【吉利汽车（0175.HK）】1H25业绩亮眼，“一个吉利”加速推进——2025年半年报业绩点评报告（倪昱婧/邢萍）

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 [4]. Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, reflecting a year-on-year increase of 26.5% [4]. - Gross margin decreased by 0.3 percentage points to 16.4% [4]. - 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 [4]. Group 2: Sales Growth and Cost Efficiency - Total sales volume increased by 47.4% year-on-year to 1.409 million units, with new energy vehicle sales rising by 126.5% to 725,000 units, accounting for 51.5% of total sales [5]. - The company achieved a reduction in SG&A expense ratio by 1.7 percentage points to 7.5% [5]. - The sales and administrative expense ratios decreased by 1.1 and 0.7 percentage points to 5.6% and 1.9%, respectively [5]. Group 3: 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 [6]. - Globalization efforts are underway, with a 7.7% decline in export sales in 1H25, primarily due to the Eastern European market, but expected to improve with new models launching in overseas markets [6]. - The integration of smart driving operations is progressing, with a joint venture established to enhance the competitiveness of various vehicle models [6].