3 6 Ke·2025-07-21 09:36Core Viewpoint - Great Wall Motors reported a 1.03% year-on-year increase in revenue for the first half of 2025, but net profit fell by 10.21%, indicating a significant challenge for the company as it faces a "mid-life crisis" [1][23][24]. Financial Performance - In the first half of 2025, Great Wall Motors achieved total revenue of 923.67 billion, up from 914.29 billion in the same period last year, reflecting a growth of 1.03% [25]. - The net profit for the same period was 63.37 billion, down from 70.79 billion year-on-year, marking a decline of 10.21% [25][24]. - The company's basic earnings per share decreased by 10.84%, from 0.83 to 0.74 [25]. Strategic Adjustments - Great Wall Motors is reviving its electric vehicle brand, Ora, as part of a strategic shift to fill the gap in its electric vehicle lineup [3][4]. - The appointment of a new general manager for the Ora brand, Lü Wenbin, signifies a renewed focus on electric vehicle operations, including product planning and marketing [5][7]. - The company plans to launch two significant new products aimed at the global market in the second half of 2025, with an investment of 10 billion over three years [10]. Market Positioning - Great Wall Motors has been cautious in entering the high-end electric vehicle market, focusing instead on the A0-level electric vehicle segment, which has shown significant growth potential [13][14]. - The A0-level electric vehicle market saw a 142% year-on-year increase in retail sales in June 2025, indicating strong demand [13]. - The company’s traditional fuel vehicle sales are declining, with a 1.8% drop in Haval brand sales and a 13.06% drop in pickup sales in 2024 compared to 2023 [23][24]. Competitive Landscape - The electric vehicle market is becoming increasingly competitive, with several new energy vehicle brands achieving profitability, contrasting with Great Wall's previous stance on electric vehicles being unprofitable [26][28]. - The company is adapting to the changing market dynamics by setting a goal for its new energy business to achieve profitability by 2026, with a focus on the Ora brand [28][32]. - Great Wall Motors is enhancing its direct sales channels and increasing R&D investment, which rose from 16.9 billion in 2013 to 92.8 billion in 2024 [31][32].