Great Wall Motor's revenue in the first half of the year increased by 30.7% year-on-year, while net profit increased by 420% | Financial Report Insights

Great Wall Motor's overseas market performance is strong, with sales in the first half of the year increasing by over 60% year-on-year. Coupled with the gradual shift of domestic products towards the mid-to-high end, the group's net profit in the first half of the year surged by more than 4 times.

On August 29, Great Wall Motor released its financial report for the first half of 2024, showing the following key financial data:

1) Main Financial Data:

Revenue: Revenue in the first half of the year was 91.23 billion RMB, a year-on-year increase of 30.67%.

Profit: Net profit attributable to shareholders of the listed company was 7.08 billion RMB, a year-on-year increase of 419.99%; basic earnings per share were 0.83 RMB, a year-on-year increase of 418.75%; gross profit margin was 20.74%, up 3.89 percentage points from the same period last year.

Cash Flow: Net cash flow generated from operating activities in the first half of the year was 9.41 billion RMB, achieving positive growth compared to -2.44 billion RMB in the same period last year.

2) Main Business Performance:

Vehicle Sales: Revenue from vehicle sales in the first half of the year was 78.93 billion RMB, a year-on-year increase of 30.12%; cumulative vehicle sales in the first half of the year were 555,000 units, a 6.0% increase year-on-year.

Parts: Revenue from parts and others was 12.5 billion RMB, a 34.25% increase year-on-year.

In terms of vehicle types, in the first half of the year, Great Wall Motor's SUV sales saw strong growth with 436,000 units sold, a 14.6% increase year-on-year. However, sedan and pickup sales were weak, with 36,000 and 86,000 units sold respectively, representing a 25.8% and 11.5% decrease year-on-year.

The overseas market showed strong growth, with export volume reaching 200,000 units in the first half of the year, a 62.1% increase year-on-year, while domestic market sales were sluggish with 355,000 units sold, a 10.24% decrease year-on-year. Nevertheless, the domestic product structure continued to optimize, with the proportion of mid-to-high-end product sales continuing to increase.

According to Great Wall Motor, the company sold 130,000 units of new energy vehicles in the first half of the year, a 44.9% increase year-on-year, maintaining its leading position in hardcore off-road vehicle sales, off-road new energy vehicle sales, and pickup truck sales.

In the first half of the year, Great Wall Motor's Tank and WEY brands performed strongly, and with the "Great Wall Cannon" effect, the Great Wall pickup also did relatively well:

Tank: Tank brand sold a total of 116,000 units in the first half of the year, a 97.7% increase year-on-year, maintaining the top spot in China's off-road SUV sales for 42 consecutive months The Tank 700 Hi4-T has officially launched, featuring the large-displacement hybrid 3.0T Hi4-T technology, targeting the global off-road market.

• Haval: Haval sold 297,000 vehicles in the first half of the year, a year-on-year increase of 0.17%, with a global cumulative sales exceeding 9 million vehicles.

• Great Wall Pickup: Great Wall Pickup sold a total of 90,000 vehicles in the first half of the year, including 24,000 vehicles sold overseas, a 14.1% year-on-year increase. The Great Wall Cannon has achieved monthly sales of over 10,000 units for 45 consecutive months, with cumulative sales exceeding 600,000 units, setting a new speed record for the Great Wall Cannon.

• WEY: WEY's new energy vehicles sold 20,000 units in the first half of the year, a 43.54% year-on-year increase.

• ORA: ORA sold 31,000 vehicles in the first half of the year.

Looking ahead, Great Wall Motors stated that it will continue to adhere to long-termism, focus on the intelligent new energy track, strengthen its advantages in off-road and pickup markets, accelerate globalization, and contribute value to the healthy development of the Chinese automotive industry with stronger technological research and development, better capital chain, and a more outstanding industrial ecosystem