Core Viewpoint - Geely has unveiled the Galaxy V900, an AI-powered flagship MPV that integrates advanced technologies for enhanced performance, energy efficiency, and long-range capabilities, catering to both family and business needs [1]. Group 1: Technical Features - The Galaxy V900 features a dual-motor all-wheel-drive system, with a peak power of 90 kW from the industry-leading P1 generator, ensuring strong and stable performance across various driving scenarios [3]. - The vehicle's 1.5T super-efficient range extender boasts a thermal efficiency of 47.26%, generating 3.77 kWh per liter of fuel, with a low electricity cost of 1.9 yuan per kWh, achieving cost parity between fuel and electricity [3]. Group 2: Intelligent Management - The vehicle employs the Xingrui AI Cloud Power 2.5 intelligent system for energy and all-wheel-drive management, optimizing energy consumption based on navigation and user habits [5]. - AI energy control prioritizes electric mode when charging stations are available, extending electric range by 7.1 km with an additional 3% battery capacity [6]. - The AI four-wheel-drive management can autonomously switch driving modes based on road conditions, ensuring seamless power transfer even in case of a single motor failure [6]. Group 3: Battery and Range - The Galaxy V900 is equipped with a large-capacity battery pack, offering a pure electric range of 240 km under CLTC standards, suitable for urban commuting with a weekly charge [6]. - The combined range with a full tank and full charge reaches up to 1200 km, enhancing its usability for longer trips [6]. Group 4: Interior and Comfort - The interior of the Galaxy V900 features three industry-first spacious designs, with second and third-row legroom exceeding 1013 mm and a trunk capacity over 1100 liters, ensuring comfort for all passengers [8]. - The seating is made from Nappa leather with an 11-layer cloud-like SPA structure, and the vehicle offers flexible seating configurations for 6, 7, or 8 passengers [8]. - A 17.3-inch anti-pinch viewing screen and a 27-speaker Flyme Sound system create an immersive audio-visual experience [8]. Group 5: Smart Cabin and Driving Assistance - The vehicle is equipped with the Flyme Auto 2.0 system and Qualcomm 8295P chip, enabling low-latency operations and offline voice interaction [10]. - The Qianli Haohan H5 driving assistance system, featuring the Orin-Y chip and 27 perception units, supports end-to-end no-map navigation and 3 km memory parking, enhancing driving and parking convenience [10].

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline in November 2025, with a total of 2.225 million units sold, representing a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%. However, the cumulative sales from January to November reached 21.483 million units, showing a year-on-year growth of 6.1% [2][3]. Sales Performance - In November 2025, the sales breakdown by vehicle type showed that sedans sold 1.007 million units (down 10.0% year-on-year), MPVs sold 86,000 units (down 16.8%), SUVs sold 1.132 million units (up 5.6%), and NEVs sold 1.321 million units (up 4.2%) [3][4]. - The cumulative sales for the year until November were 9.831 million sedans (up 5.3%), 953,000 MPVs (up 0.1%), 10.699 million SUVs (up 7.3%), and 11.472 million NEVs (up 19.6%) [3][4]. Market Trends - The penetration rate of new energy vehicles (NEVs) in the domestic market reached 59.4% in November, with a penetration rate of 79.6% among domestic brands and 38.8% in the luxury segment [4]. - The analysis indicates that the retail growth rate for the year has followed a "low in the beginning, high in the middle, and flat at the end" trend, with new policies stabilizing the market and controlling price competition [2][4]. Manufacturer Rankings - In November 2025, BYD led the sales with 474,921 units (down 5.8% year-on-year), followed by Geely with 310,428 units (up 24.1%), and Chery with 262,475 units (down 3.6%) [7][9]. - For the cumulative sales from January to November, BYD also ranked first with 4.131 million units (up 10.4%), followed by Geely with 2.788 million units (up 41.8%) [8][10]. NEV Manufacturer Performance - In November 2025, BYD again led the NEV wholesale sales with 474,921 units (down 5.8% year-on-year), while Geely and Chery followed with 187,798 units (up 53.4%) and 111,577 units (up 54.0%) respectively [11][13]. - Cumulatively, BYD maintained its lead in NEV sales with 4.131 million units (up 10.4%) from January to November, while Geely's NEV sales surged by 97.4% to 1.534 million units [13][15].

