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 FF305 FF305 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年12月22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 | | | | | | | | | | 事件 | | ...

Group 1 - The establishment of the Yunnan Plateau Testing Base marks an expansion of Geely's global testing and validation capabilities, enhancing its vehicle development for unique climatic and geographical conditions [1][3] - The base serves as a core testing hub in Southwest China, leveraging the unique high-altitude emission testing qualifications and the natural advantages of the Yunnan-Tibet region, which includes high altitude, large temperature differences, strong sunlight, and diverse terrains [3] - Geely's rigorous R&D philosophy is embodied in the base, which combines virtual simulations with real-world testing to achieve multidimensional and high-precision validation of vehicle performance [3] Group 2 - Geely adheres to a strict testing standard for each production model, requiring over 2.6 million kilometers of virtual simulation testing and 1.5 million kilometers of real road testing before market launch [3] - The company has completed a global layout of 16 testing bases across five major regions: Europe, Asia, America, Australia-New Zealand, and Africa, ensuring comprehensive validation for extreme climates, complex road conditions, and regional regulations [3] - This extensive validation system enables Geely to develop products that are adaptable to global markets, continuously providing safe and reliable mobility solutions for users in different countries and regions [3]

Core Insights - The current electric vehicle market is exhibiting a significant "dumbbell-shaped" differentiation pattern, with high-end markets leveraging ecological connectivity and advanced driving technologies to create competitive advantages, while entry-level markets are experiencing a "technology democratization" wave focused on extreme cost-performance ratios [1][3] Group 1: Market Dynamics - The high-end market (priced between 250,000 to 450,000 yuan) is characterized by leading brands focusing on differentiated strategies to build competitive moats, either through user ecosystems or advanced driving technologies [3] - Entry-level brands like Leap Motor and Geely are reshaping brand value through technology democratization, with Leap Motor's B01 model featuring standard lidar at a price of 89,800 yuan [3][4] Group 2: Competitive Landscape - The competition in intelligent driving is shifting from hardware accumulation to a dual-driven model of "AI large models + responsibility assurance," emphasizing user trust as a key competitive factor [5] - Tesla's Grok4 and BYD's "Tianshen Eye" are examples of advanced intelligent driving systems that have moved beyond basic path planning to include risk prediction and human-like decision-making [5] Group 3: Consumer Behavior - Consumers are increasingly willing to pay for either extreme experiences or extreme cost-effectiveness, while mid-range electric vehicles (priced between 150,000 to 200,000 yuan) are facing growth challenges due to a lack of distinct branding [4] - The trend indicates that brands must possess both advanced AI technology and clear accountability mechanisms to gain user trust and establish sustainable competitive barriers in the intelligent driving sector [5]

Core Insights - The article highlights the transformation of Baise City into a modern industrial hub, focusing on the development of four key industries: aluminum, forestry, new energy, and new materials [1][2][3] Group 1: Aluminum Industry - Baise City has established a complete industrial chain from bauxite to high-end aluminum products, attracting leading companies like Geely and Aotai Aluminum [2] - The aluminum industry has seen a significant increase in transaction value, surpassing 110 billion yuan since the start of the 14th Five-Year Plan [2] - The production process has been optimized, with over 50% of the electricity used in aluminum production coming from clean energy sources [1] Group 2: Forestry Industry - The forestry sector in Baise has shifted from selling raw timber to selling products and brands, with a total output value reaching 850 billion yuan [2] - The city produces approximately 1 cubic meter of timber for every 15 cubic meters produced nationwide, indicating its significant role in the national timber market [2] - The industry has expanded from basic wood products to include plywood, custom furniture, and whole-house customization, enhancing the value chain [2] Group 3: New Energy Sector - Baise's main power grid now sources over 80% of its energy from clean energy, with annual electricity transmission exceeding 300 billion kilowatt-hours [3] - The city has attracted major companies in the renewable energy sector, forming clusters for wind turbine blades, photovoltaic components, and energy storage devices [3] - The continuous expansion of renewable energy installations has positioned Baise as a leader in Guangxi for two consecutive years [3] Group 4: New Materials Industry - The new materials industry in Baise has an annual output value exceeding 10 billion yuan, with multiple specialized industrial chains [3] - A notable project, the Shanghai Rongrong aluminum oxide continuous fiber product facility, has a total investment of 10.7 billion yuan and aims to become the largest of its kind in the country [3] - The restructuring of Baise's industrial framework has enhanced its resilience and competitiveness, moving from an aluminum-dominated economy to a diversified industrial base [3]

