2024年9月20日，吉利发布《台州宣言》，开始大刀阔斧向"一个吉利"整合。一周年之际，整合已进入 攻坚期。 "控制成本不是简单的商务，而是技术体系能力。"淦家阅道出了吉利的造车哲学。 甜与苦，往往是一体两面。 随着吉利与极氪的整合程序持续推进，这场合并或将在年底正式落定。淦家阅的管理范围将进一步扩 大，极氪与领克品牌也纳入其麾下。一个现实问题也随之浮现：极氪将如何重新定位自己，未来走向何 方？ 首次以吉利汽车集团CEO身份回应极氪议题的淦家阅，态度明确：不回避问题，也肯定成果。 "吉利不是个聪明的小孩，是个'笨小孩'。"吉利汽车集团CEO淦家阅说。 在他看来，"'笨小孩'就是要踏踏实实地朝着目标一步一步往前行，才能把事情做好。"淦家阅说。 吉利推进内部整合已近一年。随着整合步伐逐渐明晰，吉利内部的协同体系正加速落地，资源复用与效 率提升已初见成效。 首先是以往饱受诟病的多品牌内耗问题，也得到清晰化。"极氪就是定位为豪华科技，领克就是中高端 运动性能，银河就是主流高价值的产品。"淦家阅告诉21世纪经济报道记者。 产品层面则能体现这一战略。在吉利内部，领克900、银河M9和即将推出的极氪9X虽同属9系车型，却 ...

Core Viewpoint - Geely is undergoing significant internal restructuring to achieve a unified brand strategy, focusing on integrating its autonomous driving teams and enhancing operational efficiency [2][3][4]. Group 1: Organizational Changes - Geely's CEO emphasized the need for a cohesive approach to autonomous driving, moving away from multiple fragmented teams to a single entity called "Qianli Zhijia" [3][4]. - The establishment of Qianli Zhijia aims to combine AI capabilities from Qianli Technology with Geely's mass production experience, creating a more efficient development process [3][4][10]. - The integration process is expected to address issues of internal competition among brands and reduce redundant investments, thereby improving overall efficiency [4][5][9]. Group 2: Product Strategy - Geely is positioning its brands distinctly: Zeekr as luxury technology, Lynk & Co as mid-to-high-end performance, and Galaxy as mainstream high-value products [4][9]. - The recent launch of the Galaxy M9 SUV, priced under 200,000 yuan, showcases Geely's ability to control costs while offering competitive products [4][20]. - The company aims to enhance its product matrix by ensuring that different models cater to various market segments without overlapping [4][22]. Group 3: Market Position and Goals - Geely has raised its annual sales target to 3 million units, reflecting confidence in its growth strategy amid increasing competition in the electric vehicle market [7][25]. - The company reported a 47% year-on-year increase in sales from January to August, with significant growth in the domestic market [25][26]. - Geely plans to accelerate the launch of new models, including the Zeekr 9X and Galaxy M9, to meet its revised sales goals [7][26]. Group 4: Technological Development - Geely is focusing on developing a robust technological framework for its autonomous driving capabilities, emphasizing the need for both technical leadership and economic efficiency [10][12]. - The company has committed over 100 billion yuan to R&D from 2021 to 2025, with total investments exceeding 250 billion yuan over the past 11 years [21][25]. - Geely's strategy includes leveraging shared components across brands to reduce costs and enhance product quality [21][24].

