Geely Automobile Holdings H1 2021 Revenue Increase 22% YoY

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  • Geely Auto H1 2021 revenue reach RMB 45 billion, an increase of 22% YoY.
  • Profits excluding share-based payments reached RMB 3.02 billion, an increase of 31% YoY.
  • Total sales volume in H1 reached 630,237 units, an increase of approximately 19% YoY.
  • Exports continue to grow reaching 53,422 units, an increase of 173% YoY.

2021 August 18th, Hong Kong and Hangzhou. Geely Automobile Holdings (0175.HK) (Geely Automobile/The Group) announced its 2021 first half financial results with revenue reaching RMB 45 billion, an increase of 22% compared to the same period last year. Profits excluding share-based payments reached RMB 3.02 billion, an increase of 31% compared to the same period last year. Net profits for the first half reached RMB 2.41 billion and profit attributable to stockholders reaching RMB 2.38 billion.
From January to June 2021, the Group total sales volume reached 630,237 units, an increase of approximately 19% YoY. Driven by greater sales of higher value products, the Group continued improving its brand premium with an average selling price of RMB 84,148 per vehicle in the first half of 2021, an increase of 10% YoY.
The company’s profit structure has also become more diversified. In the first half of 2021, joint ventures and partnerships contributed RMB 706 million in profit, accounting for 29% of net profits. The Group’s investment in technological R&D has also become a new avenue for profits. In the first half of 2021, technology licensing fees contributed RMB 637 million in profits, accounting for 26% of the company’s net profit.
The financial condition of Geely Automobile continues to be stable with ample cash flow available. The Group’s total cash flow in the first half of 2021 reached RMB 19.91 billion. Since 2019, debt-to-equity ratio of the company has remained below 50%, as of June 2021, debt-to-equity ratio of the company reached as low as 39.7%.
New energy vehicles continue to be a strong growth segment for the company. Sales of electrified vehicles from the Group increased 189% YoY in the first half of 2021. In the second half of 2021, the Group plans to introduce its GHS2.0 intelligent hybrid powertrain system, with an industry-leading thermal efficiency of 43.32% and fuel saving of 40%. The GHS2.0 hybrid powertrains will be installed on flagship Geely Auto brand models and within three years will be offered on 10 new models from the Group
Overseas, the Group continues to accelerate its expansion with exports in the first half of 2021 reaching 53,422 units, an increase of 173% YoY.
The Group’s annual target of 1.53 million units for 2021 remains unchanged. The company has also announced that by 2025, it aims to achieve annual sales of 3.65 million units across the Geely Auto, Lynk & Co, Zeekr, and Geometry brands with electrified vehicles accounting for over 1 million of that total. In the next five years, Geely Auto Group will focus heavily on the promotion of its new GHS2.0 intelligent hybrid power train systems, plug-in hybrid vehicles, range-extended electric vehicles, and high-value mainstream pure electric models.

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