Geely Automobile (175) Q4 2025 earnings summary

Executive summary

• Achieved record sales volume of 3.025 million units in 2025, up 39% year-over-year, surpassing the 3 million milestone and increasing market share to over 10%.

• Total revenue reached RMB 345.2 billion, up 25% year-over-year, with core net profit attributable to shareholders at RMB 14.41 billion, and net profit at RMB 16.63 billion.

• NEV sales surged 90% year-over-year to 1,687,767 units, accounting for 56% of total sales, with strong performance across Geely, Lynk & Co, and Zeekr brands.

• Completed strategic integration and acquisition of Lynk & Co and Zeekr, enhancing operational efficiency and brand synergy.

• Maintained four consecutive years of growth, driven by ICEV, PHEV, and BEV segments.

Financial highlights

• Gross profit reached RMB 57.35 billion, up 25% year-over-year, with gross profit margin stable at 16.6%.

• Sales expense ratio decreased to 5.9%, and administrative expense ratio to 1.9%, reflecting improved efficiency.

• R&D investment totaled RMB 21.9 billion, up 8.3%, with R&D as a percentage of revenue at 6.3%.

• Cash reserves hit RMB 68.2 billion, up 46% year-over-year; net cash position was RMB 49.9 billion, up 28%.

• Proposed dividend of HK$0.50 per share, up 52%, with a total dividend estimated at HK$5.39 billion.

Outlook and guidance

• 2026 sales volume target set at 3.45 million units, with Zeekr aiming for 300,000 units (+34%), Lynk & Co 400,000 units (+14%), and Galaxy 1.55 million units (+25%).

• Export target for 2026 is 640,000 units, a 50% increase, with expansion in Europe, ASEAN, LATAM, Africa, and Middle East.

• Continued focus on AI, intelligent driving, and global expansion, including partnerships and local production in key overseas markets.

• Budgeted capital expenditures for 2026 are RMB 16 billion, mainly for R&D and production upgrades.