Core Insights - In 2025, the Chinese automotive market is entering a period of structural transformation, characterized by intensified competition, accelerated technological iteration, and diversified consumer demand, compounded by complex global trade environments and supply chain restructuring. Geely Auto Group is leveraging its "One Geely" strategy to navigate these challenges, achieving total annual sales exceeding 3.02 million units, a 39% year-on-year increase, and nearly 1.69 million units in new energy vehicle sales, marking a 90% increase year-on-year, with cumulative sales surpassing 20 million units [1][24]. Group 1: Strategic Developments - Geely Auto Group's "One Geely" strategy has been successfully implemented, showcasing its foresight and practical effectiveness, leading to systematic breakthroughs in product matrix innovation, AI technology advancements, and global ecological expansion [1][24]. - The company has introduced nine new intelligent new energy vehicles and upgraded dozens of existing models, establishing a comprehensive product competition system that spans from new energy to fuel vehicles and from mainstream to luxury segments [2][24]. Group 2: Sales Performance - The Geely Galaxy brand has emerged as a core growth engine in the mainstream new energy market, achieving annual sales of 1.24 million units, a 150% increase year-on-year, while the Geely China Star series has also seen stable performance with over 1.21 million units sold, a 3% increase year-on-year [4][26]. - The Lynk & Co and Zeekr brands have also contributed significantly, with Lynk & Co achieving over 350,000 units in annual sales and Zeekr surpassing 220,000 units, reinforcing their competitive advantages in the high-end and luxury new energy markets [4][26]. Group 3: Technological Innovations - Geely Auto Group has launched the industry's first "full-domain AI" technology system, applying AI across various automotive domains, including architecture, power, chassis, and assisted driving, establishing a comprehensive technological moat [7][29]. - The company has developed advanced safety systems, transitioning to a "full-domain safety 2.0" era, integrating AI technology to enhance consumer safety across the automotive ecosystem [12][34]. Group 4: Global Expansion - Geely Auto Group is actively expanding its international presence, entering over 88 countries and regions, with a focus on emerging markets such as the UK, Poland, Italy, and Brazil, and establishing local production facilities [15][41]. - The company has accelerated the export of its intelligent new energy vehicles, achieving significant sales milestones in international markets, including the Geely Galaxy E5 topping sales charts in Brazil [17][39]. Group 5: Collaborative Efforts - Geely Auto Group is enhancing international cooperation with global partners, focusing on technology sharing and market expansion, exemplified by its collaboration with Renault in Brazil and the establishment of local production capabilities [20][42]. - The company is also involved in various joint ventures and projects aimed at developing electric vehicle manufacturing capabilities in Southeast Asia, further solidifying its global footprint [20][42].

吉利汽车回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.05 | 342.00 | 17.900 | 17.520 | 6031.47 | 证券时报·数据宝统计，吉利汽车在港交所公告显示，1月5日以每股17.520港元至17.900港元的价格回购 342.00万股，回购金额达6031.47万港元。该股当日收盘价17.600港元，下跌3.30%，全天成交额10.49亿 港元。（数据宝） （文章来源：证券时报网） ...

Core Insights - Geely Auto achieved a total annual sales of 3.02 million vehicles in 2025, marking a 39% year-on-year increase, thus crossing the significant threshold of 3 million units [1][3][6] - The growth is primarily driven by the explosive performance of its new energy vehicle (NEV) segment, which saw sales reach nearly 1.69 million units, a 90% increase year-on-year [6][11] - Geely's brands, including Galaxy, Zeekr, and Lynk & Co, have established strong market positions, contributing to the overall sales success [8][9] Sales Performance - Geely's total sales for 2025 included 2.45 million units from the Geely brand and 350,495 units from the Lynk & Co brand [4][3] - The Galaxy brand achieved over 1 million units in annual sales, becoming the fastest NEV brand to reach this milestone [8] - Zeekr brand's sales surpassed 224,000 units, with a notable average selling price exceeding 300,000 yuan [8][9] Technological Advancements - Geely's commitment to "technology long-termism" has begun to pay off, with significant advancements in AI and vehicle architecture [9][11] - The company introduced three major architectures: GEA Evo, SPA Evo, and Haohan S, enhancing its product offerings [11] - Geely's safety technology has been recognized, with four models receiving Euro NCAP five-star safety ratings [11] Global Expansion - Geely's overseas sales reached 420,000 units in 2025, achieving its export targets [12] - The company is transitioning from a trade-based approach to a "system export" model, which includes technology and manufacturing standards [12] - Partnerships in Brazil and other countries are facilitating local production and development of new vehicles [12] Future Outlook - For 2026, Geely aims for a sales target of 3.45 million vehicles, including 2.22 million NEVs, with plans to launch approximately 10 new models [12] - The company is positioned to navigate increased competition by leveraging its unified system and global vision [12]

