Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a strong sales performance in August 2025, with total sales of 250,000 units, representing a year-on-year increase of 38.0% and a month-on-month increase of 5.2%. Cumulative sales from January to August 2025 reached 1.897 million units, up 47.3% year-on-year. 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. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4][6]. Summary by Sections Sales Performance - In August 2025, Geely's sales reached 250,000 units, with new energy vehicle sales hitting a record high of 147,000 units, reflecting a year-on-year growth of 95.2% and a month-on-month increase of 13.2%. The new energy vehicles accounted for 58.9% of total sales, up 17.2 percentage points year-on-year [2][4][6]. Brand Strategy - Geely plans to launch 10 new energy models in 2025, with the Galaxy brand expected to introduce five new models and several facelifts. The company is also enhancing its smart driving capabilities, with new products featuring advanced driving solutions [6]. Financial Outlook - The company is projected to achieve a net profit of 16.1 billion (including exchange rate impacts) in 2025, with a corresponding price-to-earnings ratio of 11X. The strong new vehicle cycle is anticipated to provide significant profit elasticity [6].

Core Points - Geely Automobile Holdings Limited has officially passed the ordinary resolution regarding the privatization of Zeekr at a special shareholder meeting held on September 5, 2025 [2] - The resolution received 2,282,375,159 votes in favor, accounting for 95.14%, while 116,609,273 votes were against, representing 4.86% [2] - The approval of the resolution indicates a significant step in the privatization process of Zeekr, aligning with the best interests of the company and all shareholders [2] Voting Details - A total of 10,118,052,286 shares were issued by Geely Automobile, with 10,086,615,033 shares recorded in the company's shareholder register [2] - Independent shareholders holding 5,881,723,833 shares had the right to attend the special meeting and vote on the resolution [2] - The resolution was passed as it received more than 50% of the votes in favor [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has revised and released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking the successful completion of the third phase of fee rate reform in the public fund industry. This reform is expected to save investors approximately 30 billion yuan annually based on average data from the past three years [1][8][7] - The third phase of the fee rate reform follows two previous phases that reduced management fees, custody fees, and trading commissions for public funds. Cumulatively, the three phases are projected to save investors over 50 billion yuan each year [1][8][7] - The CSRC has also approved the launch of a direct sales service platform for institutional investors in the public fund industry, which aims to enhance the efficiency and reduce the operational costs of traditional direct sales [8][7] Group 2 - Geely Automobile announced that its shareholders approved the privatization proposal for Zeekr Intelligent Technology Co., Ltd. with a high approval rate of 95.14%. The merger is expected to be completed by the end of 2025 [1][20] - The privatization of Zeekr is significant as it represents a deepening collaboration between Geely and Zeekr, which is crucial for Geely's strategy in the smart vehicle sector [20] Group 3 - The Shenzhen Municipal Housing and Construction Bureau and the People's Bank of China have jointly issued a notice to optimize and adjust real estate policies, effective from September 6, 2025. The measures include adjustments to housing purchase policies for residents and enterprises, as well as personal housing credit policies [2][12] - The international gold price has reached a new high, with spot gold rising by 1.15% to $3586 per ounce, while COMEX gold futures increased by 0.92% to $3639.8 per ounce [4][5] Group 4 - The European Commission has imposed a fine of €29.5 billion on Google for abusing its dominant position in the advertising technology market, which has harmed competition [24] - TikTok has announced that it has surpassed 200 million monthly active users in Europe, reflecting its strong growth and influence in the social media landscape [24]

