Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Period**: First half of 2025 Key Points Sales and Financial Performance - Geely's sales reached **1.41 million vehicles** in the first half of 2025, with **operating profit** of approximately **3.1 billion RMB** in Q2 and a total of **6.6 billion RMB** for the first half, meeting market expectations [2][13] - The company raised its full-year sales forecast to **3 million vehicles**, expecting an operating profit of **14 billion RMB**, driven by new model launches and high-end product releases in the second half [2][14] Market Position and Growth - Despite a shrinking market for fuel vehicles, Geely achieved growth, becoming the top-selling brand in the domestic fuel vehicle segment, with exports expected to reach **450,000 vehicles**, 20% of which are to the Russian market [2][4] - The Galaxy series products, particularly the Galaxy M9, exceeded expectations with over **40,000 orders** in 24 hours, indicating strong market acceptance of high-end products [3][9] Product Strategy and New Releases - Geely launched several high-end SUVs, including the Galaxy M9, Lynk & Co 900, and Zeekr 9X, targeting different price segments [2][9] - The company plans to integrate Zeekr and Lynk & Co to streamline costs, with Zeekr achieving profitability in Q1 2025 [2][10] Sales Performance of Key Models - The Wish model saw sales rise to **40,000 units** in June 2025, while the Galaxy E5 maintained monthly sales of **13,000 to 15,000 units** [8] - The Starry 8, a B-class plug-in hybrid positioned at A-class pricing, achieved monthly sales exceeding **10,000 units** [8] Resource Integration and Cost Management - Geely's integration of Zeekr and Lynk & Co has led to cost reductions through streamlined processes and procurement [10] - The company plans to fully incorporate Zeekr into the listed entity by September 2025 to further reduce costs [10] Electric Vehicle Progress - In Q1 2025, Geely sold **340,000** new energy vehicles, with **240,000** being pure electric and **100,000** plug-in hybrids; Q2 sales increased to **386,000** [12] - The Galaxy series accounted for **40%** of total sales in Q2, with five new models expected to launch this year [12] Future Outlook - Geely anticipates launching over five new Galaxy series models in 2026, aiming for annual sales exceeding **1 million vehicles** [15] - The company is positioned for growth in electric, high-end, and global markets, with a favorable long-term outlook [15] Valuation - Based on the forecasted operating profit of **14 billion RMB**, Geely's current valuation is approximately **12 times** this figure, with positive market sentiment regarding its future performance [16]

