Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens West window past, South China Daniel Wu's clue delivery! According to CTOnews.com, August 22, Geely today released interim results for the six months ended June 30, 2023. According to the announcement, the company's total sales in the first half of 2023 were 694000 vehicles, up 13.1 percent from the same period last year, and its operating revenue was 73.18 billion yuan, up 25.8 percent from the same period last year. The total cash level is 33.64 billion yuan, a record high. CTOnews.com with financial summary:

Geely said that the Group's sales performance in the first half of 2023 was basically in line with management expectations. Although the recovery in demand during the period was not as strong as expected, coupled with a wave of price reduction competition in the automotive industry, the Group's total sales reached 694045 units in the first half of the year, an increase of 13% over the same period last year (including the total sales of Lecker and Ruilan brands).

Over the same period, sales in China's passenger car market grew by 8.8%, according to the China Association of Automobile Manufacturers. In terms of new energy vehicles, Geely Automobile Group sold a total of 157889 pure electric vehicles and plug-in hybrid vehicles in the first half of the year, an increase of 44 percent over the same period last year, with new energy vehicles accounting for 23 percent.

Geely's export sales rose to 121185 units in the first half, up 38 per cent from the same period last year.

Geely said in its announcement that, thanks to the continued improvement in brand image and the rapid growth in the proportion of new energy models, the Group's operating revenue (excluding the total revenue of Lectra joint venture and Ruilan associated companies) increased by 26% to 73.2 billion yuan in the first half of 2023 compared with the same period last year. The growth rate is better than the overall sales growth. The price of lithium carbonate fell in the first half of the year, which also reduced the price of batteries, which had a positive impact on controlling the cost of new energy vehicles. However, the Group's gross profit margin is still affected by the transformation of new energy and increased competition in the automobile market, which is basically the same as the same period last year, at 14%, and remains at a reasonable level.

Geely also said that in terms of cost control, although the Group continues to implement strict cost control, however, the increase in costs brought about by the transformation of new energy and the implementation of a new sales business model to enhance competitiveness still led to a 21% increase in distribution and sales fees and administrative expenses compared with the same period last year. Among them, distribution and sales expenses increased by 44% year-on-year to 4.8 billion yuan, mainly affected by the construction and operation of polar krypton direct channels. Administrative expenses (excluding payment by shares) increased by 4% to RMB 4.9 billion compared with the same period last year, mainly due to the Group's strong investment in new energy business. The Group's expenditure on share payment in the first half of the year was RMB 436 million.

In addition, due to the positive development of innovative business models and new energy transformation in overseas markets, the performance of the brand has declined, which has had a negative impact on the performance of the group.

In the first half of 2023, Geely Automobile Group achieved a net profit of 1.57 billion yuan belonging to its parent shareholders, a slight increase of 1% over the same period last year, and diluted earnings per share of 14.75 cents.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.