Geely Auto Surpasses the 3 Million Vehicle Milestone

[Company Financial Report] Geely achieved sales of over 3.02 million vehicles in 2025, generating revenue of RMB 345.2 billion and core net profit attributable to shareholders of RMB 14.4 billion.

Core Trend: Profit Growth Outpaces Revenue Growth

Core profit grew by 36%, surpassing the 25% revenue increase. Despite ongoing price wars, the company maintained a net profit margin of 4.2%, with core net profit per vehicle reaching RMB 4,800 in the second half of the year.

Strategic Foundation: High R&D Investment Temporarily Suppresses Gross Margin

Annual R&D expenditure totaled RMB 21.8 billion, including RMB 5.9 billion in Q4 alone. The increased proportion of expenses recognized immediately (expensed rather than capitalized) temporarily reduced gross margin but improved balance sheet quality.

Industry Impact: Substituting Price Cuts with Technology Investment

New energy vehicle penetration exceeded 55% for the first time. Geely expanded its scale without sacrificing profitability, signaling a strategic shift from volume-driven expansion to high-quality growth.