2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. In the afternoon of yesterday, Geely Automobile, which was listed in Hong Kong, released its mid-term results. In the first half of this year, its operating revenue reached 36.82 billion yuan, a year-on-year decrease of 23%, and net profit of 2.297 billion yuan, a year-on-year decrease of 43%. The speed of profit decline far exceeds that of revenue. News out, Geely’s share price fell significantly. < p > < p > after the release of the 2019 annual results at the beginning of the year, an Conghui, President of Geely Holding Group, has publicly stated that Geely will not adjust its sales target of 1.41 million vehicles this year. However, in the first half of the year, Geely’s cumulative sales volume was 530446 units, down 19% year-on-year. It took more than half of the time, but only 38% of the annual sales of 1.41 million vehicles were completed. In view of the weak market conditions, Geely Automobile has lowered its sales target in 2020 from 1.41 million units to 1.32 million units. “Renege” to reduce the target sales behind the sales, or Geely at present helpless choice. < / P > < p > after 2019, the auto sales market continues to shrink this year. From January to July, domestic automobile production and sales completed 12.314 million and 12.365 million respectively, down 11.8% and 12.7% year-on-year, respectively. Automobile sales continued to be weak. In the past few years, the number of sales promotion for Geely < p > has been increasing. While a large number of dealers helped Geely seize market share, they also accumulated a lot of inventory after the downturn of the industry in 2018. < p > < p > after 2019, Geely has started the road of de stocking. In the first half of 2020, the book value of Geely Automobile inventory was 4.23 billion yuan, which was decreased to a certain extent compared with 4.82 billion yuan in the same period of 2019. < p > < p > in the first six months, Geely Auto sold 530000 units, a year-on-year decrease of 19%, while its revenue dropped by 23%, and its profit rate dropped by 46%. The company’s gross profit margin also dropped to 17.1% from 17.8% in the same period last year. < / P > < p > the decline of performance in the first half of the year is closely related to the drop in the ex factory price of new cars. Geely also said in its semi annual report that it offered higher discounts and discounts to dealers in the first half of the year, and the ex factory price of new cars dropped by about 6% compared with the same period last year. < / P > < p > not only that, at the beginning of this year, the Internet once burst out that Geely required employees to “voluntarily” reduce their salaries, and forced cadres with administrative positions to buy Lingke 01 and other models for cleaning up the inventory of state-5 vehicles. However, even so, the 14% sales decline in the first seven months is still worse than the 12% level of the industry in the same period. < p > < p > it is worth noting that in the first half of this year, Geely’s operating cash flow has the first net outflow since the global financial crisis in 2008, with an outflow of 3.2 billion yuan, which is far higher than the net outflow of 100 million yuan in the first half of 2008. At the same time, the sales cost of Geely Automobile in the first half of the year was 2.19 billion yuan, showing a slight decrease compared with the same period of last year, while the administrative cost was as high as 2.67 billion yuan, increasing by 9% year on year. In the face of difficulties, Geely Automobile also admitted in the financial report that the epidemic has led to global political and economic uncertainty, which has brought significant challenges to the company’s business activities and future cash flow; it is expected that the current adverse factors will continue until the end of this year, making 2020 the most difficult year in the history of the group. In the first half of 2020, Geely Automobile confirmed a total of 615 million yuan of government subsidies, which contributed a lot to the sales of new energy vehicles. However, compared with most other car companies’ emphasis on new energy vehicles, Geely seems to be less “concerned”. In July, the sales volume of Geely geometry a, Dihao EV and other new energy and electrified products was 6401, accounting for only 6% of the company’s 105200 units in July. In April 2019, Geely Automobile Group’s medium and high-end electric brand – “geometry” was officially released. According to an Conghui, President and CEO of the company, geometric’s mission is to redefine the evolution direction of new energy vehicles. As Geely’s pure electric products, geometry series is highly expected by the company. < / P > < p > in the whole year of 2019, the sales volume of geometry brand was 12000, less than 1% of Geely’s annual sales; in the first quarter of 2020, it dropped to 674. In the first half of this year, only 1121 vehicles were sold, down 72.9% year on year, far behind the industry average. < p > < p > as of the latest closing, the market value of Weilai automobile, which only has more than 10000 units sold, has a current market value of more than $16 billion, while Geely, which has more than 1 million units of annual sales, has a total market value of HK $156.6 billion (about US $20 billion).