Financial Data and Key Metrics Changes - Geely's gross margin improved to 16.9% in Q4 2025, higher than the full-year average of 16.6% [60][62] - R&D expenses increased by CNY 1.5 billion quarter-on-quarter, reaching CNY 590 million in Q4 2025, with a target of maintaining around 40% utilization in 2026 [60][64] Business Line Data and Key Metrics Changes - Zeekr brand achieved annual sales of 224,000 units, with a record monthly delivery of over 30,000 units in December [1] - Lynk & Co sales volume reached 350,000 units, with new energy vehicles making up 65% of the mix [3] - Galaxy sales reached 1.236 million units, up by 150% [4] - Geely China Star ICE sales reached 1.214 million units, with Xingyue L ranked number one in China's ICE SUV segment [4] Market Data and Key Metrics Changes - Geely's export sales target for 2026 is 640,000 units, a 50% increase from 2025, with a focus on overseas markets [9][40] - New energy vehicle sales in overseas markets reached 124,000 units in 2025, growing by 240% [40][42] Company Strategy and Development Direction - Geely aims to become a global leader in smart vehicles, focusing on technology and globalization [5][10] - The company has set a five-year carbon reduction target to reduce vehicle lifecycle carbon emissions by 25.5% by the end of 2025 [5] - Geely plans to launch new models, including the Zeekr 8X and Lynk & Co zero seven wagon version, to enhance its product offerings [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving higher sales volumes and net profits in 2026, building on the successes of 2025 [38] - The company highlighted the importance of safety and intelligence in vehicle development, establishing a global automotive safety center [15][16] - Geely's management acknowledged the competitive landscape and emphasized the need for continuous improvement in brand development and global market scale [34][35] Other Important Information - Geely has integrated Lynk & Co and Zeekr brands to enhance resource allocation and operational efficiency [49][50] - The company is focusing on diversifying energy inputs, covering ICE, hybrid, PHEV, and BEV technologies [29][30] Q&A Session Summary Question: What are the driving reasons for the gross margin improvement? - The gross margin improved due to higher sales of high-end products like Zeekr 9X, which accounted for a significant portion of total sales volume [60][62] Question: What is the outlook for R&D expenses in 2026? - R&D expenses are expected to maintain around 40% utilization, with a focus on improving the quality of profits [64] Question: How does Geely evaluate overseas markets and competitive edge? - Geely has laid a solid foundation for overseas markets in 2025, with plans to deepen production capabilities and focus on branding and technology export [39][40]

Group 1 - The article discusses various suggestions from representatives at the National People's Congress aimed at enhancing the automotive industry's high-quality development and addressing social welfare issues [4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50] Group 2 - Suggestions include improving the rural electric vehicle market ecosystem to stimulate consumption, promoting battery swapping models, and enhancing the export of automobiles through standardization [5][6][7] - Emphasis on developing a senior-friendly transportation ecosystem and establishing a hydrogen fuel cell vehicle regulatory framework [8][9] - Recommendations for accelerating the legislative process for autonomous driving and enhancing the integration of artificial intelligence in the automotive sector [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50] Group 3 - The article highlights the need for a focus on technological innovation and quality competition rather than price wars in the automotive industry [47][48][49][50] - It discusses the importance of integrating global operations and localizing production to enhance competitiveness [49][50] - The article also emphasizes the necessity of upgrading quality standards and improving the entire supply chain to achieve high-quality development [50]

