Core Viewpoint - Zeekr (极氪) is experiencing a positive market response with a stock price increase and is set to release its financial results for the fiscal year 2025, indicating growth in revenue and a significant reduction in net loss [1][2]. Financial Performance - As of March 31, 2025, Zeekr reported total revenue of 22.019 billion RMB, reflecting a year-on-year growth of 1.09% [1]. - The company recorded a net loss attributable to shareholders of 718 million RMB, which represents a year-on-year improvement of 63.77% [1]. Company Overview - Zeekr Intelligent Technology Holdings Limited is a Cayman Islands-registered holding company that operates through its domestic subsidiary, Zhejiang Zeekr Intelligent Technology Co., Ltd. [2]. - The company is a rapidly growing pure electric vehicle technology firm, focusing on the development and provision of next-generation high-quality electric vehicles and technology-driven solutions [2]. - Zeekr aims to lead the electrification, intelligence, and innovation in the automotive industry with a strong emphasis on technology, independent research and development, stylish design, high performance, and premium user experience [2].

Group 1 - The core viewpoint of the article highlights the strong performance of Geely Automobile in H1 2025, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%, and total revenue of 150.28 billion yuan, up 26.5% year-on-year [1] - In Q2 2025, Geely's total sales were 705,000 units, reflecting a year-on-year growth of 47.0% and a quarter-on-quarter increase of 0.2%, with total revenue of 77.79 billion yuan, up 28.4% year-on-year and 7.3% quarter-on-quarter [1] - The significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units, a year-on-year increase of 119.2%, contributed to the revenue growth [1] Group 2 - The gross margin for Q2 2025 was reported at 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 1.3 percentage points, primarily due to structural changes in export and product mix [2] - The company has seen a reduction in expense ratios, with sales, administrative, and R&D expense ratios at 6.1%, 1.9%, and 5.1% respectively, indicating a significant decrease year-on-year [2] - Geely plans to privatize Zeekr, proposing to acquire each share at $2.566, which is expected to enhance operational efficiency and brand competitiveness in the luxury electric vehicle market [3] Group 3 - Geely's revenue projections for 2025-2027 are estimated at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan respectively, with net profits expected to be 16.21 billion yuan, 22.09 billion yuan, and 25.97 billion yuan [3] - The earnings per share (EPS) forecasts for the same period are 1.61 yuan, 2.19 yuan, and 2.58 yuan, corresponding to a price-to-earnings (PE) ratio of 11, 8, and 7 times based on the closing price of 19.24 HKD on August 15 [3]

根据介绍，合计892,731,161股极氪股份（包括以极氪美国存托股份形式持有的极氪股份，按悉数摊薄基准计算，占极 氪已发行及发行在外股本总额约33.6%）由合资格极氪持有人持有，其中包括关联极氪持有人持有的390,210,000股极氪 股份（按悉数摊薄基准计算，占极氪已发行及发行在外股本总额约14.7%）。 此次私有化交易需获得吉利汽车独立股东的批准。吉利汽车已成立独立董事委员会，就合并协议项下拟进行的交易向 独立股东提供建议。独立董事委员会已聘请独立财务顾问博思融资有限公司，就交易条款是否公平合理以及是否符合 公司及独立股东的整体利益提供意见。 吉利汽车计划于2025年9月5日下午4时在香港湾仔港湾道1号香港万丽海景酒店低层大堂8号会议室召开股东特别大会， 以供独立股东考虑并酌情批准合并协议项下拟进行的交易。股东特别大会的通告已随通函一同发出。 8月15日，吉利汽车宣布，将通过合并协议对旗下间接附属公司极氪智能科技控股有限公司（纽交所：ZK）进行私有 化，预计将于2025年完成。此举旨在整合资源，优化战略布局，并进一步提升集团在新能源汽车市场的竞争力。 根据合并协议，吉利汽车将以每股极氪股份2.687美元 ...

