Core Viewpoint - The "One Geely" strategy is becoming clearer as Geely Group establishes separate vehicle research institutes for its brands Zeekr and Lynk & Co, indicating a shift towards independent operations for these brands after their integration [1][9][10]. Group 1: Establishment of Research Institutes - Geely Group has announced the establishment of Zeekr Vehicle Research Institute and Lynk & Co Vehicle Research Institute, with specific product lines assigned to each [1][3]. - The Z, C, and M product lines, including models like Zeekr 9X and Zeekr 007, are now under the Zeekr Vehicle Research Institute, while the L and K product lines, including Lynk & Co 900 and Lynk & Co 08, are under the Lynk & Co Vehicle Research Institute [1][2]. Group 2: Integration and Management Structure - The integration process began with the unification of the smart cockpit teams, which is now led by Geely's Chief Cockpit Scientist, Jiang Jun [4][5]. - Geely has also formed the Galaxy Division to manage all its new energy passenger vehicle brands, further streamlining its operations [6]. - The integration of the autonomous driving teams has resulted in a new team of over 3,000 members under Qianli Technology, adopting a dual CEO structure [7][8]. Group 3: Strategic Goals and Expectations - Geely's integration aims to enhance efficiency, with targets for growth exceeding 5% and cost savings in R&D and management expenses projected to be in the tens of billions annually [14]. - The establishment of separate vehicle research institutes is expected to strengthen brand differentiation, with Zeekr positioned as luxury and technology-focused, Lynk & Co as trendy and sporty, and Galaxy as a mainstream new energy brand [14]. Group 4: Market Performance and Future Outlook - Geely's vehicle deliveries have shown significant growth, with 23.77 million units delivered in July, a 58% year-on-year increase, and 25.02 million units in August, indicating strong market performance [15]. - As of the end of August, Geely has delivered a total of 1.897 million vehicles, achieving 63.2% of its annual sales target of 3 million units, suggesting a positive outlook for reaching its goal of 5 million units by 2027 [15].

| | | 2025年H1部分车企应付账款及票据变化情况 | | | | --- | --- | --- | --- | --- | | 证券简称 | | | | | | 比亚迪 | 2366.86 | 2440.27 | -73.41 | | | 上汽集团 | 2305.53 | 2411.44 | -105.91 | | | 吉利汽车 | 1050.61 | 1131.85 | -81.24 | | | 长城汽车 | 732.85 | 795.71 | -62.86 | | | 赛力斯 | 627.64 | 684.51 | -56.87 | | | 东风集团股份 | 559.81 | 566.00 | -6.19 | | | 长安汽车 | 545.61 | 786.46 | -240.85 | Í | | 理想汽车 | 499.67 | 535.96 | -36.29 | | | 北京汽车 | 392.55 | 393.08 | -0.53 | | | 蔚来 | 349.51 | 343.87 | 5.64 | | | 小鹏汽车 | 306.87 | 230.80 | 76.07 | | | 广汽集团 ...

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178 都与平 all and control a ¥ 30,000 ¥ 25,000 ¥ 20,000 ¥ 15,000 ¥ 10,000 ¥ 5,000 卖车不如卖电池！宁德时代半年大赚304亿元，国内最赚钱的3家车企利润总和与宁德时代一家相当。最近，这一话题频频引发行业关注。 日前，国内车企2025年上半年财报已陆续发布，这份成绩单里不仅有预料之中的行业分化，更藏着不少打破惯性认知的亮点。有的在新能源赛道上加速领 跑，有的在新势力阵营中实现盈利突破，也有的在海外市场打开增长新空间。 在这场关乎生存与发展的半年考中，谁能称得上是真正的赢家？ 高端化显成效 拉动业绩创新高 高端化战略已成为部分车企业绩增长的核心驱动力，在营收、利润和品牌溢价等维度均展现出显著贡献。 吉利汽车的高端化转型显著拉动业绩增长。上半年，极氪、领克等高端品牌合计销量24.4万辆，极氪007 GT等车型在30万元以上的高端市场渗透率达12％， 带动了单车均价提升至17.3万元，优化了整体利润结构，毛利率提升至16.4％。 极氪001、007等30万元以上车型上半年累计销量12.6万辆，其中极氪007 GT作为40万元级纯电轿跑，单月销量 ...

齐鲁晚报·齐鲁壹点记者 戚淑军 近日，吉利银河A7在济南圆满完成集中交付活动，这一备受关注的混动家轿正式驶向泉城的大街小巷，为当地消费者带来全新的出行体验。济南交付活动 现场，众多车主满怀喜悦地提走了心仪的爱车，标志着吉利银河A7在济南市场的良好开端。 22 2 Ba 0 o A 美好营活触手可及 VIII R 自8月8日全球上市以来，吉利银河A7凭借其出色的产品力和极具竞争力的价格，迅速在市场上掀起热潮。吉利银河A7官方指导价8.98万 - 12.58万元，限时 先享价8.18 万- 11.78万元，这样的价格区间让其在混动中型车市场中脱颖而出。上市首周，吉利银河A7便以4195辆的交付成绩夺得混动中型车销量冠军， 大定订单更是突破了3万辆，展现出了强大的市场号召力。 在本次济南集中交付活动中，济南星耀用户中心精心筹备，为车主们打造了一场温馨而难忘的交付仪式。现场布置充满喜庆氛围，崭新的吉利银河A7整齐 排列，等待着新主人的到来。车主们在工作人员的热情接待下，完成了各项交付手续，顺利拿到了车钥匙。不少车主表示，选择吉利银河A7是被其先进的 混动技术、时尚的外观设计以及丰富的配置所吸引。 吉利银河A7作为全域 ...