Summary of Key Points Core Viewpoint - A total of 40 companies conducted share buybacks on December 19, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.038 million shares for a total of 636 million yuan, with a year-to-date cumulative buyback of 95.679 million shares, representing 1.041% of its total share capital [2]. - Xiaomi Group-W (01810) repurchased 3.75 million shares for 152 million yuan, with a cumulative buyback of 127 million shares, accounting for 0.490% of its total share capital [2]. - China Merchants Industry Holdings (01919) repurchased 3.9655 million shares for 53.6689 million yuan, with a cumulative buyback of 105 million shares, representing 3.635% of its total share capital [2]. Group 2: Other Notable Buybacks - Kuaishou-W (01024) repurchased 755,000 shares for 49.9509 million yuan, with a cumulative buyback of 13.2687 million shares, accounting for 0.310% of its total share capital [2]. - China Feihe (06186) repurchased 8.529 million shares for 35.7702 million yuan, with a cumulative buyback of 251 million shares, representing 2.765% of its total share capital [2]. - Geely Automobile (00175) repurchased 907,000 shares for 15.2602 million yuan, with a cumulative buyback of 18.012 million shares, accounting for 0.179% of its total share capital [2]. Group 3: Additional Companies - Other companies that conducted buybacks include Mengniu Dairy (02319), which repurchased 200,000 shares for 3.0643 million yuan, and Beike-W (02423), which repurchased 560,400 shares for 3 million yuan [2]. - The buyback activities reflect a strategic move by these companies to enhance shareholder value and signal confidence in their business prospects [1][2].

Sales Performance - The new model of the Geely Star Wish was launched in October, and it has been well-received, with 70% of customers visiting local dealerships specifically for this model [2] - In the previous month, a total of 223 orders were received, with 131 vehicles delivered, of which 98 were Star Wish models [2] - The most popular configuration sold is the 410KM Exploration version, accounting for 60% of sales, while the color preference leans heavily towards pink [3][16] Customer Demographics - The customer demographic shows a gender ratio of approximately 2:8, with a wide age range from 19 to 50 years old, predominantly consisting of middle and primary school teachers and grassroots civil servants [4] - Many customers are influenced by family opinions, leading to cancellations of orders shortly after deposits are made [4] Competitive Landscape - The main competitors identified by customers include BYD Dolphin and Seagull, Wuling Bingo S, and Aion UT, with BYD models being the most frequently compared [7] - Customers often switch to BYD due to color availability and features like automatic parking, which are appealing to those lacking confidence in parking skills [7][10] Customer Preferences and Complaints - The Star Wish's appeal lies in its aesthetics, cost-effectiveness, and features like the Meizu car system and L2-level driving assistance, which cater to female drivers [10] - Common complaints include the absence of an engine cover or battery cover, which can be added later for a fee [19][21] - Regular maintenance costs are approximately ¥260, covering labor and parts, with intervals set at one year or 10,000 kilometers [21] Pricing and Discounts - Currently, there are no significant cash discounts available, only a manufacturer’s trade-in subsidy of ¥3,000 [12] - The most sold model is the 410KM Exploration version, with the best-selling color being cocoa beige [16] - The lowest configuration, the 310KM Youth version, has seen minimal sales, indicating a shift in customer interest away from lower-priced models [16] Purchase Incentives - There are specific subsidies available for teachers, civil servants, military personnel, and employees of Geely's partner companies, with amounts ranging from ¥500 to ¥1,000 [22] - The company is cautious about pricing strategies to avoid undercutting existing customers, especially with the recent model launch [22]

Core Insights - The competitive landscape of the Chinese automotive market is rapidly changing, with new players emerging and established leaders facing challenges [1][2] - The shift from a price war to a "value war" is evident, as companies seek to differentiate themselves amid increasing competition [1][5] - The upcoming reduction in purchase tax for new energy vehicles (NEVs) is expected to intensify competition between fuel and electric vehicles [8][9] Group 1: Market Dynamics - The title of "top car manufacturer" in China is becoming less stable, with BYD narrowly maintaining its lead over SAIC Group in revenue [1] - BYD's sales have been declining in 2025, with monthly sales from July to November showing significant year-on-year decreases [2] - Leap Motor has emerged as the new leader among new car manufacturers, surpassing Li Auto in delivery volumes [3] Group 2: Competitive Strategies - The automotive industry is transitioning from a focus on price competition to a focus on product value and differentiation [5][7] - Companies are increasingly recognizing the need for ecosystem collaboration to meet market demands and enhance competitiveness [7] - The "反内卷" (anti-involution) movement emphasizes the importance of healthy competition and sustainable business practices [6][7] Group 3: Future Outlook - The reduction of NEV purchase tax starting January 1, 2026, is anticipated to shift the market dynamics, potentially leading to a resurgence of fuel vehicle sales [8][10] - Industry leaders predict a "survival of the fittest" phase in the automotive sector, with a clearer competitive landscape emerging over the next five to ten years [10][11] - The competition is expected to become more intense, with a potential widening gap between leading and lagging companies as the market evolves [10]

