China International Capital Corporation (CICC) has revised Great Wall Motors' H-share target price downward by 18%, setting it at HK$15.5, and lowered its A-share target price by 14%. Despite these adjustments, CICC maintains its 'Outperform' rating for the company. For the first quarter of 2025, Great Wall Motors reported revenues of RMB 40.02 billion, marking a 6.6% year-on-year decline. Net profit attributable to shareholders amounted to RMB 1.75 billion, down 45.7% compared to the same period last year. In terms of sales, the company sold a total of 257,000 vehicles, a 6.7% year-on-year decrease. Among these, 63,000 were new energy vehicles, representing a 6% year-on-year increase. Overseas sales were impacted by fluctuations in the CIS market, whereas other regions experienced faster growth. Based on these developments, CICC has revised its 2025 earnings forecast for Great Wall Motors downward by 6%, now estimating it at RMB 14.5 billion.