Great Wall Motors' overseas gross profit margin has been below the domestic margin for two consecutive years.

In 2025, Great Wall Motor’s gross profit margin from overseas operations was 16.70%, down 2.06 percentage points from 18.76% in the same period of 2024.

Despite Great Wall Motor’s overseas market vehicle sales hitting a new high, its profitability from overseas operations continued to tighten.

On March 28, the financial report released by Great Wall Motor (601633.SH) showed that in 2025, the gross profit margin from its overseas operations was 16.70%, down 2.06 percentage points from 18.76% in the same period of 2024. In the same period, the company’s gross profit margin for its domestic business was 18.61%.

Looking back at disclosures in financial reports over the years, Great Wall Motor’s overseas operations gross profit margin reached a near-term high of 26.01% in 2023, significantly higher than the gross profit margin level of 15.52% for its domestic auto business in the same period; in 2024, the overseas operations gross profit margin fell sharply by 7.25 percentage points year over year, dropping to 18.76%, which was lower than the gross profit margin level in the domestic market; in 2025, the overseas operations gross profit margin declined further, having already fallen by 9.31 percentage points from the 2023 high.

It is worth noting that Great Wall Motor’s overseas business scale has continued to expand in recent years, and overseas markets have become a driving force behind the company’s overall revenue growth. In 2025, the company achieved overseas operating revenue of 91.488 billion yuan, up 13.99%; it sold 506,800 new vehicles in overseas markets for the full year, up 11.60%. The proportion of overseas sales in the company’s total sales has already approached 40%, and overseas markets have become the core driver of the company’s overall revenue growth.

The financial report shows that by the end of 2025, Great Wall Motor’s products had been exported to more than 170 countries and regions worldwide, with over 1,400 overseas sales channels. Cumulative overseas sales have surpassed 2 million units, making it one of the leading companies among Chinese automakers expanding overseas. Among them, the Brazil full-process plant, completed and started production in August 2025, became a core hub for the Latin American market, achieving localized production and technical adaptation.

Industry insiders believe that risks of uncertainty in overseas markets brought by international geopolitical conflicts and increasing trade barriers, as well as factors such as tariff and non-tariff trade barriers and adjustments to industrial policies, may increase the costs of Great Wall Motor’s overseas operations and have some impact on the company’s overseas market expansion and operating performance. For example, since 2024, Russia’s vehicle scrappage tax rate has increased significantly, pushing up vehicle costs, and Russia is one of the main battlefields for Great Wall Motor’s overseas exports. On the other hand, multiple factors—including investment in overseas localization, foreign exchange fluctuations, and growth in sales expenses—also have a certain impact on the overseas operations gross profit margin. In addition, as Chinese automakers accelerate their overseas expansion, competition abroad has also intensified.

The financial report states that Great Wall Motor will deepen the global strategic layout of “ONE GWM,” with “regional deep cultivation + localized operations” as the core, to expand emerging markets and reduce reliance on a single market. It will also advance localized production at overseas factories and supply-chain support, to mitigate risks from geopolitics and the deepening of trade barriers.

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责任编辑：韦子蓉