Core Viewpoint - Geely Automobile reported a total sales volume of 237,000 units in December 2025, representing a year-on-year increase of 12.7% but a month-on-month decrease of 23.7% [1] Group 1: December Sales Performance - December total deliveries continued to grow year-on-year, with Zeekr 9X deliveries exceeding 10,000 units, surpassing the annual target [1] - December sales breakdown by model: Geely brand/Link & Co/Zeekr sold 173,000/34,000/30,000 units, with year-on-year changes of +10.2%/+29.4%/+11.3% and month-on-month changes of -29.9%/-3.7%/+4.9% [1] - Geely brand's Galaxy model sold 101,000 units in December, up 45.0% year-on-year but down 24.1% month-on-month [1] - Exports in December reached 40,000 units, a year-on-year increase of 49.0% but a month-on-month decrease of 4.2% [1] - December new energy vehicle sales totaled 154,000 units, up 38.7% year-on-year but down 17.9% month-on-month, accounting for 65.1% of total sales, an increase of 12.2 percentage points year-on-year and 4.6 percentage points month-on-month [1] Group 2: 2025 Annual Performance - Total sales for 2025 reached 3.025 million units, a year-on-year increase of 39.0% [1] - Annual cumulative sales for Galaxy/Link & Co/Zeekr in 2025 were 1.236 million/350,000/224,000 units, with year-on-year changes of +149.9%/+25.4%/-1.8% [1] - Q4 2025 cumulative total sales for Galaxy/Link & Co/Zeekr were 854,000/361,000/109,000/81,000 units, with year-on-year changes of +24.2%/+73.3%/+30.1%/-5.6% [1] Group 3: Future Outlook - Geely aims for a total sales target of 3.45 million units in 2026, representing a year-on-year increase of 14%, with sales targets for Geely brand/Link & Co/Zeekr set at 2.75 million/400,000/300,000 units [2] - The new GEA architecture supports a new product cycle, with positive developments across Zeekr, Link & Co, and Galaxy [2] - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [2] - The company maintains a solid foundation in fuel vehicles and continues to explore new overseas markets through innovative joint ventures [2] - The smart driving strategy is being accelerated to enhance driving capabilities, with significant profit elasticity anticipated under the new vehicle cycle [2] - The projected net profit for 2025 is 17 billion yuan, corresponding to a PE ratio of 10.6X, maintaining a "buy" rating [2]

Core Insights - The 2025 year for the electric vehicle (EV) industry is characterized by aggressive growth, a backlash against internal competition, and uncertainty heading into 2026 [2][17][19] Group 1: Aggressive Growth - The EV industry is projected to sell 12.852 million units in 2025, with a market penetration rate surpassing 50% [3] - BYD leads the market with 4.6024 million units sold, achieving a 7.7% year-on-year growth [6] - New players like Leap Motor and Xiaomi are also showing significant growth, with Leap Motor achieving a 103% year-on-year increase [4][6] Group 2: Backlash Against Internal Competition - The industry has faced issues of malicious competition, with average price reductions of 9.2% leading to a decline in profit margins from 6.2% in 2020 to 4.3% in 2025 [17][18] - Regulatory bodies are advocating for a shift towards innovation and service differentiation rather than price wars [18] - The backlash aims to guide companies towards better product definitions and fair competition practices [18] Group 3: Uncertainty in 2026 - The competition in the EV sector is expected to intensify, with a slowdown in growth rates and increased pressure on product iteration [19][20] - Key factors influencing competition will be autonomous driving capabilities and expansion strategies [20][25] - The industry may face a dilemma regarding price wars as average vehicle prices have decreased from 184,000 yuan in 2024 to 178,000 yuan in 2025 [27]

Group 1 - BYD has topped the global sales chart for pure electric vehicles, with a total sales exceeding 4.6 million units in 2025, maintaining its position as the annual sales champion in China [3] - China FAW Group achieved over 3.3 million vehicle sales in 2025, marking a 3.2% year-on-year increase, with its joint venture FAW-Volkswagen leading in sales among joint venture brands [3] - Geely Automobile surpassed 3.02 million units in sales, exceeding its annual target and setting a historical record [3] Group 2 - Leap Motor emerged as the biggest "dark horse" in the new energy vehicle sector, delivering nearly 600,000 units in 2025, representing a 103% year-on-year growth and achieving over 119% of its annual target [4] - NIO reported a record delivery of over 320,000 vehicles in 2025, with a significant increase in delivery volume in the latter half of the year [6] - Multiple automakers indicated that the Chinese new energy vehicle industry is entering a new phase of technological iteration and global development, aiming to lead in both quantity and quality [6] Group 3 - The establishment of new state-owned enterprise China Changan Automobile Group aims to accelerate breakthroughs in new energy, intelligence, and globalization, contributing to a total sales of 2.91 million units in 2025, the highest in nearly nine years [3] - Chery Group's sales exceeded 2.8 million units in 2025, focusing on innovation to enhance product service for global users [3] - Huawei's collaboration with automakers like Seres and BAIC has led to the successful launch of popular models, with a total delivery of nearly 590,000 units in 2025 [4]

