Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Insights - Geely Automobile reported a total sales volume of 307,000 units in October 2025, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5% [2][4]. - Cumulative sales from January to October 2025 reached 2.477 million units, up 44.3% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy [7]. - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [7]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets [7]. - The company is set to launch 10 new energy models in 2025, with significant advancements in smart driving capabilities [7]. Summary by Sections Sales Performance - October 2025 sales reached 307,000 units, with Geely brand, Lynk & Co, and Zeekr sales at 245,000, 40,000, and 21,000 units respectively [7]. - Galaxy brand achieved 127,000 units in October, marking a 100.8% increase year-on-year [7]. - Exports in October totaled 42,000 units, up 22.6% year-on-year [7]. - New energy vehicle sales in October were 178,000 units, accounting for 57.9% of total sales, a year-on-year increase of 63.6% [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including five new models and several facelifts [7]. - The company is enhancing its smart driving capabilities, with new models expected to feature advanced driving technologies [7]. Financial Outlook - The projected net profit for 2025 is 16.1 billion yuan, with a corresponding price-to-earnings ratio of 10.6X [7].

Core Viewpoint - The company reported strong sales performance in October, with total wholesale sales reaching 307,000 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5% [1] Group 1: Sales Performance - In October, total wholesale sales were 307,000 units, up 35.5% year-on-year and 12.5% month-on-month; cumulative sales from January to October reached 2.477 million units, up 44.3% year-on-year [1] - New energy vehicle (NEV) sales in October were 177,882 units, representing a year-on-year increase of 63.6% and a month-on-month increase of 7.7%, accounting for 57.9% of total sales; cumulative NEV sales from January to October reached 1.346 million units, up 105.6% year-on-year [1] - The company aims for an annual sales target of 3 million units [1] Group 2: Brand Performance - By brand, Geely sold 245,000 units in October, with Galaxy contributing 127,000 units; Zeekr sold 21,423 units; Lynk & Co sold 40,213 units [1][2] - Zeekr's cumulative sales from January to October were 165,000 units, down 1.7% year-on-year, while Lynk & Co's cumulative sales were 282,000 units, up 24.3% year-on-year [2] Group 3: New Product Launches - The Zeekr 9X, a new high-end SUV, was launched on September 29, with a limited-time replacement subsidy price of 455,900 to 589,900 yuan; it features advanced technology including dual Thor-U chips for L3 level autonomous driving capabilities [2] - The Galaxy Star耀6, a new electric hybrid sedan, was launched on October 30, with a price range of 68,800 to 99,800 yuan, equipped with the new generation Raytheon AI hybrid system [1] Group 4: Share Buyback Plan - On October 6, the company announced a share buyback plan with a maximum amount of 2.3 billion Hong Kong dollars, aimed at optimizing capital structure and enhancing earnings per share [3] - The buyback will be funded from the company's existing capital and cash reserves, reflecting confidence in long-term development prospects [3] Group 5: Financial Projections - Revenue projections for the company from 2025 to 2027 are 404.78 billion, 489.69 billion, and 572.83 billion yuan, with net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively [3]

Core Insights - Geely Galaxy brand has achieved significant sales growth, reaching 127,476 units in October, a year-on-year increase of 101% and a month-on-month increase of 5%, marking a historical high [2] - The brand has sold a cumulative total of 1,002,000 units in the first ten months of the year, achieving its annual sales target ahead of schedule and becoming the fastest electric vehicle brand to reach this milestone [2] - Geely is repurposing the former SAIC-GM North Factory in Shenyang to increase production capacity for the Galaxy models, with an investment of approximately 890 million yuan [1][6] Production Capacity and Strategy - The production capacity for Galaxy models is currently under pressure due to rapid sales growth, with existing facilities in various locations having a combined annual capacity of nearly 1 million units [6] - Geely has decided not to build new factories or expand existing ones, focusing instead on optimizing existing production capacity and forming strategic partnerships [7] - The company is actively recruiting for various departments at the Shenyang facility to support the production ramp-up [1] Product Development - The Galaxy product lineup is continuously expanding, with the recent global launch of the new generation Galaxy Xingyao 6, available in seven variants priced between 68,800 to 99,800 yuan [3] - Several models under the Galaxy brand, such as the Galaxy E5 and Galaxy M9, have become bestsellers, contributing to the brand's strong market presence [2][6]

