GEELY AUTO (0175.HK) released its first-quarter 2026 financial results on April 29th. The report indicated that the company achieved revenue of 83.776 billion yuan in the first quarter, a 15% year-on-year increase, with total sales volume reaching 709,400 units, up 1% year-on-year. The revenue growth rate significantly outpaced the sales volume growth. GEELY AUTO attributed this primarily to robust growth in export sales and an increased proportion of high-value product sales, reflecting continuous optimization of the product mix.
Furthermore, the first-quarter net profit attributable to the parent company's owners was 4.166 billion yuan, a decrease of 27% compared to the same period last year. The company stated that the profit decline was mainly due to the impact of foreign exchange fluctuations in the current period compared to the prior year, which is considered a non-operating factor. After excluding one-off factors such as currency effects and non-financial asset impairments, the company's core net profit attributable to owners was 4.561 billion yuan, representing a 31% year-on-year increase.
"Record-breaking first-quarter performance is just the beginning. The company has completed a comprehensive integration across brands, price segments, and energy types, and is now entering a new cycle characterized by long-term sustainability and continuous profit improvement," a senior executive commented during the earnings conference.
In terms of expenses, GEELY AUTO maintained high research and development investment, with R&D expenses reaching 4.558 billion yuan in the first quarter, showing a year-on-year increase, supporting technological and product iteration. Administrative expenses were 1.341 billion yuan, optimized and decreased year-on-year, demonstrating effective cost control.
Regarding assets and liabilities, as of the end of the first quarter, the Group's total assets stood at 276.789 billion yuan. The equity attributable to owners of the parent company was 95.287 billion yuan, an increase of 3% compared to the end of 2025. Net current liabilities were 15.541 billion yuan, showing improvement from the end of the previous year. The Board assessed that the Group maintains stable cash flow, smooth financing channels, and sufficient liquidity, with no significant uncertainty regarding its ability to continue as a going concern.
On the sales front, GEELY AUTO's total sales volume reached 709,400 units in the first quarter. New energy vehicle (NEV) sales were 369,100 units, a 9% year-on-year increase, achieving a penetration rate of 52%. Performance in overseas markets was particularly strong, with export sales reaching 203,000 units, a substantial 126% year-on-year increase, marking the third consecutive month with exports exceeding 60,000 units. New energy vehicles are becoming a new growth engine for GEELY AUTO's global expansion. Despite having only seven main NEV models for export, NEV exports reached 125,000 units, a dramatic 572% year-on-year surge, accounting for 62% of total exports. The first-quarter NEV export volume has already surpassed the full-year NEV export volume for 2025.
"International operations are the top priority for GEELY AUTO's future development. Our overseas business must adhere to a high-quality development path. The company does not rely on price wars to compete in the market but builds its core competitiveness through brand strength, technological synergy, product quality, and service. Simultaneously, by adopting a relatively light-asset operational model, we effectively control risks in overseas markets, fully leverage the production capacity advantages of our partners, deeply integrate GEELY's competitive technologies and products, and achieve channel resource sharing," stated the CEO of the Group.
"Looking ahead, GEELY AUTO may potentially change the international perception of Chinese automobiles. In recent years, the global image of Chinese cars has been primarily associated with a rapid transition to new energy and offering good value for money. Regarding whether Chinese brands can compete with traditional luxury car brands, there isn't yet a consistent international consensus. GEELY might be the first to lead Chinese automotive brands in achieving a significant breakthrough in this area. Chinese automotive brands can compete with traditional luxury brands," the executive added.
From the executive's perspective, although GEELY AUTO's export growth rate ranked first among Chinese brands in the first quarter, the current total export volume still lags behind leading companies. This is mainly due to the relatively late start of the company's NEV exports and the ongoing development of its overseas vehicle matrix. As premium models gradually enter overseas markets, the company's export scale is expected to increase rapidly, with continuous structural optimization. It is poised to become one of the Chinese automakers with the most rational overseas strategy and the strongest profitability.
Based on the first-quarter overseas market performance and subsequent product plans, the CEO of GEELY AUTO Group revealed that the 2026 target of challenging 750,000 units in overseas exports should be achievable. In the future, GEELY AUTO plans to build three large-scale markets—Latin America-Africa, ASEAN, and Europe—each with a target of 200,000 units. Additionally, it aims for two other markets—Eastern Europe and Central Asia-Asia Pacific—with targets of 150,000 units each.
According to the plan, the premium model Zeekr 9X will first launch in the Middle East market by the end of June, with further expansion into Europe and other regions planned for September.
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