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吉利汽车(0175.HK):1H25业绩亮眼 “一个吉利”加速推进
Ge Long Hui·2025-08-16 19:55

Core Viewpoint - The company demonstrated strong performance in 1H25, with total revenue increasing by 26.5% year-on-year to 150.28 billion yuan, driven by rapid growth in vehicle sales and internal efficiency improvements [1] Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, a year-on-year increase of 26.5% [1] - Gross margin decreased by 0.3 percentage points to 16.4% [1] - Net profit attributable to shareholders fell by 13.9% to 9.29 billion yuan, while core net profit increased by 102% to 6.66 billion yuan [1] Group 2: Sales Growth - Total vehicle sales in 1H25 rose by 47.4% to 1.409 million units, with new energy vehicle sales increasing by 126.5% to 725,000 units, accounting for 51.5% of total sales [1] - Specific brand performances included Galaxy sales up by 232%, Zeekr by 3%, and Lynk & Co by 22% [1] Group 3: Cost Efficiency - Selling, general and administrative (SG&A) expense ratio decreased by 1.7 percentage points to 7.5% [1] - Sales expense ratio and administrative expense ratio decreased by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [1] Group 4: Future Outlook - The company expects sales growth to continue in 2H25 with new models like Galaxy A7, Galaxy M9, and Lynk & Co 10EM-P ramping up production [2] - The annual sales target has been raised by 11% to 3 million units, with 47% achieved in 1H25 [2] - Integration of Lynk & Co and Zeekr is expected to enhance internal resource optimization and efficiency [2] Group 5: Strategic Initiatives - The company is advancing its "One Geely" strategy, with plans to complete the acquisition of Zeekr by the end of 2025 for approximately 2.4 billion USD [3] - Globalization efforts are underway, with a focus on expanding overseas markets despite a 7.7% decline in export sales in 1H25 [3] - The smart driving business has been integrated into a joint venture, which is expected to accelerate the production and iteration of smart driving solutions [3]