Group 1 - The core viewpoint of the reports indicates that Geely Automobile's (00175) new energy brand is gaining momentum, with accelerating profitability expected from 2025 to 2027, projecting revenues of 404.78 billion, 489.69 billion, and 572.83 billion yuan, and net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, with an EPS of 1.61, 2.19, and 2.58 yuan, maintaining a "recommended" rating [1] - In October, the company achieved total wholesale sales of 307,000 units, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, with export sales of 42,000 units, showing a month-on-month increase of 2.2% [1] - The launch of the new hybrid sedan, Xingyao 6, under the Galaxy brand on October 30, features a price range of 68,800 to 99,800 yuan and is equipped with advanced technologies such as the new generation Raytheon AI hybrid system and intelligent cockpit [1] Group 2 - The company announced a share repurchase plan with a maximum amount of 2.3 billion HKD, which will be executed in the open market through an automated mechanism, reflecting confidence in long-term development and aiming to optimize capital structure and enhance EPS [2] - Geely and Zeekr submitted a CB form to the U.S. Securities and Exchange Commission, with the "big merger" expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [2]

Core Viewpoint - Minsheng Securities reports that Geely Automobile's (00175) new energy brand is gaining momentum, with accelerating profitability expected from 2025 to 2027, projecting revenues of 404.78 billion, 489.69 billion, and 572.83 billion yuan, and net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, maintaining a "recommended" rating [1] Group 1: Financial Projections - The projected earnings per share (EPS) for Geely from 2025 to 2027 are 1.61, 2.19, and 2.58 yuan, corresponding to price-to-earnings (PE) ratios of 10, 7, and 6 times based on the closing price of 17.77 HKD on November 3 [1] - The company reported a total wholesale sales volume of 307,000 units in October, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5% [1] Group 2: Product Launch and Market Performance - Geely's export sales in October reached 42,000 units, showing a month-on-month increase of 2.2% [1] - The new electric hybrid sedan, Xingyao 6, was launched on October 30, with a limited-time price range of 68,800 to 99,800 yuan, featuring advanced technologies such as the new generation Raytheon AI hybrid system and the Galaxy Flyme Auto intelligent cockpit [1] Group 3: Strategic Developments - Geely announced a share repurchase plan with a maximum amount of 2.3 billion HKD, aimed at optimizing capital structure and enhancing earnings per share, reflecting confidence in long-term development [2] - The merger process between Zeekr Technology and Geely is expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [2]

Core Viewpoint - Geely Auto is actively exploring various capacity expansion solutions due to the surge in sales of the Galaxy model, indicating a need for increased production capacity [1] Group 1: Production Capacity - Geely Auto is not planning to build new factories or expand existing ones, but is instead focusing on utilizing remaining capacities across different locations [1] - There are reports that the former SAIC-GM Beisheng factory in Shenyang is undergoing renovation to supplement the production capacity for the Galaxy model [1] - A source close to Geely mentioned that communication regarding capacity issues has been ongoing, highlighting the current tight production capacity for the Galaxy [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company achieved a record high in wholesale sales, with October wholesale sales reaching 307,000 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5%. Cumulatively, from January to October, wholesale sales totaled 2.477 million units, up 44.3% year-on-year [1][2]. - The company aims for an annual sales target of 3 million units, with significant growth in new energy vehicle sales, which reached 177,882 units in October, a year-on-year increase of 63.6% [2]. - The launch of the new high-end model, Zeekr 9X, is expected to accelerate the company's penetration into the high-end market, with initial orders exceeding 10,000 units within 13 minutes of its launch [3]. - The company announced a share repurchase plan of up to HKD 2.3 billion, reflecting confidence in its long-term development and aiming to optimize capital structure and enhance earnings per share [4]. Summary by Sections Sales Performance - October wholesale sales reached 307,000 units, with new energy vehicle sales accounting for 57.9% of total sales. Cumulative new energy vehicle sales from January to October reached 1.346 million units, a year-on-year increase of 105.6% [1][2]. Product Launches - The new electric hybrid sedan, Galaxy Star 6, was launched with a price range of HKD 68,800 to HKD 99,800, featuring advanced AI hybrid technology and smart cockpit systems [2]. - The Zeekr 9X, a luxury SUV, was launched with a price range of HKD 455,900 to HKD 589,900, equipped with advanced driving assistance systems and expected to enhance the company's high-end market share [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 404.78 billion, RMB 489.69 billion, and RMB 572.83 billion, respectively, with net profits of RMB 16.21 billion, RMB 22.09 billion, and RMB 25.97 billion [4][5]. - The earnings per share (EPS) are projected to be RMB 1.61, RMB 2.19, and RMB 2.58 for the years 2025, 2026, and 2027, respectively [5].

