Great Wall Motor Company (2333) H1 2026 earnings summary

Executive summary

• In 2026 H1, global auto sales reached 47.04 million units, down 0.4% YOY, with China leading in sales volume, followed by the US and India.

• The company’s operating revenue for H1 2026 rose 10.58% YOY to RMB 102.1 billion, driven by global sales growth and expansion in high-value vehicle models.

• Net profit attributable to shareholders fell 61.11% YOY to RMB 2.46 billion, mainly due to deferred overseas tax subsidies and exchange rate fluctuations.

• Overseas sales volume surged 45.46% YOY to 289,016 units, while total vehicle sales grew 1.22% to 575,764 units.

• The company continued to invest in R&D and launched new competitive models, strengthening its global presence and product portfolio.

Financial highlights

• Gross profit increased 10.52% YOY to RMB 18.76 billion; gross margin was 18.4%.

• Operating profit dropped 53.1% YOY to RMB 3.22 billion.

• Basic and diluted EPS dropped to RMB 0.29, down 60.81% YOY.

• Net cash flow from operating activities rose 13.25% YOY to RMB 10.44 billion.

• Total assets grew to RMB 229.99 billion; shareholders’ equity was RMB 87.39 billion.

Outlook and guidance

• CAAM raised China’s full-year auto export target to 10 million units due to strong H1 export performance.

• The company targets sales of at least 1.8 million units and net profit of RMB 10 billion in 2026, rising to 2.16 million units and RMB 15 billion in 2027.

• Focus remains on intelligent new energy, off-road advantages, and ecosystem globalization.