Core Insights - The domestic passenger car retail market in China experienced a decline in November, with retail volume at 2.225 million units, down 8.1% year-on-year and a slight decrease of 1.1% month-on-month. Cumulatively, from January to November, retail sales reached 21.483 million units, reflecting a year-on-year growth of 6.1% [1] - The market dynamics show a pattern of "high at the beginning, stable later, and pressure in the fourth quarter," influenced by high base figures from the previous year and a gradual return to normal growth [1] - The "old-for-new" subsidy policy significantly supported market growth earlier in the year, but its impact is diminishing as subsidies are phased out, leading to a decrease in daily subsidy applications [1] Passenger Car Market Performance - In November, the wholesale sales of new energy vehicles (NEVs) saw 22 manufacturers surpassing 10,000 units, contributing 94.2% to total NEV sales, indicating a concentration in the market [2] - Major domestic brands like BYD, Geely, and Chery led the sales, with respective volumes of 475,000, 188,000, and 112,000 units [2] - The "second-generation" new energy brands are gaining momentum, with their market share reaching 14.65%, up 1.1 percentage points year-on-year [2] Export Trends - November marked a record high for passenger car exports at 601,000 units, a significant year-on-year increase of 52.4%. Domestic brands accounted for 525,000 units of this total [3] - Cumulatively, from January to November, exports of domestic brand NEVs reached 1.78 million units, a staggering increase of 139% year-on-year, with NEVs making up 40.6% of total exports [3] - The structure of NEV exports is improving, with the share of plug-in hybrid vehicles rising from 26% to 42% year-on-year [3] Promotional Activities and Market Dynamics - The anticipated year-end "tail effect" in the market did not materialize, although promotional activities remain strong, particularly for traditional fuel vehicles and NEVs [4] - In November, the average promotional discount for traditional fuel vehicles was stable at 24%, while NEVs saw an increase in promotional intensity, averaging 10.1% [4] - The average price reduction for new NEVs from January to November was 24,000 yuan, equating to 11.7% of the vehicle price [4] Inventory and Market Outlook - Due to weak retail performance in November, overall industry inventory increased by 60,000 units, contrasting sharply with a decrease of 220,000 units in the same month last year [5] - The inventory warning index for automotive dealers rose to 55.6%, indicating a decline in industry prosperity [5] - Looking ahead, the expiration of the NEV purchase tax exemption is expected to boost December sales but may create pressure for 2026, potentially leading to a "micro-growth" phase in the domestic market [6] Future Projections - Analysts predict that total passenger car wholesale sales will grow by approximately 2.9% in 2026, with NEVs expected to drive this growth with a projected increase of 19% [7] - The competitive landscape is set to intensify with 173 new models expected to launch, over 90% of which will be NEVs or offer NEV options [7] - The domestic market may enter a deep adjustment phase in 2026, with globalization becoming a critical factor for future automotive company trajectories [7]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年12月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 ...

Core Viewpoint - Geely Automobile Holdings Limited is finalizing the privatization of Zeekr Intelligent Technology Holdings, marking the completion of the "One Geely" strategy, with significant shareholder participation in the exchange of shares and cash [1][2] Group 1: Privatization Details - Approximately 70.8% of eligible Zeekr shareholders opted for share compensation, resulting in the issuance of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr shareholders chose or are deemed to have chosen cash compensation, leading to a total cash payment of approximately $701 million [1] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely Automobile, while each American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely Automobile [1] Group 2: Strategic Implications - The merger is expected to be completed by December 29, 2025, allowing Geely to leverage Zeekr's position in the luxury electric vehicle market and enhance its technological and global capabilities [2] - Geely aims to cover mainstream, mid-to-high-end, and luxury segments, establishing a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [2] - Financial performance shows a revenue of 239.5 billion yuan for the first three quarters of 2025, a 26% year-on-year increase, and a core net profit of 10.62 billion yuan, reflecting a 59% growth [2] - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan, ensuring ample reserves for long-term development [2]

