Credit Brief — Great Wall Motor Company Limited (长城汽车)
601633.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 魏建军
- Registered address: 中国河北省保定市莲池区朝阳南大街 2266 号、2299 号
- Office address: 中国河北省保定市莲池区朝阳南大街 2266 号
- Controlling shareholder: 保定创新长城资产管理有限公 司
- Actual controller: 魏建军
- Employees: 97,600
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 35,773.5 | 38,337.2 | 30,741.0 | 28,846.3 | 30,640.7 |
| Trading financial assets | 2,053.6 | 4,112.4 | 14,181.4 | 34,965.9 | 34,096.3 |
| Accounts receivable | 6,611.2 | 7,193.2 | 7,273.3 | 9,599.2 | 9,252.9 |
| Other receivables | 2,415.6 | 2,114.0 | 3,384.6 | 4,449.0 | 4,494.5 |
| Inventories | 22,374.5 | 26,627.8 | 25,407.8 | 26,148.0 | 33,801.7 |
| Long-term equity investments | 10,285.6 | 10,751.1 | 11,551.4 | 12,222.0 | 12,584.0 |
| Fixed assets | 26,949.0 | 30,235.1 | 30,013.6 | 29,281.8 | 29,352.2 |
| Construction in progress | 8,305.8 | 6,477.4 | 3,960.5 | 5,760.1 | 5,620.7 |
| Intangible assets | 8,197.3 | 11,310.3 | 12,344.9 | 12,234.8 | 11,801.8 |
| Total assets | 185,357.3 | 201,270.3 | 217,266.2 | 225,287.9 | 229,989.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 5,943.3 | 5,700.9 | 6,664.9 | 6,531.9 | 5,770.5 |
| Notes payable | 30,061.5 | 27,939.8 | 36,027.8 | 33,772.7 | 41,713.0 |
| Accounts payable | 29,305.9 | 40,546.7 | 43,543.3 | 45,874.1 | 39,357.2 |
| Contract liabilities | 7,752.8 | 9,583.1 | 11,711.3 | 13,157.3 | 14,604.8 |
| Other payables | 6,163.9 | 6,217.9 | 5,724.6 | 4,212.0 | 7,100.6 |
| Current portion of non-current liabilities | 4,883.5 | 6,890.3 | 3,687.9 | 3,195.3 | 6,675.4 |
| Long-term borrowings | 15,405.7 | 13,286.1 | 6,481.1 | 1,068.5 | 13.1 |
| Bonds payable | 3,511.2 | 3,463.1 | 3,674.8 | 3,690.1 | 0.0 |
| Total liabilities | 120,141.4 | 132,761.5 | 138,270.0 | 137,395.8 | 142,596.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 8,764.5 | 8,497.5 | 8,556.2 | 8,557.9 | 8,553.4 |
| Capital reserve | 2,126.3 | 2,054.6 | 3,625.8 | 3,926.0 | 3,944.6 |
| Retained earnings | 49,176.8 | 52,728.8 | 61,431.3 | 66,249.2 | 65,726.2 |
| Equity attributable to owners of the parent | 65,201.3 | 68,500.6 | 78,987.8 | 87,892.0 | 87,392.9 |
| Minority interests | 14.7 | 8.2 | 8.4 | 0.0 | 0.0 |
| Total equity | 65,215.9 | 68,508.8 | 78,996.2 | 87,892.0 | 87,392.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 137,340.0 | 173,212.1 | 202,195.5 | 222,824.2 | 102,101.4 |
| Cost of sales | 110,739.3 | 140,773.1 | 162,746.8 | 182,622.1 | 83,342.2 |
| Selling expenses | 5,876.2 | 7,286.4 | 7,830.3 | 11,273.1 | 5,997.9 |
| Administrative expenses | 4,893.5 | 4,735.1 | 4,756.4 | 4,746.8 | 2,049.6 |
| Finance costs | 0.0 | 0.0 | 99.3 | — | — |
| Investment income | 671.2 | 760.9 | 877.1 | 573.9 | 548.2 |
| Operating profit | 7,967.0 | 7,201.0 | 13,920.9 | 11,533.7 | 3,221.0 |
| Profit before tax | 8,806.6 | 7,824.1 | 14,283.4 | 11,757.9 | 3,281.0 |
| Net profit | 8,252.8 | 7,022.8 | 12,692.4 | 9,865.3 | 2,464.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.12x | 1.07x | 1.09x | 1.09x | 1.03x |
| Quick ratio | 0.89x | 0.83x | 0.88x | 0.88x | 0.78x |
| Debt-to-asset ratio | 64.8% | 66.0% | 63.6% | 61.0% | 62.0% |
| Total debt / EBITDA | 2.52x | 2.56x | 1.15x | 0.96x | 1.99x |
| EBITDA interest coverage | 16.50x | 12.10x | 20.28x | 20.60x | 18.16x |
| Gross margin | 19.4% | 18.7% | 19.5% | 18.0% | 18.4% |
| Net margin | 6.0% | 4.1% | 6.3% | 4.4% | 2.4% |
| Return on equity (ROE) | 12.7% | 10.3% | 16.1% | 11.2% | 2.8% |
| Revenue growth | — | 26.1% | 16.7% | 10.2% | -54.2% |
| Net profit growth | — | -14.9% | 80.7% | -22.3% | -75.0% |
| Receivable days | 18 | 15 | 13 | 16 | 33 |
| Cash received / revenue | 115.8% | 105.2% | 110.5% | 110.3% | 124.2% |
| Operating CF / net profit | 1.49x | 2.53x | 2.19x | 4.09x | 4.23x |
| Free cash flow | 12,311.3 | 17,753.8 | 27,782.6 | 40,355.4 | 10,436.1 |
Mechanical risk flags
- ⚠ Current ratio: 1.09 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.88 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.61 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 7,286.4 vs 8,285.4 CNY mn (deviation 12.06%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 999.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 99.3 vs 91.2 CNY mn (deviation 8.19%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 8.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 28,846.3 | 2025年年度报告.pdf | 142 | 货币资金 | 28846312373.34 (元) |
| Total assets | 2025 | 225,287.9 | 2025年年度报告.pdf | 142 | 资产总计 | 225287872883.05 (元) |
| Accounts receivable | 2025 | 9,599.2 | 2025年年度报告.pdf | 142 | 应收账款 | 9599214511.75 (元) |
| Fixed assets | 2025 | 29,281.8 | 2025年年度报告.pdf | 142 | 固定资产 | 29281846505.15 (元) |
| Short-term borrowings | 2025 | 6,531.9 | 2025年年度报告.pdf | 143 | 短期借款 | 6531885229.35 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.