大和发布研报称，在吉利汽车(00175)公布上半年业绩后，更新对其估值模型。该行目前预测吉利汽车 在2025至2027年将实现300万至380万辆的销售量，较原预期的190万至230万辆有所上调，并看好吉利成 功的新能源车转型，预期2025至2027年更多的增长将来自海外扩张。该行看好吉利受惠规模效应带来的 利润进一步改善，以及集团内部协同效应带来的成本节省，重申"买入"评级，目标价由14港元升至24.5 港元，同时上调2025至2026年营收预测37%至44%，每股盈利预测上调45%至57%。 ...

智通财经APP获悉，大和发布研报称，在吉利汽车(00175)公布上半年业绩后，更新对其估值模型。该行 目前预测吉利汽车在2025至2027年将实现300万至380万辆的销售量，较原预期的190万至230万辆有所上 调，并看好吉利成功的新能源车转型，预期2025至2027年更多的增长将来自海外扩张。该行看好吉利受 惠规模效应带来的利润进一步改善，以及集团内部协同效应带来的成本节省，重申"买入"评级，目标价 由14港元升至24.5港元，同时上调2025至2026年营收预测37%至44%，每股盈利预测上调45%至57%。 ...

大和发表报告指，在吉利公布上半年业绩后更新对其估值模型。该行目前预测吉利汽车在2025至2027年 将实现300万至380万辆的销售量，较原预期的190万至230万辆有所上调，并看好吉利成功的新能源车转 型，预期更多增长将来自海外扩张。 该行看好吉利受惠规模效应带来的利润进一步改善，以及集团内部协同效应带来的成本节省，重申"买 入"评级，目标价由14港元上调至24.5港元；同时上调2025至2026年营收预测37%至44%，每股盈利预测 上调45%至57%。 ...

Sales Performance - In August 2025, the company sold 250,000 vehicles, representing a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [1] - Cumulative sales from January to August 2025 reached 1.897 million vehicles, up 47.3% year-on-year [1] - New energy vehicle sales in August reached 147,000 units, marking a historical high, with a year-on-year increase of 95.2% [1] Model Breakdown - Sales by brand in August included 205,000 for Geely, 27,000 for Lynk & Co, and 18,000 for Zeekr, with year-on-year changes of +45.9%, +20.8%, and -2.2% respectively [1] - The Galaxy model sold 111,000 units in August, showing a significant year-on-year increase of 172.6% [1] Export and Energy Structure - In August, exports totaled 36,000 vehicles, down 19.9% year-on-year but up 2.3% month-on-month [1] - New energy vehicles accounted for 58.9% of total sales in August, an increase of 17.2 percentage points year-on-year [1] Product Strategy - The company plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand [2] - The Lynk & Co brand will introduce the Lynk 900 EM-P in Q2, with additional models expected later in the year [2] Technological Advancements - The company is focusing on smart driving capabilities, with new models expected to feature advanced driving assistance systems [2] - The first Lynk 900 EM-P will be equipped with the NVIDIA Thor chip and advanced driving technology [2] Financial Outlook - The company anticipates a net profit of 16.1 billion yuan for 2025, with a price-to-earnings ratio of 11X [3] - The new platform (GEA architecture) is expected to enhance product offerings and profitability [3]

Group 1 - Geely Automobile's stock rose nearly 5%, closing at HKD 19.17 with a trading volume of HKD 972 million [1] - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [1] - New energy vehicle sales in August were 147,300 units, showing a year-on-year growth of 95.2% and a month-on-month growth of 13.2% [1] - From January to August, total sales amounted to 1,897,100 units, representing a year-on-year increase of 47.3%, achieving 63.2% of the annual target of 3 million units [1] - According to Dongfang Securities, the domestic passenger car wholesale sales from August 1 to 24 increased by 12% year-on-year and 5% month-on-month [1] - The third batch of subsidy funds was distributed in late July, and the vehicle replacement program is gradually restarting, indicating a potential market recovery [1] Group 2 - Geely Galaxy's new SUV, the Galaxy M9, is set to officially launch on September 17, with pre-sales starting on August 23 [2] - The Galaxy M9 offers six models with a pre-sale price range of RMB 193,800 to RMB 258,800, and over 40,000 orders were placed within 24 hours of the pre-sale [2] - Dongfang Securities noted that the Galaxy brand has established strong influence and recognition in the mainstream market, enhancing its competitive edge with new products [2] - As the product matrix of the Galaxy brand continues to develop, market share is expected to further increase [2]