Great Wall Motors 2025 revenue growth and profit reduction, 61% of sales target achieved, ranking at the bottom; new energy penetration rate only 26%, off-road racing tracks severely impacted

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Produced by: Sina Finance Listed Company Research Institute

Author: Hao

On March 27, Great Wall Motors released its 2025 annual report. The company achieved an operating revenue of 222.82 billion yuan for the year, a 10.2% increase year-over-year, with a net profit attributable to shareholders of 9.87 billion yuan, down 22.1% year-over-year. Cumulative new car sales reached 1.32M units, a 7.3% increase, but performance fell short of market expectations.

Due to increased investments in direct stores, new car sales promotion expenses, and overseas publicity, Great Wall Motors’ sales expenses surged by 3.4 billion yuan, yet it still failed to meet expectations. The annual sales target completion rate was only 61%, ranking at the bottom among major listed automakers.

By 2025, sales of new energy vehicles (NEVs) are expected to grow by 25%, slightly above the industry average, but the NEV penetration rate is only 26%, less than half of the industry. In the first two months of this year, it unexpectedly further declined to just 19%, widening the gap with peers. Additionally, due to strong competition, Great Wall’s traditional strength in off-road racing has also faced significant impact.

Currently, the rapid growth of Wei brand shows signs of slowing down. Whether it can reverse the overall downturn with new platforms and new models this year becomes critically important.

Increased Revenue, Reduced Profit; Sales Expenses Surge by 3.4 Billion; Only 61% of Annual Sales Target Achieved, Ranking at the Bottom

In 2025, Great Wall Motors’ total revenue was 222.8 billion yuan, up 10.2%, with a net profit attributable to shareholders of 9.87 billion yuan, down 22.1%. In the fourth quarter alone, revenue was 69.24 billion yuan, up 15.5%, but net profit was 1.23 billion yuan, down 45.7%. The phenomenon of increased revenue but decreased profit is prominent, with an accelerating downward trend in profitability.

That year, Great Wall sold 1.32M new cars, up 7.3%, with an average net profit per vehicle of about 7.5k yuan, down 3k yuan from 2024, nearly a 30% decline.

In terms of profitability, in 2025, Great Wall’s gross profit margin was 18.0%, and net profit margin was 4.4%, down 1.5 and 1.9 percentage points respectively compared to the previous year, indicating a significant decline in profitability.

Due to the increased costs of building new channel models, direct stores, new car sales promotion expenses, and overseas publicity, Great Wall’s annual sales expenses surged by 3.4 billion yuan. The sales expense ratio rose from 3.87% in 2024 to 5.06%, becoming one of the main factors dragging down performance.

However, despite heavy investments, Great Wall still failed to meet its expectations. The sales target completion rate for 2025 was only 61.3%, ranking at the bottom among major domestic listed automakers.

In fact, the low completion rate of Great Wall’s annual sales target is closely related not only to the relatively aggressive target setting but also to lagging new energy transformation, slow technological implementation, and the double pressure from scale and structure caused by the impact on traditional off-road racing strengths.

NEV Penetration Rate Only 26%, Unexpected Further Decline This Year; Strong Competition Hits Off-road Racing Hard

In 2025, Great Wall’s NEV sales reached 403.7k units, a roughly 25% increase year-over-year, slightly above the national NEV retail sales growth of 17.6% during the same period.

However, relative to the total sales of 1.32 million units, Great Wall’s NEV penetration rate is only 26%, less than half of the 57% retail penetration rate of domestic NEV passenger vehicles.

Even more unexpectedly, in the first two months of this year, Great Wall’s NEV sales were only 30,773 units, a sharp 18% decline year-over-year, far exceeding the industry’s 6.9% decrease. The penetration rate has fallen to 19%, further widening the gap with peers.

‌Furthermore, the NEV off-road racing track is now dominated by Great Wall and BYD, with Beijing Off-road, Chery, Dongfeng Mowang, and others following closely. Due to strong competition, Great Wall’s traditional off-road racing strength has also faced huge shocks.

Taking the Tank 300 as an example, in recent months, with BYD’s Fangcheng Leopard Titanium 7, Beijing Off-road BJ40 (Extended Range), and other products entering the market, the monthly sales of Tank 300 have declined consecutively, with the proportion of NEV versions dropping significantly.

What worries the market even more is that, despite a strong performance in 2025, Great Wall’s Wei brand’s sales growth has slowed from nearly 100% previously to only 56% in the first two months of this year, showing clear signs of deceleration.

In January this year, Great Wall Motors announced the world’s first native AI-powered full-drive vehicle platform—the Yuan platform, covering seven major categories including sedans, SUVs, pickups, MPVs, and sports cars, planning to launch over 50 models equipped with five major power systems. The Yuan platform adopts a highly modular architecture, compatible with PHEV, HEV, BEV, FCEV, and ICE, achieving “one architecture, full-domain adaptation,” which Great Wall has high expectations for.

Meanwhile, Great Wall plans to launch several new models within the year, including Wei brand V9X, the all-new Tank 300 Hi4-Z, and Tank 700 Hi4-Z. Whether it can rely on new platforms and models to reverse the downturn is especially critical for Great Wall Motors.