Core Viewpoint - Geely Automobile reported strong sales and revenue growth in August 2025, indicating a positive trend in the company's performance and market position [1] Sales Performance - In August 2025, Geely's wholesale sales reached 250,000 units, a year-on-year increase of 38% and a month-on-month increase of 5.2% [1] - Domestic sales accounted for 214,000 units, up 58% year-on-year, while exports were 36,000 units, down 22% year-on-year [1] - The Galaxy brand showed significant growth, with sales of 111,000 units in August, a year-on-year increase of 320% [1] Financial Performance - For the first half of 2025, Geely achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, and a core net profit of 6.7 billion yuan, up 100% year-on-year [1] - In Q2 2025, the company reported revenue of 77.8 billion yuan, a year-on-year increase of 28%, and a net profit of 3.6 billion yuan, up 19 billion yuan year-on-year [1] Strategic Developments - Geely is advancing its electric and intelligent transformation, with new models set to launch, including the Galaxy M9 and Lynk & Co 10 EM-P [1] - The company has raised its 2025 sales target from 2.71 million to 3 million units, reflecting confidence in its growth trajectory [1] - The integration of Geely, Galaxy, Lynk & Co, and Zeekr brands is expected to enhance cost efficiency and drive profitability [1] Future Outlook - The company forecasts total sales of 3.02 million, 3.4 million, and 3.96 million units for 2025-2027, representing year-on-year growth of 53%, 13%, and 16% respectively [1] - Geely's long-term strategy includes building an AI ecosystem through industry chain integration, which is anticipated to enhance competitiveness and business model [1] Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted upwards to 353.5 billion, 449.7 billion, and 530.1 billion yuan, reflecting year-on-year growth of 47%, 27%, and 18% [2] - The net profit estimates have also been revised to 16 billion, 21.8 billion, and 26.6 billion yuan, corresponding to a PE ratio of 10.8, 7.9, and 6.5 [2] - The target price is set at 26.04 HKD, indicating a potential upside of 39%, maintaining a "strong buy" rating [2]

Core Viewpoint - Geely Automobile Holdings Limited has successfully passed the privatization proposal for Zeekr Intelligent Technology Co., Ltd. with a high approval rate of 95.14% at a special shareholder meeting, marking a significant step in the implementation of the "One Geely" strategy [1] Group 1 - The approval of the privatization proposal follows the formal merger agreement signed on July 15, indicating a commitment to internal resource integration and efficiency [1] - The high support from minority shareholders reflects confidence in the "One Geely" strategy and the potential for long-term shareholder value creation post-merger [1] - The merger will enable Geely to leverage Zeekr's leading position in the global luxury electric vehicle market, enhancing its technological, product, supply chain, manufacturing, marketing, and international resources [1] Group 2 - Post-merger, Geely will achieve comprehensive coverage of mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen fuel cell vehicles [1] - The successful privatization of Zeekr marks the final phase of the "One Geely" initiative, laying a solid foundation for building cost advantages, enhancing brand competitiveness, and increasing global market influence [1]

Group 1 - The core point of the article is that Geely Automobile Holdings Limited's shareholders approved the privatization of Zeekr Intelligent Technology Co., Ltd. with a high voting rate of 95.14% [1] - Geely's executives indicated that the "major merger" between Geely and Zeekr is expected to be completed by the end of 2025 [1]

Core Insights - Geely Automobile held a special shareholders' meeting on September 5, where independent shareholders approved the Zeekr privatization proposal with a high voting rate of 95.14% [2] - The approval of this proposal marks a significant step in Geely's implementation of its "One Geely" strategy, following the formal merger agreement signed with Zeekr on July 15 [2]

Core Viewpoint - Geely Automobile Holdings Limited has successfully passed the privatization proposal for Zeekr Intelligent Technology Co., Ltd. with a high approval rate of 95.14% from independent shareholders, marking a significant step in the implementation of its "One Geely" strategy following the formal merger agreement signed on July 15 [1] Group 1 - The special shareholder meeting was held on September 5 [1] - The privatization proposal for Zeekr was approved by independent shareholders [1] - The approval rate for the proposal was 95.14% [1] Group 2 - The merger agreement between Geely and Zeekr was signed on July 15 [1] - The approval of the privatization proposal signifies progress in Geely's strategic initiatives [1]

Group 1 - Geely Automobile Holdings Limited held a special shareholder meeting on September 5, where independent shareholders approved the privatization proposal of Zeekr Intelligent Technology Co., Ltd. with a high voting rate of 95.14% [1] - The approval of the proposal marks a significant step in Geely Automobile's implementation of the "One Geely" strategy, following the formal merger agreement signed with Zeekr on July 15 [1]

Group 1 - Geely Automobile Holdings Limited held a special shareholder meeting on September 5, where independent shareholders approved the privatization proposal of Zeekr Intelligent Technology Co., Ltd. with a high voting rate of 95.14% [2] - Geely's executives indicated that the "major merger" between Geely and Zeekr is expected to be completed by the end of 2025 [2]