Great Wall Motor held its 2025 annual general meeting on June 26.
President Mu Feng stated that globally, GWM will integrate the Haval, ORA, and GWM Poer brands under the GWM master brand to carry the mainstream product lines, while Tank and Wey will remain as independent, higher-end brands, maintaining an upward market positioning.
Previously, at the April 2025 Shanghai Auto Show, the company unveiled its "ONE GWM" strategy, aiming to create a comprehensive, all-power, global product matrix through a unified master brand identity.
On the technical front, in January 2026, Great Wall Motor launched the Guiyuan platform.
This platform is compatible with five powertrain forms: PHEV, HEV, BEV, FCEV, and ICE.
It enables rapid powertrain switching through a unified architecture, achieving 80% parts commonality, shortening the R&D cycle by 30%, and reducing costs associated with cross-border production and adaptation.
Despite this clear roadmap for future development, the company faces a performance reality of consistent sales growth but revenue increases not translating into higher profits.
1. Steady Sales Growth
Looking at a longer timeframe, Great Wall Motor's sales have maintained a growth trajectory.
From 2023 to 2025, the company's vehicle sales were 1,230,700 units, 1,233,300 units, and 1,323,700 units, respectively.
In the first five months of 2026, sales reached 475,800 units, a year-on-year increase of 3.64%.
However, the development of its sub-brands has been uneven.
In 2024, only the Wey and Tank brands achieved positive growth, while Haval, GWM Pickup, and ORA all saw declines.
Specifically, Haval sales decreased by 1.25% year-on-year, GWM Pickup sales fell by 12.47%, and ORA sales dropped sharply by 41.69%.
To address this situation, the automaker introduced the ONE GWM strategy at the 2025 Shanghai Auto Show.
This strategy emphasizes the GWM master brand as the core, integrating resources from its six brands—Haval, Wey, Tank, ORA, GWM Poer, and Soul Motorcycle—to form a global product matrix covering all categories, powertrains, and market segments.
Subsequently, new models like the 2025 ORA Good Cat, the 2026 Haval Big Dog, and the 2026 Haval Menglong all adopted the GWM logo on their rear badges.
Simultaneously, the company continued to push forward on the product front.
In its 2025 annual report, the company stated that the Menglong, with its dual fuel and new energy powertrain versions, achieved annual sales of 89,300 units, a 33.84% year-on-year increase, topping the list for plug-in hybrid model residual value (after three years).
The Big Dog category saw cumulative 2025 sales of 180,200 units, up 18.13% year-on-year, continuing to lead in the boxy and light off-road SUV segments.
Additionally, according to data from Car Owner Home, the Haval H6 achieved sales of 86,700 units in 2025.
This indicates that Haval has established a product structure supported by three mainstay models: the Big Dog, Menglong, and H6.
For the Tank brand, the newly upgraded Tank 500 and Tank 400, launched in August and October 2025, officially featured industry-leading intelligent driving assistance and smart cockpit technologies, along with amenities like refrigerators, TVs, and large sofas.
Positioned as "full-scenario intelligent luxury off-road SUVs," these models helped the Tank brand break into new markets, with monthly sales for both exceeding 6,000 units by year-end.
GWM Pickup launched the world's first off-road hybrid pickup, the Shanhaipao Hi4-T.
Following the launch of these new models, all brands except ORA returned to growth in 2025.
In 2025, Haval brand sales were 758,600 units, up 7.41% year-on-year; Wey brand sales reached 102,000 units, surging 86.29%; GWM Pickup sales were 181,700 units, up 2.57%; Tank brand sales were 232,700 units, a slight increase of 0.74%; ORA brand sales were 48,300 units, down 23.68%.
It is worth noting that in December 2025, the ORA 5 was officially launched.
Positioned as a compact SUV, the new model is priced between 99,800 and 133,800 yuan.
At the launch event, ORA Brand General Manager Lv Wenbin stated that ORA would abandon its female-focused branding and the long-used "cat series" naming convention, switching instead to the internationally common "brand + number" format.
The brand will no longer follow a pure electric-only technical route, instead planning to offer various powertrains including fuel, pure electric, hybrid, and plug-in hybrid.
Entering 2026, ORA brand sales also returned to positive growth.
