Group 1 - The core viewpoint is that China's passenger car retail and wholesale sales are expected to reach historical highs in 2025, surpassing market expectations from last year [1][2] - In 2026, the automotive industry may face a more complex landscape due to the phasing out of "trade-in" subsidies and reductions in purchase tax exemptions, leading to increased competition and battery price risks [1][3] Group 2 - The automotive industry's resilience is anticipated to be stronger than market expectations, with retail sales expected to remain stable year-on-year and wholesale sales projected to grow by 2.9% due to increased exports [2] - Retail sales of new energy passenger vehicles are expected to grow by 15.5% year-on-year to 14.93 million units in 2026, with a market share increase to 61.8% [2] - Wholesale sales of new energy passenger vehicles are projected to rise by 18.5% year-on-year to 18.5 million units, benefiting from a 40% increase in new energy vehicle exports [2] Group 3 - The competition in the automotive industry is expected to intensify in 2026, driven by a record number of new model releases and aggressive pricing strategies from some manufacturers [3] - The demand for energy storage batteries is expected to improve, leading to rising battery prices that may erode profit margins for car manufacturers [3] - The introduction of plug-in hybrid electric vehicles (PHEVs) is expected to regain growth momentum in 2026, alongside the phasing out of trade-in subsidies [3] Group 4 - The competition in the new energy vehicle sector is entering a new phase in 2026, with narrowing valuation premiums between new entrants and traditional automakers [4] - The competitive landscape is expected to expand beyond vehicle manufacturing to include AI applications such as Robotaxi and robotics [4] - Foreign brands are accelerating the launch of new energy models, gaining a deeper understanding of the Chinese market [4] Group 5 - The preferred stock in the automotive sector is Geely Automobile, which has solid fundamentals and attractive valuations, with potential for continued growth in new energy sales [5] - The high-margin models expected to launch in the second half of 2025, combined with accelerated new energy exports, are likely to boost profit margins for Geely [5] - In the battery sector, attention is drawn to the new player Zhengli New Energy, which has achieved industry-leading profit margins and is expected to benefit from an optimized customer structure and potential battery price increases [5]

Core Viewpoint - The Chinese passenger car retail and wholesale sales are expected to reach historical highs in 2025, surpassing market expectations from last year [1] Group 1: Industry Resilience - The automotive industry is anticipated to be more resilient than market expectations, with retail sales in 2026 expected to remain stable year-on-year despite the reduction of replacement subsidies and halving of new energy vehicle purchase tax incentives [2] - Wholesale volume is projected to grow by 2.9% year-on-year in 2026, supported by an increase in exports [2] - The report suggests that if sales are weak in the first half of 2026, there is a possibility of new government stimulus policies being introduced [2] Group 2: Market Trends and Competition - The competition in the Chinese automotive industry is expected to intensify in 2026 due to a record number of new model releases, with some companies benefiting from aggressive pricing strategies [3] - Chinese brands are expected to continue increasing their market share, while foreign brands will launch more localized new energy models [3] - The demand for energy storage batteries is expected to improve, leading to a rise in battery prices, which may impact automaker profit margins [3] - Plug-in hybrid electric vehicles (PHEVs) are anticipated to regain growth momentum in 2026 due to the introduction of new models and the reduction of subsidies [3] Group 3: New Energy Vehicle Landscape - The competition in the new energy vehicle sector is expected to enter a new phase in the second half of 2026, with valuation premiums between new players and traditional automakers likely to narrow [4] - The competitive landscape will expand beyond vehicle manufacturing to include AI applications, such as Robotaxi and robotics [4] - Foreign brands are expected to accelerate the launch of new energy models, gaining a deeper understanding of the Chinese market [4] Group 4: Investment Recommendations - The preferred stock in the automotive sector is Geely Automobile, which has solid fundamentals and attractive valuations, with potential for continued growth in new energy vehicle sales [5] - The high-margin models expected to launch in the second half of 2025, along with accelerated new energy exports, are likely to boost profit margins for Geely [5] - In the battery sector, attention is drawn to the new player, Zhengli New Energy, which has achieved industry-leading profit margins due to its efficient operations and is expected to benefit from an optimized customer structure and potential battery price increases [5]

Core Viewpoint - Geely Automobile's privatization of Zeekr marks a significant step in its "One Geely" strategy, aiming for deep internal resource integration and a comprehensive brand matrix [1][4]. Summary by Sections Privatization Process - The privatization transaction has successfully completed the price selection process, with approximately 70.8% of eligible Zeekr shareholders opting for stock compensation, receiving a total of 777 million shares of Geely [2]. - The remaining 29.2% chose cash compensation, amounting to approximately $701 million [2]. - The exchange ratio for Zeekr shares is set at $2.687 in cash or 1.23 shares of Geely per share of Zeekr, reflecting an 18.9% premium over the last trading day before the non-binding offer [2]. Financing Arrangement - To secure the cash compensation, Geely plans to establish a short-term financing agreement not exceeding $420 million, expected to be signed within a month [3]. Strategic Integration - The privatization aligns with Geely's "Taizhou Declaration," focusing on resource integration and efficiency [4]. - Post-merger, Geely will leverage Zeekr's position in the luxury electric vehicle market, enhancing its technology, product offerings, and supply chain capabilities [4]. - Geely aims to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse powertrain system including fuel, pure electric, hybrid, and hydrogen vehicles [4]. Technological Synergy - Zeekr will integrate into Geely's technology ecosystem, with plans to unify battery technologies under the "ShenDun JinZhuan" brand for improved efficiency [5]. - Geely's international manufacturing network will facilitate Zeekr's expansion into key markets like Europe and Southeast Asia [5]. - The merger is expected to enhance Geely's competitive edge and global market influence during the automotive industry's transition to electrification and intelligence [5].

