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 ...

Core Viewpoint - The lithium battery manufacturer, Xinwanda, faces a lawsuit from its subsidiary Xinwanda Power, filed by Geely's subsidiary Weirui Electric Vehicle Technology, claiming damages of 2.314 billion yuan due to quality issues with battery cells supplied between June 2021 and December 2023, leading to a significant drop in Xinwanda's stock price and market capitalization [1][4][14]. Group 1: Lawsuit and Financial Impact - Weirui's claim of 2.314 billion yuan is equivalent to Xinwanda's net profit for a year and a half [4][14]. - The lawsuit stems from quality problems with battery cells that caused losses for Weirui, which is backed by Geely and Zeekr [4][12]. - Following the lawsuit announcement, Xinwanda's stock fell by 11.39%, resulting in a market value loss of over 6 billion yuan [1][4]. Group 2: Relationship with Geely - The relationship between Xinwanda and Geely has deteriorated from close collaboration to legal disputes in less than five years [5][7]. - Geely was one of the first major customers for Xinwanda's automotive battery market, with a joint venture established in 2021 [7][9]. - The partnership included plans for an 80,000-unit hybrid battery production project, which has seen limited updates since its inception [7][9]. Group 3: Market Position and Competition - Xinwanda is among the top ten global suppliers of power batteries, with a significant market presence in the competitive landscape dominated by CATL and BYD [15][16]. - The company has seen a rise in its market share, reaching approximately 3.25% in the first eleven months of the year [15]. - Xinwanda's battery products have been supplied to major automotive manufacturers, including Li Auto, Xpeng, and others, indicating a broad customer base despite the current challenges [16][17]. Group 4: IPO Plans and Financial Pressure - Xinwanda Power was planning to split and list on the ChiNext board, with intentions for a dual listing in Hong Kong, but the lawsuit poses a significant threat to these plans [5][18]. - The company has faced increasing financial pressure due to high debt levels and competitive pricing strategies, which have affected profitability [18]. - As of the end of 2024, Xinwanda's debt-to-asset ratio is projected to reach 63.43%, highlighting the urgent need for capital influx through an IPO [18].

Core Viewpoint - Geely Automobile has shown significant sales growth, particularly in the new energy vehicle (NEV) segment, with a total of 2.788 million vehicles sold in the first 11 months of 2025, representing a 42% year-on-year increase, and NEV sales reaching 1.534 million, a 97.4% increase [5][10]. Group 1: Overall Sales Performance - Geely is on the verge of breaking the 3 million sales mark, having sold 2.788 million vehicles in the first 11 months of 2025, which is a 41.7% increase compared to the same period in 2024 [10]. - The company has successfully met its sales targets for 2023 and 2024, with a notable increase in sales in the second half of the year, prompting an upward revision of sales targets [9][10]. - The sales growth from 2018 to 2022 was stagnant, with the company failing to meet its targets during those years, primarily due to a lack of clear direction and innovation [12]. Group 2: Contribution of New Energy Vehicles - The Galaxy series, launched in 2023, has become the sole growth driver for Geely, with sales reaching 113.5 thousand units in the first 11 months of 2025, contributing 95% to the total sales growth [15][17]. - NEV sales have increased significantly, with a contribution rate to total sales growth reaching 92.1% in the first 11 months of 2025 [23]. - Despite the growth in NEV sales, Geely's overall sales quality is considered low, as the growth is heavily reliant on the Galaxy series [19]. Group 3: Challenges and Strategic Positioning - Geely's previous goal of having 90% of its sales from NEVs by 2020 was not met, with NEV sales only accounting for 6.2% in 2021 [21]. - The company has not set new targets for NEV sales despite surpassing 50% in the first 11 months of 2025, indicating a cautious approach towards the transition from fuel vehicles [25]. - The market dynamics for NEVs are uncertain, with varying opinions on the future growth potential as the penetration rate exceeds 50% [26]. Group 4: High-End Brand Strategy - Geely's attempts at high-end branding through its Zeekr and Lynk & Co brands have faced challenges, with Zeekr's stock performance declining post-IPO and Lynk & Co's growth being limited [36][40]. - The merger of Lynk & Co and Zeekr may dilute the brand's positioning, as the combined product line includes a mix of fuel, hybrid, and electric vehicles, complicating the brand identity [44][50]. - The overall sales growth in 2025 is primarily driven by the Galaxy series, with limited advancements in high-end market penetration or international expansion [50].

Group 1 - The company announced the completion of the privatization of Zeekr and its delisting from the New York Stock Exchange, making Zeekr a wholly-owned subsidiary [1][2] - Approximately 70.8% of shareholders opted for stock exchange, resulting in the issuance of 777 million shares, while 29.2% chose cash compensation, leading to a cash payment of $701 million [2] - The integration of Zeekr is expected to enhance operational efficiency, with R&D investments potentially decreasing by 10% to 20%, BOM costs reducing by 5% to 8%, and capacity utilization improving by 3% to 5% [2] Group 2 - The company's electric vehicle transformation is accelerating, with total vehicle sales reaching 2.7878 million units from January to November, a year-on-year increase of 41.8%, and new energy vehicle sales at 1.5335 million units, up 97% [3] - The company plans to launch multiple new models in 2026, including three SUVs and two sedans under the Galaxy brand, and aims to strengthen its electric vehicle exports, expecting a 50% year-on-year increase [4] - The projected net profits for 2025, 2026, and 2027 are estimated at 17.06 billion, 21.85 billion, and 28.18 billion yuan respectively, with year-on-year growth rates of +80%, +28%, and +29% [1][4]

