Announced Interim Results for the First Half of 2024 Profit Attributable to Shareholders Increased by 575% to RMB10.60 Billion

[Press Release]

Geely Automobile Holdings Limited

Announced Interim Results for the First Half of 2024

Profit Attributable to Shareholders Increased by 575% to RMB10.60 Billion

(HONG KONG, 21 August 2024) ── Geely Automobile Holdings Limited ("Geely Automobile" / "The Group") (Stock codes: 175 [HKD counter] and 80175 [RMB counter]) announced the interim results for the first half of 2024. During the period, the total revenue of the Group increased by 47% to RMB107.3 billion. Excluding non-controlling interests, profit attributable to equity holders of the Company was RMB10.60 billion, representing a YoY increase of 575%. Diluted earnings per share was RMB1.04. Notably, during the period, the Group contributed assets to Horse Powertrain Limited ("Horse Powertrain"), a joint venture company, and made a valuation adjustment for the partial disposal of Horse Powertrain, recording a one-off net gain, amounting to RMB7.47 billion.

During the period, the total sales volume reached 955,730 units, representing a significant YoY increase of 41% (including the total sales volume* of "Lynk&Co" vehicles sold by LYNK & CO#). Among them, the sales volume in the PRC market was 758,302 units, representing a YoY increase of 35%, and ranking No.2 among indigenous brands; The export sales reaching 197,428 units, representing a YoY increase of 67%, which was a breakthrough in overseas markets.

The Spokesmen of Geely Automobile said, 'The annual sales target has been raised to 2 million units, reflecting the confidence of the Group's management. In the second half of the year, the Group will launch more new products as planned, and strive for better earnings performance while consolidating its market share.'

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#: LYNK & CO, namely LYNK & CO Automotive Technology Co., Ltd. and it is the Group's 50%-owned joint venture.

*: Although the total sales volume is not directly correlated to the revenue recognised by the Group during a specific period as it includes all sales volume of LYNK & CO on a 100% consolidated basis, the board of directors of the Company believes that it better reflects the potential demand for the Group's vehicles.