| | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 變動 | | | | (未經審核 | | | | (未經審核) | 及經車列) | 90 | | 收益(人民幣千元) | 150,284,734 | 118.792.689 | 27 | | 視為出售附屬公司之收益及分類為持作出售 | | | | | 的資產之減值虧損(人民幣千元) | - | 7.726.187 | (100) | | 歸屬本公司股權持有人溢利 | | | | | (人民幣千元) | 9,289,807 | 10.789.540 | (14) | | 母股盈利 | | | | | 基本(人民幣分) | 92.18 | 106.50 | (13) | | 攤薄(人民幣分) | 90.31 | 105.77 | (15) | | 織银曹(歌) | 1,409,180 | 955.730 | 47 | | | 於二零二五年 | 於二零二四年 | | | | | 六月三十日 十二月三十一日 | | | | (未經審核) | (經重列) | | | 資產總值(人民幣千 ...

智通财经AAPP讯，吉利汽车(00175)发布截至2025年6月30日止六个月的中期业绩，收益1502.85亿元(人 民币，下同)，同比增加26.51%;毛利247.19亿元，同比增加24.41%;股东应占溢利92.9亿元;每股基本盈利 92.18分。 基于上半年卓越表现，集团于2025年7月1日将全年销量目标由271万辆上调至300万辆。期内，集团除稳 居中国燃油车市场自主品牌第一名外，新能源汽车销量快速增长亦使集团成为中国新能源汽车市场的第 二名。 吉利银河品牌定位主流新能源市场，销量强劲增长，使其在集团销量结构中占比提升，导致单车平均销 售收入同比减少1.4万元至9.6万元。尽管期内中国汽车市场价格竞争加剧，且新能源汽车占比提升，集 团凭借规模效应、成本控制及GEA架构产品的盈利性提升，毛利率仍保持稳定，同比微降了0.3个百分 点至16.4%。 集团于期内的分销及销售费用同比上升6.4%，达83.8亿元，主要用于推动新能源汽车品牌的渠道建设及 市场推广活动。尽管新车型的推广导致费用上升，但透过严格的成本控制及整合所产生的协同效应，分 销及销售费用占收入的比例反而下降了1个百分点，显示出资源运用的效率有所 ...

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。 吉利汽車控股有限公司 GEELY AUTOMOBILE HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） 股份代號：175（港幣櫃台）及 80175（人民幣櫃台） 截至二零二五年六月三十日止六個月的中期業績公佈 財務摘要 | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 變動 | | | | （未經審核 | | | | （未經審核） | 及經重列） | % | | 收益（人民幣千元） | 150,284,734 | 118,792,689 | 27 | | 視為出售附屬公司之收益及分類為持作出售 | | | | | 的資產之減值虧損（人民幣千元） | – | 7,726,187 | (100) | | 歸屬本公司股權持有人溢利 | | | | | （人民幣千元） | 9,289,807 | 10,789,5 ...

Core Viewpoint - Deutsche Bank reports that Geely's newly launched plug-in hybrid vehicle, the Galaxy A7, is priced between 82,000 to 118,000 yuan, which is over 10% lower than the expected price [1] Group 1: Sales and Production Forecast - Deutsche Bank estimates that the monthly sales of the Galaxy A7 could reach 10,000 units [1] - The bank predicts that Geely's Galaxy series will launch five new models within the year [1] - Total sales for Geely in 2025 are expected to increase by 148% compared to last year, reaching 1.23 million units [1] Group 2: Financial Projections - Due to an upward revision in other income expectations, Deutsche Bank has raised its net profit forecast for Geely in 2025 by 6.7% [1] - The net profit forecast for 2026 has been increased by 1% [1] - The target price for Geely has been raised from 23 HKD to 25 HKD, maintaining a "Buy" rating [1]

