长城汽车海外毛利率已连续两年低于国内

Core Viewpoint - Despite achieving record high overseas sales, Great Wall Motors' profitability in its overseas business has further contracted, with a notable decline in gross margin [3]. Group 1: Financial Performance - In 2025, Great Wall Motors reported an overseas gross margin of 16.70%, down 2.06 percentage points from 18.76% in 2024 [3]. - The company's domestic gross margin for the same period was 18.61% [3]. - The overseas gross margin peaked at 26.01% in 2023, significantly higher than the domestic margin of 15.52% [3]. - The overseas gross margin has decreased by 9.31 percentage points from its 2023 high [3]. Group 2: Revenue and Sales Growth - Great Wall Motors achieved overseas revenue of 91.488 billion yuan in 2025, representing a year-on-year growth of 13.99% [3]. - The company sold 506,800 new vehicles in overseas markets in 2025, an increase of 11.60% year-on-year [3]. - Overseas sales accounted for nearly 40% of the company's total sales, making it a core driver of overall revenue growth [3]. Group 3: Market Expansion and Strategy - 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 [4]. - The company has achieved cumulative overseas sales exceeding 2 million units, positioning itself as a leading Chinese automotive enterprise in international markets [4]. - The completion of a full-process factory in Brazil in August 2025 marks a significant step in local production and technology adaptation for the Latin American market [4]. Group 4: Challenges and Risks - The company faces uncertainties in overseas markets due to international geopolitical conflicts and increasing trade barriers, which may raise operational costs [5]. - Factors such as increased scrap tax rates in Russia, a key export market, have contributed to rising automotive costs since 2024 [5]. - The company plans to deepen its "ONE GWM" global strategy, focusing on regional development and localized operations to mitigate risks associated with geopolitical tensions and trade barriers [5].