Core Viewpoint - Geely Auto plans to acquire all issued shares of Zeekr, aiming for full integration and privatization, marking a significant move in the context of Chinese companies returning to domestic markets amid US-China trade tensions [1][5]. Group 1: Acquisition Details - Geely Auto currently holds approximately 65.7% of Zeekr's shares and proposes a purchase price of $2.57 per share or $25.66 per American Depositary Share (ADS), representing a premium of about 13.6% over the last trading day [2]. - The funding for this acquisition will come from issuing new shares, cash reserves, and potentially debt financing if necessary [3]. Group 2: Strategic Implications - Following the acquisition, Geely Auto will manage four major brands: Zeekr, Lynk & Co, Geely Galaxy, and China Star, with Zeekr positioned as a global luxury tech brand [4]. - The integration aims to enhance resource utilization, deepen brand synergy, and improve technological innovation capabilities across the brands [4]. Group 3: Market Context - The privatization of Zeekr is seen as the first significant move in the ongoing discussion about Chinese companies returning to domestic markets, especially in light of recent US-China tariff disputes [5][6]. - The China Securities Regulatory Commission has expressed support for high-quality Chinese companies returning to the domestic and Hong Kong stock markets, indicating a broader trend [6].

在保持品牌独立运营的基础之上，各品牌将在整车机械架构、电子电气架构、智能驾驶、智能辅助驾驶 系统、电驱系统、动力电池及超级电混七大领域的深化协同，打造核心竞争力，从而进一步提升市场份 额，打造全球领先的智能电动汽车集团。 用户价值：技术共享与服务体验的全面升级 此次行动不仅是吉利汽车在战略层面的重要布局，也将为用户带来更多实实在在利益。首先，极氪的先 进技术将向吉利汽车旗下的所有品牌开放，例如极氪的浩瀚架构将为全品牌提供支持，提升产品的整体 性能和用户体验。其次，吉利汽车将统一补能体系，覆盖全场景充电需求，降低用户的补能焦虑。此 外，维修网点的共享也将为用户提供更标准化、更便捷的售后服务体验。未来，随着协同效应的进一步 深化，用户将能够享受到更快的技术迭代和更丰富的生态服务。 新能源与智能化竞争加速，战略整合成为趋势 当前，全球汽车产业正处于深刻的转型期。2024年9月，吉利控股集团面对全球经济新形势和行业竞争 新格局，发布《台州宣言》，明确提出了"战略聚焦、战略整合、战略协同、战略稳健、战略人才"五大 核心举措，正式进入战略转型的新阶段。随后，在《台州宣言》战略指引，吉利汽车进行了一系列整 合，涉及品牌、供 ...

Core Viewpoint - Zeekr Group reported a total of 41,316 vehicle deliveries in April 2025, reflecting a 1.5% month-over-month increase, supported by a user base of over 1.9 million [2]. Group 1: Delivery Results - In April 2025, Zeekr Group delivered 41,316 vehicles, with Zeekr brand contributing 13,727 vehicles and Lynk & Co delivering 27,589 vehicles [2]. - The 1.5% increase in deliveries compared to the previous month indicates a positive growth trend for the company [2]. Group 2: New Product Launches - The Zeekr 7GT, launched on April 15, 2025, features advanced silicon carbide-powered e-motors, achieving 0-100 km/h in 2.95 seconds, showcasing high performance and safety [3]. - Zeekr Group introduced its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show, marking its first hybrid model and aiming for a global launch in Q3 2025 [4]. - The Lynk & Co 900, a large six-seater family SUV, began deliveries on April 28, 2025, with over 40,000 pre-orders since its debut in December [5]. Group 3: Company Overview - Zeekr Group, part of Geely Holding Group, is headquartered in Zhejiang, China, and focuses on creating a fully integrated user ecosystem with innovation as a standard [6]. - The company is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [6].

