70.8%持有人选股份！极氪私有化收官倒计时，吉利“一个战略”底牌引关注

Core Viewpoint - Geely Automobile is advancing its "One Geely" strategy with the privatization of Zeekr, marking a significant step in its core integration efforts, expected to be completed by December 29, 2025 [1] Summary by Sections Privatization Details - The privatization transaction involves a dual-option compensation structure for Zeekr shareholders, with a cash and share option available [3] - Approximately 70.8% of eligible Zeekr shareholders opted for shares, resulting in the issuance of 777,228,611 shares, which represents 7.7% of Geely's total issued share capital as of the selection deadline [4] - The remaining 29.2% of shareholders chose cash compensation, amounting to approximately $701 million [4] Financial Performance - Geely's financial performance has shown significant growth, with a revenue of 239.5 billion yuan in the first three quarters of the year, a 26% year-on-year increase, and a net profit of 10.62 billion yuan, up 59% [5] - Vehicle sales reached 2.1702 million units, a 46% increase year-on-year, with electric vehicle sales soaring by 114% [5] - The company's market share increased to 10.2%, reflecting a 28.1% year-on-year growth [5] Cash Reserves and Cost Management - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with net cash at 45.2 billion yuan, providing a solid foundation for the cash compensation in the privatization [6] - The company has improved operational efficiency, with management expenses decreasing to 1.8% and R&D expenses to 6.1% of revenue [6] Share Buyback Program - Geely announced a share buyback program with a maximum amount of 2.3 billion HKD, aimed at optimizing capital structure and enhancing per-share earnings [7][8] - The first round of buybacks was completed on December 8, 2025, with an expenditure of 27.116 million HKD for 1.534 million shares [7] Strategic Value of the Merger - The merger with Zeekr is expected to create synergies across various dimensions, enhancing Geely's market coverage in mainstream, mid-to-high-end, and luxury segments [8] - The integration will leverage Zeekr's technology and brand advantages in the luxury electric vehicle sector, complementing Geely's existing product lines [8] - The combined resources in supply chain, manufacturing, and global marketing are anticipated to improve overall profitability and shareholder returns [8]