Geely Automobile posts 19% YoY rise in Q3 core net profit

Shanghai (Gasgoo)- On November 17, Geely Automobile Holdings Limited ("Geely Automobile") reported another quarter of solid momentum, with third-quarter results showing broad-based gains across sales, revenue, and profit.

Photo source: Geely Auto Group

Geely Automobile delivered 761,000 vehicles in the third quarter (from July to September), a sharp 43% jump from a year ago (534,000 vehicles). That surge pushed the company's nine-month sales to more than 2.17 million units, soar 46% year-on-year (YoY).

Turnover of Geely Automobile expanded at a similarly brisk pace. Its third-quarter revenue reached 89.19 billion yuan, up 27% YoY, taking the total for the first three quarters to 239.477 billion yuan — an increase of 26% versus the same period last year.

Although statutory profit for the first nine months dipped slightly, Geely Automobile noted that underlying earnings told a different story. After excluding foreign-exchange swings, impairment of assets, and other non-operating items, adjusted net profit rose 59% YoY. The company highlighted that its third-quarter core net profit alone grew 19% YoY to 3.96 billion yuan.

Geely Automobile said its gross margin for the nine-month period stood at 16.5%. Strengthening profitability has helped the automaker build up a healthy liquidity buffer, with net cash reaching 45.2 billion yuan at the end of September.

Both traditional combustion models and new energy vehicles (NEVs) contributed to Geely Automobile's growth. Premium electric vehicle (EV) marque Zeekr delivered roughly 140,000 vehicles in the first three quarters, while the Geely brand remained the core volume driver with 1.785 million units. Sales of the Galaxy lineup tripled to 875,000 units, underscoring strong momentum in the mid-to-high-end NEV segment.

As of September 30, total assets edged up 1% from the end of last year to 274.436 billion yuan, while shareholders' equity rose 8% to 93.516 billion yuan. The group posted net current liabilities of about 7.874 billion yuan, but management said available funding channels and liquidity reserves are sufficient to support ongoing operations.

The automaker has also advanced two strategic acquisitions aimed at tightening internal coordination and strengthening its control over retail channels. The merger of Zeekr and Lynk & Co. gives Geely Holding Group greater oversight of its premium portfolio. Separately, Geely Holding Group acquired majority stakes in six dealerships as it moves to build a more self-operated sales network.

By the end of October, Geely had already sold 2.477 million vehicles this year — about 83% of its full-year target of 3 million. A slate of new and refreshed models, including the forthcoming Galaxy Xingyao 6, is expected to bolster fourth-quarter sales and support the company's push toward meeting its annual goal.