HK Stock Market Move | Great Wall Motor (02333) falls more than 4% Citigroup's profit in 25 years fell short of expectations due to increased investment leading to a decrease in net profit.

Great Wall Motor (02333) fell more than 4%, dropping by 4.23% to 12.7 Hong Kong dollars, with a trading volume of 345 million Hong Kong dollars as of the time of drafting. On the news front, on January 30, Great Wall Motor released its annual performance report for 2025. From January 1, 2025 to December 31, 2025, the total operating income was 222.79 billion yuan, a year-on-year increase of 10.19%; the net profit attributable to the company's shareholders was 9.912 billion yuan, a year-on-year decrease of 21.71%; and the basic earnings per share were 1.16 yuan. During this reporting period, the company achieved year-on-year growth in sales volume and operating income, accelerated the construction of a new channel model directly connecting with users, increased investment in the promotion of new models and technologies, and brand promotion, leading to a decrease in net profit. Citigroup believes that Great Wall Motor's 2025 annual profit fell short of investor expectations mainly due to the year-on-year drop in gross profit margin by 1 percentage point to 18.5%; increased expenses related to direct sales model and new product promotion; delayed recognition of approximately 1 billion yuan in tax refunds for old vehicles in Russia; and the impact of increased year-end bonuses. The bank continues to point out that the company's management has set a sales target of 1.8 million vehicles for this year, with an overseas sales target of 600,000 vehicles, expecting growth to come from Central and South America, the Middle East, Europe, and right-hand drive markets.