Great Wall Motor's sales have once again fallen into negative growth.

In the first nine months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) achieved overall sales of 920,300 vehicles, a year-on-year decrease of 0.33%. Among them, Haval sales reached 515,100 vehicles, down 2.54% year-on-year; Wey brand sales reached 66,600 vehicles, up 4.7% year-on-year; Great Wall Pickup sales reached 135,800 vehicles, down 0.29% year-on-year; Ora sales reached 59,400 vehicles, up 100.19% year-on-year; Tank sales reached 142,800 vehicles, down 13.53% year-on-year. As a result, in the first nine months of 2026, three of Great Wall Motor's five major brands saw year-on-year sales declines.

It is worth noting that in June 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) released its 2026 restricted stock incentive plan. Under the plan, the company's 2026 assessment requires vehicle sales of no less than 1.8 million units and net profit (net profit attributable to parent company) of no less than 10 billion yuan. Based on the situation in the first nine months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) has only completed approximately 51% of the 1.8 million unit assessment target. This means that to complete the assessment, the average monthly sales for the remaining three months would need to reach 293,200 vehicles, making the target nearly impossible to achieve.

In the first half of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) achieved operating revenue of 102.101 billion yuan, up 10.58% year-on-year; net profit attributable to parent company was 2.465 billion yuan, down 61.11% year-on-year. With overall sales declining and factors such as exchange rate fluctuations showing no improvement, it is also unrealistic for Great Wall Motor Company Limited (601633.SH, 02333.HK) to achieve its net profit attributable to parent company target in the second half of the year.

Overseas sales up 42.43% in first nine months

On September 29, Great Wall Motor Company Limited (601633.SH, 02333.HK) executive Tan Jian posted on his personal Weibo, apologizing to Wey Gaoshan Smart Edition owners for delivery delays. Tan Jian stated that after the Gaoshan Smart Edition was launched, everyone actively placed orders, but some users' apps showed that their vehicles had arrived at the store yet could not be delivered, causing suspicion and discomfort, for which he sincerely apologized. Tan Jian revealed that the delivery delay was mainly due to delays in the certificate of conformity system. He stated that according to original estimates, the certificate of conformity could be printed on September 23, so the launch was chosen for September 23, hoping early users could use their new cars during the holiday. However, due to delays in the certificate of conformity system, the link was only connected on September 28. Tan Jian also stated that this was mainly the result of optimistic estimates and apologized again. At the same time, he noted that the certificates of conformity for the first batch of vehicles had been successfully completed. However, Tan Jian has now deleted the related blog post.

With the Gaoshan Smart Edition experiencing delivery delays, how is Wey brand's current sales performance? On the evening of October 7, Great Wall Motor Company Limited (601633.SH, 02333.HK) released its production and sales report. Wey brand September sales reached 6,796 vehicles, down 36.73% year-on-year; first nine months sales reached 66,600 vehicles, up 4.7% year-on-year. It is worth noting that in the first eight months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) achieved overall sales of 805,400 vehicles, up 1.98% year-on-year, achieving positive growth. However, in September, Great Wall Motor Company Limited (601633.SH, 02333.HK) sales reached 114,900 vehicles, down 13.99% year-on-year. Therefore, in the first nine months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) overall sales reached 920,300 vehicles, down 0.33% year-on-year, beginning to show negative growth.

In addition to Wey brand, Great Wall Motor Company Limited (601633.SH, 02333.HK) currently also owns four other major brands: Haval, Great Wall Pickup, Ora, and Tank. In the first nine months of 2026, Haval sales reached 515,100 vehicles, down 2.54% year-on-year; Great Wall Pickup sales reached 135,800 vehicles, down 0.29% year-on-year; Ora sales reached 59,400 vehicles, up 100.19% year-on-year; Tank sales reached 142,800 vehicles, down 13.53% year-on-year. As a result, in the first nine months of 2026, three of Great Wall Motor Company Limited's (601633.SH, 02333.HK) five major brands saw year-on-year sales declines.

