It has been quite some time since we've witnessed such a dynamic Geely: business is thriving, and the financial report speaks volumes.

On March 20, Geely Automobile Holdings Limited (hereinafter referred to as "Geely Auto") (0175.HK) unveiled its 2024 financial report. For the first time, Geely Auto's revenue surpassed 240 billion yuan, with a net profit attributable to shareholders reaching 16.6 billion yuan, marking a year-on-year increase of 213%. This equates to achieving a "small goal" every two days in 2024. Industry insiders believe that "Geely is potentially underestimated by the capital market."

In 2024, both Geely Auto and Geely New Energy witnessed soaring sales. More notably, Geely New Energy achieved profitability for the first time. As the "Intelligent Geely 2025" strategy nears completion, Geely has emerged as the industry pioneer in implementing AI in auto manufacturing, which is now fully operational.

Gui Shengyue, CEO and Executive Director of Geely Automobile Holdings Limited, stated that Geely has decisively turned the corner and will achieve a new leap in 2025. "Every future press conference will mark new highs in sales and profits."

1

New Energy Boom with Profitability Achieved

On March 20, Geely Holding Group released its 2024 financial report: Geely Auto's total revenue in 2024 hit a record high of 240.2 billion yuan; net profit attributable to shareholders amounted to 16.6 billion yuan, a year-on-year increase of 213%; and net profit after deducting non-recurring gains and losses stood at 8.5 billion yuan, up 52% year-on-year.

In 2024, Geely Auto sold a total of 2.177 million vehicles, setting a new record with a year-on-year increase of 32%, surpassing the annual sales target of 2 million vehicles and outperforming the overall market. Notably, new energy performance was outstanding, with cumulative sales exceeding 888,000 vehicles, a year-on-year increase of approximately 92%, showcasing explosive growth. The domestic market penetration rate of new energy vehicles exceeded 50% for five consecutive months, and by the fourth quarter of 2024, this figure surpassed 60%, accounting for half of total sales.

Geely Galaxy sales grew robustly in 2024, with cumulative sales exceeding 490,000 vehicles, a year-on-year increase of 80%, significantly outpacing the industry average growth rate of 34.5%. In March 2025, Geely Galaxy officially transitioned from a product series to an independent brand, further amplifying its brand potential.

From the launch of Geely Galaxy on February 23, 2023, to just two years later, such a scale of development has been achieved, demonstrating the accuracy of Geely's strategy to transition to new energy.

More remarkable than the sales figures is the significant improvement in profitability. In 2024, Geely's gross profit rose to 38.2 billion yuan, with a gross margin of 15.9%; net cash reached 39.8 billion yuan, an increase of 40%, showcasing abundant and stable cash flow.

Particularly noteworthy is that starting from the second half of 2024, Geely's new energy segment began to transition from losses to profitability. This is critically important for current automakers. As Gui Shengyue put it, "Geely no longer needs to burn money in new energy development, and from now on, new energy will substantially contribute to the company's profits."

Currently, there are only five new energy automakers globally that have achieved profitability. Profitability signifies automakers' self-sustaining capabilities, which form an essential foundation for the company's sustainable development. With self-sustaining capabilities, Geely New Energy will allocate more resources to technological innovation and R&D, thereby launching more new products equipped with cutting-edge technologies to form a positive feedback loop.

2

Balanced Oil and Electricity Development for Stable and Long-term Growth

Unlike some automakers that have fully transitioned to electrification, Geely Auto has consistently adhered to a balanced development strategy, paralleling fuel vehicle and new energy vehicle growth while accelerating its transition to new energy.

Although the demand for fuel vehicles has declined in the Chinese market, Geely has achieved stable sales growth and maintained a top market share in China through strategies such as optimizing its product line, continuously creating hit products, and integrating intelligent and energy-saving technologies into fuel vehicles.

Gan Jiayue, CEO of Geely Auto Group and Executive Director of Geely Automobile Holdings Limited, believes that fuel vehicles embody the automotive industry's technological accumulation over the past century, and overseas fuel vehicle sales still account for a significant proportion. Geely will continue to invest and create popular products.

Industry insiders analyze that in the next two to three years, as new energy vehicle support policies gradually phase out, the balance between oil and electricity will return. Without fuel vehicles, automakers may find themselves at a disadvantage, and capital market valuations may no longer adhere to the current standards.

With the deepening of new energy industrialization, automakers are also exploring diverse power forms, including fuel vehicles, electric vehicles, plug-in hybrids, extended-range vehicles, and more. In early 2025, Geely Auto revealed its plans to launch hybrid powertrains equipped with methanol gasoline. Additionally, the industry is exploring hydrogen energy powertrains.

