Geely’s 2025 results suggest its new energy vehicle (NEV) push is starting to support a clearer earnings case, though not in the way the headline growth figures suggest. Revenue rose 25% year-on-year to RMB 345.2 billion (USD 50 billion), while profit attributable to owners of the parent reached RMB 16.85 billion (USD 2.4 billion), up just 0.2%.
Geely’s preferred core profit measure rose much faster, climbing 36% to RMB 14.41 billion (USD 2.1 billion) after excluding foreign exchange gains and other non-recurring items.
That distinction matters because Geely is no longer just a volume story. Total sales rose 39% to 3.02 million vehicles in 2025, and NEV sales jumped 90% to 1.69 million, accounting for 56% of the group total. But statutory earnings were nearly flat, meaning investors still need to separate genuine operating improvement from accounting effects and one-off items.
The strongest part of the operating picture was product mix. Geely Galaxy, its mass market NEV brand, delivered 1.24 million units for the year, up 150%, while Lynk & Co increased deliveries 23% to 350,495 and Zeekr delivered 224,133 units. That left Geely with a business scaling at the mainstream end while adding premium models that can do more of the margin work.
The clearest evidence appeared in profitability. Geely said full-year gross margin edged up to 16.6% from 16.5% in 2024 despite what it described as fierce price competition. On the earnings call, management said fourth-quarter gross margin reached 16.9%, helped by a richer Zeekr mix and stronger sales of higher-end models, including the Zeekr 9X. That points to a more durable earnings mechanism than simple unit growth. Galaxy is providing scale, while Zeekr is beginning to improve the mix.
The next test, however, is outside the domestic market. Geely has set a 2026 sales target of 3.45 million vehicles, implying roughly 14% growth, and it is reportedly targeting 640,000 overseas sales this year, 50% more than in 2025. That is ambitious because export volume in 2025 rose just 1% to 420,097 units, well behind the pace of its domestic expansion.
The same caution applies to Geely’s internal reorganization. Management is leaning heavily on the “One Geely” strategy, including the integration of Lynk & Co and Zeekr, to reduce procurement, manufacturing, channel, and administrative costs. But management also said on the call that the effects of the integration have yet to fully materialize and that more time is needed to show the results. That undercuts any claim that the synergies should already be visible in the numbers.
That leaves Geely with a stronger 2025 foundation than many rivals can claim: record revenue, much faster core earnings growth, and a product mix that is now large enough to matter. But with reported net income barely higher and 2026 relying more heavily on exports and post-integration efficiency, it still needs to show that scale, premiumization, and restructuring can lift reported profit at the same time.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.