Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company's profitability is expected to stabilize and grow due to product premiumization and international expansion [2][10] - The company forecasts net profits for 2026-2028 to be 20.48 billion, 25.94 billion, and 30.81 billion RMB respectively, with a target price set at 20.79 RMB or 23.65 HKD [3][10] Financial Summary - Revenue projections for 2024A to 2028E are as follows: 275.91 billion, 345.23 billion, 421.56 billion, 488.32 billion, and 580.92 billion RMB, with year-on-year growth rates of 25.1%, 22.1%, 15.8%, and 19.0% respectively [5][11] - Operating profit is expected to grow significantly, with figures of 6.68 billion, 17.66 billion, 22.91 billion, 29.40 billion, and 35.10 billion RMB for the same years, reflecting growth rates of 164.4%, 29.8%, 28.3%, and 19.4% [5][11] - The gross margin is projected to improve slightly, reaching 16.8% in 2026 and 17.2% in 2027 and 2028 [5][10] - The company aims to sell 302.46 million vehicles in 2025, a 39.0% increase year-on-year, with electric vehicle sales expected to reach 168.78 million, a 90.0% increase [10] Market Performance - The company's stock price as of March 20, 2026, was 19.52 HKD, with a 52-week high of 20.78 HKD and a low of 12.7 HKD [6] - The report indicates that the company's absolute performance over the past week, month, and year has been positive, with respective increases of 12.18%, 16.19%, and 9.07% [7] Strategic Initiatives - The company is focusing on high-end product development and international market expansion, with plans to launch new models and technologies in the coming years [10] - The export volume is expected to grow significantly, with a target of 640,000 units in 2026, representing a 52% increase [10]

Core Viewpoint - Chinese automotive manufacturers have surpassed Japanese automakers in global sales for the first time in over 20 years, marking a significant shift in the global automotive landscape [1] Group 1: Sales Performance - In 2025, Japanese automakers are projected to see a slight decline in global cumulative sales to approximately 25 million vehicles, falling from the top position for the first time since 2000 [1] - Chinese automotive companies achieved nearly 27 million global cumulative sales last year, overtaking Japan to become the world's largest automotive market [1] Group 2: Company Rankings - BYD is expected to surpass Ford in 2025, ranking sixth globally, while Geely is projected to surpass Honda, ranking eighth [1] - In the electric vehicle segment, BYD has overtaken Tesla to become the global leader [1] - Six Chinese automakers are listed among the top 20 global manufacturers, surpassing five Japanese companies, with Chery, Changan, SAIC, and Great Wall also making the list [1] Group 3: Industry Insights - The surpassing of Japanese automakers by Chinese companies is not merely a ranking change but signifies a restructuring of global automotive influence [1] - The rapid development of Chinese automotive companies is attributed to advanced technology, cost advantages, and fast-paced research and development [1] - Japan is urged to reassess its automotive industry's electrification and global strategy in response to this shift [1]

Company Developments - TikTok Shop is accelerating its expansion into the European market, planning to enter the Netherlands, Belgium, Sweden, and Poland, which would bring its operations to ten countries in Europe. Currently, European sales account for only 5.4% of its global revenue, facing challenges from conservative consumer habits and strong competitors like Temu [2] - AliExpress has partnered with YouTube in South Korea, becoming the first Chinese e-commerce platform to join YouTube's shopping alliance program, aiming to enhance its distribution channels and introduce a wider range of global products [2] Automotive Industry - Geely Auto reported a total revenue of 345.2 billion yuan for 2025, a 25% year-on-year increase, with a core net profit of 14.41 billion yuan, up 36%. The company aims for overseas sales of 420,000 units, including 124,000 in new energy vehicles, which is a 240% increase [3] - Chery Auto announced a total revenue of 300.29 billion yuan for 2025, an 11.3% increase, with a net profit of 19.51 billion yuan, up 36.1%. The company sold 2.6314 million self-owned passenger vehicles, a 14.6% increase, with new energy vehicle sales growing by 72.5% [3] - Leap Motor achieved an export volume of 67,052 units in 2025, leading among new Chinese automotive brands. The company has established nearly 900 sales service outlets across about 40 countries [4] Investment and Financing - BYD plans to invest 300 million reais (approximately 390 million yuan) in Brazil to build its first electric vehicle R&D testing center, expected to be operational by 2028 [4] - Huawei's underwater robotics company, Submarine Innovation, completed nearly 100 million yuan in Series C financing, which will be used for core technology development and market expansion [8] - NUBON Bio completed over 100 million yuan in Series C financing, focusing on expanding its global commercial footprint, with 400 overseas clients [8] Market Trends - The global storage chip market is experiencing an unexpected price increase in Q1 2026, with NAND prices rising over 70% due to strong AI demand and supply constraints in consumer electronics [9] - The global electric vehicle traction inverter installation reached 9.65 million units in Q4 2025, marking a two-year high, driven by increased sales of battery electric vehicles [10] - Omdia forecasts that global micro-short drama revenue will grow to 14 billion USD by the end of 2026, with significant contributions from markets outside China, particularly the US [10]

