Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 吉利汽車控股有限公司 GEELY AUTOMOBILE HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock codes: 175 (HKD counter) and 80175 (RMB counter) ANNOUNCEMENT OF THIRD QUARTERLY RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 The board of directors (the “Board”) of Geely Automobile Holdings Limited (the “Company”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the “Group”) for the nine months ended 30 September 2025, together with the relevant unaudited comparative figures for the corresponding period in 2024 (restated). The announcement of these quarterly results has been approved by all members of the Board and reviewed by the Company’s Audit Committee, which comprises solely the independent non-executive directors, one of whom chairs the committee. I. MAJOR FINANCIAL DATA AND INDICATORS Unit: Renminbi (“RMB”) Million Financial highlights Three months ended 30 September Year- on-year (“YoY”) change (%) Nine months ended 30 September YoY change (%) 2025 (Unaudited) 2024 (Unaudited and restated) 2025 (Unaudited) 2024 (Unaudited and restated) Sales volume (ten thousand units) 76.10 53.40 43 217.02 148.97 46 Revenue 89,192 70,486 27 239,477 189,534 26 Profit attributable to owners of the parent 3,820 2,398 59 13,110 13,213 (1) Financial highlights As at 30 September 2025 (Unaudited) As at 31 December 2024 (Restated) Change (%) Total assets 274,436 271,074 1 Equity attributable to owners of the parent 93,516 86,538 8
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- 2 - II. PERFORMANCE OF QUARTERLY RESULTS In the third quarter of 2025, the Group continued to maintain strong growth momentum, with fuel vehicle and new energy vehicle sales achieving simultaneous growth, driving a rapid 43% increase in total sales volume. Revenue in the third quarter of 2025 increased by 27% YoY. Through economies of scale, cost control, and synergistic brand integration, the Group achieved a profit attributable to owners of the parent of RMB3.8 billion (third quarter of 2024 (restated): RMB2.4 billion) in the third quarter of 2025, representing a YoY increase of 59%. Excluding the after-tax net foreign exchange gain attributable to owners of the parent, the impairment loss on non-financial assets, the gain on deemed disposal of subsidiaries, and the impairment loss on assets classified as held for sale, the profit attributable to owners of the parent for the nine months ended 30 September 2025 was RMB10.62 billion (nine months ended 30 September 2024 (restated): RMB6.68 billion), representing a YoY increase of 59%.
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- 3 - III. THIRD QUARTERLY RESULTS (1) UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT For the nine months ended 30 September 2025 Unit: RMB Million Nine months ended 30 September 2025 2024 (Unaudited) (Unaudited and restated) Revenue 239,477 189,534 Cost of sales (199,965) (158,748) Gross profit 39,512 30,786 Other gains/(losses), net 5,709 870 Distribution and selling expenses (13,743) (11,276) Administrative expenses (4,251) (4,581) Research and development expenses (11,717) (9,275) Impairment loss on trade and other receivables (43) (37) Impairment loss on non-financial assets, net (22) (857) Share-based payments (1,000) (1,488) Finance income, net 1 218 Share of results of associates 609 546 Share of results of joint ventures 862 743 Gain on deemed disposal of subsidiaries and impairment loss on assets classified as held for sale – 7,726 Profit before taxation 15,917 13,375 Taxation (2,765) (800) Profit for the period 13,152 12,575 Attributable to: Owners of the parent 13,110 13,213 Non-controlling interests 42 (638) Profit for the period 13,152 12,575
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- 4 - (2) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2025 Unit: RMB Million As at 30 September 2025 As at 31 December 2024 (Unaudited) (Restated) Non-current assets Property, plant and equipment 34,981 34,851 Intangible assets 37,725 35,626 Land lease prepayments 4,024 4,102 Interests in associates 6,902 5,852 Interests in joint ventures 25,714 22,945 Deposits, prepayments and other receivables 3,644 5,072 Financial assets at fair value through other comprehensive income (“FVOCI”) 74 79 Deferred tax assets 11,125 10,419 124,189 118,946 Current assets Inventories 23,664 29,359 Trade receivables 19,861 19,184 Notes receivable 31,701 41,345 Deposits, prepayments and other receivables 14,525 15,135 Income tax recoverable 419 228 Derivative financial instruments 1 – Restricted bank deposits 3,852 3,546 Bank balances and cash 56,224 43,057 150,247 151,854 Assets classified as held for sale – 274 150,247 152,128
