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： 2026年2月6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 | | | | | | | | | | | | | ...

Core Viewpoint - The 2026 policy for replacing old products with new ones will continue to be implemented, focusing on the automotive, home appliance, and digital product sectors, with an emphasis on nationwide consistency and regulatory measures to enhance market efficiency [3][5][7]. Group 1: Policy Changes - The 2026 subsidy mechanism will shift from a fixed amount to a "proportional + cap" model, which will primarily benefit lower-priced, subsidy-sensitive economic models while maintaining stable incentives for mid-to-high-priced vehicles [6][11]. - The new subsidy guidelines aim to standardize the subsidy amount across the country, reducing local discrepancies and potential arbitrage opportunities [5][12]. Group 2: Market Impact - The 2025 old-for-new policy significantly boosted passenger car sales in China, demonstrating a strong correlation between the policy and market performance, particularly in promoting the adoption of new energy vehicles [8][12]. - The completion of annual sales targets by several automakers, including BYD and SAIC, indicates a competitive landscape, with traditional manufacturers adopting cautious growth targets while new entrants remain optimistic [9]. Group 3: Tax and Financial Measures - In 2026, the purchase tax for new energy vehicles will be halved, with a maximum tax reduction of 15,000 yuan, prompting various automakers to introduce compensatory measures to cover tax differences [10]. - The adjustment in subsidy algorithms is expected to reshape market dynamics, emphasizing sustainable and balanced use of subsidies rather than merely increasing them [11][12].

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Core Insights - Xiaomi's SU7 Max has garnered positive reviews for its driving experience and technology integration, positioning it as a strong competitor in the electric vehicle (EV) market despite not being available in the U.S. yet [1][8][20] - Ford's CEO, Jim Farley, expressed admiration for the Xiaomi SU7 after test-driving it, indicating a recognition of the competitive threat posed by Chinese EV manufacturers [4][9][24] Company Performance - The Xiaomi SU7 Max features advanced technology, including a 16.1-inch infotainment screen running HyperOS, and offers a battery range of approximately 500 miles (810 kilometers) [10][18] - The vehicle's pricing in China starts at 299,900 Chinese yuan (around $43,000), which is competitive with the Tesla Model Y, yet offers a more premium experience [20] Industry Trends - Chinese EV manufacturers, including Xiaomi, BYD, and Geely, are noted for delivering vehicles with longer battery ranges and superior digital platforms compared to Western competitors [8][9] - There is a growing sentiment that Chinese automakers are poised to enter the U.S. market, especially if manufacturing occurs domestically, as indicated by comments from industry executives [21][22] Competitive Landscape - Ford is exploring partnerships with various Chinese manufacturers, including Xiaomi, Geely, and BYD, to enhance its EV offerings and address the competitive gap with Chinese brands [24][26] - The current U.S. market is hindered by tariffs and restrictions on Chinese-made EVs, but these barriers may change in the future, allowing for greater competition [21][22]

Core Viewpoint - In January, Geely Auto's total sales slightly exceeded industry expectations, with a total of 270,200 vehicles sold, representing a year-on-year increase of 1.3% [1] Group 1: Sales Performance - In January, the overall retail market for narrow passenger vehicles was estimated at approximately 1.8 million units, a year-on-year increase of 0.3%, with new energy vehicles expected to account for around 800,000 units, growing approximately 7.5% [1] - Geely's brand sales in January reached 217,400 units, a year-on-year decrease of 3.2% but a month-on-month increase of 25.8% [2] - Geely's new energy vehicle sales in January were 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% and a month-on-month increase of 76.8% [2] Group 2: Product Launches and Strategy - The launch of the Geely Galaxy V900 on January 20, priced between 269,800 and 329,800 yuan, is part of the company's strategy to enhance its product matrix [2] - Geely plans to introduce approximately 10 new models in 2026, which is expected to strengthen its sales resilience against the backdrop of reduced new energy subsidies [2] - The Zeekr brand achieved significant sales growth in January, with 23,900 units sold, a year-on-year increase of 99.7% [3] Group 3: International Expansion - Geely's exports in January reached 60,500 units, representing a year-on-year increase of 121.2% and a month-on-month increase of 50.1%, indicating successful overseas market expansion [2] - The launch of the Zeekr 007 GT in Europe and the Geely EX2 in Indonesia highlights the company's efforts to penetrate international markets [2] Group 4: Future Outlook - The integration of Geely and Zeekr's strategies is expected to gradually reveal synergies and scale effects [3] - Forecasts for net profit attributable to the parent company for 2025-2027 are 17.041 billion, 20.604 billion, and 24.318 billion yuan, respectively, with a target price of 20.79 yuan [3]

