He leaned back against the seat, not because he was tired, but to see the entire chessboard clearly. On August 17, Li Shufu resigned as Chairman of the Geely Auto Board of Directors, and An Conghui took over. With no performance explosion, no shareholder pressure, at a juncture of 173.6 billion in semi-annual revenue and a 46% surge in profit, this car-making visionary voluntarily handed over the steering wheel. Some said Geely was changing its regime, quite the opposite; Li Shufu used this exit to secure Geely's entry ticket for the next thirty years.

I. Founder Yields Place, Harder Than Starting a Business

Li Shufu is not a defeated general, but a monarch who voluntarily stepped down from the throne. In the past thirty years, every risky move Geely made bore Li Shufu's name—daring to make cars, daring to buy Volvo, daring to bet on new energy. But as the company grew to Geely's scale, with seven or eight brands globally and business spanning Europe, Asia, and South America, relying on one person to make decisions is like letting an aircraft carrier chase a speedboat. He saw through it: a founder's intuition is the company's ceiling and its limit. An Conghui is a professional manager grown from Geely itself, working from the grassroots to the core. Li Shufu's words "Professional talent is rare" were handing the baton to someone who had truly run on the track. This baton pass is not a shift in power, but a victory of organizational life over individual lifespan.

II. What's Missing is Not Technology, but the Explosive Power of Hit Products

The new chairman didn't read a welcome report upon taking office, but first admitted shortcomings: "Lack of hit products, lack of mid-tier strength." In the first half, Zeekr sold 178,000 units crazily, Xingyuan stormed the entry-level market list, but in the middle golden belt of 150,000 to 300,000, Geely was surrounded like an iron barrel by BYD, Li Auto, and AITO. Chassis, intelligent driving, batteries, Geely lacks none of these, but what is missing is the chemical reaction to turn technology into hit products. So "One Geely" is no longer a slogan—cutting overlapping models, R&D expenses decreased, procurement tightened into one rope, the goal is one: make every penny strike a sound-producing product. In the first half of electrification, it was about lone heroes; in the second half, it is about the speed of system punches.

III. The Next Chapter of Globalization, Relying on Leverage Instead of Building Factories

Sold 474,000 units overseas in the first half, more than doubled year-on-year, but Geely played smarter this time. Li Shufu made things clear: not building new factories everywhere, sharing capacity with Ford in Spain, borrowing Volvo's European foundation, landing in Malaysia relying on Proton, side by side with Renault in South America. Investments made over these years finally assembled into a global manufacturing network. The early routine of Chinese car companies going overseas was shipping and selling cars, what Geely wants to do is package technology, supply chain, and localization together, quietly taking root in other people's markets. At this time, the founder's personal will cannot cover time zones and national borders, must let the organization grow thousands of feet, to run for Geely on the Earth.

Li Shufu stepped back, Geely took a big step forward. After Steve Jobs, Apple was still making money, but products changing the world were fewer; what Geely wants to prove is not whether changing the person still allows making money, but whether the gene of daring to bet and venture will break without the strongman. On An Conghui's desk lay the semi-annual report, and also three new car model blueprints. The real exam has just begun—not testing who sits on that chair, but testing whether that chair can shine on its own. The founder's value has never been standing on the stage forever, but letting the stage be empty, and the show can still be more wonderful.

Dia bersandar ke belakang pada sandaran kerusi, bukan kerana letih, tetapi untuk melihat keseluruhan papan catur. Pada 17 Ogos, Li Shufu meletakkan jawatan sebagai Pengerusi Jawatankuasa Pengarah Geely Automobile, An Conghui mengambil alih. Tiada kejatuhan prestasi secara mengejut, tiada paksaan pemegang saham, pada ketika pendapatan setengah tahun 173.6 bilion dan keuntungan meningkat 46 peratus, penggagas kereta ini secara sukarela menyerahkan roda stereng. Ada yang mengatakan Geely akan berubah, sebaliknya, Li Shufu menggunakan penarikan diri kali ini untuk mendapatkan tiket masuk Geely untuk tiga puluh tahun akan datang.

1. Pengasas Meletakkan Jawatan, Lebih Sukar Berbanding Memulakan Perniagaan

Li Shufu bukan jeneral yang kalah, sebaliknya raja yang menunduk sendiri. Selama tiga puluh tahun lalu, setiap langkah berani Geely ada nama Li Shufu—berani buat kereta, berani beli Volvo, berani bertaruh tenaga baharu. Tetapi apabila syarikat tumbuh ke saiz Geely, tujuh atau lapan jenama global, perniagaan merentasi Eropah, Asia dan Amerika Selatan, bergantung pada seorang sahaja membuat keputusan sama dengan membiarkan kapal induk mengejar bot cepat. Dia melihat dengan jelas: intuisi pengasas adalah had atas syarikat, juga siling. An Conghui adalah pengurus profesional yang tumbuh dari Geely sendiri, dari asas ke teras, apa kata Li Shufu "bakat profesional sukar dicari", adalah menghantar tongkat estafet kepada seseorang yang benar-benar berlari di lintasan. Serah terima ini bukan peralihan kuasa, kemenangan kehidupan organisasi terhadap jangka hayat individu.

2. Bukan Kekurangan Teknologi, Tetapi Daya Ledak Produk Hits

Presiden baru tidak membaca berita gembira, tetapi mendedahkan kelemahan: "Kekurangan produk hits, kekurangan kekuatan tengah." Separuh tahun pertama Zeekr menjual 178,000 unit, Xingyuan menjangkau pasaran permulaan, tetapi kawasan emas 150,000 hingga 300,000 di tengah, Geely dikelilingi BYD, Li Auto, AITO seperti besi. Chassis, pemanduan pintar, bateri, Geely tidak kurang apa-apa, yang kekurangan adalah reaksi kimia untuk mengubah teknologi menjadi produk hits. Jadi "Satu Geely" bukan lagi slogan—memotong model yang bertindih, kos penyelidikan diturunkan, pembelian dirapatkan menjadi satu tali, matlamatnya satu: membuat setiap sen menghasilkan produk yang berkesan. Separuh pertama elektrifikasi bertanding pahlawan sendirian, separuh kedua bertanding kelajuan sistem memukul.

3. Bab Baharu Globalisasi, Tidak Bergantung Membina Kilang Tetapi Berpinjam Tenaga

Separuh tahun pertama dijual 474,000 unit di luar negara, meningkat dua kali ganda daripada tahun lalu, tetapi Geely kali ini bermain lebih bijak. Li Shufu melontarkan kata-kata: tidak membina kilang di mana-mana, berkongsi kapasiti Sepanyol dengan Ford, meminjam asas Eropah Volvo, di Malaysia bergantung pada Proton, Amerika Selatan bahu-membahu dengan Renault. Pelaburan sebelum dan selepas tahun-tahun ini akhirnya disusun menjadi rangkaian pembuatan global. Lepak kereta China pada awal pelayaran ke luar negara ialah menghantar dan menjual kereta, Geely hendak melakukan ialah membungkus teknologi, bekalan, tempatan bersama, meresap secara senyap ke pasaran orang lain. Pada masa ini, kehendak peribadi pengasas tidak dapat menutupi zona waktu dan sempadan negara, mesti membiarkan organisasi tumbuh beribu kaki, menggantikan Geely berlari di atas Bumi.

Li Shufu mundur setapak, Geely melangkah satu langkah besar. Selepas Jobs, Apple masih untung, tetapi produk mengubah dunia kurang; Geely hendak membuktikan, bukan ganti orang lain boleh buat duit atau tidak, tetapi selepas tinggalkan orang kuat, gen berani bertaruh berani terjah akan terputus atau tidak. Di meja An Conghui ada laporan separuh tahun, ada tiga lukisan model kereta baru. Ujian sebenar baru bermula—bukan ujian siapa duduk kerusi itu, tetapi ujian kerusi itu boleh bersinar sendiri atau tidak. Nilai pengasas, bukan selamanya berdiri di pentas, tetapi membiarkan pentas kosong, drama masih lebih menarik.

That August 1st sales quick report, I read it over and over again. Geely's total July sales reached 250,161 units, nothing unexpected; what really made me pause in front of my computer was the overseas data: exports of 106,663 units, up 202% year-on-year, rising month-on-month and year-on-month for 7 consecutive months, and reaching the 100,000 unit mark for two consecutive months.

Working in this industry for so long, you develop a feel for numbers. Previously when we talked about exports, it was assumed we just pull domestic surplus inventory to the Middle East or Africa to get blood back. But of Geely's 106,000 units this month, new energy vehicles accounted for 62,604 units, a proportion as high as 59%. What does this show? It shows what Geely sends overseas is no longer "surplus stock", but the "elite forces" currently fighting the main battle domestically.

The logic behind this deserves to be broken down and discussed thoroughly.

I see many peers focusing on total sales volume. Actually, break it down by model dimension, you will find Geely's approach has changed. Previously relying on one car to rule the world, now it is rising simultaneously in various sub-segments.

Taking Star Wish (EX2) as an example, it took first place in Thailand's pure electric market in June, pushing BYD Atto 3 aside. This car looks unremarkable domestically, but in Southeast Asia's congested, high-temperature, cost-performance-focused markets, it is simply a dimensional strike. Even more incredibly, this car entered the top two in Brazil and Mexico. An A0-level small car can gain volume simultaneously in Southeast Asia and Latin America with completely different usage scenarios. This is definitely not luck, but right product definition.

Look at Starship 7 EM-i (EX5 EM-i), this car took C-level PHEV first place in Poland. Europeans are shrewd, high fuel prices, inconvenient charging, PHEV is indeed the optimal solution at this stage. Geely taking the domestic Thor Electric Hybrid technology over there, just cut right into the pain points.

Lynk & Co 08 and Zeekr need not be mentioned. Lynk & Co 08 entering the top three in premium plug-in hybrids in a place like Mexico, which is the "heartland of American cars", Zeekr pressing BBA down in right-hand drive markets like Australia, Malaysia. This is no longer explainable by "cost-performance", this is substantive breakthrough in brand elevation. Previously we said Chinese cars going overseas is "encircle the cities from the countryside", now it looks like Geely wants to directly enter "the city" to open stores.

To tell the truth, July sales volume is just the result, that big move Geely and Ford pulled off in Spain at the end of July is the key to deciding the pattern of the next three years.

Geely spent 221 million euros to buy 34% stake of Ford's Spanish Valencia factory. This money looks a lot, but in the background of building factories in Europe costing billions of euros, this is simply "rock-bottom price".

Why is this move so clever? We who work in industry all understand, the European market has always had a "glass door", that is that anti-subsidy tariff. Previously we made cars and sent them over, tariffs were so high it was shocking, price advantage instantly disappeared. Now Geely directly builds a joint venture factory in Spain, using Ford's idle capacity to make Geely cars. This trick of "borrowing a boat to go out", directly bypasses the tariff barriers.

