Great Wall Motor 2026 H1 Revenue Hits RMB 102.1 Billion, Overseas Sales Surge 45.46%

On August 25, Great Wall Motor released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of RMB 102.101 billion, up 10.58% year-on-year; cumulative new vehicle sales reached 575,764 units, up 1.22%. In overseas markets, the company sold 289,016 new vehicles in the first half, up 45.46%, accounting for over half of total sales. Gross profit reached RMB 18.759 billion, up 10.52%; net cash flow from operating activities was RMB 10.436 billion, up 13.25%.

Profit figures declined. In the first half, net profit attributable to shareholders was RMB 2.465 billion, down 61.11% year-on-year; non-GAAP net profit was RMB 1.610 billion, down 55.04%. The company stated that the decline in net profit was mainly due to the delayed recovery of overseas tax policy subsidy benefits, combined with exchange rate fluctuations during the reporting period. In the same period of 2025, RMB 2.274 billion of such benefits had been recognized, and the base difference significantly affected current profit data. Due to major international exchange rate fluctuations, the current period's exchange gains and losses, after hedging with lock-in exchange rate preservation products, produced an unaudited comprehensive exchange loss of approximately RMB 266 million, with exchange gains down RMB 1.759 billion year-on-year; in the same period of 2025, the company achieved exchange gains of RMB 1.493 billion. First-half financial expenses were RMB 280 million, compared with RMB -1.692 billion in the same period of 2025.

First-quarter operating data showed that the company achieved main business revenue of RMB 45.109 billion, up 12.72% year-on-year; net profit attributable to shareholders was RMB 945 million, down 46.01%; non-GAAP net profit was RMB 482 million, down 67.19%. First-quarter financial expenses turned from exchange gains of RMB 1.028 billion in the same period of 2025 to exchange losses of RMB 97 million, a difference of over RMB 1.1 billion.

In terms of expenses, first-half R&D expenses reached RMB 4.568 billion, up 7.74%; selling expenses increased with overseas market expansion and global brand promotion, reaching RMB 5.998 billion, up 19.11%. The company's comprehensive gross margin was 18.37%, down 0.01 percentage points from the same period of 2025.

The company will implement its "ONE GWM" global strategy, focusing on "regional deep cultivation plus localized operations," expanding into high-potential markets such as Europe and emerging markets, optimizing the global market structure, reducing dependence on a single market, and advancing localized production and supply chain construction at overseas plants.