Core Viewpoint - The report from CICC maintains the profit forecast for Geely Automobile (00175) for 2025 and 2026, with a target price of HKD 26.00, indicating a potential upside of 37.2% from the current stock price [1] Group 1: Sales and Revenue Growth - In 1H25, total sales increased by 47% year-on-year to 1.409 million units, driving total revenue up by 40% to CNY 150.29 billion [2] - The sales of new energy vehicles surged by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [2] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [2] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million units for the year [2] Group 2: Profitability and R&D Investment - The gross profit margin in 1H25 was 16.4%, with the profitability of GEA architecture models offsetting some pricing pressures [3] - Lean management led to a reduction in sales and management expense ratios by 1.1 percentage points and 0.7 percentage points year-on-year to 5.6% and 1.9%, respectively [3] - R&D investment increased by 21.3% year-on-year to CNY 7.33 billion, focusing on advanced driving assistance systems and new architecture development [3] - Core operating profit in 1H25, excluding foreign exchange and last year's one-time subsidiary sale impacts, rose by 102% year-on-year to CNY 6.66 billion, indicating a trend of profit recovery [3] Group 3: Strategic Reconfiguration and Globalization - The company is accelerating the implementation of the "One Geely" strategy to achieve resource synergy across multiple brands [4] - In terms of globalization, the company invested in Renault Brazil to leverage its established production system and distribution network for entry into the Latin American market; the Egypt factory has commenced production, and the Indonesia base has started trial production to enhance local supply chain capabilities [4] - The product strategy focuses on comprehensive intelligence, with plans to launch new models equipped with advanced driving solutions, covering the market from entry-level to luxury segments [4]

Domestic News - The National Data Bureau aims to accelerate the construction of high-quality data sets in key areas such as embodied intelligence, low-altitude economy, and biomanufacturing [2] - Jiangsu Province will waive towing and crane fees for highway vehicle rescue services starting from September 2025 [3] - Beijing's Mayor Yin Yong emphasized the importance of the automotive industry, particularly in the context of the transition to new energy and intelligent vehicles, during a visit to promote the development of the new energy vehicle industry [4] International News - The Canadian government announced an investment of over 25 million CAD (approximately 130 million RMB) to support 33 projects aimed at expanding electric vehicle charging infrastructure, primarily in Quebec [5] - Sony and Honda's joint venture Afeela has initiated pre-production of its first electric vehicle, expected to launch in mid-2026 in Japan and California [6] Automotive Industry Performance - In July 2025, Vietnam's hybrid vehicle sales surged by 72% year-on-year, with total sales reaching 31,739 units, marking a 1% month-on-month decline [7] - Gentex Corp reported a 12% increase in net profit for Q2, reaching 96 million USD, with core operating profit growing by 8% to 123.8 million USD [8] Company News - Geely Auto reported a record revenue of 150.3 billion RMB for the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion RMB, up 102% [10] - SAIC-GM-Wuling is set to upgrade its collaboration with Huawei, potentially adopting the Hi model for its Baojun brand [11] - Dongfeng Motor and JD Group signed a strategic cooperation agreement to build a new digital supply chain ecosystem [12] - GAC Group launched a city recruitment plan for its Huawang Automotive brand, focusing on 40 cities [13] - BMW established its first IT R&D center in China, which is also the largest IT R&D base in Asia [14] - Zeekr Technology reported a total revenue of 27.43 billion RMB for Q2 2025, with a gross margin of 20.6%, marking a historical high [15] - Sailun Tire announced plans to invest 291 million USD in Egypt to establish a project with an annual production capacity of 3.6 million radial tires [16]

