Great Wall Motor Company (2333) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 rose 12.72% year-over-year to RMB 45.11 billion, driven by higher sales volume and increased overseas sales share.

• Net profit attributable to shareholders dropped 46.01% year-over-year to RMB 945 million, mainly due to lower exchange gains compared to the prior year.

• Net cash flow from operating activities improved significantly to RMB 3.27 billion from a negative RMB 8.98 billion in Q1 2025, reflecting stronger cash receipts from overseas sales.

Financial highlights

• Total operating revenue: RMB 45.11 billion, up 12.72% year-over-year.

• Net profit attributable to shareholders: RMB 945 million, down 46.01% year-over-year.

• Net profit after deducting non-recurring gains/losses: RMB 482 million, down 67.19% year-over-year.

• Basic and diluted EPS: RMB 0.11, down 47.62% year-over-year.

• Net cash flow from operating activities: RMB 3.27 billion, a significant turnaround from last year.

Outlook and guidance

• Revenue per vehicle and gross profit margin increased year-over-year, supported by overseas expansion.

• Management highlights continued focus on overseas sales growth and operational efficiency.