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a PE ratio of 14, 11, and 8 times for the same period [1] - The company is recognized as a global technology-oriented automotive enterprise, transitioning towards globalization and intelligence, with a clear ownership structure involving state-owned, strategic investors, and management [1] - Chery's financial performance is bolstered by its strong momentum in new energy vehicles and stable export position, leading to improved financial data [1] Group 2: Brand Strategy - Chery's main brand targets the mainstream market with high cost-performance and diverse powertrain options, while its sub-brands cater to specific segments such as travel, high-end users, and younger demographics [2] - The Jietu brand focuses on travel and light off-road SUVs, while the Xingtu brand targets mid-to-high-end consumers [2] - The iCAR brand is aimed at the younger, personalized electric vehicle market, and the Zhijie brand emphasizes smart experiences through collaboration with Huawei [2] Group 3: Export Strategy - Chery has a phased export strategy starting from developing markets, focusing on key markets like Russia, and expanding into Europe [3] - The Tiggo series is central to Chery's export strategy, offering a mix of internal combustion engine (ICE) and plug-in hybrid electric vehicles (PHEV) to adapt to different regional markets [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 4: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities [4] - The company adopts a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon [4] - Chery's vehicle platform strategy includes both traditional fuel and new energy platforms, structured by price range and technology path [4]

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a higher valuation expected due to strong growth in new energy and stable export position [1] - Chery Automobile, established in 1997, is transitioning towards globalization and intelligence, supported by a clear equity structure involving state-owned, strategic investors, and management [1] - The company has a diversified brand system with five major brands catering to various market needs, including a focus on high cost-performance for the main brand and a high-end brand targeting mid-to-high-end users [2] Group 2: Export Strategy - Chery's export strategy has evolved from developing markets to key markets like Russia and now expanding into Europe, with a focus on risk management in these regions [3] - The Tiggo series is central to Chery's export products, utilizing multiple energy forms and configurations to adapt to different regional markets, with fuel vehicles forming the core of overseas sales [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 3: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities, adopting a dual approach of self-research and collaboration with leading technology partners [4] - The company has developed a platform-based vehicle manufacturing capability, with a structure that accommodates both traditional fuel and new energy platforms [4] - Chery introduced the "Falcon Intelligent Driving" solution in March 2025, emphasizing its commitment to smart technology development [4]

Core Insights - The CLNB 2026 New Energy Industry Expo will take place from April 8 to 10, 2026, at the Suzhou International Expo Center, featuring over 1,500 exhibitors, 30,000 professional visitors, and more than 200 international procurement teams from over 30 countries [1] Group 1: Exhibition Overview - The expo aims to provide valuable opportunities for attendees to connect with suppliers, projects, and collaboration opportunities in the new energy sector [1] - The event will feature a wide range of displays, including new battery technologies, mining resources, advanced materials, and battery recycling [2][3][4] Group 2: Business Matching Services - CLNB will offer a one-on-one business matching service, connecting exhibitors with selected professional buyers to facilitate in-depth communication and potential partnerships [4] - The event will include a VIP procurement matching session, ensuring targeted outreach to key buyers and decision-makers [4] Group 3: Forums and Discussions - The expo will host multiple forums focusing on global resource dynamics in lithium, nickel, and cobalt, as well as advancements in lithium batteries, solid-state technology, and energy storage [10][11] - The event will also feature discussions on the integration of aluminum and copper industries with the new energy sector, creating a comprehensive ecosystem for industry participants [10][11] Group 4: Group Participation Benefits - Groups of five or more attendees will receive special benefits, including customized services, access to multiple forums, and invitations to gala dinners [6][7] - Group members will also receive commemorative badges and access to presentation materials from the event [7]