Core Viewpoint - Zeekr Technology Group has demonstrated significant financial improvements in Q2 2025, with record high gross margins and revenue growth driven by strategic synergies with Lynk & Co [1][3]. Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-over-quarter increase of 24.6% and a year-over-year increase of 36.9% [1]. - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-over-year [1]. - For the first half of 2025, total revenue was 49.45 billion yuan, a year-over-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [3]. Cost Management - R&D expense ratio decreased to 7.8%, down 5.8 percentage points year-over-year, while selling and administrative expense ratio was 12.3%, down 1.2 percentage points year-over-year [3]. Strategic Synergies - The merger with Lynk & Co has led to three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies set to drive sales and financial performance [3]. Privatization Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of approximately $2.4 billion [4][5]. - The merger is expected to be completed by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [5].

Core Insights - Zeekr Technology Group reported significant financial improvements in Q2 2025, achieving record high gross margins and revenue growth [2] - The merger with Lynk & Co has led to strategic synergies that are enhancing financial performance and operational efficiency [3] Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-on-quarter increase of 24.6% and a year-on-year increase of 36.9% [2] - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-on-year [2] - For the first half of 2025, total revenue was 49.45 billion yuan, a year-on-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [2] Strategic Synergies - The merger has resulted in three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies [3] - New models such as Zeekr 9X and Lynk & Co 10 EM-P, along with advanced technologies, are expected to drive sales and financial performance [3] Merger Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of around $2.4 billion [3] - The merger agreement involves a share exchange where most investors are expected to opt for stock rather than cash, limiting cash outflow to about 30% [3] - The completion of the merger is anticipated by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [3]

新浪科技讯 8月14日晚间消息，在今日的吉利汽车2025年中期业绩发布会上，吉利汽车控股有限公司行 政总裁及执行董事桂生悦表示，为解决多品牌协同障碍、杜绝重复投资、优化资源配置，吉利管理层于 今年初果断决策，推动旗下两家上市公司（吉利汽车与极氪）合并为单一实体。目前整合稳步推进，若 极氪、吉利汽车股东大会顺利通过，交割工作有望于年底前落实。 责任编辑：何俊熹 桂生悦强调，此次战略合并对吉利汽车未来发展具有里程碑意义，在新能源汽车行业深度调整的背景 下，唯有通过彻底整合，才能最大化激发协同效应，推动"一个吉利"迈向全新发展阶段，只有大合并才 能让"一个吉利"走向新的辉煌。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第二季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年八月十四日向美 國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第二季度之未經審核財務 業績（「二零二五年第二季度業績」）。詳情請參閱隨附之二零二五年第二季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董事 ...

[Q2 2025 Performance Overview](index=1&type=section&id=Zeekr%20Group%20Reports%20Second%20Quarter%202025%20Unaudited%20Financial%20Results) Zeekr Group's Q2 2025 performance highlights significant growth in deliveries and a pivotal shift to profitability, driven by strong operational and financial improvements [Operating Highlights](index=1&type=section&id=Operating%20Highlights%20for%20the%20Second%20Quarter%20of%202025) In Q2 2025, Zeekr Group's total deliveries reached 130,866 units, growing 9.3% year-over-year and 14.8% quarter-over-quarter, with Lynk & Co NEV models accounting for 58.8% of its deliveries Q2 2025 Vehicle Deliveries | Brand | Q2 2025 Deliveries | | :--- | :--- | | **Total** | **130,866 units** | | Zeekr | 49,337 units | | Lynk & Co | 81,529 units | - Total deliveries increased by **9.3% year-over-year** and **14.8% quarter-over-quarter**, indicating robust growth[1](index=1&type=chunk) - New Energy Vehicles (NEVs) accounted for **58.8%** of Lynk & Co's deliveries, demonstrating significant progress in NEV