Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant growth in operating performance in the first half of 2025, with optimistic expectations for annual sales and performance due to the launch of several key models in the second half of the year [2] Financial Summary - Total revenue for 2025 is projected to be 179,204 million RMB, with a year-on-year growth of 34.0% [11] - Gross profit is expected to reach 51,810 million RMB in 2025, with a stable gross margin of 16.4% [12] - The net profit for 2025 is estimated at 16,299 million RMB, reflecting a slight decrease of 1% compared to the previous year [11] - The company aims for total sales of 3 million vehicles in 2025, supported by the launch of multiple new models [12] Sales Performance - In the first half of 2025, the company sold 1.409 million vehicles, a year-on-year increase of 47% [12] - New energy vehicle sales reached 725,000 units, with pure electric vehicles at 511,000 units and plug-in hybrids at 214,000 units, marking increases of 173% and 61% respectively [12] - The company’s brands showed strong performance, with the Geely brand selling 1.164 million units (up 57%), Lynk & Co selling 154,000 units (up 22%), and Zeekr selling 91,000 units (up 3%) [12] Valuation - The target price for the company is set at 29.43 HKD, based on a PE ratio of 16.6 times for 2025 [12] - The company’s current market capitalization is approximately 191,105 million HKD [7]

Core Viewpoint - The Chinese electric vehicle market is experiencing rapid growth, with Geely emerging as a strong competitor to BYD, significantly increasing its market share and sales figures in the first half of the year [2][4]. Group 1: Sales Performance - Geely's sales reached 1.409 million units in the first half of the year, a year-on-year increase of 47%, with revenue of 150.28 billion yuan, up 27% [2][6]. - Geely's market share in the new energy vehicle sector has risen to 11.44%, narrowing the gap with BYD to less than 18 percentage points [2][4]. - Geely has revised its annual sales target from 2.71 million to 3 million units, indicating confidence in its growth trajectory [2][6]. Group 2: Product Strategy - The Geely Galaxy brand has been pivotal in driving growth, selling 548,400 vehicles in the first half, accounting for over 70% of Geely's new energy sales, with a staggering 232% year-on-year increase [4][5]. - Geely's strategy involves targeting various vehicle segments, with new models like the Galaxy L7, L6, and E8 launched to compete directly with BYD [5][8]. - The Galaxy A7 has entered the market at competitive prices, undercutting BYD's models, which has helped Geely capture market share rapidly [7][8]. Group 3: Future Plans and Challenges - Geely aims to fill market gaps in the new energy sector, with plans for additional model launches in the second half of the year [8][12]. - Despite current successes, Geely faces challenges in surpassing BYD, particularly in cost control and high-end market positioning [10][11]. - Geely's global expansion is crucial, with plans to enter multiple international markets, although its export volume has seen a decline [12][13]. Group 4: Technological Advancements - Geely is focusing on enhancing its smart driving capabilities by integrating various teams and resources to improve its technological edge [15][17]. - The competition in the electric vehicle market is shifting towards high-end products, global reach, and advanced technology, necessitating Geely to innovate beyond just cost-effectiveness [17].

Core Viewpoint - Geely is experiencing a reflective phase despite achieving record-breaking deliveries and revenue growth in the first half of the year, acknowledging internal challenges and apologizing to car owners for past grievances [1][2][30]. Financial Performance - Geely reported a record revenue of 150.3 billion yuan in H1, a 27% year-on-year increase, with Q2 revenue reaching 77.79 billion yuan, up 28.4% [3][5]. - The automotive sales revenue was 134.6 billion yuan, accounting for 89.6% of total revenue, with an average selling price of 95,500 yuan, down nearly 14,000 yuan from the previous year [5]. - The net profit for H1 was 9.45 billion yuan, a 9.8% decline, while the core net profit rose by 102% to 6.66 billion yuan [9][11]. Sales and Market Performance - Geely's total sales reached 1.409 million units in H1, a 47% increase, with new energy vehicle sales doubling to 725,000 units, achieving a penetration rate of 51.5% [13]. - The Geely brand alone sold 1.164 million units, a 57% increase, with the Galaxy model's sales surging by 232% [13][16]. Strategic Developments - Geely has raised its annual sales target from 2.71 million to 3 million units, having already exceeded 52% of the original target in H1 [21]. - The company is implementing an "One Geely" strategy to consolidate its various brands and improve operational efficiency, following significant mergers and restructuring [24][26]. Challenges and Future Outlook - Geely's leadership identified three main challenges: declining export sales, a drop in average vehicle prices, and insufficient brand development [30][32]. - The company is addressing past grievances with car owners and has initiated systematic reforms to improve communication and brand loyalty [33][35].