More importantly, this factory was built in 1976, Ford has run it there for decades, supply chain, workers, union relations are all sorted out. Geely spending small money to do big things, not only gained capacity, but also gained the "ticket" to enter the EU market and "compliance credentials". Afterward, Europeans buying Geely cars, packaging might print "Made in Spain". This is not only a business victory, but survival wisdom under geopolitical games.

Having done auto reporting for so many years, I have seen too many companies fail miserably when going overseas. Previously many car manufacturers going overseas, just find an agent, send cars over, whether they sell well depends entirely on heaven. But Geely's current gameplay is "system overseas".

What is a system? It is "One Geely" strategic coordination. Geely, Lynk & Co, Zeekr three brands, positioning clearly divided, fighting each other not at all. Geely focuses on volume, Lynk & Co on quality, Zeekr on high-end. This multi-brand synergy is even more important overseas than domestically, because overseas dealers fear OEM left-right mutual fighting.

Looking deeper, it is technical foundation sharing. CMA, SEA these architectures, plus Thor Electric Hybrid, Shield Battery, all globally universal. This is like building blocks, base is universal, above can according to different country regulations, road conditions, consumer habits change shells. This development efficiency is what those still "one car one car redesign" competitors cannot compare with.

Past decade smashed in 250 billion R&D fees, now look, time for harvest has arrived.

Of course, we also must be calm. Although Geely's momentum is fierce, challenges are still ahead. Before Valencia factory first car rolls out in 2028, union negotiations, production line renovation, EU certification, every gate is not easy. Moreover, Lynk & Co and Zeekr really entering Western Europe, facing Mercedes, BMW, Tesla these "local heavyweights", hard battles are still ahead.

But for us spectators, Geely's July 106,000 units, signal meaning already very clear. Chinese cars going overseas, already passed that "selling cars out is enough" untamed era, entered "manufacture locally, sell locally, service locally" system competition stage.

Later you see Zeekr on Sydney streets, or Starship 7 in Warsaw, likely not from Ningbo Port crossing ocean transported over, but European local factory roll-out products. This is true globalization, also Geely this wave operation most makes me feel "sophisticated" place.

This game of chess, Geely has only just started placing stones.

1 Ogos laporan jualan pantas, saya baca berulang kali tiga kali. Jumlah jualan Geely Julai 250,161 unit, tiada apa-apa kejutan; yang benar-benar membuat saya terkejut di hadapan komputer adalah data luar negara: eksport 106,663 unit, meningkat mendadak 202% berbanding tahun sebelumnya, bertambah ganda secara bulan-bulan dan tahun-bandingkan selama 7 bulan berturut-turut, dan berdiri di atas tangga 100,000 unit selama dua bulan berturut-turut.

Sudah lama berjinak dalam industri ini, saya mempunyai intuisi terhadap angka. Dulu bila kita berbual tentang eksport, andaian biasa adalah membawa stok kereta yang tidak laku di dalam negara ke Timur Tengah, Afrika untuk pulih modal. Tetapi dalam 106,000 unit Geely ini, kenderaan baharu menduduki 62,604 unit, nisbah tinggi mencecah 59%. Ini menunjukkan apa? Ia menunjukkan bahawa apa yang Geely hantar ke luar negara, sudah bukan "stok akhir", malah "pasukan elit" yang sedang menjadi tumpuan utama di dalam negara.

Logik di sebalik ini wajar kita bongkarkan dan halusi untuk berbual.

Saya lihat banyak rakan sekerjaya meneliti jumlah jualan keseluruhan, sebenarnya apabila dibongkar mengikut dimensi model, anda akan mendapati strategi Geely sudah berubah. Dulu bergantung pada satu model untuk menakluki dunia, sekarang sedang naik di setiap sektor pasaran serentak.

Ambil contoh Xingyuan (EX2), Jun di pasaran EV sepenuhnya Thailand meraih tempat pertama, menekan BYD Atto 3. Kereta ini di dalam negara kelihatan tidak penting, tetapi di pasaran serba sesak, panas tinggi, mengutamakan kos ke faedah di Asia Tenggara, bagaikan serangan dimensi tinggi. Lebih hebat lagi, kereta ini juga masuk dua besar di Brazil dan Mexico. Sebuah kereta A0 kelas, boleh meningkatkan jumlah di Asia Tenggara dan Amerika Latin yang mempunyai penggunaan berbeza, ini pasti bukan nasib, kerana definisi produk dibuat dengan betul.

Lihat lagi Starship 7 EM-i (EX5 EM-i), kereta ini di Poland meraih tempat pertama PHEV Kelas C. Orang Eropah bijak, harga minyak tinggi, pengisian masih tidak selesa, PHEV memang penyelesaian optimum semasa. Geely membawa teknologi cecair elektrik Thunder God dari dalam negara, tepat sekali pada titik sakit.

Lynk & Co 08 dan Zeekr tak perlu sebut lagi. Lynk & Co 08 di Mexico tempat "pusat kereta Amerika" boleh masuk tiga besar插混 high-end, Zeekr di Australia, Malaysia pasaran stereng kanan mampu tekan BBA, ini bukan lagi "kos ke faedah" boleh terangkan, ini突破性 sebenar naik taraf jenama. Dulu kita kata kereta China keluar negara adalah "desa keliling bandar", sekarang, Geely ingin terus masuk "bandar" buka kedai.

Jujur berkata, jualan Julai hanya hasil, hujung Julai tindakan besar di Sepanyol antara Geely dan Ford, itulah kunci menentukan corak 3 tahun akan datang.

Geely belanjakan 221 juta Euro, membeli Ford Sepanyol Valencia kilang 34% saham. Wang ini nampak banyak, tetapi di Eropah membina kilang mudah sahaja 1 bilion Euro, ini bagaikan "harga asas".

Mengapa langkah ini begitu baik? Kita bekerja dalam industri faham semua, pasaran Eropah ada "pintu kaca", iaitu tarif subsidi anti. Dulu kita bina kereta hantar pergi, tarif tinggi menakutkan, kelebihan harga hilang serta-merta. Sekarang Geely terus membina kilang kongsi di Sepanyol, guna keupayaan Ford yang kosong untuk buat kereta Geely. Tip "pinjam kapal keluar laut", terus lalangi halangan tarif.

Lebih penting, kilang ini 1976 siap dibina, Ford beroperasi di sana puluhan tahun, rantai bekalan, pekerja, hubungan serikat pekerja sudah teratur. Geely guna sedikit wang buat besar, bukan sahaja dapat keupayaan, juga dapat "tiket masuk" pasaran EU dan "kelayakan patuh". Masa depan orang Eropah beli kereta Geely, pada bungkusan mungkin cetak "Made in Spain". Ini bukan sahaja kemenangan perniagaan, malah kebijaksanaan kelangsungan hidup di bawah permainan geopolitik.

Sudah lakukan bertahun-tahun pelaporan kereta, saya lihat banyak perusahaan gagal keluar negara. Dulu banyak syarikat kereta keluar negara, cari agen, hantar kereta, jualan bagus buruk tengok nasib. Tetapi permainan Geely sekarang, adalah "keluar negara sistem".

Apa erti sistem? Ialah "Satu Geely"统筹 strategi. Geely, Lynk & Co, Zeekr tiga jenama, kedudukan jelas, tak bergaduh sesama. Geely jalan kuantiti, Lynk & Co jalan kualiti, Zeekr jalan high-end. Kerjasama multi-jenama ini, di pasaran luar negara lebih penting dari dalam, kerana pengedar luar negara takut pabrik utama bergaduh kiri kanan.

Lihat lebih dalam, adalah perkongsian tapak teknologi. Rangka CMA, SEA,还有 teknologi campuran elektrik Thor God, bateri Perisai Tuhan, semua seragam global. Ini bagaikan menyusun blok, tapak seragam, atas boleh tukar kulit ikut undang-undang negara, keadaan jalan, tabiat消费. Kecekapan pembangunan ini, adalah对手 yang masih "satu kereta satu kereta reka semula" tidak dapat banding.

10 tahun lalu masuk 250 bilion yuran R&D, sekarang lihat, masa menuai sudah tiba.

Tentu, kita juga perlu tenang. Geely walaupun giat, cabaran masih ada depan. Sebelum kereta pertama keluar kilang Valencia 2028, rundingan serikat, pengubahsuaian barisan pengeluaran, pengesahan EU, setiap penghalang tidak senang. Selain itu, Lynk & Co dan Zeekr benar-benar masuk Eropah Barat, hadap Mercedes, BMW, Tesla "ular sawah", perang keras masih ada depan.

Tetapi untuk kita penonton, Geely Julai ini 106,000 unit, erti isyarat sudah sangat jelas. Kereta China keluar negara, sudah lepas zaman "cabut saja jualan" liar, masuk ke "buat di sini, jual di sini, servis di sini" fasa persaingan sistem.

Masa depan anda di jalan Sydney nampak Zeekr, atau Starship 7 nampak di Warsaw, mungkin bukan dari Pelabuhan Ningbo hanyut samudera, malah produk keluar kilang tempatan Eropah. Ini globalisasi sebenar, juga tempat operasi Geely paling saya rasa "pakar".

Catur ini, Geely baru mula letak catur.

“Selling cars doesn't make money" — this industry joke ultimately came true as a prophecy.

The price war has lasted three years, and industry profit margins have fallen from 7.8% ten years ago to 1.5%. "Quantity and profit cannot be had together" changed from a phenomenon into industry consensus.

But Geely overturned this consensus with a set of data — in the first half of this year, automotive sales reached 1.42 million units, a slight year-on-year increase of 1%; revenue was 173.6 billion yuan, a surge of 15% year-on-year; core net profit attributable to the parent company reached 9.68 billion yuan, a surge of 46% year-on-year; core net profit attributable to the parent company per vehicle was 6,806 yuan, an increase of 45% year-on-year.

Sales up 1%, profit up 46%.This isn't piled up by "selling more cars, thin margins on high volume", but every car is earning more money. If you look at it over a longer time, this is Geely's sixth consecutive year of positive revenue growth. In a cycle turning from "incremental competition" to "stock elimination", these five words "Volume, Price, and Profit All Rising" are the most hardcore footnote of this semi-annual report.

The data is there, anyone can calculate the accounts. But what is more worth asking is — Geely, on what basis?

The answer is hidden in a strategy launched two years ago. In September 2024, Geely released the "Taizhou Declaration", proposing five major measures of "Strategic Focus, Strategic Integration", declaring a move from the expansion era of "raising many children to fight well" to the focus era of "returning to one Geely".