Core Viewpoint - Geely is undergoing significant internal restructuring to enhance efficiency and reduce resource duplication, particularly in its smart driving teams, as part of its "One Geely" strategy [1][2][9] Group 1: Organizational Changes - Geely has consolidated multiple smart driving teams into a single entity called "Qianli Zhijia" to address issues of resource dispersion and redundancy [2][3] - The establishment of Qianli Zhijia aims to integrate AI capabilities from Qianli Technology with Geely's mass production experience [2][10] - A new subsidiary, "Qianli Haohan," will be created under Qianli Zhijia to provide smart driving services specifically for Geely [2][11] Group 2: Product Strategy - Geely has clarified its brand positioning, with Zeekr targeting luxury technology, Lynk focusing on mid-to-high-end performance, and Galaxy catering to mainstream high-value products [3][8] - The Galaxy M9, a large six-seat SUV priced under 200,000 yuan, exemplifies Geely's ability to control costs while breaking market barriers [3][20] - The company emphasizes a "Three Nine Plan" to ensure distinct market positioning for its various brands [3][22] Group 3: Financial Performance and Goals - Geely has raised its annual sales target to 3 million units, reflecting confidence in its growth trajectory, with a 47% year-on-year increase in sales from January to August [7][25][26] - The company has seen significant growth in the domestic market, exceeding 60% year-on-year [25] - The Galaxy brand has achieved over 1.33 million cumulative sales, marking it as the fastest-growing new energy brand to reach this milestone [7][26] Group 4: Competitive Landscape - The Chinese automotive market is highly competitive, with local brands capturing nearly 90% of the new energy vehicle market share by mid-2025 [6] - Geely faces pressure from competitors like BYD, particularly in the 100,000 to 200,000 yuan price segment [7][25] - The company is accelerating product launches, including the upcoming Zeekr 9X and Xingyao 6 models, to maintain market competitiveness [7][26]

Core Viewpoint - The company demonstrated strong performance in 1H25, with total revenue increasing by 26.5% year-on-year to 150.28 billion yuan, driven by rapid growth in vehicle sales and internal efficiency improvements [1] Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, a year-on-year increase of 26.5% [1] - Gross margin decreased by 0.3 percentage points to 16.4% [1] - Net profit attributable to shareholders fell by 13.9% to 9.29 billion yuan, while core net profit increased by 102% to 6.66 billion yuan [1] Group 2: Sales Growth - Total vehicle sales in 1H25 rose by 47.4% to 1.409 million units, with new energy vehicle sales increasing by 126.5% to 725,000 units, accounting for 51.5% of total sales [1] - Specific brand performances included Galaxy sales up by 232%, Zeekr by 3%, and Lynk & Co by 22% [1] Group 3: Cost Efficiency - Selling, general and administrative (SG&A) expense ratio decreased by 1.7 percentage points to 7.5% [1] - Sales expense ratio and administrative expense ratio decreased by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [1] Group 4: Future Outlook - The company expects sales growth to continue in 2H25 with new models like Galaxy A7, Galaxy M9, and Lynk & Co 10EM-P ramping up production [2] - The annual sales target has been raised by 11% to 3 million units, with 47% achieved in 1H25 [2] - Integration of Lynk & Co and Zeekr is expected to enhance internal resource optimization and efficiency [2] Group 5: Strategic Initiatives - The company is advancing its "One Geely" strategy, with plans to complete the acquisition of Zeekr by the end of 2025 for approximately 2.4 billion USD [3] - Globalization efforts are underway, with a focus on expanding overseas markets despite a 7.7% decline in export sales in 1H25 [3] - The smart driving business has been integrated into a joint venture, which is expected to accelerate the production and iteration of smart driving solutions [3]

