1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - In the 37th week of 2025 (from September 8th to September 14th), the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The year - on - year growth rate has slowed down due to the high base and the termination of subsidies in some regions this year [1][11]. - The single - week penetration rate of new energy vehicles reached 59.6%, and the cumulative penetration rate for the year was 52.1%, showing a slow upward trend [1][21]. - The new energy vehicle market pattern is constantly changing. Traditional car companies such as Geely, Changan, and Chery are achieving excellent performance in new energy vehicle sales, and new brands like Xiaomi are bringing new variables to the market. Car companies like BYD, Tesla, and Li Auto have negative year - on - year growth, while XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintain relatively high growth rates [2][27]. 3. Summary According to the Directory 3.1 Passenger Car Market Weekly Overview - In the 37th week of 2025, the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The growth rate has slowed down due to the high base and subsidy termination [1][11]. - By power type, in passenger cars, traditional fuel, hybrid, and new energy vehicles had retail sales of 167,000 units, 16,000 units, and 270,000 units respectively, with year - on - year changes of - 16.2%, - 15.1%, and 6.3%, accounting for 36.8%, 3.6%, and 59.6% of passenger cars respectively. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles had retail sales of 180,000 units, 68,000 units, and 23,000 units respectively, with year - on - year changes of 23.0%, - 14.5%, and - 21.3%, accounting for 66.5%, 25.1%, and 8.4% of new energy passenger cars respectively [22]. - By production attribute, in passenger cars, self - owned and joint - venture brands had retail sales of 307,000 units and 147,000 units respectively, with year - on - year changes of 2.9% and - 16.0%, accounting for 67.7% and 32.3% of passenger cars respectively. In new energy passenger cars, self - owned and joint - venture brands had retail sales of 243,000 units and 27,000 units respectively, with year - on - year changes of 7.9% and - 6.1%, accounting for 89.8% and 10.2% of new energy passenger cars respectively [24]. 3.2 Key New Energy Vehicle Companies' Sales Analysis - **Overall Situation**: In the 37th week, BYD sold 71,000 units, Geely Automobile 33,000 units, SAIC - GM - Wuling 19,000 units, Tesla (China) 15,000 units, Changan Automobile 14,000 units, Chery Automobile 10,000 units, and Hongmeng Zhixing 10,000 units. Among new - force car companies, Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units [2][27]. - **BYD**: The weekly sales were 71,000 units. Since July, the year - on - year growth rate has turned negative. The cumulative sales this year reached 2.28 million units, with a year - on - year growth rate of 2.6%. The sales of pure - electric and plug - in hybrid (including extended - range) models are basically half and half. From January to August this year, the global cumulative sales were 2.864 million units, and the overseas cumulative sales of passenger cars and pick - up trucks were 630,000 units [31]. - **Geely Automobile**: The weekly sales were 49,000 units, including 33,000 new energy vehicles. The electrification rate of the car company is about 67%. The cumulative sales this year reached 1.591 million units, with a year - on - year growth of 48.2%, and the cumulative new energy sales were 942,000 units, with a year - on - year growth of 99.3% [33]. - **SAIC - GM - Wuling**: The overall weekly sales of passenger cars were 20,000 units, including 19,000 new energy vehicles. The electrification rate of the car company is as high as 91%. The cumulative sales this year reached 573,000 units, with a growth rate of 19.8%, and the new energy sales were 492,000 units, with a growth rate of 36.1%. Pure - electric models dominate the sales [36]. - **Changan Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 14,000 new energy vehicles. The electrification rate of the car company is about 59%. The cumulative sales this year reached 821,000 units, with a year - on - year growth of 2.0%, and the new energy sales were 408,000 units, with a year - on - year growth of 18.7% [41]. - **Chery Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 10,000 new energy vehicles. The electrification rate of the car company is about 43%. The cumulative sales this year reached 843,000 units, with a year - on - year growth of 24.0%, and the new energy sales were 302,000 units, with a year - on - year growth of 66.7% [46]. - **Tesla**: The weekly sales in China were 15,000 units. The cumulative sales this year reached 395,000 units, with a year - on - year negative growth of - 6.7%. The sales of Model 3, Model Y, and Model Y L were about 5,000 units, 9,000 units, and 1,000 units respectively. Tesla has launched multiple preferential activities this year, and the price of the long - range version of Model 3 has increased since July 1st [51]. - **Hongmeng Zhixing**: The weekly sales were 10,000 units, including about 9,000 units of Wenjie. The Shangjie H5, a new car in cooperation with SAIC, is planned to be officially launched in September [54]. - **New - Force Car Companies**: Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units. XPeng, NIO, Leapmotor, Xiaomi, Voyah, etc. maintained relatively high year - on - year growth rates [62].

