Core Viewpoint - Geely Holding Group has signed a merger agreement with Zeekr Intelligent Technology, marking a significant step in its strategy to return to "One Geely" [1][4]. Group 1: Merger Details - Geely Auto will acquire all outstanding shares of Zeekr at a price of $2.678 per share, initiating the privatization process for Zeekr [5]. - Zeekr shareholders can choose to receive either cash or Geely Auto shares as compensation for their shares [5]. - The merger will lead to significant changes in leadership, with key executives transitioning to new roles post-merger [5]. Group 2: Financial Performance - Geely Auto has raised its annual sales target to 3 million units, an increase of approximately 11% from the previous target of 2.71 million units [6]. - In June, Geely Auto's total sales reached 236,000 units, a year-on-year increase of 42%, with the Geely brand alone seeing a 59% increase [7]. - For the first half of the year, Geely Auto's total sales exceeded 1.409 million units, a 47% year-on-year growth, with a significant increase in revenue and net profit [7]. Group 3: Strategic Implications - The merger is expected to enhance Geely Auto's strategic execution efficiency, innovation capability, and profitability, creating greater value for shareholders [8]. - The combined strengths of Zeekr in the luxury electric vehicle sector and Geely Auto's foundation in the mainstream market will improve collaboration across various operational areas [8]. - Post-merger, Geely Auto aims to cover multiple powertrain forms and enhance its competitiveness across mainstream, mid-to-high-end, and luxury automotive markets [8].

7月15日，吉利控股集团发文称，吉利控股集团当日宣布，旗下吉利汽车与极氪正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东 可选择以现金或置换吉利汽车股份作为对价。此举标志着吉利控股集团贯彻《台州宣言》精神，推进回归"一个吉利"战略又迈出关键一步。 文章全文如下： 7月15日，吉利控股集团宣布，旗下吉利汽车控股有限公司（以下简称"吉利汽车"，股票代码：0175.HK）与极氪智能科技有限公司（以下简称"极氪"，股票 代码：NYSE:ZK）正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东可选择以现金或置换吉利汽车股份作为对价。此举标志着吉 利控股集团贯彻《台州宣言》精神，推进回归"一个吉利"战略又迈出关键一步。 自《台州宣言》发布以来，吉利控股集团坚定不移地推进内部资源深度整合和高效融合，杜绝重复投入，提升企业整体竞争力。吉利汽车与极氪完成合并 后，进一步提升吉利汽车的战略执行效率、创新能力及盈利水平，为合并后的全体股东创造更大的价值。 吉利控股集团董事长李书福表示："吉利控股集团去年发布《台州宣言》以来，'一个吉利行动'进展顺利，本次合并为吉利汽车更美好的未来打下了坚实基 础。 ...

Core Viewpoint - Zeekr Intelligent Technology Holding Limited has entered into a merger agreement with Geely Automobile Holdings Limited, which will result in Zeekr becoming a wholly-owned subsidiary of Geely [1][5][6] Merger Agreement Details - The merger will involve the cancellation of each Zeekr Share in exchange for either US$2.687 in cash or 1.23 newly issued Geely Shares per Zeekr Share, with similar terms for Zeekr ADS holders [2] - The cash consideration represents an approximate premium of 18.9% over the closing price of Zeekr ADSs on May 6, 2025, and a 25.6% premium over the average closing price during the last 30 trading days prior to the acquisition proposal [3] - The cash merger consideration will be funded through Geely's internal resources or debt financing, while the stock consideration will be in the form of newly issued Geely Shares [4] Approval Process - The merger is expected to close in Q4 2025, subject to customary closing conditions, including shareholder approvals from both Zeekr and Geely [6] - Geely has agreed to vote in favor of the merger for approximately 65.2% of the voting rights attached to Zeekr Shares [6] Advisory and Legal Counsel - Kroll, LLC is serving as the financial advisor to the Special Committee of Zeekr, while Simpson Thacher & Bartlett LLP and Davis Polk & Wardwell LLP are providing legal counsel [7] - Citigroup Global Markets Asia Limited is the financial advisor to Geely, with Latham & Watkins LLP serving as its U.S. legal counsel [8] Additional Information - The merger will be reported to the U.S. Securities and Exchange Commission (SEC) and relevant documents will be available on the SEC's website [9][11] - The Geely Shares issued in connection with the merger will be exempt from registration under the U.S. Securities Act [10]

