Core Insights - Geely Automobile reported a record revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core profit reaching 6.66 billion yuan, marking a 102% increase year-on-year [1] - Total cash levels rose to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely sold 1.409 million new vehicles in the first half of 2025, a 47% increase, surpassing the market average growth rate [1] - The market share exceeded 10% for the first time, with new energy vehicle sales reaching 725,000 units, a 126% increase [1] - The annual sales target was raised from 2.71 million to 3 million units based on strong market performance [1] Brand and Product Development - The Geely Galaxy series, now an independent brand, saw sales of 548,000 units in the first half, a 232% increase [1] - Zeekr and Lynk & Co. have shown continued synergy post-merger, with Zeekr selling 90,740 units and Lynk & Co. selling 154,137 units in the same period [1][2] Strategic Initiatives - Geely's management is integrating its two listed companies to eliminate brand coordination barriers and optimize resource allocation [2] - The company emphasizes technology as a core driver, establishing a leading smart and electric technology system [2] - Geely is expanding its overseas market presence, with exports exceeding 180,000 units and a global sales network covering 85 countries [2] Future Outlook - Geely plans to launch five new energy products in the second half of 2025, continuing its commitment to value, technology, quality, service, brand, and corporate ethics [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue performance with a significant increase in sales driven by a new vehicle cycle, leading to a projected rapid growth in sales [1][7] - The company has adjusted its annual sales target from 2.71 million units to 3 million units due to strong sales momentum [7] Financial Summary - For the first half of 2025, the company achieved a revenue of 150.28 billion RMB, a year-on-year increase of 39%, while net profit was 9.29 billion RMB, a decrease of 14% [7] - The second quarter of 2025 saw revenues of 77.79 billion RMB, up 41.6% year-on-year and 7.3% quarter-on-quarter, with net profit at 3.62 billion RMB, down 60% year-on-year [7] - The company plans to launch 10 new models in 2025, focusing on mid-sized sedans and SUVs to capture market trends [7] - The company’s core net profit for the first half of 2025, excluding one-off gains, was 6.66 billion RMB, reflecting a 102% year-on-year increase [7] Sales Performance - The company sold 1.409 million vehicles in the first half of 2025, a 47% increase year-on-year, with a market share exceeding 10% [7] - New energy vehicle sales reached 725,000 units, representing a 126% year-on-year increase, with a penetration rate of 51.5% [7] Profit Forecast and Investment Recommendation - The company is expected to have a compound annual growth rate (CAGR) of 11.4% in net profit from 2025 to 2027 [7] - The report maintains a "Buy" rating based on the company's leading position in the domestic automotive market and the anticipated continuous growth in performance due to new product launches [7]

Core Viewpoint - Geely Automobile reported a record revenue of 150.285 billion yuan for the first half of 2025, a 27% year-on-year increase, driven by significant growth in vehicle sales [1][7]. Financial Performance - Total revenue reached 150.285 billion yuan, marking a historical high [1]. - Vehicle sales amounted to 1.4092 million units, a 47% increase year-on-year, also a record [1]. - Profit attributable to shareholders was 9.29 billion yuan, a 14% decline year-on-year, while core net profit grew by 102% to 6.657 billion yuan [1]. Cash Position - As of June 30, 2025, total cash levels reached 58.8 billion yuan, an increase of 12.2 billion yuan from the end of the previous year [2]. Market Performance - Geely's market share in the domestic market reached 10.4%, ranking second in China, with a gap of 4.37 percentage points from the first place [7]. - New energy vehicle sales reached 725,200 units, a 126% increase, accounting for 51.5% of total sales [7]. Brand and Export Challenges - The company acknowledged shortcomings in brand building and user experience, emphasizing the importance of consumer trust [4][5]. - Export sales declined by 8% to 184,100 units, with a significant drop in the Eastern European market [5][14]. Product Development and R&D - R&D investment for the first half of 2025 was 7.328 billion yuan, a 21% increase, focusing on new energy and intelligent technology [13]. - New models launched include the Geely Galaxy Star 8 and the Zeekr 007GT, with plans for more releases in the second half [18][19]. Strategic Outlook - Geely aims to increase its full-year sales target by approximately 11%, from 2.71 million to 3 million units [21]. - The company is focused on enhancing its global presence and localizing production capabilities [19].

Core Viewpoint - Geely Automobile's management emphasizes the importance of responding to the national call against "involution," which includes avoiding price wars and focusing on learning from competitors while improving their own operations [1] Group 1: Company Performance - Geely's gross margin has declined in the first half of the year, primarily due to price wars that have pressured all automakers [1] - The company anticipates that the launch of high-value models in the second half of the year, along with government efforts to regulate the automotive market, will lead to significant improvements in gross margin [1]

