"低碳转型、重视ESG能力建设是大势所趋，未来十年二十年关系到车企的生死存亡，"中国会计学会 副会长、厦门国家会计学院教授黄世忠对虎嗅表示。在电动化之外，车企如何构建ESG能力，如何提 升碳足迹核算和披露水平，正逐步影响它们在全球资本、监管、市场层面的"通关能力"。 那么，中国主流车企在ESG治理上到底处于什么水平？哪些品牌开始"做得像样"，又有哪些还停留在 口号与营销噱头？ 环境维度： 头部新势力领跑，传统车企治理 出品｜虎嗅ESG组 作者｜陈玉立 头图｜AI生成 本文是 #ESG进步观察 #系列第151篇文章 本次观察关键词：车企ESG 今年上半年，Wind 数据显示A 股新能源汽车整车行业在 ESG 信息披露方面的活跃度显著提升：16 家上市公司中已有 14 家发布了 ESG 或可持续发展报告，披露率高达 87.5%。 具体到企业，小鹏汽车于上半年完成四款在售车型的全价值链碳核算，在新势力车企中率先公开披露 范围三碳排放分类明细数据；吉利也在最新发布的ESG报告中披露"单车全生命周期碳排放下降 18%"。一系列动作背后，是汽车企业在电动化浪潮中对 ESG 能力的重新审视——在"卷性能""卷智 驾"之后， ...

Core Insights - The world's first dual-use methanol-hydrogen electric vessel, "Yuanchun 001," has officially commenced commercial operations with its maiden voyage held at Shanghai Port [1] Group 1: Industry Developments - The maiden voyage ceremony included a strategic cooperation agreement between Shanghai Port Group and Geely Holding Group, aimed at accelerating the promotion of the methanol-hydrogen electric industry ecosystem in green shipping [1]

Core Viewpoint - Qianli Technology has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to enhance its global presence and accelerate overseas business development [1][5] Group 1: Company Background - Qianli Technology was formerly known as Lifan Automobile, which went bankrupt due to poor management and has since exited the market [1][3] - The company was restructured in 2020 with the support of the Chongqing government and Geely Group, leading to the introduction of strategic investors and a name change to Qianli Technology in 2025 [3] Group 2: Financial Performance - In the first half of 2025, Qianli Technology reported revenue of 4.184 billion, a year-on-year increase of 40.04%, and a net profit of 31 million, up 19.00% [3] - However, the company's non-recurring net profit was -134 million, marking two and a half consecutive years of losses, relying on non-core income to maintain profitability [3] Group 3: R&D and Performance Concerns - Qianli Technology has a high rate of capitalizing R&D expenses, exceeding 50% from 2022 to 2024, which raises concerns about potential earnings manipulation [3][5] - The company faces skepticism regarding its ability to compete in the smart driving sector against established players like Huawei and Baidu [5] Group 4: Dependency on Geely - Approximately 30% of Qianli Technology's procurement and sales come from Geely, indicating a high dependency on this major shareholder [6] - The company has engaged in significant related-party transactions, including a recent sale of R&D vehicle technology to Geely for 345 million [8][9] Group 5: Market Sentiment - Market confidence in Qianli Technology's future prospects appears low, as indicated by its stock price performance following the announcement of its IPO plans [2][9]

Core Insights - The successful maiden voyage of the world's first methanol-electric dual-purpose vessel "Yuanchun 001" marks a significant breakthrough in the application of new energy in inland shipping in China, providing a new path for the global shipping industry's green transformation [1][3][4] - A strategic cooperation agreement was signed between Shanghai Port Group and Geely Holding Group to promote the application of methanol electric technology in green shipping and green ports, injecting new momentum into the green transformation of inland shipping [1][3] Vessel Specifications - "Yuanchun 001" is a dual-purpose inland vessel that integrates liquid new energy power and intelligent control technology, measuring 64.9 meters in length, 12.6 meters in width, and 3.5 meters in depth, with a carrying capacity of 1,500 tons and the ability to load up to 64 standard containers [1][3][4] - The vessel is equipped with two 280 kW methanol generator sets and two 258 kWh lithium battery packs, utilizing a direct current bus frequency conversion control device for grid connection, driving two 150 kW propulsion motors [4] Industry Trends - The green transformation of the shipping industry has become a global consensus, with initiatives like the International Green Shipping Corridor Cooperation Initiative being launched to promote a new pattern of green shipping development [4] - Shanghai is actively laying out plans for the green transformation of shipping, with the "Shanghai Plan for Promoting the Green Transformation of International Shipping Fuels" aiming to build a green fuel application system and extend the advantages of green fuel applications from international shipping to inland shipping [4] Strategic Cooperation - The collaboration between Shanghai Port Group and Geely Holding Group aims to integrate both parties' industrial chain resources and advantages, focusing on applications in non-road mobile machinery, in-port transport vehicles, and barges, enhancing cooperation in green shipping, green ports, and intelligent operations [4][5] - Geely Holding Group's senior vice president emphasized that this cooperation will accelerate the transformation of energy applications, gradually reducing dependence on traditional fossil fuels and establishing a sustainable development model for liquid new energy, contributing "Chinese wisdom" and "Chinese solutions" to global green transformation [5]