Core Viewpoint - Geely Auto is leveraging a "dual fuel" strategy to mitigate the impact of declining new energy subsidies and is accelerating its overseas expansion, targeting an export volume of 1 million units by 2027 [1] Group 1: Sales Performance - Geely Auto achieved a sales target of 3 million units, with a goal of 3.45 million units by 2026 [2] - In December, Geely's total sales reached 236,800 units, a year-on-year increase of 12.7%, with new energy vehicle sales at 154,300 units, up 38.7% [2] - The company expects to sell 3.02 million units in 2025, a 39.0% year-on-year increase, and aims for 3.45 million units in 2026, representing a 14.1% growth [2] Group 2: Strategic Initiatives - The "dual fuel" strategy is expected to counteract the effects of subsidy reductions in 2026, with plans to sell 2.22 million new energy vehicles, a 31.5% increase [3] - Geely's exports in December reached 40,300 units, a 49.0% year-on-year increase, with total annual exports at 420,100 units, up 1.3% [3] - The company is expanding into 13 new international markets, including the UK, Italy, and Brazil, with significant progress in local production facilities [3] Group 3: Brand Development - The premium brands Zeekr and Lynk & Co showed strong sales in December, with Zeekr selling 30,300 units (up 11.3%) and Lynk & Co selling 33,800 units (up 29.4%) [4] - The average transaction price for Zeekr 9X exceeded 530,000 yuan, making it a leader in the large SUV segment, while Lynk & Co 900 has delivered over 50,000 units in six months [4] - Following the privatization of Zeekr, the integration is expected to enhance strategic synergy and scale effects, supporting brand elevation and profitability [4] Group 4: Financial Projections - The forecasted net profit for Geely Auto is 17.04 billion yuan in 2025, 20.60 billion yuan in 2026, and 24.32 billion yuan in 2027 [5] - The target price is set at 20.79 yuan per share, equivalent to 23.02 HKD, maintaining a buy rating [5]

Core Viewpoint - Geely Automobile is leveraging a "dual-fuel" strategy to mitigate the impact of declining new energy subsidies and is accelerating its overseas expansion, targeting an export volume of 1 million units by 2027 [1][2]. Sales Performance - In December, Geely's total sales reached 236,800 units, a year-on-year increase of 12.7%, with new energy vehicle (NEV) sales at 154,300 units, up 38.7% [1]. - For 2025, Geely's total sales are projected to be 3,024,600 units, reflecting a 39.0% year-on-year growth, achieving its annual sales target [1]. - The company aims for sales of 3,450,000 units in 2026, representing a 14.1% increase, supported by a sustainable subsidy policy and an expanding product matrix [1]. Dual-Fuel Strategy and International Expansion - Geely's brand sales in December reached 172,800 units, a 10.2% increase, with NEV sales at 1,687,800 units for 2025, marking a 90.0% year-on-year growth [2]. - The company plans to sell 2,220,000 NEVs in 2026, a 31.5% increase, to counteract the effects of subsidy reductions [2]. - Geely's exports in December totaled 40,300 units, a 49.0% increase, with total annual exports at 420,100 units, up 1.3% [2]. - The company is expanding into 13 new markets, including the UK, Italy, and Brazil, with significant progress in its factories in Egypt and Indonesia [2]. High-End Brand Development - In December, sales for the Zeekr and Lynk & Co brands were 30,300 and 33,800 units, respectively, showing increases of 11.3% and 29.4% [3]. - The Zeekr 9 model has become the best-selling large SUV priced above 500,000 yuan, while the Lynk & Co 900 has sold over 50,000 units within six months of its launch [3]. - The company aims for Lynk & Co sales of 400,000 units in 2026, a 14.1% increase, and Zeekr sales of 300,000 units, a 33.8% increase [3]. Profit Forecast and Investment Recommendation - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 17.041 billion, 20.604 billion, and 24.318 billion yuan, respectively [4]. - The target price is set at 20.79 yuan per share, equivalent to 23.02 HKD, maintaining a buy rating [4].

