Core Insights - The core strategy of Geely Holding is focused on synergy and integration, aiming for significant cost savings in R&D and procurement, as well as a reduction in management and marketing expenses [2] - The recent acquisition of Zeekr by Geely has garnered strong support from shareholders, indicating a high level of confidence in the company's strategic adjustments [2][3] Financial Performance - In Q1 2025, Geely achieved total revenue of 72.5 billion yuan, a year-on-year increase of 25%, with net profit attributable to shareholders reaching 5.67 billion yuan, up 264% [2] - The total sales volume reached 704,000 units, representing a 48% increase year-on-year, significantly outperforming the industry average [2] - Sales of new energy vehicles (NEVs) were particularly strong, with cumulative sales of 339,000 units from the Galaxy, Zeekr, and Lynk & Co brands, marking a 135% increase [2] Brand Performance - The Galaxy series has entered a rapid growth phase, with Q1 sales nearing 260,000 units, a 214% increase year-on-year [3] - Zeekr achieved total sales of 114,000 units, with a 16.1% increase in vehicle sales revenue and a gross margin of 16.5% [3] - Lynk & Co's Q1 sales reached 73,000 units, a 19% increase, with strong market response to the Lynk 900 model [3] Technological Advancements - Geely is increasing its investment in the new energy sector, having integrated its battery business into a new entity to enhance technological competitiveness [3] - The launch of the "Qianli Haohan" intelligent safety driving system marks a significant advancement in AI and autonomous driving capabilities [5] Global Expansion - In Q1 2025, Geely exported approximately 90,000 vehicles, expanding its global sales network to 86 countries with over 900 service points [5] - The establishment of local production facilities in Egypt, Indonesia, and Vietnam is part of Geely's strategy to enhance brand recognition and reduce trade risks [6] Strategic Integration - The acquisition of Zeekr is a key move in Geely's strategic integration, expected to enhance R&D, management, and marketing efficiency by 15% to 20% [7] - The integration aims to optimize resource allocation across R&D, supply chain, and sales, thereby improving operational efficiency in a rapidly changing market [7]

Core Viewpoint - Geely Auto is integrating Zeekr into its operations to enhance competitiveness in a challenging market environment, emphasizing the need for rapid problem-solving and resource consolidation [2] Group 1: Integration and Management Changes - Geely Auto's CEO, Gan Jiayue, will lead the newly merged entity, while An Conghui, CEO of Zeekr Technology Group, will take over as CEO of Geely Holding Group [2] - The merger aims to improve overall efficiency by over 5%, with R&D, management, and marketing efficiencies expected to reach 15%-20% [2] Group 2: Financial Performance - Zeekr reported a total revenue of 22 billion yuan in Q1, with a significant reduction in net losses by over 60%, achieving a profit of 510 million yuan under Hong Kong accounting standards [3] - The gross margin for complete vehicles was 16.5%, an increase of 3.4 percentage points year-on-year, while the overall gross margin reached a historic high of 19.1% [3] Group 3: Product Launches and Market Reception - Zeekr's new products, including the Zeekr 007GT, have been well-received, with the model achieving 10,000 deliveries in its first month [4] - The Lynk & Co 900 has also seen strong market interest, with over 30,000 pre-orders as of May 15, and its delivery volume surpassing that of other popular six-seat models [4]

Core Insights - Geely Automobile's subsidiary Zeekr reported a total vehicle delivery of 114,011 units in Q1 2025, marking a year-on-year increase of 21.1% [1] - The Zeekr brand delivered 41,403 vehicles, up 25.2% year-on-year, while the Lynk brand delivered 72,608 vehicles, reflecting an 18.9% increase, with 52.4% of deliveries coming from new energy vehicles [1] - Zeekr's automotive sales revenue for Q1 2025 reached RMB 19,096 million, a 16.1% increase compared to Q1 2024 [1] Financial Performance - The automotive profit margin for Q1 2025 was 16.5%, compared to 13.1% in Q1 2024 and 14.3% in Q4 2024 [1] - Zeekr's gross profit for Q1 2025 was RMB 4,213 million, an 18.8% increase from Q1 2024, with a gross profit margin of 19.1% [1] - The profit margin for the Zeekr brand reached a record high of 21.2% in Q1 2025 [2] Strategic Developments - The company achieved a significant milestone in Q1 2025 with the full integration of Zeekr and Lynk, expanding its global user base to over 1.9 million [2] - The CEO highlighted the initial technical integration of the two brands, optimizing R&D and sharing platforms to enhance profitability [2] - The CFO emphasized the strengthening of platform synergies and supply chain management, leading to historic high profitability levels [2]

