At the on-site exchange meeting of the shareholders' meeting of Great Wall Motors held on May 10, the speech of Wei Jianjun, chairman of the company, showed a new look of the "new Great Wall". At the conference, Wei Jianjun elaborated on Great Wall Motor's strategic layout, category innovation, international development and new marketing strategy, especially emphasizing the importance of long-termism.
"Great Wall Motors adheres to the bottom line in the fierce market competition, that is, bottom-line thinking and long-termism, and gives full play to our longboard advantages." Wei Jianjun emphasized that Great Wall Motors pursues quality market growth. He believes that Great Wall Motor's core competitiveness lies in key areas such as pickup trucks, tank brands and export business. Long-termism is not only the cornerstone of the survival and development of enterprises, but also the embodiment of the ability of enterprises to create social value and realize self-hematopoiesis.
The financial results for the first quarter of 2024 confirm the steady development trend of Great Wall Motors. The company achieved operating income of 42.86 billion yuan, a year-on-year increase of 47.60%; The net profit attributable to shareholders of the parent company reached 3.228 billion yuan, a year-on-year increase of more than 17 times, setting a new high in revenue and profit for the same period in history. In terms of sales, Great Wall Motor sold 275,300 new cars in the first quarter, a year-on-year increase of 25.11%. Among them, the sales of new energy vehicles exceeded 59,200, doubling year-on-year, and overseas sales reached 92,800, a year-on-year increase of 78.51%.
In the context of the current challenges faced by the automobile industry such as technological change, market reshaping, global competition and price war, a number of financial indicators of Great Wall Motor show that it is on a track of steady development, and its performance is very eye-catching. In the face of huge pressure and uncertainty in the industry, Great Wall Motor has successfully explored a path of high-quality development by adhering to long-termism, expanding investment while focusing on improving profitability, and adopting the strategy of building on strengths and avoiding weaknesses. This not only proves the correctness of Great Wall Motor's strategy, but also provides valuable experience and inspiration for the healthy development of the entire automotive industry.
It's all about sustainability
Through the transformation and adjustment of the whole industry chain, Great Wall Motors has achieved a comprehensive innovation from design to management. The improvement in performance in 2023 and the first quarter of 2024 marks the initial appearance of the company's transformation results, and the company's corporate image and market position have been significantly improved.
The category innovation strategy remains the key to Great Wall Motor's sales growth and stable performance. The company has built a strong matrix composed of five major brands: Haval, WEY brand, tank, ORA and gun, and has consolidated its leading position in SUV, off-road, pickup and other market segments through popular models such as Haval dog, tank 300 and gun pickup.
In the field of off-road vehicles, the market share of the tank brand reached 55%, and the tank 300 defined a new standard for China's off-road vehicles, and transformed to the field of new energy, developed Hi4-T hybrid technology, and consolidated its leading position in the market.
According to the 2023 financial report data, although the new energy vehicle industry is growing rapidly, many brands are facing the challenge of financial losses, reflecting the significant impact of changes in market structure and technological innovation on the performance of car companies. A new energy brand of a central enterprise had a revenue of 25.883 billion yuan and a net loss of 2.999 billion yuan, while another brand had a revenue of 5.643 billion yuan and a net loss of 3.693 billion yuan, and the loss amount expanded.
Faced with the problem of losses in the new energy vehicle industry, Great Wall Motors has adopted a strategy of "doing something and not doing something" to pursue the maximization of economic benefits, and Wei Jianjun made it clear at the shareholders' meeting that long-term losses are unsustainable. Taking the ORA brand as an example, through precise market positioning and cost control, it has achieved a low loss even if the sales volume is not large.
Great Wall Motor plans to develop a variety of energy technology routes such as BEV, PHEV, HEV and hydrogen energy, and the sales ratio of new energy vehicles increased significantly in the first quarter, doubling sales, showing the effectiveness of its new energy strategy.
In the field of R&D, Great Wall Motor has built a leading new energy full ecological chain system, with a vertical integration rate of over 70%, mastered the core three-electric system and Hi4 hybrid technology, self-developed intelligent chassis, cockpit and driving technology, increased investment in software and AI, improved technical strength and market competitiveness, and laid the foundation for future growth and high-quality development.
The product definition is favored overseas
Great Wall Motor, as a pioneer in China's automotive industry going overseas, has a history of 27 years of globalization, and its products have been distributed in more than 170 countries, winning the trust of 14 million global users. In the context of the current significant growth in China's automobile exports, Great Wall Motors is demonstrating the forward-looking and effective nature of its globalization strategy by virtue of its deep accumulation in overseas markets.
