Core Viewpoint - Morgan Stanley's report indicates that Geely Automobile's Q3 performance meets expectations and is on track to achieve its annual targets, maintaining an "Overweight" rating with a target price of HKD 24 [1] Financial Performance - Geely's Q3 net profit reached RMB 3.8 billion, a 6% quarter-on-quarter increase and a 58% year-on-year increase, slightly exceeding Morgan Stanley's expectation of RMB 3.7 billion and aligning with market expectations [1] - Excluding foreign exchange gains and impairment losses, the core net profit for the last quarter was RMB 4 billion, up from RMB 3.2 billion in the previous quarter [1] - For the first three quarters, core net profit rose 59% to RMB 10.6 billion, moving towards the annual target of RMB 15 billion [1] Revenue and Sales - Geely's revenue increased by 26% year-on-year and by 15% quarter-on-quarter to RMB 89 billion, driven by an 8% increase in sales volume [1] - The average selling price showed mid-single-digit growth quarter-on-quarter [1] Profitability Metrics - Gross margin improved by 1.2 percentage points year-on-year, while operating expenses rose by 8% quarter-on-quarter, attributed to the launch of new models (Galaxy M9/A7 and Zeekr 9X) and higher restructuring costs [1] - Excluding contributions from Zeekr, Geely's profit per vehicle was RMB 5,900, down from RMB 6,300 in the previous quarter [1]

Core Viewpoint - Geely Automobile (00175) has announced a share buyback agreement with Morgan Stanley & Co. International plc, allowing for a maximum repurchase amount of HKD 2.3 billion [1] Group 1: Share Buyback Agreement - The share buyback agreement is set to take place on November 18, 2025 [1] - The buyback will be executed on the Hong Kong Stock Exchange, with the independent broker having full discretion over the transactions [1] - The repurchase will follow predetermined parameters outlined in the buyback agreement [1]

Core Viewpoint - Morgan Stanley reports that Geely Automobile's Q3 performance exceeded expectations, with core net profit 4% higher than the bank's forecast [1] Financial Performance - Geely's profit per vehicle increased by 15% quarter-on-quarter to 5,200 RMB [1] - The third-quarter performance was driven by scale effects, improved product mix, and expanded export contributions [1] Market Outlook - The bank notes that Geely's stock price increase this year is primarily due to profit upgrades rather than multiple expansions [1] - Management emphasized plans for new vehicle launches, autonomous driving (AD), and export strategies in the earnings meeting [1] - The bank is optimistic about stronger growth momentum in the upcoming fourth quarter and next year [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating with a target price of 24 HKD [1]

Core Viewpoint - Morgan Stanley's report indicates that Geely Automobile (00175) exceeded expectations in its third-quarter performance, with core net profit surpassing the bank's forecast by 4% [1] Financial Performance - The net profit per vehicle increased by 15% quarter-on-quarter to 5,200 RMB [1] - The third-quarter performance was solid, driven by economies of scale, improved product mix, and contributions from export expansion [1] Market Outlook - The bank believes that Geely's stock price increase this year is more attributable to profit upgrades rather than multiple expansions [1] - During the earnings conference, management emphasized plans for new vehicle launches, advancements in autonomous driving (AD), and export strategies [1] - The bank welcomes these developments and anticipates stronger growth momentum in the fourth quarter of this year and into next year [1] Investment Rating - The bank maintains an "Overweight" rating with a target price of 24 HKD [1]

Core Viewpoint - Geely Automobile has announced a share repurchase agreement with Morgan Stanley, allowing for a maximum buyback amount of HKD 2.3 billion [1] Group 1: Share Repurchase Agreement - The share repurchase agreement is set to take effect on November 18, 2025 [1] - The buyback will be conducted on the Hong Kong Stock Exchange [1] - The decision-making for the buyback will be fully at the discretion of the independent broker, Morgan Stanley, and its affiliates [1]

（来源：科创100ETF基金） 吉利汽车公告，公司与独立经纪商Morgan Stanley&Co.International plc订立股份回购协议，该经纪商或 其联属人士将于香港联合交易所有限公司回购股份，涉及金额最高达23亿港元。该等回购将根据回购协 议项下所载预定参数进行，且由该经纪商(独立于公司及其关连人士)全权酌情决定。 来源：市场资讯 ...

Core Viewpoint - Geely Automobile has announced a share buyback agreement with Morgan Stanley, allowing for a maximum repurchase amount of HKD 2.3 billion [1] Group 1 - The share buyback agreement is set to be executed on November 18, 2025 [1] - The buyback will be conducted on the Hong Kong Stock Exchange [1] - The involvement of an independent broker, Morgan Stanley & Co. International plc, indicates a strategic move to enhance shareholder value [1]

Group 1 - The core viewpoint of the article is that Geely Automobile has shown strong financial performance in the first three quarters of the year, with significant revenue growth and stable net profit [1] Group 2 - Geely's revenue for the first three quarters increased by 43% year-on-year to 239.5 billion yuan, while the net profit attributable to shareholders remained flat at 13.1 billion yuan [1] - In the third quarter, Geely's operating revenue grew by 48% year-on-year to 89.2 billion yuan, and the net profit attributable to shareholders increased by 56% to 3.82 billion yuan, aligning with expectations [1] - Due to a strong new vehicle cycle and the ramp-up of new models like the Galaxy M9 and Lynk & Co 900, the company has raised its net profit forecasts for the next two years by 4.5% and 11.9% to 16.9 billion yuan and 19.7 billion yuan, respectively [1] - The investment bank maintains a "outperform industry" rating and a target price of 26 HKD, which corresponds to a price-to-earnings ratio of 14.2 times for 2025 and 12.1 times for 2026 [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 23億港元自動股份回購計劃 股份回購計劃 茲提述吉利汽車控股有限公司（「本公司」）日期為二零二五年十月六日之公佈，內容有關 本公司董事會（「董事會」）批准一項最高達23億港元（「港元」）的自動股份回購計劃（「自願 公佈」）。茲亦提述本公司日期分別為二零二五年七月十五日及八月十八日之公佈及通 函，內容有關對ZEEKR Intelligent Technology Holding Limited（「極氪」）私有化之要約 （「要約」）及本公司可能發行最多1,098,059,328股新普通股（「股份」）作為代價（「代價股 份」）。 本公司欣然宣佈，於二零二五年十一月十八日，本公司與獨立經紀商Morgan Stanley & Co. International plc（「該經紀商」）訂立一份股份回購協議（「回購協議」），據此，該經紀 ...

Core Viewpoint - Morgan Stanley believes that Geely Automobile's stock price will rise in absolute terms over the next 15 days, with an estimated probability of 70% to 80% for this scenario to materialize, maintaining an "Overweight" rating and a target price of HKD 24 [1] Financial Performance - The company's net profit for the third quarter reached CNY 3.8 billion, with a gross margin of 16.6%, which is an improvement over the first half's 16.4% [1] - For the first three quarters, core earnings amounted to CNY 10.6 billion, and the company is still on track to achieve its annual target of CNY 15 billion [1] Valuation and Market Outlook - Considering the strong product planning for 2026, Morgan Stanley views the current consensus price-to-earnings ratio of 9 times for the next 12 months as providing an attractive risk-reward ratio compared to the two-year average of 10 to 11 times [1]