Group 1 - Nokia has filed a patent infringement lawsuit against Geely Group and its brands, including Zeekr and Lynk & Co, affecting 32 subsidiaries in 18 European countries [4][5] - Geely's European expansion plans may be hindered, with a projected export volume of 414,500 vehicles in 2024, a 57% year-on-year increase, heavily reliant on the European market [4][5] - The lawsuit targets essential patents in the cellular communication field, which could lead to a complete sales ban of Geely's vehicles in key European markets if infringement is confirmed [4][5] Group 2 - Li Auto's CEO, Li Xiang, claims that the Li i8 has no real competitors in its market segment, positioning it in a "blue ocean" where demand exists but has not been met [7][8] - The company has successfully identified and addressed unmet deep-seated consumer needs, leading to the i8's favorable market response [7][8] - Li Auto is restructuring its sales and service system, eliminating the previous five regional divisions to enhance direct management and address sales pressures [17][18] Group 3 - Tencent reported sufficient chips for AI training and plans to reduce reliance on existing GPU resources, with a significant increase in capital expenditure for AI-related business [10] - The company aims to improve AI product efficiency and performance through better understanding of user needs and habits [10] - Tencent's capital expenditure for Q2 2025 reached 19.1 billion yuan, a 119% year-on-year increase [10] Group 4 - SAIC-GM-Wuling and Huawei are reportedly upgrading their collaboration, with plans for the Baojun brand to adopt the Hi model [11] - The partnership aims to enhance the market presence of both companies in the competitive automotive sector [11] Group 5 - JD Group reported a revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, marking a 22.4% year-on-year growth, the highest in three years [23][24] - The company's core retail business continues to accelerate, with significant growth in active user numbers and shopping frequency [23][24] - JD's new business segments, including food delivery, have also seen substantial revenue increases, with a 199% year-on-year growth [24] Group 6 - ZEEKR Technology reported a total revenue of 27.4 billion yuan for Q2 2025, with a gross margin of 20.6%, the highest in its history [39] - The company delivered 244,877 vehicles in the first half of 2025, a 14.5% year-on-year increase, indicating strong market demand [39]

Core Viewpoint - Geely's automotive sales revenue slightly exceeded expectations, but the overall selling price per vehicle continued to decline year-on-year [1][2][4] Sales Performance - In 1H25, Geely's sales revenue reached 134.6 billion, a year-on-year increase of 27%, slightly above the market expectation of 133.2 billion [1] - The average selling price per vehicle dropped from 110,000 in 1H24 to 96,000 in 1H25, primarily due to a shift towards lower-priced models [1] - Geely's overall vehicle sales reached 1.41 million units, a year-on-year increase of 47%, driven mainly by the growth of lower-end models [4] Profitability - Geely's gross margin in 1H25 was 16.4%, with a slight year-on-year decline of 0.3 percentage points, mainly due to the release of scale effects from increased sales volume [2] - Core operating profit margin increased by 2.3 percentage points to 3.6%, attributed to effective cost control following the integration of the "One Geely" strategy [2][6] Net Profit - Net profit in 1H25 decreased by 10% to 9.5 billion, primarily due to a high base effect from a one-time gain from the sale of a subsidiary in 1H24 [2][4] New Energy Transition - The proportion of new energy vehicles in Geely's sales reached 51% in 1H25, a year-on-year increase of 17 percentage points, with the second quarter seeing over half of sales from new energy vehicles [4][5] Cost Management - After the merger of Zeekr and Lynk & Co, management expenses dropped to 1.9%, and sales expenses decreased to 5.5%, with R&D spending at 8.3 billion, down 8.8% year-on-year [6] Future Outlook - Geely has raised its sales target for 2025 from 2.71 million to 3 million units, supported by expected demand before the reduction of purchase tax and the continued rollout of new models [4][6] - The current stock price corresponds to a 2025 P/E ratio of around 12, indicating a relatively reasonable valuation [7]

