Group 1 - Lynk & Co's model 06 has officially reached its 300,000th unit production since its launch in 2020, maintaining a leading position in the fuel small SUV market [1] - The company plans to expand its market reach in 2024 to regions including the Middle East, Southeast Asia, and Latin America, with a goal of over 350,000 units produced this year [1] - The Chengdu factory is a significant automotive manufacturing base, producing multiple models including Lynk & Co 06, Lynk & Co Z20, Zeekr X, and Geely Xingyuan [1] Group 2 - Chengdu Economic Development Zone is enhancing the automotive industry with a focus on "stabilizing oil and strengthening electricity," aiming for significant upgrades in 2025 [2] - Major projects such as Geely Group's new energy vehicle transformation and Dongfeng New Energy are set to be signed and implemented [2] - The total vehicle production in the region is projected to reach 870,000 units, with 210,000 units being new energy vehicles, reflecting a year-on-year growth of 177% [2]

Core Insights - The automotive industry in China is experiencing significant growth, with vehicle sales reaching 34.4 million units in 2025, a year-on-year increase of 9.4% [1] - The shift towards "full-domain AI" is becoming prominent, with major automotive manufacturers and supply chain giants like Geely and Bosch increasing their investments in AI technologies [1][2] - Geely has introduced a comprehensive technology system that includes the WAM model for intelligent cockpits and the G-ASD platform for advanced driving assistance, indicating a trend towards AI-driven automotive solutions [2][5] - The automotive sector is transitioning from electric vehicle transformation to AI-driven innovations, with "model inclusion" becoming a key metric for evaluating future trends in vehicle manufacturing [1][4] Industry Developments - AI is evolving from peripheral features to a central role in automotive technology, with companies adopting "full-domain AI" strategies to enhance user experience and operational efficiency [2][3] - Geely's G-ASD system is noted for its advanced capabilities, utilizing a SmartAIAgent architecture and achieving a high level of model inclusion, making it one of the leading driving assistance systems globally [2][4] - Bosch has unveiled a new AI cockpit platform that integrates personalized features and real-time environmental interpretation, showcasing the trend towards highly customized user experiences in vehicles [3] Technological Advancements - The automotive industry is witnessing a shift towards data and model-driven approaches in intelligent driving technologies, with systems like Geely's G-ASD integrating multi-modal models to enhance performance [4][5] - The introduction of high-performance AI models is expected to increase computational demands, necessitating significant investments in data centers and computational resources for training and validation [6][7] - The development of autonomous driving systems requires extensive data input and ongoing algorithm training, which may lead to increased costs and resource allocation challenges for companies [6][7] Competitive Landscape - The year 2026 is anticipated to be a pivotal moment for the automotive industry's "model inclusion" competition, with companies possessing robust self-research capabilities likely to capture higher market segments [7] - Smaller manufacturers lacking sufficient R&D investment may face marginalization in the rapidly evolving technological landscape [7] - Geely is positioned as a leader in the full-domain AI landscape, being the first to establish a comprehensive ecosystem that includes automotive, chip, satellite, and AI technologies [8] Strategic Recommendations - The Chinese automotive industry is encouraged to maintain a "self-controllable" approach in AI technology development, focusing on core models and safety mechanisms to avoid dependency on external sources [7][9] - Collaboration with global standards and open-source communities is recommended to mitigate technological gaps and enhance innovation [9]

Group 1 - The 30,000th vehicle of the "Chengdu-made" brand has been produced, with significant performance in new energy vehicles, achieving a production volume of 196,232 units and a production value of 14.356 billion yuan, representing year-on-year increases of 433.47% and 222.17% respectively [1] - The Chengdu factory of Lynk & Co plans to introduce a new energy vehicle in the second half of this year, aiming to exceed a total production of 350,000 vehicles for the year [1] - The collaboration between Geely Group and Chengdu Economic Development Zone has deepened since 2007, evolving from single models like Volvo and Polestar to the establishment of the Lynk & Co factory in 2017, contributing to the growth of the automotive industry in Chengdu [1] Group 2 - Chengdu Economic Development Zone aims to enhance the automotive industry level with a target of 870,000 vehicles by 2025, including 210,000 new energy vehicles, representing a growth of 177% [2] - Major projects such as Geely Group's new energy transformation and the establishment of Jetta Automotive Technology Company have been signed and implemented, achieving integrated operations of research, production, supply, and sales for local automotive enterprises [2] - New models like Volvo ES90 and Jetta VS8 have been launched, while popular models such as Toyota Prado and Lynk & Co Z20 are being expanded in production, with Geely's Xingyuan model topping national sales across all categories [2]