At that time, Geely answered the two questions most focused by the market: Why and How?

The answer to the former is very direct: change the past situation of scattered brands fighting separately, concentrating resources into a fist; the path for the latter is also very clear: Zeekr, Lynk & Co., Galaxy, and China Star, the four major brands, are under one corporate structure, with the Central Research Institute, supply chain, and manufacturing system all connected. In August this year, a General Sales Company was established, with four brand sales companies under it, further coordinating marketing resources. From R&D, manufacturing, procurement, to sales, "One Geely" completed the last piece of the puzzle.

The effect of integration was also directly written into the income statement — administrative expense ratio dropped to 1.7% in the first half of the year, R&D expense ratio dropped to 5.2%, money was spent less, efficiency was higher.

The four brands also have their respective duties. Zeekr carries the profit, selling 178,000 units in the first half of this year, accounting for only 12.5% of total sales, but contributing 31.7% of revenue — this is the power of premiumization; average transaction price 350,000, already exceeding BBA.

Galaxy pursues volume, selling nearly 520,000 units in the first half of the year, breaking into the top three globally in new energy. Running volume in the mainstream market, spreading costs, is Geely's basic foundation.

China Star defends internal combustion, selling over 580,000 units in the first half of the year, securing the first place in Chinese brand internal combustion car sales for the 10th consecutive year. Industry internal combustion cars dropped 31.9%, China Star only dropped 8.8%, holding the internal combustion camp with product power.

Lynk & Co. focuses on differentiation, over 144,000 units in the first half of the year, new energy penetration rate reached 65%, labels of "trendy, sports, individual" are stuck tighter, doing what they are good at in niche markets. "No fighting, no internal friction" — this is not one brand fighting, but four pillars holding up Geely's profit chassis simultaneously.

After stabilizing the domestic market, Geely turned its eyes to further places.

While the domestic auto market is still fighting in price wars, Geely cars are already loaded onto ocean freighters. In the first half of the year, Geely's overseas export sales reached 474,200 units, a 158% year-on-year increase, exceeding the total export volume of the entire year of 2025. In June and July, overseas monthly sales exceeded 100,000 units consecutively.

Horizontal comparison is more intuitive — Geely has the highest export growth rate among mainstream Chinese automakers, total export volume and new energy export volume both ranked in the top three among Chinese automakers. The proportion of exports to total sales was pulled from about 13% last year's same period to 33%.

But more valuable than sales volume is the structure of exports — in the first half of this year, Geely's new energy vehicle exports reached 277,200 units, a surge of 585% year-on-year, accounting for 58.5% of total exports. That is to say, in the cars Geely sells overseas, over half are new energy — not moving domestic fuel cars that can't be sold overseas to clear inventory, but pushing the most advanced products to the global market.

At the same time, Geely's approach is also upgrading: from "whole vehicle export" to "system overseas". In the first half of the year, overseas manufacturing plants put into operation reached 12, overseas capacity exceeded 650,000 units, expected to exceed 840,000 units by year-end. Geely Auto Board Chairman An Conghui disclosed longer-term layouts at the performance meeting: Volvo Europe factory will undertake Geely system's luxury car production; Proton Malaysia factory is undergoing technical transformation, planned for upgrade to 500,000 unit-level Southeast Asia manufacturing base; Ford joint venture Spain factory capacity is also 500,000 units. From "selling cars out" to "building factories out", Geely is completing the leap from product overseas to industrial overseas.

And based on the first half-year growth rate, Geely has raised the full-year overseas sales target from 640,000 units to 920,000 units, and shouted the slogan of sprinting to 1 million units, long-term goal is overseas contributing two-thirds of total sales.

From 13% to 33%, then to two-thirds, a clear upward curve outlines Geely's overseas market growth trajectory, and also marks a key node of a Chinese automaker leaping to a global company.

One seeks efficiency inwards, one seeks increment outwards —

Integration is tightening resources, going overseas is opening the market. But this merely solves the problem of getting to the table, wanting to win the game, you still need to place a bigger bet.

Open Geely's R&D ledger: R&D investment 9.06 billion yuan in the first half of the year, year-on-year growth 8%, R&D expense ratio actually dropped 0.3 percentage points. Money was spent more efficiently, but R&D investment absolute value is still rising — this money, most of it thrown to one direction: AI.

In January 2026, Geely announced on US CES that full-domain AI technology system evolved to 2.0 era. Core breakthrough is based on self-developed WAM World Behavior Model, achieving cross-domain fusion of AI technology in various domains of the whole vehicle, allowing automotive intelligence to first possess a continuous evolving "worldview" and "judgment capability".

Based on WAM model, Geely built a so-called "1+2+N" multi-agent collaboration framework, core logic is not complex: one brain unified scheduling, Super Eva and Qianli Haohan G-ASD respectively responsible for "thinking" and "moving", then extended to all vehicle function modules. Simply put, you say a sentence casually, behind there might be several intelligent modules working together — understand intent, plan path, control vehicle, adjust cockpit, all in one go.

On the ground, Qianli Haohan G-ASD already covers Zeekr, Lynk & Co. brand 16 car models, equipped vehicles over 300,000 units. In 2026, Geely plans to push highway L3 and urban L4 functions under legal permission, and realize Robotaxi commercial operation.

Different from the industry's common "Product Intelligence" — adding a pile of functions to the car, Geely embedded AI into the full chain from design, R&D, manufacturing to after-sales. i-HEV Intelligent Engine Hybrid, AI Digital Chassis, 16-in-1 Intelligent Electric Drive launched in the first half, behind them all have shadows of AI large models. At the same time, further chess game has been played: Geely has deepened cooperation with NVIDIA, also plans to establish 2030 Laboratory, layout power semiconductors, embodied intelligence, large models and other frontier fields.

If "One Geely" is the chassis, going overseas is the accelerator, then full-domain AI is the steering wheel — it determines where this company will finally drive to. And Geely official stance on this matter is: Accelerating towards "Full-domain AI Intelligent Vehicle Leader".

"This is an eye-catching financial report, but not yet at the level of dazzling." At the performance press conference, Geely Auto Board Vice Chairman and Executive Director Gui Shengyue gave four judgments: Above Expectations, Eye-catching, Not Dazzling, Can Sustain Long Term with Huge Room for Improvement.

And behind this exactly corresponds to the three-fold logic of Geely's semi-annual report: Above Expectations, it is efficiency release brought by integration; Eye-catching, it is growth space opened by going overseas; And Not Dazzling but Huge Room for Improvement, it is sober cognition of this AI marathon — trump card has been shown, but the final outcome is far from coming.

For the industry, the greatest value of Geely's semi-annual report is not providing another "case of making money", but providing a "sample of how to live well in a stock elimination cycle" — not relying on price wars, not relying on stacking configurations, relying on strategic determination, system capability and forward-looking layout. This is Geely's answer, and also its deepest moat.

'Jualan kereta tidak untung'—sebuah jenaka industri ini, akhirnya menjadi kenyataan.

Perang harga berlangsung selama 3 tahun, keuntungan industri dari 7.8% sepuluh tahun lalu jatuh kepada 1.5%. 'Kuantiti dan keuntungan tidak boleh diperolehi serentak' daripada satu fenomena, menjadi kesepakatan industri.

Tetapi Geely menggunakan satu set data, meruntuhkan kesepakatan ini—setengah tahun pertama tahun ini, jualan kenderaan 1.42 juta unit, naik sedikit 1% berbanding tahun sebelumnya; pendapatan 173.6 bilion yuan, naik besar 15% berbanding tahun sebelumnya; keuntungan bersih utama yang layak kepada pemilik 9.68 bilion yuan, melonjak 46% berbanding tahun sebelumnya; keuntungan bersih utama per kenderaan 6,806 yuan, meningkat 45% berbanding tahun sebelumnya.

Jualan naik 1%, keuntungan naik 46%.In bukan daripada 'menjual lebih banyak, untung sedikit tetapi banyak unit' yang dikumpulkan, tetapi setiap kenderaan menjana lebih banyak wang. Jika dilihat dalam jangka masa panjang, ini sudah menjadi Geely terus mengekalkan pertumbuhan pendapatan positif selama enam tahun berturut-turut. Dalam satu kitaran dari 'persaingan pertumbuhan' beralih ke 'pelupusan stok sedia ada', 'kuantiti, harga dan keuntungan naik serentak' lima perkataan ini, adalah bukti kukuh laporan setengah tahun.

Data diletakkan di situ, siapa pun boleh kira. Tetapi yang lebih patut ditanya ialah—Geely, atas dasar apa?

Jawapannya, tersembunyi dalam satu strategik yang dimulakan dua tahun lalu. September 2024, Geely melancarkan 'Deklarasi Taizhou', mencadangkan 'fokus strategik, integrasi strategik' lima inisiatif utama, mengisytiharkan dari 'era ekspansi melahirkan banyak anak untuk bertarung', masuk ke 'era fokus mengembalikan kepada satu Geely'.

Pada masa itu, Geely menjawab dua masalah pasaran yang paling difokuskan：mengapa dan bagaimana?

Jawapan perkara pertama sangat langsung, ubah keadaan jenama terserak, bertindak sendiri masa lalu, sumber sumber dibiarkan menjadi satu tinju; laluan perkara kedua juga jelas, Zeekr, Lynk & Co, Galaxy, China Star empat jenama berada dalam satu struktur syarikat, Akademi Penyelidikan Pusat, rantai bekalan, sistem pengilangan semuanya disambungkan. Ogos tahun ini juga telah ditubuhkan Syarikat Ibu Jualan, di bawahnya empat syarikat jualan jenama, sumber pemasaran semakin bersinergi. Dari penyelidikan dan pembangunan, pengilangan, pembelian, jualan, 'satu Geely' telah melengkapkan kepingan puzzle terakhir.

Kesan integrasi, juga terus dituliskan dalam penyata keuntungan—setengah tahun pertama kadar kos pentadbiran turun kepada 1.7%, kadar kos penyelidikan dan pembangunan turun kepada 5.2%, wang dibelanjakan lebih sedikit, kecekapan lebih tinggi.

Empat jenama juga bertindak sendiri masing-masing. Zeekr memikul keuntungan, setengah tahun pertama tahun ini menjual 178,000 unit, hanya menampung 12.5% jualan keseluruhan, tetapi menyumbang 31.7% pendapatan—ini adalah kuasa pendekatan premium; purata harga setiap pelanggan 350,000, sudah melebihi BBA.

Galaxy mengejar saiz, setengah tahun pertama tahun ini menjual hampir 520,000 unit, memuncak tiga teratas global kereta baru. Pasar utama mengejar saiz, tabir kos, adalah asas Geely.