Core Viewpoint - The article discusses the potential risks of forced delisting of Chinese companies listed in the U.S. and restrictions on U.S. investments in Chinese assets, highlighting the historical context and possible implications for the market [1][2][3]. Group 1: Historical Context of Delisting and Investment Restrictions - The U.S. government previously initiated a delisting crisis for Chinese companies from 2020 to 2022 due to the HFCAA, which required companies to meet PCAOB audit standards [8][11]. - The crisis peaked when 150 Chinese companies were placed on a "pre-delisting" list, leading to an average stock price drop of 60% for 19 tracked companies [11][12]. - Although the delisting risk was mitigated through negotiations, some companies like China Mobile were still forced to delist during the tensions [12]. Group 2: Current Risks and Potential Impacts - Recent statements from U.S. officials suggest the possibility of using the forced delisting of Chinese companies as a negotiation tool, indicating a "black swan" risk that should not be ignored [2][3]. - The article outlines the potential impact on various Chinese companies if forced delisting or investment restrictions were to occur, emphasizing that the likelihood of such actions is currently low but not negligible [2][3]. Group 3: Company-Specific Analysis - A table lists various Chinese companies, their U.S. ticker symbols, market capitalization, and the percentage of shares held by U.S. investors, indicating varying levels of risk exposure [3]. - Companies like Pinduoduo and Didi, which are solely listed in the U.S., would face the most significant impact if delisted, while those with dual listings may experience less severe consequences [20][21]. Group 4: Comparison with Previous Delisting Crisis - The current delisting risk is perceived to be more uncertain than the previous crisis, as it may involve more significant political stakes and core interests [18][19]. - The dependency of Chinese companies on U.S. markets has decreased, with the average trading volume in Hong Kong rising from 10% to 34% since March 2022 [20][38]. Group 5: Response Strategies for Companies - Companies that have established dual listings can transition their shares to continue trading in Hong Kong without significant legal hurdles [23][39]. - For companies solely listed in the U.S., there is a pressing need to convert to a primary listing in Hong Kong before any potential delisting occurs [23][39]. Group 6: Broader Implications of Investment Restrictions - If the U.S. government expands restrictions on investments in Chinese companies, the impact would be more severe than a delisting, leading to permanent capital outflows and potential panic selling [27][28]. - The average U.S. investor ownership in tracked Chinese companies is approximately 39.9%, which could lead to significant market disruptions if restrictions are enacted [28][30].

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

Core Insights - Zeekr Technology Group, known for its brands Zeekr and Lynk & Co, is intensifying its focus on the niche shooting brake segment after initial success [2][6] - In March 2023, Zeekr's sales reached 40,715 units, marking a year-on-year increase of 24.6% and a month-on-month increase of 30.2% [2] - The company aims to achieve an annual sales target of 710,000 units by 2025 [2] Sales Performance - Cumulative sales for Zeekr from January to March 2023 reached 114,000 units, reflecting a year-on-year growth of 21.1% [2] - In March 2023, Zeekr brand sold 15,422 units, while Lynk & Co sold 25,293 units [2] - Since its launch in 2021, Zeekr 001 has delivered nearly 270,000 units, dominating the shooting brake market [3][6] Product Development - Zeekr recently launched the Zeekr 007GT, a "tech shooting brake," with three variants priced between 202,900 to 232,900 CNY [4][5] - The Zeekr 001 has redefined the shooting brake standard by combining features of sports cars, SUVs, and station wagons, making it accessible at a lower price point [3][5] Strategic Moves - In 2024, Zeekr's total revenue was reported at 113.89 billion CNY, with vehicle revenue at 94.56 billion CNY [6] - The company plans to integrate Lynk & Co into its structure, with Lynk & Co holding 49% equity and Zeekr 51% post-acquisition [6] - Zeekr aims to grow into a high-end luxury electric vehicle company with annual sales of one million units within two years [6][7] Brand Evolution - Zeekr is transitioning from its initial phase to a 2.0 phase, focusing on diverse new energy solutions and a comprehensive service system [7] - The company has established over 150 service outlets nationwide, with plans to reach 200 by mid-2023 [7] - Zeekr offers lifetime warranties on its entire range of vehicles, a unique proposition in the industry [7]

