长城汽车半年报净利润“吃紧”，哈弗、坦克等主力车型7月销量环比走低

Core Viewpoint - Great Wall Motors reported a cumulative sales figure of 674,000 vehicles from January to July this year, reflecting a year-on-year growth of 3.6%, but its overseas sales decreased by 17.5% compared to the same period last year [1] Group 1: Sales Performance - In July, Great Wall Motors' total monthly sales reached 104,000 vehicles, a month-on-month decrease of 5.7% [1] - The sales breakdown for July shows Haval at 56,000 units (down 9.9%), Wey at 10,000 units (down 1.5%), pickups at 14,000 units (up 4.2%), Ora at 4,000 units (up 31.0%), and Tank at 20,000 units (down 7.2%) [1] - The company’s sales growth significantly lagged behind the overall industry, which saw a 11.4% year-on-year increase in domestic vehicle sales for the first half of the year, totaling 15.653 million units [1] Group 2: Financial Performance - For the first half of 2025, Great Wall Motors reported an operating income of 92.367 billion yuan, a year-on-year increase of 1.03%, while net profit decreased by 10.22% to 6.337 billion yuan [1] Group 3: Electric Vehicle Transition - In 2024, Great Wall Motors' sales growth began to slow down, with new car sales reaching 1.235 million units, a mere 0.4% increase from 2023 [2] - The penetration rate of new energy vehicles for Great Wall Motors was only 28.9% as of July, indicating a slower transition to electric vehicles compared to the industry average [2] - The company's pure electric brand, Ora, sold only 18,000 units from January to July, a significant decrease of 50.2% year-on-year [2] Group 4: International Collaboration - Great Wall Motors has been actively pursuing overseas markets, but recent sales data has been disappointing [2] - The company was reported to be collaborating with Faraday Future, which has faced allegations of design similarities with Great Wall's products [3] - Faraday Future's global president denied any claims of plagiarism, stating that the vehicle was developed in partnership with Chinese industry collaborators [3]