Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile with a target price of HKD 26.04, indicating an expected upside of 39% from the current price of HKD 18.73 [6][10]. Core Insights - Geely Automobile's sales momentum continues, with August 2025 wholesale sales reaching 250,000 units, a year-on-year increase of 38% and a month-on-month increase of 5.2% [2][10]. - The company reported a revenue of CNY 150.3 billion for the first half of 2025, reflecting a year-on-year growth of 27%, and a core net profit of CNY 6.7 billion, which is a 100% increase year-on-year [2][10]. - The company has adjusted its 2025 sales target from 2.71 million units to 3 million units, driven by strong performance in its Galaxy brand and the launch of new models [10]. Financial Performance Summary - **Revenue Forecasts**: The revenue estimates for 2025-2027 have been revised upwards to CNY 353.5 billion, CNY 449.7 billion, and CNY 530.1 billion, representing year-on-year growth rates of 47%, 27%, and 18% respectively [10]. - **Net Profit Forecasts**: The net profit estimates for the same period have been adjusted to CNY 16 billion, CNY 21.8 billion, and CNY 26.6 billion, with corresponding PE ratios of 10.8x, 7.9x, and 6.5x [10]. - **Key Financial Metrics**: The company is expected to achieve a gross margin of 16.1% in 2025, with a net profit margin of 4.5% [11]. Sales and Market Dynamics - Geely's sales in August 2025 included 21,400 units sold domestically, a year-on-year increase of 58%, while exports totaled 36,000 units, a year-on-year decrease of 22% [10]. - The Galaxy brand showed significant growth, with sales increasing by 3.2 times year-on-year in August [10]. Strategic Developments - The company is advancing its electric and intelligent transformation, with new models set to launch in the latter half of 2025, including the Galaxy M9 and Lynk & Co 10 EM-P [10]. - Geely is integrating its four major brands—Geely, Galaxy, Lynk & Co, and Zeekr—to enhance operational efficiency and reduce costs [10].

Group 1 - Geely Automobile announced the issuance of 15,000 ordinary shares on September 4, 2025, due to employees exercising stock options under the stock option plan [1] - The issuance price for each share is set at HKD 9.56 [1]

吉利汽车(00175)公布，于2025年9月4日因集团僱员根据认股权计划行使认股权而发行1.5万股普通股股 份，每股发行价9.56港元。 ...

Group 1 - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [1] - New energy vehicle sales for Geely in August were 147,300 units, showing a year-on-year growth of 95.2% and a month-on-month increase of 13.2% [1] - Geely's total sales from January to August amounted to 1,897,100 units, reflecting a year-on-year increase of 47.3%, achieving 63.2% of the annual target of 3 million units by the end of August [1] Group 2 - In August, Geely's brand sales were 205,300 units, a year-on-year increase of 45.9% and a month-on-month increase of 6.1% [1] - The Geely Galaxy model sold 110,700 units in August, marking a year-on-year increase of 172.6% and a month-on-month increase of 16.4% [1] - The Geely Galaxy M9, a new large six-seat SUV, has begun pre-sales with a competitive price range of 193,800 to 258,800 yuan, achieving over 40,000 orders within 24 hours [1] Group 3 - Zeekr brand sales in August were 17,600 units, a year-on-year decrease of 2.2% but a month-on-month increase of 3.8% [2] - Lynk & Co brand sales in August reached 27,200 units, a year-on-year increase of 20.8% [2] - The Zeekr 9X has officially started pre-sales with a price range of 479,900 to 569,900 yuan, receiving over 42,000 orders within the first hour, indicating strong consumer demand for higher-end versions [2] Group 4 - The forecast for EPS from 2025 to 2027 is 1.49, 1.75, and 2.12 yuan respectively, maintaining a target price of 22.35 yuan [3] - The average PE valuation for comparable companies in 2025 is set at 15 times [3]

格隆汇9月4日丨吉利汽车(00175.HK)公布，于2025年9月4日因集团雇员根据认股权计划(于2023年4月28 日获采纳)行使认股权而发行1.5万股。 ...

