Core Viewpoint - Geely Holding Group has signed a merger agreement with Zeekr Intelligent Technology, marking a significant step in its strategy to return to "One Geely" [1][4]. Group 1: Merger Details - Geely Auto will acquire all outstanding shares of Zeekr at a price of $2.678 per share, initiating the privatization process for Zeekr [5]. - Zeekr shareholders can choose to receive either cash or Geely Auto shares as compensation for their shares [5]. - The merger will lead to significant changes in leadership, with key executives transitioning to new roles post-merger [5]. Group 2: Financial Performance - Geely Auto has raised its annual sales target to 3 million units, an increase of approximately 11% from the previous target of 2.71 million units [6]. - In June, Geely Auto's total sales reached 236,000 units, a year-on-year increase of 42%, with the Geely brand alone seeing a 59% increase [7]. - For the first half of the year, Geely Auto's total sales exceeded 1.409 million units, a 47% year-on-year growth, with a significant increase in revenue and net profit [7]. Group 3: Strategic Implications - The merger is expected to enhance Geely Auto's strategic execution efficiency, innovation capability, and profitability, creating greater value for shareholders [8]. - The combined strengths of Zeekr in the luxury electric vehicle sector and Geely Auto's foundation in the mainstream market will improve collaboration across various operational areas [8]. - Post-merger, Geely Auto aims to cover multiple powertrain forms and enhance its competitiveness across mainstream, mid-to-high-end, and luxury automotive markets [8].

极氪集团计划与吉利汽车控股合并。吉利汽车将以每股约2.687美元现金收购极氪集团。 ...

吉利汽车与极氪签订合并协议 金十数据7月15日讯，7月15日，吉利控股集团宣布，旗下吉利汽车控股有限公司与极氪智能科技有限公 司正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东可选择以现金或置换吉利 汽车股份作为对价。 ...

Core Viewpoint - Geely Holding Group announced the formal signing of a merger agreement between Geely Auto and Zeekr Technology, with Geely Auto set to acquire all Zeekr shares not already held, allowing Zeekr shareholders to choose cash or Geely Auto shares as compensation [1] Group 1: Merger Details - Geely Auto will acquire all outstanding shares of Zeekr, excluding those already owned by Geely [1] - Zeekr shareholders have the option to receive either cash or Geely Auto shares as payment for their shares [1] Group 2: Strategic Implications - The merger is part of Geely Holding's strategic transformation, as outlined in the "Taizhou Declaration" released last year [1] - The strategic integration is expected to significantly impact the collaborative development of various brands, innovation capabilities, profitability, and sustainable development potential [1] - This move aims to further promote high-quality development for Geely Holding Group and create greater value for users and investors [1] Group 3: Previous Proposals - On May 7, Geely announced a non-binding offer to privatize Zeekr, proposing to acquire all issued and outstanding Zeekr shares and American Depositary Shares at a price of $25.66 per share [1] - Following this proposal, Zeekr stated that no decision had been made regarding Geely's privatization offer [1]

相较于目前62.8%（按悉数摊薄基准）的持股结构，私有化及合并事项将带来显著优势。全资控股将有 助于简化营运、统一战略方向、增强协同效应及降低合规负担。这些改变将进一步提升集团的效率、创 新能力及盈利能力，巩固其在全球新能源汽车市场的领先地位。 格隆汇7月15日丨吉利汽车(00175.HK)发布公告，于2025年7月15日，公司、合并附属公司及极氪订立合 并协议，据此，公司将透过收购所有已发行及发行在外的极氪股份及极氪美国存托股份（不包括除外极 氪股份）进行私有化。每名合资格极氪持有人可选择(i)就每股极氪股份，收取2.687美元现金或1.23股代 价股份；或(ii)就每股极氪美国存托股份，收取26.87美元现金或12.3股代价股份（将以吉利美国存托股 份形式交付）。 每股代价股份发行价为港币17.15元，每股代价股份发行价较股份于紧接非约束性报价函日期前最后交 易日在联交所所报的收市价每股港币16.74元溢价约2.4%。 私有化完成后，合并附属公司将与极氪合并，而极氪于合并事项中持续存续。进行合并事项后，极氪将 成为公司的全资附属公司，实现私有化并于纽交所退市。除外极氪股份将自动注销，亦将不再存在，且 就此 ...

每名合资格极氪持有人(香港非专业投资者除外，彼等将仅可收取现金代价)可(就其持有的任何极氪股份 或极氪美国存托股份(如适用))选择(i)就每股极氪股份，收取2.687美元现金或1.23股代价股份;或(ii)就每 股极氪美国存托股份，收取26.87美元现金或12.3股代价股份(将以吉利美国存托股份形式交付)。倘合资 格极氪持有人未能在选择截止时间前就其任何极氪股份或极氪美国存托股份作出有效选择，则该合资格 极氪持有人将被视为已选择就有关极氪股份或极氪美国存托股份收取现金代价。所有代价股份(如有)将 根据特别授权发行。 基于要约价及要约比率： (i)假设所有合资格极氪持有人均选择收取现金代价，而私有化完全以现金方式进行，则集团应付合资格 极氪持有人的现金代价总额为23.99亿美元(相当于约人民币171.99亿元)，包括应付关连极氪持有人的 10.48亿美元(相当于约人民币75.18亿元)。有关现金代价预计将以集团内部资源或债务融资(如必要)拨 付;或 智通财经APP讯，吉利汽车(00175)发布公告，于2025年7月15日(非交易时段)，公司、合并附属公司 Keystone Mergersub Limited及极 ...

