GEELY AUTO(HK:00175) 商业洞察·2025-05-18 06:31Core Viewpoint - The privatization and delisting of Zeekr, a high-end electric vehicle brand, marks a significant shift in the competitive landscape of the electric vehicle industry, highlighting the challenges faced by new entrants in a rapidly evolving market [2][5][27]. Group 1: Zeekr's Rapid Transition - Zeekr was celebrated as the "fastest listed new force" in the U.S. stock market, achieving this in just 37 months, but is now facing privatization by Geely at a price of $25.66 per ADS, a 22% premium over its IPO price [5][9]. - This move sets a record for the fastest listing and delisting in the new energy vehicle sector, revealing the dual challenges of initial valuation bubbles and disappointing operational performance [8][9]. - Zeekr's financial struggles are evident, with cumulative losses exceeding 26 billion yuan from 2021 to 2024, and a net loss of 5.79 billion yuan in 2024, alongside a consistently high debt-to-asset ratio above 130% [9][10]. Group 2: Geely's Strategic Restructuring - Prior to Zeekr's privatization, Geely initiated a series of brand integrations aimed at reducing costs and improving efficiency, potentially saving 10%-20% in R&D expenses and 5%-8% in supply chain costs [13][14]. - The 2025 electric vehicle market is undergoing a transformation, with competitors like Tesla and Xiaomi gaining market share, prompting Geely to consolidate its brands for better operational precision [13][15]. Group 3: Challenges in Product Strategy - Zeekr's product strategy has faltered, with the flagship model, Zeekr 001, experiencing a significant drop in sales from 14,000 units in June 2024 to 4,000 units in February 2025, indicating a failure to maintain brand positioning [20][23]. - The brand's attempt to launch multiple new models has not resulted in a new blockbuster product, as subsequent models have struggled to differentiate themselves in a crowded market [20][24]. - User trust has eroded due to issues like the "configuration gate" and "model change gate," leading to a decline in brand loyalty and a negative impact on sales [21][22]. Group 4: Industry Reflection and Future Outlook - The delisting of Zeekr is seen not as an end but as a starting point for deeper adjustments within the electric vehicle industry, prompting a reevaluation of core competitive strengths [27][29]. - The industry is shifting focus from capital-driven growth to genuine user value and product differentiation, emphasizing the need for companies to return to the essence of automotive manufacturing [29][30].