Core Viewpoint - Geely Auto has demonstrated strong financial performance in the first half of the year, achieving record highs in various operational metrics despite industry challenges [1][2]. Financial Performance - Geely Auto reported a revenue of 150.3 billion yuan, a year-on-year increase of 27%, marking a historical high [1]. - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [1]. - Total cash reserves increased to 58.8 billion yuan, providing robust support for long-term development [1]. Market Growth - The company sold 1.4092 million vehicles in the first half, a 47% increase year-on-year [2]. - In the new energy vehicle sector, sales surged to 725,200 units, a 126% increase, with a penetration rate of 51% [2]. - The Galaxy series, now an independent brand, saw sales of 548,000 units, a 232% increase [2]. Product Strategy - Geely Auto is maintaining a dual approach by strengthening its traditional fuel vehicle base, with fuel vehicle sales reaching 684,000 units, an 8% increase [3]. - The company has raised its annual sales target from 2.71 million to 3 million units, an 11% upward adjustment [3]. - Geely is focusing on technological advancements, having developed three core technology IPs in intelligent driving, power systems, and battery technology [3]. Technological Innovation - By 2025, Geely plans to launch the industry's first "full-domain AI" technology system, enhancing its competitive edge [4]. - The company has established a computing power of 23.5 EFLOPS and a comprehensive AI model for all scenarios [4]. - Geely emphasizes healthy competition over price wars, focusing on value, technology, quality, service, and brand integrity [4]. Future Outlook - Geely Auto will launch several new intelligent hybrid products in the second half of the year, including models from the Zeekr and Lynk & Co brands [5]. - The "One Geely" strategy aims to enhance synergies among its brands, targeting a comprehensive product matrix to achieve the annual sales goal [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a total revenue of 150.285 billion RMB in the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders was 9.29 billion RMB, a decline of 14% year-on-year [7] - The gross margin slightly decreased to 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios for sales, management, and R&D also saw reductions [7] - The company experienced growth in both new energy and fuel vehicle sales, with total sales reaching 1.409 million units, a year-on-year increase of 47%, and a market share of 10.4%, up by 2.4 percentage points [7] - The sales target for the year has been raised to 3 million units, with new energy vehicle sales reaching 725,000 units, a 126% increase year-on-year [7] - The company is expected to achieve net profits of 15.008 billion RMB, 17.846 billion RMB, and 20.954 billion RMB for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.99, 10.08, and 8.59 [7] Financial Performance Summary - Revenue projections for the company are as follows: 179.204 billion RMB in 2023, 240.194 billion RMB in 2024, 337.158 billion RMB in 2025, 396.259 billion RMB in 2026, and 447.102 billion RMB in 2027, with growth rates of 21.11%, 34.03%, 40.37%, 17.53%, and 12.83% respectively [6] - The net profit attributable to shareholders is projected to be 5.308 billion RMB in 2023, 16.632 billion RMB in 2024, 15.008 billion RMB in 2025, 17.846 billion RMB in 2026, and 20.954 billion RMB in 2027, with growth rates of 0.91%, 213.32%, -9.77%, 18.91%, and 17.42% respectively [6] - The company's earnings per share (EPS) are expected to be 0.51 RMB in 2023, 1.64 RMB in 2024, 1.49 RMB in 2025, 1.77 RMB in 2026, and 2.08 RMB in 2027 [6]

新京报贝壳财经讯（记者林子）8月14日，吉利汽车公布2025年中期业绩报告。2025上半年，吉利汽车实现营业收 入1503亿元，同比增长27%，创下历史新高。吉利汽车实现归母净利润92.9亿元，同比下降14%。 吉利汽车实现归母净利润92.9亿元，同比下降14%。财报截图 | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 一零一儿生 | 變動 | | | | (未經審核 | | | | (未經審核) | 及經重列) | 90 | | 收益(人民幣千元) | 150.284.734 | 118,792,689 | 27 | | 視為出售附屬公司之收益及分類為持作出售 | | | | | 的資產之減值虧損(人民幣千元) | | 7.726.187 | (100) | | 歸屬本公司股權持有人溢利 | | | | | (人民幣千元) | 9,289,807 | 10.789.540 | (14) | | 每股盈利 | | | | | 基本(人民幣分) | 92.18 | 106.50 | (13) | | 攤薄(人民幣分) | 90.31 | 1 ...