Core Viewpoint - Geely Automobile (0175.HK) announced the results of the privatization transaction for Zeekr Intelligent Technology Holdings Co., Ltd. (NYSE: ZK), indicating a significant step towards the completion of the "One Geely" strategy [1] Group 1: Privatization Transaction Details - Approximately 70.8% of eligible Zeekr holders opted for share consideration, leading to the issuance of a total of 777,228,611 shares by Geely Automobile [1] - About 29.2% of eligible Zeekr holders chose or are considered to have chosen cash consideration, resulting in a total cash payment of approximately $701 million by Geely Automobile [1] Group 2: Strategic Implications - The merger transaction between Geely Automobile and Zeekr is expected to be completed by December 29, 2025, which will establish a solid foundation for Geely to enhance cost advantages, brand competitiveness, and global market influence [1] - Geely aims to achieve comprehensive coverage across mainstream, mid-to-high-end, and luxury segments, forming a diverse power system that includes "fuel, pure electric, plug-in hybrid, and hydrogen fuel cell" [1] - The company is focused on strengthening its smart manufacturing and technological innovation capabilities, with a commitment to improving profitability and delivering long-term returns to shareholders [1]

格隆汇12月9日｜有投资者在互动平台向江苏北人提问：请问贵公司有给特斯拉或其他机器人厂商供货 减速器相关零部件吗？ 江苏北人回复称，在智能制造整体解决方案领域，公司为客户提供提"产品+技 术+服务"的交钥匙服务，公司直接客户多以汽车零部件厂商为主，间接为您所关注的某知名国际新能 源汽车品牌，以及华为问界、小米、理想、蔚来、小鹏、零跑、宝马、沃尔沃、吉利、大众、红旗、通 用、日产、东风等。 ...

11月分析:年初判断的国内零售增速呈现"前低中高后平"的走势已成定局。"双新政策"起到了稳定车市 和调节增长幅度的作用。下半年价格"反内卷"有效地得到了遏制。今年的插混车在国内外两个市场出现 极大反差，即国内放慢增速、出口加速增长。11月，新能源乘用车在国内零售渗透率已达59.4%，其在 自主品牌中的新能源车渗透率达79.6%；其在豪华车中的新能源车渗透率达38.8%。11月，乘用车出口 (含整车与CKD)呈现同环比双增长态势。 | 单位:辆 | | | | | | | --- | --- | --- | --- | --- | --- | | NO• | 自 厂商 | 2025.11 | 环比 | 同比 | 份额 | | 1 | 比亚迪汽车 | 474,921 | 8.7% | -5.8% | 15.8% | | 2 | 吉利汽车 | 310,428 | 1.1% | 24.1% % | 10.4% | | 3 | 奇瑞汽车 | 262,475 | -3.1% | -3.6% | 8.8% | | 4 | 长安汽车 | 179,650 | -0.8% | -4.5% | 6.0% | | 5 | 汽大众 | ...

Core Viewpoint - Geely has unveiled the Galaxy V900, an AI-powered flagship MPV that integrates advanced technologies for enhanced performance, energy efficiency, and long-range capabilities, catering to both family and business needs [1]. Group 1: Technical Features - The Galaxy V900 features a dual-motor all-wheel-drive system, with a peak power of 90 kW from the industry-leading P1 generator, ensuring strong and stable performance across various driving scenarios [3]. - The vehicle's 1.5T super-efficient range extender boasts a thermal efficiency of 47.26%, generating 3.77 kWh per liter of fuel, with a low electricity cost of 1.9 yuan per kWh, achieving cost parity between fuel and electricity [3]. Group 2: Intelligent Management - The vehicle employs the Xingrui AI Cloud Power 2.5 intelligent system for energy and all-wheel-drive management, optimizing energy consumption based on navigation and user habits [5]. - AI energy control prioritizes electric mode when charging stations are available, extending electric range by 7.1 km with an additional 3% battery capacity [6]. - The AI four-wheel-drive management can autonomously switch driving modes based on road conditions, ensuring seamless power transfer even in case of a single motor failure [6]. Group 3: Battery and Range - The Galaxy V900 is equipped with a large-capacity battery pack, offering a pure electric range of 240 km under CLTC standards, suitable for urban commuting with a weekly charge [6]. - The combined range with a full tank and full charge reaches up to 1200 km, enhancing its usability for longer trips [6]. Group 4: Interior and Comfort - The interior of the Galaxy V900 features three industry-first spacious designs, with second and third-row legroom exceeding 1013 mm and a trunk capacity over 1100 liters, ensuring comfort for all passengers [8]. - The seating is made from Nappa leather with an 11-layer cloud-like SPA structure, and the vehicle offers flexible seating configurations for 6, 7, or 8 passengers [8]. - A 17.3-inch anti-pinch viewing screen and a 27-speaker Flyme Sound system create an immersive audio-visual experience [8]. Group 5: Smart Cabin and Driving Assistance - The vehicle is equipped with the Flyme Auto 2.0 system and Qualcomm 8295P chip, enabling low-latency operations and offline voice interaction [10]. - The Qianli Haohan H5 driving assistance system, featuring the Orin-Y chip and 27 perception units, supports end-to-end no-map navigation and 3 km memory parking, enhancing driving and parking convenience [10].

