Core Viewpoint - Geely Automobile has received approval for a debt financing tool registration from the China Interbank Market Dealers Association, allowing it to issue debt instruments totaling up to RMB 10 billion [1] Group 1 - The company submitted its application for debt financing tools on August 2025 and received the acceptance notice on October 9, 2025 [1] - The approved total amount for the debt financing tools is not to exceed RMB 10 billion [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools within two years from the acceptance notice date [1]

Core Viewpoint - Geely Automobile has been approved by the China Interbank Market Dealers Association to register debt financing instruments not exceeding RMB 10 billion, allowing the company to issue various financial products over a two-year period [1] Group 1 - The company can issue multiple types of debt instruments including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments [1]

Core Viewpoint - Geely Automobile has received approval for a debt financing tool registration from the China Interbank Market Dealers Association, allowing the company to issue debt instruments totaling up to RMB 10 billion [1] Group 1: Debt Financing Details - The company submitted its application for debt financing tools on August 2025 and received the acceptance notice on October 9, 2025 [1] - The approved total amount for the debt financing tools is not to exceed RMB 10 billion [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools within two years from the acceptance notice date [1]

Core Viewpoint - Geely Automobile has received approval for a debt financing tool registration from the China Interbank Market Dealers Association, allowing the company to issue debt instruments totaling up to RMB 10 billion [1] Group 1 - The company submitted its application for debt financing tools on August 2025 and received the acceptance notice on October 9, 2025 [1] - The approved total amount for the debt financing tools is not to exceed RMB 10 billion [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools within two years from the acceptance notice date [1]

Core Insights - The event "AI Chongqing Smart Driving Night" on September 28 marked a significant milestone for Qianli Technology, showcasing its strategic entry into the AI automotive sector within a year [2] - The launch of the new brand "AFARI" represents Qianli's commitment to becoming a platform-level AI provider in the smart automotive industry [3][5] - The integration of AI technology into the automotive industry is positioned as a core variable for industry transformation, rather than just an additional feature [5][6] Brand Renewal - The new brand "AFARI" symbolizes Qianli's identity as an "AI technology faction," with each letter representing a strategic vision: A for AI, FAR for long-distance vision, and I for intelligence [3][5] - The branding emphasizes a deep connection between brand identity and technological capabilities, aiming to reshape perceptions of AI from being cold and mechanical to being human-centric [5] - The "Afari Plan" outlines a three-part platform blueprint that includes an AI brain, a unified operating system, and a super intelligent assistant, extending AI applications across various sectors [5][6] Technical Validation - The "8D Magic City" testing ground in Chongqing serves as a rigorous validation site for Qianli's AI driving technology, demonstrating its capability to handle complex driving scenarios [6][8] - The successful navigation of challenging environments in Chongqing showcases the advanced decision-making capabilities of Qianli's AI systems, which learn from real-world conditions rather than relying on pre-set rules [6][8] - Qianli's rapid development and deployment of technology are attributed to strategic timing and support from Geely in manufacturing and supply chain [6][8] Ecological Resonance - The collaboration with three automotive companies (Changan, Geely, and Seres) and the strategic investment from Mercedes-Benz highlights the emerging ecosystem for platform-level AI in the automotive sector [8][10] - The synergy between Qianli's AI technology and local automotive resources is expected to lower R&D costs and enhance the integration of smart technologies across the industry [10] - Qianli aims to position itself as a connector in the automotive ecosystem, promoting open collaboration rather than pursuing a monopolistic approach [10]

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。 本公佈僅供參考之用，並不構成收購、購買或認購證券的邀請或要約招攬或訂立協議以 作出任何該等事宜的邀請，亦非邀請收購、購買或認購任何證券的任何要約。 根據接受註冊通知書，本公司獲批准註冊債務融資工具的總額度不超過人民幣100億元 的。本公司可自接受註冊通知書日期起兩年內，分期及多次發行包括超短期融資券、短 期融資券、中期票據、永續票據、資產支持票據及綠色債務融資工具等產品。 本公司將適時就發行債務融資工具（如有）另行刊發公佈。 - 1 - 股東及潛在投資者務請注意，儘管註冊已獲批准，債務融資工具的發行仍可能進行或不 進行。因此，彼等於買賣或投資本公司證券時務請審慎行事。 承董事會命 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 自願公佈 獲中國銀行間市場交易商協會批准 註冊債務融資工具 本公佈由吉利汽車控股有限公司（「本公司」）自願作出。 本公司董事會欣然宣佈，本公司於 ...