Financial Performance - In Q1 2025, Geely Automobile achieved revenue of 72.495 billion yuan, a 25% increase from 58.225 billion yuan in the same period last year [2][3] - The net profit attributable to shareholders reached 5.672 billion yuan, up 264% from 1.565 billion yuan year-on-year [2][3] - Total sales volume reached 703,800 units, a 48% increase from 475,700 units in the previous year, marking a historical high for the company [3][4] Brand Performance - The Galaxy brand sold nearly 260,000 units in Q1, a 214% increase, with the Star Wish model achieving over 35,000 monthly sales for two consecutive months [4] - The China Star brand sold 330,000 units, a 10% increase, while Lynk & Co sold 73,000 units, up 19%, with 38,000 of those being electric vehicles [4] - Zeekr delivered 41,000 units, a 25% increase year-on-year [4] Strategic Developments - Geely plans to privatize Zeekr, acquiring all issued shares, which would make Zeekr a wholly-owned subsidiary and lead to its delisting from the NYSE [8] - Following the merger of Zeekr and Lynk & Co, management changes were announced, with Li Donghui becoming Vice Chairman and An Conghui as CEO of Geely Holding Group [8][7] - Zeekr reported a total revenue of 22.019 billion yuan in Q1, with vehicle revenue of 19.096 billion yuan, a 16.1% increase year-on-year [7]

智通财经5月15日电，在吉利汽车一季度业绩会上，吉利汽车行政总裁及执行董事桂生悦表示，公司有 信心完成或超额完成年度销量目标，"随着各项整合的深入进行，吉利汽车将持续提高盈利能力。"数据 显示，2025年一季度，吉利汽车销量达70.38万辆，同比增长48%，约完成全年目标的26%。（智通财经 记者 刘阳） 吉利汽车桂生悦：有信心超额完成全年销量目标 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7]. Core Views - Geely Automobile announced plans to acquire all issued shares of Zeekr at a suggested purchase price of $2.57 per share or $25.66 per American depositary share, aiming for complete integration of Zeekr as a wholly-owned subsidiary [2][5]. - The integration of Zeekr is seen as a positive long-term development for Geely, enhancing brand positioning and internal resource integration, which is expected to lower costs and improve competitiveness [9]. - The company is entering a new product era supported by the GEA architecture, with a strong new vehicle cycle and successful transitions to new energy across its brands [9]. Summary by Sections Acquisition Details - On May 7, 2025, Geely announced its plan to acquire all shares of Zeekr, currently holding approximately 65.7% of the shares [2][5]. - The proposed purchase price represents a premium of about 13.6% over the last trading day’s closing price and a 20% premium over the weighted average price of the last 30 trading days [9]. Financial Performance - Zeekr is expected to contribute positively to Geely's profitability, with Zeekr achieving a quarterly profit of 150 million yuan in Q4 2024 [9]. - Geely's net profit for 2025 is projected to be 16.1 billion yuan, with a corresponding PE ratio of 9.8X [9]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including five new models and several facelifts under the Geely brand [9]. - The company is also focusing on enhancing its smart driving capabilities across its product lines, with significant advancements expected in the upcoming models [9].

Core Viewpoint - Geely Automobile reported significant growth in Q1, with revenue and net profit both increasing year-on-year, particularly a more than twofold increase in net profit, driven by record sales and robust performance in the new energy sector [1][2][7]. Financial Performance - Q1 revenue reached 72.95 billion yuan, a 25% increase from the previous year [2][3]. - Pre-tax profit was 66.83 billion yuan, showing a 324% year-on-year growth [2][3]. - Net profit attributable to shareholders was 56.72 billion yuan, up 264% from 15.60 billion yuan in the same period last year [2][3]. - Gross profit totaled 114 billion yuan, with a gross margin of 15.8% [2][3]. Sales and Market Performance - Total vehicle sales reached 703,800 units in Q1, marking a 48% increase year-on-year and setting a new historical high [7][8]. - New energy vehicle sales, including brands like Geely, Lynk & Co, and Zeekr, amounted to 339,000 units, with the Galaxy brand alone selling 260,000 units, a 214% increase [8][10]. New Energy Business - The new energy business showed significant improvement in profitability, with scale effects contributing to the substantial increase in overall net profit [10]. - R&D expenses for Q1 were 33.28 billion yuan, a 24.6% increase, indicating continued investment in technology [10]. Zeekr Performance - Zeekr, a key subsidiary of Geely, reported a total revenue of 22 billion yuan in Q1, with vehicle sales revenue of 19.1 billion yuan, a 16.1% year-on-year increase [11]. - The gross margin for vehicle sales was 16.5%, up 3.4 percentage points year-on-year, while the overall gross margin reached 19.1%, the highest in history [11][12]. Strategic Developments - Geely completed the acquisition of a controlling stake in Lynk & Co in February, transitioning it from a joint venture to a non-wholly owned subsidiary, enhancing competitive positioning in the luxury and high-end market [14][15][17]. - The acquisition allows for better resource integration and strengthens synergies with Volvo [17]. Challenges - Despite strong performance, Geely faces challenges with net current liabilities increasing to 11.25 billion yuan from 10.82 billion yuan at the end of the previous year [19][20]. - The board believes that this will not significantly impact the company's ongoing operations due to stable cash flow and good relationships with financial institutions [20].

