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) 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）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 事件 | ...

Core Viewpoint - The company reported Q3 2025 financial results, achieving revenue of 89.19 billion yuan, a year-on-year increase of 27%; core net profit was 3.96 billion yuan, a quarter-on-quarter increase of 25%, and net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59% [1][2]. Sales Performance - The company sold 761,000 vehicles, a year-on-year increase of 43%; among them, the Galaxy series sold 327,000 units, a year-on-year increase of 170%, becoming the fastest new energy brand to reach annual sales of one million [2][3]. - The sales of the Chinese Star reached 219,000 units, a quarter-on-quarter increase of 2.4%, while Lynk & Co sold 87,000 units, a year-on-year increase of 25% [2]. - Zeekr's sales were 53,000 units, a year-on-year decrease of 4%, but the Zeekr 9X remained a strong competitor in the luxury segment [2]. Financial Metrics - Q3 revenue per vehicle was 117,000 yuan, with a profit of 5,200 yuan per vehicle, an increase of 500 yuan compared to H1 2025 [2]. - The company's sales, management, and R&D expense ratios were 6.0%, 1.5%, and 4.9%, respectively, with the sales expense ratio increasing due to the launch of four new models and the pre-launch of Zeekr 9X [3]. Future Outlook - In Q4, the company expects continued strong performance with the complete delivery of Galaxy M9 and Zeekr 9X, focusing on new energy exports and cost control post-integration [3][4]. - The company aims for significant growth in new energy vehicle exports, with a target of over 100,000 units in each of the five major overseas regions in 2026, and expects to see improved profitability from these exports [4]. - Following the privatization of Zeekr, the company anticipates accelerated integration and cost efficiency improvements, with a projected decrease in expense ratios and an increase in profits [4]. Profit Forecast - The company forecasts net profits of 17.83 billion yuan, 20.78 billion yuan, and 23.33 billion yuan for 2025-2027, with corresponding P/E ratios of 9.5, 8.1, and 7.3, maintaining a "buy" rating [4].

Core Viewpoint - Geely Automobile reported strong growth in revenue and profit for the first three quarters of 2025, driven by new vehicle launches and an increase in market share [1][2]. Financial Performance - For the first three quarters of 2025, Geely achieved revenue of 239.48 billion yuan, a year-on-year increase of 26.4%, and total sales of 2.17 million vehicles, up 45.7% year-on-year, with a core net profit of 10.62 billion yuan, reflecting a 59% increase [1]. - In Q3 2025, revenue reached 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7% [1]. - The net profit for Q3 2025 was 3.82 billion yuan, up 59.3% year-on-year and 5.6% quarter-on-quarter, with a per vehicle profit of 0.5 thousand yuan, an increase of 11.8% year-on-year [2]. Sales and Market Share - Q3 2025 saw total sales of 761,000 vehicles, with significant contributions from the Galaxy, Lynk & Co, and Zeekr brands, showing year-on-year growth of 42.5%, 169.7%, and 25.5% respectively [1]. - Geely's market share reached 10.2% in the first three quarters of 2025, indicating a continuous increase [1]. Brand Strategy and Product Development - Geely plans to launch 10 new energy models in 2025, including five new models and several updated versions, with a focus on electric and intelligent vehicles [3]. - The company is enhancing its smart driving capabilities, with new models featuring advanced driving assistance systems [3]. Operational Efficiency - The gross profit margin for Q3 2025 was 16.6%, reflecting a year-on-year increase of 1.1 percentage points, while the sales expense ratio was 6.0%, showing a slight improvement [2]. - The company is benefiting from economies of scale and improved brand integration efficiency, leading to cost reductions [2]. Future Outlook - Geely's new platform, GEA architecture, supports a strong product cycle, with expectations for a net profit of 17 billion yuan in 2025, corresponding to a PE ratio of 9.2X [4].