In the first five months of 2026, ORA brand sales reached 15,600 units, a significant year-on-year increase of 46.66%.
Data from Car Owner Home shows that during the same period, the ORA 5 sold 7,649 units, contributing to nearly half of ORA's total sales.
Clearly, this single model has driven ORA's sales growth.
2. Profitability Under Pressure
From a financial performance perspective, the company remains in a state of increasing revenue without corresponding profit growth.
In 2025, Great Wall Motor Company Limited reported revenue of 222.824 billion yuan, a year-on-year increase of 10.2%.
However, net profit attributable to shareholders of the listed company was 9.865 billion yuan, a decrease of 22.07% year-on-year.
The company attributed the profit decline to increased investment in accelerating the construction of a new direct-to-consumer channel model, along with intensified marketing and brand promotion for new models and technologies.
In terms of expenses, the company's selling expenses in 2025 were 11.273 billion yuan, a sharp increase of 43.93% year-on-year, while R&D expenses were 10.432 billion yuan, up 12.13%.
Changes in the direct sales channel strategy have also contributed to cost increases.
GWM Smart Selection was the company's direct sales channel, initially focusing on models like the Tank 300, 400, 500, 700, Wey Lanshan, and Wey Gaoshan, forming a dual sales model of "direct sales + dealer sales."
In May 2025, the Tank brand exited the GWM Smart Selection direct sales system, while the Wey brand transitioned fully to direct sales.
In December 2025, the company internally announced the adjustment of the Wey brand to a brand company, renamed Wey Brand, with combat units organized by model within the structure.
In February 2026, Wey switched again to a dual-track "direct sales + agency" model, where agency dealers do not hold inventory and the manufacturer controls pricing uniformly.
For the first quarter of 2026, the company's revenue was 45.109 billion yuan, a year-on-year increase of 12.72%.
Net profit attributable to shareholders was 945 million yuan, a decrease of 46.01% year-on-year.
The company stated that while it achieved year-on-year growth in sales and operating revenue, with an increased proportion of overseas sales boosting per-vehicle revenue and gross margin, the net profit decline in the reporting period was mainly due to foreign exchange gains from exchange rate fluctuations in the same period last year.
During the same period, selling expenses were 2.611 billion yuan, up 13.73% year-on-year, and R&D expenses were 2.242 billion yuan, up 17.59% year-on-year.
Expense growth remains one of the pressures on profit decline.
An analysis report from Soochow Securities indicated that the increase in the company's selling expense ratio was mainly due to continuous investment in direct sales channels and advertising, with 20 more direct sales stores added since the beginning of the quarter and pre-launch activities for second-quarter new models (such as the Tank 700, V9X, etc.).
Despite profit pressure, some institutions remain optimistic about the company's future development.
Sinolink Securities stated that 2026 is a significant year for the company's mid-to-high-end new models, which are expected to contribute to earnings flexibility.
In 2026, new models like the all-new Tank 700 and Tank 300 are expected to launch.
The all-new Tank 700 was officially launched on April 20 with a guide price of 428,000 to 508,000 yuan, addressing shortcomings in intelligence and comfort compared to the old model; the Tank 300 has already appeared on the Ministry of Industry and Information Technology's new vehicle catalog.
The Guiyuan platform is expected to bring comprehensive improvements in product performance and cost reduction capabilities for the Wey brand.
Simultaneously, marketing efforts are driving organizational changes, enhancing collaboration with KOLs and KOCs, and building the CEO's personal brand.
On the channel front, the strategy is to first address weaknesses in direct sales and then synergize with the agency model.
The launch of new models like the V9X and V8X in 2026 is expected to contribute incremental sales and profits, with improved store efficiency potentially boosting the profitability of direct sales stores.
The Haval brand has new models like the Menglong PLUS and the Great Wall H10 set to launch, which could significantly optimize the product structure.
Although Great Wall Motor's sales continue to grow, the costs of building direct sales channels and promoting new models are still eroding profits.
If sales of mid-to-high-end models like the Tank 700 and Wey V9X climb successfully, coupled with the gradual release of cost-saving effects from the Guiyuan platform, the company could potentially reach a profit inflection point in the second half of the year.
Conversely, if new model sales fall short of expectations and selling expenses continue to rise, the pattern of "increasing revenue without increasing profit" may be difficult to reverse in the short term.
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