Group 1 - The core viewpoint expressed by Chen Zheng, Vice President of Geely Automobile Group, highlights the unprecedented transformation and competition within the Chinese automotive industry, raising concerns about certain trends [1] - Some companies are prioritizing rapid monetization of fan traffic over the fundamental values of Chinese aesthetics, leading to a decline in the quality of automotive design [1] - There is a trend of companies acting as "benchmarking experts," quickly replicating popular models, which results in a lack of true innovation and contributes to homogenization within the Chinese automotive market [1] - Many brands are losing their identity due to a lack of value judgment and aesthetic consistency based on their own propositions, leading to a cycle of imitation rather than originality [1] Group 2 - In February 2023, Geely's model "Galaxy Light" faced allegations of plagiarism, with similarities noted between it and models from Changan Automobile, such as the SL03 and UNI-V [2] - A lawyer's letter from Changan claimed that Geely's "Galaxy Light" prototype infringes on their intellectual property due to significant similarities with their concept and production models [4] - Geely responded by asserting that "Galaxy Light" is an original design, denying any allegations of plagiarism or intellectual property infringement, and emphasizing its unique design philosophy based on the SEA architecture [4]

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 極氪私有化合資格極氪持有人選擇結果 最新進展 根據上市規則第13.18條作出之公佈 茲提述本公司日期為二零二五年五月七日、二零二五年七月十五日、二零二五年九月五 日及二零二五年九月十五日之公佈（「該等公佈」）、本公司日期為二零二五年八月十八日 之通函（「該通函」），及本公司日期為二零二五年十一月二十一日有關合併協議項下擬進 行交易（包括私有化及合併事項）之海外監管公佈（「海外監管公佈」）。 除本公佈另有界定或文義另有所指外，本公佈所用詞彙與該通函所界定者具有相同涵 義。 合資格極氪持有人選擇結果最新進展 誠如該等公佈及海外監管公佈所載，於適用選擇截止時間二零二五年十二月三日（就極氪 美國存託股份登記持有人而言）及二零二五年十二月五日（就極氪股份持有人而言）前，每 名合資格極氪持有人（香港非專業投資者除外，彼等將僅可收取現金 ...

Core Viewpoint - Geely Innovation Center has successfully developed a high-efficiency carbon dioxide hydrogenation to methanol catalyst, achieving international advanced levels in technology evaluation by the China Petroleum and Chemical Industry Federation [2][6]. Group 1: Technological Breakthroughs - After three years of research and development, Geely has overcome key technical bottlenecks in the industry, focusing on two main dimensions: the creation of a complete catalyst preparation process that significantly enhances mechanical strength and water resistance, achieving over 99% total conversion rate of CO2 and H2, and total selectivity for methanol [4]. - The team has completed the large-scale preparation of ton-level catalysts and developed a process package for 100,000 tons of carbon dioxide hydrogenation to methanol, clearing the obstacles for technological scaling [4]. Group 2: Pilot Project Achievements - The pilot project for carbon dioxide hydrogenation to methanol has achieved 2,000 hours of continuous stable operation with no performance degradation, confirming the engineering feasibility of the technology [6]. - The pilot project successfully passed a 72-hour continuous on-site assessment, with results indicating reliable process flow and stable operating conditions, exceeding expectations in core indicators such as total conversion rates and selectivity [6]. Group 3: Commercialization and Future Plans - The catalyst developed by Geely Innovation Center is now capable of mass production and commercial sales, meeting domestic chemical companies' demand for low-carbon methanol production technology and enabling the localization of key materials [8]. - Geely plans to leverage its methanol circular economy ecosystem to accelerate the industrialization and market promotion of this technology, contributing to the global upgrade of carbon dioxide resource utilization and supporting the transition to a green low-carbon economy [8].

