Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7]. Core Insights - Geely Automobile reported a revenue of 345.23 billion yuan for 2025, representing a year-on-year increase of 25.1%. Total sales reached 3.025 million units, up 39.0% year-on-year, with a core net profit attributable to shareholders of 14.41 billion yuan, reflecting a 36% increase year-on-year [2][4]. - The GEA architecture supports the new vehicle cycle, with high-end brands such as Zeekr and Lynk & Co performing well, leading to sustained profit realization. The transition to new energy across brands is progressing smoothly, with scale effects gradually enhancing profitability [2][4]. Summary by Relevant Sections Financial Performance - In Q4 2025, Geely achieved a revenue of 105.76 billion yuan, a year-on-year increase of 45.8% and a quarter-on-quarter increase of 18.6%. Total sales for Q4 were 854,000 units, with significant contributions from the Galaxy, Lynk & Co, and Zeekr brands [7]. - The Q4 net profit attributable to shareholders was 3.74 billion yuan, showing a year-on-year increase of 4.5% but a quarter-on-quarter decrease of 2.0%. The gross margin for Q4 was 16.9%, slightly down by 0.5 percentage points year-on-year but up by 0.3 percentage points quarter-on-quarter [7]. Strategic Focus - Geely's strategy emphasizes electric and intelligent vehicle development, with plans to expand its high-end product matrix. The company aims to achieve total sales of 3.45 million units in 2026, a 14% increase year-on-year, with specific targets for each brand [7]. - The company is accelerating its overseas expansion, targeting major markets in Europe, ASEAN, and Eastern Europe, with plans to increase the number of overseas channels to over 2,200 [7]. Market Position - Geely's market share reached 10.05% in 2025, showing a year-on-year improvement. The average revenue per vehicle in Q4 was 124,000 yuan, up 17.3% year-on-year [7].

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车 2025 年 Q4 业绩点评：业绩整体符合 预期，出海+高端化发力加速增长 报告要点 [Table_Summary] 吉利汽车发布 2025 年业绩。2025 年实现营业收入 3452.3 亿元，同比+25.1%，总销量 302.5 万辆，同比+39.0%，实现核心归母净利润 144.1 亿元，同比+36%。GEA 架构支撑银河新车周 期，高端化方面，极氪、领克全面向好，利润持续兑现。各品牌新能源转型顺利推进，规模效 应逐步凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打开海外 新空间。智能化战略开启，加速提升智驾能力，整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 2026-03-31 [T ...

Core Viewpoint - Geely Automobile has signed a non-binding memorandum of understanding with Volvo Car Corporation to enhance the operations of its subsidiary Lynk & Co in Europe, aiming for scalable growth in the European market [1] Group 1: Partnership Details - The memorandum outlines that Volvo Car will manage the regional operations of the Lynk & Co brand in Europe, including marketing, sales, and after-sales services [1] - The collaboration is intended to accelerate Lynk & Co's expansion in key European markets such as Germany, France, Spain, and Italy [1] Group 2: Operational Support - Volvo Car will leverage its established central business operation platform, reliable dealer network, and after-sales service points to support Lynk & Co's sales, marketing, and customer service functions [1] - This partnership aims to enhance operational efficiency and accelerate the pace of expansion to support higher sales volumes [1] Group 3: Product Responsibility - Lynk & Co will retain overall responsibility for the design, research and development, and product certification of its product lineup [1]

Core Viewpoint - Geely Automobile has entered a non-binding memorandum of understanding with Volvo Car Corporation to enhance the operations of its subsidiary Lynk & Co in Europe, aiming for scalable growth in the region [1] Group 1: Partnership Details - Volvo Car will manage the regional operations of the Lynk & Co brand in Europe, including marketing, sales, and after-sales services [1] - The collaboration targets key European markets such as Germany, France, Spain, and Italy [1] Group 2: Operational Strategy - The partnership will leverage Volvo Car's established central business operations platform, reliable dealer network, and after-sales service points to support Lynk & Co's sales, marketing, and customer service functions [1] - This strategy aims to enhance operational efficiency and accelerate expansion to support higher sales volumes [1] Group 3: Product Responsibility - Lynk & Co will retain overall responsibility for the design, research and development, and product certification of its product lineup [1]

Core Viewpoint - Geely Automobile has entered into a non-binding memorandum of understanding with Volvo Car Corporation regarding the operations of its indirect wholly-owned subsidiary, Lynk & Co, in Europe [1] Group 1: Partnership Details - The memorandum outlines that Volvo Car will be responsible for the regional operations of the Lynk brand in Europe, which includes marketing, sales, and after-sales services [1] - The proposed arrangement covers several key European markets, including Germany, France, Spain, and Italy [1]

