Great Wall Motor (GWMOTOR) released its 2026 interim report for the six months ended 30 June 2026.

Revenue climbed 10.58% year-on-year to RMB102.10 billion, driven by a 1.22% rise in vehicle sales to 575,764 units and 45.46% growth in overseas deliveries (289,016 units). Gross profit margin remained flat at 18.37%.

Net profit attributable to shareholders fell 61.11% to RMB2.46 billion, mainly due to delayed recognition of overseas tax incentives and currency fluctuations. Non-recurring items added RMB854 million, leaving recurring net profit at RMB1.61 billion (-55.04%). Basic earnings per share dropped to RMB0.29 from RMB0.74.

Operating cash flow improved 13.25% to RMB10.44 billion, while investing cash outflows shrank after a slowdown in wealth-management purchases. R&D cash expenses rose 7.74% to RMB4.57 billion; total R&D spending reached RMB6.95 billion, 62% of which was capitalised.

Total assets increased 2.09% to RMB229.99 billion. Inventories expanded 29.27% to RMB33.80 billion, and the gearing ratio rose to 163.17%. Net assets stood at RMB87.39 billion.

At period-end the company held RMB30.64 billion in cash; restricted funds totalled RMB3.01 billion. Outstanding A-share convertible bonds were RMB3.62 billion after minimal conversion.

During the half year Great Wall Motor repurchased 11.08 million H-shares (held as treasury shares) and cancelled 4.46 million restricted A-shares. The board proposed no interim dividend.

Management highlighted overseas expansion, higher sales of high-value models and continued investment in new-energy and intelligent technologies, but warned that FX volatility and deferred subsidies weighed on interim profitability.