Core Viewpoint - The Chinese automotive market is undergoing a significant transformation, with most companies trapped in a price war, while Geely Auto stands out by adopting a differentiated approach focused on innovation and value creation [2][3][20]. Financial Performance - Geely Auto reported total revenue of 150.3 billion, a historical high with a year-on-year increase of 27% - Core net profit reached 6.66 billion, up 102% year-on-year - Total sales reached 1.4092 million units, a 47% increase year-on-year, achieving a market share of over 10% for the first time [2]. Strategic Positioning - Geely Auto firmly opposes the trend of "involution" in the industry, emphasizing long-termism and sustainable growth over short-term sales targets [3]. - The company is committed to a value-driven competition strategy, focusing on technology, quality, service, and ethical business practices [3][20]. Technological Innovation - Geely has made significant advancements in AI technology, establishing a comprehensive AI layout in the automotive sector, including the deployment of the Xingrui AI model and a powerful computing center [6]. - The company has developed industry-leading safety features and systems, achieving high safety ratings in global assessments [9][12]. Product Development and Market Strategy - Geely's product strategy is user-centric, with a diverse product matrix that includes high-end fuel vehicles and a growing range of electric models [16][17]. - The company has seen substantial growth in both traditional fuel vehicles and new energy vehicles, with a 126% year-on-year increase in new energy sales [16]. Global Expansion - Geely's global strategy has yielded results, with over 180,000 vehicles exported in the first half of 2025, and a 120% increase in new energy exports [19][20]. - The company emphasizes "technology export rather than simple product trade," aligning its global strategy with its domestic market approach [20]. Strategic Integration - Geely is implementing a strategic integration approach, consolidating its brands and technologies to enhance operational efficiency and reduce costs [14][15]. - The merger of Zeekr and Lynk & Co is expected to strengthen Geely's competitive position across various market segments [13].

8月14日，在吉利汽车（00175.HK）2025年中期业绩发布会上，吉利汽车控股有限公司行政总裁及执行 董事桂生悦表示，8月初，极氪提前预告产品改款和升级计划，并公布了在售车型的限时权益政策。据 统计，这一公告得到了广泛好评，用户都是通情达理的，只要我们充分把知情权与选择权交给用户，把 用户的感受置于短期利益之上，才能令品牌深入人心，对品牌建设具有重要意义。 ...

Core Insights - Geely Automobile reported a revenue of 150.3 billion yuan for the first half of the year, a year-on-year increase of 27% [1] - The net profit attributable to shareholders reached 9.29 billion yuan, with a core net profit of 6.66 billion yuan, reflecting a significant growth of 102% [1] - Total sales volume reached 1.409 million units, a 47% increase year-on-year, with a market share surpassing 10% for the first time [1] - New energy vehicle sales amounted to 725,000 units, marking a 126% increase [1] Brand Development - The company emphasizes the importance of user experience and the psychological aspects of car ownership, acknowledging past shortcomings in brand communication [2] - Geely has started to improve its communication strategies, such as announcing product upgrades and limited-time benefits for existing models, which received positive feedback from users [2] Export Performance - Despite overall sales growth, export volume declined by 8% year-on-year, indicating a lag compared to domestic competitors [3] - The company has restructured its overseas operations and established a responsive system to enhance market research and product availability, anticipating significant export growth in the second half of the year [3] Average Selling Price - The average selling price per vehicle decreased by 14,000 yuan, contributing to a 0.3 percentage point decline in overall gross margin, despite a doubling of profits [3] - The decline in average selling price is attributed to increased sales of the more affordable Galaxy brand and a slowdown in the high-end luxury market [3] - The company expects improvements in average selling price and gross margin with the upcoming launches of higher-priced models [3]

新浪科技讯 8月14日晚间消息，在今日的吉利汽车2025年中期业绩发布会上，吉利汽车控股有限公司行 政总裁及执行董事桂生悦表示，8月初，极氪提前预告产品改款和升级计划，并公布了在售车型的限时 权益政策。据统计，这一公告得到了新老用户普遍好评，用户都是通情达理的，只要我们充分把知情权 与选择权交给用户，把用户的感受置于短期利益之上，才能令品牌深入人心，对品牌建设具有重要意 义。 责任编辑：何俊熹 ...

格隆汇8月14日｜吉利汽车(0175.HK)2025年中期业绩发布会8月14日在杭州召开。吉利汽车控股有限公 司行政总裁及执行董事桂生悦表示，为解决多品牌协同障碍、杜绝重复投资、优化资源配置，吉利管理 层于今年初果断决策，推动旗下两家上市公司(吉利汽车与极氪)合并为单一实体。目前整合稳步推进， 若极氪、吉利汽车股东大会顺利通过，交割工作有望于年底前落实。 桂生悦强调，此次战略合并对吉利汽车未来发展具有里程碑意义，在新能源汽车行业深度调整的背景 下，唯有通过彻底整合，才能最大化激发协同效应，推动"一个吉利"迈向全新发展阶段，只有大合并才 能让"一个吉利"走向新的辉煌。 ...

Core Insights - Geely Auto announced a strategic merger of its two listed entities, Geely Auto and Zeekr, to enhance resource allocation and eliminate redundant investments [1] - The merger is seen as a milestone for Geely's future development, especially in the context of significant adjustments in the electric vehicle industry [1] - The management aims to maximize synergies through this consolidation, positioning "One Geely" for a new phase of growth [1] Company Strategy - The decision to merge was made early this year to address collaboration barriers among multiple brands [1] - The integration process is progressing steadily, with expectations for completion by the end of the year, pending shareholder approval [1] Industry Context - The merger is positioned as a response to deep adjustments within the electric vehicle sector, indicating a strategic shift in the industry landscape [1] - The management emphasizes that only through a comprehensive merger can Geely achieve new heights and significant growth [1]