Summary of the Conference Call on China Auto Manufacturers Industry Overview - The conference call focused on the **China Auto Manufacturers** industry, particularly the performance of **New Energy Vehicles (NEVs)** in August 2025, as indicated by insurance retail sales trends and market share data. Key Points and Arguments 1. **NEV Market Share Growth**: - Major players such as **Tesla**, **SAIC GM Wuling**, **Nio**, **BYD**, and **Leapmotor** gained NEV market shares month-over-month (MoM) in August 2025. The sales of domestically produced NEV passenger vehicles (PV) increased by **12% MoM** and **8% year-over-year (YoY)**, aligning with expectations [2][10]. 2. **BEV Penetration Trends**: - Battery Electric Vehicle (BEV) penetration rose, while Internal Combustion Engine (ICE) sales penetration fell to **43.6%**, a decline of **2.2 percentage points (ppt) MoM**. BEV/PHEV/EREV trends showed increases of **2.3/0.7/-0.7 ppt MoM** respectively [3]. 3. **Market Share Changes**: - **Tesla**, **Nio**, **BYD**, and **Xiaomi** saw increases in BEV market share by **1.4/1.2/0.5/0.2 ppt MoM**. Conversely, **Geely** and **GAC** experienced declines of **1.3/0.8 ppt MoM** [3]. 4. **PHEV Market Dynamics**: - **Geely** and **Chery** gained PHEV market share by **2.4/0.8 ppt MoM**, while **GWM** and **Changan** lost share by **0.9/0.4 ppt MoM** [4]. 5. **EREV Market Performance**: - **Li Auto** lost EREV market share by **3.8 ppt MoM**, while **Dongfeng**, **Leapmotor**, and **Seres** gained shares of **2.2/1.1/0.9 ppt MoM** respectively [4]. 6. **ICE Market Share Trends**: - German brands increased their ICE market shares, while Chinese brands' ICE market share dipped slightly to **35.0%**, a decrease of **0.1 ppt MoM**. Notably, **Geely**, **GWM**, and **SAIC** gained ICE share by **1.2/0.7/0.5 ppt MoM** [4][5]. 7. **Tesla's Performance**: - Tesla's insurance retail sales for domestically produced vehicles reached **56,695 units**, a **38% increase MoM** but a **11% decrease YoY**. Wholesales totaled **83,192 units**, up **23% MoM** but down **4% YoY** [5][19]. 8. **Inventory Levels**: - Overall inventory for major OEMs decreased from **2.8 months** at the end of July to **2.6 months** at the end of August. Passenger vehicle inventory dropped to **2.2 months**, NEV inventory to **1.7 months**, while ICE inventory remained flat at **3.0 months** [6][24]. 9. **Local Brand Market Share**: - Local Chinese brands maintained a high NEV market share of **83.2%**, a decrease of **1.7 ppt MoM**, compared to US brands which increased to **12.4%** [7]. Additional Important Insights - The data indicates a competitive landscape where local brands are still dominant in the NEV sector, but foreign brands are gradually increasing their presence in the ICE market. - The trends in inventory levels suggest a tightening supply chain, which could impact future production and sales strategies for OEMs. - The performance of Tesla highlights the volatility in the market, with significant month-over-month fluctuations despite a year-over-year decline. This summary encapsulates the critical insights from the conference call regarding the current state and trends within the China Auto Manufacturers industry, particularly focusing on NEVs and market dynamics.