Group 1 - Canada will reduce its 100% import tax on Chinese electric vehicles (EVs) to 6.1%, allowing companies like Geely, BYD, and Xiaomi to enter the North American market [1] - The initial cap on annual imports of Chinese EVs will be set at 49,000 vehicles, increasing to approximately 70,000 over five years [1] - This policy shift aligns with China's strategy to boost EV exports, particularly as the European Union considers lowering its tariffs on these vehicles [2] Group 2 - Chinese automakers, including Geely, are actively seeking to enter the U.S. market, with plans to announce their entry within the next two to three years [3] - Despite the lower prices of Chinese EVs compared to the average U.S. car, the previous 100% tariff has hindered their export potential to the U.S. market [5] - The U.S. has been working to distance itself from China's EV supply chain for national security reasons, which presents additional challenges for Chinese automakers [6]

Core Viewpoint - The automotive industry is experiencing an intense price war initiated by luxury brands, leading to significant price reductions across various models from multiple manufacturers, creating a new wave of discounts in the market [1][6]. Group 1: Price Reductions and Promotions - BMW has initiated a price drop of up to 300,000 yuan, prompting over 10 automakers to follow suit with more than 20 mainstream models participating in the price reduction trend [1]. - Geely's Emgrand is now priced at 48,800 yuan, while the new Honda Fit has seen a price cut of 20,000 yuan, setting a new low at 66,800 yuan [1][13]. - Toyota's bZ3 electric sedan has been drastically reduced to 93,800 yuan, a decrease of 76,000 yuan, representing a nearly 45% drop from its previous price [9]. Group 2: Competitive Strategies - The competition has escalated with joint efforts from joint venture brands, particularly Japanese automakers, who are adopting aggressive pricing strategies to reclaim market share [7]. - Various automakers are employing a combination of subsidies, enhanced features, and financing options to attract buyers, rather than relying solely on price cuts [20][30]. - NIO's Firefly brand is offering cash subsidies along with a 10-year NOA (Navigation on Autopilot) free usage right, showcasing a strategic approach to enhance customer value [32]. Group 3: Market Dynamics and Consumer Impact - The price war has led to a significant reduction in the entry price for electric vehicles, making them more accessible to consumers [9][19]. - The automotive market is witnessing a shift where companies are not just competing on price but also on the value offered through financing and additional features, which may lead to a more sustainable competitive environment [37]. - The ongoing promotions and price adjustments are expected to drive sales ahead of the Chinese New Year, indicating a strategic push by manufacturers to maximize order volumes during this peak season [37].

Group 1 - GAC Honda has officially launched the new model of the Fit at a price of 66,800 yuan, with a limited production of 3,000 units. The new model features upgrades in color, headlights, bumpers, and an addition of a smart screen in the interior [1][9] - The Fit was once regarded as a "legendary car" in the fuel vehicle era, achieving annual sales of over 100,000 units from 2015 to 2019 due to its competitive pricing and fuel efficiency. However, its sales have declined significantly in recent years due to the rise of electric vehicles [1][2] - In the A0 segment, the market has seen a shift towards electric vehicles, with brands like BYD and Geely capturing significant market share. By 2025, the top-selling small cars will be electric models, with the Fit and Polo projected to sell only 2,695 and 1,069 units, respectively [1][3][5] Group 2 - The A0 sedan market is experiencing significant growth, with wholesale numbers reaching 1.6564 million units in 2025, a year-on-year increase of 57%. Retail sales also saw a 59% increase, totaling 1.13 million units [2][3] - The trend towards full electrification in the A0 sedan market is evident, with a lack of strong fuel vehicle products, highlighting the advantages of pure electric offerings from domestic brands [3][8] - The competitive landscape in the small car market is intensifying, with new electric models being introduced frequently. The price sensitivity of A0 users is leading to fierce competition among manufacturers [5][10]

