“if Great Wall cars can’t make money, almost no one’s cars in China can make money,” Wei Jianjun, chairman of Great Wall Motor, lambasted the industry chaos and emphasized Great Wall’s profitability at the 2023 World Internet Conference.
Capital can’t just tell stories and concepts, it must be profitable.
So we have a principle of Great Wall Motor, to pursue high-quality market share.
” “Great Wall Motor has something to do and something not to do, sell moderately less if the loss is particularly serious, and vigorously promote those with no loss or small loss or relatively high profit.
” At the annual shareholders’ meeting of Great Wall Motor in 2024, Wei Jianjun also reiterated that Great Wall attaches more importance to profit development strategy.
With this development strategy, Great Wall Motor has handed over an impressive report card under the background of intensified volume and price war in the industry.
Great Wall Motor (02333.
HK) released its results for the first half of 2024 on the Hong Kong Stock Exchange on Aug. 29. In the first half of this year, Great Wall Motor had revenue of 91.
43 billion yuan, up 30.
7% from the same period last year.
Of this total, vehicle sales revenue was 78.
93 billion yuan, an increase of 30% over the same period last year, and revenue from spare parts was 12.
5 billion yuan, an increase of 34.
25% over the same period last year.
In the first half of the year, the net profit of Great Wall Motor was 7.
079 billion yuan, an increase of 420% over the same period last year, while the non-return net profit was 5.
65 billion yuan, an increase of 65.
4% over the same period last year.
Great Wall Motor said that the increase in net profit attributed to the shareholders of the parent company was mainly due to the persistence of high-quality development, the growth of overseas sales and the further optimization of domestic product structure.
Sales figures show that Great Wall sold a total of 554900 vehicles in the first half of the year, up 6.
95% from a year earlier.
Of these, sales of new energy models were 129800, up 44.
89 percent from the same period last year, for four consecutive years.
overseas sales were 199800, up 62.
09 percent from the same period last year, for eight consecutive years.
The growth rate of sales volume is relatively small and the growth rate of net profit is faster, indicating that Great Wall’s bicycle profits were rising rapidly in the first half of this year.
Financial information shows that in the first half of the year, the gross profit of Great Wall was 18.
962 billion yuan, up 61 percent from the same period last year, for four consecutive years.
the average bicycle income was 164800 yuan, up 29900 yuan from the same period last year, increasing for four consecutive years.
the net profit per bike was 12800 yuan, up 10100 yuan from the same period last year.
and the gross profit per bike was 34200 yuan, an increase of 50.
4 percent over the same period last year, for four consecutive years.
Tuyuan: great Wall Motors, what is most worth mentioning is that in the first half of this year, the sales of Great Wall cars worth more than 200000 yuan reached 141000, an increase of 64.
3% over the same period last year, accounting for 25.
4% of the total sales.
The proportion of high value-added products of Great Wall is increasing, while accelerating the layout of overseas markets and the outstanding performance of tanks in the domestic hard cross-country market has become the main support of high value-added products of Great Wall.
According to the information released by the Great Wall, the Great Wall currently has more than 14 million users worldwide and more than 1300 overseas sales channels, with cumulative overseas sales exceeding 1.
6 million vehicles.
In addition, the Great Wall has set up factories in Thailand, Pakistan, Russia, Brazil and other places to launch products suitable for local market characteristics.
Great Wall Motor, since the beginning of this year, Great Wall has also accelerated the process of going out to sea.
In January, Wei Gaoshan MPV entered Dubai, and Oulaho cat was listed in Chile.
in March, Great Wall Gun, Harvard, Tank SUV and Euler were unveiled at the Bangkok International Auto Show in Thailand, and the Great Wall Pika Mountain sea cannon was launched for pre-sale.
In June, the Great Wall Picard Mountain sea cannon entered Australia, and the Great Wall cannon entered the Mexican market.
At the same time, the tank SUV has gradually landed in Australia, Mexico, South Africa, Eurasia, the Middle East and other markets, this brand has been proven in the Chinese market, began to reshape the global cross-country pattern.
In terms of the state of the whole market, the export of independent brands has become an important direction for the development of the industry, while the Great Wall has become a leader in the offshore market with an earlier, wider and more comprehensive layout.
judging from the 60% year-on-year increase in exports of the Great Wall in the first half of the year, the recognition of the Great Wall in overseas markets is still rising rapidly.
In addition to going well in overseas markets, the Great Wall has avoided the endless “internal war” in the domestic market by virtue of the outstanding performance of tanks in the hard off-road market and the endorsement of Hi4 series models.
Tuyuan: great Wall Motor, with the accumulation of technology, Great Wall Automobile accelerated the renovation of its product structure in the first half of the year, and locked in the intelligent new energy track, launching high-value models such as tank 700 Hi4-T.
What is more worth mentioning is that in the first half of this year, the cumulative sales of tank brands was 115710, an increase of 97.
66% over the same period last year.
Tanks have ranked first in cross-country SUV sales in China for 42 months in a row.
Harvard used the Hi4 system to dig deep into market segments and launched compact products such as Raptors.
The Harvard brand sold a total of 297284 vehicles, an increase of 0.
17% over the same period last year, which largely shows that the added value of the Harvard brand is also on the track of rapid growth.
In addition, Wei brand new energy sold 20188 vehicles in the first half of the year, up 43.
54% from the same period last year.
the Euler brand sold 31247 vehicles.
and the Great Wall pickup truck sold 90038 vehicles, down 11.
51% from the same period last year.
With the exception of Euler, which focuses on the female market and pick-up trucks with strong tool attributes, other business sectors of Great Wall have maintained a good growth momentum, which is the key to maintaining profitability in a market environment that continues to involute.
From a longer-term future, on the one hand, the intelligent electrification reform of the industry is still accelerating, on the other hand, the volume of the industry will still intensify, under such a background, automobile companies need to be prepared to fight a protracted war, while the Great Wall values profitability.
The development strategy of not participating in excessive competition has established good competition barriers for it and laid the foundation for the long-term development of enterprises.
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