Core Viewpoint - Geely's subsidiary Zeekr has filed a lawsuit against battery supplier Sunwoda, claiming damages of 2.314 billion yuan due to quality issues with battery cells supplied over a period of two years, raising questions about the timing and motivations behind the lawsuit following Zeekr's recent privatization and delisting from the U.S. stock market [1][2][11]. Group 1: Lawsuit Details - The lawsuit was filed by Weir Electric Vehicle Technology, a key subsidiary of Zeekr, which has been involved in the development and manufacturing of core components for electric vehicles since its establishment in 2017 [2]. - Weir Electric claims that the battery cells delivered by Sunwoda from June 2021 to December 2023 had quality issues, leading to significant financial losses, including the principal claim of 2.314 billion yuan plus interest and legal costs [2][3]. - The relationship between Weir Electric and Sunwoda began in April 2021, with the first Zeekr model equipped with Sunwoda cells delivered in October 2021 [2]. Group 2: Market Impact and Financial Losses - Zeekr's rapid delisting from the U.S. market occurred just 19 months after its IPO, resulting in a direct loss of approximately 3.5 billion yuan for Geely, which raised concerns about the company's financial health and strategic decisions [7][8]. - The IPO raised a total of 3.62 billion yuan, but after accounting for underwriting fees and other costs, the net external funding was only about 1.496 billion yuan [8]. - Geely's total cash outlay for the privatization was around 24 billion yuan, with a significant portion of shareholders opting for cash payouts, leading to a direct cash loss of about 5 billion yuan [8]. Group 3: Quality Issues and Customer Feedback - The battery cells in question were primarily used in the Zeekr 001 WE86 model, which saw over 70,000 units sold in 2022, with more than 60% of those being the WE86 version [3]. - Customers reported issues such as slow charging speeds and discrepancies in advertised range, with complaints escalating in 2023 regarding battery performance and safety concerns [3][4]. - By the end of 2023, Weir Electric began reducing purchases from Sunwoda, shifting to products from CATL and Geely's own battery company [4]. Group 4: Strategic Implications of the Lawsuit - If Zeekr wins the lawsuit, the compensation could significantly improve its financial metrics, including net profit and cash flow, as the claimed amount exceeds its losses for the first three quarters of 2025 [9]. - The lawsuit could also help restore Zeekr's brand reputation by establishing supplier accountability for quality issues, potentially enhancing its negotiating power in future supply chain discussions [10]. - The timing of the lawsuit, following the delisting, raises questions about whether Geely aimed to avoid disclosure obligations under U.S. regulations, allowing for a more strategic approach to litigation [11][12].

Core Insights - The report emphasizes that the automotive industry will experience new growth driven by "smart driving and overseas expansion" in 2026, with L3-level autonomous driving penetration expected to continue increasing and new energy vehicle (NEV) exports maintaining high growth [2][3] - The report anticipates that the overall export of vehicles will exceed expectations in 2025, with strong momentum for NEV exports in regions such as Europe, the Middle East, and North America, indicating a new growth phase for domestic brands [2] - The report highlights that the L3 window period is clearly defined, with multiple domestic manufacturers set to mass-produce vehicles equipped with advanced driving assistance systems, leading to increased penetration of intelligent components [2] Vehicle Sector - The overall demand in the vehicle market remains stable, with a projected retail sales volume of 2,494 million units in 2026, reflecting a year-on-year growth rate of 1% [45] - NEV sales are steadily increasing, with a retail penetration rate exceeding 50%, and a cumulative retail sales volume of 10.15 million units from January to October 2025, representing a year-on-year growth of 21.9% [13] - The average price of passenger vehicles is on a downward trend, with the average price in the first ten months of 2025 being 170,000 yuan, a decrease of 7,000 yuan from the previous year [19] Component Sector - The report indicates that the trend towards electrification remains unchanged, with the penetration of intelligent components expected to continue rising, benefiting from the ongoing development of the automotive supply chain [2] - The report suggests that the domestic automotive supply chain, combined with overseas expansion, is likely to accelerate in 2026, providing incremental opportunities for relevant component manufacturers [2] Robotics Sector - The report notes that humanoid robots are entering a critical stage of industrialization, with significant demand for complex scene interactions driving the growth of core components, benefiting companies with relevant layouts in the robotics field [2] - The report emphasizes that the core components of humanoid robots will enjoy the dividends of industrial development, with companies positioned in this sector expected to benefit first [2] Low-altitude Economy - The report states that the domestic low-altitude economy has transitioned from a nascent stage to a period of rapid development, with the market scale expected to leap from hundreds of billions to trillions [2] - Several automotive companies are entering the low-altitude economy sector, indicating a promising future for growth [2] Policy and Market Dynamics - The report highlights that the 2026 NEV purchase tax subsidy will be reduced, leading to increased market competition, while the overall trend of NEV penetration and intelligentization is expected to drive the rise of domestic brands [2][38] - The tightening of "two new" policies is anticipated to increase the marginal cost for consumers, with various regions adjusting or suspending vehicle replacement and scrapping subsidy policies [39][40]

