FF305 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年9月11日 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 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 article discusses the efforts of the Heilongjiang Provincial Committee of the Chinese People's Political Consultative Conference to address declining birth rates and population issues by studying successful policies in Tianmen City, Hubei Province [1][2]. Group 1: Population Trends in Heilongjiang - Heilongjiang has experienced a continuous decline in its resident population since 2011, dropping from 38.33 million in 2010 to 30.29 million in 2024, a decrease of over 8 million people in 14 years [1]. - The province has the highest percentage of elderly population in China, with 8.35 million people aged 60 and above, accounting for 27.3% of the total population, which is 6.2 percentage points higher than the national average [2]. - Heilongjiang's birth rate is the lowest in the country at 2.92‰, with a natural population growth rate of -6.92‰, indicating a significant demographic challenge [2]. Group 2: Policy Initiatives to Boost Birth Rates - The Heilongjiang government has implemented various policies to encourage childbirth, including monthly subsidies of 500 yuan for second children and 1,000 yuan for third children, as well as housing subsidies for families with multiple children [2]. - As of March 2025, 19,260 individuals in Harbin have received a total of 225 million yuan in subsidies, but the impact on birth rates has been minimal, with a slight increase from 3.3 million births in 2022 to 3.5 million in 2024 [3]. Group 3: Challenges in Increasing Birth Rates - The article emphasizes that improving birth rates is a complex issue that requires comprehensive efforts, particularly in Northeast China, where demographic challenges are more pronounced [4].

Group 1: Population and Birth Rate Issues in Heilongjiang - Heilongjiang has been experiencing a continuous decline in its resident population since 2011, with a decrease from 38.33 million in 2010 to 30.29 million in 2024, totaling over 8 million lost residents in 14 years [1] - The province has the lowest birth rate in the country at 2.92‰ in 2023, marking a historical low, and a natural population growth rate of -6.92‰, the worst in the nation [2] - The elderly population (60 years and above) in Heilongjiang reached 8.35 million, accounting for 27.3% of the total population, which is 6.2 percentage points higher than the national average [2] Group 2: Policy Initiatives to Encourage Birth Rates - The Heilongjiang provincial government has introduced various policies to encourage childbirth, including monthly subsidies of 500 yuan for second children and 1,000 yuan for third children, as well as housing subsidies for families with multiple children [2] - In Harbin, the birth rate showed a slight increase from 3.6‰ in 2022 to 3.7‰ in 2024, despite the implementation of these supportive measures [3] Group 3: Successful Case Study from Tianmen City - Tianmen City has implemented effective policies to boost birth rates, including a set of "seven opinions" and the use of combined rewards and subsidies, resulting in a 17% increase in births in 2024 compared to the previous year [1] - The Tianmen experience serves as a model for Heilongjiang to explore potential solutions to its demographic challenges [1]

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].

Core Insights - The automotive industry in China is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] - Despite a reduction in total accounts payable and notes to 10,209.03 billion yuan, the average turnover days increased to 192.46 days, indicating a divergence between total amount reduction and extended payment terms [1][2] - BYD, SAIC Motor, and Geely are the top three companies in terms of accounts payable, each exceeding 100 billion yuan [1] Accounts Payable Changes - 14 companies reported a decrease in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely showing the largest reductions of 240.85 billion yuan, 105.91 billion yuan, and 81.24 billion yuan respectively [2] - NIO, Xpeng Motors, and Leap Motor saw increases in accounts payable, with Xpeng Motors rising by 76.07 billion yuan, a 32.96% increase [4] Turnover Days Analysis - Only six companies improved their accounts payable turnover days, with Xpeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [5][6] - Companies like SAIC Motor and Changan Automobile also saw improvements, while others like BYD and Ideal Auto experienced increases in turnover days [8] Cash Flow and Payment Terms - Ideal Auto reported a significant increase in cash used in operating activities but a worsening free cash flow, attributed to the adjustment of supplier payment terms to 60 days [9] - The adjustment of payment terms is complex and requires coordination across various departments within companies, posing challenges for timely payments [10][11] Cash Reserves and Coverage - Among 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [13] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [13]

Core Insights - The report released by Wisdom芽 highlights the increasing presence of Chinese companies in the global innovation landscape, with 11 Chinese firms making it to the "2025 Global Innovation Leaders TOP 100" list [1] - Chinese companies are leading in technology exports, with PCT patent submissions accounting for approximately 47% of the total as of July this year [1] - The report identifies information technology and semiconductors as the dominant sectors, with 17 and 16 companies respectively in the Chinese innovation leaders list [1] - The Beijing-Tianjin-Hebei region shows active R&D, while the Guangdong-Hong Kong-Macau area is recognized for its high-quality technology influence [1] - The global innovation leader landscape is undergoing generational shifts, with new companies driving a quarter of global technological innovation [1] - The semiconductor sector has seen a significant increase, with 13 leading companies entering the global innovation leaders list [1] Company Highlights - The "2025 China Innovation Leaders TOP 100" includes major firms such as Huawei, ZTE, SMIC, Alibaba, BYD, and Mindray, representing the strongest technological capabilities in China [2] - New entrants to the list this year include BGI Genomics, JD.com, Kuaishou Technology, and others, indicating a dynamic shift in the innovation landscape [3] - The report emphasizes the role of these companies as pioneers in advancing China's strategy for technological self-reliance [2]