transition[1](index=1&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Second%20Quarter%20of%202025) In Q2 2025, the company achieved significant financial improvement with total revenue of **RMB 27.43 billion**, a **24.6% quarter-over-quarter** increase, and a gross margin of **20.6%**, marking its first positive operating profit of **RMB 0.285 billion** and an **88.8% year-over-year** reduction in net loss Q2 2025 Key Financial Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenue | 27.43 billion RMB | -0.9% | +24.6% | | Vehicle Sales Revenue | 22.92 billion RMB | +2.2% | +20.0% | | Vehicle Gross Margin | 17.3% | +5.8 percentage points | +0.8 percentage points | | Overall Gross Margin | 20.6% | +2.6 percentage points | +1.5 percentage points | | Operating Profit/(Loss) | 0.285 billion RMB | Turned Profitable | Turned Profitable | | Net Loss | (0.287) billion RMB | -88.8% | -62.4% | - The company achieved its first positive operating profit of **RMB 0.285 billion**, a significant milestone compared to a **RMB 2.269 billion loss** in the prior year period[5](index=5&type=chunk) [Recent Developments](index=3&type=section&id=Recent%20Developments) In July 2025, total deliveries continued to grow to **44,193 units**, up **2.7% quarter-over-quarter**, while the company launched its innovative 'Super Hybrid Technology' and the Zeekr 9X, expected to begin deliveries in Q3 2025 - In July 2025, total deliveries for Zeekr and Lynk & Co brands reached **44,193 units**, representing a **2.7% quarter-over-quarter** increase and maintaining growth momentum[9](index=9&type=chunk) - The company unveiled revolutionary Super Hybrid Technology based on the SEA-S platform, featuring a **900V high-voltage architecture** to set new standards for long-range plug-in hybrid technology[10](index=10&type=chunk) - The new Zeekr 9X, the first model to feature this technology, includes a **70kWh battery pack** and a **2.0T engine** with over **46% thermal efficiency**, with deliveries planned to commence in Q3 2025[11](index=11&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%20of%202025) This section provides an in-depth analysis of the company's Q2 2025 financial results, covering revenue, cost, operating expenses, and profitability metrics [Revenue Analysis](index=3&type=section&id=Revenues) In Q2 2025, total revenue was **RMB 27.43 billion**, a slight **0.9% year-over-year** decrease but a **24.6% quarter-over-quarter** increase, driven by vehicle sales growth from Lynk & Co despite a decline in Zeekr sales and reduced related-party R&D income Revenue Breakdown (in billions of RMB) | Revenue Category | Q2 2025 | YoY Change | QoQ Change | Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Vehicle Sales | 22.92 | +2.2% | +20.0% | YoY growth primarily due to increased Lynk & Co sales; QoQ growth due to new model launches | | Other Sales and Services | 4.52 | -13.8% | +54.5% | YoY decrease due to reduced related-party R&D income; QoQ growth due to increased overseas sales of battery packs and electric drive systems | | **Total Revenue** | **27.43** | **-0.9%** | **+24.6%** | | [Cost and Gross Margin Analysis](index=4&type=section&id=Cost%20of%20Revenues%20and%20Gross%20Margin) This quarter, gross profit reached **RMB 5.66 billion**, a **13.3% year-over-year** increase, with overall gross margin improving to **20.6%** and vehicle gross margin significantly rising to **17.3%** due to continuous cost-saving initiatives Gross Profit and Gross Margin Performance | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Gross Profit | 5.66 billion RMB | 4.99 billion RMB | 4.21 billion RMB | | Gross Margin | 20.6% | 18.0% | 19.1% | | Vehicle Gross Margin | 17.3% | 11.5% | 16.5% | - The year-over-year and quarter-over-quarter growth in vehicle gross margin is primarily attributed to continuous cost-saving measures[17](index=17&type=chunk) [Operating Expense Analysis](index=4&type=section&id=Operating%20Expenses) Operating expenses were effectively controlled this quarter, with R&D expenses significantly decreasing