Core Viewpoint - The launch of the Geely Galaxy M9 marks a significant entry into the competitive large six-seat SUV market, with a starting price of 173,800 yuan and a focus on AI-driven features and spacious design [1][2]. Pricing and Models - The Geely Galaxy M9 is available in six configurations, with prices ranging from 173,800 yuan to 238,800 yuan after a limited-time trade-in incentive of 10,000 yuan [1]. - The models include various versions with different driving ranges, such as the 210km four-wheel drive and 230km two-wheel drive options [1]. Design and Space - The vehicle boasts dimensions of 5205mm x 1999mm x 1800mm and an over 3-meter wheelbase, offering a spacious interior of 5.2 square meters and an 88.3% room utilization rate [1]. - It features the largest storage space in its class at 359 liters, expandable to 2171 liters with the unique one-touch folding function for the second and third rows [1]. Safety and Technology - The Galaxy M9 is equipped with the Shendun hybrid battery, which has passed rigorous safety tests and is among the first to meet the new national battery safety standards [2]. - It includes an AI digital chassis and the new generation Raytheon EM-P AI hybrid system, achieving a 0-100 km/h acceleration in 4.5 seconds [2]. Market Competition - The launch intensifies competition in the large six-seat SUV segment, with competitors like Tesla Model Y L, Li Auto i8, and NIO ES8 entering the market [2]. - The price range of 200,000 to 300,000 yuan is particularly crowded, with several models such as AITO M7 and Deep Blue S09 already available [2]. Competitive Analysis - Industry experts suggest that the Leado L90 may be the main competitor to the Galaxy M9, with advantages in purchase options and operating costs, while the Galaxy M9 excels in range, size, and smart driving features [3]. - The competition in the 200,000 yuan segment is expected to be fierce, with the ultimate winner yet to be determined [3].

Core Viewpoint - Geely Automobile (00175) is expected to benefit from its internal combustion engine (ICE) and new energy vehicle (NEV) strategies, which may mitigate potential impacts from electric vehicle subsidy policies [1] Group 1: Market Positioning and Sales Forecast - The company maintains a target price of HKD 23 and a "high conviction outperform" rating [1] - Geely anticipates that its market share for new energy vehicles will exceed 29% this year, with export volume reaching 420,000 units [1] - The firm is entering new markets in Latin America and Europe while launching more NEV models overseas, which supports confidence in achieving its targets [1] Group 2: Sales Projections - Based on strong domestic and international prospects, Geely's Galaxy monthly sales are expected to exceed 150,000 units [1] - Overall sales for Geely this year are projected to surpass the target of 3 million units, with internal combustion engine sales expected to reach at least 1 million units [1]

Industry Overview - The "old-for-new" policy has shown further effects in Q2 2025, with both passenger and commercial vehicle sales increasing quarter-on-quarter [1] - The total wholesale sales of passenger vehicles in Q2 2025 reached 7.11 million units, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 10.8% [2] - The total industry revenue for Q2 2025 was 921.1 billion yuan, a year-on-year increase of 9.1% and a quarter-on-quarter increase of 15.4% [1] - The overall net profit attributable to the parent company was 33.9 billion yuan, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 2.0% [1] Passenger Vehicles - The wholesale sales of new energy passenger vehicles in Q2 2025 reached 3.63 million units, a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate of 51.1% [2] - The passenger vehicle segment achieved total revenue of 532.2 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 21.4% [2] - The net profit attributable to the parent company for the passenger vehicle segment was 13.31 billion yuan, a year-on-year decrease of 29.1% and a quarter-on-quarter decrease of 5.5% [2] Components - The components sector achieved total revenue of 251.64 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 9.9% [3] - The net profit attributable to the parent company in the components sector was 14.97 billion yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.5% [3] - The accounts receivable turnover days improved to 88.3 days, a decrease of 8.0 days quarter-on-quarter [3] Trucks and Buses - Heavy truck sales increased quarter-on-quarter in Q2 2025, with leading companies performing better than expected due to strong product capabilities and cost control [4] - The net profit attributable to the parent company for Weichai Power and China National Heavy Duty Truck was 2.93 billion yuan and 360 million yuan, respectively, with China National Heavy Duty Truck showing a year-on-year increase of 4.0% [4] - The bus sector saw a net profit of 1.33 billion yuan in Q2 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 50.2% [4] Investment Recommendations - The "old-for-new" policy is expected to boost downstream consumer demand, with recommendations for companies such as Geely Automobile, BYD, and Xpeng Motors [5] - In the components sector, recommended companies include Xinquan Co., Top Group, and BYD Electronics [5] - For heavy trucks, recommendations include China National Heavy Duty Truck, Weichai Power, and Yutong Bus [6]

