Geely Automobile (175) Q1 2024 earnings summary

Executive summary

• Sales volume rose 49% year-over-year to 475,700 units for the first quarter of 2024.

• Revenue increased 56% year-over-year to RMB52.3 billion, driven by strong sales and product mix optimization.

• Gross profit grew 51% year-over-year to RMB7.15 billion, with profit attributable to equity holders up 119% to RMB1.56 billion.

Financial highlights

• Gross profit margin improved, with gross profit at RMB7.15 billion versus RMB4.75 billion a year ago.

• Net profit attributable to equity holders reached RMB1.56 billion, up from RMB714 million year-over-year.

• Total assets stood at RMB189.2 billion as of March 31, 2024.

• Equity attributable to equity holders increased 3% to RMB82.7 billion since December 2023.

Segment performance

• ZEEKR Holding delivered approximately 33,000 units in Q1 2024, up 117% year-over-year.

• ZEEKR revenue rose 71% to RMB14.7 billion, with gross profit up 137% to RMB1.8 billion and gross margin at 12.3%.