Report Industry Investment Rating - No information provided Core Viewpoints - The Asia IG space was 1 - 2bps wider this morning, with better selling on KR/JP/HK T2s [4]. - Tactical buyers continued to pick up cheaper offers in higher - yielding LGFV names in preparation for next year, while lower - yielding CNH issues remained under selling pressure [3]. - The report maintains a buy rating on PCORPM 7.35 Perp due to better carry, trading liquidity, smooth access to diverse funding channels, and notably lower refinancing pressure [11]. Summary by Relevant Catalogs Trading Desk Comments - There was better selling on Japanese names such as NOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. Small selling on the BBLTB curve occurred due to news of new USD issues. PBs were buying Asia/Yankee FRNs with wider spreads. Mixed two - way flows were seen on AU/KR lower - spread names. Chinese onshore accounts were buying FRNs of leasing/security houses. Macau gaming names had price changes ranging from unchanged to 0.2pt lower, LIHHK 26 was 0.5pt higher, the NWDEVL complex was unchanged to 0.9pt lower, LASUDE 26 was down by 0.7pt. In Chinese properties, VNKRLE 27 was 0.2pt lower while VNKRLE 29 was 0.2pt higher, and some other property papers had price drops [2]. Analyst Comments - PCORPM's net leverage improved due to lower net working capital. Its revenue declined by 10% yoy in 9M25, mainly due to lower sales volume and selling price. However, gross profit increased by 15% yoy, EBITDA grew by 11% yoy, and net profit surged 37% yoy. Free cash flow jumped 361% from 9M24 to PHP47bn. The report maintains a buy on PCORPM 7.35 Perp [8][9][11]. - WESCHI proposes to issue a new USD bond to fund a tender offer for WESCHI 26 at 101.238. Holders of WESCHI 26 who subscribe to the new bond may get priority in the tender offer and preferential allocation. The offer expires on 28 Nov '25 5pm CET, and WESCHI 26 was 0.4pt higher this morning [4]. Top Performers and Underperformers - Top performers include PTTTB 4 1/2 10/25/42 (price 88.7, change 0.6), CRNAU 9 1/4 10/01/29 (price 92.4, change 0.6), CQSXGU 6.95 08/07/28 (price 99.1, change 0.6), LIHHK 4.8 06/18/26 (price 94.9, change 0.5), ROADKG 6 03/04/29 (price 19.5, change 0.5) [5]. - Top underperformers include NWDEVL 5 1/4 PERP (price 45.1, change - 0.9), TENCNT 3.68 04/22/41 (price 85.5, change - 0.9), NWDEVL 6 1/4 PERP (price 44.7, change - 0.8), LASUDE 5 07/28/26 (price 68.1, change - 0.7), NWDEVL 10.131 PERP (price 48.3, change - 0.6) [5]. Macro News Recap - On Monday, S&P (-0.92%), Dow (-1.18%), and Nasdaq (-0.84%) were lower, and UST yield was lower. The 2/5/10/30 - year yield was at 3.60%/3.72%/4.13%/4.73% [7]. Offshore Asia New Issues - Priced: Guilin ETDZ Holding Group issued a 3 - year USD40mn bond with a 5.0% coupon at 5.0% and is unrated [15]. - Pipeline: Sichuan Kaizhou Development Holding plans a 3 - year bond with a 6.5% coupon and is unrated; The Hong Kong Mortgage Corporation plans a 5 - year bond at T + 50 with a rating of Aa3/AA+/- [16]. News and Market Color - 98 credit bonds were issued onshore yesterday with an amount of RMB120bn. Month - to - date, 1,027 credit bonds were issued with a total amount of RMB1,115bn, a 27.9% yoy increase. S&P upgraded Bharti Airtel to BBB from BBB - and Del Monte Pacific 2QFY26 sales rose 10% yoy to USD234.9mn [17]. - Danantara will restore all grounded Garuda Indonesia aircraft by next year. Geely Automobile seeks a USD1.5bn - equivalent one - year loan for ZEEKR take - private. S&P downgraded Longfor to BB - from BB. NWD announced early tender results of its USD bonds and perps. Rio Tinto pauses a AUD215mn (cUSD140mn) BioIron green steel project. Transurban launches tender offers for TCLAU 3.375 03/22/27 and EUR bonds due 2028 and 2030 [23].

