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2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 8 to 10.Analyst Certification on page 5.Price Objective Basis/Risk on page 5.12852934 Great Wall Motor(H)2Q25 beat on Russia scrappage tax refund;lift PO to HKD14.6 Reiterate Rating:NEUTRAL|PO:14.60 HKD|Price:13.22 HKD 2Q25 core earnings-42%YoY/+44%QoQ

4、to RMB2.1bn Great Wall Motor(GMW)announced 1H25 preliminary results and hosted a conference call.1H25 preliminary revenue came in at RMB92.4bn,up 1%YoY,while net income was RMB6.3bn,down 10%YoY,tracking ahead of consensus due to government subsidy and Russia scrappage tax refund.1H25 preliminary net

5、 income adjusted for non-recurring items was RMB3.6bn,down 36%YoY.Implied 2Q25 revenue was RMB52.3bn,up 8%YoY/31%QoQ.2Q25 net income was RMB4.6bn,up 19%YoY/162%QoQ.The implied 2Q25 net income adjusted for non-recurring items was RMB2.1bn,down 42%YoY/up 44%QoQ.The RMB2.5bn non-recurring items in 2Q25

6、 were mainly due to Russia scrappage tax refund(including RMB900mn deferred from 1Q25 to 2Q25).GWM recorded sales volume of 313k units in 2Q25,up 10%YoY/22%QoQ.Expect volume sales to sequentially improve in 3Q/4Q25 GWM has a strong model line-up in 2H25,including smart-driving versions for Tank mode