Core Viewpoint - The company has demonstrated strong growth in wholesale and new energy vehicle sales, leading to an upward revision of its annual sales target to 3 million units, reflecting confidence in the second half of the year [2][3]. Group 1: Sales Performance - In June, the company reported total wholesale sales of 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4%. For the first half of the year, total wholesale sales reached 1.409 million units, up 47.4% year-on-year [2]. - New energy vehicle sales in June were 122,367 units, representing a year-on-year increase of 85.5% but a month-on-month decrease of 11.3%, with a penetration rate of 51.8%. Cumulatively, 725,000 new energy vehicles were sold in the first half, up 126.5% year-on-year [2]. Group 2: Product Launches and Market Strategy - The company plans to launch the Galaxy A7 and M9 models in Q3 2025, targeting the mid-range and large SUV segments, respectively. These models are expected to enhance the company's competitive edge in the market [2][3]. - The company aims for total sales of 710,000 units in 2025, with Zeekr targeting 320,000 units and Lynk & Co aiming for 390,000 units. The Zeekr 9X luxury SUV is set to debut in late 2025, featuring advanced technology and a high price point [3]. Group 3: Strategic Moves - The company has proposed to privatize Zeekr, which is expected to facilitate the integration of assets and resources, enhancing operational efficiency and brand competitiveness in the luxury electric vehicle market [4]. - The privatization aligns with the company's strategic focus on integration and collaboration, aiming to improve overall business performance [4]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 404.8 billion, 489.7 billion, and 572.8 billion RMB, respectively, with net profits expected to be 16.2 billion, 22.1 billion, and 26.0 billion RMB [5]. - The earnings per share (EPS) are projected to be 1.61, 2.19, and 2.58 RMB for the years 2025-2027, with corresponding price-to-earnings (P/E) ratios of 9, 7, and 6 [5].

Core Viewpoint - The company reported strong sales growth in June and the first half of the year, particularly in the new energy vehicle segment, leading to an upward revision of annual sales targets to 3 million units [1][2]. Sales Performance - In June, total wholesale sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1][2]. - Cumulative wholesale sales for the first half of the year were 1.409 million units, up 47.4% year-on-year [1]. - New energy vehicle sales in June were 122,367 units, representing an 85.5% year-on-year increase but a 11.3% decrease month-on-month, with a penetration rate of 51.8% [1][2]. - Total new energy vehicle sales for the first half of the year reached 725,000 units, a significant increase of 126.5% year-on-year [1]. Product Launches and Future Outlook - The company plans to launch the Galaxy A7 and M9 models in Q3 2025, targeting the hybrid sedan and large six-seat hybrid SUV markets, respectively [2][3]. - The Galaxy A7 will feature a new hybrid system with a comprehensive range of approximately 2,100 kilometers, while the M9 will include advanced driving assistance features [2]. - The company aims for total sales of 710,000 units in 2025, with specific targets for the Zeekr and Lynk brands [3]. Strategic Moves - The company is considering the privatization of Zeekr to consolidate resources and enhance operational efficiency, aligning with its strategic focus on high-end electric vehicles [3]. - The proposed acquisition price for Zeekr shares is $2.566 or 1.23 newly issued shares for each Zeekr share [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 404.78 billion, 489.69 billion, and 572.83 billion yuan, with net profits of 16.21 billion, 22.09 billion, and 25.98 billion yuan, respectively [4]. - Earnings per share (EPS) are forecasted at 1.61, 2.19, and 2.58 yuan for the same period, corresponding to price-to-earnings ratios of 9, 7, and 6 times based on the closing price of 16.32 HKD on July 2 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Views - The company has set an ambitious annual sales target of 3 million vehicles, reflecting confidence in its growth trajectory, particularly in the new energy vehicle (NEV) segment, which has shown significant year-on-year growth [2][4]. - The company reported a total wholesale volume of 236,000 vehicles in June, a year-on-year increase of 42.1%, with NEV sales reaching 122,367 units, up 85.5% year-on-year [1][2]. - The introduction of new models, such as the Galaxy A7 and M9, is expected to enhance the company's market position and drive sales growth in the coming years [2][3]. Summary by Sections Sales Performance - In the first half of the year, the company achieved a total wholesale volume of 1.409 million vehicles, representing a 47.4% increase year-on-year [1]. - The NEV segment accounted for 725,000 units sold in the first half, marking a 126.5% increase compared to the same period last year [2]. Product Development - The Galaxy A7 is set to launch in Q3 2025, featuring advanced hybrid technology and a comprehensive range of 2,100 kilometers on a full charge [2]. - The Galaxy M9, a large six-seat plug-in hybrid SUV, is also expected to debut in Q3 2025, equipped with cutting-edge driving assistance systems [2][3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 404.8 billion, 489.7 billion, and 572.8 billion RMB, respectively, with net profits expected to reach 16.2 billion, 22.1 billion, and 26.0 billion RMB [4][5]. - The earnings per share (EPS) is anticipated to grow from 1.61 RMB in 2025 to 2.58 RMB by 2027, reflecting a positive trend in profitability [4][5]. Strategic Moves - The company plans to privatize its high-end brand, Zeekr, to streamline operations and enhance resource allocation, which is expected to improve overall efficiency and competitiveness [3][4].