Core Insights - In the first half of 2025, Geely Auto reported a record total revenue of 150.3 billion, a significant year-on-year increase of 27% [1] - The company's core net profit reached 6.66 billion, marking a remarkable growth of 102% compared to the previous year [1] - Geely's new energy vehicle penetration rate reached 51.5%, indicating that one in every two cars sold is a new energy vehicle [2] Financial Performance - Geely Auto's total revenue for the first half of 2025 was 150.3 billion, with a gross profit of 24.7 billion and a gross margin of 16.4% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion, with core net profit at 6.66 billion, reflecting a 102% increase year-on-year [1][2] - The sales volume reached 1.4092 million units, a 47% increase year-on-year, with new energy vehicle sales at 725,200 units, up 126% [2] Product and Market Development - Geely's four major brands—Geely, Galaxy, Lynk & Co, and Zeekr—have launched several popular models, contributing to the sales growth [1][2] - The Galaxy A7, launched on August 8, received over 10,000 orders on its first day, setting a new record in the electric hybrid sedan market [3] - Geely's electric and intelligent technology advancements have significantly supported its sales performance, including the release of the ShenDun battery and the Haohan super electric hybrid system [4] Strategic Initiatives - The "One Geely" strategy aims to enhance internal resource integration and reduce redundant investments, with a focus on merging Geely Auto and Zeekr into a single entity [1][6] - The merger is expected to improve growth efficiency by over 5% and enhance R&D, management, and marketing efficiency by 15%-20% [6] - Geely's global expansion strategy has led to over 180,000 units exported in the first half of 2025, with a significant increase in new energy vehicle exports [7] Global Expansion and Brand Positioning - Geely's international strategy emphasizes "high-value overseas expansion," with a focus on localizing operations in key markets [7][8] - The company has launched 10 high-value models in markets such as Saudi Arabia, Australia, and Egypt, while Zeekr has achieved top sales in luxury segments in Hong Kong and Kazakhstan [7] - Geely's global sales and service network now covers over 85 countries and regions, enhancing its international presence [8]

Core Viewpoint - The report from CICC maintains the profit forecast for Geely Auto (00175) for 2025 and 2026, with a target price of HKD 26.00, indicating a potential upside of 37.2% from the current stock price [1] Group 1: Sales and Revenue Growth - In 1H25, Geely Auto achieved total sales of 1.409 million units, a year-on-year increase of 47%, driving total revenue to CNY 150.29 billion, up 40% year-on-year [2] - The sales of new energy vehicles (NEVs) surged by 126% to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand's sales increasing by 232% to 548,000 units [2] - NEV exports also performed well, rising by 146% to 40,000 units, and the company plans to launch six new models in the second half of the year to push annual sales beyond 3 million units [2] Group 2: Profitability and R&D Investment - The gross profit margin in 1H25 was 16.4%, with the GEA architecture models enhancing profitability and offsetting some pricing pressures [3] - The company reduced its sales and management expense ratios by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [3] - R&D investment increased by 21.3% to CNY 7.33 billion, focusing on advanced driving assistance systems and new architecture development, with core operating profit showing a 102% year-on-year increase to CNY 6.66 billion [3] Group 3: Strategic Reconfiguration and Globalization - Geely is accelerating its "One Geely" strategy for brand integration, enhancing resource synergy across multiple brands [4] - The company is expanding globally by investing in Renault Brazil to leverage its production and distribution network in the Latin American market, while also launching production in Egypt and trial operations in Indonesia to strengthen local supply chains [4] - The product strategy emphasizes full-scale intelligence, with new models featuring advanced driving solutions set to cover the market from entry-level to luxury segments [4]

