Li Shufu Steps Back Behind the Scenes, "One Geely" Completes De-familyization

After the industry moved from scale competition to profit competition, from price competition to value competition, from single product competition to system competition, the factor determining a car company's ceiling has shifted from a single blockbuster model, a single capital operation, or sales sprint in a unit of time, to organizational efficiency, strategic focus, technology reusability, and global operational capability. Li Shufu completed another "strategic transformation" in his unique way — from entrepreneur to system designer.

Written by | Smart Driving Network, Ling Jiang

Edited by | Lang Lang Mountain and Ming Zhi Mountain

63-year-old Li Shufu took a step ahead on August 17 again.

On the 21st anniversary of Geely Automobile's listing on the Hong Kong Stock Exchange, he announced his retreat to the background, handing the baton to An Conghui, a successor cultivated by Geely. An Conghui was born in 1970 and is 56 years old this year.

One of China's largest private automotive groups, Geely, has taken a historic step in completing the de-familyization management.

01.

Li Shufu's Performance Report

Known as the "Car Maniac", Li Shufu gave a simple summary of his performance in his speech upon stepping down as chairman of Geely Holdings:

May 19, 2005, Geely Automobile officially listed on the Hong Kong Stock Exchange. Stock price rose from 0.4 HKD on May 19, 2005, to 18.06 HKD on August 12, 2026. Market cap grew from 1.6 billion HKD to 194.8 billion HKD on August 12, 2026. Dividends increased from 40 million HKD in 2005 to 5.4 billion HKD in 2025.

Li Shufu implied that Geely's performance was worthy of shareholders and investors.

After resigning from Chairman and Executive Director of Geely Automobile Holdings Board, Li Shufu retained the title of Lifetime Honorary Chairman. Meanwhile, An Conghui succeeded as Board Chairman, Gui Shengyue became Vice Chairman, and Gan Jiayue became CEO.

Regarding Li Shufu's departure, Geely Automobile Board Vice Chairman Gui Shengyue defined it as a "Strategic-level organizational evolution manifesto for Geely Automobile":

"Li Shufu's resignation (Board Chairman) and An Conghui's succession is a manifesto of de-familyization, marking that Geely Automobile has moved from the startup and development phase driven by founders to the mature phase driven by systems and teams."

"Enterprises will no longer rely on personal charm and authority, but on organizational systems and talent pipelines. It means Geely Automobile's future governance will be more transparent and management more scientific. For internal talents, it is also a signal to break through the ceiling. It benefits bringing greater returns to shareholders and making greater contributions to the country."

Of course, 63-year-old Li Shufu did not leave completely.

He will continue to serve as Chairman of Zhejiang Geely Holding Group, while other positions under the group remain temporarily unchanged.

On why choose to withdraw from the frontline at this time, Li Shufu plainly stated, "The automotive industry is a marathon without end, enterprise succession and value orientation determine the enterprise's sustainable development capability," and "People are the core elements determining corporate culture inheritance and value orientation."

For a large automotive company spanning multiple brands, multiple technology routes, and multiple overseas markets, strategic focus still requires a strong center, and operational execution requires professional decentralization.

Geely's current structure is closer to "Founders set direction, Managers run systems", ensuring the continuity of corporate strategy while freeing up sufficient operational autonomy for professional manager teams.

A deeper background is that Li Shufu believes, "The era of global economic integration and investment trade liberalization has ended. The new era of economic globalization is forming. Geely must take root in the Chinese market and accelerate layout of the global market."

And to realize 2/3 of sales from overseas, Li Shufu left An Conghui with a localized production network distributed in EU, UK, Malaysia, etc., but completing this vision requires the new generation.

As Gui Shengyue said:

"Any career needs a younger body and even younger wisdom."

Toyota and Volkswagen used to be Geely's targets for chasing and learning, but Li Shufu went further than Kiichiro Toyota. During his tenure, he completed the de-familyization of the company; at the beginning of 2024, after An Conghui shouted "Become the Volkswagen of the new energy era", in September of that year, Li Shufu sensibly and alertly published the deafening "Taizhou Declaration", initiating strategic integration and contraction of expansion, reflecting on and adjusting the multi-brand model to the ongoing "One Geely".