Summary of Zeeker Group's Q4 and Full Year 2024 Earnings Call Company Overview - **Company**: Zeeker Group - **Industry**: Automotive, specifically focusing on luxury electric vehicles and new energy vehicles - **Key Brands**: Zeeker, Lincoln Co. Core Financial Performance - **Total Revenue**: RMB 75.9 billion for the full year 2024, a 46.9% year-over-year increase [9] - **Vehicle Revenue**: RMB 55.5 billion, representing a 63% year-over-year growth [9] - **Gross Margin**: Achieved 17.3% in Q4 2024 and 15.6% for the full year [9] - **Total Vehicle Deliveries**: Over 500,000 units in 2024, with Lincoln Co. delivering 280,000 units (30% YoY increase) and Zeeker delivering 222,000 units (87% YoY increase) [2][9] - **Net Loss**: Reduced from RMB 82.6 billion in 2023 to RMB 57.9 billion in 2024, a 30% decline [10] Strategic Goals and Future Outlook - **Sales Target for 2025**: Aim to deliver 710,000 vehicles, with 390,000 from Lincoln Co. and 320,000 from Zeeker [18] - **Long-term Vision**: Aspiration to become a leading global luxury car group with annual sales exceeding 1 million vehicles within two years [3] - **R&D Investment**: Increased to RMB 9.7 billion in 2024, with a focus on enhancing operational efficiency [9] Product Development and Launches - **New Models**: Plans to launch three new models in 2025, including the Zika Z007 GT and Zika 9X, featuring advanced hybrid technology and autonomous driving capabilities [4][12] - **Market Positioning**: Zeeker aims to solidify its presence in the premium market with an average selling price of around RMB 300,000 [3] Technological Advancements - **AI Integration**: Emphasis on leveraging AI across various business segments to enhance competitiveness and operational efficiency [5][7] - **ADAS Development**: Both brands will share a unified ADAS solution post-merger, enhancing their technological capabilities [25] Market Dynamics and Competitive Landscape - **Market Competition**: Acknowledgment of intense competition in the Chinese new energy vehicle market, with strategies in place to maintain competitiveness [14][15] - **Global Expansion**: Targeting 10% of total sales from international markets in 2025, with a unified sales approach for both brands [7][28] Cost Management and Efficiency - **Cost Reduction Initiatives**: Aiming to reduce R&D expense ratio to around 6% and SG&A ratio to 8% by 2026 through integration and operational efficiencies [11][14] - **Synergies from Merger**: Expected realization of transaction-related synergies to improve vehicle margins to around 15% in Q1 2025 [11] Additional Insights - **User Base**: Over 1.82 million users since the merger of Zeeker and Lincoln Co. [3] - **Product Competitiveness**: Focus on advanced technologies and competitive pricing to differentiate products in a crowded market [22][23] This summary encapsulates the key points from Zeeker Group's earnings call, highlighting financial performance, strategic goals, product development, technological advancements, market dynamics, and cost management strategies.

Group 1 - Zeekr Group will report its unaudited financial results for Q1 2025 on May 15, 2025, before U.S. markets open [1] - An earnings conference call is scheduled for May 15, 2025, at 8:00 A.M. U.S. Eastern Time [2] - Participants can register online to join the conference call and will receive dial-in information via email [3] Group 2 - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group [4] - The company operates two brands, Lynk & Co and Zeekr, and aims to create a fully integrated user ecosystem [4] - Zeekr Group focuses on developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [4]

Core Viewpoint - Zeekr Group reported strong delivery results for March 2025, highlighting significant year-over-year and month-over-month growth in vehicle deliveries across its brands, Zeekr and Lynk & Co [2]. Delivery Results - In March 2025, Zeekr Group delivered a total of 40,715 vehicles, with Zeekr brand contributing 15,422 vehicles, marking an 18.5% increase year-over-year and a 9.9% increase month-over-month [2]. - Lynk & Co brand delivered 25,293 vehicles, achieving a 28.6% year-over-year growth, with 56.3% of these deliveries being from new energy vehicle (NEV) models [2]. Technological Advancements - On March 18, 2025, Zeekr Group launched its Zeekr G-Pilot intelligent driving system, which utilizes AI, big data, advanced SoCs, and a robust E/E architecture [3]. - The G-Pilot system includes industry-first technologies such as the General Automated Evasion System (G-AES) and Full-Capacity Vehicle-to-Parking (V2P) intelligent drive, reinforcing the company's leadership in safety and autonomous driving innovation [3]. 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 [4]. - The company is committed to innovation, sustainability, and developing its own software systems, e-powertrain, and electric vehicle supply chain [4].

