New Guangqi Automobile Posts Strong Q1 2025 Earnings, Sees Steady Growth in Sales and Expansion

On May 21st, New Guangqi Automobile (Geely subsidiary) announced its financial results for the first quarter of 2025. The company reported a significant increase in new car shipments to 94,080 units, a year-on-year growth of 330.8%.

The net revenue reached RMB 158.1 billion, with a year-on-year growth of 141.5%. The company's gross profit margin expanded to 15.6%, up by 2.7 percentage points from the same period last year, and automobile gross profit margin rose to 10.5%, increasing by 5 percentage points.

This marks the seventh consecutive quarter of growth for New Guangqi Automobile, driven by strong demand for its vehicles. As of March 31st, 2025, the company's total cash, cash equivalents, restricted cash, short-term investments, and deposits reached RMB 452.8 billion, up by over 33.2 billion compared to December 31st, 2024.

The company has outlined plans for the second quarter of 2025, with a new car shipment guidance range of 102,000 to 108,000 units, representing year-on-year growth of 237.7% to 257.5%. Net revenue is expected to reach between RMB 175 billion and RMB 187 billion, with a year-over-year growth rate of 115.7% to 130.5%.

In terms of expansion, New Guangqi Automobile reported continued growth in its sales network, with over 690 stores across 223 cities as of March 31st, 2025. The company has also expanded its charging station network, with 2,115 stations operational as of the same date, including 1,089 P4 and P5 Super-Charging Stations.

The company's international expansion efforts gained momentum in the first quarter of 2025, with successful market entries in several European and Southeast Asian countries, including the United Kingdom, Poland, Switzerland, Czech Republic, Slovakia, Indonesia, Italy, and Poland. New Guangqi Automobile has also become the first Chinese automotive manufacturer to participate in Milan Design Week.

As of now, the company has established a presence in over 30 European countries and is accelerating its global market expansion strategy under the guidance of the Europe region as its core area for growth.