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1503亿营收、66.6亿净利 吉利以“反内卷”重构高质量增长逻辑
Zhong Guo Jing Ying Bao·2025-08-15 12:37

Core Viewpoint - The Chinese automotive market is undergoing significant structural adjustments, with a notable rise in new energy vehicle sales, which accounted for 44.3% of total new car sales in the first half of 2025. Despite intense competition, Geely Auto has successfully navigated these challenges by promoting a "anti-involution" strategy, focusing on quality growth rather than price wars [1][2][23]. Industry Overview - In the first half of 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with new energy vehicles (NEVs) producing 6.97 million and selling 6.94 million units [1]. - The overall market is experiencing fierce competition, but Geely Auto has differentiated itself by emphasizing long-term strategies and comprehensive strength [1][2]. Company Performance - Geely Auto reported a record revenue of 150.3 billion yuan in the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion yuan, reflecting a 102% growth [3]. - The company's total sales reached 1.409 million units, with NEVs accounting for 51.5% of total sales, marking a 126% increase year-on-year [3][5]. - Geely has raised its annual sales target from 2.71 million to 3 million units based on strong first-half performance [3]. Brand Performance - Geely's various brands have contributed to a robust sales structure, with Geely Galaxy achieving sales of 548,000 units, a 232% increase [5]. - Zeekr brand sold 90,700 units in the first half, while Lynk & Co sold 154,000 units, showcasing strong market performance across different segments [7][11]. Cost Management and Efficiency - Geely has effectively controlled costs, with R&D expenses decreasing to 4.9% of revenue and sales and management expenses down to 5.6% [11]. - The integration of Zeekr and Lynk & Co has led to significant technical synergies, enhancing operational efficiency [11]. Technological Advancements - Geely is investing heavily in technology, particularly in smart electric vehicle systems, with breakthroughs in autonomous driving technology [12][14]. - The company has established a new battery division, enhancing safety and performance in its electric vehicle offerings [16]. Global Expansion - Geely's global strategy is expanding, with over 180,000 units exported in the first half of 2025 and a growing presence in 85 countries [17][20]. - The company is focusing on high-value exports and local production, with new factories in Egypt and Indonesia supporting its international operations [17][22]. Conclusion - Geely Auto's mid-year performance reflects its commitment to the "anti-involution" strategy, with significant revenue growth and an increased sales target. The company's focus on technology, quality, and global expansion positions it well for future growth in the competitive automotive landscape [23].