智通财经2025-09-05 22:49:26 合并后，吉利汽车依托旗下豪华科技品牌极氪在全球豪华新能源市场的领先地位，融合其高性能、智能 化与全球化优势，结合自身在主流市场的深厚根基，全面协同技术、产品、供应链、制造、营销及国际 化资源。至此，吉利汽车将实现对主流、中高端与豪华三大细分市场的全面覆盖，形成"燃油+纯电+插 混+醇氢电动"多元动力体系，进一步强化智能制造与科技创新能力。 随着极氪私有化的高票通过，"一个吉利"的全面回归进入收官阶段，为集团构建卓越成本优势、提升品 牌矩阵竞争力、增强全球市场影响力奠定坚实基础。 本 期 编 辑 邹姗 李伟伟/橙柿互动 9月5日，吉利汽车控股有限公司（0175.HK，以下简称"吉利汽车"）召开股东特别大会，独立股东以 95.14%的高票率通过极氪智能科技有限公司（NYSE：ZK，以下简称"极氪"）私有化议案。该议案获 批，标志着吉利汽车继7月15日与极氪签署正式合并协议后，落实"一个吉利"战略迈出坚实一步。 在《台州宣言》战略指引下，吉利汽车坚定推进内部资源整合与高效融合，杜绝冗余投入，全面提升集 团整体合力。此次股东大会获得高票支持，充分彰显中小股东对"一个吉利 ...

9月5日，吉利汽车控股有限公司（0175.HK，以下简称吉利汽车）召开股东特别大会，独立股东以 95.14%的高票率通过极氪智能科技有限公司（NYSE:ZK，以下简称极氪）私有化议案。该议案获批， 标志着吉利汽车继7月15日与极氪签署正式合并协议后，落实"一个吉利"战略迈出坚实一步。 ...

Group 1 - Zeekr (ZK.US) shares rose approximately 1.7% to $29 in pre-market trading [1] - In August, Zeekr and Lynk & Co. brands delivered a total of 44,843 vehicles, representing a year-on-year increase of 10.6%, marking the sixth consecutive month of sales exceeding 40,000 units [1] - Waymo announced the deployment of Jaguar I-Pace SUVs and Zeekr vans in Denver and Seattle, with initial operations involving human drivers before transitioning to autonomous driving system testing [1]

Sales Performance - Geely Automobile reported a total sales of 1.8971 million vehicles in the first eight months of 2025, representing a year-on-year increase of 47% [4] - In August 2025, Geely sold 250,200 vehicles, marking a 38% year-on-year growth [4] - The sales breakdown shows Geely brand sold 1.5632 million vehicles (up 57%), Zeekr sold 125,300 vehicles (up 3%), and Lynk & Co sold 208,600 vehicles (up 23%) in the first eight months [4] Electric Vehicle Sales - In the first eight months, Geely sold 694,200 pure electric vehicles and 308,400 plug-in hybrid vehicles, with respective year-on-year growth of 162% and 63% [4] - In August alone, Geely sold 93,400 pure electric vehicles and 54,000 plug-in hybrid vehicles, with year-on-year growth of 98% and 90% [4] Financial Performance - Geely's revenue for the first half of 2025 reached 150.28 billion yuan, a 27% increase year-on-year, achieving a historical high [4] - The net profit for the same period decreased by 14% to 9.29 billion yuan, attributed to a previous asset sale involving Renault [5] - Core net profit, excluding non-core losses, was 6.66 billion yuan, up 102% year-on-year, with a gross profit margin of 16.4% [5] Market Position and Future Outlook - Geely's market share gap with the leading automaker has narrowed to within 4 percentage points, with expectations of further improvement [5] - Geely plans to launch five hybrid models in the second half of 2025, aiming for an annual sales target of 3 million vehicles [6] - Zeekr's monthly sales have exceeded 40,000 units for six consecutive months since 2025 [3][8] Zeekr's Performance - Zeekr's total sales reached 333,900 vehicles in the first eight months of 2025, with a year-on-year increase of 14.61% [7] - In August 2025, Zeekr sold 44,800 vehicles, reflecting a year-on-year growth of 10.61% [7] - Zeekr's second-quarter revenue for 2025 was 27.431 billion yuan, with a gross margin of 20.6%, marking a historical high [8] Mergers and Acquisitions - Geely is in the process of acquiring the remaining shares of Zeekr, which will become a wholly-owned subsidiary [7] - The acquisition is expected to be completed by the end of 2025, pending shareholder approvals [7]

Core Viewpoint - Zeekr Group reported strong delivery results for August 2025, showcasing growth in vehicle deliveries across its brands, Zeekr and Lynk & Co, driven by a solid user base [2][3]. Delivery Results - In August 2025, Zeekr Group delivered a total of 44,843 vehicles, marking a year-over-year increase of 10.6% and a month-over-month increase of 1.5% [2]. - The Zeekr brand accounted for 17,626 vehicle deliveries, while Lynk & Co delivered 27,217 vehicles [2]. User Base - The delivery achievements were supported by the trust and support of over 2 million cumulative users [2]. Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group, with a focus on creating a fully integrated user ecosystem [3]. - The company operates two brands, Lynk & Co and Zeekr, and is committed to innovation, equality, diversity, and sustainability [3]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain to enhance its market position [3].

