【175 Performance】Geely's Net Profit Growth of 0.2% Last Year, Final Dividend Increased 52% to 0.5 Yuan; Sales Target of 3.45 Million Units This Year

Geely Auto (00175)
Last year, net profit increased by 0.2% year-on-year to RMB 16.85 billion. Excluding one-time items such as RMB 2.43 billion in foreign exchange gains after taxes and impairment losses on non-financial assets, Geely’s profit grew by 36% year-on-year to RMB 14.41 billion. Geely recommends a final dividend of HKD 0.5 per share, up 52% year-on-year.

Benefiting from economies of scale, cost advantages of the new energy architecture, and the launch of high-end products, despite fierce price competition in the industry, Geely’s gross profit increased by 25% last year, with the gross profit margin rising slightly by 0.1 percentage points to 16.6%.

Geely Galaxy’s sales surged 150% last year to 1.236 million units

Driven by the significant increase in sales of the mainstream new energy brand Geely Galaxy, Geely’s revenue last year rose 25% to RMB 345.23 billion, setting a new record.

Geely has set a sales target of 3.45 million units for 2026, representing an approximate 14% annual growth. Last year, Geely sold nearly 3.025 million vehicles, a 39% increase year-on-year, surpassing the revised annual sales target of 3 million units. Among them, wholesale volume within China increased 48% to 2.604 million units; export wholesale volume rose 1% to 420,000 units.

Geely’s capital expenditure budget for this year is approximately RMB 16 billion

Last year, Geely’s main new energy brand Geely Galaxy’s sales surged 150% to 1.236 million units, making it the second-largest Chinese new energy vehicle brand. The mid-to-high-end brand Lynk & Co’s sales increased 23% to 350,000 units, with the proportion of new energy products rising to 65%. The luxury new energy brand Zeekr’s full-year sales increased 1% to 224,000 units. The group’s new energy vehicle sales grew 90% to 1.688 million units, accounting for 56% of total sales, ranking second globally in new energy vehicle sales.

Last year, Geely’s total capital expenditure was RMB 17.9 billion, mainly due to accelerated transformation towards new energy and intelligentization, and increased investment in the new energy product matrix, leading to higher R&D spending. Geely expects this year’s capital expenditure to be around RMB 16 billion, a 10.6% decrease year-on-year.

As of the end of last year, Geely’s total cash increased 46% year-on-year to RMB 68.2 billion.

Source: HKEX Announcement

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