehicles in the first half of the year were approximately 145,000 vehicles, with penetration rate continuing to rise. Among them, WEY's cumulative sales in the first half of the year reached 44,000 vehicles, up 29% year-on-year; ORA became the fastest-growing segment for Great Wall Motor, with cumulative sales of 26,000 vehicles in the first half of the year, up 89.74% year-on-year. Overall, Great Wall Motor's significant profit decline in the first half of the year is more of a structural, phased financial phenomenon rather than a deterioration in the profitability of the main business.
Overseas tax subsidies belong to timing differences, and exchange losses are affected by exchange rate cycles; neither possesses sustainability. Under the current situation, what truly determines the future trend is overseas expansion quality, New Energy transformation results, and channel health — and Great Wall Motor has delivered relatively solid answer sheets in these areas. In 2026, where the industry elimination race accelerates, "surviving longer" may be more important than "earning quickly."