Core Insights - Geely Automobile reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding non-core losses [1] - Total cash levels increased to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [1] - New energy vehicle (NEV) sales were particularly strong, totaling 725,000 units, representing a 126% increase [2] - The company has raised its full-year sales target from 2.71 million to 3 million units based on strong market performance [2] Brand Development - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% increase [2] - Zeekr and Lynk & Co brands contributed significantly to brand value, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units [2] - Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten of their segments [2] International Expansion - Geely's export sales exceeded 180,000 units, with a global sales network covering 85 countries and regions [3] - The Galaxy E5 international version EX5 became a global star product, launched in 26 countries [3] - The company is enhancing its localization capabilities with new factories in Egypt and Indonesia [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, aiming to strengthen its global competitiveness in the smart NEV sector [3] - The "One Geely" strategy is expected to enhance synergies and support the company in achieving its revised sales target of 3 million units [3]

Core Viewpoint - The company achieved record sales and revenue in the first half of 2023, with a focus on maximizing shareholder returns amid significant changes in the Chinese automotive market [1] Financial Performance - In the first half of 2023, the company reported revenue of 150.3 billion yuan, a year-on-year increase of 27%, marking a historic high [2] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [2] - Gross profit totaled 24.7 billion yuan, with a gross margin of 16.4% [2] - Total cash reserves increased to 58.8 billion yuan [2] Sales and Market Share - The company sold 1.409 million vehicles in the first half of 2023, a 47% year-on-year increase, with market share surpassing 10% for the first time [2] - New energy vehicle sales reached 725,000 units, a 126% increase, contributing to a penetration rate of 51.5% [4] - Export sales exceeded 180,000 units, demonstrating stable performance [2] Strategic Initiatives - The company implemented a strategic adjustment in September 2024, focusing on "strategic focus, integration, collaboration, stability, and talent" [2] - The merger of Zeekr and Lynk & Co, along with the integration of Geely Auto and Zeekr, aims to enhance resource allocation and eliminate redundant investments [3] Cost Optimization - The sales expense ratio decreased to 5.6%, a 16% reduction, while the administrative expense ratio fell to 1.9%, a 26% decrease [3] Global Expansion - The company is accelerating its global expansion, with over 180,000 units exported and a presence in 85 countries and regions [6] - The launch of the Galaxy E5 international version EX5 in 26 countries has become a global star product [6] - The company plans to introduce five new energy products by the second half of 2025, enhancing its global competitiveness in the smart new energy sector [6]

销量攀升拉动营收增长的同时，吉利汽车的吸金能力也有所提升。尽管今年上半年吉利汽车归母净利润 同比下滑14%，但扣除外汇汇兑税后归母净收益等非核心损益后，今年上半年吉利汽车核心归母利润达 66.6亿元，同比增长102%。此外，今年上半年，吉利汽车毛利率达16.4%。 营收、毛利率等多项业绩指标提升的背后，与吉利汽车的战略"瘦身"不无关系。2024年9月，吉利汽车 发布《台州宣言》，宣布进入战略转型全新阶段，随后旗下银河、极氪、领克等进入调整期；同年10 月，几何品牌正式并入银河，成为银河的智能精品小车系列。今年2月，极氪完成领克收购及注资事 项，拥有极氪、领克双品牌的极氪科技集团也正式成立；3月，翼真品牌正式并入银河，成为吉利银河 高端电动MPV系列，同时吉利银河正式升级为吉利银河品牌。 随着品牌整合的相继完成，"一个吉利"的降本效应逐渐显现。吉利汽车相关人士表示，极氪与领克合并 半年来，协同效应持续释放，研发、制造及管理成本显著优化。此前，吉利汽车方面曾预计，极氪与领 克战略整合后研发投入节省10%—20%，研发费用率由11%降至6%。同时，在大制造体系支撑下， BOM（物料）成本节省5%—8%，生产制造节约 ...

