Core Viewpoint - Geely Automobile is nearing the completion of its major integration, with over 70% of Zeekr shareholders opting for stock exchange, indicating strong market confidence in the long-term value of the integrated company [1][2]. Group 1: Transaction Details - Each share of Zeekr can be exchanged for $2.687 in cash or 1.23 shares of Geely, while each American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely [2]. - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, leading to the issuance of 777 million shares by Geely [2]. - The cash compensation option was selected by about 29.2% of eligible shareholders, resulting in a total cash payment of approximately $701 million by Geely [2]. Group 2: Strategic Significance - The merger allows Geely to cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [3]. - The strategic merger is expected to enhance technological synergies, with Zeekr's advanced technologies benefiting Geely's other brands, thereby increasing product competitiveness [3]. - The integration is projected to conclude by December 29, 2025, with anticipated benefits in market coverage, profitability, and resource synergy [3]. Group 3: Financial Performance - Following the merger, Geely is expected to accelerate its high-end upgrade, potentially increasing gross margins and per-vehicle profits, particularly with strong performance from high-end models [4]. - Geely's gross margin for Q3 was 16.6%, up 0.2 percentage points from the previous half, with core net profit per vehicle rising to 5,200 yuan, an increase of 500 yuan [4]. Group 4: Operational Efficiency - The integration aims to optimize resource utilization and enhance operational efficiency, with management expenses decreasing to 1.8% and R&D expenses to 6.1% by Q3 2025 [5]. - Geely's cumulative sales reached 2.7878 million units by November 2025, a 42% year-on-year increase, indicating strong sales momentum [5]. Group 5: AI Integration - Geely is advancing its integration of AI technology across various domains, launching the industry's first "full-domain AI" technology system for smart vehicles [7]. - The company has established a "Smart Car Computing Alliance" to enhance computing power, with a total computing capacity exceeding 23.5 EFLOPS [7]. - Geely has accumulated 10 terabytes of token data and 40 billion automotive vertical data, supporting its AI initiatives [7]. Group 6: Future Outlook - Geely aims to transform into a leading robotics company, with each vehicle serving as a connection point to the AI universe [9].

一笔涉及7.77亿股新股与7.01亿美元现金的私有化对价，迎来落槌。12月9日，吉利汽车控股有限公司 （0175.HK，以下简称"吉利汽车"）发布公告，公布极氪智能科技控股有限公司（NYSE：ZK，以下简 称"极氪"）私有化交易中持有人对价选择的最终结果和落地方案。这场备受瞩目的内部整合至此尘埃落 定，这也标志着回归"一个吉利"进入收官阶段。 根据规划，吉利汽车与极氪的合并交易于12月29日或之前完成。从今年5月发布公告，到7月签署协议、 9月双方股东大会高票通过、11月下旬对价选择截止，再到如今对价选择尘埃落定，整个流程不足八个 月，这也直接体现了吉利汽车整合步伐的稳健而迅速。 随着合并交易的完成，吉利汽车也将实现对主流、中高端与豪华三大细分市场的全面覆盖。届时，一个 更具综合技术合力、成本优势、全球竞争力的全新吉利汽车，正呼之欲出。 七成极氪股东选择换股 众所周知，在任何的私有化交易中，股东选择持股或套现退出，这实质上都是对公司未来价值预期的一 次抉择与定价。此次，吉利汽车为极氪设计了"现金+股票"混合对价方案。 从对价结果来看，极氪合资格持有人的选择呈现出明显的"长期主义"倾向，有70.8%的持有人选择 ...

Core Insights - Geely Automobile Holdings Limited has announced the final results of the privatization transaction for Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [2][4] Group 1: Shareholder Decisions - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [2][3] - The remaining 29.2% of eligible shareholders chose cash consideration, leading to a total cash payment of approximately $701 million [2][3] - The decision of over 70% of shareholders to choose stock over cash indicates a strong preference for long-term value investment, significantly higher than typical privatization transactions [3] Group 2: Strategic Integration - The completion of the share consideration selection signifies the final execution phase of the merger between Geely and Zeekr, which has been progressing since the "Taizhou Declaration" in September 2024 [4] - The merger aims to leverage Zeekr's high-end electric vehicle technology and Geely's scale in the mainstream market, creating synergies across R&D, supply chain, and manufacturing [4][6] Group 3: Financial Performance - Geely's revenue for the first three quarters of 2025 reached 239.5 billion yuan, a 26% year-on-year increase, with a core net profit of 10.62 billion yuan, up 59% [6] - The company reported total cash of 60.1 billion yuan and net cash of 45.2 billion yuan as of the end of September, providing ample liquidity to cover the cash consideration and support future R&D and global expansion [6] Group 4: Valuation Shift - As the merger nears completion, the market's valuation logic for Geely is shifting from a traditional automotive manufacturing model to one that incorporates technology and brand premiums [7] - Zeekr's high-end positioning is expected to elevate Geely's overall brand value, with average vehicle prices for Zeekr models exceeding 300,000 yuan, compared to 180,000 yuan for Lynk & Co and 120,000 yuan for Geely's mainstream models [7] - The merger is viewed as a starting point for Geely's valuation reformation, transitioning from a traditional car manufacturer to a smart technology group [7]

