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]

Core Viewpoint - Geely Automobile Holdings Limited is finalizing the privatization of Zeekr Intelligent Technology Holdings, marking the completion of the "One Geely" strategy, with significant shareholder participation in the exchange of shares and cash [1][2] Group 1: Privatization Details - Approximately 70.8% of eligible Zeekr shareholders opted for share compensation, resulting in the issuance of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr shareholders chose or are deemed to have chosen cash compensation, leading to a total cash payment of approximately $701 million [1] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely Automobile, while each American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely Automobile [1] Group 2: Strategic Implications - The merger is expected to be completed by December 29, 2025, allowing Geely to leverage Zeekr's position in the luxury electric vehicle market and enhance its technological and global capabilities [2] - Geely aims 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 [2] - Financial performance shows a revenue of 239.5 billion yuan for the first three quarters of 2025, a 26% year-on-year increase, and a core net profit of 10.62 billion yuan, reflecting a 59% growth [2] - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan, ensuring ample reserves for long-term development [2]

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]

Core Insights - The electric vehicle (EV) market is experiencing significant growth, with multiple companies reporting strong delivery numbers for November 2023 Company Performance - Lee Auto delivered 33,000 vehicles in November, bringing its total cumulative deliveries to nearly 1.5 million [1] - Neo sold 36,000 vehicles in November, marking a 76% year-over-year increase, with cumulative deliveries reaching 949,000 [2] - Xpang delivered 36,000 smart EVs in November, a 19% year-over-year increase, with total deliveries for the first 11 months of 2023 reaching almost 400,000 units, a 156% increase from the previous year [3] - Zeer Intelligent Technology reported 63,900 vehicles delivered in November, up 7% year-over-year [3] - Zeke and Link combined saw 63,000 deliveries, supported by over 2 million cumulative users [4] Market Trends - The growth in vehicle deliveries is driven by strong performance across various brands within the companies, indicating a competitive landscape focused on technology and product innovation [2][3] - The expansion of retail service and charging networks is a strategic focus for companies aiming for long-term competitiveness in the EV market [2]

Core Insights - Zeekr Group reported a total of 63,902 vehicle deliveries in November 2025, marking a year-over-year increase of 7.1% and a month-over-month increase of 3.7% [2] - The Zeekr brand contributed 28,843 vehicles to the total deliveries, while Lynk & Co accounted for 35,059 vehicles [2] - The company has a cumulative user base of over 2.22 million, reflecting strong market trust and support [2] Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group [3] - The company operates two brands, Zeekr and Lynk & Co, and aims to create a fully integrated user ecosystem with a focus on innovation [3] - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [3]

Core Viewpoint - Zeekr Group is preparing for a merger with Geely Automobile Holdings Limited and Keystone Mergersub Limited, with important deadlines for shareholders to elect their preferred form of merger consideration [1][4][8]. Group 1: Merger Details - The merger is expected to close on or about December 29, 2025, pending the satisfaction or waiver of conditions outlined in the Merger Agreement [4]. - Holders of Zeekr Shares must complete and submit election materials by 5:00 p.m. (U.S. Eastern Time) on December 5, 2025, while holders of Zeekr ADSs must do so by December 3, 2025 [8]. - Failure to make a proper election by the deadline will result in the exchange of Zeekr Shares or ADSs for cash consideration as specified in the Merger Agreement [3]. Group 2: Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group, focusing on creating a fully integrated user ecosystem [5]. - The company operates two brands, Lynk & Co and Zeekr, and is committed to innovation, equality, diversity, and sustainability in its operations [5].