Core Insights - The article highlights the competitive landscape of the six-seat SUV market, emphasizing how Geely's Galaxy M9 aims to disrupt the market with a significantly lower price point compared to competitors like Li Auto [1][2] - Geely's strategy focuses on delivering flagship-level features at mainstream market prices, positioning the Galaxy M9 as a "half-price Li Auto" [2] Product Development and User Insights - Geely's development of the Galaxy M9 involved extensive user research, revealing that potential buyers prioritize comfort in the third row, which influenced the vehicle's design [3] - The company has adopted a collaborative approach, breaking down departmental barriers to ensure that product development aligns closely with user needs [3][4] Specifications and Features - The Galaxy M9 boasts impressive dimensions, measuring over 5.2 meters in length and having a wheelbase exceeding 3 meters, resulting in the largest interior space in its class [5] - It features a third row with a maximum reclining angle of 150 degrees and retains ample trunk space even when fully occupied [5] - The vehicle incorporates advanced AI technology, including the Galaxy FlymeAuto2 smart cockpit and a high-performance Qualcomm 8295P chip, enhancing the driving experience [5][6] Market Positioning and Target Audience - Geely aims to position the Galaxy M9 as a flagship product that not only drives sales but also elevates the brand's market perception [6] - The user demographic for the M9 includes over 50% from government and high-end manufacturing sectors, indicating a shift in target audience [7] Sales Strategy and Market Impact - Geely is committed to transparent pricing and service, avoiding any form of price gouging to maintain customer satisfaction and brand loyalty [7] - The launch of the Galaxy M9 at a starting price of 173,800 yuan challenges the existing value perception in the six-seat SUV market, prompting consumers to reconsider the worth of premium pricing [7][8] - The success of the Galaxy M9 could redefine the value benchmarks for mainstream family SUVs, depending on Geely's ability to deliver on its promises regarding production capacity and quality control [8]

Core Insights - The "large six-seat" SUV market in China is becoming increasingly competitive, with multiple brands launching new models to capture market share [2][4] - Geely's Galaxy M9 has been launched with a price range of 173,800 to 238,800 yuan, featuring advanced storage capabilities and a new AI hybrid system [2][4] - The market for six-seat SUVs is projected to reach around one million units in sales this year, reflecting a shift in consumer demand towards larger family-oriented vehicles [4] Group 1: Market Dynamics - The launch of Geely's Galaxy M9 coincided with the introduction of the Denza N9, indicating a trend where major domestic brands are targeting the "large six-seat" SUV segment [2][3] - Tesla has also entered this market with the Model Y L, priced from 339,000 yuan, aiming to expand its audience by enhancing the practicality of its vehicles [3] - The demand for large SUVs and MPVs is increasing due to changing family structures, such as the relaxation of the two-child and three-child policies in China [4] Group 2: Product Features and Innovations - The Galaxy M9 offers a spacious interior with a maximum storage capacity of 2,171 liters and a comprehensive range of over 1,500 kilometers on a single charge [2][4] - The vehicle is equipped with advanced technology, including the Galaxy Flyme Auto 2 smart cockpit and a highly capable driver assistance system, showcasing a focus on intelligent and personalized features [5] - The competitive landscape is shifting towards technological advancements, with companies recognizing the need to enhance the value of their electric vehicles through innovation [5]

Core Viewpoint - The Geely Galaxy M9, a flagship large six-seat SUV, was officially launched in Hangzhou on September 17, with a starting price of 173,800 yuan, showcasing advanced design and technology features [2][6]. Pricing and Models - The Geely Galaxy M9 offers six configurations, including the 210km four-wheel drive version and the 230km two-wheel drive version, with a price range of 173,800 to 238,800 yuan after a limited-time trade-in incentive of 10,000 yuan [2]. Design and Dimensions - The vehicle features a design inspired by nature, with a body size of 5205mm × 1999mm × 1800mm and a wheelbase exceeding 3 meters, providing an interior area of 5.2m² and a space utilization rate of 88.3% [3]. - The exterior design incorporates the "Starry Ripple" language, with advanced LED lighting and aerodynamic optimizations achieving a drag coefficient as low as 0.285Cd [2][3]. Safety Features - The M9 is equipped with a high-strength star-shaped cage body, nine airbags, and a battery that meets new national safety standards, exceeding the requirements set for 2026 [3][4]. Performance and Driving Experience - The vehicle features an AI digital chassis, a new generation hybrid system, and achieves 0-100 km/h acceleration in 4.5 seconds, with advanced handling capabilities [4]. - It boasts a minimum turning radius of 3.45 meters and is the first in the industry to implement tire burst control in corners [4]. Energy Efficiency and Range - The M9's hybrid engine has a thermal efficiency of 47.26%, with a fuel consumption of 4.8L/100km under CLTC conditions and a comprehensive range exceeding 1500 kilometers [4]. Intelligent Features - The vehicle is equipped with the Galaxy Flyme Auto 2 smart cockpit, featuring 61 new functions and advanced AI capabilities for emotional understanding and voice interaction [5][6]. - It includes a high-performance audio system and a comprehensive suite of L2-level safety features, enhancing the driving experience [5][6].