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 除本公佈另有界定或文義另有所指外，本公佈所用詞彙與該通函所界定者具有相同涵 義。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股份形式於美國紐約證券交易所上市，已於二零二五年十一月二十一 日，就預計合資格極氪持有人根據合併協議就其任何極氪股份或極氪美國存託股份作出 有效選擇的選擇截止時間向美國證券交易委員會遞交表格6-K。具體而言，極氪股份持有 人及極氪美國存託股份登記持有人之選擇截止時間分別為二零二五年十二月五日下午五 時正（美國東岸時間）及二零二五年十二月三日下午五時正（美國東岸時間）。更多詳情請 參閱刊載於美國證監會網站https://www.sec.gov/Archives/edgar/data/1954042/ 0 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7] Core Views - Geely Automobile reported a revenue of 239.48 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.4%. Total sales reached 2.17 million vehicles, up 45.7% year-on-year, with a core net profit attributable to shareholders of 10.62 billion yuan, an increase of 59% year-on-year [2][4] - The new platform has empowered Geely to enter a new product era, with the GEA architecture supporting a new vehicle cycle. The brands Zeekr, Lynk & Co, and Galaxy are all performing well, and the transition to new energy vehicles is progressing smoothly, leading to increased profitability [2][8] - The company’s strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The intelligent driving strategy is accelerating the enhancement of driving capabilities, indicating significant profit elasticity in the new vehicle cycle [2][8] Summary by Sections Financial Performance - In Q3 2025, Geely achieved a revenue of 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. Total sales for Q3 were 761,000 vehicles, with significant growth in the Galaxy and Lynk & Co brands [8] - The Q3 net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59.3%, with a single vehicle profit of 5,000 yuan, up 11.8% year-on-year [8] Brand Performance - In Q3, Zeekr and Lynk & Co combined sales reached 140,000 vehicles, with total revenue of 31.56 billion yuan, reflecting a year-on-year increase of 9.1%. However, both brands reported a net loss of 460 million yuan for the quarter [8] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with significant focus on electric and intelligent vehicles. The new models will feature advanced driving assistance systems, enhancing the company's competitive edge in the market [8] - The company is focusing on brand strategy, with a strong emphasis on electrification and intelligence, supported by a robust new vehicle cycle [8]

11月20日下午开盘后不久，喜相逢集团(02473.HK)股价大幅拉升逾10%，截至记者发稿，该股涨 7.71%，报8.52港元/股，成交额达到4401.3万港元。 从消息面看，喜相逢集团官微近日发布消息称，与吉利汽车集团及吉利控股集团旗下核心金融平台—— 浙江智慧普华融资租赁有限公司（下称"智慧普华"）达成2026年深度战略合作。 据介绍，此次合作，智慧普华将为喜相逢集团提供专项购车资金支持，用于喜相逢采购吉利汽车旗下多 品牌车型。这一合作将有效助力喜相逢优化车辆采购与库存结构，加快资产周转效率，进一步拓展集团 在新零售、技术应用与供应链管理方面的业务布局。 在座谈会上，各方围绕产品竞争力提升、供应链效率优化、业务模式创新与金融支持等议题进行深入交 流，并就全球化布局、车型定制、IT数据模型联合创新等合作机制达成多项共识，推动车辆+金融+流 通一体化发展。 官网显示，喜相逢集团成立于2007年，是国内知名的综合性汽车服务供应商，2023年11月9日，在香港 主板上市，成为中国汽车融资租赁的第一股。 智慧普华，作为吉利控股集团旗下的专业汽车融资租赁平台，依托吉利产业资源与法国巴黎银行成熟风 控体系，资产规模超 ...

Core Viewpoint - Xixiangfeng Group (02473) has seen a significant stock price increase following the announcement of a strategic partnership with Geely Automobile Group and its financial platform Zhihui Puhua, aiming to explore the new retail model in the automotive sector by 2026 [1] Group 1: Stock Performance - Xixiangfeng Group's stock rose over 10% in the afternoon, currently up 7.46% at HKD 8.5, with a trading volume of HKD 30.22 million [1] Group 2: Strategic Partnership - The partnership involves a deep strategic collaboration among Xixiangfeng Group, Geely Automobile, and Zhihui Puhua, focusing on new retail models and setting ambitious new car launch targets for 2026 [1] - The collaboration will initiate special financing support to create a comprehensive "product-finance-service" closed-loop system, targeting the trillion-level market in automotive new retail [1] Group 3: Company Positioning - Xixiangfeng Group is recognized as a leading automotive service platform in China, continuously focusing on the new retail and mobility service sectors [1] - The alliance with Geely and Zhihui Puhua is expected to enhance Xixiangfeng's competitive edge in vehicle resources and financial support, ultimately improving product and service experiences for end users [1]

