<p>Geely Auto's revenue and profit both saw significant growth in 2024, exceeding the annual sales target of 2 million vehicles, with new energy vehicles further increasing their share of total sales.</p>
<p>On March 20, Geely Auto released its 2024 financial report, which showed:</p>
<blockquote>
<ul>
<li><strong>Performance:</strong> Revenue reached 240.2 billion yuan, a year-on-year increase of 34%; net profit attributable to shareholders was 16.6 billion yuan, a year-on-year increase of 213%; gross margin improved to 15.9%, an increase of 0.6 percentage points year-on-year.</li>
<li><strong>Sales Breakthrough:</strong> Total annual sales reached 2.177 million vehicles, a year-on-year increase of 32%, with new energy vehicle sales of 888,000 units, a year-on-year increase of 92%, accounting for 41% of total sales.</li>
<li><strong>Technological Innovation:</strong> Increased R&amp;D investment to 10.4 billion yuan, a year-on-year increase of 33%; actively laid out full-domain artificial intelligence, independently developed AI large models.</li>
<li><strong>Future Outlook:</strong> The sales target for 2025 is 2.71 million vehicles, continuing to promote the transformation to intelligent new energy and respond to global trade challenges, optimizing product structure.</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/db2ce6c0-642a-42d7-9440-10f97ac41718.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/db2ce6c0-642a-42d7-9440-10f97ac41718.png"/></p>
</blockquote>
<h2>Significant Growth in Financial Performance, Abundant Results from New Energy Transformation</h2>
<p>Geely Auto achieved a dual breakthrough in revenue and profit in 2024. Annual revenue reached 240.2 billion yuan, breaking the 200 billion yuan mark for the first time, with a year-on-year increase of 34%. Despite fierce competition and slowing growth in the Chinese automotive market, Geely still achieved significant growth.</p>
<p>Net profit increased dramatically by 240% year-on-year to 16.8 billion yuan, with net profit attributable to shareholders, excluding one-time items, at 8.52 billion yuan, a year-on-year increase of 52%. Notably, this performance was achieved in an environment of accelerated new energy transformation and intensified competition, reflecting the effectiveness of the company's strategy.</p>
<p>The company's gross margin improved by 0.6 percentage points year-on-year to 15.9%, mainly due to economies of scale, product structure optimization, and cost control brought about by technological improvements. The board of directors proposed a final dividend of 0.33 Hong Kong dollars per share, a 50% increase from last year, demonstrating the company's commitment to shareholder returns.</p>
<h2>Significant Changes in Sales Structure, New Energy Vehicles Become the Main Force</h2>
<p>In 2024, Geely Auto's total sales reached 2.177 million vehicles (including Lynk &amp; Co brand sales), a year-on-year increase of 32%, exceeding the 2 million target set at the beginning of the year. Among them, new energy vehicle sales reached 888,000 units, a substantial year-on-year increase of 92%, accounting for 41% of total sales, further consolidating Geely's leading position in China's new energy vehicle market.</p>
<p>At the brand level, Geely Galaxy's annual sales reached 494,000 units, a year-on-year increase of 80%; the luxury new energy brand ZEEKR delivered 222,000 units for the year, a year-on-year increase of 87%; Lynk &amp; Co brand sales were 285,000 units, a year-on-year increase of 30%, with new energy sales accounting for 59%.</p>
<p>In overseas markets, Geely Auto's export performance was outstanding, with export wholesale volume reaching 415,000 units, a year-on-year increase of 57%, setting a new historical high and further expanding Geely's global market influence</p>
<h2>Strategic Adjustment Optimizes Resource Allocation, Brand Matrix Becomes Clearer</h2>
<p>In 2024, Geely Auto made a series of strategic adjustments to optimize resource allocation. From the integration of the Geometry brand into the Galaxy brand to the strategic integration of ZEEKR and Lynk &amp; Co, the company is achieving more efficient resource synergy and avoiding internal competition.</p>
<p>The Galaxy brand focuses on new energy vehicles based on the GEA architecture, launching popular products such as the Galaxy E5, Star Wish, and Starship 7; the ZEEKR brand continues to position itself in the high-end pure electric market, with models like ZEEKR 001, ZEEKR 7X, and ZEEKR 009 leading the luxury pure electric market; the Lynk &amp; Co brand is fully transitioning to new energy, with new energy products accounting for 59% of its sales.</p>
<p>In May 2024, ZEEKR successfully completed its IPO, raising approximately $480 million to support its future development. The company also increased its stake in ZEEKR by approximately 11.3% for $806 million, further consolidating its control over core business.</p>