Core Insights - Geely's sales in 2026 exceeded 3.02 million units, marking a 39% year-on-year increase, with over half being new energy vehicles, which surged by 90% to 1.69 million units [2][4] - The company achieved a revenue of 239.5 billion yuan in the first three quarters of 2025, a 26% increase, and a core net profit of 10.62 billion yuan, up 59% [2][7] - Geely has entered the "3 million club" of global automakers, alongside giants like Toyota and Volkswagen, securing a spot among the top ten global car manufacturers [2] Step One: Rapid Electrification Transformation - Geely's strategic focus on electrification has allowed it to thrive amid fierce competition, achieving a new energy penetration rate of 56% by 2025 [4][5] - The Galaxy brand has seen significant success, with annual sales reaching 1.24 million units, a 150% increase, and the Galaxy M9 becoming a key player in the mid-to-high-end market [4][5] - Geely's traditional fuel vehicle sales also grew by 3%, demonstrating a balanced approach to maintaining its core business while pushing for new energy growth [5] Step Two: Strategic Integration of "One Geely" - Geely completed the privatization and merger of Zeekr, enhancing resource synergy across R&D, procurement, and manufacturing, which is expected to lower costs and improve efficiency [7][8] - The merger is seen as a strategic move to consolidate efforts in the smart electric vehicle sector, allowing for better resource allocation and market positioning [8][9] - The company's financial performance reflects this integration, with Q3 2025 revenue reaching 89.2 billion yuan, a 27% increase, and core net profit growing by 19% [7][8] Step Three: Full-Scale AI Integration - Geely has established itself as a technology company by implementing a comprehensive AI system across all vehicle domains, including architecture, power, chassis, and intelligent driving [10][12] - The launch of the AI-driven H9 system for autonomous driving showcases Geely's commitment to advanced technology, with plans to introduce L3 and L4 functionalities in 2026 [12][15] - The integration of AI technologies into new models, such as the Galaxy M9 and Zeekr 9X, demonstrates Geely's ability to rapidly translate technological advancements into market-ready products [16] Growth Engines for 2026 - Geely aims for a sales target of 3.45 million units in 2026, with 2.22 million from new energy vehicles, supported by the launch of approximately ten new models [17][18] - The company is shifting towards a localized supply chain and manufacturing capabilities in key overseas markets, enhancing its global competitiveness [18][19] - Policy changes favoring higher-value vehicles are expected to benefit Geely, which has focused on high-value products and aims to leverage these changes for growth [19][20] Future Outlook - Geely's market valuation is approaching 200 billion HKD, with over 40 institutions providing positive ratings, indicating a reassessment of its technological capabilities [21][23] - The company is positioned to redefine its identity from a traditional automaker to a technology-driven enterprise, with a complete AI ecosystem in place [22][23] - Geely's strategic focus on integrating technology, enhancing product offerings, and expanding globally suggests a promising trajectory for future growth and innovation [24]

他说："现代汽车是 SK On 的核心合作伙伴兼可靠盟友。我们计划在乔治亚州建立一家电动汽车电池电 芯生产合资企业的工作正在推进中，预计今年将开始生产。" 李硕熙表示，SK On 正试图拓展其业务组合，以应对当前电动汽车需求的放缓局面，并且在与美国福特 汽车公司终止电池合资企业合作关系后，正在进行重组。 韩国电池制造商SK On的首席执行官李硕熙（Lee Seok-hee）当地时间周二在拉斯维加斯举行的 2026 年 国际消费电子展（CES）上探讨了与吉利汽车和现代汽车集团拓展业务合作的可能机会。 "我是应客户的要求前来参加CES的，"李硕熙在参观完拉斯维加斯会议中心吉利汽车的展台后说，"我 计划与客户会面，并研究结合人工智能和出行技术的最新趋势。" 在参观了吉利汽车的展台后，李硕熙与这家中国汽车制造商的高层管理人员进行了会面，其中包括副总 裁李传海。 李硕熙表示，SK On 正试图拓展其业务组合，以应对当前电动汽车需求的放缓局面，并且在与美国福特 汽车公司终止电池合资企业合作关系后，正在进行重组。 他说："我将加快提升盈利能力的步伐，通过扩大基于磷酸铁锂的储能系统业务来实现这一目标。我预 计到今年年底将会看 ...

Group 1 - Zhejiang Geely Holding Group Co., Ltd. has applied for a patent titled "Classification Method, Device, Equipment, and Storage Medium for Policy Texts," with publication number CN121278097A, and the application date is November 2025 [1] - The patent involves a classification method utilizing large language model technology, which includes obtaining a policy text set, at least one dimension of enterprise data, and preset classification description data [1] - The method processes the policy text set based on prompts to extract key element information and classifies the policy texts according to the importance of the policies [1] Group 2 - Zhejiang Geely Holding Group Co., Ltd. was established in 2003, located in Hangzhou, primarily engaged in the automotive manufacturing industry, with a registered capital of 1.03 billion RMB [2] - The company has made investments in 38 enterprises, participated in 523 bidding projects, and holds 5,000 trademark and patent information records, along with 275 administrative licenses [2] - Geely Automobile Research Institute (Ningbo) Co., Ltd., established in 2016, is located in Ningbo and focuses on specialized equipment manufacturing, with a registered capital of 30 million RMB [2] - The research institute has invested in 8 enterprises, participated in 317 bidding projects, and also holds 5,000 patent information records, along with 19 administrative licenses [2]