Core Viewpoint - Xixiangfeng Group (02473) has entered a strategic partnership with Geely Automobile Group and its financial platform Zhihui Puhua, aiming to enhance their competitiveness in the automotive new retail market by 2026 [1] Group 1: Strategic Partnership - The collaboration focuses on a new retail model and aims to meet the new car launch targets for 2026 [1] - The partnership will initiate special financing support to create a comprehensive "product-finance-service" closed-loop system [1] - This strategic alliance is expected to tap into the trillion-level market of automotive new retail [1] Group 2: Company Background - Xixiangfeng Group is a well-known automotive service platform in China, specializing in new retail and mobility services [1] - The partnership with Geely and Zhihui Puhua is anticipated to strengthen Xixiangfeng's overall competitiveness in vehicle resources and financial support [1] - The collaboration aims to enhance the quality of products and services offered to end users [1]

Core Insights - The company reported Q3 2025 revenue of 89.19 billion yuan, with a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%, meeting expectations [1] - Net profit for Q3 2025 was 3.82 billion yuan, reflecting a year-on-year increase of 59.3% and a quarter-on-quarter increase of 5.6% [1] Revenue Performance - Total sales volume for Q3 2025 reached 761,000 units, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [1] - The average selling price (ASP) per vehicle was 117,000 yuan, showing a year-on-year decline of 11.2% but a quarter-on-quarter increase of 6.3% [1] Profitability Metrics - Gross margin for Q3 2025 was 16.6%, with a year-on-year improvement attributed to scale effects and product mix enhancement [1] - The company achieved a single-vehicle profit of 5,300 yuan, with significant year-on-year improvement of 19.1% [2] Cost and Expenses - Selling, research and development, and administrative expense ratios for Q3 2025 were 6.0%, 4.9%, and 1.5%, respectively, with year-on-year changes of +1.2%, +0.3%, and -0.6% [1] - The increase in selling expense ratio was primarily due to marketing costs associated with the launch of four new models in Q3 [1] Other Financial Metrics - Other income for Q3 2025 was 950 million yuan, with a quarter-on-quarter decrease of 18.9%, including a foreign exchange loss of 250 million yuan [2] - Zeekr Technology Group reported a net loss of 460 million yuan for Q3 2025, with a single-vehicle loss of 3,000 yuan, although the loss narrowed quarter-on-quarter [2] Future Outlook - The company raised its net profit forecast for 2025 to 18.1 billion yuan, up from the previous estimate of 15 billion yuan, due to strong sales performance [2] - The net profit forecasts for 2026 and 2027 were adjusted downwards to 19.5 billion yuan and 27.2 billion yuan, respectively, considering potential impacts from tax policies [2] - The company maintains a "buy" rating for Geely Automobile, with corresponding price-to-earnings ratios of 9, 8, and 6 for the years 2025, 2026, and 2027 [2]

Core Viewpoint - Geely Automobile reported strong Q3 performance with significant growth in sales and revenue, driven by improved vehicle structure and recovery in exports, despite some pressure on gross margins due to the rising share of new energy vehicles [1][2] Financial Performance - Q3 sales reached 761,000 units, up 42.5% year-on-year and 8.1% quarter-on-quarter, with total revenue of 89.19 billion yuan, reflecting a 47.7% increase year-on-year and 14.7% quarter-on-quarter [1] - The average selling price (ASP) per vehicle in Q3 was 117,000 yuan, showing a 3.7% increase year-on-year and 6.1% quarter-on-quarter [1] - For the first three quarters of 2025, total vehicle sales were 2.169 million units, up 45.6% year-on-year, with revenue of 239.48 billion yuan, a 26.4% increase year-on-year [1] Cost and Profitability - Q3 gross margin was 16.6%, with a year-on-year increase of 1.0 percentage points but a slight decline of 0.5 percentage points quarter-on-quarter [1] - The actual net profit attributable to shareholders for Q2 was 3.96 billion yuan, up 61.3% year-on-year and 20% quarter-on-quarter, with Q3 net profit per vehicle at 5,200 yuan, reflecting a 13.2% increase year-on-year and 11% quarter-on-quarter [1] Operational Analysis and Outlook - Q3 performance was stable, supported by improved vehicle structure and recovery in exports, although gross margin faced slight pressure due to the higher proportion of new energy vehicles and the introduction of lower-margin models [1] - The company is expected to maintain strong performance in Q4, with continued growth in the new energy segment and stable traditional business, as exports have rebounded and fuel vehicle upgrades are anticipated to remain steady [2] Profit Forecast and Valuation - The company maintains a positive outlook for future profitability, projecting net profits of 16.6 billion, 19.68 billion, and 24 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.45, 8.81, and 7.24 [2]