Great Wall Motor reported first-half 2026 revenue of CNY 102.1 billion (approximately $15.2 billion), up 10.58% year over year, while net profit attributable to shareholders fell 61.11% to CNY 2.46 billion (approximately $367.4 million). Net profit excluding non-recurring items dropped 55.04% to CNY 1.61 billion (approximately $240 million), and the board resolved not to declare an interim dividend. Vehicle sales rose 1.22% to 575,800 units, but domestic deliveries fell 22.53% to 286,700 as overseas sales surged 45.46% to 289,000, surpassing domestic sales for the first time. Overseas revenue reached CNY 56.29 billion, about 55% of total operating revenue, while domestic revenue declined to CNY 45.81 billion. The profit decline reflected the sharp reduction in other income, including a vehicle scrappage subsidy recognized in the prior-year period, a swing in foreign-exchange differences from a gain to a loss, and higher selling, research and development and personnel costs. Great Wall is expanding overseas stores, manufacturing and supply-chain operations as it seeks growth beyond China's increasingly competitive auto market, but management faces rising exposure to trade barriers, exchange rates, localization costs and overseas profitability. Investors will watch domestic recovery, overseas execution, subsidy recognition, currency effects, localized production and whether new higher-value-added models improve margins.