Core Viewpoint - The report from CICC maintains the profit forecast for Geely Automobile (00175) for 2025 and 2026, with a target price of HKD 26.00, indicating a potential upside of 37.2% from the current stock price [1] Group 1: Sales and Revenue Growth - In 1H25, total sales increased by 47% year-on-year to 1.409 million units, driving total revenue up by 40% to CNY 150.29 billion [2] - The sales of new energy vehicles surged by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [2] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [2] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million units for the year [2] Group 2: Profitability and R&D Investment - The gross profit margin in 1H25 was 16.4%, with the profitability of GEA architecture models offsetting some pricing pressures [3] - Lean management led to a reduction in sales and management expense ratios by 1.1 percentage points and 0.7 percentage points year-on-year to 5.6% and 1.9%, respectively [3] - R&D investment increased by 21.3% year-on-year to CNY 7.33 billion, focusing on advanced driving assistance systems and new architecture development [3] - Core operating profit in 1H25, excluding foreign exchange and last year's one-time subsidiary sale impacts, rose by 102% year-on-year to CNY 6.66 billion, indicating a trend of profit recovery [3] Group 3: Strategic Reconfiguration and Globalization - The company is accelerating the implementation of the "One Geely" strategy to achieve resource synergy across multiple brands [4] - In terms of globalization, the company invested in Renault Brazil to leverage its established production system and distribution network for entry into the Latin American market; the Egypt factory has commenced production, and the Indonesia base has started trial production to enhance local supply chain capabilities [4] - The product strategy focuses on comprehensive intelligence, with plans to launch new models equipped with advanced driving solutions, covering the market from entry-level to luxury segments [4]

Domestic News - The National Data Bureau aims to accelerate the construction of high-quality data sets in key areas such as embodied intelligence, low-altitude economy, and biomanufacturing [2] - Jiangsu Province will waive towing and crane fees for highway vehicle rescue services starting from September 2025 [3] - Beijing's Mayor Yin Yong emphasized the importance of the automotive industry, particularly in the context of the transition to new energy and intelligent vehicles, during a visit to promote the development of the new energy vehicle industry [4] International News - The Canadian government announced an investment of over 25 million CAD (approximately 130 million RMB) to support 33 projects aimed at expanding electric vehicle charging infrastructure, primarily in Quebec [5] - Sony and Honda's joint venture Afeela has initiated pre-production of its first electric vehicle, expected to launch in mid-2026 in Japan and California [6] Automotive Industry Performance - In July 2025, Vietnam's hybrid vehicle sales surged by 72% year-on-year, with total sales reaching 31,739 units, marking a 1% month-on-month decline [7] - Gentex Corp reported a 12% increase in net profit for Q2, reaching 96 million USD, with core operating profit growing by 8% to 123.8 million USD [8] Company News - Geely Auto reported a record revenue of 150.3 billion RMB for the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion RMB, up 102% [10] - SAIC-GM-Wuling is set to upgrade its collaboration with Huawei, potentially adopting the Hi model for its Baojun brand [11] - Dongfeng Motor and JD Group signed a strategic cooperation agreement to build a new digital supply chain ecosystem [12] - GAC Group launched a city recruitment plan for its Huawang Automotive brand, focusing on 40 cities [13] - BMW established its first IT R&D center in China, which is also the largest IT R&D base in Asia [14] - Zeekr Technology reported a total revenue of 27.43 billion RMB for Q2 2025, with a gross margin of 20.6%, marking a historical high [15] - Sailun Tire announced plans to invest 291 million USD in Egypt to establish a project with an annual production capacity of 3.6 million radial tires [16]