Group 1 - Deutsche Bank reports that Geely's plug-in hybrid vehicle, the Galaxy A7, has been officially launched with a price range of 82,000 to 118,000 yuan, which is over 10% lower than the pre-sale price [1] - The bank expects average monthly sales of the Galaxy A7 to reach 10,000 units, based on the average monthly sales of competing models, which range from 11,900 to 12,000 units [1] - Geely plans to launch five new models in the Galaxy series within the year, with total sales for the Galaxy series projected to increase by 148% year-on-year to 1.23 million units by 2025 [1] Group 2 - Based on an upward revision of other income expectations, the bank has raised its net profit forecast for 2025 by 6.7% and for 2026 by 1%, due to a 2% increase in sales forecasts [1] - The target price for Geely has been raised from 23 HKD to 25 HKD, maintaining a "buy" rating [1]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Galaxy A7 was officially launched on August 8, 2025, with 7 models priced between 81,800 to 117,800 yuan, including an 8,000 yuan limited-time trade-in benefit. The new platform is expected to usher in a new era of products for Geely Automobile [2][4]. - The GEA architecture supports a new vehicle cycle, with brands such as Zeekr, Lynk & Co, and Galaxy showing positive trends. The transition to new energy vehicles is progressing smoothly, and the scale effect is gradually becoming apparent, which will bring upward profit elasticity. The company’s solid foundation in fuel vehicles and innovative overseas expansion modes through joint ventures continue to open new markets [6]. - The intelligent strategy is set to accelerate the enhancement of intelligent driving capabilities. The strong new vehicle cycle is expected to provide significant profit elasticity, with a projected net profit attributable to shareholders of 16.1 billion yuan in 2025, corresponding to a PE ratio of 10.5X [6]. Summary by Sections Event Description - The Geely Galaxy A7 features the Raytheon AI Hybrid 2.0 system, achieving a fuel consumption of 2.67L per 100 km and a range of over 2100 km. It boasts a spacious interior with a wheelbase of 2845mm, leading in energy consumption, space, intelligence, and safety among its peers [4][7]. Product Strategy - Geely is focusing on electric and intelligent advancements, with a strong new vehicle cycle expected to continue. In 2025, 10 new energy models are anticipated, including 5 new models and several facelifts under the Geely brand, alongside new releases from Zeekr and Lynk & Co [6][7].

