- Geely Q1 core net profit rose 31% to RMB 4.561 billion after stripping out currency and one-offs.
- Exports surged 126% to 203,000 units as overseas sales become a clear second growth engine.
- NEVs exceeded 52% of sales with 369,000 units, while Zeekr and Lynk & Co sharpen premium and mid-range positioning.
On April 29, Geely Auto released its financial results for the first quarter of 2026. The company reported total revenue of RMB 83.8 billion ($12.26 billion), up 15% year-on-year.
Affected by foreign exchange fluctuations, profit attributable to equity holders of the parent company declined 27% year-on-year to RMB 4.166 billion ($610 million).
Excluding one-off factors such as currency impacts, core net profit attributable to shareholders reached RMB 4.561 billion ($667 million), up 31% year-on-year.
The faster growth in core earnings relative to revenue underscores continued improvements in operating efficiency and profitability.
Gross margin for the period stood at 17.5%, up 1.1 percentage points year-on-year.
Administrative expense ratio and R&D spending ratio both declined, falling 18% and 17% respectively, reflecting ongoing optimization of the cost structure. Combined with scale effects, this supported stronger earnings performance.
As of the end of the first quarter, the company’s cash position stood at RMB 60.2 billion ($8.80 billion).
Total assets amounted to RMB 276.789 billion ($40.47 billion), down 5% from the end of 2025, while equity attributable to shareholders of the parent company rose 3% to RMB 95.287 billion ($13.94 billion).
Geely’s total vehicle sales reached 709,000 units in the first quarter, lifting its market share to 11.95% and making it the top-selling Chinese domestic brand.
New energy vehicle sales—including Geely, Lynk & Co and Zeekr—totaled 369,000 units, up 9% year-on-year, with NEVs accounting for more than 52% of total sales.
By brand, Geely is forming a clearer tiered structure. Zeekr is targeting the premium segment, and Lynk & Co remains positioned in the upper mid-range.
Galaxy focuses on the mass-market NEV segment, while the “China Star” lineup continues to anchor the internal combustion engine business.
Overseas operations are emerging as a second growth engine. First-quarter exports reached 203,000 units, up 126% year-on-year.
To date, Geely has expanded into more than 100 countries and regions, with over 1,900 sales and service outlets.
The company has raised its internal export target to 750,000 units, up 17% from the previous goal of 640,000 units.
On the technology front, Geely’s investments in intelligent driving are entering the commercialization phase. Its driver-assistance system “Qianli Haohan” has surpassed 600,000 users.
At the Beijing Auto Show, Geely unveiled China’s first purpose-built Robotaxi prototype, the Eva Cab, with plans to achieve L4 deployment by 2027.
Capital markets have responded positively to the results. Major domestic and international investment banks, including JPMorgan, Morgan Stanley, Citi and BOCOM International, have recently issued “overweight” or “buy” ratings on the company.
Discover more from ChinaEVHome
Subscribe to get the latest posts sent to your email.
