GWM (2333 HK) New Energy Vehicles and Overseas Markets Drive Sales Growth March 20, 2026 3

PSR Recommendation: BUY Status: Maintained
Target Price: HKD17.00

Investment Summary

Revenue Growth Amid Transformation While Profits Face Pressure
According to the 2025 annual result forecast of Great Wall Motor, the Company reported
total revenue of RMB222.79 billion in the full year (RMB, the same below), up 10.19% yoy,
while net profit attributable to the parent company amounted to RMB9,912 million, down
21.71% yoy. Net profit attributable to the parent company excluding non-recurring items
dropped by 36.5% yoy to RMB6.16 billion.
The decline in profit was mainly due to the Company accelerating the build-out of a new
channel model that connects directly with users, while also increasing promotion and brand
building efforts for the launch of new vehicle models and technologies. The increase in
related investments weighed on the Company’s profitability.
Looking at the fourth quarter alone, the Company recorded net profit attributable to the
parent company of RMB1.28 billion, down 43.5% yoy and down 44.4% mom. The decline
was mainly affected by a one-off provision for year-end bonuses and the delayed rebate of
scrappage tax. Excluding these factors, the Company’s operations remained stable.

New Energy Vehicles and Overseas Markets Drive Sales Growth, While Product Mix
Optimisation Lifts Per-Vehicle Revenue
Sales volume of Great Wall Motor reached a record high of 1,324 thousand units in 2025, up
7.3% yoy, driven by the dual engines of new energy vehicles and overseas markets. Among
them, EV sales reached 404 thousand units, up 25.4% yoy (the share of EVs increased by 4.4
ppts to 30.5%); overseas sales volume reached 506 thousand units, up 11.7% yoy (the share
of overseas sales increased by 1.5 ppts to 38.2%).
Among the Company’s sub-brands, Haval, WEY, Tank, Ora, and pickup recorded sales
volume of 759 thousand, 102 thousand, 233 thousand, 48 thousand, and 182 thousand units,
respectively, up 7.41%, up 86.29%, up 0.74%, down 23.68%, and up 2.57% yoy. The premium
Tank brand maintained stable performance, while WEY delivered significant growth, with
the WEY Gaoshan recording monthly deliveries exceeding 10 thousand units for three
consecutive months. Against the backdrop of continuous optimisation in the vehicle sales
structure, the ASP of a single vehicle increased steadily. In 2025, the Company’s ASP rose up
2.7% yoy, or RMB4,400, to RMB168.3 thousand, reflecting further strengthening of the
brand.

Launch of the ‘GWM One’ Platform Opens a New Product Cycle
In January 2026, Great Wall Motor launched the world’s first native AI full-powertrain
platform — GWM One. The platform is compatible with five powertrain types: PHEV, HEV,
EV, FCEV, and ICE, covering seven vehicle categories including sedan, SUV, pickup, MPV, and
sports cars. It is equipped with a self-developed 6C battery cell and a 900V architecture,
alongside advanced intelligent cockpit and driver-assistance technologies. The Company
plans to launch more than 50 new models in the future, covering all major vehicle segments
and achieving “one architecture with full-scenario adaptability”. The first flagship six-seat
model based on the GWM One platform, the WEY V9X, is set to debut soon. With leading
specification in power, range, handling and interior design, the model is expected to further
solidify the Company’s brand positioning in the premium segment.

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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