Core Viewpoint - Geely's recent efforts in establishing a systematic design framework for the automotive industry represent a significant breakthrough, emphasizing the importance of clear underlying logic and executable principles in the design process [1]. Group 1: Design Framework - The design framework was showcased at the "China Design · Global Aesthetics" international automotive design forum, highlighting Geely's exploration in design as a key aspect of China's automotive industry's maturity and its participation in global design discourse [3][5]. - Geely has developed a comprehensive "Chinese Automotive Design Discourse System," which includes principles, standards, methods, and outcomes, addressing fundamental questions about understanding and standardizing Chinese design [7][12]. - The framework is based on long-term principles rather than fleeting styles, allowing for a mature design approach that transcends short-term aesthetics [8][10]. Group 2: Cultural Integration and User Experience - Geely's design principles, such as "rooted in brand culture" and "meaningful craftsmanship," provide a reference for the industry, transforming design from random feelings into sustainable beliefs [10]. - The core task of the framework is to convert cultural perceptions and user needs into executable and verifiable standards, with ongoing research reflecting this process [10][12]. - The design incorporates elements of Chinese culture, translating intangible qualities into quantifiable design standards, thus creating a unique design language that embodies Chinese wisdom [10][12]. Group 3: Market Impact and Sales Performance - Geely's L7 model achieved a cumulative sales milestone of one million units within 23 months of its launch, making it one of the fastest-growing new energy brands globally [14]. - The Galaxy product matrix has seen significant success, with models like the Galaxy E5 and M9 achieving impressive sales figures, demonstrating the effectiveness of the design principles in driving market performance [14][16]. - User research indicates that aesthetics are a primary reason for consumer choice, positioning design as a critical factor for brand differentiation and loyalty [16]. Group 4: Future Outlook - Geely's design exploration marks a transition for the Chinese automotive industry from manufacturing to creation, aiming to establish a strong presence on the global stage [18]. - The systematic design approach is viewed as a starting point for further advancements in Chinese automotive design, encouraging other companies to join in this design expedition [18].

Crisis - A lawsuit from Weirui Electric Vehicle Technology Co., Ltd. has accused Xinnengda of delivering battery cells with quality issues from June 2021 to December 2023, seeking compensation of 2.314 billion yuan [4][19] - This amount is nearly equivalent to Xinnengda's total net profit for 2023 and 2024 [21] - The lawsuit has led to a significant drop in Xinnengda's stock price, falling by 15.97% and reaching a multi-month low [2][17] Fracture - Xinnengda's major clients include Geely, Li Auto, Xiaopeng, Xiaomi, Volkswagen, and Dongfeng, which dominate the Chinese automotive market [6][22] - The partnership with Li Auto began in 2017, with a 400 million yuan investment in 2020 for R&D [7][23] - Due to quality concerns, Li Auto has faced challenges in maintaining consumer trust, especially after previously offering customers a choice between Xinnengda and CATL batteries [7][24] Survival - Xinnengda has stated that the lawsuit has not yet gone to trial, and the outcome remains uncertain [9][25] - The company is actively seeking reasonable solutions and enhancing communication with relevant parties [10][26] - Financial data shows Xinnengda's battery revenue from 2021 to 2023 was 2.933 billion yuan, 12.687 billion yuan, and 10.795 billion yuan respectively [10][26] Under Currents - The lawsuit highlights the harsh realities behind the booming battery industry, where automakers are highly sensitive to battery costs [14][29] - The conflict between cost reduction and reliability is critical, as automakers prioritize safety and reliability over cost [14][29] - This crisis presents both a survival challenge and a potential transformation opportunity for Xinnengda, emphasizing the need for quality assurance and customer trust [14][30]

Core Insights - The report highlights a significant increase in new car registrations in Hunan Province, with a total of 67,383 vehicles registered in November, of which 36,680 were new energy vehicles (NEVs), representing 54.44% of the total, up from 43.33% the previous month [1][4]. Group 1: New Car Registrations - In November, Hunan Province saw a total of 67,383 new car registrations, with 36,680 being new energy vehicles, marking a month-over-month increase [1]. - The city of Changsha led the province with 29,684 new car registrations, followed by Zhuzhou with 4,998 and Hengyang with 4,322 [4]. Group 2: New Energy Vehicle Market - The proportion of new energy vehicles in Hunan's total new car registrations rose significantly, with seven cities reporting NEV registration rates above 50% in November [4]. - Changsha recorded the highest NEV registration rate at 59.37%, followed by Xiangxi Autonomous Prefecture at 57.32% and Yueyang at 54.81% [4]. Group 3: Leading Models and Brands - The top-selling model in November was the Wuling Hongguang MINI with 2,708 registrations, followed by the Nissan Sylphy with 1,607 and the Xiaomi YU7 with 1,007 [5]. - Notably, BYD secured six positions in the top 16 new car registrations, indicating its strong market presence despite no single model making it to the top three [5][8]. Group 4: Regional Performance - In Changsha, the Xiaomi YU7 was the best-selling model with 998 registrations, while the Wuling Hongguang MINI followed with 867 [9]. - Traditional fuel vehicles like the Nissan Sylphy and Toyota Camry continue to show strong demand, with the Camry ranking sixth in the overall provincial new car registration list [8].

智通财经APP讯，吉利汽车(00175)发布公告，于2025年12月29日因本集团雇员根据认股权计划(于2023 年4月28日获采纳)行使认股权而发行1.5万股普通股股份。 于2025年12月29日因关连实体参与者根据认股权计划(于2023年4月28日获采纳)行使认股权而发行8000 股普通股股份。 ...

于2025年12月29日因关连实体参与者根据认股权计划(于2023年4月28日获采纳)行使认股权而发行8000 股普通股股份。 吉利汽车(00175)发布公告，于2025年12月29日因本集团雇员根据认股权计划(于2023年4月28日获采纳) 行使认股权而发行1.5万股普通股股份。 ...