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。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 自願公佈 有關領克歐洲業務之非約束性諒解備忘錄 本公佈乃由吉利汽車控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作 出。 本公司董事會（「董事會」）謹此宣布，本公司透過其間接全資附屬公司，已與Volvo Car Corporation（「Volvo Car」）訂立一份非約束性諒解備忘錄（「諒解備忘錄」），內容有關本集 團間接全資附屬公司領克汽車科技有限公司（「領克」）於歐洲之業務營運。 倘諒解備忘錄項下擬進行之交易落實，本公司將於適當時候根據香港聯合交易所有限公 司證券上市規則（包括有關關連交易及╱或須予公佈的交易之規定）刊發進一步公佈，以 向市場提供最新資料。 本公司股東及潛在投資者於買賣本公司證券時，務請審慎行事。 承董事會命 吉利汽車控股有限公司 公司秘書 張頌仁 根據諒解備忘錄，Volvo Car將負 ...

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3月30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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant revenue growth in 2025, with projected revenue of 345.2 billion yuan and a net profit of 16.85 billion yuan, reflecting a year-on-year revenue growth of 43.73% and a net profit growth of 1.32% [1][7] - The company is focusing on international expansion and high-end market strategies, with expectations of increased brand recognition and global influence [3][27] - The company has made substantial advancements in core technologies, enhancing its competitive edge in smart electric vehicles [21][27] Financial Performance - In 2025, the company achieved a gross margin of 16.61%, an increase of 0.71 percentage points from 2024, with a net profit margin of 4.88% [2][12] - The company’s total sales volume reached 3.025 million units in 2025, a 39% increase year-on-year, with 1.688 million units being new energy vehicles, representing a penetration rate of 55.8% [21][22] - The company’s overseas revenue accounted for approximately 21.41% of total revenue in 2025, indicating a growing international presence [2][19] Revenue and Profit Forecast - The company’s revenue is projected to grow to 434.4 billion yuan in 2026, 495.6 billion yuan in 2027, and 584.6 billion yuan in 2028, with respective year-on-year growth rates of 25.8%, 14.1%, and 18.0% [3][32] - The forecasted net profit for 2026 is 21.8 billion yuan, increasing to 25.9 billion yuan in 2027 and 31.5 billion yuan in 2028, with growth rates of 29.1%, 19.1%, and 21.5% respectively [3][32] Strategic Initiatives - The company plans to deepen its international expansion strategy in 2026, aiming to enhance product recognition and brand image globally [3][27] - The launch of high-end models such as the Zeekr 9X and the upcoming Zeekr 8X is expected to strengthen the company's position in the high-performance SUV market [3][27]

Investment Rating - The investment rating for Geely Automobile is "Outperform the Market" [5][28][32] Core Insights - Geely Automobile is expected to achieve significant revenue growth in 2025, with projected revenue of 345.2 billion yuan and a net profit of 16.852 billion yuan, reflecting a year-on-year revenue increase of 43.73% and a net profit increase of 1.32% [1][7][8] - The company is focusing on international expansion and high-end product strategies, with overseas revenue accounting for approximately 21.41% of total revenue in 2025 [2][19] - Geely's new energy vehicle (NEV) penetration rate is projected to exceed 55.8% in 2025, with total NEV sales reaching 1.688 million units [2][21] Financial Performance - In 2025, Geely's gross margin is expected to rise to 16.61%, an increase of 0.71 percentage points from 2024, while the net profit margin is projected at 4.88% [2][12] - The company plans to increase its R&D investment significantly, with R&D expenses expected to grow by 69.15% year-on-year [2][12] - The sales volume for 2025 is projected to be 3.025 million units, representing a 39% year-on-year increase [1][7] Future Projections - For 2026-2028, Geely's revenue is forecasted to be 434.4 billion yuan, 495.6 billion yuan, and 584.6 billion yuan, respectively, with corresponding net profits of 21.8 billion yuan, 25.9 billion yuan, and 31.5 billion yuan [3][32] - The company is expected to maintain an upward trend in gross margin due to high-end product offerings and international sales, despite potential cost pressures from raw materials [28][29] - EPS for 2026-2028 is projected to be 2.01 yuan, 2.39 yuan, and 2.91 yuan, respectively [3][32]

Core Viewpoint - Geely Automobile announced the issuance of a total of 1.6388 million ordinary shares on March 27, 2026, due to the exercise of stock options by employees and related parties under the stock option plan adopted on April 28, 2023 [1] Group 1 - The total number of ordinary shares to be issued is 1.6388 million [1] - The stock option plan was adopted on April 28, 2023 [1] - The issuance is scheduled for March 27, 2026 [1]