Hang Seng · China automaker · new-energy pivot

Geely Auto

China's largest private automaker, spanning ICE (China Star), mainstream new-energy (Galaxy) and premium EVs (Zeekr, Lynk & Co) — a multi-brand portfolio that is its weapon for defending mix through the price war. FY2025 revenue of RMB 345.2bn on 3.02M units, with new-energy vehicles reaching 56% of the mix, showed one of the industry's fastest transitions, and Zeekr's swing to a Q4 profit lifted the premium mix that underpinned the 16.6% gross margin. The axis to watch is exports — up 158% in H1 2026, a buffer against the bloody domestic price war — while battery (CATL) and smart-driving (NVIDIA Thor, Mobileye) sourcing roadmaps govern Zeekr's competitiveness.

0175.HK Updated Jul 12, 2026 4 AI consumers· 2 recurring

Per the valuechain.wiki graph, Geely Auto is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 45 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21-40.8%'22-22.9%'23-40.3%'24+98.5%'25+14.5%YTD+18.9%
Money in ▸Chinese domestic consumers● 3,024,567 unitsOverseas export markets◐ 414,522 units
Geely Autoapprox. CN¥345.2B
▸ Money outCATL●NVIDIA●Mobileye●Steel, components & semiconductors◐ 16.6%

Financials & Segments

  • Total revenue · approx. CN¥345.2B (FY2025)
  • Segments · Geely·China Star (ICE·export) · Geely Galaxy (new-energy) · Zeekr·Lynk & Co (premium)

Revenue from

  • Chinese domestic consumers High confidence· 3,024,567 units
    Domestic sales of Galaxy, China Star and Zeekr are the revenue core. Revenue grew from RMB240.2B on 2.177M units in FY2024 to RMB345.2B on 3.025M units in FY2025, with NEVs at 56 percent.
    Confirms EN TipRanks (25 analysts) Published Apr 15, 2026: Geely Automobile (0175) analyst forecast: Strong Buy, avg target HK$28.93
    Confirms EN Geely Auto / Yahoo Finance Published Mar 19, 2026: Geely Auto Reports Record 2025 Revenue of CNY 345.2 Billion and 3.02 Million Vehicle Deliveries
    Confirms EN HKEX / Geely Automobile Holdings Published Mar 20, 2025: Geely Automobile Holdings 2024 Annual Report
  • Overseas export markets Medium confidence· 414,522 units
    Exports are a growth axis. Overseas sales were 414,522 units in FY2024 (+57%); in H1 2026 overseas volume jumped 158% to 474,000 units, with NEV exports up 585% year on year.
    Confirms KO Newspim Published Jul 8, 2026: Geely Auto Group sells 1.42 million units in H1, record high
    Confirms EN HKEX / Geely Automobile Holdings Published Mar 20, 2025: Geely Automobile Holdings 2024 Annual Report

Pays to

  • CATL High confidence
    Zeekr 001 and 009 were the first to adopt CATL's Qilin (CTP3.0) battery. CATL is Geely's largest battery supplier, sourced alongside Geely's own Shendun and Jinzhuan cells and JVs (Farasis, LG Energy Solution) to preserve bargaining power.
    Confirms EN 36Kr Published Dec 1, 2025: Zeekr exits NYSE, returns to Geely; battery brands unified
    Confirms EN 36Kr Published Jun 1, 2025: Surging Geely New Energy: CATL is Geely's largest battery supplier
    Confirms EN HKEX / Geely Automobile Holdings Published Mar 20, 2025: Geely Automobile Holdings 2024 Annual Report
    Confirms EN E-Mobility Engineering Published Apr 17, 2023: Zeekr becomes first EV maker to adopt CATL's Qilin battery
  • NVIDIA High confidence
    Zeekr is the first production customer for Nvidia's Drive Thor; it adopted Drive Orin from the Zeekr 007 and unveiled a Thor-based smart-driving kit at CES 2025, sourcing high-performance autonomous-driving compute.
    Confirms EN CnEVPost Published Jan 7, 2025: Zeekr releases Nvidia Thor-based smart driving kit at CES 2025
  • Mobileye High confidence
    Zeekr was the first to bring Mobileye SuperVision to series production in 2021, with over 90,000 units in 2022 and SuperVision pilot functions added to more than 110,000 vehicles since, sourcing smart-driving chips and software.
    Confirms EN Mobileye Published Jan 8, 2024: Mobileye SuperVision Pilot functions added to 110,000 ZEEKR vehicles
  • Steel, components & semiconductors Medium confidence· 16.6%
    Most of cost of sales is raw materials such as steel, body components and automotive semiconductors. FY2025 gross margin was 16.6%, aided by scale and a higher-value Zeekr mix.
    Confirms EN Geely Auto / Yahoo Finance Published Mar 19, 2026: Geely Auto Reports Record 2025 Revenue of CNY 345.2 Billion and 3.02 Million Vehicle Deliveries
    Confirms EN HKEX / Geely Automobile Holdings Published Mar 20, 2025: Geely Automobile Holdings 2024 Annual Report

