汽车视点 | 直击吉利业绩会：强劲增长周期、核心归母利润翻倍，利润创新高阶段即将开启？

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, marking a 27% year-on-year increase, with a core net profit of 6.66 billion yuan, up 102% [1][2] - The company has raised its annual sales target by 11% to 3 million units, reflecting strong growth momentum [3][6] Financial Performance - The company achieved a total sales volume of 1.409 million units in the first half, a 47% increase year-on-year, with a market share surpassing 10% for the first time, reaching 10.4% [1][6] - The gross profit margin improved to 16.4%, with total cash reserves rising to 58.8 billion yuan [1][2] Profitability and Efficiency - Geely's core net profit margin increased significantly, with the core net profit per vehicle rising to approximately 4,700 yuan, a 37% increase year-on-year, and the core net profit margin growing from 2.8% to 4.4% [2][6] - The company has seen a reduction in sales and administrative expense ratios, with sales expense ratio down to 5.6% and administrative expense ratio down to 1.9% [6] Strategic Initiatives - The management highlighted three key areas of focus: the merger of Lynk & Co and Zeekr, the achievement of high sales volume and market share, and the upward trend in vehicle profitability [5][6] - Geely is prioritizing overseas expansion and aims to enhance its global operational framework, targeting significant growth in export volumes in the second half of the year [7][8] Market Position and Competitive Strategy - The company is committed to avoiding price wars and instead focuses on value, technology, quality, and brand strength, aligning with national initiatives to promote healthy competition in the automotive industry [10][12] - Geely has developed a comprehensive AI technology framework to support its future growth and competitiveness in the market [11][12]