证券研究报告 汽车 NEV 减税技术标准趋严，促高质发展 华泰研究 2025 年 10 月 13 日│中国内地 动态点评 车辆购置税减免要求调整，倒逼车型更长续航及更低能耗 10 月 9 日，工业和信息化部、财政部、税务总局等三部门联合公告 2026-2027 年减免车辆购置税新能源汽车产品技术要求。新政策与此前免征要求的主要 变化为 1）提升新能源车能耗标准；2）新增混动车续航要求。我们认为， 本次调整对 26 年起减半征收购置税的车型要求趋严，符合标准的车型将具 备价格优势，倒逼车企淘汰落后产能并加大技术投入。车市方面，"金九" 行情表现较好，零售（224 万辆，同环比+6%/11%）、批发（280 万辆，同 环比+12%/+13%）、出口（53 万辆，同环比+21%/6%）均创历史新高，9 月开始的年末车市走强特征开始显现，我们看好 Q4 销量稳定增长。推荐具 备强自主研发能力的龙头企业比亚迪、吉利汽车，关注小鹏汽车、理想汽车。 汽车 增持 (维持) 纯电车电耗限制提升 10%以上，大型纯电车当前达标率最低 纯电动乘用车技术要求调整如下（采用 GB 36980.1-2025 新国标）： 1） 整车装备质 ...

Core Viewpoint - The article discusses the future landscape of the Chinese automotive market by 2030, emphasizing the potential consolidation of players and the critical role of electric vehicles (EVs) in shaping the market dynamics [1][12]. Group 1: Central Enterprises - The three central enterprises are accelerating their transition to new energy, but only Changan is showing significant change, with a likelihood of mergers or further integration among them, potentially leaving only one major player [1]. - The assessment of the fuel vehicle business dependency for the three central enterprises indicates high risks, particularly for FAW and Dongfeng, due to their reliance on joint ventures and slow transition to EVs [2]. - Changan is noted for its faster transition and lower dependency on fuel vehicles compared to its peers, positioning it better for the future [2]. Group 2: Local State-Owned Enterprises - Local state-owned enterprises like BAIC may become less relevant due to the rise of new players like Xiaomi and Li Auto, while SAIC remains a significant player but faces profitability challenges [2]. - The article suggests that without strong governmental push for restructuring, only one local state-owned enterprise may survive in the competitive landscape [2]. Group 3: Private Enterprises - BYD is identified as the dominant player among private enterprises, with Geely also expected to remain competitive, while Great Wall and Chery have a chance to stay relevant [3]. - The emergence of new forces like Huawei and Xiaomi is highlighted as a significant factor that could reshape the competitive landscape [3]. Group 4: Market Dynamics and Sales Projections - The "survival line" for mainstream automakers in the EV market is projected at an annual sales volume of 1 million units, with 2 million units needed to maintain pricing power and invest in next-generation technologies [4]. - The penetration rate of new energy vehicles in China is expected to exceed 50% by 2024, with projections suggesting it could reach between 70% and 85% by 2030 [5]. - The total retail sales of passenger vehicles in China are projected to grow slightly from 23 million in 2024 to 25 million by 2030, with a significant portion of this market transitioning to EVs [5]. Group 5: Replacement Market Analysis - The article outlines a replacement market for fuel vehicles, estimating that 8 to 10 million buyers will switch to EVs by 2030, creating a substantial market opportunity for new energy vehicles [6]. - The analysis of various price segments indicates that the economic segment (under 80,000 RMB) will predominantly be occupied by EVs, while the mainstream market (80,000-150,000 RMB) is largely controlled by BYD and Geely [7][8]. Group 6: Competitive Landscape and Future Outlook - The competitive landscape in the mid-to-high-end market (150,000-250,000 RMB) is expected to be challenging, with brands like NIO and Li Auto facing stiff competition from Huawei and Tesla [9][10]. - The high-end market (above 400,000 RMB) is anticipated to be dominated by Huawei, with significant challenges for other brands to maintain market share [10]. - Factors such as export markets, demographic changes, and pricing strategies will play crucial roles in shaping the future of the automotive industry in China [11][12].