中国青年报客户端讯（中青报·中青网记者 张真齐）吉利汽车近日透露，旗下的吉曜通行已拥有行业最 大的短刀电池先进产能，目前在全国拥有8大生产基地，到2027年将形成70GWh产能规模。 今年4月，吉利汽车整合旗下电池业务成立"吉曜通行"，将原有的金砖电池、神盾短刀电池，统一为神 盾金砖电池品牌。神盾代表吉利汽车领先的电池安全系统，金砖代表吉利汽车行业出色的电芯技术，实 现吉利汽车自研自产电池安全系统与电芯产品的"强强合体"。 神盾金砖电池聚焦超行业标准的短刀技术路线，现有产品包含超级快充系列、高能量密度系列、超级混 动系列等。其中，神盾金砖电池超级混动系列拥有超安全、超快充、超倍率、超长寿命等行业领先的技 术优势，将在吉利汽车旗下的极氪、领克、银河等品牌上搭载。 据吉利汽车此前发布的2025年中期财报显示，其在新能源汽车市场的表现亮眼，上半年新能源汽车总销 量超72万辆，同比增长126%。 来源：中国青年报客户端 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in the sector [5]. Core Views - The automotive industry is experiencing a significant transformation driven by the rise of intelligent and electric vehicles, with a focus on high-quality domestic brands such as Geely, Xiaopeng, Li Auto, BYD, and Xiaomi [10][13]. - The report emphasizes the robust performance of passenger car companies in Q2 2025, with notable improvements in gross margins and reduced operating losses for new energy vehicle manufacturers [2][11]. - The collaboration between NVIDIA and Foxconn in the robotics sector is expected to catalyze growth in the artificial intelligence and robotics market, with significant production targets set for humanoid robots [3][12]. Summary by Sections 1. Weekly Insights - Passenger car sales for the third week of August 2025 reached 437,000 units, representing a year-on-year increase of 8.2% and a month-on-month increase of 14.2% [42]. - The automotive sector outperformed the market, with the A-share automotive sector rising by 7.2% during the week of August 18-22, 2025, ranking sixth among sub-industries [29]. 1.1 Passenger Cars - The report highlights the acceleration of high-end domestic vehicle production, with new models set to launch in late August and September 2025, which is expected to boost sales [11][13]. 1.2 Intelligent Electric Vehicles - The report notes the long-term growth potential in the intelligent electric vehicle segment, with a focus on the increasing market share of domestic brands and the expansion of overseas markets [14]. 1.3 Robotics - The report discusses the entry of leading companies into the robotics market, with a focus on the production of humanoid robots and the expected commercialization of embodied intelligence [3][12]. 1.4 Motorcycles - The motorcycle market is experiencing rapid expansion, particularly in the mid-to-large displacement segment, with significant year-on-year sales growth [20][22]. 1.5 Heavy Trucks - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, which will stimulate demand [23][24]. 1.6 Tires - The tire industry is benefiting from high demand and low valuations, with a focus on global expansion and the development of high-end products [25][28]. 2. Weekly Data - The report provides detailed sales data for passenger cars, highlighting the impact of new consumption stimulus policies on demand [42][43].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector in the upcoming months [1]. Core Insights - The automotive industry is expected to gradually enter a seasonal peak as new car launches begin in the second half of the year, with price resilience observed against a backdrop of reduced competition [1]. - The market has absorbed much of the anticipated policy effects for next year, leading to significant gains in automotive stocks, suggesting a shift towards focusing on alpha stocks rather than beta stocks [2]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for companies like Xiaopeng, which saw a year-on-year increase of 229.4%, while BYD's deliveries were 344,296 units, up 0.6% year-on-year but down 10% month-on-month [4][14]. - Traditional automakers also reported strong sales, with Geely's sales reaching 238,000 units, a 57.6% increase year-on-year [4][20]. - The average discount rate in early August was 10.1%, reflecting a slight increase from the previous period, with an average discount amount of 22,542 yuan [4]. Industry News - The report highlights several key developments, including the launch of the Mengshi M817, which features advanced driving technologies and a starting price of 319,900 yuan [27]. - A survey by the China Automobile Dealers Association indicated that 52.6% of automotive dealers reported losses in the first half of 2025, with independent new energy vehicle brands performing better than traditional fuel brands [27]. - The report also notes that NIO has invested over 18 billion yuan in charging and battery swap infrastructure over the past decade, with more than 8,100 stations built nationwide [28]. Market Performance - The automotive sector saw a weekly increase of 4.94%, ranking 6th among 29 sectors, with significant gains in both the parts and passenger vehicle segments [7].

Core Viewpoint - Geely Galaxy M9, the first flagship SUV under the Geely Galaxy brand, has officially launched global pre-sales, with a price range of 193,800 to 258,800 yuan, marking a significant milestone for the brand after achieving one million sales [1] Group 1: Product Overview - The Geely Galaxy M9 offers six variants, including both four-wheel and two-wheel drive options, with varying ranges from 100 km to 230 km [1] - The vehicle is built on the GEAEvo architecture and incorporates Geely's AI technology across design, space, and safety dimensions, enhancing the large six-seat SUV market [1] - The M9 features a unique design created by Geely's global design teams in Milan and Shanghai, incorporating elements of "ripple aesthetics" and innovative lighting designs for improved recognition [1] Group 2: Specifications and Features - The M9 has dimensions of 5205 mm × 1999 mm × 1800 mm, with a wheelbase exceeding 3 meters, providing a spacious interior area of 5.2 m² and a high utilization rate of 88.3% [2] - The vehicle includes a "transformable comfort space" system that allows for various seating configurations, catering to different usage scenarios such as family outings and entertainment [2] - The M9 achieves a low drag coefficient of 0.285, contributing to energy efficiency and extended range [2] Group 3: Safety and Technology - The M9 features a high-strength star cage body structure and a comprehensive 720° safety protection system, including nine airbags and advanced collision protection capabilities [3] - The vehicle is equipped with the Galaxy Flyme Auto2 intelligent cockpit system, powered by the Qualcomm 8295P chip, and includes a highly advanced emotional AI assistant named Eva [3] - The M9's battery safety system has undergone rigorous testing, significantly enhancing user safety compared to traditional standards [3] Group 4: Performance and Efficiency - The M9 utilizes a distributed three-motor system, achieving a 0-100 km/h acceleration time of 4.5 seconds, and features advanced driving capabilities [4] - The vehicle is equipped with a comprehensive driver assistance system, including 11 cameras and multiple radar systems, enabling a wide range of autonomous driving functions [4] - The new generation Raytheon EM-P AI hybrid system optimizes energy management based on real-time environmental data, achieving a minimum fuel consumption of 4.8 L/100 km and a comprehensive range exceeding 1500 km for the two-wheel drive version [4]

