Summary of Key Points Core Viewpoint - Geely Automobile Holdings Limited reported its unaudited sales data for February 2026, showing a total vehicle sales of 206,160 units, representing a year-on-year growth of approximately 1% [2]. Brand Performance - Geely brand sales in February were 154,934 units, a decrease of 11% compared to the same month last year [3]. - The Galaxy series under the Geely brand sold 73,125 units, down 4% year-on-year [3]. - Lynk & Co brand sales reached 27,359 units, marking a significant year-on-year increase of 59% [2][3]. - Zeekr brand sales were 23,867 units, reflecting a year-on-year growth of 70% [2][3]. New Energy Vehicles - Sales of Battery Electric Vehicles (BEVs) in February totaled 67,832 units, a decline of 6% compared to the previous year [2][3]. - Sales of Plug-in Hybrid Electric Vehicles (PHEVs) reached 49,656 units, showing a substantial year-on-year increase of 89% [2][3]. Export Performance - The group's export volume in February was 60,879 units, representing a remarkable year-on-year growth of 138% [2][3]. - Cumulative exports for the year reached 121,385 units, up 129% compared to the same period last year [2][3]. Proton Sales - Proton achieved sales of 14,286 units in February 2026, reflecting a year-on-year growth of approximately 14% [2]. - Cumulative sales for the first two months of 2026 reached 30,392 units, an increase of about 25% compared to the same period last year [2].

Event Overview - In January 2026, the company reported total sales of 270,167 vehicles, a year-on-year increase of 1%. The sales breakdown includes: Geely brand at 217,438 vehicles (down 3%), Galaxy model at 82,990 vehicles (down 11%), Lynk & Co brand at 28,877 vehicles (down 4%), and Zeekr brand at 23,852 vehicles (up 100%). In the new energy sector, pure electric vehicle sales were 68,012 (down 15%), while plug-in hybrid vehicle sales were 56,240 (up 37%). Export market sales reached 60,506 vehicles, a year-on-year increase of 121% [2]. Analysis and Judgment - Mainstream brands are undergoing phase adjustments, with high-end brands leading growth. Geely and Lynk & Co saw sales declines of 3% and 4% respectively, while Zeekr achieved a 100% year-on-year growth, indicating strong market acceptance of high-end products. The Galaxy brand is entering the high-end large MPV market, creating a product synergy with Zeekr, establishing a global brand matrix that combines mainstream stability with high-end breakthroughs [4]. - The new energy sector shows differentiated development, with plug-in hybrid vehicles growing by 37%, meeting market demands for low fuel consumption and extended range. Pure electric vehicle sales declined by 15%, but improvements are expected with product iterations and technological upgrades. The export market experienced a significant growth of 121%, transitioning from simple product exports to localized operations, becoming a key source of sales growth for the company [5]. - The company is enhancing long-term competitiveness through technological collaboration. A joint venture with a leading industry testing and R&D institution focuses on core automotive technology development and testing services, creating a complementary advantage of "authoritative certification + practical R&D." The company is also investing in smart technology, launching an AI 2.0 platform with advanced driving systems and hardware, and plans to complete the first solid-state battery pack by 2026, which will support brand upgrades and product iterations [6]. Financial Projections - The company expects revenues of 404.78 billion, 489.69 billion, and 572.83 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 16.21 billion, 22.09 billion, and 25.97 billion RMB for the same years. The earnings per share (EPS) are projected to be 1.49, 2.03, and 2.38 RMB. The price-to-earnings (P/E) ratios are estimated at 10, 7, and 6 for the respective years, maintaining a "recommended" rating [7][8].

| 单位 / 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 240,194 | 404,783 | 489,688 | 572,828 | | 增长率（%） | 34.0 | 68.5 | 21.0 | 17.0 | | 净利润 | 16,632 | 16,208 | 22,085 | 25,971 | | 增长率（%） | 213.3 | -2.6 | 36.3 | 17.6 | | EPS | 1.53 | 1.49 | 2.03 | 2.38 | | P/E | 10 | 10 | 7 | 6 | | P/B | 1.8 | 1.6 | 1.3 | 1.1 | 吉利汽车（0175.HK）系列点评三十七： 插混+出口双增托底 极氪引领增长 glmszqdatemark 2026 年 02 月 03 日 [Table_Author] 分析师：崔琰 执业证书：S0590525110023 邮箱：cuiyan@glms.com.cn 风险提示：新车销量不及预期；"价格战"加剧；欧盟关税影响出海销量 ...

Core Insights - Geely has established two new sales companies, Changchun Zeekr Automotive Sales Co., Ltd. and Linhai Zhike Jixing Automotive Sales Service Co., Ltd., both led by key sales figure Zhu Qiqian, attracting industry attention [2][5]. Company Overview - Changchun Zeekr is located in the Changchun Automotive Development Zone, with a registered capital of 10 million yuan, while Linhai Zhike is based in Taizhou, Zhejiang, with a registered capital of 5 million yuan. Both companies focus on automotive sales and retail of spare parts [4][7]. Leadership and Management - Zhu Qiqian serves as the director, manager, and legal representative of both new companies. He has extensive experience in the automotive sales sector, having held significant positions at Geely Holding and possesses rich channel management and after-sales operation expertise [4][7]. Sales Performance - Geely's overall sales growth aligns with this strategic expansion, with official data indicating that Geely's global cumulative sales are expected to exceed 3.02 million units by 2025, representing a substantial year-on-year increase of 39%, marking a historical high [4][7]. Brand Performance - The Zeekr brand has shown particularly strong performance, with monthly deliveries surpassing 30,000 units in December of the previous year. Analysts believe that the new leadership will enhance the sales service network, providing solid support for Geely, especially the Zeekr brand, to capture a larger market share [4][7].