Core Viewpoint - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with ESG performance becoming a compliance requirement and a crucial link between commercial and social value [2] Group 1: ESG Awards Overview - The 2025 China Enterprise ESG "Golden Responsibility Award" was launched by Sina Finance to recognize companies and institutions that have made outstanding contributions to ESG [2] - The awards include ten categories: Best Environmental Responsibility Award, Best Social Responsibility Award, Best Corporate Governance Responsibility Award, Best Responsibility Initiative Award, Annual Sustainable Development Award, Best Responsible Investment Bank Award, Best Responsible Investment Securities Company Award, Best Responsible Investment Insurance Company Award, Best Responsible Investment Fund Company Award, and Best Responsible Investment Asset Management Institution Award [2] Group 2: Award Winners - Best Environmental Responsibility Award winners include: Sungrow Power Supply, Industrial Fulian, Kweichow Moutai, Geely Automobile, Haier Smart Home, Hisense Visual, Linyang Electronics, Tongwei Co., Weichai Power, and Luxshare Precision [11] - Best Social Responsibility Award winners include: China Shenhua, China General Nuclear Power, China Resources Sanjiu, Sinopec, Shougang Group, Wuliangye, Yangtze Power, China Telecom, China Oilfield Services, and LONGi Green Energy [12] - Best Corporate Governance Responsibility Award winners include: Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, SANY Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [14] - Best Responsibility Initiative Award winners include: FiberHome Technologies, Wens Foodstuff, Haitian Flavoring, Aier Eye Hospital, Yunnan Baiyao, Anke Innovation, and Kingfa Sci. & Tech. [15] - Annual Sustainable Development Award winners include: China General Nuclear Power, Sungrow Power Supply, Kweichow Moutai, Contemporary Amperex Technology, Zijin Mining, Hikvision, Yili Group, Baosteel, Zhejiang Chint Electrics, and China Mobile [15] - Best Responsible Investment Bank Award winners include: Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank, Industrial Bank, and Bank of China [16] - Best Responsible Investment Securities Company Award winners include: Huatai Securities, CICC, Dongfang Securities, CITIC Securities, Guotai Junan, and Haitong Securities [17] - Best Responsible Investment Insurance Company Award winners include: China Life Insurance, Ping An Insurance, China Pacific Insurance, China Re, Sunshine Insurance, and China Life [18] - Best Responsible Investment Fund Company Award winners include: Bosera Funds, Southern Funds, Huaxia Funds, Penghua Funds, Huitianfu Funds, and E Fund [19] - Best Responsible Investment Asset Management Institution Award winners include: China Life Asset Management, Huaxia Wealth, Xingyin Wealth, Taikang Asset, Taiping Asset, and Galaxy Investment [20] Group 3: Outstanding Awards - Outstanding Environmental Responsibility Award winners include: Great Wall Motors, Hikvision, Goldwind, Trina Solar, Midea Group, Tianqi Lithium, Luzhou Laojiao, CIMC, Sinopec, and China Resources Sanjiu [32] - Outstanding Social Responsibility Award winners include: FiberHome Technologies, ZTE Corporation, Contemporary Amperex Technology, Yili Group, Lijun Group, CNOOC Development, State Grid Nanjing, China Railway, Weichai Power, and China National Petroleum [33] - Outstanding Corporate Governance Responsibility Award winners include: Sinopec, China Resources Sanjiu, Hikvision, WuXi AppTec, China Railway Construction, BOE Technology, West Mining, Tongwei Co., Huaxi Bio, and Goldwind [34] - Outstanding Responsibility Initiative Award winners include: ZTE Corporation, Sungrow Power Supply, Hisense Visual, China Merchants Port, Industrial and Commercial Bank of China, Zijin Mining, Shanghai Petrochemical, Lead Intelligent, Inspur Information, and Wuliangye [35] - Outstanding Sustainable Development Award winners include: Wanhu Chemical, Bank of China, Sinopec, ZTE Corporation, Muyuan Foods, Industrial and Commercial Bank of China, Agricultural Bank of China, Weichai Power, Golden Dragon Fish, and JD Logistics [36] - Outstanding Responsible Investment Bank Award winners include: CITIC Bank, Minsheng Bank, Bank of Communications, Pudong Development Bank, Ping An Bank, and Postal Savings Bank [37] - Outstanding Responsible Investment Securities Company Award winners include: Shenwan Hongyuan, Cinda Securities, Galaxy Securities, China Merchants Securities, GF Securities, and Tianfeng Securities [38] - Outstanding Responsible Investment Insurance Company Award winners include: New China Life, AIA, Taikang Insurance, China Pacific Insurance, Industrial and Commercial Bank of China, and China Life Insurance [39] - Outstanding Responsible Investment Fund Company Award winners include: Xingquan Fund, Invesco Great Wall Fund, Chuangjin Hexin Fund, China Merchants Fund, Yinhua Fund, and Industrial Fund [40] - Outstanding Responsible Investment Asset Management Institution Award winners include: Ping An Asset Management, Sunshine Asset, Great Wall Wealth Insurance Asset Management, Agricultural Bank of China Wealth Management, China Life Asset Management, and Jianxin Wealth [41] Group 4: Future Outlook - The committee encourages more Chinese enterprises to integrate ESG concepts into every aspect of production, operation, supply chain collaboration, and strategic planning, emphasizing the importance of sustainable development models that balance commercial and social value [42]

