Great Wall Motor released its 2025 annual report on March 27. The company reported annual revenue of 222.82 billion yuan, a year-on-year increase of 10.2%, while net profit attributable to shareholders was 9.87 billion yuan, down 22.1% compared to the previous year. Total vehicle sales reached 1.324 million units, growing 7.3% year-on-year; however, these results fell short of market expectations.
Due to increased spending on direct stores, new vehicle promotion, and overseas marketing, Great Wall Motor's sales expenses rose by 3.4 billion yuan. Despite this investment, the company achieved only 61% of its full-year sales target, ranking last among major listed automakers.
In 2025, Great Wall Motor's new energy vehicle sales grew by 25%, slightly above the industry average. However, its new energy penetration rate stood at just 26%, less than half the industry's 57%. In the first two months of this year, the penetration rate unexpectedly dropped further to 19%, widening the gap with competitors. Additionally, the company's traditional strength in the off-road vehicle segment faced significant pressure from rival products.
The previously high growth rate of the Wey brand has shown signs of slowing. Whether the company can reverse its overall decline this year through new platforms and models has become crucial.
Great Wall Motor's total revenue in 2025 reached 222.8 billion yuan, up 10.2% year-on-year, while net profit attributable to shareholders fell 22.1% to 9.87 billion yuan. In the fourth quarter, revenue increased 15.5% to 69.24 billion yuan, but net profit dropped 45.7% to 1.23 billion yuan, highlighting a trend of rising revenue but declining profitability, with an accelerating downward trend in earnings.
The company sold 1.324 million vehicles in 2025, a 7.3% increase year-on-year. However, net profit per vehicle fell by approximately 3,000 yuan to about 7,500 yuan, a decline of nearly 30% compared to 2024.
In terms of profitability, Great Wall Motor's gross profit margin was 18.0% in 2025, while its net profit margin was 4.4%, down 1.5 and 1.9 percentage points year-on-year, respectively, indicating a clear decline in profitability.
Increased expenses related to new channel models, direct stores, promotional activities, and overseas marketing contributed to a 3.4 billion yuan rise in sales expenses. The sales expense ratio increased from 3.87% in 2024 to 5.06% in 2025, becoming a major factor dragging down performance.
Despite heavy investment, Great Wall Motor achieved only 61.3% of its annual sales target, the lowest among major listed automakers in China.
The low sales target completion rate was not only due to relatively aggressive target setting but also linked to delays in new energy transformation, slow technology implementation, and intensified competition in the off-road segment, leading to dual pressures on both scale and structure.
In 2025, Great Wall Motor sold 403,700 new energy vehicles, a 25% increase year-on-year, slightly higher than the 17.6% growth in national retail sales of new energy vehicles during the same period.
However, compared to total annual sales of 1.32 million vehicles, the company's new energy penetration rate was only 26%, less than half the industry average of 57%. More surprisingly, in the first two months of this year, Great Wall Motor's new energy vehicle sales fell 18% year-on-year to just 30,773 units, far exceeding the industry's 6.9% decline. The penetration rate dropped to 19%, further widening the gap with competitors.
The new energy off-road vehicle segment is now dominated by Great Wall Motor and BYD, with other players such as Beijing Off-Road, Chery, and Dongfeng Mengshi also competing intensely. Due to strong competition, Great Wall Motor's traditional strength in the off-road segment has faced significant challenges.
For example, sales of the Great Wall Tank 300 have declined in recent months following the launch of competing models such as the BYD Fang Cheng Bao Titanium 7 and the Beijing Off-Road BJ40 (extended-range version). The proportion of new energy versions in the Tank 300's sales has also decreased significantly.
Of greater concern to the market is the slowing growth of the Wey brand, which performed well in 2025. The brand's year-on-year sales growth dropped from nearly 100% previously to 56% in the first two months of this year, indicating a clear slowdown.
In January of this year, Great Wall Motor launched the world's first native AI multi-power automotive platform, the Guiyuan Platform. Covering seven vehicle categories including sedans, SUVs, pickup trucks, MPVs, and sports cars, the platform plans to launch over 50 models equipped with five powertrain systems. The highly modular Guiyuan Platform supports various power forms such as PHEV, HEV, BEV, FCEV, and ICE, achieving "one architecture, full adaptation." The company has high expectations for this platform.
Additionally, Great Wall Motor plans to launch several new models this year, including the Wey V9X, the new Tank 300 Hi4-Z, and the Tank 700 Hi4-Z. Whether these new platforms and models can reverse the company's declining performance will be critical for Great Wall Motor.
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