Core Viewpoint - Geely Automobile reported a strong performance in the first half of 2023, with significant growth in revenue and a notable increase in core profit, despite a decline in net profit attributable to shareholders [1][2][4]. Financial Performance - Geely's revenue exceeded 150 billion yuan, reaching 150.3 billion yuan, a year-on-year increase of 27% [1]. - The net profit attributable to shareholders was 9.29 billion yuan, down 14% year-on-year [1]. - Core net profit, excluding foreign exchange gains and losses, was 6.66 billion yuan, up 102% year-on-year [1]. - Gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1]. - Total cash level rose to 58.8 billion yuan [1]. Sales Performance - Geely sold 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [2][4]. - New energy vehicle (NEV) sales surged to approximately 725,000 units, a 126% increase, with a domestic market penetration rate of 51% [2][4]. - The Galaxy series performed exceptionally well, with sales of about 548,000 units, up 232% [4]. - The company adjusted its annual sales target from 2.71 million to 3 million units, achieving 54.9% of the new target by the end of July [4]. Strategic Developments - Geely is advancing its "Return to One Geely" strategy, focusing on resource integration and operational efficiency, resulting in a decrease in sales and administrative expense ratios by 16% and 26%, respectively [5][9]. - The merger between Zeekr and Lynk & Co is expected to enhance financial performance and operational synergies, with Zeekr achieving operational profit for the first time in Q2 [5][9]. - The merger aims to strengthen Geely's competitiveness in the smart new energy sector, covering various powertrain forms and market segments [9][10]. Challenges and Areas for Improvement - Geely faces challenges in overseas markets, with export sales declining by 8% to over 180,000 units, despite a 146% increase in NEV exports [11][12]. - The average sales revenue per vehicle decreased by 1.4 million yuan to 96,000 yuan, and the gross margin slightly fell by 0.3 percentage points to 16.4% [13]. - Brand building remains a challenge, with a need for improved user experience and customer engagement [14].

中证报中证网讯(龚梦泽熊永红)8月14日，吉利汽车公布2025年中期业绩报告。上半年公司实现营业收 入1503亿元，同比增长27%，创历史同期新高；实现归母净利润92.9亿元，扣除外汇汇兑税后归母净收 益等非核心损益后，实现核心归母利润66.6亿元，同比增长102%；毛利总额提升至247亿元，毛利率达 16.4%；总现金水平稳步上升至588亿元。 销量方面，上半年，公司累计销售新车140.9万辆，同比增长47%，增速远超市场平均水平，市占率首 次突破10%。其中新能源销量72.5万辆，同比增长126%；出口销量超18万辆表现稳定。基于超预期的市 场表现，吉利汽车将全年销量目标从271万辆上调至300万辆。 具体来看，上半年吉利汽车三大品牌新能源总销量超72.5万辆，新能源渗透率达51.5%，稳居新能源品 牌第一梯队。其中，吉利银河系列升级为独立品牌后进入强劲增长周期，上半年销量54.8万辆，同比增 长232%，截至7月底累计销量突破120万辆。 据了解，极氪与领克合并半年来，协同效应持续释放。数据显示，极氪上半年销量90740辆，累计交付 量刷新豪华纯电50万台最快交付纪录；领克上半年销量154137台。 吉 ...

他提到，公司积极发挥领军企业对产业高质量发展的支撑作用，将供应商支付账期统一至60天内，保障 产业链稳定；坚持用户至上，倡导安全平权，以安全为第一优先级，全域AI技术成果实现量产上车； 持续稳健运营、高度整合协同，以《台州宣言》为指引，回归"一个吉利"，坚定不移地推进内部资源深 度整合和高效融合。 "随着反内卷的推进，行业竞争会更加理性、有序。吉利这样坚持长期主义、注重综合实力提升的企 业，未来竞争优势将更加凸显。" 【#吉利控股CEO称坚守反内卷#，坚持打价值战、技术战、企业道德战】在今日的吉利汽车2025年中期 业绩发布会上，吉利控股集团CEO、吉利汽车控股有限公司副主席及执行董事李东辉表示，吉利坚守反 内卷，坚持打价值战、技术战、品质战、服务战、品牌战、企业道德战，倡导行业开放、良性竞争。 ...