Great Wall Motor Company (2333) Q3 2025 earnings summary

Executive summary

• Operating income for Q3 2025 reached RMB 61.25 billion, up 20.51% year-over-year, with nine-month revenue at RMB 153.58 billion, up 7.96% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 2.30 billion, down 31.23% year-over-year; nine-month net profit was RMB 8.63 billion, down 16.97% year-over-year.

• Net profit after non-recurring items for Q3 was RMB 1.89 billion, down 30.23% year-over-year; for nine months, RMB 5.48 billion, down 34.39% year-over-year.

• The decline in net profit was attributed to increased investments in new sales channels, model launches, and technology, despite higher sales and revenue.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.27, down 30.77% year-over-year; nine-month EPS was RMB 1.01, down 17.21% year-over-year.

• Weighted average ROE for Q3 was 2.70%, down 1.71 percentage points year-over-year; nine-month ROE was 10.36%, down 4.27 percentage points.

• Net cash flow from operating activities for nine months was RMB 21.39 billion, up 50.90% year-over-year.

• Total assets at period end were RMB 220.94 billion, up 1.48% from year-end 2024; owner’s equity attributable to shareholders was RMB 86.43 billion, up 9.42%.

Outlook and guidance

• Management expects continued growth in sales and operating income, with ongoing investments in direct-to-user channels and new product launches likely to impact short-term profitability.