Core Insights - The Geely Galaxy M9, the first flagship SUV from Geely Galaxy, has officially launched global pre-sales with a price range of 193,800 to 258,800 yuan, marking a significant milestone for Geely after achieving one million sales [2][4] - The M9 is built on the GEA Evo architecture and features advanced AI technology, emphasizing flagship aesthetics, space, and safety [2][3] Group 1: Product Features - The M9 boasts dimensions of 5205mm in length, 1999mm in width, and 1800mm in height, with a wheelbase exceeding 3 meters, providing a spacious interior area of 5.2m² and a room utilization rate of 88.3% [2] - It incorporates a high-strength star-shaped cage body structure for safety, equipped with nine airbags and advanced battery safety features, surpassing the new national safety standards established in 2026 [2][3] Group 2: AI Technology - The M9 features an AI intelligent cockpit powered by the Qualcomm 8295P flagship chip and introduces the world's first large-scale deployable emotional intelligent agent, Eva, capable of self-judgment and task execution [3] - The vehicle includes a comprehensive perception system with 11 high-definition cameras, 3 millimeter-wave radars, 1 laser radar, and 12 ultrasonic radars, enhancing driving safety with over 40 L2-level safety functions [3] Group 3: Market Positioning - The M9's starting price of 193,800 yuan positions it competitively against similar models like the Deep Blue S09 and Li Auto L9, which start at significantly higher price points [4] - The growing demand for three-row SUVs, driven by consumer preferences for larger vehicles and family needs, indicates a potential market shift, with competitors needing to either lower prices or enhance configurations to remain competitive [4]

Group 1 - Lantu Automotive is set to list on the Hong Kong Stock Exchange through an introduction listing, with Dongfeng Group simultaneously completing its privatization and delisting [1][3] - Dongfeng Group will distribute its 79.67% stake in Lantu Automotive to all shareholders, followed by a cash compensation for minority shareholders, with an overall acquisition price of HKD 10.85 per share, including HKD 6.68 in cash and HKD 4.17 in Lantu equity [3] - Lantu achieved quarterly profitability last year, showing significant improvements in brand, product, technology, and channel capabilities, which is reflected in its sales performance [6] Group 2 - Dongfeng Fengxing's Xinghai V9 Yuexiang series has been launched, with prices ranging from RMB 179,900 to RMB 199,900 [4][6] - The new model features a design inspired by Eastern aesthetics, with dimensions of 5230mm in length, 1920mm in width, and 1820mm in height, positioning it as a 7-seat large plug-in hybrid MPV [8] - The vehicle is equipped with a 12.3-inch central control screen, Qualcomm 8155 chip, and a dual-layer soundproof glass, among other features [10] - The powertrain includes a Mahle dual-engine hybrid system with a 1.5T engine achieving a thermal efficiency of 45.18%, a 150kW electric motor, and a 34.9kWh lithium iron phosphate battery, offering a WLTC fuel consumption of 6.2L/100km and a pure electric range of 200km [13] Group 3 - Geely's Galaxy M9 has opened for pre-sale, with prices ranging from RMB 193,800 to RMB 258,800 [3][22] - The new model adopts Geely's latest "Star Ripple" design philosophy, with dimensions of 5205mm in length, 1999mm in width, and 1800mm in height, featuring a 2+2+2 six-seat layout [16] - The interior includes a 30-inch 6K central control screen, a 32-inch AR-HUD, and a 27-speaker sound system, with all seats supporting electric adjustment [18] - The powertrain is based on the GEA architecture, featuring a new generation of Raytheon EM-P super hybrid system, with a maximum power of 520kW for the four-wheel-drive version and a 0-100 km/h acceleration time of 4.5 seconds [20]

