# Geely Automobile Holdings (0175.HK)

Canonical: https://gigainvestors.com/s/0175.HK

Analysis as of: 2026-10-16T07:34:43.342Z. Financial observations: FY2000–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 15.03 per share; close as of 2026-10-15.

Estimated value: low HKD 30.30 per share, central HKD 40.37 per share, high HKD 46.24 per share. Buy at or below the central value HKD 40.37 per share. Valuation as of 2026-10-16T07:34:43.342Z; scenarios are not confidence intervals.

Expected annual return: 29.2% at the stated quote. About 29.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.66×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.10×

- FY2018: 0.13×

- FY2019: 0.09×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: 0.01×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.4%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 16.9%

- Recent gross margin (lower of latest and 3-year median): 16.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.1%

- FY2017: 35.7%

- FY2018: 37.0%

- FY2019: 18.2%

- FY2020: 8.5%

- FY2021: 5.7%

- FY2022: 2.6%

- FY2023: 5.6%

- FY2024: 10.0%

- FY2025: 14.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 47B

- Net income, five-year total: CNY 49B

- Return on incremental invested capital: 80.4%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -10.8 pp

- Working capital / revenue, final three-year average: -12.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.13×

- FY2022: 0.91×

- FY2023: 0.88×

- FY2024: 0.96×

- FY2025: 0.94×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.7% vs 10.0%

- Per-share earnings: 0.57 to 1.63 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: CNY 101B

- Cumulative retained earnings: CNY 60B

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.1%

- Per-share value change: CNY 1.06

- Per-share value, starting three-year median: CNY 0.57

- Per-share value, ending three-year median: CNY 1.63

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 35B

- Cumulative net income, 10 years: CNY 91B

- ROIC, first three-year median: 35.7%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.57

- FY2017: CNY 1.16

- FY2018: CNY 1.40

- FY2019: CNY 0.89

- FY2020: CNY 0.56

- FY2021: CNY 0.48

- FY2022: CNY 0.52

- FY2023: CNY 0.52

- FY2024: CNY 1.66

- FY2025: CNY 1.63

### accounting: pass

- Sloan accruals: -10.5%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -1.6%

- FY2018: -1.5%

- FY2019: -4.0%

- FY2020: 3.6%

- FY2021: -7.8%

- FY2022: -6.8%

- FY2023: -7.0%

- FY2024: -7.4%

- FY2025: -10.5%

## Holders

## Price story

Down 44% since Oct 2021 · "Geely’s HY profit falls amid intense local competition; shares decline" (investing.com, Aug 2025) · sales +25.1%

Story as of 2026-10-16T10:00:02.173Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.3% a year for ten years

- 2025-05-15: Geely Automobile’s Profit More Than Tripled on Record Sales ([finance.yahoo.com](https://finance.yahoo.com/m/a46f7801-37c4-3dd1-831b-3993cc3c9434/geely-automobile%E2%80%99s-profit.html))

- 2025-08-14: Geely’s HY profit falls amid intense local competition; shares decline ([investing.com](https://www.investing.com/news/stock-market-news/geelys-hy-profit-falls-amid-intense-local-competition-shares-decline-4190684))

- 2026-06-28: Geely (SEHK:175) Faces A New US Problem As Polestar Sales Are Blocked ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/geely-sehk-175-faces-us-001426025.html))

### Sales · FY2024–2025

sales +25.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 54B 

- FY2017: CNY 93B 

- FY2018: CNY 107B 

- FY2019: CNY 97B 

- FY2020: CNY 92B 

- FY2021: CNY 102B 

- FY2022: CNY 148B 

- FY2023: CNY 179B 

- FY2024: CNY 276B 

- FY2025: CNY 345B 

### Gross margin · FY2025

gross margin 16.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.3% 

- FY2017: 19.4% 

- FY2018: 20.2% 

- FY2019: 17.4% 

- FY2020: 16.0% 

- FY2021: 17.1% 

- FY2022: 14.1% 

- FY2023: 15.3% 

- FY2024: 16.6% 

- FY2025: 16.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are CNY 345.2 billion.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2025-12-31 (filed 2026-10-16T07:34:43.342Z); FY2025: revenue 345232201000; grossProfit 57346730000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0175.HK: Geely Automobile Holdings Limited, an investment holding company, operates as an automobile manufacturer primarily in the People's Republic of China. The company engages in the research and development, production, marketing, and sale of passenger vehicles; automobile parts; and related automobile components, including electric powertrain and battery systems, as well as provides related after-sales and technical services. It also offers electric mobility related products under the ZEEKR brand; automotive design, software systems development, modular development, intelligent electric vehicles virtual engineering, and mobility technology solutions; knockdown kits; export of vehicles; automotive-related integrated vehicle services; and provision of general logistic, packing, and storage services. It operates in Eastern Europe, the Netherlands, Sweden, France, the Asia Pacific, the Middle East, Latin America, Africa, and internationally. Geely Automobile Holdings Limited was incorporated in 1997 and is headquartered in Wan Chai, Hong Kong.