华创证券指出，极氪私有化完成后，吉利对极氪、领克的持股由约65%、82%均增至100%，预计可增厚 2026年净利润20-30亿元。同时，极氪的私有化完成进一步增进公司吉利、银河、领克、极氪四大品牌 的一体化整合，有望借助协同效应实现降本增效。 消息面上，12月22日，吉利汽车发布公告，宣布完成极氪私有化幷于纽交所退市，极氪将成为公司的全 资附属公司。合并后，公司汽车业务在研发、营销、采购等方面将进一步整合，极氪研发投入将降低 10%至20%，BOM成本将降低5%至8%，产能利用率提升3%至5%，费用将降低10%至20%。 吉利汽车(00175)午后涨超3%，截至发稿，涨3.09%，报18.04港元，成交额7.05亿港元。 ...

Core Viewpoint - Geely Automobile has completed the privatization of Zeekr and its delisting from the New York Stock Exchange, making Zeekr a wholly-owned subsidiary, which is expected to enhance operational efficiency and profitability across its brands [1] Group 1: Financial Impact - Geely's share price increased by 3.09%, reaching HKD 18.04, with a trading volume of HKD 705 million [1] - The completion of Zeekr's privatization is projected to increase Geely's net profit by HKD 2 to 3 billion by 2026 [1] Group 2: Operational Efficiency - Post-merger, Geely plans to integrate its automotive business in R&D, marketing, and procurement, leading to a reduction in R&D investment by 10% to 20% [1] - Bill of Materials (BOM) costs are expected to decrease by 5% to 8%, and capacity utilization is anticipated to improve by 3% to 5% [1] - Overall expenses are projected to decline by 10% to 20% due to the integration [1] Group 3: Brand Integration - Following the privatization, Geely's ownership stakes in Zeekr and Lynk & Co will increase from approximately 65% and 82% to 100% [1] - The integration of Geely, Galaxy, Lynk & Co, and Zeekr is expected to leverage synergies for cost reduction and efficiency improvement [1]

Core Insights - Geely is celebrating its 40th anniversary, reflecting on its journey marked by resilience and innovation in the automotive industry [2][3] - The company emphasizes its commitment to creating value through practical solutions and technological advancements, particularly in the context of electric and intelligent vehicle transformation [4][5] Historical Development - Geely started from scratch 40 years ago, evolving from manufacturing refrigerator parts to becoming a pioneer in producing affordable cars in China [4] - The company made significant strategic decisions, such as the acquisition of Volvo in 2010, which revitalized the brand and reinforced its commitment to safety and sustainability [4] - In 2021, Geely launched the "Smart Geely 2025" strategy, focusing on embracing new energy and intelligent technologies [4] Current Strategies and Innovations - Geely is advancing its electric transformation through technological innovations, including breakthroughs in battery technology and AI integration in vehicles [6] - The company is expanding its global presence through strategic partnerships and local operations, exemplified by collaborations in Malaysia and Brazil [7] - Geely is committed to sustainability, aiming for carbon neutrality by 2045 and actively developing green technologies [7] Future Outlook - The automotive industry is facing challenges such as geopolitical shifts and supply chain restructuring, which Geely aims to navigate with a focus on core values and technological innovation [8] - The company plans to invest significantly in youth innovation and entrepreneurship, with an initial investment of 50 million yuan and a future commitment of 300 million yuan [9] - Geely's vision for 2026 includes leading the green intelligent mobility ecosystem and enhancing its competitive edge through a platform and ecosystem approach [9]

Core Viewpoint - Geely Holding Group is set to invest 500 million yuan initially and a total of 3 billion yuan in the future to launch a youth innovation and entrepreneurship incentive program starting in 2026, aiming to become a harbor for young talent dreams [1][2][11]. Investment and Development Plans - Starting in 2026, Geely will invest an initial 50 million yuan and subsequently 300 million yuan to support the youth innovation and entrepreneurship incentive program [1][2][11]. - The company plans to recruit talented high school graduates for targeted training within its enterprises, exploring a new talent cultivation model called "three-campus combination" [2][13]. Historical Context and Achievements - Geely is approaching its 40th anniversary in 2026, reflecting on its journey from manufacturing refrigerator parts to becoming a significant player in the automotive industry [4][5]. - The company has made pivotal decisions at critical moments, such as the acquisition of Volvo in 2010 and the launch of the "Smart Geely 2025" strategy in 2021, focusing on electric and intelligent vehicle development [5][10]. Technological Innovation and Sustainability - Geely emphasizes a commitment to safety, green technology, and enjoyable travel experiences as core principles of the automotive industry [2][10]. - The company is advancing its electric vehicle transformation through technological innovations, including breakthroughs in battery technology and the introduction of smart new energy flagship models [7][8]. Globalization and Market Expansion - Geely is actively pursuing globalization through regional and localized strategies, including partnerships and technology licensing, to enhance its international presence [7][10]. - The company has successfully expanded its overseas market with high-value products and has participated in international events to showcase its brand [7][10]. Commitment to ESG and Future Goals - Geely is dedicated to achieving carbon neutrality across its operations by 2045, with ongoing projects in green factory construction and sustainable transportation solutions [8][10]. - The company aims to lead the green intelligent mobility ecosystem and become a benchmark for high-quality development in the automotive industry [11].

