HK Stock Market Move | Great Wall Motor (02333) fell more than 3%. Although revenue improved in the second quarter, profits remain under pressure due to the deferral of overseas subsidies and fluctuations in exchange rates.

Great Wall Motor (02333) fell over 3%, touching HK$7.905, marking a new low in over two years. As of the time of publication, it was down 3.59%, trading at HK$7.925, with a transaction volume of HK$157 million. In terms of news, Great Wall Motor reported a total operating revenue of RMB 102.101 billion in the first half of this year, an increase of 10.58% year-on-year. The net profit attributable to shareholders of the listed company was RMB 2.465 billion, a decrease of 61.11% compared to the previous year. In the second quarter alone, the company achieved revenue of RMB 57 billion, a year-on-year increase of 9%, while the net profit attributable to the parent company was RMB 1.52 billion, down 67% year-on-year but up 61% compared to the previous quarter. The significant year-on-year decline in profit was mainly due to the postponement of the recovery of subsidy income from overseas tax incentive policies and fluctuations in exchange rates. Bank of China International pointed out that year-to-date, the company's H-share price has significantly underperformed its peers, with the current share price corresponding to a forecasted PE ratio of 8.3 times for 2026 and 8 times for 2027, providing a certain margin of safety on the downside. However, the bank believes that the company's export business growth is weaker compared to its peers, and the core competitiveness of models on the ORA platform lacks the ability to drive sales, which may limit the upside potential of the stock price.