极氪私有化收官，超七成股东放弃套现！为“一个吉利”战略投下信心票

Core Insights - The transition of the new energy vehicle industry from "quantity accumulation" to "quality leap" is reshaping the global competitive landscape, with Geely's strategy evolving from internal organization integration to a broader vision concerning industry confidence and future value [1] - Over 70% of Zeekr shareholders opted for equity compensation rather than cash, indicating strong market confidence in the long-term growth potential post-merger [2] - Geely's solid operational performance underpins shareholder confidence, with significant revenue and profit growth reported for the first three quarters of 2025 [3] Group 1: Merger and Shareholder Sentiment - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, receiving about 777 million shares of Geely, while 29.2% opted for cash, totaling approximately $701 million [2] - The choice of equity over cash reflects market expectations for synergies post-merger, with minimal short-term selling pressure on Geely's stock [2] - Geely initiated a share buyback plan of up to HKD 2.3 billion to stabilize market expectations and demonstrate management's confidence in the company's intrinsic value [2] Group 2: Financial Performance - Geely reported a revenue of CNY 239.5 billion for the first three quarters of 2025, a year-on-year increase of 26%, with a core net profit of CNY 10.62 billion, up 59% [3] - The company achieved a total cash position of CNY 60.1 billion and a net cash position of CNY 45.2 billion, indicating a robust financial status [3] - Geely's sales from January to November reached 2.788 million units, a 41.8% increase year-on-year, with November sales alone at 310,000 units, up 24.1% [3] Group 3: Strategic Integration and Future Goals - Geely's strategic integration began with the "Taizhou Declaration" in September 2024, focusing on five key measures: strategic focus, integration, synergy, stability, and talent [4] - The company aims to achieve over 5 million vehicle sales by 2027, positioning itself as a global leader in electrification, intelligence transformation, and high-quality development [5] - The merger with Zeekr is expected to enhance cost efficiency through deep collaboration in R&D, production capacity, and supply chain management, while leveraging a differentiated brand matrix [5]