Core Viewpoint - The equity change of ST Langyuan is due to the share transfer agreement signed between major shareholder Xinjiang Shanglong and Wang Guimei, resulting in a transfer of 68,334,266 shares, accounting for 14.51% of the total share capital [1] Summary by Sections Share Transfer Details - Xinjiang Shanglong will transfer 52,800,000 shares (11.21% of total shares) and Wang Guimei will transfer 15,534,266 shares (3.30% of total shares) to Hangzhou Dongfang Xingzhi Equity Investment Fund [1] - The transfer price is approximately 5.31 yuan per share, totaling 362,862,500 yuan for the transaction [1] Voting Rights - Wang Guimei voluntarily and irrevocably waives voting rights for the remaining 44,418,694 shares (9.43% of total shares) after the transfer, effective for 18 months from the date of transfer completion [1] - The voting rights delegation agreement signed on April 30, 2024, will remain in effect until the transfer is completed, after which Wang Guimei's voting rights will automatically terminate [1] Control and Shareholder Structure - The equity change will not result in a change of the controlling shareholder or actual controller of the company, with Dongfang Xingzhi remaining the controlling shareholder and Zhao Zheng as the actual controller [1] - Following the completion of the share transfer, Zhao Zheng, Wang Guimei, Qi Yongmao, and Xinjiang Shanglong will terminate their concerted action relationship [1]

Core Insights - Geely Auto Holdings Limited reported strong sales growth for October 2025, with total sales reaching 307,133 units, a 35% increase compared to 226,686 units in the same month last year [3] - Year-to-date sales for 2025 reached 2,477,322 units, reflecting a 44% increase from 1,716,376 units in the same period last year [3] Brand Performance - Geely brand sales in October 2025 were 245,497 units, up 44% from 170,563 units year-on-year [1] - The Galaxy series under the Geely brand saw exceptional performance, with October sales of 127,476 units, a 101% increase from 63,492 units last year [2] - The Zeekr brand experienced a decline, with October sales of 21,423 units, down 14% from 25,049 units year-on-year [2] - Lynk & Co brand sales were 40,213 units in October 2025, a 29% increase from 31,074 units last year [2] New Energy Vehicles - The new energy vehicle segment showed significant growth, with pure electric vehicles (BEVs) selling 98,348 units in October, a 25% increase from 78,858 units year-on-year [2] - Cumulative sales of BEVs reached 892,072 units, a substantial 119% increase from 408,192 units in the same period last year [2] - Plug-in hybrid electric vehicles (PHEVs) saw remarkable growth, with October sales of 79,534 units, a 166% increase from 29,864 units year-on-year [4] - Year-to-date PHEV sales totaled 453,633 units, an 84% increase from 246,384 units last year [4] Export Performance - Geely's export sales in October 2025 were 41,568 units, a 23% increase from 33,904 units year-on-year [4] - Cumulative export sales for 2025 reached 337,696 units, a slight decline of 4% from 353,025 units in the same period last year [4]

Core Insights - Geely Auto reported record sales of 307,133 vehicles in October, marking an increase of 12% month-over-month and 35% year-over-year [1] - The company's new energy vehicle sales reached 177,882 units in October, representing a year-over-year growth of 64% and a month-over-month increase of 8%, with a penetration rate of 58% for new energy vehicles [1] - Geely Galaxy achieved its annual sales target of one million units ahead of schedule, becoming the fastest new energy vehicle brand to reach this milestone [1] Sales Breakdown - Geely brand sold 245,497 vehicles in October [5] - Lynk & Co brand sold 40,213 vehicles in October [5] - Zeekr brand sold 21,423 vehicles in October [5]