On the evening of November 17, Geely Auto, XPENG, and Leapmotor—three automakers listed in Hong Kong—simultaneously unveiled their financial reports for the third quarter of 2025. Despite being at varying stages of development, all three companies reported outstanding financial performance, collectively signaling positive trends amidst the industry's transformative phase.

As a leading example of traditional automakers in transition, Geely Auto achieved a record-high quarterly revenue of RMB 89.2 billion in the third quarter, marking a 27% year-on-year increase. Its net profit soared to RMB 3.82 billion, a 59% year-on-year surge. The scale effect of sales volume laid the foundation for profitability, with cumulative sales reaching 2.1702 million units in the first three quarters, completing 82.6% of the annual target of 3 million units.

XPENG showcased the most robust growth momentum, with a third-quarter revenue of RMB 20.38 billion, a 101.8% year-on-year and 11.5% quarter-on-quarter increase. Its net loss significantly narrowed to RMB 380 million, an improvement of nearly 80% compared to RMB 1.81 billion in the same period last year. Total deliveries in the third quarter reached 116,000 units, a 149.3% year-on-year jump.

Leapmotor achieved steady profitability breakthroughs, with a third-quarter revenue of RMB 19.45 billion, a 97.3% year-on-year increase, and a net profit of RMB 150 million, marking two consecutive quarters of profitability. This signifies its transition from a 'survival mode' to a new phase of 'accelerated growth.' With sales of 173,900 units, Leapmotor secured the monthly sales championship among Chinese new energy vehicle startups for eight consecutive months. It has already surpassed its 2025 sales target of 500,000 units ahead of schedule and is now aiming for 1 million units in 2026.

Gross margin, a crucial indicator of profitability, reveals the distinct paths taken by the three automakers. XPENG's third-quarter gross margin reached 20.1%, but a closer look shows that its automotive business gross margin was 13.1%, with technology licensing and service revenue becoming the primary drivers of overall gross profit. This underscores the effectiveness of its 'technology monetization' strategy.

Leapmotor's third-quarter gross margin improved to 14.5%, mainly attributable to scale effects and cost control, showcasing its efficiency-driven approach.

Although Geely did not separately disclose its third-quarter gross margin, its overall gross margin for the first three quarters stood at 16.5%, demonstrating stable profitability through its comprehensive industry chain layout, a hallmark of traditional automakers in transition.

In terms of cash reserves, XPENG led with RMB 48.33 billion, followed by Geely with a net cash position of RMB 45.2 billion, and Leapmotor with cash and equivalents of RMB 33.92 billion.

'Next year, the automotive industry will enter a critical phase of consolidation. Without strong profitability, companies will find it extremely challenging to survive,' stated Gui Shengyue, CEO of Geely Auto Holding Group, at the earnings conference.

Faced with intensified competition in the domestic market, all three companies have unanimously prioritized overseas expansion as a key strategic move.

Gan Jiayue, CEO of Geely Auto Group, announced that 2026 will mark the 'first year' of the company's export expansion, with new energy vehicles (NEVs) expected to account for 45%-50% of Geely Auto's overseas sales by 2027.

XPENG accelerated its overseas expansion, with monthly overseas sales exceeding 5,000 units for the first time in September. Localized production has commenced at the Magna Steyr plant in Graz, Austria, and the company plans to introduce three new models for overseas markets by 2026.

Leapmotor capitalized on resources from the Stellantis Group to expand its overseas distribution network to over 700 channels, covering 35 countries and regions. From January to October this year, cumulative exports exceeded 44,000 units. Li Tengfei, Vice President of Leapmotor, anticipates overseas sales to reach 100,000-150,000 units next year.