Core Viewpoint - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion in the first half of 2025, marking a significant year-on-year increase of 27% [1][3] - The company achieved a net profit of 9.29 billion, with core net profit reaching 6.66 billion, reflecting a substantial growth of 102% year-on-year [1][3] - Geely's total sales reached 1.409 million units, a 47% increase compared to the previous year, with market share exceeding 10% for the first time [1][3] Financial Performance - Total revenue for the first half of 2025 was 150.3 billion, a historical high, with a year-on-year growth of 27% [1][3] - The net profit attributable to shareholders was 9.29 billion, while core net profit, excluding non-core losses, was 6.66 billion, up 102% year-on-year [1][3] - Gross profit reached 24.7 billion, with a gross margin of 16.4%, maintaining stability amid industry price fluctuations [3] Sales Performance - Geely's total sales reached 1,409,180 units in the first half of 2025, a 47% increase year-on-year, significantly outpacing the overall market growth [1][3] - The company's market share surpassed 10% for the first time, with a sales target achievement rate among the highest in the industry [3] - In July, Geely's sales were 237,717 units, reflecting a 58% year-on-year increase, marking five consecutive months of growth [3] Strategic Direction - Geely opposes price wars and focuses on value, technology, quality, service, and brand integrity to ensure sustainable development [2][3] - The company has raised its sales target for 2025 from 2.71 million to 3 million units, an increase of approximately 11% [7] - The integration of Zeekr and Lynk & Co is expected to enhance competitive strength in the smart electric vehicle sector [9] Technological Advancements - Geely has made significant strides in technology integration, launching advanced driver assistance systems and enhancing its electric vehicle capabilities [10][11] - The establishment of a new battery group, Geely Yao Tongxing, aims to unify battery brands and enhance production efficiency [11] - The company is positioned to cover various powertrain forms, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, enhancing overall competitiveness [11]

(Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限公司 (Stock codes 股份代號: 175 (HKD counter港幣櫃台) & 80175 (RMB counter人民幣櫃台)) Should you have any queries in relation to this letter, please call the Hong Kong Share Registrar at (852) 2849 3399 during business hours from 9:00 a.m. to 5:00 p.m., Monday to Friday, excluding Hong Kong public holidays. By order of the Board of Geely Automobile Holdings Limited David C.Y. Cheung Company Secretary Note: Corporate Communication(s) refer to any do ...

(Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限公司 ) (Stock codes 股份代號: 175 (HKD counter港幣櫃台) & 80175 (RMB counter人民幣櫃台)) NOTIFICATION LETTER 通知信函 Notes: 各位非登記股東 （附註 Dear Non-registered Shareholder(s) (Note 1) , 18 August 2025 The following document(s) of Geely Automobile Holdings Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at http://www.geelyauto.com.hk and The Stock Exchange of Hong Kong Limited at http ...