Core Viewpoint - Chinese automotive manufacturers have surpassed Japanese companies in global sales for the first time in over 20 years, marking a significant shift in the global automotive landscape [1]. Group 1: Sales Performance - In 2025, Japanese automotive manufacturers are projected to have a slight decline in global cumulative sales to approximately 25 million vehicles, falling from the top position for the first time since 2000 [1]. - Chinese automotive companies achieved nearly 27 million global cumulative sales last year, overtaking Japan to become the world's largest automotive market [1]. Group 2: Company Rankings - BYD is expected to surpass Ford in sales, ranking sixth globally, while Geely has overtaken Honda to secure the eighth position [1]. - In the electric vehicle sector, BYD has surpassed Tesla to become the global leader [1]. - Six Chinese automotive companies made it to the top 20 global manufacturers list, exceeding Japan's five companies, with Chery, Changan, SAIC, and Great Wall also included [1]. Group 3: Industry Insights - The increase in Chinese automotive sales is attributed to a combination of advanced technology, cost advantages, and rapid research and development capabilities [1]. - Experts suggest that Japan needs to reassess its automotive industry's electrification and global strategy in light of this shift [1].

Core Viewpoint - Geely Automobile Group reported a total delivery volume of 3.025 million vehicles for 2025, representing a year-on-year increase of 39.0% [1] - The company achieved an annual revenue of 345.23 billion yuan, up 25.1% year-on-year, and a net profit attributable to shareholders of 16.85 billion yuan, which is a slight increase of 0.2% year-on-year [1] Group 1: Financial Performance - In Q4 2025, Geely delivered 854,000 vehicles, marking a year-on-year increase of 24.4% and a quarter-on-quarter increase of 12.3% [1] - The single-quarter revenue reached 105.75 billion yuan, up 22.4% year-on-year and 18.6% quarter-on-quarter [1] - The quarterly net profit attributable to shareholders was 3.74 billion yuan, reflecting a year-on-year increase of 3.9% but a quarter-on-quarter decrease of 2.1% [1] Group 2: Product Development and Market Strategy - Geely plans to launch multiple new models in 2026, including the Zeekr 8X, which is positioned as a high-performance flagship SUV [2] - The Galaxy M7 will target the mainstream SUV market with advanced battery technology and a focus on long-range and driving experience [2] - The Galaxy V900, already launched, is aimed at family users as a high-end AI MPV, while the Xingyao 7 is a mid-level electric hybrid sedan emphasizing low fuel consumption and luxury [2] Group 3: Export Growth and AI Integration - In January and February 2026, Geely's cumulative exports reached 121,000 vehicles, a significant year-on-year increase of 129.4% [3] - The company aims for an annual export target of 640,000 vehicles and plans to expand its overseas channels to over 2,000 [3] - Geely is advancing its AI strategy to the 2.0 phase, integrating AI technology into core automotive areas, and has announced a partnership with NVIDIA to enhance capabilities in intelligent vehicle perception and execution [3] Group 4: Profit Forecast and Investment Outlook - Revenue projections for Geely from 2026 to 2028 are estimated at 421.8 billion, 504.7 billion, and 577.6 billion yuan, with year-on-year growth rates of 22%, 20%, and 14% respectively [3] - Expected net profits for the same period are 21.5 billion, 25.8 billion, and 29.2 billion yuan, with growth rates of 27%, 20%, and 13% [3] - The company maintains a "buy" rating based on the anticipated growth from its new energy products and high-end brand sales [3]

Group 1 - Xiaomi responds to delivery time for new SU7, stating that they are well-prepared for production capacity and have introduced measures like "ready-to-deliver cars" and "priority production" [2] - Tesla's Semi electric truck is reportedly priced below $300,000, which is about twice the cost of diesel trucks, with two models offering ranges of 325 miles and 500 miles [2] - Geely has launched the world's first green methanol-powered racing car, featuring a self-developed methanol engine with a thermal efficiency exceeding 48% and peak torque of 400 Nm [2] - German automotive semiconductor company Elmos Semiconductor is considering a sale, with a market value of approximately €2.3 billion ($2.5 billion), and has hired Morgan Stanley as an advisor for the transaction [2]