by **42.9% year-over-year** to **RMB 2.15 billion** and selling, general, and administrative expenses declining by **9.7% year-over-year** to **RMB 3.36 billion**, primarily due to economies of scale from business integration Operating Expense Details (in billions of RMB) | Expense Category | Q2 2025 | YoY Change | QoQ Change | Primary Reasons | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 2.15 | -42.9% | -26.2% | Economies of scale from business integration | | Selling, General & Administrative Expenses | 3.36 | -9.7% | +27.2% | YoY decrease due to economies of scale; QoQ increase due to higher marketing expenses for new vehicle launches | [Operating Profit Analysis](index=4&type=section&id=Income%2F%28Loss%29%20from%20Operations) In Q2 2025, the company achieved an operating profit of **RMB 0.285 billion**, successfully turning profitable compared to an operating loss of **RMB 2.269 billion** in the prior year period and **RMB 1.259 billion** in the previous quarter, marking a significant improvement in profitability - This quarter, operating profit reached **RMB 0.285 billion**, a critical turnaround from losses of **RMB 2.269 billion** in Q2 2024 and **RMB 1.259 billion** in Q1 2025[16](index=16&type=chunk) - Non-GAAP operating profit, excluding share-based compensation expenses, also turned profitable at **RMB 0.315 billion**[18](index=18&type=chunk) [Net Loss and Net Loss Per Share Analysis](index=5&type=section&id=Net%20Loss%20and%20Net%20Loss%20Per%20Share) This quarter's net loss significantly narrowed by **88.8% year-over-year** to **RMB 0.287 billion** and by **62.4% quarter-over-quarter**, with basic and diluted net loss per ADS improving to **RMB 1.54** from **RMB 12.49** in the prior year period Net Loss and Loss Per Share | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Net Loss | (0.287) billion RMB | (2.57) billion RMB | (0.763) billion RMB | | Non-GAAP Net Loss | (0.257) billion RMB | (1.63) billion RMB | (0.640) billion RMB | | Basic & Diluted Net Loss Per ADS | (1.54) RMB | (12.49) RMB | (2.81) RMB | [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheets) As of June 30, 2025, the company held **RMB 10.21 billion** (approximately **USD 1.425 billion**) in cash, cash equivalents, and restricted cash, providing strong liquidity for operations and development - As of June 30, 2025, cash, cash equivalents, and restricted cash totaled **RMB 10.21 billion** (**USD 1.425 billion**)[22](index=22&type=chunk) [Financial Statements Appendix](index=8&type=section&id=Financial%20Statements) This appendix contains the unaudited condensed consolidated financial statements, including balance sheets and statements of comprehensive (loss)/income, along with GAAP to Non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents detailed balance sheet data as of December 31, 2024, and June 30, 2025, outlining the composition of assets, liabilities, and shareholders' equity [Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20%28LOSS%29%2FINCOME) This section provides detailed consolidated statements of comprehensive (loss)/income for Q2 2025, Q1 2025, and the prior year period, detailing revenues, costs, expenses, and profit/loss items [Unaudited Reconciliations of GAAP and Non-GAAP Results](index=14&type=section&id=UNAUDITED%20RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section provides reconciliation tables between GAAP and Non-GAAP financial measures, primarily adjusting for share-based compensation expenses to offer investors a clearer understanding of core operating performance