Group 1: Market Overview - From March 1 to 15, the national passenger car market retail sales reached 561,000 units, a year-on-year decrease of 21%, but a month-on-month increase of 2%. Cumulative retail sales for the year reached 3.14 million units, down 19% year-on-year [2][5] - During the same period, wholesale sales of passenger cars reached 648,000 units, a year-on-year decrease of 20%, but a month-on-month increase of 36%. Cumulative wholesale sales for the year reached 4.141 million units, down 12% year-on-year [2][9] - The penetration rate of new energy vehicles (NEVs) in retail sales was 50.7%, while the wholesale penetration rate was 50.1% [2] Group 2: Production and Sales Trends - In the first week of March, production of pure fuel light vehicles was 220,000 units, down 15% year-on-year, while production of hybrid and plug-in hybrid vehicles was 71,000 units, down 37% year-on-year [3] - The average daily retail sales for the first week of March were 31,000 units, down 24% year-on-year, while the second week saw an increase to 45,000 units, down 19% year-on-year [5][9] - The overall market performance in March is expected to improve gradually, with the second week showing signs of recovery [5][6] Group 3: Economic and Policy Environment - The automotive industry faced challenges due to rising prices of raw materials, oil, and chips, alongside geopolitical uncertainties affecting fuel vehicle sales negatively [6][10] - The government is expected to implement more proactive macro policies to stimulate demand and optimize supply, aiming for a stable market demand [10] Group 4: Investment and Consumer Behavior - Fixed asset investment in the automotive industry grew by 2.6% year-on-year in January and February 2026, outperforming the average growth rate of 1.8% across all industries [10] - Consumer pressure in the passenger car market remains high, with expectations for strong follow-up policies to stimulate car purchases [11] Group 5: Pickup Truck Market Analysis - In February 2026, pickup truck sales reached 41,000 units, down 13.2% year-on-year, while production was 42,000 units, down 3.1% year-on-year [12] - The export of pickup trucks in February 2026 was 23,000 units, a year-on-year increase of 15%, indicating strong growth in the export market [12] Group 6: Pricing Trends - The average retail price of passenger cars in February 2026 was 180,000 yuan, an increase of 15,000 yuan year-on-year, despite a significant decline in sales [6][13] - The average price of new energy vehicles has shown a structural change, with a recent increase to 188,000 yuan in February 2026, reflecting a shift in consumer preferences [13][14]

本档包含对吉利汽车控股有限公司（"本公司"）以及本公司的子公司和关联公司（与本公司合称为"本集团"）一般经营计划和战略的前瞻监院 述。前瞻性陈述通常包含"将"、"预期"和"期望"以及其它类似词语。就其本质而言，前瞻性陈达具有一定风险和不确定性，因为其涉及将在 未来发生的事件和情况。许多因素都会导致实际结果与前瞻性陈述出现重大差异，包括本公司未来经营的变化与发展，竞争环境、落实经营战略及 措施的能力，应对技术变革的能力，以及本集团经营所在市场的政治、经济、规管及社会状况。本公司没有任何对这些前瞻性陈述进行更新或修改 以反映未来事件或发展的义务。 2025年全年业绩 吉利汽车控股有限公司 （于开曼群岛注册成立之有限公司） 股票代号： 175（ 港币柜台 ）及 80175（ 人民币柜台 ） 2026/03/18 重要告示 本档之内容仅作演示用途，而任何其他人士不应利用或依赖相关信息。本档亦不应被视为替代阁下作出判断。阁下应单独负责对本演示材料之讨论 要点作独立调查及评估，吉利汽车控股有限公司对本演示材料之内容的准确性、完整性、可靠性服不作任何表示或保证。未经我方事先同意、不得 复制及/或份发本演示材料之内容。吉利汽 ...

2025 ANNUAL RESULTS GEELY AUTOMOBILE HOLDINGS LIMITED ( Incorporated in the Cayman Islands with limited liability ) Stock Codes: 175 (HKD Counter) and 80175 (RMB Counter) 2026/03/18 IMPORTANT NOTICE The information contained herein is meant for presentation purposes only and may not be used and relied upon by any other party. It is not to be taken in substitution for the exercise of judgement. You shall be solely responsible for making your own independent investigation of the merits of the discussions ment ...

Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - In February, China's automotive production and sales experienced a year-on-year decline due to factors such as holiday effects, subsidy policy adjustments, and high base comparisons. However, the commercial vehicle market continues to perform well, and automotive exports are growing rapidly. The government plans to implement more proactive fiscal policies and maintain moderately loose monetary policies to stabilize and boost automotive demand [4][12]. - In January and February 2026, automotive production and sales reached 412.2 million and 415.2 million units, respectively, with year-on-year declines of 9.5% and 8.8%. The commercial vehicle market showed a positive growth trend, while passenger vehicle production and sales saw significant declines [5][16]. - The global new energy vehicle (NEV) market saw a total of 1.18 million units sold in January 2026, a year-on-year decrease of 5.99%. In China, NEV production and sales in February were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2% [6][41]. Summary by Sections 1. Automotive Market - In February, China's automotive production and sales were 1.672 million and 1.805 million units, respectively, with month-on-month declines of 31.7% and 23.1%, and year-on-year declines of 20.5% and 15.2% [5][13]. - The government plans to support consumption through various financial measures, including a special bond issuance of 250 billion yuan for consumption upgrades and a 100 billion yuan fund to stimulate domestic demand [12]. - In February, automotive exports reached 672,000 units, a year-on-year increase of 52.4%, indicating strong global competitiveness [19][23]. 2. New Energy Vehicle Market - In February, NEV domestic sales were 483,000 units, a month-on-month decline of 24.9% and a year-on-year decline of 36.4%. Cumulatively, from January to February, NEV sales were 1.126 million units, down 27.5% year-on-year [53][58]. - NEV exports in February were 282,000 units, a month-on-month decline of 6.6% but a year-on-year increase of 110%. Cumulatively, NEV exports from January to February reached 583,000 units, up 106.9% year-on-year [53][58]. - The penetration rate of NEVs in February reached 42.4% of total new car sales, with a cumulative penetration rate of 41.2% from January to February [52][59]. 3. Lithium Battery Market - In February, the total production of power and energy storage batteries in China was 141.6 GWh, a month-on-month decline of 15.7% but a year-on-year increase of 41.3%. Cumulatively, from January to February, production reached 309.7 GWh, with a year-on-year growth of 48.8% [7]. - The export of power and energy storage batteries in February was 23.9 GWh, a year-on-year increase of 13.2%, accounting for 20.6% of the monthly sales [7].

Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - In February, China's automotive production and sales experienced a year-on-year decline due to factors such as holiday effects, subsidy policy adjustments, and high base comparisons. However, the commercial vehicle market continues to perform well, and automotive exports are growing rapidly. The government plans to implement more proactive fiscal policies and maintain moderately loose monetary policies to stabilize and boost automotive demand [4][11]. - In February 2026, automotive production and sales reached 1.672 million and 1.805 million units, respectively, with month-on-month declines of 31.7% and 23.1%, and year-on-year declines of 20.5% and 15.2%. For January-February, production and sales totaled 4.122 million and 4.152 million units, with year-on-year declines of 9.5% and 8.8% [5][12]. - The export of automobiles in February showed a year-on-year increase of 52.4%, with 672,000 units exported, indicating strong global competitiveness. Cumulatively, 1.352 million units were exported in January-February, marking a 48.4% year-on-year growth [5][16]. Summary by Sections 1. Automotive Market - In February, the domestic automotive sales reached 1.133 million units, with a year-on-year decline of 32.9%. Traditional fuel vehicles accounted for 650,000 units, with a year-on-year decline of 29.9% [16][31]. - The government plans to support consumption through various financial measures, including a special bond issuance of 250 billion yuan for consumption upgrades and a 100 billion yuan fund to stimulate domestic demand [11][12]. - The share of Chinese brand passenger vehicles remains high, with a market share of 70.2% in February, despite a year-on-year decline of 0.4 percentage points [31]. 2. New Energy Vehicle Market - In February 2026, the production and sales of new energy vehicles in China were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, 1.735 million and 1.71 million units were produced and sold in January-February, with year-on-year declines of 8.8% and 6.9% [46][51]. - The penetration rate of new energy vehicles reached 42.4% of total new car sales in February, and 41.2% for January-February [50][56]. - Exports of new energy vehicles in February reached 282,000 units, with a year-on-year increase of 110%, indicating strong growth potential in international markets [51]. 3. Lithium Battery Market - In February, the total production of power and energy storage batteries in China was 141.6 GWh, with a year-on-year growth of 41.3%. The cumulative production for January-February was 309.7 GWh, marking a 48.8% year-on-year increase [6]. - The export of power and energy storage batteries in February was 23.9 GWh, with a year-on-year growth of 13.2%, accounting for 20.6% of the monthly sales [6].

Core Insights - Geely Automobile Holdings Limited reported a record total revenue of 345.2 billion yuan for 2025, marking a 25% year-on-year increase, with core net profit rising 36% to 14.41 billion yuan, indicating high-quality growth [1] - The company plans to increase its dividend by 51.5% to 0.5 HKD per share, totaling 5.39 billion HKD, reflecting its commitment to sharing growth with shareholders [1] - Geely's total sales reached 3.025 million units in 2025, a 39% increase, with new energy vehicle sales exceeding 1.68 million units, up 90%, solidifying its position in the industry [1] Financial Performance - Total revenue for 2025 was 345.2 billion yuan, a 25% increase year-on-year [1] - Core net profit reached 14.41 billion yuan, reflecting a 36% growth [1] - Total cash reserves increased by 46% to 68.2 billion yuan, indicating strong liquidity [1] Sales and Market Position - Geely's total sales for 2025 were 3.025 million units, exceeding the adjusted target of 3 million units [1] - New energy vehicle sales reached 1.68 million units, marking a 90% increase and positioning Geely among the top players in the sector [1] - In the first two months of 2026, Geely maintained its industry-leading position with sales of 476,000 units [1] Strategic Developments - The "One Geely" strategy was further deepened in 2025, integrating Zeekr to create a comprehensive brand portfolio across mainstream, high-end, and luxury markets [3] - The Zeekr brand achieved sales of 224,000 units in 2025, with significant monthly sales milestones [4] - Lynk & Co maintained a growth trajectory with annual sales of 350,000 units, a 23% increase [6] Technological Advancements - Geely launched its first comprehensive AI technology system in 2025, enhancing its capabilities in smart and electric vehicle technology [12] - The company achieved significant advancements in battery technology, including the ShenDun JinZhuan battery and the upcoming all-solid-state battery [16] - Geely's AI-assisted driving system has gained global recognition, with successful deployments and partnerships [14] Global Expansion - Geely's overseas sales reached 420,000 units in 2025, with over 120,000 units being new energy vehicles, reflecting a strong international presence [20] - The company entered 13 new markets in 2025, expanding its global footprint significantly [22] - Geely's global manufacturing capabilities were enhanced with the launch of new plants in Egypt and Indonesia [22] Sustainability and ESG Initiatives - Geely was included in the S&P Global "Global Sustainability Yearbook 2026," highlighting its leadership in ESG practices [25] - The company achieved a 25.5% reduction in carbon emissions per vehicle compared to 2020, exceeding its carbon reduction targets [25] - Geely aims to launch multiple new products in 2026, targeting a total sales goal of 3.45 million units [25]