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9月4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） ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7]. Core Views - Geely's sales continue to improve, with a projected increase in market share [2]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.49, 1.75, and 2.12 RMB respectively, while maintaining a target price of 22.35 RMB, equivalent to 24.54 HKD [4]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 179,204 million RMB - 2024A: 240,194 million RMB - 2025E: 319,444 million RMB (33.0% YoY growth) - 2026E: 381,363 million RMB (19.4% YoY growth) - 2027E: 442,685 million RMB (16.1% YoY growth) [6]. - **Operating Profit**: - 2023A: 3,806 million RMB - 2024A: 7,644 million RMB (100.8% YoY growth) - 2025E: 14,116 million RMB (84.7% YoY growth) - 2026E: 16,739 million RMB (18.6% YoY growth) - 2027E: 20,314 million RMB (21.4% YoY growth) [6]. - **Net Profit**: - 2023A: 5,308 million RMB - 2024A: 16,632 million RMB (213.3% YoY growth) - 2025E: 15,121 million RMB (-9.1% YoY decline) - 2026E: 17,735 million RMB (17.3% YoY growth) - 2027E: 21,451 million RMB (21.0% YoY growth) [6]. - **Earnings Per Share (EPS)**: - 2023A: 0.53 RMB - 2024A: 1.65 RMB - 2025E: 1.49 RMB - 2026E: 1.75 RMB - 2027E: 2.12 RMB [6]. - **Profitability Ratios**: - Gross Margin: Expected to increase from 15.3% in 2023A to 16.7% in 2027E - Net Margin: Expected to improve from 3.0% in 2023A to 4.8% in 2027E - Return on Equity (ROE): Expected to rise from 6.6% in 2023A to 14.6% in 2027E [6]. Sales Performance Summary - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [11]. - New energy vehicle sales in August were 147,300 units, showing a year-on-year growth of 95.2% [11]. - The company has achieved 63.2% of its annual sales target of 3 million units by the end of August [11]. Product Development and Market Position - The Galaxy brand's sales are on the rise, with significant contributions from new product launches [11]. - The Galaxy A7 and Galaxy M9 are expected to enhance market competitiveness, with pre-sales showing strong demand [11]. - Zeekr 9X has also shown promising pre-sale figures, indicating strong consumer interest in high-end models [11].

Core Insights - Geely Auto reported a significant increase in passenger car sales, exceeding 250,000 units in August, marking a 38% year-on-year growth and achieving a record high of 59% in new energy penetration [1][4] - The company has maintained a dual growth trend for six consecutive months, driven by its "One Geely" strategy and the successful launch of multiple models that quickly became bestsellers [1][5] - Geely's new energy vehicle sales reached 1,47347 units in August, reflecting a 95% year-on-year increase, with a total of over 1 million new energy vehicles sold in the first eight months of the year, a 120% increase [4][3] Sales Performance - In the first eight months of the year, Geely's cumulative sales reached 1,897,064 units, achieving 63% of its annual target of 3 million units [3] - The company has successfully launched several high-potential new models, including the Galaxy A7 and Zeekr 9X, which have seen impressive order volumes shortly after their release [5][1] Technological Advancements - Geely is focusing on building a "Heaven and Earth Integration" ecosystem, leveraging technology as a key driver for growth, including advancements in AI and safety features [6][7] - The company has made significant strides in satellite communication and AI cockpit systems, enhancing user experience and safety in its vehicles [6][7] Global Expansion - Geely's export strategy is gaining momentum, with 36,000 units exported in August and a total of 255,000 units in the first eight months, indicating a steady global market presence [8] - The company's revenue for the first half of 2025 reached 150.3 billion yuan, a 27% increase year-on-year, with a net profit of 9.29 billion yuan, reflecting strong financial performance [8] Market Outlook - Analysts remain optimistic about Geely's growth potential, with a target price of HKD 26, indicating a 37.2% upside from current levels, supported by the company's strategic initiatives and market positioning [9] - The "One Geely" strategy is expected to enhance resource synergy among its brands, solidifying its market share and driving further growth towards its annual sales target [9]

吉利汽车(00175)公布，2025年9月3日根据股份计划合共发行约3134.4万股股份。 ...

Core Viewpoint - Geely Automobile announced the issuance of approximately 31.34 million shares under its share plan on September 3, 2025 [1] Summary by Relevant Categories - **Company Actions** - Geely Automobile plans to issue around 31.34 million shares as part of its share issuance plan [1]