Core Viewpoint - Geely Automobile has demonstrated strong performance in the first half of 2025, with significant revenue growth and a notable increase in core net profit, despite challenges in net profit due to foreign exchange losses and other factors [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 150.28 billion RMB, a year-on-year increase of 26.5%, marking a historical high [1]. - Net profit attributable to shareholders was 9.29 billion RMB, down 13.9% year-on-year; however, core net profit, excluding foreign exchange gains and other one-time items, was 6.66 billion RMB, up 102% year-on-year [1]. - In Q2 alone, the company achieved revenue of 77.79 billion RMB, with year-on-year and quarter-on-quarter increases of 28.4% and 7.3%, respectively [1]. - The overall gross margin slightly decreased by 0.3 percentage points to 16.4%, attributed to the increased sales of economical new energy vehicles and intensified industry price competition [1][2]. Cost Management - Selling and administrative expense ratios decreased by 1.0 and 0.7 percentage points to 5.6% and 1.9%, respectively, indicating effective scale effects and channel integration [2]. - R&D investment decreased by 8.6% to 8.35 billion RMB, primarily focused on new energy and intelligent technology, with an R&D expense ratio down by 1.1 percentage points to 6.6% [2]. - Despite a decrease in average selling price by 14,000 RMB to 96,000 RMB, the core net profit per vehicle increased by 37% to 4,724 RMB [2]. Sales Performance - Total sales volume reached 1.409 million vehicles, a year-on-year increase of 47.4%, significantly outpacing the domestic passenger vehicle industry's growth of 13% [2]. - New energy vehicle sales surged to 725,000 units, up 126.5%, accounting for 51.5% of total sales [2]. - The company has raised its sales target for the year to 3 million vehicles, increasing the growth rate forecast from 25% to 38% [2]. International Expansion - The company exported 184,000 vehicles, a decrease of 7.7% year-on-year, primarily due to challenges in the Eastern European market; however, new energy vehicle exports increased by 146% to 40,000 units [3]. - Geely has established five overseas regions to accelerate its international strategy, focusing on organizational structure, resource allocation, after-sales service, and product planning [3]. Strategic Moves - Geely announced plans to privatize Zeekr (ZK.N), making it a wholly-owned subsidiary, which is part of its strategy to streamline operations and enhance synergies among its brands [3][4]. - The company plans to launch 10 new models in 2025, with positive market feedback for recently launched models indicating strong potential for future sales [4]. Investment Outlook - Based on the latest financial data and projections, the company has adjusted its EPS estimates for 2025, 2026, and 2027 to 1.537, 1.852, and 2.320 RMB, respectively [5]. - The target price has been adjusted to 24.3 HKD, corresponding to projected P/E ratios of 14.4, 12, and 9.6 for 2025, 2026, and 2027 [5].

Core Viewpoint - Geely Auto is progressing towards the legal merger with Zeekr, with the completion of the acquisition expected by the end of the year, following shareholder approvals [1][2] Group 1: Merger Details - Geely Auto will acquire the remaining 34.3% of Zeekr shares at a price of $2.687 per share, which could cost Geely up to $2.4 billion [1] - Most Zeekr investors are opting for stock exchange rather than cash, indicating confidence in the merged entity [1] - After the merger, Zeekr will become a wholly-owned subsidiary of Geely and will delist from the NYSE [1] Group 2: Strategic Integration - The merger aligns with Geely's "One Geely" strategy aimed at enhancing scale and reducing costs during industry consolidation [2] - Zeekr's independent R&D departments are being integrated into Geely's central research institute, with previous teams already merged [2] - The integration is expected to lead to significant cost savings in R&D and procurement, potentially saving billions annually [5] Group 3: Performance and Market Position - Zeekr's sales have stagnated, with a 3% year-on-year increase in the first half of the year, while the overall EV market grew by 33.3% [5] - Geely's total sales reached 1.409 million units in the first half of the year, a 47% increase, with a market share surpassing 10% [6] - Geely has adjusted its annual sales target upwards by 11% to 3 million units, indicating strong market performance [6]

Core Insights - Zeekr (ZK.US) shares rose nearly 3% to $31.41 following the release of its Q2 financial report [1] Financial Performance - The company achieved total revenue of 27.431 billion yuan in Q2, with vehicle sales revenue reaching 22.916 billion yuan [1] - The comprehensive gross margin was 20.6%, an increase of 2.6 percentage points year-over-year [1] - The vehicle gross margin stood at 17.3%, reflecting a year-over-year increase of 5.8 percentage points [1] - Net loss narrowed to 287 million yuan, a reduction of 88.8% year-over-year and 62.4% quarter-over-quarter [1] Delivery Metrics - In the first half of the year, the company delivered a total of 244,877 new vehicles, marking a year-over-year growth of 14.5% [1]

智通财经APP获悉，周二，极氪(ZK.US)涨近3%，报31.41美元。极氪发布的二季度财报显示，公司实现 总营收274.31亿元，其中整车销售收入达229.16亿元。二季度公司财务表现创下多项历史新高。综合毛 利率达20.6%，同比增长2.6个百分点。整车毛利率为17.3%，同比提升5.8个百分点。净亏损2.87亿元， 同比收窄88.8%，环比收窄62.4%。上半年累计交付新车244877台，同比增长14.5%。 ...

财务数据显示，截至2025年06月30日，极氪收入总额494.5亿人民币，同比减少0.0%；归母净利润-11.12 亿人民币，同比增长77.11%。 资料显示，极氪智能科技控股有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内 实体子公司浙江极氪智能科技有限公司运营。其子公司是一家快速发展的纯电动汽车科技公司。通过开 发和提供下一代优质纯电动汽车和技术驱动的解决方案,公司立志引领汽车行业的电气化、智能化和创 新。公司以独特的定位,以强烈的科技意识、自主研发能力、时尚的设计、高水准的性能和优质的用户 体验,战略引领高端智能纯电动汽车市场。 本文源自：金融界 作者：行情君 8月19日，极氪(ZK)开盘上涨2.1%，截至21:33，报31.15美元/股，成交268.33万美元，总市值79.80亿美 元。 ...