Geely Automobile (175) Q4 2025 earnings summary

Executive summary

• 2025 sales reached 3,024,567 units, up 39% YoY and exceeding the 3 million target; market share reached 10.05%.

• Revenue rose 25% to RMB 345.2 billion; core net profit attributable to shareholders increased 36% to RMB 14.41 billion on restated 2024 comparisons.

• NEV sales grew 90% to 1,687,767 units, supported by product renewal and integration of Geely, Lynk & Co and ZEEKR.

Financial highlights

• Gross profit increased 25% to RMB 57.35 billion; gross margin was 16.6%, up 0.1 percentage points YoY.

• Net profit was RMB 16.63 billion, up 1.7%; profit attributable to owners was RMB 16.85 billion.

• EBIT increased 60.5% to RMB 15.87 billion; operating cash flow was RMB 47.3 billion.

• Total cash, including restricted deposits, reached RMB 68.2 billion, up 46%; net cash was RMB 49.9 billion, up 28%.

• Proposed dividend was HK$0.50 per share, up 52% YoY, totaling HK$5.39 billion.

Outlook and guidance

• 2026 sales target is 3.45 million units, up 14%; brand targets are ZEEKR 300,000, Lynk & Co 400,000, Geely Galaxy 1.55 million and China Star 1.2 million.

• 2026 export target is 640,000 units, up 52%, with expansion across Europe, ASEAN, LATAM, Africa and the Middle East; an internal stretch target is 750,000 units.

• Priorities include full-domain AI, intelligent driving, new NEV models, global localization and international expansion; G-ASD H9 targets L3 mass production.

• 2026 budgeted capital expenditure is RMB 16 billion, mainly for R&D and production upgrades.