吉利汽车(00175)发布公告，于本公布日期，本公司已根据回购计划购回合计6743.1万股股份。本公司于 本公布日期前购回的所有股份均已按照本公司先前公布的意向处理，即该等股份将于切实可行的情况下 尽快予以注销。 本公司进一步宣布，自本公布日期起，于本公布日期或之后根据回购计划购回的任何股份将作为本公司 库存股份持有。 ...

Group 1 - Geely Automobile announced a share repurchase plan amounting to HKD 2.3 billion [1]

Core Viewpoint - Geely Automobile has announced a share repurchase plan worth HKD 2.3 billion and has already repurchased a total of 67.431 million shares under this plan [1] Group 1: Share Repurchase Plan - The company has entered into a share repurchase agreement with Morgan Stanley & Co. International plc for HKD 2.3 billion [1] - The board has been granted general authority to repurchase shares, with discretion to either cancel the repurchased shares or hold them as treasury shares [1] - As of the announcement date, all shares repurchased prior to this announcement will be canceled as soon as practicable [1] Group 2: Current Status of Repurchased Shares - The company has repurchased a total of 67.431 million shares under the repurchase plan as of the announcement date [1] - Any shares repurchased from the announcement date onward will be held as treasury shares [1]

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公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈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。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 23億港元自動股份回購計劃 承董事會命 吉利汽車控股有限公司 公司秘書 茲提述(i)吉利汽車控股有限公司（「本公司」）日期為二零二五年十月六日及二零二五年十 一月十八日之公佈，內容有關本公司與Morgan Stanley & Co. International plc（「該經紀 商」）訂立23億港元自動股份回購計劃（「回購計劃」）；及(ii)日期為二零二五年四月二十八 日之通函（「股東週年大會通函」），內容有關（其中包括）授予董事一般性授權以購回本公 司股份（「股份」）。根據股東週年大會通函，董事獲授權酌情決定註銷本公司購回的股份 或將該等股份作為庫存股份持有。 本公司謹此告知股東及潛在投資者，於本公佈日期，本公司已根據回購計劃購回合計 67,431,000股股份。本公司於本公佈日期前購回的所有股份均已按照本公司先前公佈的 ...

Core Insights - The automotive industry is experiencing a significant promotional frenzy with over 20 brands and more than 75 models offering aggressive discounts, driven by a drastic drop in sales profit margins to 1.8% in December, halving from the previous year [1][3] Group 1: Profitability Challenges - The average profit margin for the automotive industry over the past two years has been consistently low at 4.1%, below the industrial average of 5.9% [3] - The production of vehicles increased by 10% in 2025, reaching 34.78 million units, but this growth did not translate into higher profits, leading to financial strain on manufacturers [3] - Rising raw material costs are a significant burden, with aluminum prices increasing costs by approximately 600 yuan per vehicle, copper by 1200 yuan, and lithium costs adding around 3800 yuan for electric vehicles, resulting in an overall cost increase of 4000-7000 yuan per vehicle [3][6] Group 2: Market Dynamics - Policy changes, such as the reduction of subsidies for trade-ins and the halving of new energy vehicle purchase tax exemptions, have led to a 28% year-on-year drop in passenger car sales in January [9][11] - The introduction of new national battery safety standards will require costly upgrades to battery structures and thermal management systems, adding an estimated 2000 yuan to the cost of low-end models [11] Group 3: Manufacturer Strategies - To combat high costs and a cooling market, manufacturers are extending loan terms to 7 years to lower monthly payments, a strategy initiated by Tesla and quickly adopted by competitors [12][14] - Cost-cutting measures include reducing vehicle specifications and using mixed battery supplies from different brands, which may impact long-term quality and reliability [14][15] Group 4: Consumer Guidance - Consumers are advised to scrutinize financing options, as some "low monthly payment" plans may actually be leasing agreements rather than traditional loans, affecting ownership and liability [17] - It is crucial for consumers to consider the total cost of ownership, including depreciation, interest, insurance, and maintenance, especially given the rapid technological advancements in the automotive sector [17][19]

