Change of senior management of the board of directors of Great Wall Motors: Wang Fengying resigned as vice chairman

Per reporter: Duan Siyao Per reporter Per reporter: Sun Lei

Image source: Daily Economic News Infographic

On the evening of January 24, Great Wall Motor (601633. SH) issued an announcement that the company's board of directors received written resignation reports from the company's vice chairman and general manager Wang Fengying and executive director Yang Zhijuan. Among them, Wang Fengying applied for resignation as an executive director, vice chairman and member of the Strategy and Sustainable Development Committee of the company due to work needs, and will continue to serve as the general manager of the company. Yang Zhijuan, an executive director of the Company, applied for resignation as an executive director of the Company on the same day due to work needs, and will continue to serve as the assistant general manager of the Company's Production Technology Development Center.

After the resignation of Wang Fengying and Yang Zhijuan, the board of directors of Great Wall Motor will be lower than the legal minimum number, so the two will continue to perform their duties as directors until the newly elected directors take office. At the same time, the board of directors agreed to replace the directors and nominated Zhao Guoqing and Li Hongshuo as candidates for executive directors of the seventh board of directors.

Great Wall Motors responded that the adjustment of board members is a normal change of directors, and the work for which they are responsible will not be adjusted.

At the same time as announcing the personnel changes, Great Wall Motors released its 2021 performance report. In 2021, Great Wall Motor's total operating income was 136.317 billion yuan, an increase of 31.95% year-on-year, net profit was 6.781 billion yuan, an increase of 26.45% year-on-year, and the average selling price of bicycles exceeded 106,400 yuan, an increase of 14.50% year-on-year.

The improvement in annual results is due to the increase in sales volume. In 2021, Great Wall Motor sold more than 1.28 million new vehicles, an increase of 15.2% year-on-year. Among them, the cumulative sales of new energy vehicles reached 137,000 units, accounting for 10.7% of sales, and overseas sales of 143,000 units, an increase of 103.7% year-on-year, and sales accounted for 11.1%.

According to Great Wall Motor's "2025 Strategy", by 2025, Great Wall Motors will achieve global annual sales of 4 million vehicles and operating income of more than 600 billion yuan.

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