Core Insights - Geely Innovation Center has developed an efficient carbon dioxide hydrogenation to methanol catalyst, which has successfully passed the evaluation by the China Petroleum and Chemical Industry Federation [1][2] - The technology overcomes key technical bottlenecks in the industry, achieving over 99% total conversion rate of CO2 and H2, and over 99% total selectivity for methanol [1] Group 1 - The catalyst preparation process includes innovative strategies such as integrated carrier pre-synthesis, active component deposition, hydrophobic functional layer construction, and in-situ self-driven pore formation, significantly enhancing the catalyst's mechanical strength and water resistance [1] - The technology team has completed the scale-up preparation of ton-level catalysts and developed a process package for 100,000 tons of carbon dioxide hydrogenation to methanol, clearing the obstacles for large-scale application [1] Group 2 - The pilot project for carbon dioxide hydrogenation to methanol has achieved 2,000 hours of continuous stable operation with no degradation in catalyst performance, confirming the engineering feasibility of the technology [2] - The pilot project successfully passed a 72-hour continuous on-site assessment, with results indicating reliable process flow and stable operating conditions, exceeding expectations for core indicators such as CO2 and H2 total conversion rates and methanol selectivity [2]

近日，中国质量协会正式发布了2025年"质量标杆典型经验"名单，吉利汽车集团凭借《基于数字化转型驱动下的质量实名制管理经验》成功入选，成为本年 度质量管理数字化领域的标杆性实践代表。 作为中国汽车工业质量管理的先行者,吉利 汽车集团在质量管理体系建设与标准制定领 域持续突破。自2021年正式加入IATF (Inter- national Automotive Task Force, 国际汽车 工作组）、成为IATF首个拥有董事表决权的 亚洲成员之后,吉利一直代表中国汽车品牌 参与全球汽车质量标准制定,截至2024年底 已主导参与682项国际、国家、行业、地方及 团体标准制定,并已完成436项标准发布。同 时,吉利汽车集团还牵头推动国际汽车质量 标准化协会IAQSA成立,深度参与IATF16949 标准修订,将全流程竞争力质量管理相关理 念与信息安全等内容纳入标准,推动标准适 配汽车新四化变革。 深耕造车领域28年,吉利汽车集团始终将质 量视为企业发展的生命线。面对全球汽车产 业百年大变革,吉利汽车集团将"质量强 国"战略与企业发展实践深度融合,在构 建《吉利汽车全流程竞争力质量管理体系》 (G-TQS)的基础 ...

Core Viewpoint - In November, the domestic passenger car market experienced a year-on-year decline in retail sales by 8.1%, contrasting with the typical year-end sales surge seen in previous years. The total retail sales for the year reached approximately 21.48 million units, reflecting a 6.1% increase year-on-year [1][10]. Group 1: Market Performance - The retail sales volume in November was about 2.225 million units, showing a month-on-month decrease of 1.1% [1]. - The cumulative growth rate of retail sales for the year showed fluctuations, with a 1.2% increase from January to February, a 15% increase from March to June, and a decline in growth to around 6% from July to September [3]. - The decline in November sales is attributed to a high base effect from previous quarters, aligning with earlier predictions of a "low-middle-high-flat" trend for the year [3]. Group 2: Policy Impact - The "old-for-new" vehicle replacement policy has been a significant factor in regulating market growth, with over 11.2 million applications for subsidies by October 22, 2023 [3]. - The average daily subsidy scale dropped to 30,000 units in November due to the suspension of subsidies in various regions, indicating a clear effect on growth adjustment [3]. Group 3: New Energy Vehicles (NEVs) - In November, the number of manufacturers with monthly sales exceeding 10,000 units for NEVs rose to 22, accounting for 94.2% of total NEV sales for the month [4]. - The total sales of NEVs reached 1.321 million units in November, marking a year-on-year increase of 4.2%, with a penetration rate of 59.3% in the overall passenger car market, up 7 percentage points from the previous year [4]. - The penetration rate for domestic brands' NEVs was 79.6%, while luxury brands and mainstream joint ventures had penetration rates of 38.8% and 8%, respectively [4]. Group 4: Export Trends - NEV exports reached 284,000 units in November, representing a year-on-year increase of 243.3%, making up 47.3% of the total export market [7]. - The share of pure electric vehicles in NEV exports decreased to 57%, while plug-in hybrid models increased to 42% [7]. - The export of complete vehicles has also driven growth in battery exports, with a total of 7.039 million kWh of electricity used for NEV exports and wholesale in November [8]. Group 5: Future Outlook - The retail share of new forces in the market reached 22.1% in November, an increase of 5.9 percentage points year-on-year, with pure electric models accounting for 72.8% of new force sales [9]. - Predictions for December suggest a relatively stable market, with potential for slight negative growth, influenced by consumer urgency due to upcoming changes in vehicle purchase tax policies [9]. - Looking ahead to 2026, the market is expected to face significant pressure due to changes in tax incentives, with a projected reduction in tax benefits leading to a potential decline in growth [9].