Geely Automobile's third-quarter profit rise as an ongoing discounting campaign turbo-charged sales https://t.co/DsF6uy1E6m ...

Core Insights - MoonFox Data, a subsidiary of Aurora Mobile, has launched its Financial Alternative Data Solution to enhance investment decision-making efficiency and accuracy by providing real-time, precise data support [1][12]. Investment Analysis Pain Points - Investment institutions face challenges such as delayed performance forecasting due to a 1–1.5 month information lag, which complicates revenue predictions for listed companies [2]. - Limited data coverage restricts research and consulting institutions to either online or offline data, hindering comprehensive evaluations of corporate operations and industry competition [2]. - Private equity and venture capital firms struggle to validate data-financial linkages, making it difficult to assess enterprise value and investment potential [2]. - Identifying high-growth sectors is challenging for investment institutions, risking missed investment opportunities [2]. Application Scenarios - The solution supports earnings forecasting for public companies, allowing funds and investment banks to predict revenues ahead of earnings releases by integrating various data sources [3]. - Real-time corporate performance monitoring is available for all investment institutions, enabling them to track operational dynamics and identify performance risks or growth signals [8][14]. - Subsector opportunity discovery assists VC/PE and research institutions in rapidly identifying high-growth sectors and screening for top-performing targets [9][15]. - Competitive benchmarking allows corporate strategy and research teams to compare operational performance across multiple companies within an industry [10][16]. Compliance and Data Coverage - MoonFox Financial Alternative Data complies with industry-leading data security and privacy standards, offering historical data tracing since 2019 and flexible output granularity [11]. - The platform covers over 300 listed companies and more than 1,000 brands across A-shares, Hong Kong, and US markets, serving clients like BlackRock and Goldman Sachs [12].

Summary of China Autos & Shared Mobility Investor Presentation Industry Overview - The presentation focuses on the **China Autos** and **Shared Mobility** sectors, providing insights into market trends and forecasts for the automotive industry in China [8][41]. Key Points and Arguments Market Forecasts - **Passenger Vehicle (PV) Sales**: Estimated at **29.9 million units** in 2025, reflecting a **9% year-over-year (YoY)** growth [8]. - **New Energy Vehicle (NEV) Sales**: Projected to reach **15.2 million units** in 2025, indicating a **24% YoY** increase [8]. - **Wholesale Volume Growth**: PV wholesale volume grew **14% YoY** in the first nine months of 2025, with NEV sales increasing by **32% YoY** [13][15]. Sales Breakdown - **Retail Sales**: Retail sales of PVs reached **17.2 million units** in 9M25, with NEVs accounting for **8.9 million units** [13]. - **Export Growth**: Exports of NEVs increased by **68% YoY**, highlighting strong international demand [15]. Competitive Landscape - **Local Brands vs. Foreign Brands**: Local brands are gaining market share from foreign competitors, with local brands holding **69%** of the PV market share as of July 2025 [46]. - **Intensifying Competition**: The EV market is becoming increasingly competitive, with tech companies entering the space and collaborating with local OEMs [41][43]. Price Dynamics - **Retail Discounts**: Retail discounts and price cuts have stabilized in Q3 2025 amid an anti-involution campaign, indicating a shift in pricing strategies [20]. NEV Market Penetration - **NEV Penetration**: NEV penetration is expected to increase significantly, with BEVs outperforming PHEVs in sales [28][30]. Export Markets - **Export Destinations**: Asia and Europe accounted for over **65%** of China's vehicle exports in the first half of 2025, with significant sales in Brazil, Thailand, and Australia [50][56]. Additional Important Insights - **Technological Advancements**: The presentation highlights the role of technology in shaping the future of the automotive industry, particularly in smart EVs and autonomous driving solutions [43][72]. - **Collaboration Trends**: There is a growing trend of collaboration among OEMs and tech companies to enhance product offerings and reduce costs [63][66]. - **Market Share by Powertrain**: The market share for different powertrains is evolving, with BEVs and PHEVs showing distinct trends in consumer preference [38]. This summary encapsulates the critical insights from the investor presentation, focusing on market forecasts, competitive dynamics, and technological advancements within the China automotive sector.

