Summary of Key Points from the Conference Call Records Industry Overview - The records focus on the **Chinese automotive industry**, particularly the overseas expansion of Chinese car manufacturers and their strategies for entering various international markets [1][2][3][5][7][8]. Core Insights and Arguments 1. **Profitability Disparity**: Chinese automakers show varied profitability in overseas markets, with an average gross margin of **20.7%** for passenger cars in 2024, compared to **15%** domestically. Companies like BYD, Changan, and Chery maintain high margins through premium and multi-brand strategies, while SAIC and Great Wall face profit declines due to policy impacts [1][13]. 2. **Regional Growth Drivers**: - **Southeast Asia**: Benefiting from ASEAN zero tariffs and subsidies, it is a major growth area. Local production is ramping up with factories established by BYD and Geely in Thailand and Vietnam [1][2][7]. - **Middle East**: High purchasing power and supportive policies for new energy vehicles (NEVs) drive demand for high-end SUVs from Chinese brands [1][2][7]. - **Russia**: The exit of Western brands and government subsidies create significant opportunities for companies like Chery and Great Wall, which are establishing local production [1][2][7]. - **Europe**: Expected to remain a high-margin market, especially for PHEV and BEV segments, with favorable regulatory changes [2][3][5]. 3. **Sales Targets**: - BYD aims for **1.5 to 1.6 million** overseas sales by 2026, focusing on Europe, the Middle East, Latin America, and Southeast Asia [4]. - Chery targets **1.5 to 1.8 million** sales, with a gradual exit from the Russian market [4]. - Great Wall anticipates **800,000** sales, emphasizing high-end and NEV strategies [5]. - Geely aims for **600,000** sales, focusing on Europe and Southeast Asia [5]. - SAIC plans for **1 million** sales, with new factories in Morocco [5]. 4. **Strategic Approaches**: - **Chery**: Implements an embedded localization strategy, adapting products to local regulations and competition [2][11]. - **BYD**: Focuses on vertical integration and local production to address charging infrastructure issues [4][12]. - **Geely**: Utilizes acquisitions to enter international markets while maintaining brand identities [9][11]. - **Great Wall**: Adopts a multi-brand strategy to cater to different regional markets [12]. 5. **Risks and Challenges**: - Regulatory barriers and the need for continuous investment in high-demand regions like Europe and the Middle East [6]. - Competition from Japanese brands in Southeast Asia and potential tariff adjustments [6][8]. - Low penetration rates in South America and the need for market cultivation [6][8]. Other Important Insights - **Chery's Competitive Edge**: Chery has over **3,000** channels and has maintained its position as the top Chinese brand exporter for **22 consecutive years**, with cumulative exports exceeding **5.7 million** vehicles [1][15]. - **Technological Leadership**: Chinese NEV products lead the market by **20%-30%** in hybrid, electric, and smart cockpit technologies compared to European and American counterparts [9]. - **Market Penetration Strategies**: Different companies adopt various strategies based on market conditions, such as Chery's balanced development approach and BYD's focus on high localization rates [11][12]. This summary encapsulates the key points from the conference call records, highlighting the dynamics of the Chinese automotive industry's overseas expansion and the strategies employed by various companies.

吉利汽车(00175)发布公告，合并协议项下拟进行交易(包括私有化及合并事项)的所有先决条件已达成， 有关交易已于2025年12月22日完成。于合并协议项下拟进行交易完成后：根据私有化安排，本公司已收 购所有已发行及发行在外的极氪股份及极氪美国存托股份。根据合并事项，合并附属公司已与极氪合 并，而极氪作为存续实体持续经营。因此，极氪已私有化成为本公司的全资附属公司，并于纽交所退 市。 ...

极氪先前为公司间接非全资附属公司，现已转变为公司间接全资附属公司。其财务业绩将继续全部并入 集团的综合财务报表。然而，先前归属于非控股股东权益的金额将重新分类及予以对销。 格隆汇12月22日丨吉利汽车(00175.HK)公告，公司董事会欣然宣布，合并协议项下拟进行交易(包括私 有化及合并事项)的所有先决条件已达成，有关交易已于2025年12月22日完成。于合并协议项下拟进行 交易完成后：1.根据私有化安排，公司已收购所有已发行及发行在外的极氪股份及极氪美国存托股份。 2.根据合并事项，合并附属公司已与极氪合并，而极氪作为存续实体持续经营。3.因此，极氪已私有化 成为公司的全资附属公司，并于纽交所退市。 ...