Core Insights - The premium electric vehicle (EV) market in Europe is experiencing slower adoption rates as consumers transition from internal combustion engines to more affordable electric vehicles from Chinese competitors [2][3] - Despite the slower uptake, there is growing consumer interest in premium EVs, as indicated by a Bain & Co. poll showing a higher adoption rate in the premium segment [2][3] - Zeekr, a brand owned by Geely, is committed to delivering high-quality vehicles with advanced technology, focusing on the European market with a local management team [5][6] Group 1: Market Dynamics - The transition to premium EVs is hindered by the availability of more affordable options from Chinese brands, which are gaining traction in Europe [2][4] - European consumers are increasingly attracted to new Chinese brands that offer superior in-cabin technology compared to traditional European manufacturers [4] Group 2: Zeekr's Strategy - Zeekr has initiated its European expansion in Sweden, with a focus on adapting its products to meet local consumer preferences [5][6] - The brand currently offers three models in Europe: the Zeekr 001, Zeekr X, and Zeekr 7X, showcasing a commitment to the premium segment [5] - Zeekr leverages Geely's sustainable electric architecture to tailor its vehicles for European customers, ensuring that features like braking and infotainment systems are customized for the market [6]

Core Viewpoint - The persistence of fuel vehicles in the Chinese market, despite the rapid growth of electric vehicles, indicates a market shift rather than a decline in demand for traditional cars [3][4][10]. Market Dynamics - In the first half of 2025, fuel vehicles accounted for 49.9% of total passenger car sales in China, translating to approximately 600 million units, despite a nearly 20 percentage point decline over five years [4]. - The retreat of joint venture brands in the 10-20 million yuan price range has created opportunities for domestic brands like Geely to fill the gap with higher configurations and lower prices [4][5]. - Consumer preferences are diverging, with first-tier city users leaning towards electric vehicles while lower-tier cities continue to favor fuel vehicles due to infrastructure and maintenance considerations [5]. Technological Advancements - Geely's new China Star series incorporates advanced technologies such as the GEEA 3.0 electronic architecture and AI systems, which were previously exclusive to electric vehicles, enhancing the appeal of fuel vehicles [6][7]. - The integration of smart features into fuel vehicles allows them to compete effectively in terms of user experience without the high costs associated with electric vehicle batteries [7]. Strategic Importance - Fuel vehicles serve as a stable cash flow source for Geely, providing financial support during the high-risk transition to electric vehicles [8]. - The China Star series acts as a bridge to reach lower-tier markets while maintaining profitability and funding for electric vehicle development [8]. Global Trends - The resurgence of fuel vehicles is not unique to China; similar trends are observed in Europe and Japan, where traditional vehicles are being re-evaluated in light of changing market conditions [9]. - Fuel vehicles are evolving to meet consumer demands for comfort and technology, positioning themselves as a balanced choice amidst the uncertainties of early electric vehicle adoption [9]. Future Outlook - While fuel vehicles may experience a temporary revival, they face long-term challenges from regulatory pressures and shifting consumer preferences towards electric vehicles [10][11]. - The success of products like the China Star may represent a final flourish for fuel vehicles, emphasizing the need for innovation and adaptation in a rapidly changing automotive landscape [11].

Core Viewpoint - Geely Automobile's stock price increased by over 5% towards the end of trading, indicating positive market sentiment towards the company [1] Group 1 - Geely Automobile's stock price rose by 4.68%, reaching HKD 19.24 [1] - The trading volume for Geely Automobile was HKD 1.056 billion [1]

Core Viewpoint - Geely Automobile's stock price increased by over 5% following the announcement of a HKD 2.3 billion share buyback plan aimed at optimizing its capital structure and enhancing shareholder value [1] Group 1: Financial Performance - As of the latest report, Geely's stock price rose by 4.68% to HKD 19.24, with a trading volume of HKD 1.056 billion [1] - The company achieved a sales volume of 273,125 vehicles in September 2025, reflecting a month-on-month growth of 9% and a year-on-year growth of 35%, marking the seventh consecutive month of both month-on-month and year-on-year growth [1] Group 2: Future Outlook - According to Cathay Securities, Geely's sales growth has remained robust from 2025 to the present [1] - Several new models, including Geely Galaxy A7, Geely Galaxy M9, Geely Galaxy Xingyao 6, Zeekr 9X, and Lynk & Co 10EM-P, are set to launch in the second half of 2025, contributing to the company's growth strategy [1] - The global expansion of Geely, Zeekr, and Lynk & Co brands is accelerating, with the company steadily progressing towards its annual sales target of 3 million vehicles [1]

Core Viewpoint - Geely Automobile announced a share buyback plan of HKD 2.3 billion to optimize its capital structure, which has positively impacted its stock price, leading to a rise of over 5% in late trading [1] Group 1: Financial Performance - As of the latest report, Geely's stock price is HKD 19.24, with a trading volume of HKD 1.056 billion [1] - The company achieved a sales volume of 273,125 vehicles in September 2025, representing a month-on-month increase of 9% and a year-on-year increase of 35%, marking the seventh consecutive month of double growth [1] Group 2: Future Outlook - According to Guotai Junan Securities, Geely's sales growth rate has remained high since 2025 [1] - Several new models, including Geely Galaxy A7, Geely Galaxy M9, Geely Galaxy Xingyao 6, Zeekr 9X, and Lynk & Co 10EM-P, are set to launch in the second half of 2025, contributing to the company's growth [1] - Geely is accelerating the globalization of its Geely, Zeekr, and Lynk & Co brands, aiming to steadily reach an annual target of 3 million vehicles [1]

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