Core Viewpoint - Geely Auto reported a significant increase in revenue but faced challenges with net profit growth, indicating a trend of revenue growth without corresponding profit increase [2][4][14]. Financial Performance - In 2025, Geely achieved revenue of 345.23 billion, a year-on-year increase of 43.73%, while net profit was 16.85 billion, up only 1.32% [2][4][15]. - The total sales volume reached 3.02 million units, reflecting a 39% increase year-on-year [4][15]. Market Competition - Geely's product structure has deteriorated, with low-priced models like the Geely Galaxy seeing a 150% increase in sales, while high-priced models like Zeekr stagnated with only a 1% increase [7][17]. - The competitive landscape is intensifying, leading to a price war among automakers, which has pressured Geely's market position [14][20]. Export Performance - Geely's export growth was only 0.4%, placing it at the bottom among leading automakers, while the overall export of Chinese passenger cars grew by 21.1% [9][20]. - In 2025, Geely exported 420,000 units, significantly lower than competitors like Chery and BYD, which exceeded one million units [10][21]. R&D Investment - Geely increased its R&D spending to 17.62 billion, a 69% increase year-on-year, indicating a strong commitment to innovation [10][22]. - The CEO expressed ambitions for Geely's smart driving technology to surpass Tesla's FSD within the year, a statement that has drawn skepticism from the market [9][22][24]. Sales Targets - For 2026, Geely set a sales target of 3.45 million units, a 14% increase from 2025, but faced a challenging start with only a 1% growth in the first two months of the year [3][11][24].

Core Viewpoint - The article contrasts the contrasting fates of Stellantis and Geely, highlighting Stellantis's significant losses due to misjudging the speed of energy transition and Geely's successful transformation into a technology-driven company focused on AI and autonomous driving [2][29]. Group 1: Stellantis's Challenges - Stellantis reported a staggering loss of over €19 billion (approximately ¥155 billion) in the first half of the year, leading to a 26% drop in stock price and the suspension of all dividends until 2026 [2]. - The CEO of Stellantis admitted that the losses stemmed from overestimating the speed of energy transition and investing heavily in high-cost electric vehicles that the market did not accept [2]. - Stellantis's struggle reflects broader issues in the automotive industry, such as path dependence and organizational inertia, which hinder the ability to adapt to new market realities [2]. Group 2: Geely's Successful Transformation - Geely completed a significant transformation in just over 200 days, unifying its autonomous driving efforts under the new brand "Qianli Haohan" and achieving EU certification for its advanced driver assistance system [3][4]. - The company has shifted from being a traditional automaker to a technology company with AI as its core capability, focusing on user experience and self-developed solutions [4][6]. - Geely's strategy involved consolidating its autonomous driving teams, which improved efficiency by 20-30% and accelerated product development, leading to the rapid release of the Qianli Haohan G-ASD [9][12]. Group 3: Investment in R&D and Data - Over the past five years, Geely has invested over ¥100 billion in R&D, totaling more than ¥250 billion over 11 years, demonstrating a serious commitment to developing its technology [12]. - Geely has built a substantial data pool with 8.5 million vehicles equipped with autonomous driving systems, accumulating over 10 billion kilometers of driving data, which enhances its model training capabilities [12][13]. - The company possesses a significant computational power of 23.5 EFLOPS, allowing for efficient training of AI models compared to competitors [13][25]. Group 4: Leadership and Culture - The integration of Geely's autonomous driving teams under the leadership of Chen Qi, a former Huawei executive, has been pivotal in driving the company's strategic direction and execution [15][16]. - Chen Qi emphasizes safety in autonomous driving, which has led to increased user trust and higher usage rates of Geely's autonomous driving features [16][30]. - Geely's corporate culture promotes long-term thinking and a focus on user experience, which has guided its strategic decisions and investments [12][29]. Group 5: Future Prospects and Market Position - Geely's autonomous driving system, Qianli Haohan G-ASD, has achieved a high user experience rating of 9.8, leading the industry and showcasing its technological advancements [22]. - The company plans to expand its autonomous driving technology to more mainstream models, indicating a strategy to democratize advanced driving features [24]. - Geely is positioning itself as a leader in the next generation of smart mobility, focusing on an open ecosystem rather than a closed system, which could redefine user interaction with smart vehicles [26][30].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 建議修訂組織章程大綱及細則 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.51(1)條作出。 本公司董事會（「董事會」）擬修訂本公司組織章程大綱及細則（「組織章程大綱及細則」）， 以更新有關本公司法定股本的內容，反映本公司股東（「股東」）於二零二四年五月三十一 日舉行的股東週年大會上所批准之增加；允許股東通過指定會議應用程序及╱或通信設 施以虛擬方式出席、參加及投票，以及就本公司股東大會的有關議事程序及常規作出相 應修訂；使組織章程大綱及細則符合上市規則項下有關進一步擴大無紙化上市機制的最 新監管規定；允許電子支付；及作出若干其他內務修訂。 鑒於建議修訂的數量及範圍，董事會擬採納新經修訂及重列組織章程大綱及細則以替代 及摒除現有的組織章程大綱及細則。採納新經修訂及 ...

Market Performance - The Hang Seng Index closed down by 0.88% while the Tech Index fell by 2.48% [1] - Notable gainers included Contemporary Amperex Technology Co., Ltd. (Ningde Times) and Li Ning, both rising over 8% [1] - Geely Automobile saw an increase of nearly 6.5% [1] - In contrast, Xiaomi Group experienced a decline of over 8.5%, and Alibaba fell by more than 6% [1]