Despite growing vehicle sales, Great Wall Motor Co. -- China's largest SUV producer -- reported that its net profit last year leveled off at 8.0 billion yuan ($1.2 billion).

 

The company's deliveries last year jumped 17 percent from 2014 to 862,693 vehicles. Likewise, annual revenue rose nearly 22 percent to 76 billion yuan.

 

Great Wall again enjoyed strong demand for its SUVs and crossovers, with sales in those segments topping 699,000 vehicles.

 

But a round of price cuts eroded the company's profits. In June, Great Wall cut prices 3.6 to 5 percent on a range of vehicles -- including its top-selling Haval H6 crossover -- when China's auto market entered the doldrums.

 

Great Wall had expected that its two midsize SUVs, the Haval H8 and H9, would improve profit margins. But demand for those two vehicles -- which are priced at more than 200,000 yuan -- has been sluggish since they went on sale in 2014.

 

Last year, the company sold 9,316 Haval H8s and 14,100 Haval H9s.

 

In 2014, its profit dropped 2 percent from a year earlier to 8.0 billion yuan.

 

Great Wall, headquartered in the north China city of Baoding, is listed in Hong Kong and Shanghai.