On May 15, 2026, GEELY AUTO (00175.HK) announced a connected transaction on the Hong Kong Stock Exchange, revealing its acquisition of 100% equity in three core entities of the Radar Auto brand—Radar Auto (Shandong) Co., Ltd., Radar Auto Sales Co., Ltd., and its Thai distributor, Radar Thailand—for a total cash consideration of approximately 218 million yuan. Following the transaction, these companies will become wholly-owned subsidiaries of GEELY AUTO, officially integrating the new energy pickup brand Radar into the listed company's structure. The brand will be incorporated into Geely's "China Star" series and managed under the pickup truck business line.
This move represents the latest strategic step under the "One Geely" integration framework. After completing the merger of Geely Galaxy with Geometry and the equity transfer between Lynk & Co and ZEEKR, Geely has now added the pickup truck segment to its portfolio.
**Financial Divergence: Three Faces During the Profitability Climb** Despite being part of the same group, the financial performance of the three acquired Radar entities is not uniform, showing a typical pattern of divergence that reflects the brand's critical transition from growth to scaled profitability.
As the core operating entity holding key assets such as R&D and manufacturing, Radar Auto (Shandong) reported a post-tax profit of 67.743 million yuan in 2024 but shifted to a post-tax loss of 8.646 million yuan in 2025. By the end of 2025, its net asset value was approximately 159 million yuan, aligning closely with the acquisition valuation. This shift from profit to loss is a combined result of intensifying industry competition and the company's ongoing investments.
In contrast, Radar Auto Sales Co., Ltd. turned profitable, achieving a post-tax profit of 12.325 million yuan in 2025, compared to a post-tax loss of about 118 million yuan in the previous year.
Overseas operations present a different picture. Established in Thailand in July 2024 as Radar's first independently operated overseas subsidiary, Radar Thailand saw its post-tax loss widen to 10.697 million yuan in 2025. As an international expansion platform, the Thai subsidiary is in a phase of continuous investment in channel development, market expansion, and after-sales service network construction, making initial losses consistent with standard commercial logic.
**Sequential Moves Under the "One Geely" Strategy** The acquisition of Radar is the latest action in Geely's recent brand integration sequence and a concrete extension of the "One Geely" strategy into specific business lines.
In 2024, Geely Holding issued the "Taizhou Declaration," establishing five strategic directions—strategic focus, integration, synergy, stability, and talent—aimed at shifting the group from decentralized expansion to centralized collaboration. Over the following year, integration efforts accelerated: Geely Galaxy merged with Geometry, unifying the mass-market new energy brand portfolio; ZEEKR and Lynk & Co completed their equity transfer, forming ZEEKR Technology Group, which was subsequently integrated under GEELY AUTO. By the end of 2025, the three brands—Geely, Lynk & Co, and ZEEKR—had achieved synergistic integration, forming the organizational framework of "One Geely."
Under this "One Geely" framework, GEELY AUTO has established a four-brand matrix comprising ZEEKR, Lynk & Co, Geely China Star, and Geely Galaxy, covering luxury, mid-to-high-end, mass-market, and entry-level segments, respectively. While categories such as sedans, SUVs, and MPVs are already covered, pickup trucks remained a notable gap in the brand matrix.
Incorporating Radar into the "China Star" series expands it from the original CMA-based premium family sedan/SUV lineup to a full-category portfolio encompassing "sedans + SUVs + pickup trucks." For GEELY AUTO, whose total revenue has surpassed the 200-billion-yuan threshold, filling the pickup truck gap is both a necessary step for product line integration and a comprehensive response to the "One Geely" strategy, moving from brand consolidation to category completion.
**Radar's New Role: Beyond Selling Pickups, Filling Strategic Gaps** According to GEELY AUTO's official statement, the acquisition aims to integrate the Radar brand into the listed company's business system, expand and diversify the new energy product portfolio, strengthen the group's position in the pickup truck segment, and leverage Geely's established international distribution network to help Radar rapidly expand overseas markets and boost export growth.
In terms of domestic market share, Radar is undoubtedly a leader in its niche segment. However, competition in China's new energy vehicle market has intensified across all categories and price points. In the first quarter of 2026, the penetration rate of new energy pickup trucks in China remained below 10%, significantly lower than the overall penetration rate of passenger vehicles. The primary battleground is shifting overseas, with pickup truck exports already accounting for over half of the national total sales volume.
In overseas markets, Great Wall Motors' pickup truck global sales exceeded 181,600 units in 2025, while BYD's Shark pickup achieved average monthly overseas sales of about 3,000 units and has been rapidly expanding in Southeast Asia and Australia. Changan and Chery are also accelerating the development of their new energy pickup truck product portfolios. Radar's overseas expansion began in Thailand, where it secured 2,569 orders at the Bangkok International Motor Show in March 2026, a 283% year-on-year increase, establishing itself as a significant player in the local new energy pickup market. However, its export-focused distribution model still faces cost constraints such as import tariffs, and the lack of localized production in Thailand is a key weakness that needs addressing for long-term competitiveness. Post-integration, Radar will gain direct access to Geely's global distribution system and supply chain resources, enabling economies of scale in procurement to reduce manufacturing and purchasing costs, thereby providing stronger support for the brand's international expansion.
Beyond bringing the Radar brand under the listed company, the direct value of this acquisition is reflected in the comprehensive service framework agreement signed between GEELY AUTO, Geely Holding, and Farizon Commercial Vehicle. After the acquisition, GEELY AUTO will provide Radar with R&D, procurement, and commercial vehicle resource support, achieving an integration model characterized by light-asset consolidation and heavy synergy effects. Over the next three years, the total annual caps for related services are approximately 396 million yuan, 452 million yuan, and 499 million yuan, respectively. This indicates that Radar's integration will not involve building new operations from scratch but will instead leverage existing infrastructure within the holding system at lower marginal costs.
GEELY AUTO is transforming its past approach of "multiplication"—parallel multi-brand operations and independent incubation across multiple segments—into "addition," gradually consolidating and injecting high-quality assets scattered across the holding system into the listed company. The 218-million-yuan acquisition of Radar has become the most vivid illustration of the "One Geely" strategic logic in the first half of 2026.
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