Great Wall Motor Company (2333) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 2025 was RMB 40.02 billion, down 6.63% year-over-year, with net profit attributable to shareholders at RMB 1.75 billion, a 45.60% decrease year-over-year.

• The decline in profit and revenue was mainly due to lower sales volume during a product upgrade cycle and increased investment in corporate-owned models.

Financial highlights

• Basic and diluted EPS were RMB 0.21, down 44.74% year-over-year.

• Net cash flow from operating activities was negative RMB 8.98 billion, compared to negative RMB 2.63 billion in Q1 2024.

• Total assets at quarter-end were RMB 212.55 billion, down 2.38% from year-end 2024.

• Owner's equity attributable to shareholders increased 4.66% to RMB 82.66 billion.

• Non-recurring gains/losses contributed RMB 282 million to profit, mainly from government grants and fair value changes.

Outlook and guidance

• The company is in a product upgrade and iteration cycle, which is expected to continue impacting sales and financial performance in the near term.