Core Viewpoint - Cathay Pacific Haitong's report indicates that Geely Automobile's brand structure is reasonable and clear, with expectations for continued growth in overall revenue and net profit attributable to shareholders as the "Smart Geely 2025" strategy is gradually implemented [1][2] Group 1: Financial Projections - The company forecasts net profit attributable to shareholders for 2025-2027 to be 16.3 billion, 18.2 billion, and 23.7 billion respectively, with EPS of 1.61, 1.80, and 2.34 [1] - A target price of 29.2 HKD is set for 2025, based on a PE ratio of 16.6 times [1] Group 2: Sales Performance - In September 2025, Geely's sales reached 273,000 units, a year-on-year increase of 35%, with new energy vehicle sales of 165,000 units, including 100,000 pure electric and 66,000 plug-in hybrids, reflecting year-on-year growth of 55% and 146% respectively [1] - From January to September 2025, total sales were 2.17 million units, up 46% year-on-year, with new energy vehicle sales of 1.168 million units, including 794,000 pure electric and 374,000 plug-in hybrids, showing year-on-year growth of 141% and 73% respectively [1] - By brand, Geely brand sales were 1.785 million units (up 55%), Lynk & Co brand sales were 241,000 units (up 23%), and Zeekr brand sales were 144,000 units (up 1%) [1] Group 3: Future Outlook - Geely aims for a total sales target of 3 million units for the year 2025 [2] - Multiple new models, including Geely Galaxy A7, M9, Star 6, Zeekr 9X, and Lynk & Co 10EM-P, are set to launch in the second half of 2025, alongside accelerated globalization efforts for Geely, Zeekr, and Lynk & Co brands [2]

Core Insights - In September, China's passenger car retail sales reached a record high of 2.241 million units, marking a year-on-year increase of 6.3% and surpassing the previous record of 2.19 million units set in September 2017 by 50,000 units [1][3] Retail Sales Performance - Cumulative retail sales of passenger cars from January to September totaled 17.005 million units, reflecting a year-on-year growth of 9.2% [3] - The retail sales growth rate showed a trend of "front low, middle high, and back flat," with growth rates fluctuating from 1.2% in the first two months to 11% in the first half of the year, and stabilizing around 6% in the third quarter [3] Brand Performance - Domestic brands maintained strong growth in September, with retail sales reaching 1.5 million units, a year-on-year increase of 13% and a month-on-month increase of 12.9% [4][6] - The market share of domestic brands in September was 66.9%, up 3.6 percentage points year-on-year, while the cumulative market share for the first nine months was 64.8%, an increase of 5.9 percentage points compared to the same period last year [4] Export and Wholesale Trends - In September, China's passenger car exports reached 528,000 units, a year-on-year increase of 20.7% [7] - The wholesale sales of new energy vehicles (NEVs) in September amounted to 1.5 million units, representing a year-on-year growth of 22.4% [9][11] Market Dynamics - The market is shifting towards "reduced price cuts and stable promotions," with 23 models experiencing price reductions in September, compared to 36 in the same month last year [8][9] - The penetration rate of new energy vehicles in retail sales reached 57.8% in September, an increase of 5 percentage points year-on-year [9][11] Future Outlook - The market is expected to show a "Silver September, Golden October" trend, with October's performance anticipated to surpass that of September [3][12] - The upcoming adjustment of the new energy vehicle purchase tax policy in 2026 is expected to stimulate consumer purchases towards the end of the year, contributing to a slight positive growth in the fourth quarter [12]