“一个吉利” 加速成形：确定的和未知的

Core Viewpoint - Geely Auto aims to consolidate its brands and resources to enhance competitiveness in a challenging market environment, as stated by CEO Gui Shengyue during the Q1 earnings call [2]. Financial Performance - In Q1, Geely's new car sales reached 704,000 units, a year-on-year increase of 48% - Revenue was 72.5 billion yuan, up 25% year-on-year - Net profit attributable to shareholders was 5.67 billion yuan, with a significant year-on-year growth of 264% [2]. Strategic Moves - Geely announced plans to acquire the remaining shares of its U.S.-listed subsidiary, Zeekr, aiming for full privatization and delisting from the NYSE [2][4]. - The privatization process involves several stages, including negotiations on merger terms and a shareholder meeting for approval [5]. Management Changes - Following the merger, key management changes include: - Gan Jiayue will become CEO of Geely Auto Group, expanding his responsibilities - An Conghui will take over as CEO of Geely Holding Group - Li Donghui will transition to Vice Chairman of Geely Holding Group [6]. Cost Reduction Goals - Post-merger, Geely aims to achieve a cost reduction target of over 15% in R&D, management, and marketing [8]. - The company plans to save at least 900 million yuan in R&D expenses in Q2 compared to the previous year [8]. Integration Challenges - The integration of Zeekr into Geely's structure raises questions about resource allocation and operational efficiency, especially given the different incentive mechanisms of the two companies [12][13]. - The complexity of integrating various brands and ensuring effective collaboration remains a significant challenge for Geely [12][13]. Market Positioning - After the merger, Zeekr will be positioned as a global luxury technology brand, while Lynk & Co will focus on the global high-end new energy market [12]. - The consolidation aims to enhance operational efficiency and reduce redundant investments across Geely's extensive brand portfolio [12]. Future Outlook - Geely's management believes that the merger will facilitate better internal collaboration among its brands, potentially leading to improved performance and market competitiveness [10][11]. - However, uncertainties remain regarding how the integration will affect Zeekr's strategic importance and operational independence [11].