Investments

  • Zeekr High confidence· 62%
    Geely holds and consolidates about 62% of Zeekr. In 2024 it reintegrated the listed Zeekr and merged it with Lynk & Co into a premium new-energy group; Zeekr turned profitable in Q4 2025 on 224,000 deliveries.
    Confirms EN Geely Auto / Yahoo Finance Published Mar 19, 2026: Geely Auto Reports Record 2025 Revenue of CNY 345.2 Billion and 3.02 Million Vehicle Deliveries
    Confirms EN HKEX / Geely Automobile Holdings Published Mar 20, 2025: Geely Automobile Holdings 2024 Annual Report

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Geely Autonode-40.8-22.9-40.3+98.5+14.5+18.9
NVIDIAbenef1+125.5-50.3+239+171.2+38.9+13.3
CATLbenef1+67.4-21.4-40.6+74.5+39.4+1.2
Mobileyebenef1··+23.6-54-47.6-8.5
Kioxiabenef2····+1082.1+260.5
Micron Technologybenef2+24.2-45.9+71.9-1+240.2+243.3
Murata Manufacturingbenef2-14-11.7+24.7-16.5+29.9+217.4
Nan Ya PCBbenef2+110.6-46.7-0.5-38.3+188.2+213.4
Intelbenef2+6.1-46.6+94.6-59.6+84+197.7
STMicroelectronicsbenef2+32.4-26.8+41.7-49.7+5.3+176.6
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+167.6
Nebius Groupbenef2····+202.2+162.4
Astera Labsbenef2····+25.6+148.2
Ibidenbenef2+30.4-19.6+51.6-38.6+261+147.1
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+140.3
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+131.6
Corningbenef2+5.9-11.6-1.2+60.6+87.8+118.8
Lumentumbenef2+11.6-50.7+0.5+60.1+339.1+117.6
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+77.9
onsemibenef2+107.5-8.2+33.9-24.5-14.1+77.2
Coherentbenef2-10-48.6+24+117.6+94.8+75.8
Eoptolinkbenef2-10.1-27.7+136.6+197+368.8+74.9
InnoLightbenef2-30.7-18.3+253.7+12+468.1+68.8
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+58.5
Delta Electronicsbenef2-3.4+10.4-0.3+59.2+183.8+54.9
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+49.8
Analog Devicesbenef2+21-4.9+23.4+8.8+29.8+46.7
TSMCbenef2+12.1-36.7+42.3+92.6+55.9+43.6
ABBbenef2+23.9+7.3+18.9+39+36.1+27.2
Pegatronbenef2-5.9+0.6+35.3+21.2-23.8+24
Luxshare Precisionbenef2-11.9-30.2-21.2+58.8+29.3+20.6
Digital Realtybenef2+30.7-41+39.9+35.9-10.1+18.2
Amphenolbenef2+34.9-12+31.5+41.3+96.1+18.1
Wistronbenef2+7.9+9.7+272.7-1.6+22.7+14.8
Yunnan Energy New Material (SEMCORP)benef2+92.8-38.6-72.6-29.2+76.4+7.5
King Yuan Electronics (KYEC)benef2+26.7-7.7+132.4+38.6+171+4.2
Tinci Materialsbenef2+68.3+5.6-61.4-0.7+124.2-1
BlackRockbenef2+29.4-20.4+17.9+29.3+6.6-2.1
TE Connectivitybenef2+35.1-27.7+24.6+3.5+61.1-11.3
Ronbay Technologybenef2+96.6-39.1-63.6+12.3+47.7-12.9
Recursion Pharmaceuticalsbenef2·-55+27.9-31.4-39.5-13
BYD Electronicsbenef2-56.1+16-0.4+60.6-19.4-34.4
Chunbobenef2+40.4-7.3-65-55.6+59.1-37.6
Enchembenef2·-37.4+173.9-20.5-26.1-76.7

YTD as of 2026-07-10 · source: Yahoo Finance

The thesis is whether Geely can defend margins through mix and exports amid China's price war. FY2025 sales of 3.02M units at 56% new-energy show one of the sector's fastest transitions, and Zeekr's Q4 profit swing plus the Lynk & Co merger lifted the premium mix that defended a 16.6% gross margin. The second growth axis is exports — 474k units in H1 2026 (+158%), offsetting the domestic price war as overseas new-energy sales surge. Sourcing is tied to CATL (batteries) and NVIDIA Drive Thor / Mobileye (smart driving), so Zeekr's autonomous-compute edge depends on its chip partners' roadmaps — the source of both its upside and its risk.

Analysis generated from returns as of 2026-07-10

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