Great Wall Motor Company Limited (HKG: 2333) saw its overseas vehicle sales surpass domestic figures for the first time in the first half of 2026, a period marked by a nearly RMB 10 billion revenue increase alongside a sharp decline in net profit attributable to shareholders.

According to the company's semi-annual report released on August 25, revenue for the January-June period reached RMB 102.101 billion, a year-on-year increase of 10.58%. However, net profit attributable to shareholders dropped by 61.11% to RMB 2.465 billion, a decrease of RMB 3.872 billion compared to the same period last year.

The company attributed the profit decline primarily to delayed recovery of overseas tax policy subsidy benefits and exchange rate fluctuations.

In terms of sales volume, Great Wall Motor delivered a total of 575,800 vehicles in the first half of 2026, up 1.22% year-on-year. Domestic sales accounted for 286,700 units, down 22.53%, while overseas sales reached 289,000 units, representing a substantial 45.46% increase. This marks the first time overseas volume has overtaken domestic sales.

Breaking down by vehicle category, pickup truck sales declined 3.71% year-on-year, SUV sales fell 1.12%, while sedan and other categories, primarily new energy vehicles, surged 58.80%.

Where the company stands strategically

Beyond the financial data, the report also shed light on the company's operational progress. Great Wall Motor operates brands including Haval, Tank, Wey, Ora, GWM Pickup, Great Wall Soul Motorcycle, and GWM Commercial Vehicles, covering a diverse range of products from SUVs and sedans to pickups, MPVs, motorcycles, and heavy trucks, with powertrain options spanning petrol, diesel, hybrid, plug-in hybrid, pure electric, and hydrogen fuel cell.

On the manufacturing front, the automaker has established three full-process vehicle production bases in Thailand and Brazil, alongside multiple KD factories in countries such as Ecuador, Malaysia, and Pakistan.

In terms of market expansion, Great Wall Motor products are now available in over 170 countries and regions across Europe, Australia, Africa, Central and South America, Southeast Asia, and the Middle East. The company added nearly 200 new dealerships, bringing its overseas sales network to over 1,600 outlets by June 2026.

Key growth drivers and challenges ahead

The company acknowledged several risks and challenges in its outlook. Internationally, changing global conditions and increasing trade barriers pose uncertainty risks that could impact the automotive industry. Domestically, Great Wall Motor noted intensifying competition in a saturated market with growing homogenization of products.

To address these challenges, the company outlined a multi-pronged strategy. First, it aims to deepen its "ONE GWM" global strategic layout, focusing on regional deep cultivation and localized operations to expand into high-potential markets like Europe while reducing dependence on any single market. The plan includes advancing local production at overseas plants and supply chain integration to mitigate geopolitical and trade barrier risks.

Second, the company intends to continue technological and category innovation, optimizing its product matrix through platforms like Guyuan, Hi4 hybrid technology, and Coffee intelligent driving systems. Great Wall Motor plans to introduce higher value-added models across its four core segments: off-road vehicles, premium vehicles, new energy MPVs, and boxy designs. The Tank brand will focus on strengthening its off-road ecosystem, while Wey aims for differentiation in the premium segment through its new technology platform and customer trust initiatives.

Third, the company will invest in long-term brand value, customer service, and digital infrastructure to navigate industry cycles and achieve sustainable, high-quality growth.

Bottom line: A mixed bag with growth opportunities

Overall, Great Wall Motor's first-half 2026 performance presents a mixed picture. While revenue grew 10.58% and total sales increased 1.22%, with overseas sales jumping an impressive 45.46%, net profit attributable to shareholders contracted by 61.11%.

Looking ahead, the company says it will focus on reducing market concentration risk and enhancing its product competitiveness. Whether these efforts will translate into improved financial results amid intense competition remains to be seen.