Li Shufu, Chairman of Geely Holding Group, once stated, "We must proactively stand on the side of truth, rather than asking truth to stand on our side." Decades in vehicle manufacturing have increasingly convinced him that energy diversification, free technology exploration, and flexible commercial combinations are the path to sustainable human development.

3

Comprehensive Intelligent Layout Entering the Harvest Phase

On March 3, 2025, Geely Group achieved a unified intelligent driving strategy and officially launched the unified intelligent driving solution "Qianli Haohan," comprehensively accelerating the implementation of Geely's AI+Intelligent Driving strategy.

In the future, all new Geely Galaxy products will be equipped with Qianli Haohan, truly realizing equal rights in intelligent driving and safety. The Zeekr model equipped with Qianli Haohan L3-level intelligent driving will be unveiled during the Shanghai Auto Show in April and will be capable of delivering mass-produced vehicles by the end of the year, leading the industry in computing power, architecture, performance, and safety redundancy.

As the first automaker to access the DeepSeek large model and the first to deploy an integrated space-ground system, Geely boasts the largest big data and computing power in China, with 7.5 million vehicles equipped with L2-level intelligent assisted driving, ranking first among Chinese automakers. The cumulative actual driving data exceeds 10 billion kilometers; the computing power reaches 23.5 EFLOPS, or "10 to the 18th power," firmly establishing Geely as the top Chinese automaker.

As early as 2021, Geely announced the "Intelligent Geely 2025" strategy, creating a "One Network and Three Systems" framework, and proactively proposed to achieve comprehensive leadership in the field of electric vehicle intelligence, building an "Intelligent Technology Ecosystem" and a solid technical foundation. By 2024, Geely's intelligent achievements had gradually transitioned from the investment phase to the harvest phase, making it the only automaker globally to complete a comprehensive AI intelligent layout.

Currently, Geely has applied AI across the entire domain of smart cars, including architecture, powertrains, chassis, and cabins. Simultaneously, AI has been deeply integrated into the entire product development, production, and after-sales service chain, realizing intelligent experiences across all scenarios. The "Comprehensive AI" capability has positioned Geely as the first automaker in AI-driven vehicle manufacturing and an intelligent technology company with robust manufacturing capabilities.

4

Continuous Expansion of Overseas Footprint

In 2024, Geely Group's overseas export sales totaled 414,522 vehicles, a year-on-year increase of over 57%, exceeding the annual export target of 380,000 vehicles. Among them, the Geely brand led exports, achieving sales of 381,548 vehicles, a year-on-year increase of 53%.

The Geely brand has deepened its presence in various regions such as the Middle East, Asia-Pacific, Africa, Latin America, and Europe. It has launched 16 high-end mainstay models in key markets like Saudi Arabia, the United Arab Emirates, Kazakhstan, and Panama, and established 891 sales and service outlets in 81 countries, further expanding its brand influence.

In 2025, Geely will continue to expand its overseas channel footprint, adding more than 300 overseas sales and service outlets. It is expected that by the end of 2025, the number of global channel outlets will exceed 1,100, further enhancing Geely's channel coverage and after-sales service capabilities worldwide.

In 2024, Lynk & Co entered 39 international mainstream markets globally, with cumulative overseas shipments exceeding 80,000 vehicles. For three consecutive years, it ranked first among Chinese brands with a single vehicle price of over 40,000 euros in the European market.

Zeekr has entered more than 40 countries and regions globally. Since its launch in Hong Kong, the right-hand drive version of the Zeekr 009 has quickly become a top-selling domestic product and has been the sales champion in the MPV segment for multiple consecutive months.

In 2025, Lynk & Co and Zeekr plan to open more than 200 stores overseas. The Lynk & Co 08 EM-P and Zeekr's first "800V Global Car," the Zeekr 7X, will officially enter the overseas market, creating globally popular new energy hits.

It is revealed that Geely New Energy will launch at least ten new models in 2025, with Geely Galaxy aiming for annual sales of one million vehicles. The strong synergy between Zeekr and Lynk & Co will create a high-end luxury new energy automotive group within the next two years.

The product structure is evolving towards higher and broader standards, and domestic and overseas narratives are becoming more stable and robust. "From now on, every future performance report will mark new highs in sales and profits!"

It can be said that the gold standard of Geely's 2024 financial report continues to shine, and the 2025 financial report will undoubtedly be even more impressive.