智通财经5月15日电，吉利汽车第一季母公司拥有人应占溢利56.7亿元人民币，同比增264%；第一季收 入725亿元，同比增25%。 ...

Group 1 - The company achieved a record sales volume of 703,800 units for the three months ending March 31, 2025, representing a year-on-year increase of 48% [1] - Revenue for the quarter reached RMB 72.495 billion, reflecting a year-on-year growth of 25% [1] - The profit attributable to the parent company was RMB 5.672 billion, showing a significant year-on-year increase of 264% [1] Group 2 - The new energy vehicle segment experienced strong growth, with sales of the Galaxy brand increasing by 214% year-on-year [1] - The company's total assets amounted to RMB 264.246 billion, a decrease of 2% compared to December 31, 2024 [1] - The equity attributable to the parent company increased by 1% to RMB 87.789 billion [1]

Sales Performance - In Q1 2025, Geely Automobile Holdings achieved a record sales volume of 703,800 units, representing a 48% year-over-year increase from 475,700 units in Q1 2024[6]. - Geely's Galaxy brand saw a remarkable sales increase of 214% year-over-year, highlighting strong growth in the new energy vehicle segment[7]. - In Q1 2025, total deliveries reached approximately 114,000 vehicles, an increase of 21.1% year-over-year[29]. Financial Performance - Revenue for Q1 2025 reached RMB 72.495 billion, a 25% increase compared to RMB 58.225 billion in Q1 2024[6]. - Profit attributable to equity holders of the parent company surged by 264% year-over-year to RMB 5.672 billion, up from RMB 1.560 billion in the same period last year[6]. - Revenue for the period was RMB 21.96 billion, a 1% increase compared to the same period last year (restated)[29]. - Gross profit amounted to RMB 4.13 billion, reflecting a 12% increase year-over-year, with a gross margin of 18.8%, up from 17.0% in Q1 2024[29]. - Net profit for the period was RMB 510 million, a significant improvement from a net loss of RMB 540 million in the same period last year[29]. Assets and Liabilities - The total assets as of March 31, 2025, amounted to RMB 264.246 billion, a decrease of 2% from RMB 270.558 billion as of December 31, 2024[6]. - The total non-current assets increased to RMB 118,897 million as of December 31, 2024, from RMB 104,070 million[23]. - Non-current assets totaled RMB 47.72 billion as of March 31, 2025, compared to RMB 46.71 billion at the end of 2024[31]. - Current liabilities were reported at RMB (74.51 billion) as of March 31, 2025, slightly down from RMB (75.72 billion) at the end of 2024[31]. Research and Development - The company's R&D expenses increased to RMB 3.328 billion in Q1 2025, compared to RMB 2.672 billion in Q1 2024, reflecting a focus on innovation[9]. - The research and development expenses for the three months ended March 31, 2024, were RMB 2,672 million, up from RMB 1,976 million[21]. Equity and Financing - Geely's total equity attributable to equity holders of the parent company increased to RMB 87.789 billion as of March 31, 2025, up from RMB 86.525 billion at the end of 2024[12]. - The company maintains good relationships with multiple financial institutions, ensuring access to backup bank financing and other funding arrangements[15]. - The management has implemented specific plans to improve liquidity, including optimizing the balance sheet structure and accelerating accounts receivable collection[15]. Acquisitions - The company completed the acquisition of a 51% stake in Lynk & Co for a total consideration of RMB 9,000 million, plus accrued interest during the lock-up period[18]. - The registered capital of Lynk & Co increased from RMB 7,500 million to RMB 7,653 million following the subscription of new shares[18]. - The acquisition of Lynk & Co resulted in a revenue increase to RMB 58,225 million for the three months ended March 31, 2024, up from RMB 52,315 million[21].