Guohai Securities·2026-01-12 02:23Group 1: Geely Automobile - Geely Automobile achieved a total sales volume of 3.025 million vehicles in 2025, a year-on-year increase of 39%, exceeding its annual target [3] - The sales target for 2026 is set at 3.45 million vehicles, with brand-specific targets of 2.75 million for Geely (including Galaxy), 300,000 for Zeekr, and 400,000 for Lynk & Co [3] - The Galaxy brand significantly contributed to growth, with December 2025 sales exceeding 100,000 units, a 45% year-on-year increase, and total annual wholesale of 1.236 million units, up 149.9% [3][4] - Geely's export volume remained stable at 420,000 vehicles in 2025, with entry into 13 new markets and local production advancements in Egypt and Indonesia [5] Group 2: OSL Group - OSL Group completed the strategic acquisition of Banxa Holdings, enhancing its compliance and global payment capabilities [7] - Banxa serves as a bridge between traditional finance and digital assets, focusing on B2B payment solutions and compliance systems [8] - The acquisition is expected to significantly increase OSL's payment business revenue, with Banxa's revenue for the first half of 2025 projected at 53.93 million HKD [9] Group 3: Royal Technology - Royal Technology announced an employee stock ownership plan (ESOP) involving 48 core employees, representing 6.41% of the workforce, aimed at enhancing employee engagement and retention [13][15] - The ESOP includes performance targets for 2026, requiring a minimum of 12% growth in sales or net profit compared to 2025 [14][16] - The company is a leading producer of specialty surfactants, with a focus on customized products to meet diverse customer needs [17][18] Group 4: Huijia Times - Huijia Times reported a revenue of 1.868 billion CNY in the first three quarters of 2025, a 1.2% year-on-year increase, with a net profit of 80 million CNY, up 60.1% [20] - The company is implementing a self-reform strategy inspired by the "Pang Donglai" model, which has significantly boosted sales [21] - The company is also exploring low-altitude economy opportunities, integrating technology, logistics, and tourism for long-term growth [21] Group 5: Industry Trends - The photovoltaic industry is experiencing price increases, with polysilicon prices rising by approximately 10% week-on-week [33] - The wind power sector is seeing a surge in project approvals, with significant increases in both offshore and onshore wind projects expected in 2026 [34][35] - The energy storage market is expanding, with nearly 60 GWh of storage systems and equipment contracts awarded in December 2025 [36]