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- 5 - As at 30 September 2025 As at 31 December 2024 (Unaudited) (Restated) Current liabilities Trade payables 65,317 86,273 Notes payable 25,668 26,912 Other payables and accruals 60,446 46,312 Derivative financial instruments – 28 Lease liabilities 1,125 1,029 Bank borrowings 4,505 1,358 Income tax payable 1,060 1,007 158,121 162,919 Net current liabilities (7,874) (10,791) Total assets less current liabilities 116,315 108,155 CAPITAL AND RESERVES Share capital 185 184 Reserves 93,331 86,354 Equity attributable to owners of the parent 93,516 86,538 Non-controlling interests 2,315 7,453 Total equity 95,831 93,991 Non-current liabilities Other payables and accruals 5,619 4,879 Lease liabilities 3,820 2,440 Bank borrowings 6,866 2,737 Bonds payable 3,500 3,500 Deferred tax liabilities 679 608 20,484 14,164 116,315 108,155
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- 6 - IV. BASIS OF PREPARATION AND CHANGE IN ACCOUNTING POLICY The condensed consolidated financial statements have been prepared on a going concern basis. As at 30 September 2025, the Group recorded net current liabilities of approximately RMB7,874 million. Following a comprehensive assessment, the Group has determined that this position does not have a significant impact on its ability to continue as a going concern. Despite currently being in a net current liabilities position, the Board, after careful evaluation, believes that the Group possesses sufficient financial resources to support its daily operations and meet future obligations. This assessment is based on the following factors: 1. The Group’s profitable business segments continue to generate stable cash inflows; 2. The Group maintains good relationships with multiple financial institutions, providing access to standby bank financing and other financing arrangements; and 3. Management has developed and is executing specific plans to enhance liquidity, including optimizing the balance sheet structure, accelerating the collection of receivables, and prudently managing capital expenditures. Based on the above factors, the Board is confident that the Group can continue to operate on a going concern basis, with no material uncertainties affecting its ability to do so. Accordingly, the condensed consolidated financial statements continue to be prepared on a going concern basis. Change in accounting policy On 10 April 2025, the Board approved a change in the accounting policy for business combinations involving entities under common control (the “Change”), effective from 1 January 2025. Under the Change, the Company has adopted the principles of merger accounting in accordance with Accounting Guideline 5 (Revised) “Merger Accounting for Common Control Combinations” (“AG5 (Revised)”), as issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), replacing the previous acquisition method. This decision was made to more accurately reflect the nature of the Group’s internal restructuring efforts. These efforts are a key initiative in implementing the spirit of the Taizhou Declaration*, which emphasises focusing on the core business of smart electric vehicles and driving transformational upgrades. The restructuring also forms part of the Group’s broader strategy to integrate resources across subsidiaries and enhance overall synergy. By using the pooling of interests method, the Company aims to: • Improve transparency and clarity in its financial reporting, making it easier for investors to understand the economic substance of internal reorganisations. * For more details, please refer to the link: https://mp.weixin.qq.com/s/P81e8yU2htu3SUNOaOzCVQ
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- 7 - • Reduce complexity in financial disclosures by avoiding artificial gains or goodwill that can arise under the acquisition method. • Present a more accurate picture of operational performance, especially given the Group’s current business conditions. • Align with international practices, such as the accounting treatment used by ZEEKR Intelligent Technology Holding Limited (“ZEEKR”) under United States Generally Accepted Accounting Principles, ensuring consistency and comparability. The Board believes the Change will help investors gain a clearer and more meaningful understanding of the Group’s financial position and performance. Prior to the Change, such business combinations were accounted for using the acquisition method in accordance with Hong Kong Financial Reporting Standard 3 (Revised) “Business Combination”, as issued by the HKICPA. Under this method, the identifiable assets and liabilities of the acquired entities were recognised at fair value as at the acquisition date, with any