Core Insights - Geely Automobile has reported impressive performance in the first half of the year despite increasing industry competition [1][2] Financial Performance - Geely achieved a record revenue of 150.285 billion yuan in the first half of the year, a year-on-year increase of 27%, with vehicle revenue reaching 134.6 billion yuan, up 28% [3] - The company sold 1.4092 million vehicles, marking a 47% increase year-on-year, with fuel vehicle sales at 684,000 units (up 8 percentage points) and new energy vehicle sales at 725,000 units (up 126%) [4] - The gross profit margin remained stable at 16.4%, slightly down from 16.7% year-on-year, attributed to uneven growth rates of different products [7] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, a significant increase of 102% year-on-year [9] Strategic Developments - The "One Geely" strategy has been pivotal in enhancing internal resource integration and overall competitiveness [10] - Geely is accelerating the integration of its brands, with Zeekr and Lynk & Co forming a dual-driven growth model in the high-end luxury market [4][11] - The company plans to acquire the remaining shares of Zeekr, with the transaction expected to cost less than 30% of 2.4 billion USD, supported by cash reserves [11] Market Expansion - Geely aims to increase its annual sales target from 2.71 million to 3 million units, reflecting an 11% upward adjustment [6] - The company is focusing on international market expansion, with a goal to increase export sales by 30% in the second half of the year [13][16] - Geely's export sales in the first half were 184,000 units, showing a decline, primarily due to a significant drop in the Eastern European market [13][16]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with a target price of HK$23.47, corresponding to a 13.5x PE for 2025E [3][6]. Core Insights - Geely's performance in 1H25 was strong, with total revenue increasing by 26.5% year-on-year to CNY 150.28 billion, while core net profit rose by 102% to CNY 66.6 billion [1][2]. - The company achieved a total sales volume of 1.409 million vehicles in 1H25, a 47.4% increase year-on-year, with new energy vehicle sales surging by 126.5% [2]. - The integration of the Lynk & Co and Zeekr brands is expected to enhance operational efficiency and reduce costs, as indicated by a decrease in SG&A expense ratio by 1.7 percentage points to 7.5% [2][3]. Summary by Sections Financial Performance - In 1H25, Geely's gross margin decreased by 0.3 percentage points to 16.4%, while the net profit attributable to shareholders fell by 13.9% to CNY 9.29 billion [1]. - The company forecasts a total revenue of CNY 351.72 billion for 2025E, with a growth rate of 46.4% [5]. Sales and Market Strategy - Geely's sales target for the year has been raised by 11% to 3 million vehicles, with 47% of this target achieved in the first half of the year [2]. - The report highlights the expected launch of new models, including the Galaxy A7 and Galaxy M9, which are anticipated to drive sales growth in the second half of 2025 [2]. Strategic Initiatives - The management aims to complete the acquisition of Zeekr by the end of 2025, with an all-cash deal estimated at USD 2.4 billion [3]. - Geely's global and smart strategy is gradually being implemented, with plans to enhance competitiveness through the integration of autonomous driving technologies [3].

Core Viewpoint - Geely Automobile Holdings Limited reported a revenue of 150.3 billion yuan for the first half of the year, marking a 27% year-on-year increase, with sales reaching 1.409 million units, a 47% increase, and market share surpassing 10% for the first time [1] Group 1: Financial Performance - The company's net profit attributable to shareholders decreased by 14% year-on-year, but the core net profit, excluding foreign exchange losses and other non-core items, reached 6.66 billion yuan, a 102% increase [1] - Geely's gross margin stood at 16.4% for the first half of the year [1] Group 2: Strategic Transformation - Geely announced a strategic transformation phase with the "Taizhou Declaration" in September 2024, leading to adjustments in its brands such as Galaxy, Zeekr, and Lynk & Co [1] - The integration of the Geometry brand into Galaxy was completed in October, positioning it as a smart premium small car series [1] Group 3: Cost Reduction and Efficiency - The integration of Zeekr and Lynk & Co has resulted in significant cost savings, with R&D expenses expected to decrease by 10%-20%, and the R&D expense ratio dropping from 11% to 6% [2] - BOM (Bill of Materials) costs are projected to save 5%-8%, and production costs are expected to decrease by 3%-5% [2] - Management expenses are anticipated to reduce by 10%-20%, with sales and management expense ratios expected to drop from 11% to 8% [2] Group 4: Market Performance - Geely's new energy vehicle sales reached 725,000 units, a 126% year-on-year increase, with a penetration rate of 51.5% [2] - The newly independent Galaxy brand achieved sales of 548,000 units, marking a 232% increase [2] Group 5: Future Outlook - Geely has raised its annual sales target from 2.71 million to 3 million units, planning to launch five new energy products in the second half of the year to meet this goal [3]