Core Insights - Zeekr Group reported a total vehicle delivery of 130,866 units in Q2 2025, marking a 9.3% year-over-year increase and a 14.8% quarter-over-quarter increase [1][2] - The company achieved vehicle sales revenue of RMB 22,916 million (US$ 3,199 million) for Q2 2025, reflecting a 2.2% increase from Q2 2024 and a 20.0% increase from Q1 2025 [4][15] - Net loss for Q2 2025 was RMB 287 million (US$ 40 million), a significant decrease of 88.8% from Q2 2024 and 62.4% from Q1 2025 [23][24] Operational Highlights - Zeekr brand delivered 49,337 vehicles, while Lynk & Co brand delivered 81,529 vehicles, with 58.8% of Lynk & Co deliveries being NEV models [1] - In July 2025, Zeekr Group delivered 44,193 vehicles, a 2.7% increase from the previous month [8] Financial Performance - Total revenues for Q2 2025 were RMB 27,431 million (US$ 3,829 million), a decrease of 0.9% from Q2 2024 but an increase of 24.6% from Q1 2025 [4][15] - Gross profit for Q2 2025 was RMB 5,656 million (US$ 789 million), up 13.3% year-over-year and 34.3% quarter-over-quarter [4][15] - Vehicle margin improved to 17.3% in Q2 2025, compared to 11.5% in Q2 2024 and 16.5% in Q1 2025 [4][7] Cost Management - Cost of revenues for Q2 2025 was RMB 21,775 million (US$ 3,040 million), down 4.0% from Q2 2024 [15] - Research and development expenses decreased by 42.9% year-over-year to RMB 2,146 million (US$ 300 million) [15] New Developments - Zeekr launched its Super Hybrid Technologies on July 9, 2025, featuring a 900V high-voltage architecture and advanced battery technology [9][10] - The Zeekr 9X, the first model to incorporate this technology, is set to commence deliveries in Q3 2025 [10]

Group 1: Hong Kong Stock Market Performance - Zhengda Enterprise International (03839) surged over 20% after reporting a revenue of approximately $323 million, a year-on-year increase of 199.44%, and a net profit attributable to shareholders of $17.046 million, up 768.36% [2] - Zhenjiu Lidu (06979) rose over 11% as research indicated that the liquor industry is moving towards a performance bottom, with expectations for a trend reversal in stock prices ahead of demand recovery [2] - Lithium stocks fell, with Tianqi Lithium (09696) down over 7.5% and Ganfeng Lithium (01772) down over 5.7%, due to anticipated long-term production halts affecting domestic lithium carbonate output by nearly 12% [2] - China General Nuclear Power (01816) increased over 3% as it plans to commission multiple nuclear units between 2025 and 2030, with expectations of a long-term price rebound in the Guangdong region [2] Group 2: Company Earnings Reports - Hillstone Technology (01478) reported a revenue of 8.832 billion RMB for the first half of the year, a year-on-year increase of 15.1%, and a net profit of 308 million RMB, up 167.6% [4] - Jinsongzi (06896) fell nearly 20% after issuing a profit warning, expecting a profit decrease of about 37% compared to the same period in 2024 [4] - Jinke Services (09666) rose over 7% after announcing an expected net profit of approximately 0 to 100 million RMB for the six months ending June 30, 2025, compared to a net loss of 194.4 million RMB in the same period last year [4] - Jingtai Holdings (02228) increased nearly 5%, forecasting a comprehensive income of no less than 500 million RMB for the first half of 2025, a year-on-year increase of at least 387% [4] Group 3: U.S. Stock Market Highlights - AMD (AMD.US) fell 0.28% after confirming it received preliminary approval for AI chip exports to China [6] - TSMC (TSM.US) rose 0.11% with July sales reaching approximately $10.806 billion, a year-on-year increase of 25.8% [6] - Micron Technology (MU.US) increased by 4.06% after raising its revenue guidance for Q4 2025 to $11.1 billion to $11.3 billion, citing improved DRAM pricing conditions [6] - Intel (INTC.US) rose 3.51% amid news of CEO Pat Gelsinger's planned discussions with the White House [7] Group 4: Emerging Companies and Innovations - Tesla (TSLA.US) rose 2.85% after applying for a power supply license in the UK, aiming to compete with local energy giants [8] - Bilibili (BILI.US) increased by 1.67%, with a report highlighting that 70% of China's Z+ generation are users of the platform, indicating strong user engagement [8] - XPeng Motors (XPEV.US) continued to rise by 5.84% as its new extended-range model entered the new vehicle announcement list, indicating an upcoming launch [8]