resulting goodwill or gain recorded in the Group’s condensed consolidated financial statements. Following the implementation of the Change, effective from 1 January 2025, and given that the combining entities are under the common control of Mr. Li Shu Fu, an executive director and substantial shareholder of the Company, both before and after the combination, these business combinations are now accounted for using the principles of merger accounting in accordance with AG5 (Revised). The combinations are treated as if the entities had been combined from the beginning of the previous reporting period or from the date they first came under common control, whichever is shorter. Under this method, the assets and liabilities of the combining entities are recorded at their existing carrying amounts from the controlling party’s perspective (i.e., Mr. Li Shu Fu’s perspective), and no goodwill or gain on acquisition is recognised for this business combination, reflecting the continuity of control within the Group. Equity interests in subsidiaries and/or businesses held by parties other than the substantial shareholder prior to the transaction are presented as non-controlling interests in equity. The Change has been applied retrospectively to all business combinations under common control, including those prior to 31 December 2024, with restatements reflected in comparative figures in the Group’s condensed consolidated financial statements, as required by Hong Kong Accounting Standard (“HKAS”) 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.
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- 8 - Completion of acquisition of LYNK & CO Automotive Technology Co., Ltd. # (“LYNK & CO”) ʮ̡ In November 2024, Zhejiang ZEEKR Intelligent Technology Company Limited # (“Zhejiang ZEEKR”) ʮ̡, an indirect wholly-owned subsidiary of ZEEKR, entered into an equity transfer agreement with Zhejiang Geely Holding Group Company Limited # (“Geely Holding”) ʮ̡, and Volvo Cars (China) Investment Co., Ltd. # (“VCI”) ӜဧӜӛԓ(ʕ)ʮ̡, an indirect wholly-owned subsidiary of Volvo Car AB (publ). Pursuant to this agreement, Geely Holding and VCI transferred 20% and 30% of their equity interests in LYNK & CO, respectively, to Zhejiang ZEEKR for a total consideration of RMB9,104,721,000. This amount comprises a cash consideration of RMB9,000,000,000, along with interest accrued during the locked box period amounting to RMB104,721,000. Subsequently, Zhejiang ZEEKR immediately subscribed to new capital in LYNK & CO for a cash consideration of approximately RMB367,347,000. Upon completion, LYNK & CO’s registered capital increased from RMB7,500,000,000 to RMB7,653,061,225. Following these transactions, LYNK & CO became 51% owned by Zhejiang ZEEKR and 49% by another subsidiary of the Group, resulting in its reclassification from a joint venture to a non wholly-owned subsidiary. The transactions were completed in February 2025. Prior to the business combination, Zhejiang ZEEKR was accounted for as a subsidiary of the Group, while LYNK & CO was accounted for as the Group’s 50%-owned joint venture using the equity method. All the combining entities are under the common control of Mr. Li Shu Fu, an executive director and substantial shareholder of the Company, both before and after the business combination. Therefore, the transaction is accounted for a business combination involving entities under common control using the merger accounting principle, as if the entities had been combined from the beginning of the previous reporting period or when they first came under common control, whichever is shorter. Completion of acquisition of Target Companies On 30 April 2025, Zhejiang Geome Auto Sales Co., Ltd. # (“Zhejiang Geome”) एϪОӛԓቖ ʮ̡, an indirectly non wholly-owned subsidiary of the Company, and Lingji Automobile Trading Co., Ltd. # (“Lingji Automobile”) ʮ̡, a fellow subsidiary owned by the Company’s ultimate holding company, entered into the equity transfer agreement pursuant to which Zhejiang Geome agreed to acquire, and Lingji Automobile agreed to sell, 70% equity interest in six target companies, namely Linyi Lingji Maohua Auto Sales & Service Co., Ltd. # ʮ̡, Linyi Lingji Chunhua Auto Sales & Service Co., Ltd. # ʮ̡, Feixian Lingji Chunhua Auto Sales & Service Co., Ltd. # ʮ̡, Dongying Lingji Kaihua Auto Sales & Service Co., Ltd. # ʮ̡, Yishui Lingji Yuantong Auto Sales & Service Co., Ltd. # ʮ̡, and Linyi Lingji Jianhua Auto Sales & Service Co., Ltd. # ʮ̡ (collectively, the “Target Companies”), for a total cash consideration of approximately RMB29,239,000. The acquisition was completed in the first half of 2025. Upon completion, the Company holds a 70% equity interest in the Target Companies.
