整合收官、红利释放，吉利开启“量增质升”新增长逻辑

Core Viewpoint - Geely Automobile is nearing the completion of its major integration, with over 70% of Zeekr shareholders opting for stock exchange, indicating market confidence in the long-term value of the integrated Geely [1][2] Group 1: Transaction Details - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely, while each Zeekr American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely [2] - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, leading to the issuance of 777 million shares by Geely [2] - The cash compensation option was selected by about 29.2% of eligible shareholders, resulting in a total cash payment of approximately $701 million by Geely [2] Group 2: Strategic Significance - The merger allows Geely to cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system of "fuel + pure electric + plug-in hybrid + hydrogen electric" [3] - The strategic merger is expected to enhance technological synergies and unify value points, improving capital efficiency and decision-making stability [3] Group 3: Financial Performance and Efficiency - Following the merger, Geely is expected to accelerate its high-end upgrade, potentially increasing gross margins and per-vehicle profits [4] - Geely's gross margin for Q3 was 16.6%, up 0.2 percentage points from the first half of the year, with core net profit per vehicle rising to 5,200 yuan [4] - Management has indicated that operational efficiency has improved, with management expense ratio dropping to 1.8% and R&D expense ratio to 6.1% [4] Group 4: Sales and Market Position - As of November 2025, Geely's cumulative sales reached 2.7878 million units, a 42% year-on-year increase, suggesting that the annual target of 3 million units will be exceeded [5] - The shift in the new energy vehicle purchase tax policy is expected to benefit Geely's fuel vehicle segment, while new models in the electric vehicle segment are performing well [5] Group 5: AI Integration - Geely is advancing its integration of AI technology across various domains, launching the industry's first "full-domain AI" technology system [6] - The company has established the "Intelligent Automotive Computing Alliance," enhancing its computing power to 23.5 EFLOPS [6] - Geely has accumulated 10 terabytes of token data and 40 billion automotive vertical data, supporting its AI initiatives [6] Group 6: Future Vision - Geely aims to transform into a leading technology company with strong intelligent manufacturing capabilities, positioning itself as a major player in the AI and automotive sectors [7] - The company envisions that every vehicle will serve as a connection point to the AI universe, potentially becoming one of the largest robotics companies globally [7]