吉利汽车(00175)发布公告，于2026年1月5日，该公司斥资6031.47万港元回购342万股。 ...

Market Overview - The Hong Kong stock market showed a narrow range of fluctuations on January 5, with the Hang Seng Index slightly up by 0.03%, the Hang Seng China Enterprises Index down by 0.22%, and the Hang Seng Tech Index up by 0.09% [1][2]. Sector Performance - Large tech stocks exhibited mixed performance, with Kuaishou surging by over 11%, while other notable stocks like Bilibili and Alibaba also saw gains of over 5% and 2%, respectively. Conversely, stocks like NetEase and Xiaomi fell by over 2% [2][4]. - The biotechnology sector was active, with companies like Rongchang Bio and Kelun-Bothai rising over 7%, and other firms like Fuhong Hanlin and Tigermed increasing by over 6% [7]. - The insurance sector saw strong gains, with China Pacific Insurance up over 6% and New China Life Insurance up over 5%. Analysts highlighted five key trends in the life insurance industry for 2026, including rapid growth in new business and a shift in customer demographics [8]. - The automotive sector faced declines, with Great Wall Motors dropping over 6% and NIO nearly 6%. Despite some brands achieving record sales in 2025, only a few met their annual sales targets [10]. Notable Stock Movements - Kuaishou's stock price reached 73.60 HKD, reflecting an increase of 11.09% with a market cap of 317.91 billion HKD [5]. - Nanjing Panda Electronics surged by nearly 40%, while Micron Brain Science and Brainhole Technology rose by nearly 20% and over 17%, respectively, following news of Neuralink's plans for large-scale production of brain-computer interface devices [6][4]. - The "three oil giants" saw significant declines, with China Petroleum and China National Offshore Oil Corporation both dropping over 3% due to geopolitical tensions and OPEC+ decisions [9]. Capital Flows - Southbound funds recorded a net inflow of 18.723 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 9.809 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 8.914 billion HKD [12]. Future Outlook - Goldman Sachs recommends overweighting Chinese stocks, predicting a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027. Guosen Securities also sees potential in the market driven by a weaker US dollar and improved domestic liquidity in the spring of 2026 [15].

格隆汇1月5日丨吉利汽车(00175.HK)发布公告，2026年1月5日耗资6031.47万港元回购342万股，回购价 格每股17.52-17.9港元。 ...

智通财经记者 | 贾璐 智通财经编辑 | 崔宇 【编者按】为了更全面、更及时、更精确地反映电动载人汽车出口状况，2025年3月起，智通财经/界面 智库和瀚闻资讯联合推出《中国电动载人汽车出海月报》。《中国电动载人汽车出海月报》旨在呈现全 国及各省电动载人汽车出口金额、出口数量和出口目的地等指标的月度变化趋势，以期为政府、企业和 投资者等提供决策参考。我们将于每月27日左右发布相关月报。 根据界面智库与瀚闻资讯统计，2025年11月，中国电动载人汽车贸易增长动能全面爆发，结构性分化态 势进一步凸显。进口方面延续收缩态势，出口方面则展现出强劲的加速势头，11月当月出口金额达 70.76亿美元，同比大幅增长139.83%，环比微降0.11%；出口数量达39.94万辆，同比激增144.93%，环 比增长6.52%。1-11月累计出口量已达337.31万辆，同比增长63.59%，增速较1-10月显著扩大6.99个百分 点，全球市场拓展进入高速增长通道。 从细分市场看，11月电动载人汽车出口分化路径更为清晰。乘用车领域呈现"量价齐升"的强劲增长格 局，在整体出口中占据绝对主导，出口量39.83万辆，占比高达99.73%， ...

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5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 | | | | | | ...