Financial Data and Key Metrics Changes - ZEEKR Group achieved total sales of 500,000 vehicles in 2024, with a 46.9% year-over-year increase in total revenue reaching RMB75 billion [5][23] - Vehicle revenue grew by 63% year-over-year, totaling RMB55 billion, while vehicle gross margin improved to 17.3% in Q4 and 15.6% for the full year [6][24] - The net loss decreased from RMB82.6 billion in 2023 to RMB57.9 billion in 2024, marking a 30% year-over-year decline [26] - Free cash flow for 2024 reached RMB1.5 billion, setting a record high [27] Business Line Data and Key Metrics Changes - The ZEEKR brand delivered over 222,000 vehicles in 2024, an 87% year-over-year increase, making it the best-selling premium battery electric vehicle brand in China [6][22] - Lynk & Co brand delivered 280,000 units, a nearly 30% year-over-year increase, achieving the highest sales in its history [5][6] - The average selling price for the ZEEKR brand is close to RMB300,000, while Lynk & Co's average selling price reached over RMB200,000 [9][11] Market Data and Key Metrics Changes - ZEEKR Group aims to deliver 710,000 vehicles in 2025, with a target of 40% delivery growth [7][29] - The company plans for around 10% of annual sales to come from international markets in 2025 [16] - The Lynk & Co brand's new energy vehicle segment showed a rapid growth with over 58% penetration rate [11] Company Strategy and Development Direction - ZEEKR Group aims to become the world's leading premium new energy vehicle group with annual sales of 1 million units within two years [7] - The company plans to launch three new models for the ZEEKR brand and two for the Lynk & Co brand in 2025 [10][12] - The integration of Lynk & Co and ZEEKR brands is expected to enhance operational efficiency and reduce costs [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges intense competition in the Chinese energy vehicle market and plans to leverage synergies from the integration of Lynk & Co and ZEEKR [44][45] - The company is confident in achieving its sales targets backed by improved manufacturing efficiencies and gross margin [58] - Management expects to maintain a vehicle margin of around 15% for the full year 2025 [30] Other Important Information - R&D expenses for 2024 reached RMB9.7 billion, with a focus on improving operational efficiency [24] - The company aims to reduce R&D expense ratio to around 6% and SG&A ratio to around 8% in the next two years [30][31] - ZEEKR Group is the only company in the industry with full stack in-house development capabilities across various technological domains [13] Q&A Session Summary Question: What are the conditions for breakeven in 2025? - Management highlighted the importance of controlling costs and integrating Lynk & Co to achieve breakeven, while acknowledging market conditions are unpredictable [41][44] Question: What is the outlook for 2026? - Management aims to create a luxury brand group selling close to 1 million cars globally in the luxury new energy vehicle sector by 2026 [45] Question: How will the new models stand out in a crowded market? - The company plans to equip new models with advanced technologies and maintain competitive pricing to differentiate them [65][66] Question: What is the progress on autonomous driving technology integration? - Both brands will share a unified ADAS solution, with plans to integrate technologies as soon as possible [72][73] Question: Will Lynk & Co adopt ZEEKR's super electric hybrid technology? - Currently, there are no plans for Lynk & Co to use this technology, but both brands will share components for efficiency [76] Question: What is the current status of the export business? - The company targets that overseas sales will make up over 10% of global sales performance in 2025 [81] Question: What is the expected gross margin for Q1 2025? - Management targets a vehicle business gross margin of 15% for Q1 2025, with improvements expected from synergies [86][90]