Wei Jianjun's speech at the shareholders' meeting not only demonstrated Great Wall Motor's determination to adhere to long-termism, but also revealed the company's clear direction in global competition. Last year, Great Wall Motor exported 310,000 units, and this year's export target is ambitious at 500,000 units. The setting of this goal is based on Great Wall Motor's long-term globalization and innovative practice of the ecological overseas model. At the Beijing Auto Show, Great Wall Motor released the "ecological going overseas" strategy, marking that the company will comprehensively promote the global layout of research, production, supply, sales and service, with the goal of achieving overseas sales of more than one million units by 2030, and high-end model sales accounting for more than one-third.
Great Wall Motor's globalization strategy is not only reflected in sales figures, but also in its in-depth understanding and participation in the global market. Shi Qingke, vice president of the company, said that Great Wall Motors has implemented the strategy of "one GWM" overseas, and while constantly pursuing sales, it is also establishing a competitive strategy and organizational structure. In the product matrix, Great Wall Motors has shown its comprehensiveness and advantages, whether it is off-road, pickup trucks or new energy models, Great Wall Motors can provide products that meet market demand. Especially in the field of new energy, Great Wall Motors is becoming a strong competitor in the global market with its leading technology and product strength.
It is understood that during the "May Day" holiday, Great Wall Motors attracted many overseas dealers to consult, and they expressed their willingness to exchange and cooperate with Great Wall Motors to sell products. This phenomenon not only highlights the competitiveness of Great Wall Motors in the global market, but also reflects the results of Great Wall's in-depth thinking about the brand and insistence on product definition over the years.
The new energy strategy is not an overseas strategy, large-displacement fuel vehicles are still the mainstream market, and Great Wall Motors has demonstrated its strength in the global market through its product category advantages by relying on the deep cultivation of China's intelligent technology. At a recent shareholder meeting, Wei Jianjun gave an insightful explanation of the unique value of off-road vehicles, emphasizing their advantages in low-speed control capabilities, which are difficult to match with electric vehicles. His "Hi4-T pursues low-speed torque" and accurate analysis of the off-road vehicle market segment demonstrate Great Wall Motor's professionalism in product functions and in-depth understanding of market segments.
Wei Jianjun's professional perspective and Great Wall Motor's comprehensive product matrix enable the company to provide a variety of automotive products to meet the needs of the global market, and thus win the wide favor of overseas dealers. This strategic perspective and product layout are helping Great Wall Motors to establish a more solid competitive position in the international market.
Great Wall Motor's product line is not only comprehensive, but also has significant competitive advantages in various market segments. The product categories that can be provided include pickup trucks and new energy vehicles, covering hybrid, plug-in hybrid, and traditional gasoline and diesel models, forming a strategic reserve of products in all categories. This comprehensive product layout not only meets the needs of different markets and consumers, but also strengthens Great Wall Motor's competitive position in the global automotive market.
Great Wall Motor's professionalism and market insight are driving the company's position in the global automotive industry and laying a solid foundation for its future growth and high-quality development. Under the leadership of Wei Jianjun, Great Wall Motors is undergoing an all-round transformation from top to bottom, that is, the evolution of the "New Great Wall". This change indicates that the company has innovated and improved at multiple levels such as strategy, product and marketing, and will promote Great Wall Motors to meet the challenges and opportunities of the global market with a new image and stronger competitiveness.
New Great Wall, New Growth, New Journey
Great Wall Motors is carrying out a subversive change in the field of marketing services and public relations communication through innovative marketing service models and webcasts. These measures will become the most significant feature of the "New Great Wall" era, providing an important window for future investors and users to understand Great Wall Motors. With the advent of the "New Great Wall" era, Great Wall Motor is expected to start a new round of growth and high-quality development, move towards the global market, and demonstrate its international competitiveness.
In the era of the "New Great Wall", Great Wall Motors not only heralded a new round of growth and expansion, but also represented a positive shift in the company's adoption of new means and strategies to meet the needs of the global market. Great Wall Motor will stick to its core values of long-termism and bottom-line thinking, which has proven its effectiveness over the past few years and will continue to serve as a solid cornerstone for the company in the face of challenges and difficulties.
Great Wall Motor's adaptability and innovative spirit in the new media era has been successful and will continue to serve as a key factor in the company's competitive market advantage. At the shareholders' meeting, faced with the problem of becoming an Internet celebrity, Wei Jianjun said: "At present, we are not considered an Internet celebrity, and our traffic is still very small, but we strive to become a quality Internet celebrity. ”