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 up by 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 for 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 introduced the Tang DM-i Intelligent 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 Zeekr shareholders for the privatization of Zeekr [1]

Core Insights - The domestic narrow passenger car market in China continues to show steady growth, with retail sales reaching 2.019 million units in August, a year-on-year increase of 5.9% and a month-on-month increase of 9.5% [1] - Cumulatively, from January to August, retail sales reached 14.765 million units, reflecting a year-on-year growth of 9.7% [1] Market Performance - In August, both new energy vehicles (NEVs) and SUVs surpassed one million units in sales, with NEVs at 1.115 million units (up 8.8% year-on-year) and SUVs at 1.026 million units (up 10.2% year-on-year) [3] - Sedan sales saw a slight increase of 2.3% year-on-year, totaling 904,000 units, while the MPV market experienced a decline, with sales of 89,000 units, down 2.7% year-on-year [3] Brand Performance - Domestic brands continued to show strong growth, with retail sales of 1.32 million units in August, up 9% year-on-year, capturing a market share of 65.7%, an increase of 2.3 percentage points [4] - In contrast, mainstream joint venture brands saw retail sales of 470,000 units, down 2% year-on-year, while luxury car sales were 210,000 units, down 5% year-on-year [4] Leading Manufacturers - BYD led the market with retail sales of 310,200 units in August, despite a year-on-year decline of 18.3%, maintaining a market share of 15.4% [5][6] - Geely Automotive showed significant growth with sales of 214,090 units, marking a year-on-year increase of 57.2%, making it the "growth king" of the month [6] - Changan Automobile ranked third with retail sales of 121,944 units, up 24.4% year-on-year, supported by plans to launch multiple new models in the second half of the year [8] Cumulative Sales Data - From January to August, BYD maintained its lead with cumulative sales of 2.199 million units, a year-on-year increase of 5.5%, capturing a market share of 14.9% [11] - Geely's cumulative sales reached 1.643 million units, reflecting a substantial year-on-year growth of 62.1% [11] - Changan and Chery also maintained good momentum, with Changan focusing on a multi-brand strategy and Chery accelerating its overseas expansion [12] New Energy Vehicle Market - The new energy vehicle market is dominated by domestic brands, with BYD leading at 310,200 units sold in August, holding a market share of 27.8% [15] - Geely followed with sales of 134,405 units, a year-on-year increase of 81.4%, while Changan sold 72,338 units, up 38.2% [15][17] - Tesla China sold 57,152 units in August, down 9.9% year-on-year, while new entrants like Leap Motor saw significant growth, with sales of 51,162 units, up 82.7% [17][19] Future Outlook - The market is expected to continue its growth trend into September, driven by new energy vehicles and domestic brands, with an increase in new car launches and promotional activities anticipated [20]

Core Viewpoint - Geely Automobile's stock rose over 3%, currently at 19.03 HKD with a trading volume of 1.333 billion HKD, following the announcement of the latest progress on the merger agreement [1] Group 1: Company Developments - On September 15, Geely Automobile announced the latest developments regarding the merger agreement, which includes privatization and merger matters, with formal approval expected from Zeekr shareholders at the shareholder meeting on September 15, 2025, in accordance with Cayman Islands company law [1] Group 2: Financial Projections - Daiwa updated its valuation model for Geely Automobile after the company released its half-year results, predicting sales volumes of 3 million to 3.8 million vehicles from 2025 to 2027, an increase from the previous forecast of 1.9 million to 2.3 million vehicles [1] - The firm is optimistic about Geely's successful transition to new energy vehicles, expecting that more growth from 2025 to 2027 will come from overseas expansion [1] Group 3: Profitability and Cost Efficiency - Daiwa believes Geely will benefit from profit improvements due to economies of scale and cost savings from internal synergies within the group [1]

Core Viewpoint - Geely Automobile's stock has risen over 3% following the announcement of the latest developments regarding its merger agreement, indicating positive market sentiment towards the company's future prospects [1] Group 1: Company Developments - On September 15, Geely Automobile announced the latest progress on the merger agreement, which includes privatization and merger matters, with formal approval expected from Zeekr shareholders by September 15, 2025, under Cayman Islands company law [1] - The stock price of Geely Automobile reached HKD 19.03, with a trading volume of HKD 1.333 billion [1] Group 2: Analyst Insights - Daiwa updated its valuation model for Geely Automobile following the release of its half-year results, predicting sales volumes of 3 million to 3.8 million units from 2025 to 2027, an increase from the previous forecast of 1.9 million to 2.3 million units [1] - The firm is optimistic about Geely's successful transition to new energy vehicles and anticipates that future growth from 2025 to 2027 will be driven by overseas expansion [1] - Daiwa expects Geely to benefit from improved profits due to economies of scale and cost savings from internal synergies [1]

Core Viewpoint - Zeekr Technology Holdings Limited has overwhelmingly approved the merger agreement with Geely Automobile Holdings, marking its transition to a wholly-owned private company by Geely, with its American Depositary Shares (ADS) set to be delisted from the New York Stock Exchange [1][5]. Group 1: Merger Details - Approximately 96.8% of the company's total circulating shares participated in the vote, with 94.2% supporting the merger proposal [5]. - Geely will acquire all outstanding shares of Zeekr, with shareholders having the option to receive either $2.687 in cash or 1.23 shares of Geely stock for each Zeekr share [5]. - The merger is expected to be completed by the end of this year, following approvals from both Geely and Zeekr shareholder meetings [5][6]. Group 2: Financial Performance - Geely reported a core net profit of 6.66 billion yuan, a year-on-year increase of 102%, with a single vehicle profit of 4,724 yuan, up 37% from the previous year [6]. - The sales expense ratio for the group decreased to 5.6%, while the R&D expense ratio fell from 5.1% to 4.9%, with total R&D investment rising from 6 billion yuan to 7.3 billion yuan [6]. Group 3: Strategic Implications - The merger is a significant step in implementing Geely's "One Geely" strategy, aimed at enhancing its competitiveness in the global smart electric vehicle sector [7]. - Post-merger, Geely will cover a wide range of power systems, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, while strategically positioning itself in mainstream, mid-to-high-end, and luxury markets [7].

