GWM Expects Significant Net Profit Growth in H1, 2024

On July 10, Great Wall Motor Company Limited (hereinafter referred to as "GWM") released its performance forecast for the first half of 2024.

In the first half of 2024, GWM expects to achieve a net profit attributable to the owners of the parent company of 6.5 billion to 7.3 billion yuan, an increase of 377.49% to 436.26% compared to the same period last year. The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses is expected to be 5 billion to 6 billion yuan, an increase of 567.13% to 700.56% compared to the same period last year.

Since 2024, GWM has been adhering to long-termism, maintained quality car manufacturing, promoted steady operations, committed to enhancing its internal potentials, continuously optimized product structure, and achieved stable growth in overseas sales, pursuing high-quality market share. In the first half of 2024, GWM sold a total of 559,669 new vehicles, a year-on-year increase of 7.79%. Among them, sales of new energy vehicles were 132,374 units, a year-on-year increase of 41.99%; overseas sales were 201,500 units, a year-on-year increase of 62.59%; sales of models priced above 200,000 yuan were 140,533 units, a year-on-year increase of 64.28%.

GWM continues to increase its investment in research and development, enhance its level of intelligence, and launch the new generation intelligent driving system Coffee Pilot Ultra and the intelligent space system Coffee OS 3, constantly stimulating new production capacity. In the field of globalization, GWM's "ecological going global" strategy has achieved remarkable results, continuously promoting the comprehensive overseas development of research, production, supply, sales, and service, forming a full power, full category, and full level layout.

Looking ahead, GWM will continue to adhere to long-termism, focus on the intelligent new energy track, strengthen its advantages in the off-road market, accelerate the pace of globalization, and contribute to the healthy development of China's automotive industry with stronger technological research and development, better capital chains, and an outstanding industrial ecosystem.

*Risk Warning: This performance forecast is based on the preliminary calculations of the company's financial department based on the operating conditions and has not been audited or reviewed by a certified public accountant. The company has no significant uncertainties that would affect the accuracy of this performance forecast.

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