该行预计今年首季行业整体业绩将疲弱，因此4月或是重新审视行业的较好时机。该行表示，随着国内 市场仍在适应近期的变化，对比亚迪恢复增长势头保持信心。同时依然认为出口将是今年的主要增长动 力，有助提升平均售价及利润率。预期在海外尤其是欧洲等地拥有强劲车型规划的公司，盈利韧性将更 强。 智通财经APP获悉，里昂发布研报称，内地1月汽车销售数据出现前所未有的下跌，行业平均环比下跌 约30%，消费者因补贴及折扣减少而持观望态度。考虑到今年农历新年的时间，该行预期2月销售仍将 保持低迷。不过，相信农历新年后车企将有一系列新车型重新吸引消费者，而比亚迪(01211)更特别瞄 准了消费者愿意付费购买的新功能。首选比亚迪及吉利汽车(00175)，基于其2026年出口规模及单车盈 利较高，目标价分别为130港元及23港元，均予"高度确信跑赢大市"评级。 ...

Core Viewpoint - The Chinese automotive market in January 2026 is characterized by a stark contrast, with most automakers experiencing negative growth, particularly in the new energy vehicle (NEV) sector, highlighting the importance of having a diversified product lineup that includes both fuel and electric vehicles [5][6][7]. Sales Performance Summary - In January, the retail sales of passenger cars are expected to reach 1.8 million units, a month-on-month decline of 20.4%, with NEV sales around 800,000 units, marking a penetration rate drop to 44.4%, nearly 10 percentage points lower than the peak at the end of 2025 [6][7]. - Traditional automakers like SAIC, Geely, and GAC Toyota reported stable sales due to their dual strategy of offering both fuel and NEVs, with SAIC's total sales reaching 327,400 units, a year-on-year increase of 23.94% [10][11]. - Geely's total sales were 270,167 units, with fuel vehicles contributing significantly to its performance, while BYD faced a 30.11% decline in NEV sales, indicating the challenges faced by companies heavily reliant on NEVs [12][15]. Market Dynamics - The differentiation in sales performance among automakers is attributed to their strategic choices, particularly the presence of a fuel vehicle base, which enhances resilience against market fluctuations [9][19]. - The demand for fuel vehicles surged during the pre-Spring Festival period, as consumers preferred mature technology and the convenience of fuel vehicles for long-distance travel, further supported by the limited impact of policy changes on fuel vehicles [19][20]. Export Growth - Exports have become a crucial support for many leading automakers, with companies like Chery and SAIC reporting significant increases in overseas sales, indicating a dual strategy of maintaining domestic stability while expanding globally [17][18]. Future Outlook - The current market conditions signal a shift from policy-driven growth to market-driven dynamics, emphasizing the need for automakers to maintain a balanced portfolio of fuel and NEVs to navigate future uncertainties [22]. - Companies that can effectively manage their fuel vehicle base while rapidly advancing in the NEV sector are likely to emerge as market leaders, while those focusing solely on NEVs may face greater risks during market fluctuations [21][22].