Core Insights - Zeekr Group reported a total delivery of 43,012 vehicles in June 2025, with Zeekr brand contributing 16,702 vehicles and Lynk & Co accounting for 26,310 vehicles [2] - Year-to-date deliveries reached 244,877 vehicles, marking a 14.5% increase compared to the same period last year [2] - The company has a cumulative user base of 1.99 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, Lynk & Co and Zeekr, 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 - Geely Automobile has shown impressive financial performance in Q1 2025, with revenue of 72.5 billion and a net profit of 2.28 billion, indicating significant growth in both revenue and profit compared to the previous year [1][2]. Financial Performance - In Q1 2025, Geely's revenue reached 72.5 billion, a year-on-year increase of 25% [1]. - The net profit, excluding other income of 35.9 billion, was 2.28 billion, reflecting a 134% year-on-year growth [1][2]. - The company delivered 704,000 vehicles in the quarter, marking a 47.6% increase year-on-year [1]. Market Position and Valuation - Despite strong performance, Geely's price-to-earnings ratio is below 10, and S&P has downgraded its rating to negative due to debt pressure and market competition [2]. - There is speculation that if Geely can challenge BYD's leading position in the new energy vehicle market, its market capitalization could reach 1 trillion, five times its current value [2]. Sales Performance - Geely's sales target for 2023 was 1.65 million vehicles, which was exceeded with actual sales of nearly 1.69 million [5]. - For 2024, the sales target was set at 1.9 million, which was later raised to 2 million, with actual sales reaching 2.18 million, a 29.1% increase [6]. - In the first five months of 2025, Geely's cumulative sales reached 1.173 million, a 48.6% increase year-on-year, representing 43.3% of the annual target [7][9]. New Energy Vehicle Strategy - Geely's new energy vehicle sales have seen significant growth, with a penetration rate approaching 50% by Q1 2025 [11][15]. - The company has adopted a "two-legged" approach, focusing on both pure electric and plug-in hybrid vehicles [16][20]. - In 2023, plug-in hybrid vehicle sales surged, accounting for 45.2% of Geely's new energy vehicle sales by Q4 [17]. Brand Development - Geely's premium brand, Zeekr, has faced challenges, with sales growth slowing in 2025 [30][31]. - The company has acquired a majority stake in Lynk & Co to bolster its market position [34]. - The newly launched Galaxy series has become a key driver of sales growth, contributing significantly to Geely's overall performance [41]. Conclusion - Geely's strong financial results and strategic positioning in the new energy vehicle market highlight its potential for future growth, despite facing challenges in market competition and brand performance [43][44].

Core Viewpoint - Zeekr Group reported strong delivery results for May 2025, showcasing significant year-over-year and month-over-month growth in vehicle deliveries [2]. Delivery Performance - In May 2025, Zeekr Group delivered a total of 46,538 vehicles, marking a 15.2% increase year-over-year and a 12.6% increase compared to April 2025 [2]. - The Zeekr brand accounted for 18,908 vehicle deliveries, while Lynk & Co contributed 27,630 vehicles [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 [3]. - The company operates two brands, Lynk & Co and Zeekr, and is committed to innovation, sustainability, and diversity [3]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain to enhance its market position [3].

Core Insights - Zeekr Group has published its 2024 Sustainability report, highlighting its commitment to sustainable innovation, dual carbon management, and proactive governance [1] Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group, with brands Lynk & Co and Zeekr [2] - The company aims to create a fully integrated user ecosystem, focusing on innovation, and is developing its own software systems, e-powertrain, and electric vehicle supply chain [2] - Zeekr Group values equality, diversity, and sustainability, with the ambition to become a global new energy mobility solution provider [2]