Core Viewpoint - The recent purchase of a domestic luxury car, the Zeekr 009, by Dong Mingzhu, a prominent Chinese entrepreneur, has sparked discussions about the rising acceptance and popularity of domestic luxury vehicles in the high-end consumer market [2][4]. Group 1 - Dong Mingzhu has been spotted multiple times using the Zeekr 009, confirming her choice of a domestic luxury car [2]. - The choice of a domestic brand by a top entrepreneur like Dong Mingzhu indicates a shift in consumer preferences towards domestic luxury vehicles, contrasting with the trend where top entrepreneurs typically favor foreign luxury brands [4]. - The Zeekr 009 has quickly gained popularity, outperforming foreign brands in sales across various markets, including mainland China, Hong Kong, and Malaysia [5].

Investment Rating - The report assigns an "Overweight" rating for the automotive sector, indicating a positive outlook for the industry [6][31]. Core Insights - The report anticipates a rebound in automotive sales driven by seasonal demand recovery, the introduction of new products and technologies, and the upcoming Beijing International Auto Show in April [2][23]. - In February 2026, China's passenger car wholesale sales reached 1.518 million units, reflecting a year-on-year decline of 14% and a month-on-month decline of 23% [10][23]. - The wholesale sales of new energy passenger vehicles in February were 723,000 units, down 13% year-on-year and 17% month-on-month [10][23]. Summary by Sections 1. Overall Market Performance - In February 2026, the total wholesale sales of passenger cars in China were 1.518 million units, with a year-on-year decrease of 14% and a month-on-month decrease of 23% [10]. - New energy vehicle sales were 723,000 units, showing a year-on-year decline of 13% and a month-on-month decline of 17% [10]. 2. Key Automotive Companies BYD - In February, BYD delivered 190,000 vehicles, a year-on-year decrease of 41% and a month-on-month decrease of 9% [11]. - The company launched its second-generation blade battery and megawatt charging technology, which significantly enhances charging efficiency [11]. Geely - Geely delivered 206,000 vehicles in February, marking a year-on-year increase of 1% but a month-on-month decrease of 24% [12]. - The company achieved a remarkable 138% increase in new car exports, totaling 61,000 units [12][13]. Changan - Changan's February sales reached 152,000 vehicles, with a month-on-month increase of 13% despite a year-on-year decline of 6% [14]. - The company reported significant growth in its new energy vehicle sales, which reached 42,000 units [14]. Great Wall Motors - Great Wall Motors delivered 73,000 vehicles in February, reflecting a year-on-year decrease of 7% and a month-on-month decrease of 20% [17]. - The company is advancing its high-end product strategy with the introduction of new models [17]. Li Auto - Li Auto delivered 26,000 vehicles in February, showing a year-on-year increase of 1% but a month-on-month decrease of 5% [18]. Leap Motor - Leap Motor's sales reached 28,000 vehicles in February, a year-on-year increase of 11% [19]. Xpeng Motors - Xpeng delivered 15,000 vehicles in February, reflecting a year-on-year decrease of 50% and a month-on-month decrease of 24% [20]. NIO - NIO delivered 21,000 vehicles in February, a year-on-year increase of 58% [22]. 3. Market Outlook - The report suggests that the automotive market is expected to recover in March due to the release of new models and technological advancements [23].