China Star menjaga petrol, setengah tahun pertama tahun ini menjual lebih 580,000 unit, tahun kesepuluh berturut-turut menang jualan kereta petrol jenama China pertama. Industri kereta petrol turun 31.9%, China Star hanya turun 8.8%, bergantung pada kekuatan produk menjaga kempet petrol.

Lynk & Co buat perbezaan, setengah tahun pertama tahun ini lebih 144,000 unit, penetrasi kereta baru mencapai 65%, label 'gaya, sukan, peribadi' semakin lekat, buat perkara yang dipelajari dalam pasaran sekat. 'Tidak berperang, tidak ada perpecahan dalaman'—bukan satu jenama dalam pertarungan, empat tiang serentak menopang tapak keuntungan Geely.

Setelah pasaran domestik stabil, Geely mengarahkan tumpuan ke tempat yang lebih jauh.

Apabila pasaran kenderaan dalam negara masih berperang dalam perang harga, kereta Geely sudah dipasang di atas kapal kargo samudra. Setengah tahun pertama tahun ini, jualan eksport luar negara Geely mencapai 474,200 unit, naik 158% berbanding tahun lalu, sudah melebihi jumlah eksport keseluruhan 2025. Jun dan Julai, jualan bulanan luar negara terus melebihi 100,000 unit.

Perbandingan mendatar lebih langsung—Geely adalah eksport yang paling tinggi pertumbuhan dalam kenderaan China arus perdana, jumlah eksport keseluruhan dan eksport kereta baru serentak masuk tiga teratas kenderaan China. Nisbah eksport terhadap jualan keseluruhan, dari kira-kira 13% pada tempoh yang sama tahun lalu ditarik ke 33%.

Tetapi lebih bernilai daripada jualan adalah struktur eksport—setengah tahun pertama tahun ini, eksport model kereta baru Geely 277,200 unit, melonjak 585% berbanding tahun lalu, menampung 58.5% jumlah eksport. Maksudnya, dalam kereta Geely dijual ke luar negara, lebih separuh adalah kereta baru—bukan memindahkan kereta petrol yang tidak dijual di dalam negara ke luar negara untuk membersihkan stok, tetapi mempromosikan produk paling canggih ke pasaran global.

Selain itu, taktik Geely juga naik taraf: dari 'eksport kenderaan penuh' menuju 'keluaran sistem'. Setengah tahun pertama tahun ini kilang pengilangan luar negara yang beroperasi sudah mencapai 12 buah, kapasiti luar negara melebihi 650,000 unit, jangka akhir tahun akan melebihi 840,000 unit. Presiden Jawatankuasa Pengurusan Geely Motors An Conghui mendedahkan susunan jangka panjang lebih panjang dalam mesyuarat prestasi: kilang Volvo Eropah akan menerima pengeluaran kereta mewah dalam sistem Geely; kilang Proton Malaysia sedang menjalani pengubahsuaian teknologi, perancangan naik taraf menjadi tapak pengilangan Asia Tenggara tahap 500,000 unit; kapasiti kilang Sepanyol perkongsian dengan Ford juga sama 500,000 unit. Dari 'menjual kereta' ke 'membina kilang', Geely sedang menyiapkan dari keluaran produk ke lompati keluaran industri.

Dan berdasarkan pertumbuhan setengah tahun pertama, Geely sudah menaikkan sasaran jualan luar negara keseluruhan dari 640,000 unit kepada 920,000 unit, dan mengisytiharkan slogan mengejar 1 juta unit, sasaran jangka panjang adalah sumbangan luar negara dua pertiga jualan keseluruhan.

Dari 13% ke 33%, lagi ke dua pertiga, satu lengkungan menaik yang jelas, melukis jejaki pertumbuhan pasaran luar negara Geely, dan juga menandakan satu titik melompat penting kenderaan China ke syarikat global.

Satu dari dalam minta kecekapan, satu dari luar minta pertumbuhan—

Integrasi adalah mengepalkan sumber, keluar negara adalah membuka pasaran. Tetapi ini hanya menyelesaikan masalah masuk ke meja, untuk menang permainan, masih perlu bertaruh lebih besar.

Buka buku akaun penyelidikan Geely: Setengah tahun pertama tahun ini pelaburan penyelidikan R&D 9.06 bilion yuan, naik 8% berbanding tahun lalu, kadar kos penyelidikan R&D sebaliknya turun 0.3 peratus poin. Wang dibelanjakan lebih efisien, tetapi nilai mutlak pelaburan penyelidikan R&D masih naik—wang ini, kebanyakannya dibazir ke satu arah：AI.

Januari 2026, Geely mengisytiharkan di CES Amerika bahawa sistem teknologi AI keseluruhan berkembang ke era 2.0. Pencapaian teras adalah berdasarkan model tingkah laku dunia WAM yang dibangunkan sendiri, mencapai integrasi merentasi domain teknologi AI di semua kawasan kenderaan, membolehkan kecerdasan kenderaan untuk pertama kali mempunyai 'pandangan dunia' dan 'kemampuan menilai' perubahan berterusan.

Berdasarkan model WAM, Geely membina satu bingkai kerjasama agent pintar bernama '1+2+N', logik terasnya tidak rumit: satu otak melaraskan seragam, Super Eva dan Qianli Haohan G-ASD masing-masing bertanggungjawab atas 'berfikir' dan 'bertindak', kemudian meluas ke semua modul fungsi kenderaan. Mudah dikatakan, anda sebut sebaris, di belakangnya mungkin beberapa modul pintar bekerjasama—memahami maksud, merancang laluan, mengawal kenderaan, menyesuaikan kabin, kesatuan.

Dalam pelaksanaan, Qianli Haohan G-ASD sudah menutupi jenama Zeekr, Lynk & Co 16 model kenderaan, dipasang kenderaan lebih 300,000 unit. 2026, Geely merancang di bawah yang dibenarkan undang-undang menghantar fungsi L3 lebuhraya dan L4 bandar, dan mencapai operasi komersial Robotaxi.

Berbeza dengan 'kecerdasan produk' industri umum—di atas kenderaan tambah banyak fungsi, Geely menanam dalam rantaian lengkap dari reka bentuk, penyelidikan, pengilangan hingga pasca jualan. Setengah tahun pertama tahun ini melancarkan i-HEV Zhiqing Hybrid, Rangka AI Digital, Pemanduan Elektrik Pintar 16-in-1, di belakang semuanya mempunyai bayang-bayang model besar AI. Selain itu, catur yang lebih jauh sudah meletakkan batu: Geely sudah memperdalam kerjasama dengan NVIDIA, juga merancang menubuhkan Laboratori 2030, menyusun semikonduktor kuasa, kecerdasan fizikal, model besar dan bidang hadapan lain.

Jika 'Satu Geely' adalah tapak, keluar negara adalah pemercepat, maka AI keseluruhan adalah stereng—ia menentukan syarikat ini akhirnya ke mana pergi. Dan penentuan Geely rasmi terhadap perkara ini ialah：Meneraju menuju 'Peneraju Kereta Pintar AI Keseluruhan' dengan pantas.

'Ini adalah laporan kewangan yang cemerlang, tetapi belum mencapai tahap menakjubkan'. Dalam mesyuarat prestasi, Presiden Jawatankuasa Pengurusan, Pelaksana Kui Shengyue Geely Motors memberikan empat penilaian：Dijangka, Cemerlang, Tidak Menakjubkan, Boleh Berterusan Jangka Panjang dan Mempunyai Ruang Peningkatan yang Besar.

Dan di belakang ini tepat sepadan dengan tiga logik laporan setengah tahun Geely: Dijangka, adalah kebebasan kecekapan dari integrasi; Cemerlang, adalah ruang pertumbuhan dari keluar negara membuka; dan Tidak Menakjubkan tetapi Mempunyai Ruang Peningkatan yang Besar, adalah kesedaran sedar terhadap larian panjang AI ini—Kad sudah ditunjukkan, tetapi akhir jauh belum tiba.

Untuk industri, nilai terbesar laporan setengah tahun Geely ini, bukan memberikan satu lagi 'kes mengaut untung', tetapi memberikan satu 'contoh hidup baik dalam kitaran pelupusan stok'—bukan bergantung pada perang harga, bukan bergantung pada pengumpulan konfigurasi, bergantung pada ketetapan strategik, keupayaan sistem dan susunan pandangan depan.Ini adalah jawapan Geely, dan juga parit pertahanan terdalamnya.

2026First half of the year, China's vehicle manufacturing profit margin fell to 1.5%, reaching a new low in nearly a decade.

In this context, Geely's performance is very prominent.

Total sales volume in the first half reached 1.423 million units, a year-on-year increase of only 1%. However, revenue was 173.6 billion yuan, a year-on-year increase of 15%; core net profit attributable to shareholders was 9.68 billion yuan, a year-on-year increase of 46%. Gross margin increased from 16.2% in the same period last year to 17.9%.

Management summarized it in one sentence: "Revenue growth is faster than sales volume growth, and profit growth is faster than revenue growth."

Growth drivers come from two aspects.

Premiumization — Zeekr's sales volume in the first half reached 178,000 units, a year-on-year increase of 97%, accounting for 12.5% of total sales and contributing 31.7% of revenue. Zeekr's gross margin is approximately 20%, occupying about one-third of the domestic sub-market above 500,000 yuan.

Internationalization — It is the structural change in the financial report worth analyzing most closely. To understand Geely's profit explosion, one must first see the structural explosion of its overseas business.

No New Factories, Overseas Capacity Doubled Plus

In the first half, Geely's overseas export sales reached 474,200 units, a year-on-year increase of 158%, exceeding the full-year export volume of 2025. Among them, new energy vehicle exports reached 277,200 units, a year-on-year increase of 585%.

The proportion of overseas sales to total sales jumped from about 13% in the same period last year to about 33%. In June and July, overseas monthly sales broke through 100,000 units. The growth rate ranks first among mainstream automakers.

Regional markets are showing comprehensive blossoming. Latin America and Africa increased by 298% year-on-year, Europe increased by over 280%, ASEAN over 120%, Eastern Europe and Central/West Asia approached 100%.

Geely announced that it raised the full-year export target from 640,000 units to 920,000 units, and proposed challenging 1 million units.

With going global becoming a clear card and cure-all for Chinese automakers, more worth paying attention to than numbers is Geely's unique strategy for going global.

Zhejiang Geely Holding Group Chairman Li Shufu clearly stated: "In the new process of global transformation, we will not build new capacity. We insist on win-win cooperation with global peers and share capacity."

Behind this sentence, there are three specific details.

"1": One overseas Geely system. Back-end and middle-back-end are fully unified, not acting independently. The three brands Zeekr, Lynk & Co, and Geely maintain clear positioning — Zeekr focuses on tech luxury, Lynk & Co focuses on sports trends, and Geely plans the mainstream household market.