Core Insights - Geely Auto has adopted the "Return to a Unified Geely" strategy, leading to strategic integration and organizational adjustments, resulting in a stronger company [1] - The company reported a sales volume of 1.409 million units in the first half of the year, a year-on-year increase of 47%, and raised its annual sales target to 3 million units [1][3] - Geely's stock price has increased nearly threefold since its low in 2024, reflecting strong market recognition [1] Financial Performance - In the first half of 2025, Geely's revenue surpassed 150 billion yuan, reaching 150.3 billion yuan, a 27% year-on-year increase [1] - The net profit attributable to shareholders was 9.29 billion yuan, with core net profit reaching 6.66 billion yuan, a 102% increase year-on-year [1][4] - The core net profit per vehicle reached 4,724 yuan, a 37% increase, indicating improved profitability [3][4] Sales and Market Position - Geely ranked among the top three in sales among domestic listed car manufacturers, with the fastest growth rate [3] - The company achieved significant growth in new energy vehicle sales, totaling 725,151 units, a 126% year-on-year increase, while fuel vehicle sales grew by 8% [3][4] - Geely's strategy of focusing on quality rather than price competition has proven effective, as evidenced by its ability to raise annual sales targets post-sales announcement [3][7] Strategic Initiatives - Geely is focusing on product quality, technological innovation, and a commitment to value over price competition, which is expected to enhance its competitive edge [9][10] - The company plans to launch several new models in the second half of the year, including the Galaxy M9 and Lynk & Co EM-P, expanding its product matrix [9][10] - Geely's cash reserves have increased to 58.8 billion yuan, providing the company with the financial flexibility to invest in technology and expand globally [12] Industry Context - Geely's performance stands out in a challenging automotive market where many multinational companies are experiencing declines [7] - The company is benefiting from favorable policies in the new energy vehicle sector, which are expected to improve competition and profitability in the long term [9] - Geely's strategic focus on quality and innovation positions it well for future growth, with expectations of continued strong sales performance [12][13]

CONFIDENTIAL Execution Version AGREEMENT AND PLAN OF MERGER dated as of July 15, 2025 among Geely Automobile Holdings Limited, Keystone Mergersub Limited and ZEEKR Intelligent Technology Holding Limited AGREEMENT AND PLAN OF MERGER | ARTICLE I. THE MERGER. | | --- | | Section 1.1 The Merger . | | Section 1.2 Effective Time . | | Section 1.3 Closing of the Merger | | Section 1.4 Effects of the Merger | | Section 1.5 Memorandum and Articles of Association . | | Section 1.6 Directors. | | Section 1.7 Officers ...

GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 將於二零二五年九月五日（星期五）下午四時正 假座香港灣仔港灣道一號香港萬麗海景酒店低層大堂8號會議室舉行之股東特別大會或 其任何續會適用之代表委任表格 本人╱吾等1 地址為 為吉利汽車控股有限公司（「本公司」）股本中每股面值港幣0.02元普通股（「股份」）共 股2 之登記持有人。茲委任大會主席3 ，或 | | | 普通決議案 | 贊成4 | 反對4 | | --- | --- | --- | --- | --- | | 1. | a. | 謹此批准、追認及確認合併協議（定義見本公司日期為二零二五年八月 | | | | | | 十八日之通函（「通函」））及其項下擬進行之交易； | | | | | b. | 授予董事配發及發行最多1,098,059,328股代價股份（定義見通函）之特 | | | | | | 別授權（「特別授權」）；及 | | | | | c. | 授權任何一名或多名董事採取及辦理所有該等行動或事宜，以及簽立 | | | | | | 其可能認為就使合併協議項下擬進行之交易（包括特別授權）生效屬必 | | | | ...

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通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本通告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。 175 80175 股東特別大會通告 茲通告吉利汽車控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）謹訂於二零 二五年九月五日（星期五）下午四時正假座香港灣仔港灣道一號香港萬麗海景酒店低層大 堂8號會議室舉行股東特別大會（「股東特別大會」）或其任何續會，以考慮並酌情通過下列 決議案（無論修訂與否）為本公司之普通決議案。除文義另有所指外，本通告所用詞彙與 本公司日期為二零二五年八月十八日的通函所界定者具有相同涵義。 承董事會命 GEELY AUTOMOBILE HOLDINGS LIMITED 普通決議案 考慮並酌情通過下列決議案（無論修訂與否）為本公司之普通決議案︰ - 1 - 1. 「動議： a. 謹此批准、追認及確認本公司、合併附屬公司及極氪於二零二五年七月十五日 訂立之合併協議（其註有「A」字樣之副本已提呈大會，並由股東特別大會主席簡 簽以資識別），據此，本公司將透過收購所有已發行及發行在外的 ...