Geely Automobile reported record H1 2026 revenue of RMB 173.6 billion, with exports skyrocketing 158% YoY to 474,000 units—already surpassing its full-year 2025 export volume. NEV share rose to 56.2%, while average revenue per vehicle increased by RMB 15,000.
Data Highlights: Revenue and Profit at Record Highs
On August 17, 2026, Geely Automobile Holdings Limited released its interim results. The company achieved RMB 173.6 billion in revenue for the first half, up 15% year on year and a new record for the same period.
On a Non-HKFRS basis, core net profit attributable to shareholders reached RMB 9.68 billion, surging 46% YoY. Core net profit per vehicle jumped 45% to RMB 6,806, reflecting improving profitability driven by product mix upgrades. While reported net profit edged down 1.8% to RMB 9.09 billion due to FX movements and asset impairments, underlying operations remain fundamentally healthy.
Key Financial Metrics Overview:
| Metric | H1 2026 | YoY Change | Notes |
|---|---|---|---|
| Total Revenue | RMB 173.6B | +15% | All-time high for H1 |
| Core Net Profit (Non-HKFRS) | RMB 9.68B | +46% | Excl. FX and impairments |
| Gross Margin | 17.9% | +1.6pp | Premium mix taking effect |
| Core Net Profit per Vehicle | RMB 6,806 | +45% | Profit quality improving |
| Average Revenue per Vehicle | RMB 112,000 | +RMB 15,000 | Higher-end models gaining share |
Export Explosion: Half-Year Exceeds Full-Year 2025
Exports became the standout growth engine. Geely shipped approximately 474,000 vehicles overseas in H1, up 158% YoY—a figure that already exceeds the company's total 2025 annual export volume.
Notably, June alone saw exports exceed 100,000 units for the first time, signaling rapidly accelerating international demand. By mid-year, Geely covered 114 core overseas markets, entered 17 emerging markets, and expanded its offline network to over 2,000 outlets.
Based on this momentum, Geely raised its 2026 full-year overseas sales target from 640,000 to 920,000 units, with a stretch goal of reaching 1 million annual exports.
Key export growth drivers include:
- ZEEKR's rapid penetration in mature European markets
- Geely brand channel expansion across Southeast Asia, the Middle East, and Central Asia
- Breakthrough of high-value models like the ZEEKR 9X in the premium segment
Product Mix Upgrade: NEV and Premiumization in Tandem
Total H1 sales reached 1.423 million units, up roughly 1% YoY. While volume growth was modest, the internal structure shifted significantly:
- NEV sales hit 799,000 units, up 10% YoY, accounting for 56.2% of total volume for the first time
- ZEEKR brand delivered 178,000 units, up 97% YoY, the strongest growth contributor
- The ZEEKR 9X luxury SUV sold over 46,000 units, becoming China's best-selling vehicle above RMB 500,000 across all categories
The ZEEKR 9X's success carries strategic importance—when overall volume growth is constrained, high-value vehicles can sustain margins amid intense price competition.
Cash Flow and Intelligentization Outlook
Net cash from operating activities reached RMB 19.9 billion, providing ample financial headroom for R&D, overseas expansion, and electrification and intelligent-vehicle technology investments.
For H2, Geely plans to defend its domestic position while accelerating overseas development. Product upgrades will increasingly center on the company's "full-domain AI" strategy, applying artificial intelligence across assisted driving, smart cockpits, vehicle control, and product development.
For overseas dealers and buyers tracking China's automotive export evolution, Geely's case demonstrates that scaled exports are shifting from pure volume growth to simultaneous quality and value improvement. For more data and market analysis on Chinese automotive exports, follow EX1000.COM.