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline in November 2025, with a total of 2.225 million units sold, representing a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%. However, the cumulative sales from January to November reached 21.483 million units, showing a year-on-year growth of 6.1% [2][3]. Sales Performance - In November 2025, the sales breakdown by vehicle type showed that sedans sold 1.007 million units (down 10.0% year-on-year), MPVs sold 86,000 units (down 16.8%), SUVs sold 1.132 million units (up 5.6%), and NEVs sold 1.321 million units (up 4.2%) [3][4]. - The cumulative sales for the year until November were 9.831 million sedans (up 5.3%), 953,000 MPVs (up 0.1%), 10.699 million SUVs (up 7.3%), and 11.472 million NEVs (up 19.6%) [3][4]. Market Trends - The penetration rate of new energy vehicles (NEVs) in the domestic market reached 59.4% in November, with a penetration rate of 79.6% among domestic brands and 38.8% in the luxury segment [4]. - The analysis indicates that the retail growth rate for the year has followed a "low in the beginning, high in the middle, and flat at the end" trend, with new policies stabilizing the market and controlling price competition [2][4]. Manufacturer Rankings - In November 2025, BYD led the sales with 474,921 units (down 5.8% year-on-year), followed by Geely with 310,428 units (up 24.1%), and Chery with 262,475 units (down 3.6%) [7][9]. - For the cumulative sales from January to November, BYD also ranked first with 4.131 million units (up 10.4%), followed by Geely with 2.788 million units (up 41.8%) [8][10]. NEV Manufacturer Performance - In November 2025, BYD again led the NEV wholesale sales with 474,921 units (down 5.8% year-on-year), while Geely and Chery followed with 187,798 units (up 53.4%) and 111,577 units (up 54.0%) respectively [11][13]. - Cumulatively, BYD maintained its lead in NEV sales with 4.131 million units (up 10.4%) from January to November, while Geely's NEV sales surged by 97.4% to 1.534 million units [13][15].

Group 1 - The core viewpoint expressed by Chen Zheng, Vice President of Geely Automobile Group, highlights the unprecedented transformation and competition within the Chinese automotive industry, raising concerns about certain trends [1] - Some companies are prioritizing rapid monetization of fan traffic over the fundamental values of Chinese aesthetics, leading to a decline in the quality of automotive design [1] - There is a trend of companies acting as "benchmarking experts," quickly replicating popular models, which results in a lack of true innovation and contributes to homogenization within the Chinese automotive market [1] - Many brands are losing their identity due to a lack of value judgment and aesthetic consistency based on their own propositions, leading to a cycle of imitation rather than originality [1] Group 2 - In February 2023, Geely's model "Galaxy Light" faced allegations of plagiarism, with similarities noted between it and models from Changan Automobile, such as the SL03 and UNI-V [2] - A lawyer's letter from Changan claimed that Geely's "Galaxy Light" prototype infringes on their intellectual property due to significant similarities with their concept and production models [4] - Geely responded by asserting that "Galaxy Light" is an original design, denying any allegations of plagiarism or intellectual property infringement, and emphasizing its unique design philosophy based on the SEA architecture [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 極氪私有化合資格極氪持有人選擇結果 最新進展 根據上市規則第13.18條作出之公佈 茲提述本公司日期為二零二五年五月七日、二零二五年七月十五日、二零二五年九月五 日及二零二五年九月十五日之公佈（「該等公佈」）、本公司日期為二零二五年八月十八日 之通函（「該通函」），及本公司日期為二零二五年十一月二十一日有關合併協議項下擬進 行交易（包括私有化及合併事項）之海外監管公佈（「海外監管公佈」）。 除本公佈另有界定或文義另有所指外，本公佈所用詞彙與該通函所界定者具有相同涵 義。 合資格極氪持有人選擇結果最新進展 誠如該等公佈及海外監管公佈所載，於適用選擇截止時間二零二五年十二月三日（就極氪 美國存託股份登記持有人而言）及二零二五年十二月五日（就極氪股份持有人而言）前，每 名合資格極氪持有人（香港非專業投資者除外，彼等將僅可收取現金 ...