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： 2026年1月6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 Insights - Geely Auto Group has officially launched the World Action Model (WAM) in the United States, marking the evolution of its AI technology system to version 2.0 [1][3] - The G-ASD (Global Advanced Driving System) has been introduced as a leading advanced driving assistance system, leveraging the Smart AI Agent architecture and the complete application of the WAM model [1][3] Group 1 - The WAM model creates a unified "vehicle brain," enabling perception, data, and information sharing across various domains such as intelligent driving, cabin, chassis, and power [3] - The full AI 2.0 technology system empowers the Eva super-human emotional intelligence agent, which is evolving into an "ultra-human, ultra-intelligent, and ultra-user-friendly" vehicle intelligence hub [3] Group 2 - Geely showcased its latest electric vehicles, including the Zeekr 9X, Zeekr 009 Glorious (Collector's Edition), and Geely Galaxy M9, along with innovations like the Shield Gold Brick battery and Flyme Auto intelligent cockpit system at CES 2026 [3]

Core Viewpoint - The 2026 Harbin International Ice and Snow Economic Expo highlights the integration of methanol hydrogen technology with the ice and snow economy, showcasing the potential for green development in Heilongjiang province [1][3]. Group 1: Company Overview - Geely Holding Group has been a strategic partner in Heilongjiang for 16 years, with a history of collaboration dating back to the establishment of the Volvo project in Daqing in 2010 [3]. - The signing of a strategic cooperation framework agreement in 2023 marks a new chapter in the partnership, emphasizing mutual growth [3]. - Geely has established a dual development layout in Heilongjiang, particularly in the green methanol economy, leveraging the province's industrial advantages and manufacturing foundation [3]. Group 2: Technological Innovations - Geely's methanol hydrogen technology addresses the challenges faced by pure electric vehicles in cold northern climates, with a methanol fuel freezing point of -97.6°C, ensuring stable operation in extreme conditions [4]. - Over 3,000 methanol hydrogen electric vehicles have been deployed in Heilongjiang, with 350 participating in the Harbin Winter Asian Games [4]. - The first green methanol racing car has successfully completed winter testing on the Songhua River, demonstrating the reliability and superiority of methanol hydrogen power in icy environments [4]. Group 3: Industry Development - The methanol hydrogen electric technology is expanding beyond road transport to include shipping, mining machinery, and engineering equipment, indicating a broadening of its application [6]. - The first methanol hydrogen electric dual-use ship, "Yuanchun 001," successfully launched in 2025, marking a significant breakthrough in the shipping sector [6]. - More than 900 methanol refueling stations have been established nationwide, with projections to reach 4,000 by the end of 2027, facilitating convenient access to methanol fuel [6]. Group 4: Policy and Future Outlook - Over 70 supportive policies have been introduced by national ministries and local governments to promote the methanol industry, with direct investments supporting green methanol production projects [6]. - The methanol hydrogen industry is poised to become a trillion-level emerging industry, driven by favorable policies and infrastructure development [6]. - Geely is committed to enhancing strategic cooperation with Heilongjiang, aiming to drive the integration of green energy and the ice and snow industry for high-quality economic development [7].

Core Insights - The collaboration between Qianli Zhijia and Geely has led to the launch of a new advanced driving assistance brand, G-ASD, aimed at the global market [1] - G-ASD represents a high-modularity intelligent driving solution, covering levels L2 to L4 of autonomous driving capabilities [1] - The increasing importance of large models in the evolution of intelligent driving technology is highlighted, with the concept of "modularity" being introduced as a key metric for assessing the intelligence level of driving systems [1] Technical Architecture - G-ASD employs an end-to-end model system that integrates cutting-edge AI technologies, including multimodal base models, visual language models (VLM), visual language action models (VLA), world models, and reinforcement learning [1] - The approach aims to promote global modeling from data systems, perception regulation, to evaluation systems, gradually reducing reliance on high-precision maps and rule engineering [1]

Core Viewpoint - The report from CICC indicates that Geely Auto is expected to achieve passenger car sales of approximately 3.0246 million units in 2025, representing a year-on-year growth of 39%, surpassing the company's original target of 3 million units [1] Sales Growth - The significant sales growth is attributed to the rich product matrix of the Galaxy brand, with the Xingyuan model expected to sell over 40,000 units per month [1] - New models such as A7, Xingyao 6, Xingyao 8, and M9 are set to launch within the year, driving a projected 150% year-on-year growth in Galaxy brand sales for 2025 [1] Export Performance - Export sales are anticipated to grow by 1% year-on-year to 420,000 units, maintaining overall stability [1] Profitability Outlook - The integration of Geely, Zeekr, and Lynk & Co brands is expected to gradually release synergies in production management, enhancing profitability as the product cycle improves [1] - Due to the upward product cycle and multi-brand collaboration, the net profit forecasts for Geely for 2025 and 2026 have been raised by 3.2% and 8.9% to 17.5 billion yuan and 21.5 billion yuan, respectively, with a first-time introduction of a net profit estimate of 24.9 billion yuan for 2027 [1] Rating and Target Price - The company maintains an "outperforming the industry" rating with a target price of 26 HKD [1]

