According to a research report published in Lyon, Great Wall Motor's domestic sales in the third quarter fell by about 30% year on year. Coupled with the promotion of new cars, the domestic business was dragged down, while exports accounted for 55% of sales, causing net profit during the period to drop 41% year on year. The bank expects Changqi's net profit to rise back to 3 billion yuan in the fourth quarter, mainly driven by a Russian recycling fee refund of about 2 billion yuan, but partly offset by a year-end bonus; after excluding refunds, the net profit for the fourth quarter is estimated to be about 1 billion yuan. The bank lowered Changqi's revenue forecast for 2026-28 by 7%, 16% and 23%. The net profit forecast was reduced by 39%, 46% and 52% respectively, and the net profit forecast is expected to roughly stabilize at around 6.7 billion to 6.8 billion yuan in 2026 to 28. The bank lowered its target price to HK$7, maintaining its “outperforming the market” rating.

According to a research report published in Lyon, Great Wall Motor's domestic sales in the third quarter fell by about 30% year on year. Coupled with the promotion of new cars, the domestic business was dragged down, while exports accounted for 55% of sales, causing net profit during the period to drop 41% year on year. The bank expects Changqi's net profit to rise back to 3 billion yuan in the fourth quarter, mainly driven by a Russian recycling fee refund of about 2 billion yuan, but partly offset by a year-end bonus; after excluding refunds, the net profit for the fourth quarter is estimated to be about 1 billion yuan. The bank lowered Changqi's revenue forecast for 2026-28 by 7%, 16% and 23%. The net profit forecast was reduced by 39%, 46% and 52% respectively, and the net profit forecast is expected to roughly stabilize at around 6.7 billion to 6.8 billion yuan in 2026 to 28. The bank lowered its target price to HK$7, maintaining its “outperforming the market” rating.