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.12.09 | 163.40 | 17.910 | 17.420 | 2870.26 | | 2025.12.08 | 153.40 | 17.910 | 17.510 | 2711.69 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 自12月8日以来公司已连续2日进行回购，合计回购316.80万股，累计回购金额5581.95万港元。 其间该 股累计上涨0.81%。（数据宝） 吉利汽车回购明细 （原标题：吉利汽车(00175.HK)12月9日回购163.40万股，耗资2870.26万港元） 证券时报•数据宝统计，吉利汽车在港交所公告显示，12月9日以每股17.420港元至17.910港元的价格回 购163.40万股，回购金额达2870.26万港元。该股当日收盘价17.510港元，下跌0.96%，全天成交额5.01 亿港元。 ...

来源：上海证券报·中国证券网 "上证鹰·金质量"奖是国内上市公司领域最具权威和影响力的奖项之一。本次评选通过聚焦在高质量发 展过程中勇于担当的市场经营主体，表彰业绩突出的上市公司与管理者，进一步助力中国资本市场高质 量发展。 "上证鹰·金质量"奖是国内上市公司领域最具权威和影响力的奖项之一。本次评选通过聚焦在高质量发 展过程中勇于担当的市场经营主体，表彰业绩突出的上市公司与管理者，进一步助力中国资本市场高质 量发展。 吉利汽车于2005年5月在香港联交所成功上市。吉利汽车发布的2025年第三季度财报显示，第三季度， 公司实现营业收入892亿元，环比增长15%，同比增长27%，单季收入创历史新高；核心归母净利润39.6 亿元，同比增长19%，盈利能力保持稳健。利润增长为公司带来了充裕的现金储备，截至9月末，净现 金水平达452亿元。 吉利汽车于2005年5月在香港联交所成功上市。吉利汽车发布的2025年第三季度财报显示，第三季度， 公司实现营业收入892亿元，环比增长15%，同比增长27%，单季收入创历史新高；核心归母净利润39.6 亿元，同比增长19%，盈利能力保持稳健。利润增长为公司带来了充裕的现金储备，截 ...

Core Insights - Geely Automobile Holdings Limited has announced the final results and implementation plan for the privatization transaction of Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" initiative [2][3] Summary by Sections Privatization Transaction - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely Automobile [2] - About 29.2% of eligible shareholders chose or are considered to have chosen cash consideration, leading to a total cash payment of approximately $701 million [2] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely Automobile, while each Zeekr American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely Automobile [2] Merger Completion and Strategic Goals - The merger between Geely Automobile and Zeekr is expected to be completed by December 29, 2025 [3] - Post-merger, Geely aims to leverage Zeekr's leading position in the global luxury electric vehicle market, enhancing its capabilities across technology, products, supply chain, manufacturing, marketing, and international resources [3] - Geely will cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [3] Financial Performance and Strategic Initiatives - Geely's business operations have shown continuous growth, with a revenue of 239.5 billion yuan for the first three quarters of 2025, a 26% year-on-year increase [4] - Core net profit attributable to shareholders reached 10.62 billion yuan, reflecting a 59% year-on-year growth, indicating significant improvement in profitability [4] - As of September 2025, Geely's total cash level stood at 60.1 billion yuan, with a net cash level of 45.2 billion yuan, showcasing robust cash flow [4] - The completion of the merger will solidify Geely's cost advantages, enhance brand competitiveness, and strengthen its global market influence [4]

Core Viewpoint - Geely Automobile Holdings Limited is progressing towards the completion of its privatization transaction with Zeekr Intelligent Technology Holdings Limited, marking a significant step in its strategy to consolidate operations and enhance market competitiveness [1] Group 1: Privatization Transaction Details - Approximately 70.8% of eligible Zeekr holders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr holders chose or are deemed to have chosen cash consideration, leading to a total cash payment of approximately $701 million by Geely Automobile [1] Group 2: Strategic Implications - The merger transaction is expected to be completed by December 29, 2025, which will establish a solid foundation for Geely Automobile to build cost advantages and enhance brand competitiveness [1] - Geely Automobile aims to achieve comprehensive coverage across mainstream, mid-to-high-end, and luxury segments, creating a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen fuel cell vehicles [1] - The company is focused on strengthening its smart manufacturing and technological innovation capabilities, with a commitment to improving profitability and delivering long-term returns to shareholders [1]

Group 1 - The core point of the article is that Geely Automobile announced a share buyback plan, intending to repurchase 1.634 million shares at a total cost of HKD 28.7026 million [1] Group 2 - The buyback will occur on December 9, 2025, with the repurchase price ranging from HKD 17.42 to HKD 17.91 per share [1]

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： 2025年12月9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 ...

Core Viewpoint - Geely Automobile Holdings Limited is finalizing the privatization of Zeekr Intelligent Technology Holdings, marking the completion of the "One Geely" strategy, with significant shareholder participation in the exchange of shares and cash [1][2] Group 1: Privatization Details - Approximately 70.8% of eligible Zeekr shareholders opted for share compensation, resulting in the issuance of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr shareholders chose or are deemed to have chosen cash compensation, leading to a total cash payment of approximately $701 million [1] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely Automobile, while each American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely Automobile [1] Group 2: Strategic Implications - The merger is expected to be completed by December 29, 2025, allowing Geely to leverage Zeekr's position in the luxury electric vehicle market and enhance its technological and global capabilities [2] - Geely aims to cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [2] - Financial performance shows a revenue of 239.5 billion yuan for the first three quarters of 2025, a 26% year-on-year increase, and a core net profit of 10.62 billion yuan, reflecting a 59% growth [2] - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan, ensuring ample reserves for long-term development [2]