高压线束毛利率大幅下跌。 | 项目 | 2024 年度 | 2023 | | --- | --- | --- | | 营业收入 | 1,252,344.68 | 1,15 | | 营业成本 | 1,066,055.00 | 97 | | 综合毛利 | 186,289.68 | 18 | | 主营业务毛利 | 176,233.16 | 16 | | 主营业务毛利占综合毛利的比例 | 94.60% | | | 综合毛利率 | 14.88% | | | 主营业务毛利率 | 14.59% | | 绑定产业链上的一些大客户和核心企业，拉动收入规模、市场份额增长的同时，却也在一定程度上，导致了产品毛利的下降。正在冲刺IPO的天海汽车电子 集团股份有限公司（下称"天海电子"），就存在这种情况。 天海电子近日提交了招股书，计划在深交所主板上市。天海电子主要从事汽车线束、汽车连接器、汽车电子等汽车零部件产品的研发、生产和销售。 第一财经记者发现，天海电子毛利率连续三年下滑，对大型车企缺乏议价能力，近年来铜、铝等原材料价格上涨也压缩了毛利率。另一方面，天海电子承 认，跟吉利汽车合作量大幅增加，是导致主要产品高压线束毛利率下降的主 ...

Core Insights - China's car sales reached a record high for 2025 in June, driven by increasing demand for new energy vehicles (NEVs) and intense competition among leading manufacturers like BYD and Geely Auto [1][10] Sales Performance - Vehicle sales in China rose for the fifth consecutive month in June, with approximately 2.1 million cars sold, marking an 18.6% increase year-over-year and a 13.9% increase month-over-month [2][10] - NEV sales accounted for 52.7% of total sales in June, the highest percentage for any month in 2025, with a year-over-year growth of 30% and a month-over-month increase of 28% [3][10] - Total vehicle sales in the first half of 2025 reached 15.65 million units, an 11.4% increase, while NEV sales rose 40% to 6.94 million units [3] Market Dynamics - The surge in NEV demand reflects China's accelerating transition to electric mobility, supported by a wider range of models and aggressive pricing strategies [4] - The market remains highly competitive, particularly in the EV sector, where ongoing price wars are impacting profit margins [4] Leading Companies - BYD maintained its position as the largest NEV maker in China with a 31.7% market share, selling 352,081 NEVs in June, a 25.7% increase year-over-year [5] - Tesla sold 61,484 vehicles in China in June, a 59.3% increase from May, but experienced a 4.3% decline in sales compared to the first quarter of 2025 [6] - Geely sold 114,798 NEVs in June, an 80.7% increase year-over-year, holding a 10.3% market share [7] - General Motors reported its strongest quarterly sales growth in China in four years, with deliveries exceeding 447,000 units in the second quarter of 2025, a 20% year-over-year increase [9] Future Outlook - The second half of 2025 will be critical in determining whether the current momentum in China's auto market can be sustained amid rising competition and margin pressures [11]

Group 1 - The company sold 236,000 vehicles in June, representing a year-over-year increase of 42.1% [1] - For the first half of the year, the company achieved total vehicle sales of 1.41 million, a year-over-year increase of 47.4% [2] - The company raised its annual sales target to 3 million vehicles, which is a 38% increase compared to the previous year [1][2] Group 2 - The company held a technology launch event for the Zeekr 9X on July 9, introducing the world's first full-stack 900V high-voltage hybrid architecture, SEA-S [1][3] - The Zeekr 9X is expected to start pre-sales at the end of August and is positioned as the brand's flagship hybrid model [3] - The Zeekr 9X features a maximum engine power of 205 kW and a thermal efficiency exceeding 46%, with a 20%-80% battery recharge time of only 9 minutes [3] Group 3 - The company expects to see significant profit growth, with net profits for 2025, 2026, and 2027 projected at 13.84 billion, 17.9 billion, and 22.3 billion yuan respectively, reflecting year-over-year increases of 47%, 30%, and 24% [1][3] - The current stock price corresponds to P/E ratios of 11, 8.6, and 7 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [1][3]

Core Viewpoint - Geely Automobile Holdings Ltd. has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4][6]. Earnings Estimates and Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate reflecting EPS estimates from sell-side analysts [2][3]. - The recent upgrade for Geely Automobile suggests an improvement in its underlying business, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [5][7]. - For Geely Automobile, the Zacks Consensus Estimate for the fiscal year ending December 2025 is projected at $4.12 per share, unchanged from the previous year, but has seen a 7% increase in estimates over the past three months [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Geely Automobile's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10][11].