"23456": Five regional markets, totaling 2 million units. Europe 600,000, ASEAN 500,000, Latin America & Africa 400,000, Eastern Europe 300,000, Central Asia & Middle East 200,000.

The timeline is the next 2 to 3 years. Geely Automobile Holdings Ltd. Board Chairman An Conghui reiterated the long-term strategic goal: overseas markets will contribute two-thirds of sales.

The implementation of the strategy relies on three factories.

Volvo Europe Factory — Put into production in 2028, producing Geely's high-end cars.

An Conghui revealed at the earnings call that the Volvo Europe Factory will undertake the production of high-end luxury cars within the Geely Automobile Group, expected to start production in 2028. It specifically involves the Trollhättan factory in Gothenburg, Sweden, the Ghent factory in Belgium, and the newly built EV factory in Košice, Slovakia.

Previously, Volvo signed an agreement with Lynk & Co to be responsible for the exclusive import and operation of the Lynk & Co brand in the European market. Now, the production side is also included in the Volvo Europe system, forming a complete localized layout from manufacturing and import to sales and after-sales service.

Ford Spain Factory — 500,000 units capacity, Roll-off line in 2028.

On July 23, 2026, Geely and Ford signed an agreement to acquire 34% equity of Ford's Valencia plant in Spain for 221 million euros. This factory, put into production in 1976, has an annual capacity of about 500,000 units and is one of the largest manufacturing bases in Europe.

After the joint venture company is established, the Valencia factory will undertake the production tasks for 5 car models of Geely and Ford simultaneously. Geely will put into production two new energy vehicle models including EX2 (Domestic Xingyuan), with the first car rolling off the line in 2028.

It was clarified at this earnings call that the Spain factory will produce Geely Galaxy and Lynk & Co products.

Proton Malaysia Factory — From 200,000 to 500,000 units

The Proton Malaysia factory acquired by Geely is undergoing technical transformation. Capacity is increased from 200,000 units to 500,000 units, positioned as a Southeast Asia manufacturing base. In addition, the Brazil factory cooperated by Geely and Renault has an annual capacity of about 300,000 units, and the Korean factory is also continuing to increase capacity.

As of the first half, Geely's operational overseas manufacturing factories have reached 12, overseas capacity exceeds 650,000 units, and it is planned to be increased to over 840,000 units by the end of the year.

Three factories, three cooperation forms: Volvo is capacity synergy within the system, Ford is external joint venture sharing, Proton is acquisition renovation upgrade. In terms of overseas capacity layout, Geely appears to have almost no repetitive moves, possessing the flexibility of "One Place, One Policy", which exactly reflects the unified investment concept of integrating existing resources.

How the Brand Matrix Supports Overseas Expansion

"123456" Strategy, the core meaning of "1" is an overseas system, three brands with different divisions of labor. So to what extent have Geely's three brands achieved in the overseas market?

Zeekr is the highest-end brand for going global, with an average transaction price of 350,000 yuan, with a clear goal: to occupy one-third of the market in China priced above 500,000 yuan, and to also take one-third of the global high-end market.

In the first half of this year, Zeekr has entered markets such as Malaysia and the Middle East. Zeekr 7X and 007 are the current export mainstays. In the second half of the year, Zeekr 9X, 8X, and 009 will expand to more markets: Zeekr 9X lands in Central Asia in Q3 and enters Europe in Q4; Zeekr 8X enters Latin America and Europe in Q4; Zeekr 009 and 009 Glory launch European versions in the second half of the year.

According to reports, some overseas markets have already seen situations where dealers add markups to car purchases, indicating sufficient demand.

Lynk & Co is positioned as "Sports Trends + Volvo Entry-Level Supplement", has signed 10 dealers in Belgium, and the pace of entering Europe is accelerating. Europe focuses on plug-in hybrids as the main product direction, forming differentiation with Zeekr's pure electric positioning.

Galaxy and China Star are responsible for the mainstream mass market. Geely Automobile Holdings Ltd. CEO Gan Jiayue announced at the earnings call that Geely will no longer develop traditional fuel vehicles in the future; all fuel vehicle models will turn to i-HEV Smart Hybrid, and next year all i-HEV models will be launched to the overseas market.

The i-HEV engine thermal efficiency is 48.41%, breaking the global mass production record. This is Geely's trump card to compete head-on with Japanese hybrids overseas. In the first half of the year, China Star sales volume dropped 5.7% year-on-year, but market share increased from 8.7% last year to 10.4%, winning against the industry against the background of a 31.9% decline in the fuel vehicle market.

Conclusion

Geely is also bearing the pressure of shrinking overall volume in the domestic market.

At the earnings call, An Conghui openly shared: The brand power of Geely's system in the mainstream price range is still insufficient, lacking strong mid-range products.

In the downturn cycle of the industry, the core reason why Geely was able to submit a scorecard with 46% profit growth is that it completed two leaps in the strategic dimension: using Zeekr's premiumization to break through the profit ceiling, and using deep overseas localization cooperation to broaden survival space.

The domestic elimination race is far from over; globalization is a required course for survival. But in this interim report, Geely proved one thing to the industry: car companies that plant roots deeply into the global system early can better undertake the challenges of the times.

In addition, how to coordinate brand positioning and manufacturing standards when Volvo factories OEM Geely brand models? Can the joint venture model of Ford Spain factory be replicated to other markets? How to cope with the high uncertainty of geopolitical politics? It still needs time to test.

2026Tahun Pertama 2026, margin keuntungan pembuatan kenderaan utuh China jatuh ke 1.5%, mencatatkan paras terendah dalam hampir 10 tahun.

Dalam keadaan ini, prestasi Geely sangat ketara.

Jumlah jualan setengah tahun ialah 1.423 juta unit, peningkatan hanya 1% berbanding tahun lalu. Namun pendapatan ialah 173.6 bilion Yuan, meningkat 15% secara tahunan; keuntungan bersih terkemuka milik pemegang kepentingan induk Geely ialah 9.68 bilion Yuan, meningkat 46% secara tahunan. Marginal keuntungan kasar meningkat daripada 16.2% pada tempoh sama tahun lalu kepada 17.9%.

Pengurusan merumuskan dengan satu ayat: "Kadar pertumbuhan pendapatan lebih cepat daripada kadar pertumbuhan jualan, kadar pertumbuhan keuntungan lebih cepat daripada kadar pertumbuhan pendapatan."

Pendorong pertumbuhan datang dari dua aspek.

Pendekatan Premium—ZEEKR jualan setengah tahun 178,000 unit, meningkat 97% secara tahunan, menyumbang 12.5% daripada jumlah jualan, menyumbang 31.7% daripada pendapatan. Marginal keuntungan kasar ZEEKR sekitar 20%, menguasai sekitar satu pertiga daripada pasaran di segmen di atas 500,000 Yuan di China.

Antarabangsa—merupakan perubahan struktural paling bernilai untuk dibedah dalam laporan kewangan. Untuk memahami ledakan keuntungan Geely, kita mesti melihat dengan jelas ledakan struktural dalam operasi luar negerinya.

Tanpa membina kilang baharu, kapasiti luar negara telah bertambah lebih daripada dua kali ganda

Sepanjang setengah tahun, jumlah eksport luar negara Geely mencecah 474,200 unit, meningkat 158% secara tahunan, melebihi jumlah eksport keseluruhan tahun 2025. Daripada jumlah ini, eksport kenderaan tenaga baharu sebanyak 277,200 unit, peningkatan 585% secara tahunan.

Nisbah jualan luar negara kepada jumlah jualan, melonjak daripada sekitar 13% pada tempoh sama tahun lalu kepada sekitar 33%. Bulan Jun dan Julai, jualan tunggal bulan di luar negara masing-masing mengatasi 100,000 unit. Kadar pertumbuhan menduduki tempat pertama dalam kalangan pengeluar kenderaan utama.

Pasaran wilayah menunjukkan pertumbuhan menyeluruh. Amerika Latin dan Afrika meningkat 298% secara tahunan, Eropah meningkat lebih 280%, Asean lebih 120%, Eropah Timur dan Asia Tengah serta Timur Dekat hampir 100%.

Geely mengumumkan, menaikkan sasaran eksport sepanjang tahun daripada 640,000 unit ke 920,000 unit, dan mencabar 1 juta unit.

Apabila menjadi strategi terbuka dan penyelesaian bagi pengeluar kenderaan China, perkara yang lebih bernilai daripada nombor, ialah strategi unik Geely dalam ekspansi antarabangsa.

Li Shufu, Presiden Kumpulan Pemegang Saham Geely Zhejiang, menyatakan dengan jelas: "Dalam proses transisi globalisasi baharu, kami tidak akan membina kapasiti baharu, kami berpegang pada kerja sama dan kemenangan bersama dengan rakan sejawat global, berkongsi kapasiti."

Di sebalik ayat ini, terdapat tiga butiran khusus.

"1": Satu sistem Geely luar negara. Latar belakang, pusat latar belakang semuanya diselaraskan, tidak mengamalkan pemisahan kuasa. Tiga jenama ZEEKR, Lynk & Co, dan Geely mengekalkan kedudukan yang jelas—ZEEKR fokus pada kemewahan teknologi, Lynk & Co menumpukan pada arus gerak sukan, Geely menyusun pasaran utama untuk penggunaan rumah tangga.

"23456": Lima pasaran wilayah, jumlah keseluruhan 2 juta unit. Eropah 600,000 unit, Asean 500,000 unit, Amerika Latin dan Afrika 400,000 unit, Eropah Timur 300,000 unit, Asia Tengah dan Timur Tengah 200,000 unit.

Jadual masa adalah dalam 2 hingga 3 tahun akan datang. An Conghui, Pengerusi Jawatankuasa Eksekutif Kumpulan Geely Automobile Holdings, mengukuhkan semula strategi sasaran jangka panjang: Pasaran luar negara menyumbang dua pertiga daripada jualan.

Pelaksanaan strategi bergantung pada tiga kilang.

Kilang Eropah Volvo—akan menghasilkan pada 2028, menghasilkan kenderaan premium Geely.

An Conghui mendedahkan dalam sidang prestasi, Kilang Eropah Volvo akan meneruskan pengeluaran kenderaan mewah tinggi dalam kumpulan Geely Automobile, dijangka menghasilkan pada 2028. Khususnya melibatkan Kilang Torslanda, Gothenburg, Sweden, Kilang Ghent, Belgium, serta kilang kenderaan elektrik baharu di Kosice, Slovakia.