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- 9 - The Target Companies are principally engaged in automobile sales, related parts and components and automobile sales-related services in the People’s Republic of China (the “PRC”). As a result of the acquisition, the Group can establish a direct dealership channel for Geely-brand vehicles, reducing its reliance on dealership outlets directly owned by Lingji Automobile. By owning the dealership network, the Group can strengthen its brand presence and cultivate deeper customer relationships in a highly competitive environment. Upon completion, the Target Companies became subsidiaries of the Group. As those entities are under the control of Mr. Li Shu Fu, an executive director and substantial shareholder of the Company, both before and after the business combination, the transaction is accounted for as business combination involving entities under common control using the merger accounting principle, as if the entities had been combined from the beginning of the previous reporting period or when they first came under common control, whichever is shorter. The Change primarily impacted the condensed consolidated statement of financial position by: • Eliminating goodwill; • Restating the investment in a joint venture (LYNK & CO) as a consolidated subsidiary; and • Eliminating initial fair value adjustments and the related amortisation/depreciation on non- current assets. In accordance with HKAS 8, the comparative figures as at 1 January 2024 and 31 December 2024, and for the nine months ended 30 September 2024, have been restated to reflect the Change. # The English translations of the names of the companies established in the PRC are for reference only. The official names of the companies are in Chinese.
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- 10 - The effects of the Change, as well as the acquisition of LYNK & CO and the Target Companies mentioned above, on the condensed consolidated income statement for the nine months ended 30 September 2024 are as follows: For the nine months ended 30 September 2024 Unit: RMB Million Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Revenue 167,684 64,772 32,365 (75,287) 189,534 Cost of sales (142,055) (64,187) (27,455) 74,949 (158,748) Gross profit 25,629 585 4,910 (338) 30,786 Other gains/(losses), net 695 1 202 (28) 870 Distribution and selling expenses (9,023) – (2,258) 5 (11,276) Administrative expenses (3,509) (95) (995) 18 (4,581) Research and development expenses (6,922) – (2,423) 70 (9,275) Impairment loss on trade and other receivables (22) (2) (13) – (37) Impairment loss on non- financial assets, net (237) – (620) – (857) Share-based payments (1,488) – – – (1,488) Finance income, net 540 (83) (239) – 218 Share of results of associates 546 – – – 546 Share of results of joint ventures 89 – 654 – 743 Gain on deemed disposal of subsidiaries and impairment loss on assets classified as held for sale 7,470 256 – – 7,726 Profit before taxation 13,768 662 (782) (273) 13,375 Taxation (834) (96) 106 24 (800) Profit for the period 12,934 566 (676) (249) 12,575 Attributable to: Owners of the parent 13,213 Non-controlling interests (638) Profit for the period 12,575
