Core Viewpoint - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion in the first half of 2025, marking a significant year-on-year increase of 27% [1][3] - The company achieved a net profit of 9.29 billion, with core net profit reaching 6.66 billion, reflecting a substantial growth of 102% year-on-year [1][3] - Geely's total sales reached 1.409 million units, a 47% increase compared to the previous year, with market share exceeding 10% for the first time [1][3] Financial Performance - Total revenue for the first half of 2025 was 150.3 billion, a historical high, with a year-on-year growth of 27% [1][3] - The net profit attributable to shareholders was 9.29 billion, while core net profit, excluding non-core losses, was 6.66 billion, up 102% year-on-year [1][3] - Gross profit reached 24.7 billion, with a gross margin of 16.4%, maintaining stability amid industry price fluctuations [3] Sales Performance - Geely's total sales reached 1,409,180 units in the first half of 2025, a 47% increase year-on-year, significantly outpacing the overall market growth [1][3] - The company's market share surpassed 10% for the first time, with a sales target achievement rate among the highest in the industry [3] - In July, Geely's sales were 237,717 units, reflecting a 58% year-on-year increase, marking five consecutive months of growth [3] Strategic Direction - Geely opposes price wars and focuses on value, technology, quality, service, and brand integrity to ensure sustainable development [2][3] - The company has raised its sales target for 2025 from 2.71 million to 3 million units, an increase of approximately 11% [7] - The integration of Zeekr and Lynk & Co is expected to enhance competitive strength in the smart electric vehicle sector [9] Technological Advancements - Geely has made significant strides in technology integration, launching advanced driver assistance systems and enhancing its electric vehicle capabilities [10][11] - The establishment of a new battery group, Geely Yao Tongxing, aims to unify battery brands and enhance production efficiency [11] - The company is positioned to cover various powertrain forms, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, enhancing overall competitiveness [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue performance with a significant increase in sales driven by a new vehicle cycle, leading to a projected rapid growth in sales [1][7] - The company has adjusted its annual sales target from 2.71 million units to 3 million units due to strong sales momentum [7] Financial Summary - For the first half of 2025, the company achieved a revenue of 150.28 billion RMB, a year-on-year increase of 39%, while net profit was 9.29 billion RMB, a decrease of 14% [7] - The second quarter of 2025 saw revenues of 77.79 billion RMB, up 41.6% year-on-year and 7.3% quarter-on-quarter, with net profit at 3.62 billion RMB, down 60% year-on-year [7] - The company plans to launch 10 new models in 2025, focusing on mid-sized sedans and SUVs to capture market trends [7] - The company’s core net profit for the first half of 2025, excluding one-off gains, was 6.66 billion RMB, reflecting a 102% year-on-year increase [7] Sales Performance - The company sold 1.409 million vehicles in the first half of 2025, a 47% increase year-on-year, with a market share exceeding 10% [7] - New energy vehicle sales reached 725,000 units, representing a 126% year-on-year increase, with a penetration rate of 51.5% [7] Profit Forecast and Investment Recommendation - The company is expected to have a compound annual growth rate (CAGR) of 11.4% in net profit from 2025 to 2027 [7] - The report maintains a "Buy" rating based on the company's leading position in the domestic automotive market and the anticipated continuous growth in performance due to new product launches [7]