GEELY AUTO (00175) announced its interim results for the six months ended June 30, 2025, reporting revenue of RMB 150.285 billion, representing a year-on-year increase of 26.51%. Gross profit reached RMB 24.719 billion, up 24.41% year-on-year. Profit attributable to shareholders was RMB 9.29 billion, with basic earnings per share of 92.18 cents.
The announcement stated that the Group's sales performance in the first half of 2025 exceeded management expectations and achieved a record high. Specific highlights include:
Total sales volume reached 1,409,180 units, representing a substantial year-on-year increase of 47%. New energy vehicle (NEV) sales reached 725,151 units, surging 126% year-on-year and accounting for 51.5% of total sales. Sales of fuel vehicles, plug-in hybrid vehicles, and pure electric vehicles were 684,029 units, 214,348 units, and 510,803 units respectively, registering year-on-year growth of 8%, 61%, and 173%, all outperforming the average growth rate of China's passenger vehicle market.
China market sales reached 1,225,066 units, up 62% year-on-year, with China market share reaching 11.2%, ranking second among domestic brands by sales volume. NEV sales in the China market totaled 684,693 units, accounting for 55.9% of China market sales, exceeding China's NEV passenger vehicle market penetration rate of 50.4%.
Export sales were 184,114 units, down 8% year-on-year. However, NEV export sales reached 40,458 units, surging 146% year-on-year and representing 22% of export sales.
Based on the excellent first-half performance, the Group raised its full-year sales target from 2.71 million units to 3 million units on July 1, 2025.
During the period, while the Group maintained its leading position as the top domestic brand in China's fuel vehicle market, the rapid growth in NEV sales also made the Group the second-largest player in China's NEV market.
The Geely Galaxy brand, positioned in the mainstream NEV market, achieved strong sales growth, increasing its proportion in the Group's sales structure. This led to a decrease in average selling price per vehicle of RMB 14,000 year-on-year to RMB 96,000.
Despite intensified price competition in China's automotive market and the increasing proportion of NEVs during the period, the Group maintained stable gross margin through economies of scale, cost control, and improved profitability of GEA architecture products. The gross margin only declined slightly by 0.3 percentage points year-on-year to 16.4%.
The Group's distribution and selling expenses increased 6.4% year-on-year to RMB 8.38 billion during the period, primarily for channel development and marketing activities to promote NEV brands. Although the promotion of new models led to increased expenses, through strict cost control and synergies from integration, the ratio of distribution and selling expenses to revenue actually decreased by 1 percentage point, demonstrating improved resource utilization efficiency.
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