Ge Long Hui·2026-01-07 06:19Core Viewpoint - Geely Automobile reported a total sales volume of 237,000 units in December 2025, representing a year-on-year increase of 12.7% but a month-on-month decrease of 23.7% [1] Group 1: December Sales Performance - December total deliveries continued to grow year-on-year, with Zeekr 9X deliveries exceeding 10,000 units, surpassing the annual target [1] - December sales breakdown by model: Geely brand/Link & Co/Zeekr sold 173,000/34,000/30,000 units, with year-on-year changes of +10.2%/+29.4%/+11.3% and month-on-month changes of -29.9%/-3.7%/+4.9% [1] - Geely brand's Galaxy model sold 101,000 units in December, up 45.0% year-on-year but down 24.1% month-on-month [1] - Exports in December reached 40,000 units, a year-on-year increase of 49.0% but a month-on-month decrease of 4.2% [1] - December new energy vehicle sales totaled 154,000 units, up 38.7% year-on-year but down 17.9% month-on-month, accounting for 65.1% of total sales, an increase of 12.2 percentage points year-on-year and 4.6 percentage points month-on-month [1] Group 2: 2025 Annual Performance - Total sales for 2025 reached 3.025 million units, a year-on-year increase of 39.0% [1] - Annual cumulative sales for Galaxy/Link & Co/Zeekr in 2025 were 1.236 million/350,000/224,000 units, with year-on-year changes of +149.9%/+25.4%/-1.8% [1] - Q4 2025 cumulative total sales for Galaxy/Link & Co/Zeekr were 854,000/361,000/109,000/81,000 units, with year-on-year changes of +24.2%/+73.3%/+30.1%/-5.6% [1] Group 3: Future Outlook - Geely aims for a total sales target of 3.45 million units in 2026, representing a year-on-year increase of 14%, with sales targets for Geely brand/Link & Co/Zeekr set at 2.75 million/400,000/300,000 units [2] - The new GEA architecture supports a new product cycle, with positive developments across Zeekr, Link & Co, and Galaxy [2] - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [2] - The company maintains a solid foundation in fuel vehicles and continues to explore new overseas markets through innovative joint ventures [2] - The smart driving strategy is being accelerated to enhance driving capabilities, with significant profit elasticity anticipated under the new vehicle cycle [2] - The projected net profit for 2025 is 17 billion yuan, corresponding to a PE ratio of 10.6X, maintaining a "buy" rating [2]