### Why customers stay

Margins ranged from 15.3% to 16.6% during 2023–25; it earns 12.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2023-12-31 (filed 2026-10-16T07:34:43.342Z); FY2023: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2024-12-31 (filed 2026-10-16T07:34:43.342Z); FY2024: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2025-12-31 (filed 2026-10-16T07:34:43.342Z); FY2025: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); 10-year return on capital observations [[2016,0.26149619227487203],[2017,0.35737064227733323],[2018,0.36957694086090953],[2019,0.18201335414325684],[2020,0.08515214429530435],[2021,0.05662671080717205],[2022,0.026231488756334152],[2023,0.05592046949601732],[2024,0.09970605887768309],[2025,0.14881645549544845]]; median 0.12426125718656578. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 77.3% of cash earnings; earns 80.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); FY2016: growth capex 2510494000; upkeep 733531000; owner earnings 5112398000. Growth capex / owner earnings = 0.49105996833579857.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); FY2017: growth capex 6898967000; upkeep 742679000; owner earnings 10633715000. Growth capex / owner earnings = 0.6487823869644804.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2018-12-31 (filed 2026-10-16T07:34:43.342Z); FY2018: growth capex 3059256672.506386; upkeep 4464111327.493614; owner earnings 10502256672.506386. Growth capex / owner earnings = 0.2912951728284401.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2019-12-31 (filed 2026-10-16T07:34:43.342Z); FY2019: growth capex 0; upkeep 7574715000; owner earnings 4335417200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2020-12-31 (filed 2026-10-16T07:34:43.342Z); FY2020: growth capex 0; upkeep 7042250000; owner earnings 3974290000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2021-12-31 (filed 2026-10-16T07:34:43.342Z); FY2021: growth capex 0; upkeep 6100193000; owner earnings 5500421800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2022-12-31 (filed 2026-10-16T07:34:43.342Z); FY2022: growth capex 2018657000; upkeep 8318331000; cash acquisitions 2830769000; owner earnings 4793151400. Growth capex plus acquisitions / owner earnings = 1.011740626427949.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2023-12-31 (filed 2026-10-16T07:34:43.342Z); FY2023: growth capex 7119732000; upkeep 8202762000; cash acquisitions 1082922000; owner earnings 4682576800. Growth capex plus acquisitions / owner earnings = 1.7517393414668607.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2024-12-31 (filed 2026-10-16T07:34:43.342Z); FY2024: growth capex 3159103000; upkeep 13750447000; cash acquisitions 3088960000; owner earnings 16117887000. Growth capex plus acquisitions / owner earnings = 0.3876477729369861.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2025-12-31 (filed 2026-10-16T07:34:43.342Z); FY2025: growth capex 1999349000; upkeep 15920178000; cash acquisitions 10282311000; owner earnings 15894270600. Growth capex plus acquisitions / owner earnings = 0.7727098845290831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); Incremental return on capital 0.8044296267382415, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); Dividend observations: [[2016,280959000],[2017,960054000],[2018,2160828000],[2019,2805760000],[2020,2120977000],[2021,1611439000],[2022,1787669000],[2023,1915763000],[2024,2120216000],[2025,3119413000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GRU.STU.json#2025-12-31 (filed 2026-10-16T07:34:43.342Z); FY2025: cash repurchases 349668000 CNY.

### Are managers owners

Insiders own 42.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0175.HK SharesStats.PercentInsiders = 42.26 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.3% yearly over ten years; actual growth was 25.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:43.342Z); Ten-year compound average after fade. Initial solved rate -0.17046396908846007. Price 15.03; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.16219894806105217 → FY2025 1.5351301112704963. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 8.00 per share

