解码吉利“史上最好”财报：“台州宣言”效应凸显，新能源站上新周期

Core Insights - Geely has reported its best-ever half-year results for 2025, with revenue reaching 150.3 billion yuan, a year-on-year increase of 27% [1] - The company's net profit attributable to shareholders reached 9.29 billion yuan, with core net profit growing by 102% to 6.66 billion yuan, while gross profit margin stood at 16.4% [1] - Total vehicle sales exceeded 1.409 million units, marking a 47% year-on-year increase, with new energy vehicle sales growing by 126% to 725,000 units, achieving a penetration rate of 51.5% [1][2] Financial Performance - Geely's total revenue for the first half of 2025 was 150.3 billion yuan, a record high, with a net profit of 9.29 billion yuan [1] - The core net profit, excluding foreign exchange losses, reached 6.66 billion yuan, reflecting a significant increase of 102% year-on-year [1][10] - The gross profit margin improved to 16.4%, with total gross profit amounting to 24.7 billion yuan [1] Sales and Market Position - Geely has raised its annual sales target from 2.71 million to 3 million units, an increase of approximately 11% [2] - The company's market share in China has surpassed 10%, reaching 10.4%, narrowing the gap with the market leader from 8 percentage points last year to 4 percentage points this year [2] - Geely's new energy vehicle sales significantly outperformed the industry average, with a 126% growth compared to the overall market's 40% increase [2][3] Product Strategy and Innovation - Geely plans to launch five new intelligent hybrid models in the second half of the year, including the Galaxy A7 and Galaxy Star 6, featuring advanced technologies [4] - The company has developed a comprehensive technology ecosystem, including the GEA Evo architecture, which integrates AI and digital systems for enhanced vehicle performance [5][6] - Geely's long-term strategy focuses on creating multiple successful models through a robust technological foundation and quality management [4][5] Structural Integration and Efficiency - Geely's integration with Zeekr Technology is expected to enhance sales and financial performance, with significant cost savings projected in R&D and procurement [7][8] - The administrative expenses for Geely decreased by 6.4% year-on-year, reflecting improved management efficiency [9] - The sales expense ratio and administrative expense ratio have both significantly declined, indicating effective cost control measures [10] Future Outlook - Geely anticipates a resurgence in growth similar to that of 2015 and 2016, driven by new model launches and structural integration [7] - The company aims to enhance its product matrix and market share through targeted strategies for its various brands, including Galaxy, Lynk & Co, and Zeekr [12] - The strategic merger is seen as crucial for Geely's future success, enabling the company to achieve greater operational synergy and market competitiveness [12]