Overall Market - In 2025, China's automotive industry achieved record production and sales, with 34.53 million vehicles produced and 34.40 million sold, marking year-on-year growth of 10.4% and 9.4% respectively, driven by policy support and market dynamics [1][5] - The market demonstrated strong resilience against global trade protectionism, supply chain restructuring, and intensified competition [1] Market Dynamics - The "Two New" policy expanded consumer goods categories and support for equipment upgrades, stimulating vehicle replacement demand, particularly in lower-tier cities [5] - The transition to electric vehicles (EVs) was facilitated by stable tax policies and improved charging infrastructure, lowering barriers for potential EV buyers [5] - Consumer preferences are shifting towards intelligent features and green travel, pushing the market towards higher quality development [5] Segmented Market - In 2025, new energy vehicles (NEVs) became the dominant growth segment, with production and sales reaching 16.63 million and 16.49 million respectively, reflecting year-on-year growth of 29% and 28.2% [6] - NEVs accounted for 47.9% of total new vehicle sales, a 7 percentage point increase from the previous year [6] - The traditional fuel vehicle market is undergoing structural adjustments, with demand for high-displacement, high-fuel-consumption models declining, while smaller, hybrid models remain popular [10] Market Structure - Domestic brands solidified their leading position, with their market share exceeding 60% for the first time, driven by strong performances from companies like BYD, Geely, and Changan [13][15] - BYD led the market with over 4.6 million units sold, benefiting from its technological advancements in NEVs [15] - Joint venture brands faced significant pressure, with declining market shares due to slow adaptation to the NEV market and product homogenization [16] Export Market - In 2025, China's automotive exports exceeded 7 million units, achieving a year-on-year growth of 21.1%, maintaining its position as the world's largest automotive exporter for three consecutive years [18] - Emerging markets in Southeast Asia, the Middle East, and South America remain key destinations for Chinese automotive exports, with NEVs becoming a significant export category [18] Sales Rankings - The top ten automotive brands in 2025 showcased a strong performance from domestic brands, with five spots occupied by them, and a combined market share of 37.3% [21] - BYD, Geely, and Changan maintained their positions through a dual strategy of fuel and NEV offerings [21] - Traditional joint venture brands like FAW-Volkswagen and SAIC Volkswagen continued to experience declines, unable to offset losses from fuel vehicle sales with NEV growth [21] Emerging Brands - New entrants like Leap Motor and Hongmeng Zhixing showed remarkable growth, with Leap Motor doubling its sales through self-developed technology and competitive pricing [23] - Traditional automakers' NEV sub-brands also performed well, rapidly capturing market share through targeted strategies [23] Consumer Trends - Successful models in 2025 aligned with market trends, focusing on price adaptability, user needs, and technological highlights [24] - Family and young consumers emerged as core target groups, with vehicles designed for spaciousness and smart features gaining popularity [26] - The integration of new energy and intelligent technologies became essential for popular models, addressing consumer concerns about range and charging [26] Future Outlook - The strong rise of NEVs indicates China's automotive industry is positioned advantageously in the global transformation of the sector [28] - Continued policy support for NEVs and smart vehicles is expected, alongside growing consumer demand for high-quality, intelligent products [28] - The industry is likely to see further integration across the supply chain, enhancing competitiveness [28]

Core Viewpoint - Geely Auto has co-led the drafting of the mandatory national standard for "Automotive Door Handle Safety Technical Requirements," marking its commitment to safety standards in the automotive industry [1][15]. Group 1: Standard and Patent Information - Geely has participated in the formulation of 137 safety technical standards and has opened up 1,562 patent technologies to the industry [1][24]. - The national standard for automotive door handles is organized by the Ministry of Industry and Information Technology and is set to be implemented on January 1, 2027 [3][17]. Group 2: Safety Technology and Innovations - The automotive door handle safety technology includes three core protective mechanisms: ensuring low-voltage circuit safety, optimizing functional logic during collisions, and maintaining mechanical redundancy for door operation [22]. - Geely is also sharing a collection of patents related to automotive door handle safety, which includes six core patents from both domestic and international sources [5][19]. Group 3: Commitment to Industry Safety - Geely's Global Safety Center, recognized with five Guinness World Records, will continue to share its safety innovations with the entire industry, promoting safety equity [1][30]. - The company is also opening up additional safety technology patents, such as those for emergency window breaking and battery safety, to enhance the safety of new energy vehicles [12][27].

Core Viewpoint - Ford Motor Company and China's Geely are in discussions regarding a potential collaboration, focusing on utilizing Ford's manufacturing space in Europe for producing vehicles targeted at that market [1][2]. Group 1: Collaboration Discussions - The two companies are negotiating for Geely to use Ford's factory space in Europe to manufacture cars for the region [1][2]. - Discussions also include a potential framework for sharing vehicle technologies, including autonomous driving technology [1][2]. - Negotiations regarding European manufacturing have reportedly made significant progress, with Ford sending a delegation to China to strengthen talks [1][2]. Group 2: Background and Context - Geely executives met with Ford leadership in Michigan last week, indicating ongoing engagement between the two companies [1][2]. - The negotiations have been ongoing for several months, but details remain private as discussions continue [1][2]. - Ford has stated that it engages in discussions with various companies on multiple topics, with outcomes varying [1][2]. Group 3: Strategic Implications - A partnership with Geely could help Ford catch up with global competitors in connected car technology and autonomous driving, areas where Tesla is prioritizing development [1][2]. - Ford's CEO, Jim Farley, has publicly emphasized the need to close the competitive gap with Chinese automakers [1][2].