Di Yi Cai Jing·2026-03-28 00:37Core Viewpoint - Despite achieving record sales in overseas markets, the profitability of Great Wall Motors' overseas business has further contracted, with a notable decline in gross margin from previous years [2]. Group 1: Financial Performance - In 2025, the gross margin for Great Wall Motors' overseas business was 16.70%, a decrease of 2.06 percentage points compared to 18.76% in 2024 [2]. - The domestic business gross margin for the same period was reported at 18.61% [2]. - The overseas gross margin has significantly declined from a peak of 26.01% in 2023, marking a total drop of 9.31 percentage points by 2025 [2]. Group 2: Sales and Revenue Growth - Great Wall Motors achieved overseas revenue of 91.488 billion yuan in 2025, reflecting a year-on-year growth of 13.99% [2]. - The company sold 506,800 new vehicles in overseas markets, which is an increase of 11.60% year-on-year, with overseas sales accounting for nearly 40% of total sales [2]. Group 3: Market Expansion and Challenges - As of the end of 2025, Great Wall Motors has exported products to over 170 countries and regions, with more than 1,400 overseas sales channels and cumulative overseas sales exceeding 2 million vehicles [3]. - The company has established a full-process factory in Brazil, which commenced operations in August 2025, serving as a core hub for the Latin American market [3]. - The company faces uncertainties in overseas markets due to international geopolitical conflicts, increased trade barriers, and rising costs associated with local production and currency fluctuations [3]. - Great Wall Motors plans to deepen its "ONE GWM" global strategy, focusing on regional development and localized operations to mitigate risks associated with market dependency and trade barriers [3].