Core Viewpoint - Geely Automobile (00175) announced the issuance of 10,000 ordinary shares on September 16, 2025, due to the exercise of stock options by related entity participants under the stock option plan adopted on April 28, 2023 [1] Summary by Relevant Categories - **Company Actions** - Geely Automobile will issue 10,000 ordinary shares as part of a stock option plan [1] - The stock option plan was adopted on April 28, 2023 [1] - **Future Implications** - The issuance of shares is scheduled for September 16, 2025, indicating a planned approach to capital management [1]

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16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 - Geely Auto has unveiled the exterior images of the 5th generation Emgrand, showcasing a more pronounced sporty design with the new Geely 4.0 family design language [1] Design Features - The front features a newly designed grille with 12 vertical slats, flanked by sharp three-segment LED daytime running lights and headlight clusters [3] - The side profile includes a high waistline extending from the front to the rear, traditional door handles, and a slightly raised ducktail design to enhance the sporty feel [3] Dimensions - The 5th generation Emgrand measures 4815mm in length, 1885mm in width, and 1480mm in height, with a wheelbase of 2755mm, representing a comprehensive improvement over the current model [3] Rear Design - The rear does not feature the popular through-type taillights but instead has elongated LED tail lights with over 300 meters of penetration capability, significantly enhancing driving safety in rainy or foggy conditions [5] Powertrain - The vehicle is equipped with a 1.5T engine, delivering a maximum power of 133kW and a peak torque of 290N·m, paired with a 7-speed wet dual-clutch transmission [5]

Core Insights - Geely Galaxy M9 has won multiple awards including "Top Ten Chassis," "Top Ten Body," "Best Safety," and "Best Architecture" at the 2025 China Automotive Awards [1] Group 1: Product Performance - Geely Galaxy M9 is developed on the GEA Evo architecture and features an AI digital chassis, achieving a balance between precise handling and comfort [1] - The vehicle is designed to handle various road conditions with stability, showing no shaking at high speeds, no bumps over obstacles, and no drifting during turns [1] Group 2: Powertrain and Efficiency - The Galaxy M9 is equipped with the Thor EM-P AI hybrid system, boasting a fuel consumption of 4.8L/100km under CLTC conditions, over 1500km of comprehensive range, and a 0-100 km/h acceleration in 4.5 seconds [1] - It features a unique distributed three-motor system that allows for advanced driving maneuvers such as waltz-style turns and drift parking [1] Group 3: Market Launch - The official launch date for the Geely Galaxy M9 is set for September 17 [1]

Core Viewpoint - The China Automotive Industry Association released the "Supplier Payment Norms Initiative" on September 15, urging automakers to comply with the "Regulations on Payment to Small and Medium-sized Enterprises" and to avoid exploiting their dominant positions to harm suppliers' interests, aiming to build a collaborative and win-win ecosystem in the automotive industry for high-quality development [1]. Group 1: Industry Response - A total of 17 automakers, including FAW, Dongfeng, Changan, SAIC, GAC, BAIC, Chery, Jiangqi, BYD, Geely, Great Wall, Seres, NIO, Li Auto, Xpeng, Leap Motor, and Xiaomi, have publicly committed to the payment initiative [1]. - The initiative provides clear guidance for building a collaborative ecosystem between complete vehicles and components, promoting high-quality development in the automotive industry [5][8]. Group 2: Specific Company Actions - FAW has unified the payment term for suppliers to within 60 days and optimized internal procurement and financial settlement processes to maintain a healthy market economy [3]. - Dongfeng will implement the initiative's requirements in key areas such as order confirmation, delivery, acceptance, payment, and settlement to protect supplier rights and enhance supply chain resilience [5]. - Changan has also committed to a 60-day payment term and has implemented an innovative payment process to ensure efficient cash flow for suppliers [7]. - SAIC has announced a unified 60-day payment term and will avoid using commercial acceptance bills that increase supplier financial pressure [8]. - GAC has adhered to a payment principle of not exceeding 60 days for 28 years and has established a comprehensive management system for the payment process [10]. - BAIC emphasizes equal, voluntary, fair, and honest principles in supplier relationships and opposes unreasonable payment practices [12]. - Chery has implemented measures to shorten the average payment period for suppliers and alleviate financial pressure on small and medium-sized enterprises [14]. - Jiangqi is enhancing payment efficiency and transparency while ensuring all suppliers receive fair and efficient payment experiences [15]. - BYD is focusing on key areas such as order confirmation and payment to build a collaborative ecosystem with suppliers [17]. - Geely has committed to a 60-day payment term and will not use practices that increase supplier financial pressure [18]. - Great Wall is committed to timely payments and optimizing payment processes to maintain a healthy supplier relationship [21]. - Seres calls for industry self-discipline to enhance supply chain resilience and competitiveness [23]. - NIO aims to establish long-term, mutually beneficial relationships with partners to ensure product quality and user experience [26]. - Li Auto and Xpeng both reaffirm their commitment to a 60-day payment term and efficient payment processes to support their partners [28][30]. - Leap Motor is dedicated to implementing the initiative and ensuring supply chain stability [32]. - Xiaomi emphasizes the importance of timely payments as a fundamental respect for partners and aims to enhance supply chain resilience [35].