智通财经APP讯，吉利汽车(00175)发布公告，合并协议项下拟进行交易(包括私有化及合并事项)的所有 先决条件已达成，有关交易已于2025年12月22日完成。于合并协议项下拟进行交易完成后：根据私有化 安排，本公司已收购所有已发行及发行在外的极氪股份及极氪美国存托股份。根据合并事项，合并附属 公司已与极氪合并，而极氪作为存续实体持续经营。因此，极氪已私有化成为本公司的全资附属公司， 并于纽交所退市。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 終止向美國證券交易委員會 履行美國申報義務 於合併事項完成後，根據美國《一九三四年證券交易法》（經修訂）（「交易法」）第12g-3條， 本公司已承繼極氪於交易法項下之第12條註冊義務及第13(a)條申報義務。 然而，本公司已向美國證券交易委員會遞交表格15F，根據交易法第12(g)條自願終止其普 通股及代表該等股份的美國存託股份的註冊，以及終止其於交易法第13(a)條項下之申報 義務。 - 1 - 根據交易法第12h-6條，若符合特定要求，美國證券交易委員會允許外國私人發行人終止 交易法第12(g)條項下某類證券的註冊。由於遞交表格15F，本公司於交易法項下之申報義 務即時暫停，且將於本公佈日期起計90日內終止，惟美國證券交易委員會提出任何異議 則除外。 股東及潛在投資者於買賣本公司證券時，務請審慎行事。 承 ...

GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 1. 根據私有化安排，本公司已收購所有已發行及發行在外的極氪股份及極氪美國存託 股份。 2. 根據合併事項，合併附屬公司已與極氪合併，而極氪作為存續實體持續經營。 3. 因此，極氪已私有化成為本公司的全資附屬公司，並於紐交所退市。 一般事項 本公司股東及潛在投資者於買賣本公司證券時，務請審慎行事。 完成極氪私有化 茲提述本公司日期為二零二五年五月七日、二零二五年七月十五日、二零二五年九月五 日、二零二五年九月十五日及二零二五年十二月九日之公佈（統稱「該等公佈」）、本公司 日期為二零二五年八月十八日之通函（「該通函」），以及本公司日期為二零二五年十一月 二十一日有關合併協議項下擬進行交易（包括私有化及合併事項）之海外監管公佈。除文 義另有所指外，本公佈所用詞彙與該等公佈及該通函所界定者具有相同涵義。 本公司董事會（「董事會」 ...

Group 1 - The Chinese automotive market is experiencing a significant decline in sales, with retail sales of passenger vehicles dropping by 32% year-on-year in early December 2025, totaling 297,000 units [2][28] - The new energy vehicle (NEV) market also saw a decline, with retail sales of 185,000 units, down 17% year-on-year [2][28] - This decline is attributed to the phasing out of the vehicle purchase tax exemption and uncertainty surrounding the "trade-in" subsidy policies [3][29] Group 2 - The current vehicle purchase tax is set at 10%, with a reduced rate of 5% for NEVs, and the exemption cap has been lowered from 30,000 yuan to 15,000 yuan [5][31] - There is a prevailing market sentiment of caution among consumers, with 58.2% of dealers reporting that November sales did not meet expectations due to this cautious attitude [6][33] - The "trade-in" subsidies have been paused in many regions, impacting consumer purchasing behavior [8][34] Group 3 - The anticipated "year-end surge" in sales, typically seen in the fourth quarter, has not materialized this year, leading to a "flat tail" effect instead of the expected "tail effect" [36][44] - The automotive market saw a rare decline in November, with retail sales down 8.1% year-on-year, attributed to high sales figures from the previous year and the suspension of trade-in subsidies [38][39] - The inventory warning index for dealers reached a high of 55.6%, indicating over 3.3 million vehicles in stock, with more than 30% of dealers facing inventory pressure [35][41] Group 4 - Over 20 automotive companies have introduced "purchase tax guarantee" policies, where manufacturers will cover the difference in tax if consumers order vehicles before the end of 2025 but do not receive them until after [41][44] - This policy is expected to affect purchasing behavior, leading consumers to delay purchases, which could suppress immediate demand in the fourth quarter [42][44] - The exit of subsidies is projected to significantly impact the market, with estimates suggesting a potential sales growth slowdown from 8% in 2025 to -2% in 2026 [45][46] Group 5 - The automotive industry is shifting from a "policy-driven" to a "market-driven" and "technology-driven" model, indicating a maturation of the market [46] - The average price of new energy vehicles is expected to decrease from 185,000 yuan in 2023 to 156,000 yuan in 2025, putting pressure on profit margins [52] - The penetration rate of new energy vehicles has surpassed 50%, indicating a significant shift in consumer adoption and market dynamics [52]

吉利汽车(00175)发布公告，于2025年12月22日斥资1497.33万港元回购88.2万股。 ...

格隆汇12月22日丨吉利汽车(00175.HK)发布公告，2025年12月22日耗资1497.33万港元回购88.2万股，回 购价格每股16.84-17.16港元。 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2025年12月22日斥资1497.33万港元回购88.2万股。 ...