Great Wall has said that its operating profit margin slipped to 14.8% in 2014 from 17% a year earlier. Net profit was down 2% last year.

The weaker results reflect tougher competition in SUV segments where Great Wall specialises. Analysts say that compact SUVs, in particular, have seen a wave of new product entries in China over the past 18 months.

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The company was also hit last year by quality issues in manufacturing that caused it to delay the launch of the Haval H8 model.

Great Wall’s revenue grew 10.2% year-over-year, compared with 32% growth logged in 2013.

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