Group 1 - Geely Automobile's stock rose nearly 4%, closing at HKD 19.77 with a trading volume of HKD 874 million [1] - The Ministry of Industry and Information Technology and other departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)", targeting annual automobile sales of approximately 32.3 million units by 2025, a year-on-year increase of about 3% [1] - The plan aims for new energy vehicle (NEV) sales to reach around 15.5 million units by 2025, representing a year-on-year growth of about 20% [1] Group 2 - The report from Citi indicates that Geely benefits from its internal combustion engine (ICE) and NEV layout, which may hedge against potential electric vehicle subsidy policies [1] - Geely expects its market share of new energy vehicles to exceed 29% this year, with an export volume of 420,000 units [1] - The firm is entering new markets in Latin America and Europe while launching more NEV models overseas, which boosts confidence in achieving its targets [1] Group 3 - Citi reaffirms that Geely Galaxy's monthly sales should exceed 150,000 units, with overall sales expected to surpass the target of 3 million units this year [1] - Internal combustion engine sales are projected to reach at least 1 million units [1]

Core Viewpoint - Geely Automobile's stock has risen nearly 4%, reflecting positive market sentiment following the release of the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments [1] Industry Summary - The "Work Plan" aims for annual automobile sales of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3%, with new energy vehicle (NEV) sales targeted at around 15.5 million units, a year-on-year increase of about 20% [1] - The plan also emphasizes stable growth in automobile exports and a 6% year-on-year increase in the added value of the automobile manufacturing industry [1] - By 2026, the industry is expected to maintain a stable and positive development trend, with further improvements in scale and quality [1] Company Summary - Geely Automobile is expected to benefit from its internal combustion engine (ICE) and NEV strategies, which may help mitigate potential impacts from electric vehicle subsidy policies [1] - The company anticipates that its market share in the NEV segment will exceed 29% this year, with export volumes reaching 420,000 units [1] - Analysts express confidence in Geely's ability to achieve its targets, supported by its expansion into new markets in Latin America and Europe, along with the introduction of more NEV models overseas [1] - Geely Galaxy's monthly sales are projected to exceed 150,000 units, with overall sales expected to surpass the 3 million unit target for the year, and ICE sales anticipated to reach at least 1 million units [1]

智通财经APP讯，吉利汽车(00175)发布公告，于2025年9月17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2.2万股普通股股份。 ...

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17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 ...

Core Viewpoint - The report from Citi maintains a target price of HKD 23 for Geely Automobile and rates it as "highly confident to outperform the market" due to its positioning in both internal combustion engine and new energy vehicle sectors [1] Group 1: Market Positioning - Geely's market positioning may benefit from new energy vehicle subsidy policies [1] - The company expects to exceed 29% market share in the new energy vehicle sector this year, driven by expansion into new markets in Latin America and Europe [1] Group 2: Sales Projections - Geely is confident in achieving a monthly sales target of over 150,000 units for the Galaxy model [1] - The overall sales target for Geely this year is over 3 million units, with internal combustion engine sales expected to reach at least 1 million units [1]

Core Viewpoint - Geely Automobile benefits from its internal combustion engine (ICE) and new energy vehicle (NEV) strategies, which may mitigate potential risks from electric vehicle subsidy policies [1] Group 1: Market Positioning - The company maintains a target price of HKD 23 and a "high conviction outperform" rating [1] - Geely is expected to achieve a market share of over 29% in the new energy vehicle segment this year, with export volumes reaching 420,000 units [1] Group 2: Growth Prospects - The company is entering new markets in Latin America and Europe while launching more new energy models overseas, which supports confidence in achieving its targets [1] - Monthly sales of the Geely Galaxy are projected to exceed 150,000 units, with overall sales expected to surpass the target of 3 million units for the year, and internal combustion engine sales anticipated to reach at least 1 million units [1]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD with a rise of 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming to promote qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently announced the launch of the Tang DM-i smart driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from its shareholders to privatize Zeekr [1]