Group 1: Automotive Industry Performance - In October 2025, China's automotive exports reached 666,000 units, marking a year-on-year increase of 22.9% and a month-on-month growth of 2.1% [1] - For the first ten months of 2025, automotive exports totaled 5.616 million units, reflecting a year-on-year growth of 15.7% [1] - The investment growth rate in the automotive sector is projected to reach 17.5% in 2025, significantly higher than other manufacturing industries [1] Group 2: Company Financial Performance - Leap Motor reported a net profit of RMB 150 million for Q3 2025, with total deliveries of 173,852 units and a revenue of RMB 19.45 billion, representing a year-on-year increase of 97.3% [2] - XPeng Motors announced a total revenue of RMB 20.38 billion for Q3 2025, a year-on-year increase of 101.8%, while reporting a net loss of RMB 380 million [3] - Zeekr Technology reported total revenue of RMB 31.562 billion for Q3 2025, showing a year-on-year growth of 9.1% and a net loss of RMB 307 million, which narrowed by 84.9% year-on-year [4] Group 3: Corporate Developments - Chery Automobile increased its registered capital from approximately RMB 5.47 billion to about RMB 5.81 billion, reflecting an increase of about 6% [5] - Buick announced the production of the 50,000th GL8 model in less than six months [6] - NIO launched the new ES6 300,000-unit commemorative edition, with pricing options for full purchase and battery rental [6] Group 4: Strategic Partnerships and Innovations - Momenta and BMW Group announced a collaboration to develop a new generation of intelligent driving assistance solutions for the Chinese market, set to debut in the new generation BMW iX3 in 2026 [7]

Core Viewpoint - ZEEKR Intelligent Technology Holding Limited's Q3 earnings were disappointing, leading to a downgrade to a "Hold" rating due to a loss of market share in China and slower growth in delivery numbers [1]. Financial Performance - The company reported slower growth in delivery numbers, which is a significant factor contributing to its loss of market share in China [1]. Market Position - ZEEKR is experiencing challenges in maintaining its market share within the competitive landscape of the Chinese automotive industry [1].

Vehicle Deliveries and Sales - Total vehicle deliveries reached 140,195 units in Q3 2025, a 12.5% year-over-year increase and a 7.1% quarter-over-quarter increase[3] - Vehicle sales amounted to RMB26,527 million (US$3,726 million) in Q3 2025, reflecting a 7.3% increase from Q3 2024 and a 15.8% increase from Q2 2025[7] - The Zeekr brand delivered 21,423 vehicles in October 2025, contributing to a total of 61,636 vehicles delivered across both brands, a 20.5% increase from the previous month[12] Financial Performance - Total revenues were RMB31,562 million (US$4,434 million) for Q3 2025, representing a 9.1% increase year-over-year and a 15.1% increase quarter-over-quarter[15] - Gross profit for Q3 2025 was RMB6,046 million (US$850 million), a 37.1% increase from Q3 2024 and a 6.9% increase from Q2 2025[7] - Net loss decreased to RMB307 million (US$43 million) in Q3 2025, down 84.9% from Q3 2024[8] - Non-GAAP net loss attributable to ordinary shareholders for Q3 2025 was RMB761 million (US$107 million), a decrease of 63.2% from RMB2,068 million in Q3 2024 and an increase of 109.1% from RMB364 million in Q2 2025[25] - Basic and diluted net loss per share attributed to ordinary shareholders for Q3 2025 was RMB0.31 (US$0.04), compared to RMB0.83 in Q3 2024 and RMB0.15 in Q2 2025[25] - Non-GAAP net loss per ADS attributed to ordinary shareholders for Q3 2025 was RMB2.96 (US$0.42), compared to RMB8.10 in Q3 2024[38] Profitability Metrics - Vehicle margin was 15.6% in Q3 2025, compared to 12.6% in Q3 2024, indicating improved profitability[16] - Total revenues for Q3 2025 were RMB31,562 million (US$4,434 million), an increase from RMB28,924 million in Q3 2024 and RMB27,431 million in Q2 2025[34] - Gross profit for Q3 2025 was RMB6,046 million (US$850 million), compared to RMB4,409 million in Q3 2024 and RMB5,656 million in Q2 2025[34] Research and Development - Research and development expenses were RMB2,743 million (US$385 million) in Q3 2025, a decrease of 8.6% from Q3 2024[19] - Research and development expenses for Q3 2025 were RMB2,743 million (US$385 million), compared to RMB3,000 million in Q3 2024[34] Assets and Liabilities - Total current assets as of September 30, 2025, were RMB40,592 million (US$5,702 million), down from RMB50,863 million as of December 31, 2024[31] - Total liabilities as of September 30, 2025, were RMB82,651 million (US$11,611 million), compared to RMB82,407 million as of December 31, 2024[32] Strategic Goals - The company aims to enhance its user ecosystem and develop its own software systems and electric vehicle supply chain[21]