Geely released its net profit for the first half of 2017 increased by 128% to 4.34 billion yuan
On the afternoon of August 16, Geely officially released its financial statements for the first half of the year. The report shows that in the first half of 2017, the Group achieved a turnover of RMB 39.42 billion, an increase of 118% year-on-year; the distributable profit amounted to RMB 4.34 billion, an increase of 128% year-on-year; the basic earnings per share was 48.77 points, an increase of 120% year-on-year. The report stated that despite the extremely fierce competition in the passenger vehicle market in China during the reporting period, the sales performance of the Group's sedans and sport utility models in the domestic market was strong enough to offset the continued weak export sales during the period. In the first six months of this year, Geely Automobile's cumulative total sales were 530,627 vehicles, an increase of approximately 89% over the same period of last year. And in view of strong sales performance and the market's initial response to the upcoming launch of new models for the rest of the year, Geely announced in July that it will increase its full-year sales target for 2017 to 1.1 million units. According to the latest data, Geely sold 91,104 vehicles in the sales growth that had just been in the past in July, up 88% year-on-year. From January to July, Geely sold 621,731 vehicles, an increase of 89% over the same period of last year. Of course, according to Geely, the sharp increase in net profit for the first half of the year should also be attributed to the improvement of its product mix. According to the report, in recent years, the Group has expanded its product portfolio by increasing product launches in different market segments (including cars, SUVs and cross-border vehicles) to increase sales volume, expand economic scale and increase brand awareness. The Group’s reliance on car sales fell from 69% in 2016 to 55% in 1H17, and plans to launch more new SUV models later in the year to better capture China’s rapidly growing demand for SUVs. . In the first half of 2017, Geely's SUV model has achieved many high-growths against the market, with Geely Boyue, Dorsett GS, and Vision SUV totaling 233,482 units. Among them, Bo Yue sold 116,932 units in the first half of the year, an increase of 509%. The total sales volume of Geely’s main sedan was 292,314, of which 117,718 were for New Di Hao, 45,486 for A+ Grand Prix, and 16,404 for Borui. Geely said that it has maintained a good momentum of balanced development of cars and SUVs, and its market share in China has reached 5%. Undoubtedly, regardless of its adjusted sales target of 1.1 million vehicles for the whole year, whether the car or SUV segment needs to continue to exert force in the second half of the year. According to its product planning in the second half of the year, in early August, the new Borui with full upgrade of modelling, quality and configuration has been listed; the new small SUV Vision X3 will also be listed in the near future; Geely will also launch a new SUV in the fourth quarter; Emgrand, New Vision and Vision SUVs will also welcome upgrades built with the 3.0 standard. In addition, the first high-end car brand bearing the European technology, European design, global manufacturing, global sales, the first 01 models will also be listed in the fourth quarter. All in all, for the industry, Geely's performance in the second half of the year is still worth looking forward to, and for Geely itself, there may be more surprises in the second half.
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Among self-owned brand car companies, Geely Automobile has made a lot of money this year. The first was the acquisition of Proton, followed by the first market capitalization of BYD and GAC, plus the recent approval of the acquisition of the Terrafugia flying car, etc. Geely has become a car company with “trafficâ€. Of course, while enjoying the "flowers and applause," it is also inevitably questioned as "make money and drink." For Geely, the best response to such sounds is naturally more than a dazzling earnings report. 