Li Shufu's resignation choice selected an appropriate timing, wrapping up with Geely's best semi-annual report since listing:

First half of year, Geely Automobile achieved revenue of 173.6 billion yuan, year-on-year growth 15%; core net profit attributable to parent company 9.68 billion yuan, year-on-year growth 46%; gross margin increased to 17.9%; overseas sales 474,000 vehicles, year-on-year growth 158%.

This semi-annual report "Quantity, Price, and Profit all rising" is exactly the first report card handed in after Li Shufu gradually exited daily management and professional managers took over comprehensively.

Performance realization and governance switching at the same time window landed and verified a key proposition: When the founder voluntarily cedes management power and the enterprise completes the transformation from "Family Driven" to "System Driven", operating quality actually achieves a leap.

02.

"Li Shufu's Geely" Becomes "System Geely"

According to data from the All-China Federation of Industry and Commerce, about 80% of Chinese private enterprises are family enterprises, and the first-generation entrepreneurs of Reform and Opening Up have generally entered the 60 to 70-year-old age range, "Founders" to "Enterprises Second Generation" power transition is happening in batches.

In private enterprises, "Founder Exit" often accompanies the "Second Generation Succession" script, but Geely chose a completely different path.

Li Shufu's son Li Xingxing is a supervisor and shareholder of Geely Holdings, but has not appeared in the core of Geely system in recent years; daughter Li Ni also did not enter Geely core management layer, main operation revolves around Geely's supporting business.

This means, Li Shufu chose not the "Son Inherits Father's Business" traditional path, but relied on professional manager teams to realize enterprise's modern governance and sustainable development.

In fact, Geely's de-familyization started twenty years ago.

May 2002, Geely Group underwent company system reform, Li Shufu's three brothers completely exited the decision layer, professional managers started entering senior management. March 2003, Zhejiang Geely Holding Group Co., Ltd. was formally established.

And Li Shufu's own exit path also presented clear "from shallow to deep, from local to global" characteristics.

July 2021, Li Shufu resigned as Chairman of Geely Automobile Group Co., Ltd.

March 2022, exited as Director of Zhejiang Geely Automobile Co., Ltd.

June 2026, Li Shufu at Chongqing Forum once systematically elaborated enterprise succession concepts, clearly stated building "Governance structure clearer, rights and responsibilities clearer, operation efficient, global compliant modern enterprise operation system", from governance structure, personnel adjustment, internal talent training to "Taizhou Declaration" release, succession work has been proceeding in an orderly manner.

Li Shufu resigned as Chairman of Zeekr Intelligent Technology in the same month, Lynk & Co Chairman changed simultaneously.

From family enterprise to modern joint-stock enterprise, Geely walked for more than twenty years, until today finally completed the most critical step, and also the most symbolic step.

03.

Platform Enterprise under "One Geely"

In Geely's official announcement, this management layer adjustment is defined as:

"According to corporate governance requirements and cadre pipeline construction plan, further improve professional manager authorization operating mechanism, promote company sustainable healthy development", goal is "Strengthen 'One Geely' with modern enterprise governance system".

That is to say, Founder Exit and "One Geely" strategy are two sides of the same coin.

Geely's "One Geely" launch, started from "Taizhou Declaration" released in September 2024.

At that time, the core of this declaration was not simply retreating the frontline, but facing industry price war, technology route overlap and multi-brand parallel coming resource dispersion, started systematically promoting strategic focus, internal integration and synergy efficiency.

By January 2025, Geely further concretized "Taizhou Declaration" into "One Three Three" ideas and "Two Horizontal Seven Vertical" architecture:

Geely Automobile Group integrates Geely, Galaxy, Radar, Ezda, etc. mainstream businesses, Zeekr Technology Group integrates Zeekr and Lynk & Co, high-end new energy sector thus returns into same subject, technology, product, supply chain and organization system starts reorganizing according to unified logic.

Subsequently, Zeekr and Lynk & Co equity integration landed, marking "One Geely" from business synergy promotion to capital level substantive integration; later, Zeekr privatization, delisting from NYSE and re-returning to Geely Automobile main platform, further gathered scattered high-end new energy assets in external capital market back into unified listing system.

After entering 2026, Geely also proposed "One Geely, Comprehensive Leading" 2030 strategic goal, and started straightening Geely Automobile Group and Geely Automobile Holding relationship, closing and transferring redundant subjects.