Geely Automobile’s first-half profit beat estimates as sales soared and it sought to reduce costs, even as the wider Chinese auto industry faces regulatory scrutiny over a long-running price war https://t.co/u42SeP57tC ...

Core Insights - BYD's shares dropped by as much as 8.25% following the announcement of price cuts on 22 electric and plug-in hybrid models, effective until the end of June [1][3] - Significant price reductions include a 20% cut for the Seagull hatchback to 55,800 Chinese yuan ($7,780) and a 34% reduction for the Seal dual-motor hybrid sedan to 102,800 yuan [2] - Analysts from Citi predict a 30% to 40% increase in dealership footfall due to the price cuts, indicating a potential boost in sales [3] Company Performance - Other Chinese automakers also experienced declines in share prices, with Geely Automobile down 7.29%, Great Wall Motor Co down 2.94%, Li Auto down 4.93%, and Xpeng down 4.19% [4] - Despite the price cuts, Citi's analysts do not foresee a significant erosion of competitors' market share, expecting robust sales growth for new energy vehicle companies priced below 200,000 Chinese yuan [4]

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Industry**: Automobile Manufacturing Key Financial Results - **Net Profit**: Reported Rmb5,672 million for Q1 2025, a 264% increase YoY and 58% increase QoQ [2] - **Normalized Net Profit**: Approximately Rmb3.5 billion, up 126% YoY and 72% QoQ, excluding one-off foreign exchange gains [2] - **Operating Income**: Rmb6,604 million, up 443% YoY, with an operating margin reaching a new high of 9.1% [2] - **Gross Profit Margin (GPM)**: Remained flat YoY at 15.8% despite increased sales volume [3] - **Sales Volume**: Increased by 48% YoY to 704,000 units, but revenue only increased by 25% YoY, indicating a decline in average selling price (ASP) [3] ASP and Revenue Insights - **Blended ASP**: Rmb87,000, down 16% YoY, attributed to: - Declining export contribution from 21% in Q1 2024 to 14% in Q1 2025 - Lower contribution from Zeekr and Lynk brands by 3.6 percentage points YoY - Aggressive pricing strategy for newly launched Galaxy models [3] - **Net Profit per Car**: Rmb5,046, up 18% YoY and 44% QoQ, but still considered low within the industry [3] Strategic Outlook - **Product Launch**: Geely Galaxy launched the new Xingyao 8 model, priced approximately Rmb40,000 lower than BYD Han, targeting the same market segment [4] - **Market Dynamics**: Mass-market EVs are benefiting from trade-in incentives, but there is a risk of intense competition post-2026 when trade-in subsidies expire [4] - **Zeekr Privatization**: Remains a key focus for future developments [4] Valuation and Market Position - **Current Valuation**: Trading at 16x 2025E PE, with a price target of HK$15 based on a sum-of-the-parts (SOTP) valuation approach [5] - **Market Capitalization**: HK$193 billion (approximately US$24.7 billion) [6] - **Price Performance**: Current price as of May 14, 2025, is HK$19.14, with a 12-month rating of Neutral [6][28] Risks and Considerations - **Downside Risks**: - Potential slowdown in the Chinese auto industry - Intensifying competition within the industry - Uncertainty surrounding the Lynk & Co brand initiative [14] - **Upside Risks**: - Strong government stimulus policies to boost auto demand - Higher-than-expected sales volumes for Geely - Improved pricing environment [14] Financial Forecasts - **Revenue Projections**: Expected to grow from Rmb240,194 million in 2024 to Rmb295,096 million in 2025 [9] - **Net Earnings**: Projected to increase from Rmb16,632 million in 2024 to Rmb11,279 million in 2025 [9] - **EPS Estimates**: Expected to be Rmb1.12 for 2025, with a gradual increase in subsequent years [7] Conclusion Geely Automobile has shown significant growth in net profit and operating income, although challenges remain in terms of ASP and market competition. The company's strategic initiatives, including new product launches and potential privatization of Zeekr, will be crucial in navigating the evolving automotive landscape.