Great Wall Motor (SEHK:2333) Margin Compression Challenges Bullish Growth Narratives In FY 2025

Simply Wall St.03-30

Great Wall Motor (SEHK:2333) has wrapped up FY 2025 with fourth quarter revenue of CN¥69.2b and basic EPS of CN¥0.15, while trailing twelve month figures show revenue of CN¥222.8b and EPS of CN¥1.16. ...

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Over recent quarters the company has seen revenue move from CN¥59.9b in Q4 2024 to CN¥69.2b in Q4 2025, with quarterly EPS shifting from CN¥0.27 to CN¥0.15. This sets up an earnings picture where a 4.4% trailing net margin and a CN¥4.1b one off gain leave investors weighing how durable the...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"82333":"长城汽车-R","601633":"长城汽车","BLSX":"Tradr 2X Long BLSH Daily ETF","BK4112":"金融交易所和数据","GWLLY":"长城汽车ADR","BK1119":"汽车制造商","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BLSG":"2倍做多BLSH ETF-Leverage Shares","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK1539":"汽车股","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","02333":"长城汽车"},"translate_title":"长城汽车(SEHK：2333)利润率压缩挑战2025财年看涨增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82333":0.6,"601633":1.98,"BLSX":0.6,"GWLLY":1.98,"BLSG":0.6,"02333":1.98},"content_text":"Great Wall Motor (SEHK:2333) has wrapped up FY 2025 with fourth quarter revenue of CN¥69.2b and basic EPS of CN¥0.15, while trailing twelve month figures show revenue of CN¥222.8b and EPS of CN¥1.16. Over recent quarters the company has seen revenue move from CN¥59.9b in Q4 2024 to CN¥69.2b in Q4 2025, with quarterly EPS shifting from CN¥0.27 to CN¥0.15. This sets up an earnings picture where a 4.4% trailing net margin and a CN¥4.1b one off gain leave investors weighing how durable the underlying profitability really is. See our full analysis for Great Wall Motor. With the headline numbers on the table, the next step is to see how this earnings profile lines up with the dominant narratives around Great Wall Motor and where those stories may need updating. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:2333 Revenue & Expenses Breakdown as at Mar 2026 AdvertisementRevenue climbs to CN¥222.8b while margins tighten  Over the last 12 months, Great Wall Motor generated CN¥222.8b of revenue with a 4.4% net margin, compared with a 6.3% margin a year earlier. This indicates that higher sales have not yet translated into stronger profitability. Critics highlight that quarterly net income excluding extra items moved from CN¥4.6b in Q2 2025 to CN¥1.2b in Q4 2025, which raises questions about how consistent profitability is beneath the higher revenue base.\n     Q4 2025 revenue of CN¥69.2b was the highest in the period shown. However, net income excluding extra items in that quarter was the lowest figure in the FY 2025 set. The trailing 12 month net income excluding extra items of CN¥9.9b on CN¥222.8b of revenue points to thin margins, which bearishly minded investors may see as leaving less room for error if costs stay high.    EPS trend softens despite one off gain  Trailing basic EPS on a 12 month basis stepped down from CN¥1.49 at Q4 2024 to CN¥1.16 at Q4 2025, even though the period included a CN¥4.1b one off gain that lifted reported earnings. What is surprising for a more bullish view is that, while forecasts call for roughly 12.8% yearly earnings growth, the actual trailing EPS line has moved the other way. This means the recent numbers still need to catch up to that growth story.\n     EPS within FY 2025 moved from CN¥0.52 in Q2 to CN¥0.21 in Q1 and CN¥0.15 in Q4, which does not yet reflect the kind of steady compounding implied by the forecast growth rates. The presence of a CN¥4.1b one off gain inside a period where EPS is lower than a year earlier means underlying profitability looks weaker than headline earnings might suggest to bullish investors.    Curious how these mixed EPS and one off effects fit into the wider story around Great Wall Motor, including past growth, risks, and valuation signals, and how other investors are interpreting them right now? Curious how numbers become stories that shape markets? Explore Community Narratives. P/E of 9.6x alongside lower profitability  At a share price of HK$12.48, the trailing P/E of 9.6x sits below peer and Asian auto industry averages and compares with a DCF fair value of HK$25.54. However, this is paired with a 4.4% net margin that is lower than the 6.3% margin a year earlier. Supporters of a value angle may point out that the stock trades about 51.1% below the DCF fair value while earnings are forecast to grow around 12.8% per year. At the same time, the current 4.4% margin and the inclusion of a CN¥4.1b one off gain mean the apparent discount is measured against earnings that are already helped by non recurring items.\n     Trailing 12 month net income excluding extra items of roughly CN¥9.9b against CN¥222.8b of revenue suggests profitability is modest, which can limit how much benefit investors get from low P/E multiples if margins stay at this level. The gap between the P/E of 9.6x and higher peer and industry averages may therefore reflect both the cheaper headline valuation and the reality of lower recent margins and earnings quality.    Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Great Wall Motor's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. These mixed signals around earnings, margins, and valuation can feel unclear, so do not wait to work through the numbers yourself. Stress test the story from both sides with 3 key rewards and 2 important warning signs. See What Else Is Out There Great Wall Motor's thinner 4.4% net margin, softer trailing EPS, and reliance on a CN¥4.1b one off gain raise questions about the quality of its earnings. If you want ideas where profitability appears more robust and less dependent on special items, take a look at 234 high quality undervalued stocks today and compare how those businesses stack up.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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