Core Insights - Geely Automobile reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding non-core losses [1] - Total cash levels increased to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [1] - New energy vehicle (NEV) sales were particularly strong, totaling 725,000 units, representing a 126% increase [2] - The company has raised its full-year sales target from 2.71 million to 3 million units based on strong market performance [2] Brand Development - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% increase [2] - Zeekr and Lynk & Co brands contributed significantly to brand value, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units [2] - Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten of their segments [2] International Expansion - Geely's export sales exceeded 180,000 units, with a global sales network covering 85 countries and regions [3] - The Galaxy E5 international version EX5 became a global star product, launched in 26 countries [3] - The company is enhancing its localization capabilities with new factories in Egypt and Indonesia [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, aiming to strengthen its global competitiveness in the smart NEV sector [3] - The "One Geely" strategy is expected to enhance synergies and support the company in achieving its revised sales target of 3 million units [3]

Core Viewpoint - The company achieved record sales and revenue in the first half of 2023, with a focus on maximizing shareholder returns amid significant changes in the Chinese automotive market [1] Financial Performance - In the first half of 2023, the company reported revenue of 150.3 billion yuan, a year-on-year increase of 27%, marking a historic high [2] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [2] - Gross profit totaled 24.7 billion yuan, with a gross margin of 16.4% [2] - Total cash reserves increased to 58.8 billion yuan [2] Sales and Market Share - The company sold 1.409 million vehicles in the first half of 2023, a 47% year-on-year increase, with market share surpassing 10% for the first time [2] - New energy vehicle sales reached 725,000 units, a 126% increase, contributing to a penetration rate of 51.5% [4] - Export sales exceeded 180,000 units, demonstrating stable performance [2] Strategic Initiatives - The company implemented a strategic adjustment in September 2024, focusing on "strategic focus, integration, collaboration, stability, and talent" [2] - The merger of Zeekr and Lynk & Co, along with the integration of Geely Auto and Zeekr, aims to enhance resource allocation and eliminate redundant investments [3] Cost Optimization - The sales expense ratio decreased to 5.6%, a 16% reduction, while the administrative expense ratio fell to 1.9%, a 26% decrease [3] Global Expansion - The company is accelerating its global expansion, with over 180,000 units exported and a presence in 85 countries and regions [6] - The launch of the Galaxy E5 international version EX5 in 26 countries has become a global star product [6] - The company plans to introduce five new energy products by the second half of 2025, enhancing its global competitiveness in the smart new energy sector [6]

Core Viewpoint - Geely Automobile reported a strong performance in the first half of 2023, with significant growth in revenue and a notable increase in core profit, despite a decline in net profit attributable to shareholders [1][2][4]. Financial Performance - Geely's revenue exceeded 150 billion yuan, reaching 150.3 billion yuan, a year-on-year increase of 27% [1]. - The net profit attributable to shareholders was 9.29 billion yuan, down 14% year-on-year [1]. - Core net profit, excluding foreign exchange gains and losses, was 6.66 billion yuan, up 102% year-on-year [1]. - Gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1]. - Total cash level rose to 58.8 billion yuan [1]. Sales Performance - Geely sold 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [2][4]. - New energy vehicle (NEV) sales surged to approximately 725,000 units, a 126% increase, with a domestic market penetration rate of 51% [2][4]. - The Galaxy series performed exceptionally well, with sales of about 548,000 units, up 232% [4]. - The company adjusted its annual sales target from 2.71 million to 3 million units, achieving 54.9% of the new target by the end of July [4]. Strategic Developments - Geely is advancing its "Return to One Geely" strategy, focusing on resource integration and operational efficiency, resulting in a decrease in sales and administrative expense ratios by 16% and 26%, respectively [5][9]. - The merger between Zeekr and Lynk & Co is expected to enhance financial performance and operational synergies, with Zeekr achieving operational profit for the first time in Q2 [5][9]. - The merger aims to strengthen Geely's competitiveness in the smart new energy sector, covering various powertrain forms and market segments [9][10]. Challenges and Areas for Improvement - Geely faces challenges in overseas markets, with export sales declining by 8% to over 180,000 units, despite a 146% increase in NEV exports [11][12]. - The average sales revenue per vehicle decreased by 1.4 million yuan to 96,000 yuan, and the gross margin slightly fell by 0.3 percentage points to 16.4% [13]. - Brand building remains a challenge, with a need for improved user experience and customer engagement [14].