Before today, "One Geely" experienced from strategic declaration, brand integration, equity restructuring and capital gathering, and up to this year's semi-annual report and management layer adjustment this time point, it started showing clearer system meaning:

Only when founders no longer insist on direct control of each subsidiary, system integration can truly land.

Geely is becoming a unified platform with more concentrated resource allocation, higher synergy efficiency, and stronger global capability.

It chose to complete the most strategic organizational adjustment at the best time.

First half of 2026, Geely Automobile's business scale and profit quality improved synchronously, total sales broke 1.42 million vehicles creating same-period new high; total revenue exceeded 170 billion yuan, year-on-year growth 15%, continuous six years positive growth; core net profit attributable to parent company reached 9.68 billion yuan, year-on-year growth 46%, significantly outperforming revenue growth; gross margin increased to 17.9%, vehicle core net profit attributable to parent company year-on-year increased 45% to 6,806 yuan.

Zeekr first half year sales exceeded 178,000 vehicles, only accounting for 12.5% of total sales, but contributed 31.7% of operating revenue, average transaction price about 350,000 yuan, already exceeding BBA and other traditional luxury brands.

Geely Galaxy first half year sales nearly 520,000 vehicles, ranked top three in global new energy; China Star first half year sales exceeded 580,000 vehicles, consecutive 10th year reigning champion of China brand fuel passenger car sales.

This "High-end builds brand, mainstream drives scale" dual-wheel drive pattern is exactly the result of professional manager team coordinating resources under "One Geely" framework.

And accompanying "One Geely" strategy deepening implementation, administrative expense ratio year-on-year decreased 0.2 percentage points to 1.7%, R&D investment ratio decreased 0.3 percentage points to 5.2%, while R&D investment absolute value year-on-year increased 8% to 9.06 billion yuan, while increasing technology investment, through platform synergy and procurement concentration significantly improved resource usage efficiency.

High-quality growth brought Geely sufficient capital reserves, as of end of June 2026, capital reserves reached 69.56 billion yuan.

But Geely management themselves did not package this financial report as a wild victory, on performance conference, Gui Shengyue defined it as "Bright but not stunning financial report".

Behind this positioning, first half of 2026, China new energy vehicle sales reached 7.446 million vehicles, car exports reached 5.096 million vehicles, scale still expanding; but industry profit continues to bear pressure.

National Bureau of Statistics data shows, first half of year automotive industry operating revenue about 5.19 trillion yuan, year-on-year growth 1.8%; operating cost about 4.61 trillion yuan, year-on-year growth 2.8%; total profit about 195.4 billion yuan, year-on-year decline 20%, sales profit margin only 3.8%.

And according to China Association of Automobile Distributors public analysis, 2026 January-5 months automotive industry profit margin only 3.4%, located at low level.

CAAM data is even more eye-catching:First half of year industry average profit margin has been pressed to 1.6%.

Although there are statistical scope and time window differences between several calibers, but conclusion consistent:

China automotive industry still growing, but earning money difficulty significantly increased.

In management view, 2026 Geely although outperformed industry, but did not depart from cycle; profit quality improving, but industry downward pressure, domestic demand bearing pressure, chip and raw material price rising, competition white-hot, these variables still exist.

At mid-year performance conference, Geely management identified AI strength as Geely responding to market change latest grip, all-domain AI will empower Intelligent Propulsion Hybrid, Digital Chassis, Electric Drive, Energy Storage and multiple links, promoting car towards "Intelligent Life Form" evolution.

AI will become a long enough technology main line for Geely, gathering Galaxy, Zeekr, Lynk & Co different brands, and R&D, manufacturing, supply chain and overseas business organizations to same platform framework, forming cross-brand, cross-business, cross-market capability reuse, thus more opportunity to hold profit and valuation.

"One Geely" is officially the most underlying scale foundation of this set of platforms.

04.

"Never Failed" An Conghui

If Li Shufu is "One Geely" strategic designer, then An Conghui is this blueprint most loyal executor and most firm promoter.

Joined Geely in 1996, starting from auditor, An Conghui used thirty years time to walk complete path from grassroots to Board Chairman:

He personally created Hycan EC7 cumulative sales exceeded 3.8 million vehicles, took lead completed Geely acquisition Volvo after "digestion" process, led R&D SEA Ocean Architecture, created Lynk & Co and Zeekr two high-end brands.

