Chinese automaker GWM reported a sharp decline in net income for 2025, reflecting rising expenditures linked to marketing, sales channel expansion and investment in new technologies, even as revenue and vehicle sales increased.
GWM said its net income for 2025 fell 21.71% to 9.91 billion yuan ($1.43 billion), down from 12.66 billion yuan a year earlier, according to an earnings preview released on Friday. Excluding non-recurring gains and losses, net income dropped more sharply, declining 36.48% year-on-year to 6.16 billion yuan.
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Revenue for the year rose 10.19% to 222.79 billion yuan, supported by higher vehicle sales and continued growth in overseas markets. GWM sold 1,323,672 vehicles in 2025, representing a 7.33% increase from the previous year.
The company said increased spending weighed on profitability as it accelerated the rollout of direct-to-consumer sales channels, intensified marketing for new vehicle models and technologies, and invested further in brand development. These efforts raised operating costs despite stronger top-line performance.
Overseas markets remained a key growth driver. GWM’s international sales reached 506,066 vehicles in 2025, up 11.68% year-on-year, accounting for a growing share of total deliveries as the automaker expanded its global footprint.
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New energy vehicles also contributed to volume growth. GWM’s NEV sales rose 25.44% year-on-year to 403,653 units, reflecting broader demand for electrified models despite rising competition in China’s EV market.
Among the company’s brands, Haval continued to be the largest contributor. The SUV-focused brand sold 758,554 vehicles in 2025, up 7.41% from a year earlier, representing more than half of GWM’s total annual sales.
