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On October 25, Great Wall released its results for the third quarter of 2024. During the reporting period, Great Wall Motor's operating income was 50.825 billion yuan, up 2.61% over the same period last year; net profit was 3.35 billion yuan, down 7.82% over the same period last year; net profit excluding non-recurring profits and losses was 2.722 billion yuan, down 10.98% from the same period last year; by the end of the third quarter, Great Wall Motor had accumulated operating income of 142.253 billion yuan, an increase of 19.04% over the same period last year. Net profit was 10.428 billion yuan, up 108.78% over the same period last year; net profit excluding non-recurrent profit and loss was 8.374 billion yuan, an increase of 119.93% over the same period last year

The surge in the first three quarters was mainly due to the first half of the year. In the first half of the year, Great Wall Motor's revenue was 91.429 billion yuan, up 30.67% from the same period last year, while the net profit belonging to shareholders of listed companies was 7.079 billion yuan, up 419.99% from the same period last year. With regard to the huge increase in net profit in the first half of the year, Great Wall said that "the growth in performance during the reporting period was mainly due to the company's commitment to high-quality development, sticking to quality and creating the ultimate product experience." to achieve overseas sales growth, further optimization of domestic product structure, led to a substantial year-on-year increase in net profit belonging to the owner of the parent company. "

As for the revenue growth and profit decline in the third quarter, Great Wall did not explain in the results, but judging from the trend of its sales, it was obviously dragged down by the decline in sales. Great Wall's production and sales figures have been in decline since May and have been in decline for five months. Figures show that Great Wall sold 91300 vehicles in July, down 16.32 per cent from a year earlier. Sales in August were 94500, down 17.21% from a year earlier. Sales in September were 108400, down 10.88 per cent from a year earlier. In the first three quarters, Great Wall sold a total of 853800 vehicles, down 1.18 per cent from a year earlier, with a completion rate of 53.36 per cent by the end of September, based on its annual sales target of 1.6 million.

At present, Great Wall has five major car brands, among which the passenger car market includes Harvard, tank, Euler and Wei Brand. According to the data released by Great Wall, Harvard is not only the sales pillar of Great Wall, but also the weather vane of its sales trend, accounting for more than half of its overall sales, and the tank brand is the best performing brand under Great Wall. Euler's monthly sales fell by more than 40%.

Tank brand is the best performing brand of Great Wall, with sales up 38.49%, 11.42% and 3.80% respectively from July to September. At present, tank brands sell models including tank 300, tank 400, tank 500 and tank 700, of which tank 300 is the main selling model, and tank 700 and tank 400 are new cars that have just been launched. For tank brands, its main sales come from tank 300,300 in the third quarter, 11233 in new energy and 9735 in tank 500. how to improve the sales of other products is also an important task for tank brands.

By contrast, the performance of the Euler brand is mediocre, with three models currently on sale, including Euler cats, ballet cats and lightning cats, of which Euler cats account for 80% of sales. In the third quarter, Euler sold 11306 cats, compared with 475 ballet cats and 543 lightning cats. After entering 2023, the Euler brand has not yet launched a new car and still relies on Euler good cats to maintain overall sales, compared with the smaller size of ballet cats and lightning cats.

Since the launch of the new Blue Mountain smart car version, Wei Brand has finally achieved growth, with sales falling 58.43% year-on-year in July, 46.58% in August and 165.11% in September. In the third quarter, Wei Brand Blue Mountain sold 10344 vehicles, compared with 915 for Gaoshan and only 405 for Mocha. On August 21, the new Wei Brand Lanshan Zhi driving version was officially launched, with a total of two models, with a price range of 29.98-326800 yuan. It is understood that the new car will carry 8295 chips, will also have an end-to-end smart driving model, and will be greatly upgraded in terms of smart cockpit and smart driving. Official figures show that 8571 of the new Blue Mountains have been on the market for 24 hours.

Wei Jianjun, chairman of Great Wall Motor, said at the listing conference that "when Wei Brand was first launched, the situation was very good, but the market was much more complicated than expected. In recent years, Wei Brand did face a lot of difficulties, its sales also declined, its positioning swayed somewhat, and it caught up with extremely inward rolls. In this unstable state, it did take some detours." Wei Jianjun said, "Wei Brand is a brand that gambles on surnames and will do it all the time."

Great Wall Automobile, which is in the critical stage of new energy transformation, with the introduction of more and more new energy models, the existence of its domestic new energy vehicle market is getting stronger and stronger. However, at present, Great Wall Motor has a strong performance in the oil truck market as a whole, but it is obviously weak in the new energy vehicle market.

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