Investment Rating - The report provides a positive investment rating for the new energy vehicle industry, highlighting strong growth potential and market dynamics [2]. Core Insights - The new energy vehicle market showed significant growth in June, with total sales reaching 2.14 million units, a year-on-year increase of 20.6%, while new energy vehicle sales reached approximately 1.11 million units, up 33.3% year-on-year [9][12]. - New energy vehicles accounted for 51.9% of total passenger vehicle sales in June, indicating a growing market share [9]. - The cumulative sales of new energy vehicles in 2025 reached 5.27 million units, reflecting a year-on-year increase of 30.9% [12]. Market Sales Performance - In June, pure electric vehicle sales were approximately 676,000 units, up 42.1% year-on-year, while plug-in hybrid sales were about 434,000 units, up 21.6% year-on-year [12]. - The top 10 manufacturers in the new energy market held a market share of approximately 67.3%, with BYD and Geely leading the rankings [15][28]. - The top three cities for new energy vehicle sales in June were Beijing, Guangzhou, and Chengdu, with a combined market share of 25.9% [18]. Market Dynamics - The report highlights significant monthly sales growth in the new energy vehicle sector, with a 15.0% increase in June compared to the previous month [15]. - The report notes that the market dynamics are influenced by various manufacturers' performance, with notable increases from Tesla (China), Zero Run, and Changan [28]. Industry Policies - The Ministry of Industry and Information Technology issued an implementation plan to promote green and low-carbon standardization in the industrial and information sectors, with a focus on the automotive industry [65][66]. - The plan outlines key research directions for green low-carbon standards in the automotive sector, including carbon footprint management and new energy vehicles [66][68].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a strong performance in H1 2025, achieving revenue of 150.28 billion, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million units, up 47.4% year-on-year. The core net profit attributable to shareholders reached 6.66 billion, reflecting a significant year-on-year growth of 102% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 77.79 billion, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. Total sales volume for Q2 was 705,000 units, with year-on-year growth of 46.9% [7]. - The company’s market share reached 10.4% in H1 2025, marking a 2.4 percentage point increase year-on-year [7]. - The gross profit margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but an increase of 1.3 percentage points quarter-on-quarter [7]. Brand and Product Strategy - The company is entering a new product era supported by the GEA architecture, with a successful transition to new energy vehicles across its brands, including Galaxy, Lynk & Co, and Zeekr [2][7]. - In 2025, the company plans to launch 10 new energy models, with significant new releases from its various brands throughout the year [7]. Market Position and Outlook - The company is expected to maintain strong profitability due to scale effects and a solid foundation in fuel vehicles, alongside innovative overseas expansion strategies [2][7]. - The forecast for the company's net profit attributable to shareholders for 2025 is 16.1 billion, with a corresponding price-to-earnings ratio of 11.3X [7].

Group 1 - The core viewpoint of the article highlights the performance and growth plans of Geely Automobile, with a focus on its stock price increase and production capacity [1] - As of mid-2025, Geely Automobile reported total revenue of 150.285 billion yuan and a net profit of 9.29 billion yuan [2] - Haitong International maintains a "buy" rating for Geely, with a target price adjusted to 27.45 HKD [3] Group 2 - Geely Automobile specializes in the research, manufacturing, and sales of passenger vehicles, operating 10 production bases and employing over 60,000 staff [1] - The company serves its brands including Geely, Zeekr, and the joint venture brand Lynk & Co, with a sales network covering China and 70 overseas countries [1] - Geely's total annual production capacity is set to reach 2 million vehicles by 2023, with plans to increase annual sales targets to 3.65 million vehicles by 2025 [1]

吉利汽车(00175)发布公告，于2025年8月19日因集团雇员根据认股权计划(于2023年4月28日获采纳)行使 认股权而发行的普通股股份合计7.25万股;及因关连实体参与者根据认股权计划(于2023年4月28日获采 纳)行使认股权而发行的普通股股份3000股。 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2025年8月19日因集团雇员根据认股权计划(于2023年4 月28日获采纳)行使认股权而发行的普通股股份合计7.25万股;及因关连实体参与者根据认股权计划(于 2023年4月28日获采纳)行使认股权而发行的普通股股份3000股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年8月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份 ...

Core Viewpoint - The report from China Merchants Securities International indicates that Geely Automobile (00175) is expected to see a significant rebound in per-vehicle profit due to the launch of popular models and high-margin vehicles in the second half of the year [1] Group 1 - The scale effect from popular vehicles and the release of high-priced, high-profit models will drive a substantial increase in per-vehicle profit for Geely Automobile [1] - The export outlook for the second half of the year is optimistic, suggesting potential growth in international markets [1] - The target price remains at HKD 32 with a "Buy" rating, and Geely Automobile continues to be the top pick of the firm [1] Group 2 - The firm anticipates that the reduction in new energy vehicle purchase tax incentives next year will widen the price gap between gasoline and electric vehicles, causing short-term disruptions in demand for mid-to-low-end new energy vehicles [1] - Geely's China Star series gasoline vehicles are expected to maintain strong competitiveness, potentially attracting price-sensitive customers returning to gasoline vehicles [1]

另外，该行预计明年新能源购置税政策退坡后，油车电车价差拉大，对中低端新能源车需求有短期扰 动。集团中国星系列油车竞争力强，有望承接部分价格敏感型回流油车的潜在客户。 招商证券国际发布研报称，下半年吉利汽车(00175)爆款车提升规模效应及高价高盈利车型放量，将带 动单车利润大幅回升。同时，下半年出口指引亦乐观。维持目标价32港元及"增持"评级不变，且吉利汽 车仍是该行首推股。 ...

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]