- 2016-11: HKD 8.02 per share

- 2016-12: HKD 7.41 per share

- 2017-01: HKD 9.23 per share

- 2017-02: HKD 10.56 per share

- 2017-03: HKD 11.90 per share

- 2017-04: HKD 10.50 per share

- 2017-05: HKD 12.90 per share

- 2017-06: HKD 16.84 per share

- 2017-07: HKD 18.06 per share

- 2017-08: HKD 19.24 per share

- 2017-09: HKD 22.00 per share

- 2017-10: HKD 24.15 per share

- 2017-11: HKD 27.20 per share

- 2017-12: HKD 27.10 per share

- 2018-01: HKD 25.05 per share

- 2018-02: HKD 25.55 per share

- 2018-03: HKD 22.60 per share

- 2018-04: HKD 21.00 per share

- 2018-05: HKD 22.25 per share

- 2018-06: HKD 20.35 per share

- 2018-07: HKD 17.90 per share

- 2018-08: HKD 16.68 per share

- 2018-09: HKD 15.60 per share

- 2018-10: HKD 15.00 per share

- 2018-11: HKD 15.42 per share

- 2018-12: HKD 13.80 per share

- 2019-01: HKD 13.26 per share

- 2019-02: HKD 14.74 per share

- 2019-03: HKD 15.00 per share

- 2019-04: HKD 15.74 per share

- 2019-05: HKD 12.86 per share

- 2019-06: HKD 13.36 per share

- 2019-07: HKD 12.14 per share

- 2019-08: HKD 12.12 per share

- 2019-09: HKD 13.30 per share

- 2019-10: HKD 14.90 per share

- 2019-11: HKD 14.64 per share

- 2019-12: HKD 15.24 per share

- 2020-01: HKD 12.54 per share

- 2020-02: HKD 13.86 per share

- 2020-03: HKD 11.44 per share

- 2020-04: HKD 12.12 per share

- 2020-05: HKD 10.60 per share

- 2020-06: HKD 12.20 per share

- 2020-07: HKD 16.30 per share

- 2020-08: HKD 16.38 per share

- 2020-09: HKD 15.40 per share

- 2020-10: HKD 15.92 per share

- 2020-11: HKD 21.55 per share

- 2020-12: HKD 26.50 per share

- 2021-01: HKD 28.35 per share

- 2021-02: HKD 25.20 per share

- 2021-03: HKD 19.78 per share

- 2021-04: HKD 20.15 per share

- 2021-05: HKD 19.74 per share

- 2021-06: HKD 24.45 per share

- 2021-07: HKD 25.95 per share

- 2021-08: HKD 28.10 per share

- 2021-09: HKD 22.35 per share

- 2021-10: HKD 27.05 per share

- 2021-11: HKD 23.15 per share

- 2021-12: HKD 21.30 per share

- 2022-01: HKD 16.64 per share

- 2022-02: HKD 14.42 per share

- 2022-03: HKD 12.36 per share

- 2022-04: HKD 12.44 per share

- 2022-05: HKD 15.00 per share

- 2022-06: HKD 17.84 per share

- 2022-07: HKD 15.50 per share

- 2022-08: HKD 15.90 per share

- 2022-09: HKD 10.82 per share

- 2022-10: HKD 8.44 per share

- 2022-11: HKD 11.38 per share

- 2022-12: HKD 11.40 per share

- 2023-01: HKD 12.64 per share

- 2023-02: HKD 10.18 per share

- 2023-03: HKD 10.10 per share

- 2023-04: HKD 9.65 per share

- 2023-05: HKD 9.11 per share

- 2023-06: HKD 9.56 per share

- 2023-07: HKD 11.26 per share

- 2023-08: HKD 9.74 per share

- 2023-09: HKD 9.24 per share

- 2023-10: HKD 8.87 per share

- 2023-11: HKD 8.51 per share

- 2023-12: HKD 8.59 per share

- 2024-01: HKD 7.38 per share

- 2024-02: HKD 8.56 per share

- 2024-03: HKD 9.24 per share

- 2024-04: HKD 9.53 per share

- 2024-05: HKD 9.47 per share

- 2024-06: HKD 8.79 per share

- 2024-07: HKD 7.96 per share

- 2024-08: HKD 8.82 per share

- 2024-09: HKD 12.18 per share

- 2024-10: HKD 13.66 per share

- 2024-11: HKD 13.86 per share

- 2024-12: HKD 14.82 per share

- 2025-01: HKD 14.30 per share

- 2025-02: HKD 17.54 per share

- 2025-03: HKD 16.64 per share

- 2025-04: HKD 16.36 per share

- 2025-05: HKD 17.62 per share

- 2025-06: HKD 15.96 per share

- 2025-07: HKD 17.68 per share

- 2025-08: HKD 19.56 per share

- 2025-09: HKD 19.55 per share

- 2025-10: HKD 18.40 per share

- 2025-11: HKD 16.94 per share

- 2025-12: HKD 17.90 per share

- 2026-01: HKD 16.09 per share

- 2026-02: HKD 16.15 per share

- 2026-03: HKD 20.92 per share

- 2026-04: HKD 22.90 per share

- 2026-05: HKD 18.82 per share

- 2026-06: HKD 16.86 per share

- 2026-07: HKD 19.80 per share

- 2026-08: HKD 17.60 per share

- 2026-09: HKD 14.55 per share

- 2026-10: HKD 15.03 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 9.68 per share, central HKD 13.04 per share, high HKD 15.01 per share

- FY2017: low HKD 16.39 per share, central HKD 22.78 per share, high HKD 26.50 per share

- FY2018: low HKD 19.78 per share, central HKD 27.50 per share, high HKD 31.99 per share

- FY2019: low HKD 18.34 per share, central HKD 25.25 per share, high HKD 29.27 per share

- FY2020: low HKD 13.49 per share, central HKD 15.07 per share, high HKD 17.17 per share

- FY2021: low HKD 10.08 per share, central HKD 11.05 per share, high HKD 12.34 per share

- FY2022: low HKD 11.88 per share, central HKD 13.08 per share, high HKD 14.63 per share

- FY2023: low HKD 14.15 per share, central HKD 15.50 per share, high HKD 17.29 per share

- FY2024: low HKD 19.46 per share, central HKD 21.54 per share, high HKD 24.31 per share

- FY2025: low HKD 31.09 per share, central HKD 41.58 per share, high HKD 47.69 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:28.012Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.