Currently, mainstream Chinese automakers are targeting overseas markets to boost sales. In the first nine months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) cumulative overseas sales reached 476,000 vehicles, compared to 334,200 vehicles in the same period last year, an increase of 42.43%, showing impressive growth. Great Wall Motor Company Limited (601633.SH, 02333.HK) introduced that under the "ecological overseas expansion" strategy, its global layout has been fully implemented. In terms of research and development, Great Wall Motor Company Limited (601633.SH, 02333.HK) has established a global R&D system with its China headquarters as the core, comprehensively covering complete vehicles, core components, new energy, and intelligent technologies; in terms of production, Great Wall Motor Company Limited (601633.SH, 02333.HK) has established three full-process vehicle production bases in Thailand, Brazil, and other locations, and possesses multiple KD factories in Ecuador, Malaysia, Pakistan, and other countries; in terms of market expansion, Great Wall Motor Company Limited's (601633.SH, 02333.HK) products reach over 170 countries and regions including Europe, Australia, Africa, Central and South America, Southeast Asia, and the Middle East; at the channel construction level, nearly 200 new stores were added, and as of June 2026, overseas sales channels exceeded 1,600.

10 Billion Yuan Net Profit Target May Be Difficult to Achieve

With sales declining, Great Wall Motor Company Limited (601633.SH, 02333.HK) is already finding it difficult to complete its incentive assessment targets. In June 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) released its 2026 restricted stock incentive plan, with the lifting of sales restrictions assessment years being the two fiscal years 2026 and 2027, and performance indicators selected as sales volume and net profit, with both performance indicators weighted at 50%. Among them, Great Wall Motor Company Limited's (601633.SH, 02333.HK) 2026 assessment requires vehicle sales of no less than 1.8 million units and net profit of no less than 10 billion yuan; 2027 assessment requires vehicle sales of no less than 2.16 million units and net profit of no less than 15 billion yuan. In the announcement, Great Wall Motor Company Limited (601633.SH, 02333.HK) emphasized that the above "net profit" refers to the audited net profit attributable to shareholders of the listed company. The above "sales volume" refers to the full-year sales volume disclosed in the company's annual report.

In 2025, Great Wall Motor Company Limited (601633.SH, 02333.HK) sales reached 1,323,700 vehicles, up 7.33% year-on-year. It can be seen that the company's 2026 sales growth would need to reach approximately 36% to complete the assessment target. Based on the situation in the first nine months of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) has only completed approximately 51% of the 1.8 million unit assessment target, and the average monthly sales for the remaining three months would need to reach 293,200 vehicles to achieve the target, which has become an impossible task.

In terms of performance, in the first half of 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) achieved operating revenue of 102.101 billion yuan, up 10.58% year-on-year; net profit attributable to parent company was 2.465 billion yuan, down 61.11% year-on-year. In response, Great Wall Motor Company Limited (601633.SH, 02333.HK) stated that during the reporting period, the company's sales and operating revenue grew year-on-year, with overseas growth and high-value model growth driving the company's global brand power to continue improving. The year-on-year decline in net profit attributable to parent company during this period was mainly due to delayed recovery of overseas tax policy subsidy income and exchange rate fluctuations. With overall sales declining and factors such as exchange rate fluctuations showing no improvement, it is also unrealistic for Great Wall Motor Company Limited (601633.SH, 02333.HK) to achieve its net profit attributable to parent company target in the second half of the year.

It should be noted that in the 2026 restricted stock incentive plan, Great Wall Motor Company Limited (601633.SH, 02333.HK) introduced that if the performance target achievement rate is no less than 80%, the company-level lifting of sales restrictions ratio shall be the corresponding proportion. However, calculated at no less than 80%, in 2026, Great Wall Motor Company Limited (601633.SH, 02333.HK) would need to achieve sales of 1.44 million vehicles and net profit attributable to parent company of 8 billion yuan, which is equally an unattainable target. Great Wall Motor Company Limited (601633.SH, 02333.HK) stated that if any lifting of sales restrictions period during the incentive validity period does not meet the conditions for lifting restrictions, the corresponding proportion of restricted stocks that could have been applied for lifting restrictions in the current period shall not be deferred to the next year for lifting restrictions, and shall be uniformly repurchased and cancelled by the company.

Nevertheless, Great Wall Motor Company Limited (601633.SH, 02333.HK) remains committed to research and development investment, with the company's first nine months R&D expenses reaching 4.568 billion yuan, up 7.74% year-on-year. Looking to the future, Great Wall Motor Company Limited (601633.SH, 02333.HK) stated that the company will continue to uphold its long-termism business philosophy, focusing on achieving comprehensive, healthy, and sustainable development in its five capabilities: self-hematopoietic capacity, R&D endurance, technological penetration, industrial control, and brand growth.