Overview
Geely Automobile emerges as the most complete fundamental story among Chinese EV-related companies listed in Hong Kong. The company reports the highest return on equity in the group at 18.1%, a trailing price-to-earnings ratio of 10.2x, a forward P/E of 8.1x, and HKD 54.69 billion in free cash flow. These metrics position Geely as a rare combination of growth, profitability, and cash generation within a sector where many names remain unprofitable.
Fundamental scorecard - side-by-side metrics
The following table lists the headline valuation, profitability and cash metrics for the group. All monetary values are in Hong Kong dollars and figures are as of Aug 18, 2026. "N/M" indicates not meaningful due to negative earnings.
| Company | P/E (LTM) | P/E (Fwd) | EV/EBITDA | ROE | Net Margin | D/E | FCF (HKD) |
|---|---|---|---|---|---|---|---|
| Geely Automobile (0175) | 10.2x | 8.1x | 4.1x | 18.1% | 4.5% | 13.7% | 54.69B |
| Great Wall Motor (2333) | 12.5x | 11.1x | 3.6x | 10.6% | 4.0% | 18.2% | 46.67B |
| BYD Co (1211) | 28.3x | 19.9x | 6.8x | 11.3% | 3.5% | 57.8% | -100.31B |
| Li Auto (2015) | N/M | 157.3x | 5.5x | -2.6% | -1.7% | 25.3% | -20.09B |
| XPeng (9868) | N/M | N/M | N/M | -7.6% | -3.1% | 83.2% | 5.80B |
| NIO (9866) | N/M | 45.9x | N/M | -422.8% | -9.1% | 612.1% | -3.49B |
Revenue trends
Revenue growth patterns vary across the group. Geely has grown revenue from HKD 197 billion to HKD 384 billion over a three-year span, effectively almost doubling sales as it advances its EV transition through brands such as Zeekr and Galaxy. BYD Co remains the largest by revenue, reporting HKD 895 billion, although the company’s growth is described as having stalled. Among the group, NIO and XPeng register the most rapid percentage increases in revenue, each at roughly 48% and 47% respectively, but those gains stem from smaller absolute bases.
Profitability contrasts
Only three of the companies in the table report positive returns and margins. Geely posts an 18.1% ROE with a 4.5% net margin, signaling a profitability profile that supports shareholder value compounding. Great Wall follows with a 10.6% ROE and a 4.0% net margin. BYD reports an 11.3% ROE but thinner margins at 3.5%, attributed in the data to pricing pressure.
The pure-play EV startups - NIO, XPeng, and Li Auto - are shown as unprofitable in the reported metrics. NIO's ROE is deeply negative at -422.8% and its debt-to-equity ratio measures 612.1%, which the table highlights as a concern. Li Auto, which once led among the newer entrants on profitability, shows a revenue contraction of 24.4% in the underlying figures and has swung to losses.
Valuation and balance sheet snapshots
Geely's forward P/E of 8.1x and Great Wall's 11.1x stand in contrast to BYD's 19.9x forward multiple despite BYD's very large revenue base. The report suggests the market is pricing in geopolitical and competitive risks, yet free cash flow and leverage figures imply less pessimism in operational cash generation than the discounts suggest.
On leverage, Geely's 13.7% debt-to-equity ratio is conservative for an automaker undergoing an EV transition. BYD's free cash flow is listed as negative HKD 100.31 billion despite the company's scale, indicating substantial capital spending. Great Wall provides the highest dividend yield among the group at 4.8%.
Fair-value signals and relative upside
Fair-value estimates in the dataset indicate meaningful potential upside for several names: Great Wall Motor shows a projected +79.1% upside, BYD +47.4%, Li Auto +40.2%, and Geely +36.4%.
Conclusion
From the assembled metrics, Geely Automobile is presented as the fundamental leader among the Hong Kong-listed Chinese EV-related companies covered here. The company combines double-digit ROE, sizable free cash flow, limited leverage, and a modest forward valuation, aligning growth, quality, and value in a single package. Great Wall Motor is identified as a close second, characterized as a deep-value option with the highest dividend yield and the largest fair-value upside. The pure-play EV startups remain described as speculative in the data: high top-line momentum but ongoing challenges on profitability and balance-sheet discipline.