Group 1 - The 2026 International Consumer Electronics Show (CES2026) is being held in Las Vegas from January 5 to 9, showcasing the latest smart automotive AI technologies from Geely Auto Group [1] - Geely's exhibition is located at LVCC West Hall G6201, where it officially launched the AI 2.0 technology system based on the WAM (World Action Model), achieving cross-domain integration of AI technology across various vehicle domains [4] - Key innovations presented include the Eva super-human emotional intelligence agent, the G-ASD (Global Advanced Driving System) for assisted driving, and the latest vehicle models such as Zeekr 9X and Geely Galaxy M9, along with the Shendun Jinzhang battery technology, highlighting the technological strength of a leading Chinese automotive brand [4] Group 2 - The event invites global audiences to visit Geely's booth for discussions on the future trends of smart mobility [4]

Group 1 - The core viewpoint of the news is that Hong Kong automotive stocks have experienced a significant decline, with major players like NIO and BYD dropping over 3% due to reduced subsidies and a weak outlook for the Chinese auto market in Q4 [1] - Multiple institutions predict a 7% decline in China's auto sales by 2026, marking the first anticipated annual drop since 2020 [1] - A price war has commenced in the Chinese auto market, with over 76 models from various brands, including both domestic and foreign manufacturers, launching promotional policies at the start of the year [1] Group 2 - Specific stock performance shows NIO down 3.29% at 37.600, BYD down 3.18% at 96.050, and other companies like Leap Motor and Xpeng also experiencing declines of around 2.8% [2] - The decline in stock prices is widespread among major automotive companies, including Geely down 2.08%, Li Auto down 1.55%, and Great Wall Motors down 1.23% [2] - The overall sentiment in the market reflects concerns over the sustainability of growth in the automotive sector, influenced by changing subsidy policies and market conditions [1][2]

Group 1 - The core viewpoint of the news is the collaboration between Wuhan Economic Development Zone and DITONG Industrial Holdings to establish an automotive parts production and R&D base, focusing on lightweight components for new energy vehicles [1][2] - DITONG Industrial is a leading player in the domestic passenger vehicle parts sector, specializing in stamping, welding, and mold development, with a robust R&D capability and a comprehensive supply chain [1] - The total investment for the DITONG Wuhan base project is approximately 2 billion yuan, located in the intelligent connected and electric vehicle industrial park, aiming to produce key components such as body covers and battery boxes for new energy vehicles [1] Group 2 - The project will adopt a flexible model of "leasing first, then self-building, and phased production" to quickly respond to market demands, with the welding production line already operational through leased facilities [2] - Once fully operational, the project is expected to achieve an annual output value of 1.2 billion yuan, addressing critical gaps in the local automotive supply chain for lightweight body and chassis modules [2] - The Wuhan Economic Development Zone has improved its automotive industry collaboration, with the local automotive supply ratio increasing from 0.68:1 to 0.8:1, highlighting the ongoing synergy in the industry [3]

Core Insights - Geely Auto Group announced the evolution of its AI technology system to version 2.0, integrating AI across various vehicle domains and introducing the Eva hyper-personalized emotional intelligence agent and the G-ASD advanced driving assistance system [1][4][7] Group 1: AI Technology Advancements - The World Action Model (WAM) was unveiled at CES, establishing a unified "vehicle brain" with a layered design that utilizes a multi-modal model for macro task planning and integrates action experts and world models for detailed decision-making [3] - WAM enables two key breakthroughs: "agentification," allowing different domain agents to communicate and collaborate, and "engineification," which extracts foundational AI capabilities into public technology engines for efficient access [3] Group 2: Eva Intelligent Agent - The Eva agent is evolving into the central intelligence of the vehicle, featuring upgraded voice models and dynamic memory for high emotional intelligence and human-like dialogue capabilities [4] - Eva will possess autonomous decision-making abilities to understand and execute complex travel needs, completing the entire planning and execution chain [4] Group 3: G-ASD Advanced Driving Assistance System - The G-ASD system, developed in collaboration with Qianli Zhijia, represents a high-capacity intelligent driving solution, leveraging the WAM model and advanced AI architecture [7] - The system utilizes a cloud-based multi-modal model with parameters reaching hundreds of billions, enhancing environmental understanding and driving realism [7] - G-ASD is equipped with leading perception hardware, including Thor and Orin chips, and multiple lidar units, supporting L2 to L4 driving capabilities [9] Group 4: Sales and Future Plans - Geely aims to achieve over 3.02 million vehicle sales by 2025, with nearly 1.69 million being new energy vehicles, reflecting a 90% year-on-year growth [9] - In 2026, Geely plans to launch approximately 10 new models, targeting an annual sales goal of 3.45 million vehicles, supported by the full implementation of AI 2.0 [9]