CLSA released a research report indicating that Great Wall Motor (02333, 601633.SH) announced preliminary 2025 results, with revenue increasing 10% year-on-year, but net profit declining 22% year-on-year. Year-end bonus provisions may have impacted fourth-quarter net profit by approximately RMB 3 billion; excluding the effect of delayed scrapped vehicle tax refunds in Russia, the brokerage estimates that fourth-quarter per-vehicle profit could have increased sequentially by around RMB 2,000 to RMB 10,500. Looking ahead to 2026, CLSA expects Great Wall Motor's domestic sales to be affected by weakening internal demand, while the impact from the Russian market may persist. Consequently, the firm has lowered its net profit forecasts for Great Wall Motor for 2026 and 2027 by 19% and 3%, respectively, and reduced its target price-to-earnings multiple. The H-share target price has been cut from HK$21 to HK$15, and the A-share target price has been reduced from RMB 36 to RMB 24. However, CLSA maintains an "Outperform" rating, anticipating that Great Wall Motor will remain resilient amidst industry volatility.