On May 28, Great Wall Motor (02333.HK) fell 3.06% in regular trading, trading at HKD 10.45/share, with trading volume of HKD 51.60 million.

On the news front, the company's Q1 revenue grew 12.72% year-over-year to RMB 45.109 billion, but non-GAAP net profit came in at only RMB 482 million, plunging 67.19% YoY — translating to roughly RMB 1 of core profit per RMB 100 of revenue, signaling severe margin deterioration. The company attributed part of the profit decline to favorable forex gains in the prior-year period, with financial expenses swinging from negative RMB 1.028 billion to positive RMB 97 million, creating an over RMB 1.1 billion adverse variance. Additionally, the company cancelled 9.05 million stock options after failing to meet performance targets, further underscoring operational headwinds.

Capital flow data shows persistent institutional selling, with net main fund outflows exceeding RMB 200 million over the past five trading days. On May 27 alone, main fund net outflow reached RMB 24.54 million. Only retail investors showed net inflows, reflecting weakening institutional confidence despite the company maintaining its AAA credit rating.

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