Geely profit beats estimates as sales approach those of BYD

Geely’s full-year profit beat analyst estimates and climbed to a record as China’s second-largest carmaker closed in on market leader BYD’s sales, thanks to the popularity of its EX2 hatchbacks and Zeekr sport utility vehicles.

Net income rose to 16.85 billion yuan ($2.4 billion) in 2025, compared with 16.81 billion yuan the previous year, the Hong Kong-listed arm of billionaire Li Shufu’s auto empire said in a statement Wednesday. That topped the 16.5 billion yuan average of 31 analyst estimates compiled by Bloomberg. Revenue climbed 25% to 345.2 billion yuan.

Geely gained market share on BYD in China last year, and has even outsold the world’s biggest electric vehicle maker in 2026. The company is aiming for sales to increase 14% this year as it pursues its goal to become one of the world’s top five carmakers by the end of the decade.

Still, shares of Geely fell as much as 5.5% in Hong Kong Wednesday after earnings were announced.

Excluding items such as gains from foreign exchange and the disposal of subsidiaries, profit rose 36%, it said.

Vehicle sales, including its Zeekr and Lynk & Co brands, rose nearly 40% to 3 million units last year. The Xingyuan, known as the EX2 overseas, became China’s top-selling model for 2025 and the Zeekr 9X luxury SUV has also been topping sales of vehicles priced at 500,000 yuan and above the past several months, according to Chinese media reports.

The carmaker is just over a year into a major overhaul it began in late 2024. Under its “Taizhou Declaration” strategy, Geely group turned its focus toward consolidation and cost cuts, merging brands such as Zeekr, which delisted from the New York Stock Exchange, and Lynk & Co back into the Hong Kong-listed entity of Geely Auto.

These moves appear to be bearing fruit as Hangzhou-headquartered Geely outsold BYD globally during the first two months of 2026, its largest lead since 2022. Still, Geely was far behind BYD in terms of revenue and profits as BYD’s larger volumes last year gave it better economies of scale and the company’s vertically integrated supply chain helps to control costs.

Still, exports, which have become increasingly important for Chinese carmakers recently, were weak last year. With falling demand in Russia, Geely’s total overseas shipments reached 420,097 units in 2025, largely unchanged from the year prior, according to the statement. By comparison, BYD’s overseas sales surged 150% to 1.05 million units.

© 2026 Bloomberg