Geely Automobile Holdings Ltd. (0175): BoD reshuffle after a pleasant meet in 1H26; Read-through for peers

Research evidence excerpt

Asia Pacific Equity Research

17 August 2026

Geely Automobile Holdings

Ltd. (0175)

BoD reshuffle after a pleasant meet in 1H26; Readthrough for peers

Geely’s share price rose 5% today (17 August vs. HSCEI +1%; +12%

YTD vs. HSCEI -4%) after the company reported a “pleasant” meet of

1H26 results against market concerns over rising input costs (i.e.

memory chip, battery) and price competition in the domestic market.

On the results call, Geely announced: 1) a reshuffle of the BoD with

Chairman Li stepping down, replaced by parentco CEO, Mr. An. 2)

Geely’s LT strategy with a laser focus on: a) the overseas market, and

b) AI implementation in autonomous driving and robotaxi. YTD,

consensus 2026/27 earnings expectations have been lifted by ~8%. We

remain positive on Geely’s earnings momentum and management

execution, and stay OW with a Jun-27 PT of HK29.

• Two long-term strategic focus areas that we welcome: 1)

Ambitious overseas expansion through further additions to the

product portfolio (across price points, product segments and

powertrain choices) and extension of the distribution network,

localization and partnering with selected OEMs in overseas markets

e.g. Renault in Korea/Brazil, Proton in Malaysia and lately Ford in

Spain, which should allow Geely to mitigate uncertain geopolitical

headwinds and avoid heavy investments in overseas plants. We

forecast Geely’s overseas volume to top 1.1mn/1.4mn units in

2026/27 (up from 0.4mn in 2025), accounting for over 50-60% of

total profit. 2) Implementation of AI in autonomous driving

development, including deploying robotaxi in China in the next 1-2

years. Together with Geely’s inhouse chip and battery technology,

we believe Geely, along with BYD, will be the leading Chinese

OEMs in the global marketplace.

• BoD reshuffle: Chairman Li Shufu will be stepping down, replaced

by Mr. An Conghui, who has been a veteran at Geely, serving

various senior executive roles including Geely Auto Holding’s CEO.

Meanwhile, CEO of the listco will be Mr. Gan Jiayue, previously

CEO of Geely Auto Group. We view this as a strategic milestone,

with leadership expected to transition to a professional management

…