Core Viewpoint - Geely Automobile Holdings Limited is finalizing the privatization of Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [1] Group 1: Privatization Details - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [3] - About 29.2% of eligible Zeekr shareholders chose or are deemed to have chosen cash consideration, leading to a total cash payment of approximately $701 million by Geely [3] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely, while each Zeekr American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely [3] Group 2: Strategic Implications - The merger is expected to be completed by December 29, 2025, allowing Geely to leverage Zeekr's position in the global luxury electric vehicle market [3] - Post-merger, Geely aims to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [3] - The merger is anticipated to enhance Geely's cost advantages, brand competitiveness, and global market influence [4] Group 3: Financial Performance - For the first three quarters of 2025, Geely reported revenue of 239.5 billion yuan, a year-on-year increase of 26% [4] - Core net profit attributable to shareholders reached 10.62 billion yuan, reflecting a 59% year-on-year growth [4] - As of September 30, 2025, Geely's total cash level was 60.1 billion yuan, with a net cash level of 45.2 billion yuan, ensuring ample cash reserves for long-term development [4]

Core Viewpoint - Geely Automobile has made significant progress in the privatization transaction of Zeekr Intelligent Technology Holdings, marking an important step in the implementation of the "One Geely" strategy, with the merger expected to be completed by December 29 [1][5]. Group 1: Merger Details - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, while about 29.2% opted for cash compensation [2]. - Geely will issue approximately 777 million shares to shareholders choosing stock, granting them equal rights including dividends, voting rights, and capital returns [2]. - For those opting for cash, Geely will pay a total of approximately $701 million, with each Zeekr share convertible to $2.687 in cash or 1.23 shares of Geely stock [2]. Group 2: Strategic Implications - The merger aligns with Geely's "One Geely" strategy, which aims for comprehensive integration and optimization of its business segments, as outlined in the "Taizhou Declaration" [5]. - Following the privatization of Zeekr, Geely will cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [5]. - Geely aims to leverage Zeekr's position in the global luxury electric vehicle market, integrating its high-performance and intelligent features with Geely's established market presence [5]. Group 3: Financial Performance - For the first three quarters of 2025, Geely reported revenue of 239.5 billion yuan, a year-on-year increase of 26%, and a core net profit of 10.62 billion yuan, up 59% year-on-year [6]. - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan [6].

Core Viewpoint - Geely Automobile has made significant progress in the privatization of Zeekr, marking the final stage of its "One Geely" strategy, with the merger expected to be completed by December 29 [5][11]. Summary by Sections Privatization Details - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, while about 29.2% opted for cash compensation [7]. - Geely will issue approximately 777 million shares to shareholders choosing stock, granting them equal rights including dividends and voting [7]. - For those opting for cash, Geely will pay a total of approximately $701 million, with each Zeekr share convertible to $2.687 in cash or 1.23 shares of Geely [8]. Strategic Implications - The completion of the merger will allow Geely to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [11][12]. - Zeekr is positioned as a global luxury tech brand, while Lynk & Co targets the global high-end new energy market, and Geely Galaxy and China Star focus on mainstream branding [12]. Financial Performance - In the first three quarters of 2025, Geely achieved revenue of 239.5 billion yuan, a year-on-year increase of 26%, and a core net profit of 10.62 billion yuan, up 59% [13]. - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan [13].