Such resume, made him in Geely internal not only a manager, but more familiar with this company past twenty-plus years capability accumulation formation process.

Li Shufu once evaluated this successor like this:

"An Conghui always challenges the hardest tasks, and never fails."

Today, successor An Conghui took over, not only a annual sales 1.42 million vehicles, revenue 173.6 billion yuan automotive group, but a share of "Globalization" and "Intelligentization" strategic heritage.

In overseas export dimension, Li Shufu used twenty years time to pave Geely "Industry Symbiosis" globalization roadbed: from acquiring Volvo to obtain European manufacturing and brand genes, to building partner relationships with Proton, Renault, Ford, to 12 overseas factories, 2000 overseas channels, 114 core markets layout.

An Conghui to do, is to push this strategic heritage from "Layout Period" to "Harvest Period".

He clearly stated at performance press conference, Geely future over 60% sales will come from overseas markets, Volvo European factory will from 2028 onwards undertake Geely system within high-end luxury cars production, Ford joint venture Spain factory also will from 2028 start production.

An Conghui is turning Li Shufu "Bought" global assets, into Geely "Going Out" manufacturing capability and brand capability.

And in relatively abstract technology field, Li Shufu built for Geely sky-earth integrated technology ecosystem, including chip, large model, satellite, embodied intelligent robot, WAM World Behavior Model, 1+2+N multi-agent coordination framework, completed technology "From 0 to 1" and ecosystem "From 1 to N".

An Conghui needs to push these N many technology ecosystems to market: make Qianli Haohan G-ASD intelligent driving capability, WAM World Behavior Model AI foundation, 2030 Laboratory forward technology, truly embedded into every mass production model, transformed into user payment willingness and capital market valuation recognition.

At performance conference, Gui Shengyue also represented management team to shareholders statement:

"Geely Automobile will be An Conghui's only listed company he serves as Chairman, this means Geely will further implement "Taizhou Declaration", implement "One Geely" strategy."

This on-site interpretation transmitted two signals to outside world: one is An Conghui will fully focus on 0175.HK, two is Geely all automotive main business resources will further concentrate to HK listed subject.

An Conghui this professional manager who grew from auditor to Board Chairman, is always "One Geely" most firm operator — he is both beneficiary of this strategy (from Zeekr CEO promoted to Holding Group CEO then listed company Board Chairman), also most thorough executor of this strategy.

He might be proving: Li Shufu's best strategic heritage, not one brand, one technology or one factory, but a modern enterprise governance system able to self-evolve, self-inherit.

And himself, is exactly this system cultivated first "Finished Product".

"Make 0175 solid, strong and big."

This is new captain's first Flag, hope Li Shufu judgment still accurate, An Conghui "Never Failed".

Written at the End:

2026 is Geely Holding Group founding 40th anniversary.

Forty years, from Taizhou a private small factory to annual sales 1 million vehicle class global automotive group, Geely growth history is China automotive industry rising microcosm.

Nowadays, when Li Shufu hands management baton to An Conghui, Gan Jiayue etc. professional manager team, Geely is completing a more profound transformation:

From "Li Shufu's Geely" becomes "System Geely", from "China's Geely" becomes "World's Geely".

Of course, regarding current industry situation view, full year 3.45 million vehicle sales target, sprint 1 million vehicle overseas target, all-domain AI technology commercialization landing, Geely second half year challenge still arduous.

And in industry from scale competition into profit competition, from price competition into value competition, from single product competition into system competition, the factor determining a car company ceiling, already from single blockbuster, single capital operation or unit time sales sprint, shifted to organizational efficiency, strategic focus, technology reuse capability and global operation capability.

Geely in this round handed answer, use a profit quality improving semi-annual report, to lift a governance reorganization; then use a governance reorganization, to clear more stable organizational chassis for next round growth.

For Li Shufu, this means he used Chinese private enterprise rare way completed from entrepreneur to system designer another "Strategic Transformation".

For Geely, this means "One Geely" starts from strategic slogan enters system stage.

And for industry, this means China top private car enterprise competition, starting from product and market level, further extended to governance and organization level.