Core Viewpoint - The recent patent infringement lawsuit against XINWANDA by the Tulip Innovation patent alliance, formed by LG Energy and Panasonic, highlights the increasing focus on overseas patent infringement issues faced by Chinese companies, particularly in the battery sector [1][2]. Group 1: Patent Infringement Lawsuit - The Tulip Innovation patent alliance initiated a lawsuit against XINWANDA on January 26, 2026, in South Korea, following three previous losses and sales bans in Germany in 2025 for similar patent infringements [1][2]. - The lawsuit targets XINWANDA's joint venture with Geely, specifically the battery supply for the Dacia Spring model, which ranks third in European electric vehicle sales [3]. - The lawsuit is part of a broader strategy by Japanese and Korean companies to leverage their patent portfolios as a competitive advantage against Chinese firms [6][7]. Group 2: Patent Pool and Strategy - The Tulip Innovation patent pool consolidates 1,500 patent families, encompassing over 5,000 patents, and aims to maximize compensation by initiating lawsuits before patents expire between 2025 and 2030 [2][6]. - The strategy of "patent pool + regional linkage" is becoming a significant method for multinational giants to curb emerging competitors from entering overseas markets [7]. - The global battery market is projected to generate over $5 billion annually in patent licensing revenue, indicating the financial stakes involved in patent litigation [7]. Group 3: Responses from Chinese Companies - Chinese lithium battery companies are adopting varied strategies in response to the lawsuits, with some like XINWANDA choosing to actively contest the claims, while others opt for settlements to mitigate short-term risks [8]. - Legal experts emphasize the importance of conducting Freedom to Operate (FTO) due diligence before entering overseas markets to identify potential patent infringement risks [4][5]. - There is a call for Chinese companies to shift from a capacity-driven approach to a technology-driven strategy, focusing on R&D investment and patent portfolio development to enhance their global competitiveness [9].

Core Viewpoint - The automotive modification industry in China is transitioning from a gray area to a regulated and supportive environment, with government policies increasingly favoring the development of this sector, particularly in the context of the growing demand for personalized and performance-enhanced vehicles [1][4][7]. Policy Developments - Recent government documents emphasize the potential of the automotive modification market, with initiatives aimed at promoting innovation and removing restrictive measures [2][3]. - The implementation of the new Motor Vehicle Safety Technical Inspection Regulations (GA801-2025) is expected to provide a solid policy foundation for the standardized development of the automotive modification industry [2]. Market Growth and Trends - The automotive modification market in China is projected to grow significantly, with an expected market size exceeding one trillion yuan by 2030, driven by a 20% annual growth rate since 2022 [7]. - The willingness of private consumers to modify their vehicles is high, with 65% expressing interest, and the young demographic (aged 25-45) being the primary consumer group [7][8]. Consumer Insights - The average spending on vehicle modifications ranges from 8,000 to 15,000 yuan, with a notable increase in female consumers participating in the modification market, rising from less than 5% in 2020 to 15% by 2024 [7][8]. - The penetration rate for camping and lodging-related modifications is between 8% and 12%, indicating a growing interest in lifestyle-oriented vehicle enhancements [8]. Industry Innovations - The automotive modification industry is shifting focus towards software modifications due to the limitations of hardware modifications in electric vehicles, which present high technical barriers [5][6]. - Collaborative models between manufacturers and modification companies are emerging, allowing for customized elements to be integrated during the vehicle design phase [6][9]. Future Directions - The industry is expected to explore innovative opportunities in cross-industry modifications, particularly in creating products tailored for specific use cases, such as camping [6][9]. - AI technology is anticipated to play a crucial role in enhancing operational efficiency and precision in the modification process, facilitating a shift from traditional craftsmanship to data-driven approaches [10].