Core Viewpoint - A lawsuit involving the quality of battery cells supplied by Xinwanda Power to Geely's subsidiary, Weirui Electric, has raised concerns about the long-standing issue of defining quality responsibility within the electric vehicle supply chain [1][2]. Group 1: Lawsuit Details - Xinwanda announced that it is being sued for 2.314 billion yuan due to alleged quality issues with battery cells delivered between June 2021 and December 2023 [2]. - Weirui Electric, a subsidiary of Geely, is involved in the lawsuit and is a key player in the high-end electric vehicle market [2]. - The lawsuit highlights the complexity of battery safety, which cannot be solely attributed to the battery cells, as it involves multiple components and systems [3]. Group 2: Quality Responsibility - The safety of power batteries is recognized as a complex system that includes battery pack design, battery management systems, and vehicle integration [3]. - Xinwanda asserts that similar battery cells supplied to other clients have not experienced quality issues, suggesting that the problem may not lie solely with the battery cells [3]. - The industry is urged to avoid one-sided blame and to analyze the complexities of automotive batteries to foster healthy development [3]. Group 3: Supply Chain and Responsibility - The recall of Volvo's EX30 vehicles, which reportedly used battery cells from Xinwanda, has further complicated the situation, with Xinwanda clarifying that it is not directly involved in the battery system sold to Volvo [4]. - The incidents are seen as critical examples for examining quality, responsibility, and risk within the electric vehicle supply chain, impacting corporate survival and industry ecology [4]. - There is a call for establishing a fair responsibility-sharing mechanism within the supply chain to enhance resilience and competitiveness in the global market [4][5].

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： 2026年1月16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）變動 | | 庫存股份變動 | ...

Core Viewpoint - In 2025, China's automotive market is expected to achieve structural growth, with production and sales reaching 34.53 million and 34.40 million units respectively, marking a year-on-year increase of 10.4% and 9.4%, maintaining its position as the world's largest market for 17 consecutive years [1][2]. Group 1: Market Performance - The significant growth in the automotive sector is driven by the rise of new energy vehicles (NEVs), with domestic sales projected to reach 13.88 million units in 2025, a year-on-year increase of 19.8%, resulting in a penetration rate of 54% for new energy passenger cars [1][2]. - Chinese brands are a core engine of growth, with sales of domestic passenger cars expected to reach 20.94 million units, a 16.5% increase, raising market share to 69.5%, the highest since 2018 [1][2]. Group 2: Market Dynamics - The automotive industry has shifted away from aggressive price wars, with only 156 new models seeing price reductions in the first ten months of 2025, indicating a more rational market order [2]. - Growth is primarily fueled by government policies such as "trade-in" programs that effectively stimulate demand for vehicle upgrades [2]. Group 3: Profitability and Competition - Despite the expansion in sales, the automotive industry's profitability remains under pressure, with revenues exceeding 10 trillion yuan and profits reaching 440.3 billion yuan, a 7.5% increase, but with a profit margin of 4.4%, below the average of 6% for downstream industrial enterprises [2]. - The competition landscape is increasingly concentrated, with the top three companies—BYD, SAIC, and Geely—accounting for 36.6% of the market share, while the top 15 companies collectively hold 92.3% of total sales [10][12]. Group 4: New Energy Vehicle Trends - In 2025, the sales of new energy passenger vehicles are projected to reach 13.01 million units, a 17.7% increase, while traditional fuel vehicles are expected to decline to 11.06 million units, a decrease of 4.3% [4][6]. - The mainstream market for new energy vehicles is concentrated in the price range of 100,000 to 200,000 yuan, with sales in this segment expected to reach 6.94 million units, a 24% increase, representing half of the total new energy vehicle sales [4][6]. Group 5: Brand Strategies - BYD continues to dominate the 100,000 to 200,000 yuan market segment, with significant sales from its Dynasty and Ocean series, while Geely's Galaxy brand has seen a 150% increase in sales, enhancing its market penetration [6][13]. - New entrants like Leap Motor and Xpeng are also making significant strides, with Leap Motor achieving a 104.7% year-on-year growth, focusing on cost control and technology [14][19]. Group 6: Future Outlook - For 2026, the automotive market is expected to see a modest growth of 1%, with total sales projected at 34.75 million units, while new energy vehicles are anticipated to grow by 15.2% to 1.9 million units [16][17]. - The competitive landscape is expected to intensify, with traditional automakers setting ambitious sales targets, while new entrants aim for aggressive growth, indicating a fierce battle for market share [19].