<h2>Technological Innovation Drives the Future, AI Layout Accelerates</h2>
<p>In 2024, Geely Auto continued to increase its investment in R&amp;D, with annual R&amp;D expenses reaching 10.4 billion yuan, a year-on-year increase of 33%. The company launched 9 new new energy vehicle products and plans to release multiple new models in 2025 to further expand its new energy product matrix.</p>
<p>In terms of technological layout, the company has completed a comprehensive AI layout, including the Starry Smart Computing Center with a computing power of 23.5 EFLOPS and the automotive industry's first fully self-developed large model &#34;Geely Starry AI Model,&#34; which is the only automotive large model to receive a 4+ level certification from the China Academy of Information and Communications Technology. At the same time, the company has accumulated data from over 7.5 million vehicles with L2-level or higher intelligent driving capabilities, with actual driving data totaling over 10 billion kilometers.</p>
<h2>Financial Status is Stable, Cash Flow is Abundant</h2>
<p>As of December 31, 2024, Geely Auto's financial status remains stable. The net cash generated from operating activities reached 26.51 billion yuan, and total cash levels (bank balances and cash, as well as restricted bank deposits) increased by 15% to 43.75 billion yuan. The company's total borrowings decreased by 35% to 3.94 billion yuan, and net cash increased by 40% to 39.8 billion yuan.</p>
<p>The company's current ratio is 0.99, down from 1.17 at the end of 2023, but still maintains a relatively reasonable level. The capital debt ratio decreased from 7.6% to 4.5%, reflecting the company's strategy to reduce leverage.</p>
<p>In 2024, the company's capital expenditure was 13.31 billion yuan, mainly used for new energy and intelligent transformation as well as R&amp;D investment. The company expects capital expenditure in 2025 to be approximately 15 billion yuan, primarily for the R&amp;D of new models and intelligent technologies, as well as upgrades to existing factory production facilities.</p>
<h2>Future Outlook and Risks</h2>
<p>In the face of global macroeconomic uncertainty and intensified industry competition, Geely Auto will promote sustainable development around the five strategies proposed in the &#34;Taizhou Declaration.&#34; The company has set a sales target of 2.71 million units for 2025, an increase of approximately 25% compared to 2024.</p>
<p>In terms of technology, the company will continue to enhance existing technologies such as vehicle architecture, electronic and electrical architecture, super electric hybrid, and batteries, while achieving full-stack self-development of core intelligent vehicle technologies through comprehensive AI layout
In terms of globalization, the company will continue to expand its overseas markets and adopt targeted strategies based on regional markets, while actively seeking cooperation with international partners to address global trade barriers and tariff risks.</p>
<p>However, the company also faces some risks, such as foreign exchange fluctuation risks. In 2024, the company encountered significant foreign exchange losses, mainly due to currency fluctuations in emerging markets and extended payment terms for export business. The company has implemented comprehensive risk management strategies, including entering into foreign currency forward contracts and increasing the proportion of local currency costs in overseas factories, to mitigate risks</p>

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<p>Geely Auto's revenue in 2024 reached 240.2 billion yuan, a year-on-year increase of 34%; net profit attributable to the parent company was 16.6 billion yuan, a year-on-year increase of 213%; gross profit margin increased to 15.9%, an increase of 0.6 percentage points year-on-year, and it exceeded the annual sales target of 2 million vehicles, with new energy vehicles further increasing their share of total sales</p>

- Geely Auto reported significant growth in revenue and profit for 2024, achieving a revenue of 240.2 billion yuan, a 34% increase year-on-year, and a net profit of 16.6 billion yuan, up 213%.  
- Total sales reached 2.177 million vehicles, exceeding the target of 2 million, with new energy vehicles accounting for 41% of total sales, reflecting a 92% increase.  
- The company plans to target sales of 2.71 million vehicles in 2025, focusing on smart transformation and addressing global trade challenges.

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Geely Auto's revenue in 2024 exceeds 240 billion, with a net profit growth of 213% year-on-year, and total sales of 2.177 million vehicles | Financial Report Insights