Sebelum ini, Volvo telah menandatangani perjanjian dengan Lynk & Co, akan bertanggungjawab terhadap pengimportan dan operasi eksklusif jenama Lynk & Co di pasaran Eropah. Sekarang hujung pengeluaran juga dimasukkan ke dalam sistem Eropah Volvo, akan membentuk layouts lengkap tempatan dari pembuatan, pengimportan, jualan sehingga perkhidmatan selepas jualan.

Kilang Ford Sepanyol—kapasiti 500,000 unit, keluar baris pada 2028.

23 Julai 2026, Geely dan Ford menandatangani perjanjian, membeli 34% saham Kilang Valencia Ford Sepanyol dengan 221 juta Euro. Kilang yang menghasilkan pada 1976 ini mempunyai kapasiti tahunan kira-kira 500,000 unit, merupakan antara tapak pembuatan terbesar di Eropah.

Selepas pengasasan syarikat gabungan, Kilang Valencia akan memikul tugas pengeluaran 5 model kenderaan untuk Geely dan Ford secara serentak. Geely akan memulakan pengeluaran dua model kenderaan tenaga baharu termasuk EX2 (Star di dalam negara), model pertama keluar baris pada 2028.

Dalam sidang prestasi kali ini dinyatakan, Kilang Sepanyol akan menghasilkan produk Geely Galaxy dan Lynk & Co.

Kilang Proton Malaysia—daripada 200,000 ke 500,000 unit

Kilang Proton Malaysia yang diperoleh Geely sedang menjalani pengubahsuaian teknologi, kapasiti ditingkatkan daripada 200,000 unit ke 500,000 unit, diletakkan sebagai tapak pembuatan Asia Tenggara. Selain itu, Kilang Brazil yang bekerjasama dengan Renault Geely mempunyai kapasiti tahunan kira-kira 300,000 unit, kilang Korea juga sedang menambah kapasiti.

Sehingga setengah tahun, 12 kilang pembuatan luar negara yang beroperasi oleh Geely telah sampai, kapasiti luar negara melebihi 650,000 unit, dirancang untuk ditingkatkan kepada lebih 840,000 unit pada akhir tahun.

Tiga kilang, tiga bentuk kerjasama: Volvo adalah协同 kapasiti dalam sistem, Ford adalah perkongsian gabungan luar, Proton adalah pembelian dan pengubahsuaian peningkatan. Dalam peruntukan kapasiti luar negara, Geely kelihatan hampir tiada taktik yang sama, mempunyai fleksibiliti "satu tapak satu polisi", tepat sekali mencerminkan idea pelaburan yang bersatu untuk mengintegrasikan sumber sedia ada.

Bagaimana matriks jenama menerima ekspansi luar negara

Makna teras "1" dalam strategi "123456" ialah satu sistem luar negara, tiga jenama mempunyai tugas masing-masing. Maka sejauh manakah ketiga-tiga jenama Geely telah berbuat di luar negara?

ZEEKR adalah jenama paling premium dalam ekspor, harga purata per pelanggan 350,000 Yuan, sasaran jelas: menduduki satu pertiga dalam pasaran di atas 500,000 Yuan di China, pasaran premium global juga perlu mengambil satu pertiga.

Sepanjang tahun ini, ZEEKR telah memasuki pasaran Malaysia, Timur Tengah, dll, ZEEKR 7X dan 007 merupakan pasukan utama ekspor semasa. Separuh tahun kedua, ZEEKR 9X, 8X, 009 akan diperluaskan di lebih banyak pasaran: ZEEKR 9X mendarat di Asia Tengah pada suku ketiga, suku keempat masuk Eropah; ZEEKR 8X masuk Amerika Latin dan Eropah pada suku keempat; ZEEKR 009 dan 009 Glory akan mengeluarkan versi Eropah pada separuh tahun kedua.

Menurut maklumat, sebahagian pasaran luar negara telah muncul kes kenaikan harga melalui saluran pembelian, menunjukkan permintaan yang mencukupi.

Posisi Lynk & Co "Sukan Arus + Pelengkap Permulaan Volvo", telah menandatangani 10 ejen di Belgium, langkah masuk Eropah semakin pantas. Eropah menggunakan pam hibrid sebagai arah utama produk, membentuk perbezaan dengan penentuan ZEEKR elektrik tulen.

Galaxy dan Geely Star bertanggungjawab ke atas pasaran umum. Gan Jiayue, CEO Geely Automobile Holdings, mengumumkan dalam sidang prestasi, Geely tidak akan membangunkan kenderaan petrol tradisional pada masa hadapan, semua model petrol beralih ke hibrid i-HEV Zhiqing,明年 akan menolak semua model i-HEV ke pasaran luar negara.

Kecekapan haba enjin i-HEV 48.41%, memecahkan rekod pengeluaran global, ini adalah kad dasar Geely dalam persaingan langsung dengan hibrid Jepun di luar negara. Jualan Geely Star setengah tahun turun 5.7% secara tahunan, tetapi bahagian pasaran ditingkatkan daripada 8.7% tahun lalu ke 10.4%, lari menangi industri dalam konteks penurunan pasaran kenderaan petrol 31.9%.

Penutup

Tekanan pengecutan pasaran domestik secara keseluruhan, Geely juga sedang menanggungnya.

Dalam sidang prestasi, An Conghui mengakui dan berkongsi: daya jenama pada jalur harga utama sistem Geely pada masa ini masih tidak mencukupi, kekurangan produk pertengahan yang kuat.

Dengan berada dalam kitaran menurun industri, Geely dapat menyerahkan satu jawapan pertumbuhan keuntungan 46%, terasnya ialah ia telah melonjak dua peringkat dimensi strategi: Menggunakan pengemaraan ZEEKR untuk menembusi dan meningkatkan siling keuntungan, Menggunakan kerjasama tempatan luar negara yang mendalam untuk memperluas ruang kelangsungan.

Pertandingan eliminasi domestik juga jauh belum berakhir, globalisasi adalah kursus wajib untuk hidup. Tetapi dalam laporan tengah tahun ini, Geely telah membuktikan satu perkara kepada industri: syarikat kereta yang menanam akar lebih awal ke dalam sistem global boleh menerima tugasan zaman dengan lebih baik.

Selain itu, Kilang Volvo membuat kontrak pembuatan untuk model jenama Geely, bagaimana koordinasikan penentuan jenama dan piawaian pembuatan? Adakah model gabungan Kilang Ford Sepanyol boleh disalin ke pasaran lain? Bagaimana menghadapi ketidakpastian tinggi geopolitik? Masih memerlukan masa untuk ujian.

In the past, when evaluating the success of a Chinese private enterprise, we especially liked to tell the founder's story.

Ren Zhengfei, Jack Ma, Ma Huateng, Cao Dewang, Li Shufu… In the critical years of growth for many enterprises, the founder was almost synonymous with the company. Where the company should go next, what is worth betting on, and when to take risks often depended on this person's judgment.

Even for the outside world, the founder themselves was the company's biggest certainty.

But if a company really wants to last for decades, sooner or later it must face a harder question: If one day this person is no longer in that position, will the company continue to move forward?

Now, the batch of Chinese private enterprises that grew up earliest has successively reached the time when they must handle this matter.

On August 17, Geely Automobile announced an important personnel adjustment.

Starting from August 18, Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, and was appointed Lifetime Honorary Chairman; An Conghui succeeded as Chairman, and Gan Jiayue took over as CEO. Li Shufu of course has not left Geely, he is still Geely Automobile's major and controlling shareholder, and also continues to serve as Chairman of Geely Holding Group.

But the changes are now very clear. The person who has been tied to the word "Geely" for the past few decades is starting to hand over the governance and operation of this listed company, Geely Automobile, more completely to a professional management team.

This baton pass did not happen during Geely's most difficult times. Quite the opposite.

In the first half of 2026, Geely Automobile's revenue was 173.6 billion yuan, up 15% year-on-year; core net profit attributable to parents was 9.684 billion yuan, up 46% year-on-year, and gross margin rose to 17.9%.

The boss was not forced into a corner by performance, and the company was not waiting for someone to put out fires; instead, behind a rather good semi-annual report, Li Shufu himself moved his chair back.

This is worth discussing. Because changing people when the company is in trouble is actually easy to understand. When sales are not good, profits drop, or strategy goes astray, someone has to come out to change the approach.

The difficulty lies in whether the company can actively do less when it is clearly still moving up, and the founder themselves is still capable of making decisions.

In Geely's story over the past more than 30 years, Li Shufu's personal color was too strong.

Early car manufacturing, then acquiring Volvo later, followed by Lynk & Co, Zeekr, and today Geely's net spread globally, many decisions that looked quite bold or even a bit risky back then,were behind with a strong Li Shufu style.

When a company is small, this style is very useful.

When everyone hesitates, the boss dares to make the decision; when everyone thinks the risk is too big, the boss dares to bet; when the industry hasn't figured it out yet, the boss has already led the company forward. Many of the first generation of Chinese private enterprises were rushed out this way.

But once the company becomes large, this set of games will also encounter its own ceiling.

How complex is Geely today?

Just in the listed company system, there are multiple brands including Geely, Lynk & Co, Zeekr, etc.; if you further expand the vision to the entire Geely Holding system, outside there are also global resources like Volvo, Proton, etc. Behind it, it also triggers R&D, procurement, supply chain, and manufacturing, business spread all the way to Europe, Southeast Asia, the Middle East, and South America.

Different markets have different regulations, different users, different industrial partners, and even energy routes are not entirely the same.

So large a pile of things, if in the end it still has to wait for one person to make the decision,then even if this person has 48 hours a day it won't be enough.

So at this performance meeting, I think Gui Shengyue's sentence is more important than many sales targets: "In the future, Geely will rely less on personal charm and authority, and instead rely on organizational systems and talent echelons".

It sounds like a bit of an enterprise management class, but put it in Geely, it's really not an empty word.

Because what Geely needs to prove now is not whether Li Shufu still has the ability to lead the company forward, but after Li Shufu gradually retreats from the daily governance and operation of the listed company, can this system still run as usual, and is there someone to push it forward.

So An Conghui sitting in this position is very key.He has no halo of being an external hire, nor is he a sudden star manager brought in from outside for a high price, but someone who grew up in the Geely system.

Li Shufu evaluated him at the performance meeting like this: "An Conghui is a very excellent professional talent cultivated within the Geely system. Professional talents are rare."

Thinking about this sentence carefully, it is actually more interesting than praising his resume as beautiful.

Because if a company talks about talent echelons every day, but when the top management team is handed over, they find no one inside can take over, and in the end still have to seek a 'master' with 'heavy money' from the whole country or even the world, then this talent echelon is somewhat remained in the PPT.

This point, An Conghui at least has caught.

Of course, once people are in place, the matter has just begun.The trouble in front of Geely, he also has not hidden.