Core Viewpoint - Geely Automobile reported strong sales growth in July 2025, with a total of 238,000 vehicles sold, representing a year-on-year increase of 57.7% and a month-on-month increase of 0.7% [1] Sales Performance - July sales reached 238,000 units, with a cumulative total of 1.647 million units sold from January to July 2025, marking a year-on-year increase of 48.8% [1] - New energy vehicle sales in July exceeded 130,000 units, showing a year-on-year growth of 120.4% and accounting for 54.7% of total sales, an increase of 15.6 percentage points year-on-year [1] Model Breakdown - Sales by brand in July included 194,000 units for Geely, 27,000 units for Lynk & Co, and 17,000 units for Zeekr, with year-on-year increases of 70.0%, 27.9%, and 8.4% respectively [1] - The Galaxy model sold 95,000 units in July, reflecting a significant year-on-year increase of 237.2% [1] Export Performance - In July, Geely exported 35,000 vehicles, which is a year-on-year increase of 6.0% but a month-on-month decrease of 11.8% [1] Product Strategy - Geely plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand [2] - The company is focusing on smart technology integration, with new models expected to feature advanced driving assistance systems [2] Platform and Profitability - The GEA architecture is expected to support a new product cycle, enhancing the transition to new energy vehicles and improving profitability [3] - The company anticipates a net profit of 16.1 billion yuan for 2025, with a price-to-earnings ratio of 10X [3]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported July 2025 sales of 238,000 units, representing a year-on-year increase of 57.7% and a month-on-month increase of 0.7%. Cumulative sales for January to July 2025 reached 1.647 million units, up 48.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][8]. - The GEA architecture supports a new vehicle cycle, with brands such as Zeekr, Lynk & Co, and Galaxy performing well. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles and continues to explore overseas markets through innovative joint ventures. The smart driving strategy is set to accelerate, enhancing driving capabilities [2][8]. Summary by Sections Sales Performance - In July 2025, Geely's sales reached 238,000 units, with a year-on-year growth of 57.7% and a month-on-month growth of 0.7%. The cumulative sales from January to July 2025 were 1.647 million units, reflecting a year-on-year increase of 48.8% [2][4][8]. - Breakdown of sales by brand shows Geely brand at 194,000 units, Lynk & Co at 27,000 units, and Zeekr at 17,000 units, with respective year-on-year growth rates of 70.0%, 27.9%, and 8.4% [8]. New Product Launches - Geely plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand. Notable launches include the Galaxy Star 8 and various SUVs and sedans throughout the year [8]. Strategic Focus - The company is focusing on electrification and intelligence, with a strong new vehicle cycle continuing. The new product launches are expected to significantly enhance the smart driving capabilities across all brands [8]. Financial Outlook - The expected net profit attributable to shareholders for 2025 is projected to be 16.1 billion, with a corresponding PE ratio of 10X, indicating substantial profit elasticity under the new vehicle cycle [8].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a total wholesale sales volume of 238,000 vehicles in July, representing a year-on-year increase of 57.7% and a month-on-month increase of 0.7% [3]. - The company has raised its annual sales target from 2.71 million to 3 million vehicles, reflecting confidence in achieving sales growth in the second half of the year [4]. - The company is set to launch the Galaxy A7 on August 8, 2025, which is expected to enhance its product lineup in the hybrid vehicle segment [4]. - The company plans to privatize its high-end electric vehicle brand, Zeekr, to consolidate resources and improve operational efficiency [5]. Sales Performance - In July, the company sold 130,124 new energy vehicles, a year-on-year increase of 120.4%, with a penetration rate of 54.7% [3]. - For the first seven months of the year, the cumulative sales of new energy vehicles reached 855,000, up 125.5% year-on-year [4]. - The sales figures for the Geely brand in July were 194,000 vehicles, while Zeekr and Lynk & Co sold 16,977 and 27,216 vehicles, respectively [5]. Financial Forecast - The company expects revenues of 404.78 billion, 489.69 billion, and 572.83 billion RMB for 2025, 2026, and 2027, respectively [6][7]. - The projected net profit for the same years is 16.21 billion, 22.09 billion, and 25.98 billion RMB, with corresponding EPS of 1.61, 2.19, and 2.58 RMB [6][7]. - The report indicates a P/E ratio of 10, 7, and 6 for the years 2025, 2026, and 2027, respectively [6][7].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7] Core Views - The company is expected to benefit from marketing reforms and new vehicle launches, which will enhance sales market share [2][11] - The forecasted EPS for 2025-2027 is 1.50, 1.76, and 2.13 RMB respectively, with a target price set at 22.50 RMB or 24.70 HKD [4][7] Financial Performance Summary - Revenue projections for 2023A to 2027E are 179,204 million, 240,194 million, 319,444 million, 381,363 million, and 442,685 million RMB, reflecting growth rates of 21.1%, 34.0%, 33.0%, 19.4%, and 16.1% respectively [6][12] - Operating profit is expected to grow from 3,806 million RMB in 2023A to 20,314 million RMB in 2027E, with a significant increase of 100.8% in 2024A [6][12] - Net profit attributable to the parent company is projected to be 5,308 million RMB in 2023A, increasing to 21,451 million RMB by 2027E, with a notable growth of 213.3% in 2024A [6][12] - The gross margin is expected to improve from 15.3% in 2023A to 16.7% in 2027E, while the net margin is projected to stabilize around 4.7% to 4.8% during the same period [6][12] Market Position and Sales Performance - In July, Geely's total sales reached 237,700 units, a year-on-year increase of 57.7%, with new energy vehicle sales growing by 120.4% [11] - The company's market share is expected to continue rising, with a reported market share of approximately 11% in the first half of 2025, an increase of nearly 3 percentage points year-on-year [11] - The Galaxy series is showing strong sales performance, with July sales of 95,000 units, a year-on-year increase of 469.0% [11]