Core Insights - Geely's Galaxy brand has launched its first MPV model, the Galaxy V900, featuring advanced range-extending technology and AI capabilities [2][3][4] - The Galaxy V900 boasts impressive specifications, including a 1.5T range extender, a pure electric range of 240 km, and a combined range of 1200 km [2] - The vehicle's design emphasizes spaciousness, offering flexible seating configurations and superior interior dimensions compared to competitors [3][4] Group 1: Product Features - The Galaxy V900 is equipped with a 1.5T range extender, achieving a peak power of 340 kW and a peak torque of 523 N·m [2] - It features a "super AI range extension" system that enhances power efficiency, with an engine thermal efficiency of 47.26% and a fuel-to-electricity conversion rate of 1L fuel generating 3.77 kWh of electricity [2] - The vehicle's dimensions are 5360 mm in length, 1998 mm in width, and 1920 mm in height, with a wheelbase of 3200 mm, making it larger than most MPVs on the market [3] Group 2: Market Positioning - The Galaxy V900 represents Geely's entry into the MPV market, which is competitive but has fewer range-extended models, providing a unique differentiation opportunity [4] - The model is positioned as a key player in Geely's strategy to penetrate the high-end luxury market, leveraging its spaciousness and advanced AI range extension technology [4] - Industry predictions suggest the price range for the Galaxy V900 may be between 300,000 to 500,000 yuan [3]

Summary of Key Points Core Viewpoint - On December 8, 49 Hong Kong-listed companies conducted share buybacks, totaling 45.44 million shares and an aggregate amount of HKD 1.089 billion [1]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.049 million shares for HKD 636 million, with a highest price of HKD 608.50 and a lowest price of HKD 604.50, bringing its total buyback amount for the year to HKD 70.501 billion [1][2]. - Xiaomi Group-W repurchased 4.8 million shares for HKD 204 million, with a highest price of HKD 42.72 and a lowest price of HKD 42.14, totaling HKD 4.147 billion for the year [1][2]. - China COSCO Shipping repurchased 3 million shares for HKD 41.21 million, with a highest price of HKD 13.89 and a lowest price of HKD 13.67, totaling HKD 6.155 billion for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on December 8 was by Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 204 million [1][2]. - The highest number of shares repurchased on December 8 was by China Feihe, with 7 million shares, followed by Jinxin Fertility and Xiaomi Group-W with 5.9285 million and 4.8 million shares, respectively [1][2]. Group 3: Other Companies Involved - Geely Automobile conducted its first buyback of the year, repurchasing shares for HKD 27.12 million [2]. - Other companies with significant buybacks included Kuaishou-W and Jinxin Fertility, with respective amounts of HKD 2.995 million and HKD 1.484 million [2].