Making his public appearance for the first time as Chairman of Geely Automobile's Board of Directors, An Conghui spoke quite directly: "We still lack blockbuster products, the core problem lies here." Then he added a sentence:"We lack mid-range strength."

I think this sentence is quite rare.

After all, semi-annual revenue over 170 billion yuan, core profit up 46%, first appearance of the new chairman, changed for many companies, the press conference would likely start playing "Historic Best", "Comprehensive Leadership", "Enter New Stage" in a loop.

An Conghui first picked out a fault for himself, and this fault picked was quite accurate.

Today's Geely, one head has Zeekr to support high-end.First half of year Zeekr sales volume increased 97% year-on-year to 178,000 units, revenue increased 103% to 55 billion yuan. The other end still has Star Wish, this car everyone is more familiar with, entry market now basically monthly charging ahead in sales ranking.

Trouble lies exactly in the middle.

150,000, 200,000, 250,000, 300,000 yuan this big section, is also the region with the most intensive competition in China's auto market now. BYD, Chery, Changan, Li Auto, AITO, Xpeng, all piled up here products, piled up technology, fighting for users.

You have platform, I have; you have smart driving, I have; you have big battery, I can even stuff a few more degrees than you.

So when An Conghui says "mid-range strength is not enough", actually he has explained the problem very practically, Geely now does not lack technology and resources, lacks is the efficiency of continuously transforming these abilities into more blockbusters.

This is also where "One Geely" needs to reflect value most in the next.

In the past few years Geely has been doing integration, cross products reduced, overall product quantity down over 20%; first half management expense rate down from 1.9% to 1.7%, R&D expense rate down from 5.5% to 5.2%, past R&D, procurement, supply chain resources scattered in different brands, different business systems, also constantly twisting together.

These numbers look quite good in the financial report.

But when consumers buy cars, obviously they won't sit in the dealership asking sales: "May I ask your company management expense rate how much did it drop this year?"

For consumers, "One Geely" at the end should behave very concretely.

After R&D stops burning money repeatedly, can product development be faster; same underlying ability can be reused by more models, same budget can exchange for stronger product power; brand boundaries more clear, don't trample each other's feet again, one car from project start more clearly knows who it sells to.

In the end, these internal efficiencies all have to fall on products.

Develop faster, cost lower, brand boundaries clearer, finally can continuously produce a batch of sellable cars, "One Geely" can count as from internal integration, walked to the consumer front.

As for why exactly now push this organization forward, I think there is another very realistic reason.

Geely's next stage, already impossible to only stare at China market.

First half of this year, Geely overseas sales 474,000 units, up 158% year-on-year, already exceeded 2025 full year export volume. Full year overseas target also adjusted up from 640,000 units to 920,000 units, and began to challenge 1 million units.

However, beyond numbers, Geely's round of global game strategy is actually more worth watching.

Li Shufu said clearly this time, in future globalization process, Geely does not plan every go one place to oneself build large construction re-create a factory,but more share existing capacity with global peers.

Europe has cooperation with Ford around Valencia Spain factory, Volvo itself has mature Europe manufacturing system; Malaysia has Proton, South America also has cooperation with Renault.

Put these things together to look, will discover Geely past 10+ years those at the time looked mutually scattered investments, acquisitions and cooperation,now slowly pieced together into a net that can be used for global business.

Back then many people looked at Geely buying Volvo, first reaction still felt, Chinese company bought this big one Europe brand, digest can manage?

Now looking again,Volvo brought to Geely, obviously not just a luxury brand.

It also has Europe industrial experience, supply chain relations, R&D capability, and hardest thing for money to directly buy, is dealing with global auto industry credit.

So Geely's next stage obviously also not just "export more China cars".That is more like Chinese auto globalization early stage thoughts.

A truly global auto company, has to be able to produce in Europe, produce in Southeast Asia, produce in South America, do business with local enterprises, use local supply chain, at the same time bring out China these years in new energy, intelligence and product development efficiency advantages.

At this time, a company if still wants to rely on founder's one will cover so many markets, basically already not realistic.

Arrived at this step,organizational capability also not just inside company how to manage people question, it will directly affect Geely next stage can put this global network spread how big, run how fast.

Also because of this, I think Li Shufu this time retreat one step, to challenge things actually bigger than "Geely future can still make money" a lot.

Look out to global, whether enterprise can transcend founder, from beginning always very hard.

Founder can leave company, brand, technology, money and system, but hard to pack leave next generation their judgment, ambition even that sometimes looks not too rational creativity.

Even strong like Apple, also cannot bypass this question.

After Jobs, professional manager born Cook can run Apple continue to make money, market value higher and higher, this of course is a remarkable ability. But like iPhone that redefines one industry product, later indeed less and less seen.

Enterprise can hand out operation right, founder creativity also cannot handle "job handover".

This might also be Geely next stage needs to face.

Li Shufu already does not need to prove again whether can do success auto company. From back then one private auto company all the way to today half year revenue 170 billion yuan, this matter already does not need prove.

Next stage to look, is An Conghui and Gan Jiayue led a set more professionalized system forward, Geely can still retain back then dare to bet, dare to experiment, dare to go other people didn't go place take a look head.

If can, then this time baton pass significance, just far more than changed one chairman.

After all, create one great company, was originally rare thing.

More hard, is always great down.

Pada masa lalu, apabila kita menilai kejayaan sebuah perusahaan swasta China, kita gemar menceritakan kisah para penubuh.

Ren Zhengfei, Ma Yun, Ma Huateng, Cao Dewang, Li Shufu… Dalam tahun-tahun yang paling kritikal pertumbuhan banyak syarikat, penubuh hampir menjadi sinonim syarikat itu sendiri. Ke mana syarikat akan bergerak seterusnya, perkara apa yang bernilai untuk dipertaruhkan, bila masa yang sesuai untuk mengambil risiko, sering kali akhirnya keputusan bergantung pada pandangan individu ini.

Malah bagi luaran, individu penubuh itu sendiri adalah kepastian terbesar syarikat ini.

Namun jika sebuah syarikat benar-benar ingin melangkah puluhan tahun, akhirnya ia mesti menghadapi masalah yang lebih sukar: Jika suatu hari individu ini tidak lagi duduk di jawatan itu, adakah syarikat masih akan terus berjalan?

Kini, bagi kumpulan perusahaan swasta China yang paling awal berkembang, sekarang tiba masanya untuk menangani perkara ini.

17 Ogos, Geely Automobile mengisytiharkan satu perubahan pengurusan penting.

Bermula 18 Ogos, Li Shufu meletakkan jawatan sebagai Pengerusi Papan Pengarah dan Pengarah Eksekutif Geely Automobile Holdings Ltd, dilantik sebagai Pengerusi Kehormat Seumur Hidup; An Conghui menyambung jawatan Pengerusi Papan Pengarah, Gan Jiayue dilantik sebagai CEO. Li Shufu tentu tidak meninggalkan Geely, beliau masih pemegang saham utama dan kawalan Geely Automobile, dan terus bertugas sebagai Presiden Geely Holdings Group.

Namun perubahan sudah jelas. Individu yang selama puluhan tahun terikat dengan perkataan "Geely", mula menyerahkan pentadbiran dan pengendalian syarikat tersenarai Geely Automobile sepenuhnya kepada pasukan pengurusan profesional.

Serah baling kali ini tidak berlaku pada masa paling sukar Geely. Malah sebaliknya.

Semi tahun pertama 2026, janaan pendapatan Geely Automobile 173.6 bilion yuan, meningkat 15% berbanding tahun sebelumnya; keuntungan bersih teras 9.684 bilion yuan, meningkat 46%, margin kasar dinaikkan ke 17.9%.

Bos tidak terdorong ke sudut oleh prestasi, syarikat juga tidak menunggu seseorang datang memadamkan api, sebaliknya di sebalik laporan separuh tahun yang cukup cantik, Li Shufu sendiri mengundur kerusinya.

Perkara ini layak dibincangkan. Kerana mengganti orang apabila syarikat menghadapi kesulitan sebenarnya mudah difahami. Jualan tidak baik, keuntungan jatuh, strategi tersasar, seseorang mesti keluar menukar pendekatan.

Sukarnya adalah, syarikat jelas masih bergerak ke atas, penubuh sendiri masih mempunyai kemampuan membuat keputusan, adakah pada masa ini boleh secara aktif melakukan sedikit sahaja.

Kisah Geely selama lebih tiga puluh tahun, unsur peribadi Li Shufu terlalu kuat.

Menubuh kilang kereta pada awal, kemudian mengakuisisi Volvo, kemudian Lynk & Co, Zeekr, dan rangkaian yang Geely bentangkan di seluruh dunia hari ini, banyak keputusan yang kelihatan berani dan ada yang agak berisiko pada masa itu,di sebalik semua ada gaya Li Shufu yang sangat jelas.

Apabila perusahaan kecil, gaya ini sangat berguna.

Semua ragu-ragu, bos berani memutuskan, semua fikir risiko terlalu tinggi, bos berani bertaruh, industri belum faham, bos sudah bawa syarikat berlari. Banyak perusahaan swasta China generasi pertama terbit sedemikian.

Namun apabila syarikat membesar, cara bermain ini akan menemui hadnya sendiri.

Seberapa kompleks Geely hari ini?

Dalam sistem syarikat tersenarai sahaja, ada Geely, Lynk & Co, Zeekr, dan banyak jenama lain; jika pandangan ditarik ke keseluruhan sistem Geely Holdings, di luar masih terhubung dengan sumber global seperti Volvo, Proton. Di sebalik menarik R&D, pembelian, rantaian bekalan dan pembuatan, perniagaan tersebar sehingga Eropah, Asia Tenggara, Timur Tengah, Amerika Selatan.

Pasaran berbeza mempunyai peraturan berbeza, pengguna berbeza, rakan industri berbeza, malah laluan tenaga juga tidak sepenuhnya sama.

Perkara besar begini, jika akhirnya masih tunggu seorang individu membuat keputusan,walaupun individu ini ada 48 jam sehari pun tidak cukup.

Jadi pada mesyuarat prestasi kali ini, Gui Shengyue ada satu perkataan yang saya fikir lebih penting daripada sasaran jualan: "Ke depannya Geely tidak akan bergantung pada pesona dan autoriti individu, tetapi bergantung pada sistem organisasi dan talenta".

Kedengaran sedikit seperti kelas pengurusan perusahaan, tetapi dalam Geely, ini bukan sekadar kata-kata kosong.

Kerana apa yang perlu dibuktikan Geely sekarang, bukan lagi kasihan ada kemampuan membawa syarikat, tetapi apabila Li Shufu semakin menarik diri dari pentadbiran dan pengendalian harian syarikat tersenarai, adakah syarikat ini boleh masih berputar, dan ada yang boleh teruskannya.