Core Viewpoint - The integration of various autonomous driving teams within Geely, including Zeekr, Geely Research Institute, and Maimai Zhixing, into Chongqing Qianli Zhijia Technology Co., Ltd. is aimed at enhancing efficiency and reducing costs in the autonomous driving sector [1][6]. Group 1: Company Structure and Strategy - Qianli Zhijia will become an independent company focused on mass production of autonomous driving solutions, serving as a core partner in Geely's AI ecosystem [2][5]. - The company was established on June 27, 2025, with a registered capital of 200 million RMB, and its major shareholders include Maimai Zhixing and Zhejiang Jirun Automotive Co., Ltd. [3][5]. - The integration reflects Geely's strategic focus on "One Geely," emphasizing resource consolidation and operational efficiency across its various brands and teams [7][8]. Group 2: Market Position and Future Plans - The integration is expected to enhance the development of autonomous driving technologies by pooling resources and data from different teams, which is crucial for improving research efficiency [6][8]. - Geely aims to leverage the scale effect of its unified autonomous driving system, "Qianli Haohan," which covers a wide range of vehicle price segments [7][8]. - The company has set a sales target of 3 million vehicles for the year, which will help distribute R&D costs and enhance the scalability of its autonomous driving systems [8].

Core Viewpoint - Geely Automobile has signed a merger agreement with Zeekr to acquire all remaining shares, aiming to enhance its global competitiveness and growth in the smart electric vehicle sector [2][4]. Group 1: Merger Details - Geely currently holds 62.8% of Zeekr's shares and plans to make Zeekr a wholly-owned subsidiary after privatization, with intentions to delist from the New York Stock Exchange [4][7]. - The total cash payment for the acquisition is estimated at approximately 23.99 billion USD, equivalent to 171.99 billion RMB, which will be financed through internal resources or debt [3][8]. - Shareholders of Zeekr can choose to receive cash or exchange their shares for Geely shares as part of the merger [7]. Group 2: Strategic Implications - The merger is expected to create synergies in technology, product development, supply chain, manufacturing, marketing, and international market expansion, thereby enhancing innovation capabilities and achieving economies of scale [10]. - Geely's sales for the first half of 2025 reached 1.93 million units, with 1.41 million units attributed to Geely itself, representing 72.95% of total sales [10]. - The merger will allow Geely to cover a wide range of powertrain options, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, while establishing a comprehensive presence in mainstream, mid-to-high-end, and luxury automotive markets [13]. Group 3: Financial Performance - Zeekr's total assets as of December 31, 2024, are reported at 32.67 billion RMB, with total liabilities of 42.82 billion RMB, resulting in a negative net asset value of 10.15 billion RMB [13]. - Zeekr's total revenues for 2023 and 2024 are projected to be 51.67 billion RMB and 75.91 billion RMB, respectively, with net losses of 8.26 billion RMB and 5.79 billion RMB [14].

Core Viewpoint - Geely Automobile has signed a merger agreement with Zeekr to acquire all remaining shares, enhancing its global competitiveness and growth in the smart electric vehicle sector [1][6]. Group 1: Merger Details - Geely currently holds 62.8% of Zeekr's shares, and after privatization, Zeekr will become a wholly-owned subsidiary of Geely and will apply for delisting from the New York Stock Exchange [3][6]. - The acquisition will require a payment of approximately 23.99 billion USD (about 171.99 billion RMB) if fully paid in cash, which will be financed through internal resources or debt [2][6]. - Zeekr shareholders can choose to receive cash or exchange their shares for Geely shares, with a maximum of 1.098 billion shares to be issued if the latter option is taken [7][6]. Group 2: Strategic Implications - The merger is expected to enhance collaboration in technology, products, supply chain, manufacturing, marketing, and international market expansion, thereby improving innovation capabilities and achieving economies of scale [11]. - Geely's sales in the first half of 2025 reached 1.409 million units, with 72.95% attributed to Geely vehicles, and the company aims to increase its annual sales target from 2.71 million to 3 million units, reflecting an 11% upward adjustment [11][13]. Group 3: Financial Overview of Zeekr - As of December 31, 2024, Zeekr's total assets were 32.671 billion RMB, total liabilities were 42.824 billion RMB, and net assets were -10.153 billion RMB [14]. - Zeekr's total revenues for 2023 and 2024 are projected to be 51.673 billion RMB and 75.913 billion RMB, respectively, with net losses of 8.264 billion RMB and 5.791 billion RMB [15][14].