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]

Group 1 - Geely Auto announced a privatization plan for its indirect subsidiary, Zeekr Intelligent Technology Holdings Limited, expected to be completed by 2025, aimed at resource integration and enhancing competitiveness in the electric vehicle market [2] - The merger agreement offers a purchase price of $2.687 per Zeekr share or $26.87 per American Depositary Share, with eligible shareholders having the option to receive cash or exchange for newly issued shares of Geely Auto at a price of HKD 17.15 per share [2] - Following the privatization, Zeekr will become a wholly-owned subsidiary of Geely Auto and plans to delist from the New York Stock Exchange [2] Group 2 - The privatization transaction requires approval from Geely Auto's independent shareholders, with an independent board committee established to provide recommendations [3] - The independent board committee has engaged an independent financial advisor to assess the fairness and reasonableness of the transaction terms [3] - A special shareholder meeting is scheduled for September 5, 2025, in Hong Kong to consider and approve the proposed transaction [3]

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]

Core Insights - Geely Auto announced a strategic merger of its two listed entities, Geely Auto and Zeekr, to enhance resource allocation and eliminate redundant investments [1] - The merger is seen as a milestone for Geely's future development, especially in the context of significant adjustments in the electric vehicle industry [1] - The management aims to maximize synergies through this consolidation, positioning "One Geely" for a new phase of growth [1] Company Strategy - The decision to merge was made early this year to address collaboration barriers among multiple brands [1] - The integration process is progressing steadily, with expectations for completion by the end of the year, pending shareholder approval [1] Industry Context - The merger is positioned as a response to deep adjustments within the electric vehicle sector, indicating a strategic shift in the industry landscape [1] - The management emphasizes that only through a comprehensive merger can Geely achieve new heights and significant growth [1]

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]

Core Viewpoint - The company, 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's net profit attributable to shareholders was -0.718 billion RMB, showing a year-on-year improvement of 63.77% [1]. Upcoming Events - Zeekr is scheduled to disclose its fiscal year 2025 mid-term report on August 14, prior to the market opening in the Eastern Time zone [2]. Company Overview - Zeekr Intelligent Technology Holdings Limited is a Cayman Islands-registered holding company, primarily operating through its domestic subsidiary, Zhejiang Zeekr Intelligent Technology Co., Ltd. [2]. - The company is positioned as a rapidly developing pure electric vehicle technology firm, focusing on the electrification, intelligence, and innovation within the automotive industry [2]. - Zeekr aims to lead the high-end intelligent pure electric vehicle market through its strong technological awareness, independent R&D capabilities, stylish design, high performance standards, and premium user experience [2].