Direct channel development drags down profitability; Great Wall Motors' net profit in 2025 is expected to decline by over 20% year-on-year(including video)

**【Caixin Global】**In 2025, Great Wall Motor recorded revenue of RMB 222.82 billion, up 10.2%; however, its profitability clearly weakened. Net profit attributable to shareholders fell 22.07% year over year to RMB 9.86 billion. On the evening of March 27, Great Wall Motor (601633.SH) released its annual financial report, disclosing the above figures.

The financial report interpretation states that during the reporting period, a sharp increase in the company’s selling expenses was the key reason for the decline in net profit. Selling expenses rose 43.9% year over year to RMB 11.27 billion, mainly used for building direct-operated channels and for increasing promotion efforts for the launch of new models and new technologies.

In the past, Great Wall Motor relied entirely on the dealer model to sell vehicles. Starting in 2024, it began to try to expand direct-operated channels. Great Wall Motor’s brands include five sub-brands: HAVAL, WEY, Great Wall Pickup, ORA, and TANK. Among them, the new-energy brand WEY is positioned as a premium brand and is also a重点 focus of the construction of Great Wall’s direct-operated system.