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- 11 - The effects of the Change, as well as the acquisition of LYNK & CO and the Target Companies mentioned above, on the condensed consolidated statement of financial position as at 31 December 2024 are as follows: As at 31 December 2024 Unit: RMB Million Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Non-current assets Property, plant and equipment 26,384 (211) 8,678 – 34,851 Intangible assets 28,751 (9) 7,192 (308) 35,626 Land lease prepayments 4,125 (467) 444 – 4,102 Goodwill 34 (34) – – – Interests in associates 5,869 (17) – – 5,852 Interests in joint ventures 25,556 – 2 (2,613) 22,945 Prepayments, deposits and other receivables 4,811 – 261 – 5,072 Financial assets at FVOCI 79 – – – 79 Deferred tax assets 8,461 (11) 1,964 5 10,419 104,070 (749) 18,541 (2,916) 118,946 Current assets Inventories 23,078 – 6,338 (57) 29,359 Trade receivables 18,425 – 2,878 (2,119) 19,184 Notes receivable 29,033 – 12,612 (300) 41,345 Prepayments, deposits and other receivables 10,849 – 4,531 (245) 15,135 Income tax recoverable 191 – 37 – 228 Restricted bank deposits 2,881 – 665 – 3,546 Bank balances and cash 40,865 – 1,846 346 43,057 125,322 – 28,907 (2,375) 151,854 Assets classified as held for sale – – 274 – 274 125,322 – 29,181 (2,375) 152,128
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- 12 - Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Current liabilities Trade payables 70,421 – 16,081 (229) 86,273 Notes payable 16,020 – 11,192 (300) 26,912 Other payables and accruals 38,938 – 9,162 (1,788) 46,312 Derivative financial instruments 28 – – – 28 Lease liabilities 803 – 226 – 1,029 Bank borrowings 30 – 1,328 – 1,358 Income tax payable 960 – 47 – 1,007 127,200 – 38,036 (2,317) 162,919 Net current liabilities (1,878) – (8,855) (58) (10,791) Total assets less current liabilities 102,192 (749) 9,686 (2,974) 108,155 CAPITAL AND RESERVES Share capital 184 – 7,550 (7,550) 184 Reserves 86,558 (584) (2,340) 2,720 86,354 Equity attributable to owners of the parent 86,742 (584) 5,210 (4,830) 86,538 Non-controlling interests 5,678 (88) 7 1,856 7,453 Total equity 92,420 (672) 5,217 (2,974) 93,991
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- 13 - Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Non-current liabilities Other payables and accruals 3,411 – 1,468 – 4,879 Lease liabilities 1,762 – 678 – 2,440 Bank borrowings 414 – 2,323 – 2,737 Bonds payable 3,500 – – – 3,500 Deferred tax liabilities 685 (77) – – 608 9,772 (77) 4,469 – 14,164 102,192 (749) 9,686 (2,974) 108,155
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- 14 - As at 1 January 2024 Unit: RMB Million Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Non-current assets Property, plant and equipment 27,351 (58) 13,858 – 41,151 Intangible assets 23,920 (9) 7,089 (164) 30,836 Land lease prepayments 3,600 (343) 454 – 3,711 Goodwill 34 (34) – – – Interests in associates 5,972 – – – 5,972 Interests in joint ventures 9,731 (27) – (3,387) 6,317 Prepayments, deposits and other receivables 1,896 – 198 – 2,094 Financial assets at FVOCI 118 6 – (6) 118 Deferred tax assets 6,342 134 1,788 – 8,264 78,964 (331) 23,387 (3,557) 98,463 Current assets Inventories 15,423 39 5,170 – 20,632 Trade receivables 15,780 4,766 5,492 (6,677) 19,361 Notes receivable 20,118 69 4,639 (300) 24,526 Prepayments, deposits and other receivables 6,812 8,016 3,133 (313) 17,648 Income tax recoverable 164 – 54 – 218 Restricted bank deposits 943 50 297 – 1,290 Bank balances and cash 35,746 480 5,065 – 41,291 94,986 13,420 23,850 (7,290) 124,966 Assets classified as held for sale 18,648 (256) – – 18,392 113,634 13,164 23,850 (7,290) 143,358