Group 1 - Geely Automobile reported total vehicle sales of 270,200 units in January 2026, representing a year-on-year increase of approximately 1% [1][3] - Both export sales and sales of the Zeekr brand doubled compared to the same period last year [1][3] - Proton achieved vehicle sales of 16,106 units in January 2026, marking a year-on-year growth of approximately 36% [1][3]

Group 1 - The core viewpoint of the articles indicates that Geely's overall sales performance in January showed mixed results, with some brands experiencing declines while others saw significant growth [1][2] Group 2 - In January, Geely brand sales totaled 217,438 units, a year-on-year decrease of approximately 3% [1] - The Galaxy series sold 82,990 units, down 11% year-on-year, while Lynk & Co. sales were 28,877 units, down 4% [1] - Zeekr brand performed exceptionally well with sales of 23,852 units in January, achieving a 100% year-on-year increase [1] - In terms of power types, sales of battery electric vehicles (BEVs) were 68,012 units, down 15% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw a significant increase of 37%, totaling 56,240 units [1] - Geely's total export sales in January reached 60,506 units, marking a 121% year-on-year increase [1] - Proton brand achieved sales of 16,106 units in January 2026, a growth of approximately 36% compared to the previous year [1] - On February 1, Geely announced that total sales for January 2026 reached 270,167 units, reflecting a year-on-year growth of about 1% [2]

Core Viewpoint - Geely Automobile Holdings Limited reported its January 2026 unaudited vehicle sales data, showing a total sales volume of 270,200 units, a year-on-year increase of 1%, with significant growth in exports and Zeekr brand sales [1] Brand Performance - Geely brand sales reached 217,400 units, a year-on-year decline of 3%, with the Galaxy series selling 83,000 units, down 11% [1] - Lynk & Co sales were 28,900 units, reflecting a 4% year-on-year decrease [1] - Zeekr brand sales surged to 23,900 units, marking a 100% year-on-year increase [1] Vehicle Type Performance - Plug-in hybrid vehicle sales totaled 56,200 units, representing a year-on-year increase of 37% [1] - Pure electric vehicle sales were 68,000 units, showing a year-on-year decline of 15% [1] Other Brands - Proton's sales in January reached 16,100 units, which is a year-on-year increase of 36% [1]

Group 1 - The core point of the article is that Geely Automobile reported a total vehicle sales of 270,200 units in January 2026, representing an approximate 1% increase year-on-year [1] - The export sales and Zeekr brand sales both doubled compared to the same period last year [1] - Proton achieved vehicle sales of 16,106 units in January 2026, marking a year-on-year growth of approximately 36% [1]

Core Insights - Geely Automobile (00175) announced total vehicle sales of 270,200 units in January 2026, representing an approximate 1% increase compared to the same period last year [1] - Both export sales and Zeekr brand sales doubled compared to the previous year [1] - Proton achieved vehicle sales of 16,106 units in January 2026, marking a growth of approximately 36% year-on-year [1]

Core Insights - Geely Automobile achieved a total vehicle sales of 3,024,567 units in 2025, representing a year-on-year growth of approximately 39% and exceeding the annual sales target of 3,000,000 units [1][4][10] - The company recorded a significant increase in new energy vehicle sales, reaching 1,687,800 units, which is a remarkable 90% year-on-year growth, setting a new record [1][4][7] - The Geely brand led the sales with 2,449,939 units, while the "China Star" series achieved sales of 1,214,100 units, surpassing the "one million China Star" target [1][11] Sales Performance - Total vehicle sales for Geely in 2025 were 3,024,567 units, a 39% increase from the previous year [1][4] - New energy vehicle sales reached 1,687,800 units, marking a 90% increase year-on-year [1][4][7] - The Geely brand's sales were 2,449,939 units, while the Lynk & Co brand sold 350,495 units, a 23% increase [4][17] - Zeekr brand sales totaled 224,133 units, with December 2025 deliveries reaching 30,267 units, a record high [21] Brand Performance - The "China Star" series achieved sales of 1,214,100 units, exceeding the target of one million [1][11] - The Galaxy brand saw a 150% increase in sales, reaching 235,807 units, and achieved the "one million Galaxy" sales target in just 29 months [13][14] - Lynk & Co's new energy family accounted for 65% of its total sales, with a 36% year-on-year growth [18][20] - Zeekr's new models, including the Zeekr 9 series, have strengthened its position in the luxury new energy market [21] International Expansion - Geely's overseas sales reached 420,097 units in 2025, successfully meeting its export sales target [23] - The company expanded into 13 new markets, including the UK, Italy, Brazil, and South Africa [23][26] - Lynk & Co has accelerated its global presence, establishing over 860 stores in more than 50 countries [24][26] - Zeekr has also entered over 50 countries, showcasing strong competitiveness in various international markets [25][26]