GWM’s tanker and pickup truck brands continue to perform strongly in the Middle East, Australia, and South America.
For the reporting period, the automaker’s revenue reached RMB 92.335 billion ($12.93 billion), almost flat compared with last year — an increase of just 0.99% year over year.
Net profit attributable to shareholders fell 10.2% to RMB 6.337 billion ($887.18 million). Adjusted net profit dropped 36.4% to RMB 3.581 billion ($501.34 million). Earnings per share declined nearly 11%, coming in at RMB 0.74.
Despite stable revenue, profitability remained under pressure.
In the first half of the year, gross margin fell to 18.4%, down about one percentage point from a year earlier. Administrative expenses decreased 5.9% year over year, while R&D spending rose 1.1% to RMB 4.239 billion ($593.46 million). Selling expenses, however, jumped 63.3% as the company ramped up spending on product launches, marketing campaigns, and upgrades to retail channels.
The second quarter brought stronger results. Revenue climbed 7.72% year over year to RMB 52.32 billion ($7.325 billion), a record Q2 performance for the company. Net profit rose 19.42% to RMB 4.586 billion ($642.04 million), while vehicle sales increased 11.6% to about 312,000 units.
In the first half of 2025, GWM sold 569,000 vehicles, up 2.5% from the same period last year. A key driver was the surge in new energy vehicle (NEV) sales, which rose 23.6% to 160,000 units, accounting for 40% of total deliveries.
SUVs remained the company’s core product line, with sales up 4.6% to 449,000 units. Pickup sales increased 4% to 93,600 units. At the same time, sales of sedans and other models dropped 25.9% to 26,000 units.
International expansion remained a top priority. Overseas sales in the first half totaled 198,700 units, little changed from last year. GWM’s global network now spans more than 170 countries and regions with over 1,400 sales outlets worldwide. The company’s tanker and pickup truck brands continue to deliver strong results in the Middle East, Australia, and South America.