Geely Automobile Holdings Limited (Geely Auto) released its unaudited results for the six months ended 30 June 2026, highlighting resilient top-line growth and an improved earnings mix despite muted domestic demand.

Revenue and Profitability • Revenue rose 15.00% year on year (YoY) to RMB173.60 billion, driven by a richer product mix and a surge in export volumes. • Gross profit increased 25.7% to RMB31.15 billion; gross margin expanded to 17.9%, up 1.6 percentage points YoY. • Profit attributable to shareholders slipped 1.8% to RMB9.09 billion, mainly reflecting a RMB0.67 billion net foreign-exchange loss versus a RMB3.63 billion gain a year earlier. • Excluding after-tax FX movements and impairment on non-financial assets, core profit rose 46% to RMB9.68 billion. • Basic earnings per share stood at RMB0.8413; diluted EPS at RMB0.8210. The board declared no interim dividend.

Operational Highlights • Vehicle sales edged up 1% to 1.42 million units. • New-energy vehicle (NEV) deliveries climbed 10% to 0.80 million units, accounting for 56.2% of total sales. • Exports more than doubled, surging 158% to 0.47 million units; NEVs made up 58.5% of export volume. • ZEEKR brand sales almost doubled to 0.18 million units, with the ZEEKR 9X leading China’s >RMB500,000 segment. • Geely brand registrations totalled 1.10 million units (-5.5% YoY); Lynk&Co delivered 0.14 million units (-6.4% YoY). • Average selling price per vehicle increased RMB15,000 to approximately RMB112,000, reflecting higher contributions from premium and export models.

Cost & Expenses • Cost of sales rose 12.5% to RMB142.45 billion. • Distribution and selling expenses grew 16.3% to RMB9.83 billion, mainly for global channel expansion; administrative expenses were largely stable at RMB2.93 billion. • R&D spend recognised in profit or loss increased 26% to RMB9.20 billion, with additional RMB5.24 billion capitalised for product development.

Cash Flow and Balance Sheet • Operating cash inflow reached RMB19.92 billion (H1 2025: RMB15.09 billion). • Capital expenditure (PPE, intangibles, land leases) totalled about RMB7.90 billion. • Net cash, restricted deposits and structured deposits stood at RMB69.56 billion, up 2% from end-2025. • Total borrowings fell 52% to RMB8.74 billion; net cash position improved to RMB60.82 billion. • Gearing ratio declined to 9.2% (31 December 2025: 19.8%).

Strategic Moves • Acquired pickup-focused Radar Shandong, Radar Sales and Radar Thailand for RMB0.22 billion. • Issued RMB2.00 billion of medium-term notes in May; another RMB1.50 billion tranche was completed on 12 August 2026. • Repurchased 108.21 million shares for HK$1.89 billion; 67.43 million shares were cancelled, with 63.21 million held as treasury shares at period-end. • Post-period, agreed to acquire a 34% stake in Ford España for EUR0.22 billion, forming a contract-manufacturing joint venture in Spain.

Outlook Management reiterated its 2026 full-year sales target of 3.45 million units and will continue to pursue energy diversification, full-stack AI deployment, and overseas localisation to sustain growth. No interim dividend was declared.