The Zhitong Finance App learned that Great Wall Motor (02333) fell nearly 3%. As of press release, it was down 2.42% to HK$6.245, with a turnover of HK$62.5911 million.
According to the news, recently, Great Wall Motor disclosed operating data for the third quarter. Lyon pointed out that Great Wall Motor's domestic sales for the third quarter fell about 30% year on year, and the promotion of new cars dragged down local business; while exports accounted for 55% of sales, causing net profit to drop 41% year on year during the period. The bank expects Great Wall Motor's net profit to rise back to 3 billion yuan in the fourth quarter, mainly driven by delayed Russian recycling fee refunds of about 2 billion yuan, but partly offset by year-end bonuses. Excluding refunds, net profit for the fourth quarter is expected to be around RMB 1 billion.
On the performance side, Huaan Securities pointed out that Great Wall Motor's gross profit margin for 26Q3 was 17.28%, -1.14/-1.03pct compared to the same period last month. The decline in the share of high-value products led to pressure on gross margin. The company's gross profit margin for the first three quarters of '26 was 18.0%, -0.4 pct year-on-year. 26Q3 bike revenue was 171,700 yuan, -0.9%/-5.2% month-on-month; bicycles returned about 4,048 yuan, or -37.7%/-16.1% month-on-month. The bank believes that tank and Wei sales in the third quarter were under year-on-year pressure, compounded by the extension of overseas tax subsidies and exchange rate fluctuations, and the company's short-term profits are expected to be under pressure.