Core Insights - Geely Automobile Holdings Limited has announced the final results and implementation plan for the privatization transaction of Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" initiative [2][3] Summary by Sections Privatization Transaction - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely Automobile [2] - About 29.2% of eligible shareholders chose or are considered to have chosen cash consideration, leading to a total cash payment of approximately $701 million [2] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely Automobile, while each Zeekr American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely Automobile [2] Merger Completion and Strategic Goals - The merger between Geely Automobile and Zeekr is expected to be completed by December 29, 2025 [3] - Post-merger, Geely aims to leverage Zeekr's leading position in the global luxury electric vehicle market, enhancing its capabilities across technology, products, supply chain, manufacturing, marketing, and international resources [3] - Geely will cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [3] Financial Performance and Strategic Initiatives - Geely's business operations have shown continuous growth, with a revenue of 239.5 billion yuan for the first three quarters of 2025, a 26% year-on-year increase [4] - Core net profit attributable to shareholders reached 10.62 billion yuan, reflecting a 59% year-on-year growth, indicating significant improvement in profitability [4] - As of September 2025, Geely's total cash level stood at 60.1 billion yuan, with a net cash level of 45.2 billion yuan, showcasing robust cash flow [4] - The completion of the merger will solidify Geely's cost advantages, enhance brand competitiveness, and strengthen its global market influence [4]

Core Viewpoint - Geely Automobile Holdings Limited is progressing towards the completion of its privatization transaction with Zeekr Intelligent Technology Holdings Limited, marking a significant step in its strategy to consolidate operations and enhance market competitiveness [1] Group 1: Privatization Transaction Details - Approximately 70.8% of eligible Zeekr holders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr holders chose or are deemed to have chosen cash consideration, leading to a total cash payment of approximately $701 million by Geely Automobile [1] Group 2: Strategic Implications - The merger transaction is expected to be completed by December 29, 2025, which will establish a solid foundation for Geely Automobile to build cost advantages and enhance brand competitiveness [1] - Geely Automobile aims to achieve comprehensive coverage across mainstream, mid-to-high-end, and luxury segments, creating a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen fuel cell vehicles [1] - The company is focused on strengthening its smart manufacturing and technological innovation capabilities, with a commitment to improving profitability and delivering long-term returns to shareholders [1]

12月9日，吉利汽车控股有限公司(0175.HK，以下简称"吉利汽车")发布公告，公布极氪智能科技控股有 限公司(NYSE:ZK，以下简称"极氪")私有化交易中持有人对价选择的最终结果和落地方案，标志着回 归"一个吉利"进入收官阶段。 受《台州宣言》战略指引，吉利汽车经营业务持续增长，经营效率显著提升，现金流稳健充足，不断释 放"一个吉利"体系化协同效应。财报显示，2025年前三季度，吉利汽车实现营业收入2395亿元，同比增 长26%；核心归母净利润106.2亿元，同比增长59%，盈利能力显著提升；管理费用率、销售费用率、研 发费用率均实现效率提升。截至2025年9月末，吉利汽车总现金水平达601亿元，净现金水平达452亿 元，为长期发展做好充裕现金储备。 伴随合并对价正式落地，回归"一个吉利"即将全面收官，这将为吉利汽车构建卓越成本优势、提升品牌 矩阵竞争力、增强全球市场影响力奠定坚实基础。 选择股份对价的极氪持有人占合资格极氪持有人约70.8%，吉利汽车将为其配发及发行共计777,228,611 股对价股份。该对价股份与吉利汽车已发行股份享有同等权利，包括股息分配、投票权和资本回报等。 选择或被视为选择现 ...

Core Viewpoint - Geely Automobile (0175.HK) announced the results of the privatization transaction for Zeekr Intelligent Technology Holdings Co., Ltd. (NYSE: ZK), indicating a significant step towards the completion of the "One Geely" strategy [1] Group 1: Privatization Transaction Details - Approximately 70.8% of eligible Zeekr holders opted for share consideration, leading to the issuance of a total of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr holders chose or are considered to have chosen cash consideration, resulting in a total cash payment of approximately $701 million by Geely Automobile [1] Group 2: Strategic Implications - The merger transaction between Geely Automobile and Zeekr is expected to be completed by December 29, 2025, which will establish a solid foundation for Geely to enhance cost advantages, brand competitiveness, and global market influence [1] - Geely aims to achieve comprehensive coverage across mainstream, mid-to-high-end, and luxury segments, forming a diverse power system that includes "fuel, pure electric, plug-in hybrid, and hydrogen fuel cell" [1] - The company is focused on strengthening its smart manufacturing and technological innovation capabilities, with a commitment to improving profitability and delivering long-term returns to shareholders [1]