Core Insights - Geely Galaxy M9 was officially launched in Hangzhou on September 17, offering six configurations with a price range of 173,800 to 238,800 yuan [1][10] - The vehicle features a comprehensive optimization in space, safety, driving control, energy efficiency, and intelligence, showcasing the new value advantages of a large six-seat SUV [3][10] Design and Space Optimization - The exterior design combines Chinese aesthetics with global appeal, featuring the unique "Starry Ripple" design language and advanced LED lighting systems [4] - The vehicle dimensions are 5205mm in length, 1999mm in width, and 1800mm in height, with a wheelbase exceeding 3 meters, providing a spacious interior area of 5.2 square meters and a room utilization rate of 88.3% [4] - The M9 supports eight different space configurations, including modes for beach seating, movie viewing, and a rear bed layout, allowing for flexible use [4] Safety Features - The M9 is designed with a 720° all-dimensional safety concept, featuring a high-strength cage structure and nine airbags, including dual-chamber front airbags [6] - The vehicle's battery has passed rigorous safety tests and is among the first to meet the new national battery safety standards [6] Performance and Efficiency - The M9 is equipped with the new generation Raytheon EM-PAI hybrid system, achieving a thermal efficiency of 47.26% and a CLTC fuel consumption of 4.8L/100km, with a comprehensive range exceeding 1500 kilometers [7] - The vehicle's acceleration from 0 to 100 km/h is achieved in 4.5 seconds, with a minimum turning radius of 3.45 meters [6][7] Intelligent Features - The M9 features the Galaxy Flyme Auto 2 intelligent cockpit, which includes 61 new functions and 29 optimized features, supporting advanced navigation and multi-screen interaction [9] - It is equipped with a high-performance audio system with 27 speakers and a total power of 2300W, providing an immersive audio experience [9] - The vehicle supports advanced driver assistance systems with over 40 L2-level safety features, enhancing driving safety across various scenarios [9]

Core Viewpoint - The meeting organized by the China Association of Automobile Manufacturers (CAAM) focused on the current operational status of the automotive industry, key issues, and policy recommendations, aiming to enhance communication among major industry players and support high-quality development of the sector [1][3]. Group 1: Meeting Overview - The 2025 Q3 automotive industry economic operation exchange meeting was held in Hangzhou, Zhejiang, with participation from 18 key enterprises including Geely, BYD, SAIC, and others [1][3]. - The meeting was chaired by CAAM Deputy Secretary-General Chen Shihua, who emphasized the importance of the meeting as a platform for internal communication and industry feedback [3]. Group 2: Key Discussion Topics - The meeting addressed several hot topics, including the trade-in policy, industry "involution," production and operation of enterprises, supply chain issues, development of new energy vehicles versus traditional fuel vehicles, the "14th Five-Year Plan," and internationalization [3]. - Participants were encouraged to share insights from an industry perspective rather than solely from their individual company viewpoints [3]. Group 3: Future Directions - Chen Shihua expressed gratitude for the participation and indicated that the association would compile the suggestions and feedback from the meeting to relay to relevant government departments [5]. - The association aims to enhance its operational work and communication with enterprises to better fulfill its role as a platform for industry monitoring and problem identification [5].

智通财经APP讯，吉利汽车(00175)发布公告，于2025年9月18日因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8.1万股普通股股份。 ...

吉利汽车(00175)发布公告，于2025年9月18日因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8.1万股普通股股份。 ...

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： 2025年9月18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 | | | | | | | | | | | | | 已發行股份（不包括庫存股份 ...