Core Viewpoint - The announcement of the new advanced driving assistance brand G-ASD (Geely Afari Smart Driving) by Qianli Zhijia and Geely at CES 2026 signifies a strategic collaboration aimed at enhancing smart driving capabilities from L2 to L4 levels in the global market [1] Group 1 - G-ASD is a high-content intelligent driving assistance solution jointly developed by Qianli Zhijia and Geely [1] - The first version of the G-ASD system has been integrated into 16 models under the Zeekr and Lynk & Co brands, covering over 300,000 vehicles [1] - There are plans to gradually implement the G-ASD system in more models under the Geely brand in the future [1]

Core Insights - The article discusses the launch of a new advanced driving assistance brand, G-ASD (Geely Afari Smart Driving), by Qianli Zhijia and Geely at CES 2026, which aims to cover intelligent driving capabilities from Level 2 to Level 4 Group 1: G-ASD Overview - G-ASD is a high-modularity intelligent driving solution developed collaboratively by Qianli Zhijia and Geely, emphasizing the importance of "modularity" as a key indicator of the intelligence level of driving systems [1] - The solution leverages advanced AI technologies, including end-to-end model architecture, multimodal base models, visual language models, and reinforcement learning, to reduce reliance on artificial maps and preset rules [2] Group 2: Features and Capabilities - G-ASD offers full-scene defensive driving capabilities, proactively predicting potential risks at blind spots and suggesting safe paths, akin to an experienced driver [2] - The system enhances route selection accuracy and traffic efficiency by recognizing complex traffic signs and dynamically adjusting speed based on real-time conditions and big data [2] - G-ASD supports complex environments such as urban ring roads and underground garages, with advanced parking capabilities and a comprehensive safety matrix that extends protection to three-dimensional spaces [3] Group 3: Market Deployment - The initial version of G-ASD has been integrated into 16 models under the Zeekr and Lynk & Co brands, covering over 300,000 vehicles, with plans for further integration into more Geely models in the future [3]

Core Viewpoint - Geely Auto announced the evolution of its AI technology system to version 2.0 at CES 2026, introducing the WAM world behavior model for cross-domain integration in automotive intelligence [1] Group 1: AI Technology Advancements - The AI 2.0 system supports the evolution of the Eva super-human emotional intelligence agent, which serves as the central intelligence for vehicles, enabling human-like dialogue and autonomous decision-making capabilities [1] - Geely introduced the G-ASD (千里浩瀚辅助驾驶系统) brand for its advanced driver assistance system, utilizing the Smart AI Agent architecture and the WAM model, achieving functionality coverage from Level 2 to Level 4 [1] Group 2: Product Launches and Sales Goals - Geely showcased new models including the Zeekr 9X and Galaxy M9, along with technological advancements such as the Shendun battery [1] - The company reported a 90% year-on-year increase in new energy vehicle sales for 2025 and plans to launch approximately 10 new vehicles in 2026, aiming for an annual target of 3.45 million units [1]

Core Insights - Geely Auto Group showcased its commitment to intelligent mobility at CES 2026 by unveiling Full-Domain AI 2.0 and G-ASD, aiming to redefine next-generation smart vehicle technology [2][6] Group 1: Full-Domain AI 2.0 - Full-Domain AI 2.0 represents a significant upgrade from the previous version, transitioning from a fragmented, module-based system to a unified vehicle-wide AI architecture [3] - The new architecture integrates vehicle-level computing power, data, and models to create a central intelligent engine, enhancing collaboration across various vehicle functions [3] - This system allows for real-time interaction and mutual access among intelligent systems in the cockpit, chassis, safety, and driving domains [3] Group 2: G-ASD (Geely Afari Smart Driving) - G-ASD is Geely's next-generation intelligent driving system, designed to facilitate the shift towards high-level autonomous driving [4][6] - The system utilizes advanced AI, extensive real-world driving data, and high-performance hardware to improve safety and driving confidence in complex traffic situations [4] - G-ASD aims to provide a more humanlike and user-friendly driving experience, integrating seamlessly with vehicle components [5]

Group 1 - The core viewpoint of the report is that Geely Automobile (00175) is experiencing an upward product cycle and multi-brand collaboration, leading to an increase in profitability, with net profit estimates for 2025 and 2026 raised by 3.2% and 8.9% to 17.5 billion and 21.5 billion respectively, and a new estimate for 2027 net profit at 24.9 billion [1] - The company announced that it achieved a passenger vehicle sales volume of 3,024,567 units in 2025, a year-on-year increase of 39%, exceeding the original annual sales target of 3 million units [2] - In terms of brand performance, Geely's main brand, Zeekr, and Lynk & Co achieved sales of 2,449,939 units, 224,133 units, and 350,495 units respectively, with year-on-year growth of 47%, 1%, and 23%. New energy vehicle sales increased by 90% to 1,687,767 units, accounting for 55.8% of total sales [3] Group 2 - The company has set a sales target of 3.45 million passenger vehicles for 2026, representing a year-on-year increase of 14%, with new energy vehicle sales expected to grow by 32% to 2.22 million units. The sales targets for Geely, Zeekr, and Lynk & Co are set at 2.75 million, 300,000, and 400,000 units respectively [3] - The report highlights that Geely is gradually improving its product lineup across various price ranges in the new energy sector, with new models such as the Zeekr 9X, Lynk & Co 900, and Galaxy M9 being introduced to fill market gaps, while also expanding its product line in MPV and off-road categories [3] - The report anticipates that as the integration of Geely, Zeekr, and Lynk & Co progresses, the synergies in production management will gradually be realized, coupled with an upward product cycle, which is expected to demonstrate stronger profitability elasticity [3]