Core Viewpoint - The profitability of Chinese automotive companies is increasingly driven by high-end product strategies and export growth, with significant financial results reported in the first half of 2025, highlighting a clear industry divide and emerging winners in the market [4][9]. Group 1: High-End Strategy and Performance - High-end strategies have become a core driver of performance growth for several automotive companies, significantly contributing to revenue, profit, and brand premium [4]. - Geely's high-end transformation has led to impressive performance, with total revenue reaching ¥150.28 billion, a year-on-year increase of 27%, and a net profit of ¥9.29 billion, up 102% [5]. - The high-end models from Geely, such as Zeekr and Lynk, have seen substantial sales, with Zeekr 007 GT achieving a monthly sales record of over 8,000 units, boosting the overall gross margin to 18% [5]. Group 2: Export Growth and Localization - Export growth has been a key factor in enhancing automotive performance, with a total of 3.083 million vehicles exported in the first half of 2025, a year-on-year increase of 10.4% [7]. - BYD's revenue surged to ¥371.28 billion, with net profit reaching ¥15.51 billion, driven by overseas sales of 552,400 new energy vehicles, accounting for 21.63% of total sales [7]. - Chery led the export market with 546,000 units, solidifying its position globally, while SAIC Motor's MG brand performed well in Western Europe [8]. Group 3: New Forces and Profitability - New energy vehicle startups are showing signs of profitability, with companies like Leap Motor achieving a net profit of ¥33.03 million for the first half of 2025, marking their first half-year profit [9]. - Xiaopeng Motors reported a revenue of ¥34.09 billion, a year-on-year increase of 132.5%, with vehicle deliveries reaching 197,200 units, a 279% increase [10]. - NIO, despite a net loss of ¥4.99 billion in the second quarter, anticipates a significant increase in vehicle deliveries and revenue in the upcoming quarters [10]. Group 4: Challenges for Joint Ventures - The profitability and sales contributions of joint venture brands are declining, with GAC Group reporting a net loss of ¥2.54 billion in the first half of 2025, a significant drop from the previous year's profit [11]. - Dongfeng Motor's net profit fell by 90% to between ¥30 million and ¥70 million, primarily due to declining sales and profits from non-luxury joint venture brands [11]. - FAW Group faces challenges as its joint venture brands struggle to keep pace with market demands, leading to increased reliance on fuel vehicle sales and reduced profit margins [11]. Group 5: Commercial Vehicle Sector Performance - The commercial vehicle sector is benefiting from electric transformation and export growth, with new energy heavy truck sales reaching 75,200 units, a year-on-year increase of 195.16% [12]. - Foton Motors reported overseas sales of 78,500 units, with a net profit of approximately ¥777 million, reflecting an 87.5% increase [12]. - Zhongtong Bus achieved a revenue growth of 43.02% and a net profit increase of 71.61%, driven by overseas sales and product innovation [13].

Core Insights - The successful delivery event of the Geely Galaxy A7 in Jinan marks a strong market entry for this hybrid sedan, providing a new travel experience for local consumers [1][8] - Since its global launch on August 8, the Geely Galaxy A7 has gained significant market traction due to its competitive pricing and product strength, achieving sales of 4,195 units in its first week and surpassing 30,000 pre-orders [7][11] Pricing and Market Performance - The official price range for the Geely Galaxy A7 is set between 89,800 to 125,800 yuan, with a limited-time promotional price of 81,800 to 117,800 yuan, positioning it favorably in the hybrid mid-size car market [7] - The vehicle has quickly become the sales champion in the hybrid mid-size car segment, reflecting its strong market appeal and consumer interest [7] Customer Experience and Features - The delivery event in Jinan was well-organized, creating a warm and memorable experience for new car owners, who were attracted to the vehicle's advanced hybrid technology, stylish design, and rich features [8][11] - The Geely Galaxy A7 features the latest hybrid system, offering excellent fuel economy and performance, along with the new Galaxy Flyme Auto intelligent cockpit for enhanced user interaction [11] Strategic Implications - The concentrated delivery in Jinan not only responds swiftly to prior market orders but also showcases Geely's strength in the new energy vehicle sector, indicating potential for continued growth in both local and national markets [11]

Core Viewpoint - Daiwa has updated its valuation model for Geely Automobile (00175) following the release of its half-year results, projecting an increase in sales volume from 1.9 million to 2.3 million units to a new forecast of 3 million to 3.8 million units for 2025 to 2027 [1] Group 1 - The forecast for Geely's sales volume has been raised significantly, indicating a positive outlook for the company's performance in the coming years [1] - The growth is expected to be driven by successful transformation into new energy vehicles and expansion into overseas markets [1] - Daiwa anticipates further profit improvement due to economies of scale and cost savings from internal synergies [1] Group 2 - The "buy" rating has been reaffirmed, with the target price increased from HKD 14 to HKD 24.5 [1] - Revenue forecasts for 2025 to 2026 have been raised by 37% to 44%, while earnings per share estimates have been increased by 45% to 57% [1]

Core Viewpoint - Daiwa has updated its valuation model for Geely Automobile (00175) following the company's half-year performance report, indicating a positive outlook for the company's future sales and profitability [1] Sales Forecast - Daiwa predicts Geely will achieve sales 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] Growth Drivers - The anticipated growth is expected to be driven by Geely's successful transition to electric vehicles and expansion into overseas markets [1] Profitability Improvement - The firm expects Geely to benefit from economies of scale leading to improved profits and cost savings from internal synergies [1] Rating and Price Target - Daiwa maintains a "Buy" rating on Geely, raising the target price from HKD 14 to HKD 24.5 [1] Revenue and Earnings Forecast - Revenue forecasts for 2025 to 2026 have been increased by 37% to 44%, while earnings per share forecasts have been raised by 45% to 57% [1]