Core Viewpoint - Geely Holding Group's Chairman Li Shufu emphasizes the company's commitment to smart electric transformation and high-quality development in technology innovation, brand enhancement, globalization, and green development in his New Year address for 2026 [1] Group 1: Technological Innovations and Achievements - Geely has made significant progress in its smart and electric transformation, showcasing a robust development trend [1] - The completion of the first phase of the Geely constellation network deployment enables global service capabilities [1] - The successful rollout of the first AE200 aircraft marks a significant milestone in the development of large manned vertical take-off and landing vehicles in China [1] - The launch of the first future urban transportation hub "Green Intelligent Passage Island" by Cao Cao Mobility accelerates the commercialization of Robotaxi [1] Group 2: Future Outlook and Investments - Li Shufu believes that regardless of technological and market changes, the core of the automotive industry remains a safe, green, and enjoyable travel experience [1] - Geely plans to invest 50 million yuan initially and a total of 300 million yuan in the future to launch a youth innovation and entrepreneurship incentive program starting in 2026 [1] - The company will support the China University Student Formula Racing Competition, integrating cutting-edge hydrogen power exploration into the event to foster sustainable development in the automotive industry [1]

格隆汇12月30日｜李书福发表2026年新年致辞表示，"开放协作"是科技演进的最佳路径，商业的成功必 须与人的幸福、人类社会的可持续发展同频共振。吉利将坚持开放合作，打造安全、绿色、可持续的汽 车产业生态，持续深化与全球伙伴的协同共赢；持续强化"元动力保障"，不断激发吉利人才森林元气， 探索多层次职业化人才培养通道。2026年起，吉利将首期投入5000万元，未来陆续投入3亿元，启动青 年创新创业激励计划，让吉利成为青年人才梦想启航的港湾。 ...

Core Insights - Geely Holdings Group is celebrating its 40th anniversary in 2026, reflecting on its journey marked by critical decisions and transformations during pivotal moments [1][4][15] - The company emphasizes a commitment to innovation, sustainability, and maintaining core values amidst industry challenges and technological changes [7][10][24] Historical Development - Geely started from scratch 40 years ago, evolving from manufacturing refrigerator parts to becoming a significant player in the automotive industry [5][19] - The company has made strategic decisions, such as the acquisition of Volvo in 2010, which revitalized the brand and reinforced its commitment to safety and sustainability [5][19] - In 2021, Geely launched the "Smart Geely 2025" strategy to embrace electric and intelligent vehicle technologies, establishing a competitive edge in the market [5][19] Technological Innovation - Geely is focusing on technological advancements, including breakthroughs in battery technology and the development of intelligent electric vehicles [8][22] - The company is implementing a comprehensive AI technology framework and enhancing its autonomous driving systems to drive innovation in the automotive sector [22] Talent Development - Starting in 2026, Geely plans to invest 500 million yuan initially, with a total of 3 billion yuan over time, to launch a youth innovation and entrepreneurship incentive program [2][16] - The company aims to recruit specialized high school graduates for targeted training, exploring new talent development models [2][12][26] Global Expansion - Geely is actively pursuing global partnerships and local operations to adapt to regional market dynamics, including collaborations with Renault in Brazil and the development of a high-tech automotive hub in Malaysia [22][24] - The company is expanding its international presence with high-value products and has achieved significant milestones in global markets [22] Sustainability Initiatives - Geely is committed to achieving carbon neutrality across its operations by 2045, with ongoing projects for green factories and zero-carbon initiatives [23] - The launch of the world's first dual-use hydrogen-electric vessel marks a significant step in promoting sustainable transportation solutions [23]

运营商财经网 李广艳/文 日前，吉利汽车控股有限公司发布公告，宣布已经与极氪正式合并，极氪将成为吉利汽车的全资附属公 司，并从纽约证券交易所退市，引发关注。据悉，相关管理层调整目前也已经完成，其中，淦家阅将担 任合并后的吉利汽车集团CEO，接下来运营商财经网将大致梳理他的过往经历。 淦家阅很年轻，公开资料显示，他出生于1981年，今年44岁，江西九江永修县人，曾在郑州航空工业管 理学院就读，并取得了管理学学士学位，去年还前往清华大学读了金融EMBA。 如今，吉利汽车已经完成对极氪的私有化及合并事项的交易，整合已经结束，而淦家阅也已经出任合并 之后的吉利汽车集团CEO。 运营商财经网副总经理康锐表示，当下不只是吉利，包括上汽集团、广汽集团、东风汽车等各大车企都 在进行整合，这能够进一步集中资源，参与市场竞争。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 从其履历来看，淦家阅属于是吉利内部成长起来的本土高管，据了解，自2003年大学毕业之后，他就加 入了吉利汽车集团，先后担任过子公司财务经理、集团财务管理部 ...