据了解，吉利银河M9基于GEA Evo原生架构打造，定位大六座SUV，提供6种外观车色与2种内饰颜色。配置上，吉利银河M9搭载银河Flyme Auto 2新一代 智能座舱，配备高通8295P旗舰级芯片。同时，吉利银河M9搭载拟人情感智能体Eva，基于端到端语音技术，具备20+项更类人的语音交互。 此外，吉利银河M9搭载新一代雷神EM-P AI电混系统，配合AI云动力2.0系统，最低CLTC工况4.8L/100km，综合续航（两驱）1500km。辅助驾驶方面，吉 利银河M9搭载千里浩瀚辅助驾驶H5方案，具备全国都可开的无图NOA。硬件上，吉利银河M9配备11颗高清摄像头、3颗毫米波雷达、1颗激光雷达和12颗 超声波雷达。软件上，吉利银河M9 AEB最高可实现130km/h高速刹停。 北京商报讯（记者 刘晓梦）8月23日，吉利银河M9正式开启预售，共推出6个版型，预售价格为19.38万—25.88万元。 ...

Core Viewpoint - Geely Galaxy's first flagship SUV, the Galaxy M9, has officially started pre-sales, with a price range of 193,800 to 258,800 yuan, showcasing advanced technology and features [1] Group 1: Product Overview - The Galaxy M9 is built on the GEA Evo native architecture and features the new generation Raytheon EM-P AI hybrid system [1] - The vehicle achieves a minimum fuel consumption of 4.8L/100km under CLTC conditions and offers a maximum range of 1500km for the two-wheel drive version [1] Group 2: Technological Features - The SUV is equipped with the new Galaxy Flyme Auto 2 intelligent cockpit, powered by the Qualcomm 8295P flagship chip [1] - It includes the latest emotional AI system, Eva, enhancing user interaction and experience [1] Group 3: Safety and Assistance Systems - The Galaxy M9 features the Qianli Haohan H5 assisted driving solution, incorporating 11 high-definition cameras, 3 millimeter-wave radars, 1 lidar, and 12 ultrasonic radars for comprehensive safety [1]

Group 1 - The core viewpoint of the articles highlights the robust growth of China's automotive industry, with significant increases in production, sales, and exports, particularly in the electric vehicle sector [1][2][3] - In the first seven months of the year, China's automotive production reached 18.235 million units, a year-on-year increase of 12.7%, while sales totaled 18.269 million units, also up by 12% [1] - The export of complete vehicles reached 3.68 million units, marking a 12.8% increase, with new energy vehicle exports showing remarkable growth, totaling 1.308 million units, up 84.6% year-on-year [1][2] Group 2 - The export landscape is characterized by leading enterprises like BYD, Geely, Chery, and Changan, with emerging brands gaining traction in overseas markets, indicating an overall enhancement in the competitiveness of Chinese new energy brands [2] - The structure of exports shows that plug-in hybrid vehicles have become a significant growth point, with pure electric vehicle exports at 833,000 units (up 50.2%) and plug-in hybrids at 475,000 units (up 210%) [2] - The shift from complete vehicle exports to CKD (Completely Knocked Down) exports and localized production is seen as a future trend, enhancing local service capabilities for companies like Great Wall Motors and BYD [2] Group 3 - Major destinations for new energy vehicle exports include European countries like Belgium, the UK, and Spain, as well as ASEAN countries like the Philippines and Latin American countries like Mexico and Brazil [3] - The recognition of Chinese new energy brands is increasing in overseas markets, driven by their scale advantages and market expansion trends [3] - The China Automotive Industry Association projects total vehicle sales for the year to reach 32.9 million units, a year-on-year increase of 4.7%, with new energy vehicle sales expected to hit 16 million units [3]