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- 15 - Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts Current liabilities Trade payables 53,377 5,569 20,094 (6,345) 72,695 Notes payable 5,693 1,173 1,917 (300) 8,483 Other payables and accruals 28,328 1,280 8,656 (645) 37,619 Derivative financial instruments 13 – 19 – 32 Lease liabilities 754 1 55 – 810 Bank borrowings – 2,102 2,024 – 4,126 Income tax payable 774 – 177 – 951 88,939 10,125 32,942 (7,290) 124,716 Liabilities directly associated with assets classified as held for sale 7,885 – – – 7,885 96,824 10,125 32,942 (7,290) 132,601 Net current assets 16,810 3,039 (9,092) – 10,757 Total assets less current liabilities 95,774 2,708 14,295 (3,557) 109,220
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- 16 - Business combinations under common control Original amounts Effect of the Change on business combinations completed on or before 31 December 2024 Effect of the acquisition of LYNK & CO and the Target Companies Consolidation adjustments Restated amounts CAPITAL AND RESERVES Share capital 184 – 7,550 (7,550) 184 Perpetual capital securities 3,413 – – – 3,413 Reserves 76,912 2,328 (746) 1,576 80,070 Equity attributable to owners of the parent 80,509 2,328 6,804 (5,974) 83,667 Non-controlling interests 4,643 (73) 7 2,417 6,994 Total equity 85,152 2,255 6,811 (3,557) 90,661 Non-current liabilities Other payables and accruals 2,722 29 1,155 – 3,906 Lease liabilities 1,906 2 411 – 2,319 Bank borrowings 2,840 501 5,908 – 9,249 Loan from a related party 1,100 – – – 1,100 Bonds payable 1,500 – – – 1,500 Deferred tax liabilities 554 (79) 10 – 485 10,622 453 7,484 – 18,559 95,774 2,708 14,295 (3,557) 109,220
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- 17 - V. SUMMARISED FINANCIAL INFORMATION OF ZEEKR AND ITS SUBSIDIARIES In the third quarter of 2025, ZEEKR, a subsidiary of the Group, delivered an excellent overall performance. The total delivery volume in the third quarter was approximately 140,000 units, an increase of 13% compared to the same period last year. During the period, revenue was approximately RMB31.6 billion, an increase of 9.4% compared to the same period last year (restated). Gross profit reached RMB6 billion, an increase of 50% compared to the same period last year (restated), with a gross profit margin of 19.0%, up 5.1 percentage points from 13.9% in the same period of 2024 (restated). The following tables list out the financial information related to the subgroup of ZEEKR. The summarised financial information presented below represents the amounts before any inter- company elimination. Unit: RMB Million As at 30 September 2025 As at 31 December 2024 (Unaudited) (Restated) Non-controlling interests percentage 34.85% 34.34% Non-current assets 46,969 46,712 Current assets 40,662 52,367 Current liabilities (70,731) (75,715) Non-current liabilities (11,289) (7,174) Net assets 5,611 16,190 Carrying amount of non-controlling interests 1,734 6,941 Nine months ended 30 September 2025 2024 (Unaudited) (Unaudited and restated) Revenue 81,014 77,192 Loss for the period (523) (2,375) Loss allocated to non-controlling interests (80) (709)
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- 18 - By order of the Board of Geely Automobile Holdings Limited Li Shu Fu Chairman Hong Kong, 17 November 2025 As at the date of this announcement, the executive directors of the Company are Mr. Li Shu Fu (Chairman), Mr. Li Dong Hui, Daniel (Vice Chairman), Mr. Gui Sheng Yue (Chief Executive Officer), Mr. Gan Jia Yue and Mr. Mao Jian Ming, Moosa; and the independent non-executive directors of the Company are Ms. Gao Jie, Ms. Yu Li Ping, Jennifer, Mr. Zhu Han Song and Ms. Tseng Chin I.