【导读】车企在激烈厮杀中告别2025，未来竞争更残酷 中国基金报记者 邱德坤 "我觉得每一家车企都是战战兢兢的。"近日，小鹏汽车董事长兼CEO何小鹏向中国基金报等媒体表示， 中国汽车市场变化太快，一年前很难想到现在的情况，如今也很难想象一年后的局面。 对比2024年，2025年车企竞争格局再次骤变：造车新势力"一哥"从理想汽车变为零跑汽车，而国内车 企"一哥"比亚迪正遭遇上汽集团、吉利汽车等车企快速追赶。 车企竞争格局变化的背后，是国内汽车市场的竞争逻辑出现显著变化。2025年以"限时一口价"为代表的 价格战，从上半年愈演愈烈到下半年戛然而止。随后车企集体表态"反内卷"，要求开启"价值战"。 国内新能源汽车购置税补贴退坡将成为车企竞争更为残酷的新因素。岚图汽车董事长、党委书记卢放表 示："一旦走到这个时刻，燃油车和新能源汽车在某种程度上会迎来终极对决。" 车企"一哥"轮流坐庄？ 每个领域的"一哥"都会受到各方关注，但国内车企"一哥"的宝座在2025年难言稳固。 2025年上半年，比亚迪险守国内车企"一哥"宝座，汽车业务营业收入仅比上汽集团多81.70亿元。此 前，上汽集团常年稳坐国内车企"一哥"宝座，但202 ...

Investment Rating - The report suggests a focus on themes of intelligentization and overseas expansion, indicating a positive outlook for companies like BYD and Geely Auto in the export sector, and Li Auto, Xpeng Motors, and others in the intelligentization and robotics sectors [1][18]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year in November, while exports are expected to be a long-term theme with significant growth potential [1][12]. - The intelligentization and robotics sectors are accelerating, with advancements in autonomous driving and smart cockpit technologies becoming mainstream [15][16]. - The report highlights the importance of focusing on companies with strong export growth and those benefiting from intelligentization trends [1][18]. Summary by Sections Weekly Perspective - Domestic demand is currently weak, with November retail sales of passenger vehicles down 15.8% year-on-year. However, exports have shown strong growth, with a 50% increase in November compared to the previous year [1][11][12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.28%, while the automotive index increased by 0.10%. Notable stock performances included Zhejiang Shibao (+44.1%) and Haon Automotive (+28.4%) [2][19]. - In November, wholesale passenger vehicle sales reached 2.991 million units, a year-on-year increase of 1.7%, while new energy vehicle (NEV) sales rose by 17.6% [4][34]. Industry Dynamics - The report notes significant developments in the intelligentization of vehicles, with over 60% penetration of L2 and above autonomous driving systems in the market. The trend towards smart cockpits is also highlighted [15][16]. - Robotics technology is advancing rapidly, with new products being launched by domestic manufacturers and increased governmental focus on robotics technology in the U.S. [16][18].

Investment Rating - The report suggests a "Buy" rating for the "Space Photovoltaics" sector, emphasizing its high potential due to the unique energy supply needs in commercial space endeavors [1][5]. Core Insights - The report highlights the increasing importance of "Space Photovoltaics" as a critical energy source for various space applications, including low Earth orbit satellites and future lunar bases, driven by the urgency of U.S.-China competition and limited orbital resources [1][5]. - The report also expresses optimism for the wind power sector, particularly following Poland's successful auction for 3.4GW of offshore wind projects, which is expected to accelerate order releases in the coming years [2][10]. - The hydrogen and fuel cell sector is gaining traction, with significant contracts for green ammonia as a marine fuel, indicating a growing market for sustainable energy solutions [12][13]. Summary by Sections Space Photovoltaics - The report emphasizes the necessity of solar energy in space applications, likening its importance to electricity supply for AI computing [1][5]. - The potential for rapid fundamental catalysts in this sector is noted, suggesting it may outpace other emerging industries like nuclear fusion and robotics [1][5]. Wind Power - Poland's recent auction for 3.4GW of offshore wind capacity is expected to enhance visibility for long-term European offshore wind demand, with annual grid connection capacities projected to exceed 14GW by 2031-2032 [2][9]. - The report anticipates accelerated releases of orders for components such as piles and subsea cables due to this growing demand [2][10]. Hydrogen and Fuel Cells - A major shipping company has secured a long-term contract for 15.8 million tons of green ammonia, validating its use as a marine fuel and highlighting the commercial viability of green hydrogen solutions [12][13]. - The report notes the comprehensive capabilities of Chinese companies in the green ammonia supply chain, from production to certification and logistics [13]. Lithium Battery Sector - Ford has terminated a significant battery supply agreement with LG Energy, reflecting shifts in electric vehicle demand expectations and policy adjustments [17][18]. - The report indicates a strong upward trend in lithium carbonate prices, with futures contracts surpassing 110,000 yuan/ton, driven by supply constraints and limited inventories [17][41]. AIDC and Liquid Cooling - The report highlights a surge in sentiment within the AIDC sector, driven by significant partnerships and the increasing demand for liquid cooling solutions in data centers [20][21]. - It emphasizes the importance of domestic companies in enhancing their positions in the global liquid cooling market, suggesting a favorable outlook for investment opportunities [20][21]. Electrical Equipment and Grid - The report discusses the planned H-share issuance by a key electrical equipment company, aimed at enhancing R&D and international expansion, which is seen as a critical milestone for the company's growth strategy [22][23]. - It highlights the expected growth in demand for electrical transformers and high-voltage direct current (HVDC) systems, driven by ongoing upgrades in the global power grid [22][23].