极氪“回归”吉利体系：一场顺应时势的战略会师

Core Viewpoint - The article discusses the strategic evolution of Geely Auto and its subsidiary Zeekr in the context of the rapidly changing electric vehicle (EV) market, highlighting the significance of Zeekr's return to Geely as a proactive move to enhance competitiveness and resource integration in a challenging environment [6][10][20]. Group 1: Zeekr's Journey and Market Context - Zeekr's stock price closed at $26.73 per share, with a total market value of $6.847 billion, marking the end of its journey on the NYSE after over a year [4]. - The return of Zeekr to Geely is seen as a meaningful response to the accelerated industry consolidation and a strategic move to adapt to the current market dynamics [6][10]. - The EV market has shifted from a policy-driven phase to a consumer-driven phase, increasing competition and reducing the marginal benefits of independent operations [10][11]. Group 2: Strategic Integration and Market Positioning - Geely's acquisition of Zeekr fills a gap in its luxury EV segment, creating a comprehensive brand matrix that includes mainstream, mid-range, and luxury markets [16][19]. - The integration allows Geely to enhance its operational efficiency and strengthen its competitive position through resource aggregation [16][19]. - Zeekr's independent brand identity is preserved while leveraging Geely's resources for sustainable growth [16][19]. Group 3: Financial Performance and Market Expectations - Geely's stock price has increased by 96.1% since the release of the "Taizhou Declaration," significantly outperforming the Hang Seng Index [11]. - Institutional investors have shown strong confidence in Geely, with an average target price of HKD 26.95, indicating a potential upside of approximately 59% from recent closing prices [10][11]. - Geely's total sales reached 2.788 million units in the first 11 months of 2025, achieving 93% of its annual target, with a revenue increase of 26% year-on-year [23][24]. Group 4: Technological Integration and Future Outlook - The integration of Zeekr's advanced technologies, such as the SEA architecture and intelligent driving systems, is expected to enhance Geely's technological capabilities and brand image [19][24]. - Geely's strategic shift from opportunistic breakthroughs to systematic capability building reflects a deep understanding of the automotive industry's cyclical nature [26]. - The return of Zeekr marks a significant milestone in Geely's ongoing strategic transformation, positioning the company for future growth in the global EV market [26].