Jadi An Conghui duduk di jawatan ini, sangat penting. Beliau tidak mempunyai aura yang datang dari luar, bukan pengurus bintang yang diupah secara mengejut dari luar dengan kos tinggi, tetapi individu yang berkembang dalam sistem Geely.

Li Shufu memberikan penilaian begini di mesyuarat prestasi: "Rakan An Conghui adalah bakat profesional yang sangat cemerlang yang dibina dalam sistem Geely. Bakat profesional adalah sukar dicari."

Fikirkan semula kalimat ini, sebenarnya lebih berminat daripada memuji resume yang cantik.

Kerana jika syarikat setiap hari membincangkan bakat, apabila masa pengurusan tertinggi serah baling, mendapati tiada seorang pun dalam organisasi boleh menerima, akhirnya mesti "cari tuan dengan wang berat" dari seluruh negara atau dunia, maka bakat ini agak tinggal di dalam PPT.

Satu hal ini, An Conghui sekurang-kurangnya sudah menerima.

Tentu, apabila orang sudah diterima, baru permulaan. Kesusahan Geely di hadapan, beliau sendiri tidak sembunyikan.

Untuk pertama kali muncul secara terbuka sebagai Pengerusi Geely Automobile, An Conghui berkata dengan jelas: "Kita masih kekurangan produk hits, masalah teras ada di sini." Kemudian menambah:"Kita kekurangan kekuatan tengah."

Saya rasa ini agak sukar.

Lagipun janaan pendapatan setengah tahun lebih 170 bilion, keuntungan teras naik 46%, pengerusi baru pertama kali muncul, ganti banyak syarikat, sidang akhbar mungkin sudah mula memutar semula "terbaik dalam sejarah", "pemimpin menyeluruh", "masuk fasa baru".

An Conghui pula memilih satu kesalahan untuk dirinya sendiri, dan pilihan ini agak tepat.

Geely hari ini, satu hujung ada Zeekr menopang bahagian premium. Semi tahun pertama Zeekr jualan meningkat 97% ke 178,000 unit, janaan pendapatan naik 103% ke 55 bilion yuan. Hujung lain ada Model Xingyuan, kereta ini lebih dikenali, pasaran permulaan sekarang hampir setiap bulan berada di hadapan senarai jualan.

Kesusahan tepat berada di tengah.

150,000, 200,000, 250,000, 300,000 Yuan, segmen besar ini, juga kawasan persaingan paling padat automotif China sekarang. BYD, Chery, Changan, Li Auto, AITO, XPeng, semua di sini menimbun produk, menimbun teknologi, rebut pengguna.

Anda ada platform, saya juga ada; Anda ada pintar memandu, saya juga ada; Anda ada bateri besar, saya malah boleh tambah beberapa unit lagi.

Jadi apabila An Conghui berkata "kekuatan tengah tidak cukup", sebenarnya sudah menyebut masalah dengan jelas, Geely sekarang tidak kekurangan teknologi dan sumber, kekurangan adalah kecekapan menukar keupayaan ini menjadi lebih banyak produk hits.

Ini juga tempat di mana "Satu Geely" perlu tunjukkan nilai.

Beberapa tahun lalu Geely sentiasa melakukan integrasi, produk silang berkurang, jumlah produk keseluruhan turun lebih 20%; Semi tahun pertama kadar kos pengurusan turun dari 1.9% ke 1.7%, kadar kos R&D turun dari 5.5% ke 5.2%, sumber R&D, pembelian, rantaian bekalan yang pernah berselerak dalam jenama berbeza, sistem perniagaan berbeza, juga sentiasa dipusing bersama.

Angka-angka ini nampak cantik dalam laporan kewangan.

Tetapi apabila pengguna membeli kereta, jelas tidak akan duduk di Kedai 4S bertanya pada penjual: "Beri tahu kadar kos pengurusan syarikat tuan tahun ini turun berapa?"

Bagi pengguna, "Satu Geely" akhirnya sepatutnya kelihatan sangat konkrit.

Selepas R&D tidak lagi membakar wang berulang, adakah pembangunan produk boleh lebih cepat; satu set keupayaan asas yang sama boleh digunakan semula oleh lebih banyak model, bajet yang sama boleh menukar kekuatan produk yang lebih kuat; selepas sempadan jenama lebih jelas, jangan lagi kaki sendiri saling injak, satu kereta dari mulakan projek sudah tahu siapa yang jual.

Pada akhirnya, kecekapan dalaman ini akhirnya mesti jatuh pada produk.

Pembangunan lebih cepat也好，kos lebih rendah也好，sempadan jenama lebih jelas也好，akhirnya boleh menghasilkan sekumpulan kereta yang boleh dijual, "Satu Geely" baru dianggap dari integrasi dalaman, berjalan ke hadapan pengguna.

Mengenai mengapa sekarang sahaja mendorong hal ehwal organisasi ke hadapan, saya fikir ada satu sebab realiti lagi.

Fasa seterusnya Geely, tidak mungkin hanya memandang pasaran China sahaja.

Semi tahun pertama tahun ini, jualan luar negeri Geely 474,000 unit, naik 158%, sudah melebihi jumlah eksport keseluruhan 2025. Sasaran keseluruhan tahunan luar negara juga dinaikkan dari 640,000 unit ke 920,000 unit, dan mula mencabar 1,000,000 unit.

Namun di luar angka, cara Geely memglobalisasi kali ini sebenarnya lebih menarik.

Li Shufu berkata dengan jelas kali ini, dalam proses pemglobalan masa depan, Geely tidak merancang setiap pergi ke satu tempat mesti membina semula kilang sendiri,tetapi lebih berkongsi keupayaan pengeluaran sedia ada dengan rakan industri global.

Eropah ada kerjasama dengan Ford sekeliling kilang Valencia Sepanyol, Volvo sendiri ada sistem pembuatan Eropah yang matang; Malaysia ada Proton, Amerika Selatan ada kerjasama dengan Renault.

Melihat ini bersama-sama, akan mendapati pelaburan, akuisisi dan kerjasama Geely beberapa tahun lalu yang kelihatan berselerak, sekarang sedang perlahan-lahan disatukan menjadi rangkaian yang boleh digunakan untuk perniagaan global.

Pada masa itu ramai orang melihat Geely beli Volvo, tindak balas pertama masih rasa, syarikat China beli satu jenama Eropah sebesar ini, boleh telankan?

Melihat sekarang,Volvo bawa ke Geely, jelas bukan sekadar jenama mewah.

Ia ada pengalaman industri Eropah, hubungan rantaian bekalan, kemampuan R&D, dan perkara sukar dibeli dengan wang, iaitu kredit untuk berurusan dengan industri automotif global.

Jadi fasa seterusnya Geely jelas bukan sekadar "eksport lebih banyak kereta China". Itu lebih seperti fikiran awal globalisasi automotif China.

Syarikat automotif yang benar-benar global, mesti mampu menghasilkan di Eropah, menghasilkan di Asia Tenggara, menghasilkan di Amerika Selatan, berniaga dengan perusahaan tempatan, guna rantaian bekalan tempatan, serentak bawa kelebihan China beberapa tahun ini dalam tenaga baharu, kecerdasan dan kecekapan pembangunan produk.

Pada masa ini, syarikat jika masih ingin bergantung pada kehendak satu individu penubuh untuk meliputi banyak pasaran, sudah tidak realistik.

Sampai tahap ini,keupayaan organisasi bukan lagi soal bagaimana mengurus orang dalam syarikat, ia akan kesan langsung sejauh mana Geely boleh bentangkan rangkaian global, dan sejauh mana ia boleh lari cepat.

Disebabkan ini, saya rasa Li Shufu mundur satu langkah kali ini, perkara perlu cabar lebih besar daripada "Adakah Geely boleh untung masa depan".

Melihat global, adakah syarikat boleh melangkau penubuh, memang selalu sukar.

Penubuh boleh tinggalkan syarikat, jenama, teknologi, wang dan sistem, tetapi sukar untuk bungkusan keupayaan membuat keputusan, ambisi, dan ciptaan yang kadangkala kelihatan tidak masuk akal, untuk diserahkan kepada penyambung.

Malah seperti Apple, pun tak dapat mengelak isu ini.

Selepas Steve Jobs, pengurus profesional Tim Cook boleh urus Apple terus untung, nilai pasaran tinggi, ini tentu keupayaan hebat. Tapi produk seperti iPhone yang mendefinisikan semula industri, kemudian memang semakin jarang.

Syarikat boleh serah hak pentadbiran, kreativiti penubuh tidak boleh urus "serah kerja".

Ini mungkin juga yang Geely perlu hadapi.

Li Shufu tidak perlu lagi membuktikan dia boleh buat syarikat automotif berjaya. Dari tahun itu satu syarikat automotif swasta sampai hari ini setengah tahun janaan 170 bilion yuan, perkara ini tidak perlu lagi dibuktikan.

Yang perlu dilihat seterusnya, adakah An Conghui dan Gan Jiayue bawa sistem lebih profesional berjalan, adakah Geely boleh kekalkan semangat berani bertaruh, berani berusaha, berani pergi tempat orang tidak pergi dulu.

Jika boleh, maksud serah baling kali ini, jauh lebih daripada ganti pengerusi.

Lagipun, mencipta syarikat hebat, pada asalnya perkara langka.

Lebih sukar, adalah kekal hebat.

Over the past two days, we attended Geely's interim performance briefing, which mainly highlighted the "123456" strategy and the 5th Generation Energy Replenishment Technology.

Well, understanding this from an outsider's perspective, it simply means Geely wants to accelerate its own globalization.

If you observe closely, you will find that the so-called "product globalization" of most domestic automakers nowadays is a form of pseudo-globalization. Either they manufacture products domestically and ship them out to sell, or they build factories locally for local production.

But Geely's globalization is not this model; it uses others' factories to build its own cars. So you see why Geely spent 221 million euros to acquire a stake in the Ford factory in Spain, and why it upgrades the capacity of the Proton factory in Malaysia from 200,000 units to 500,000 units. Actually, these are both Version 2.0 of "local car manufacturing".

Although many might think that if a car's assembly, supply chain, and sales channels are all handled by foreigners, it is no longer considered a "Chinese car", foreign consumers seeing production sources outside China theoretically makes it easier to boost sales volume, after all, their stereotype is that "Made in China is cheap but dare not buy".

Actually, the 5th Generation Energy Replenishment Technology also addresses the same issue, which is solving deeper-level user fears, because only if users dare to buy, can the cars be sold.

Therefore, the true essence of Geely's globalization is to strip "Chinese car" labels from the products, finally transforming itself into a global brand without national attributes.

Consumers can reject "Made in China", but it is hard to reject a car produced in Spain, assembled by Europeans, with transparent technical standards.