Group 1 - Geely Automobile Holdings Limited held a special shareholder meeting on September 5, where independent shareholders approved the privatization proposal of Zeekr Intelligent Technology Co., Ltd. with a high voting rate of 95.14% [1] - The approval of the proposal marks a significant step in Geely Automobile's implementation of the "One Geely" strategy, following the formal merger agreement signed with Zeekr on July 15 [1]

Core Viewpoint - Geely Auto is progressing towards the legal merger with Zeekr, with the completion of the acquisition expected by the end of the year, following shareholder approvals [1][2] Group 1: Merger Details - Geely Auto will acquire the remaining 34.3% of Zeekr shares at a price of $2.687 per share, which could cost Geely up to $2.4 billion [1] - Most Zeekr investors are opting for stock exchange rather than cash, indicating confidence in the merged entity [1] - After the merger, Zeekr will become a wholly-owned subsidiary of Geely and will delist from the NYSE [1] Group 2: Strategic Integration - The merger aligns with Geely's "One Geely" strategy aimed at enhancing scale and reducing costs during industry consolidation [2] - Zeekr's independent R&D departments are being integrated into Geely's central research institute, with previous teams already merged [2] - The integration is expected to lead to significant cost savings in R&D and procurement, potentially saving billions annually [5] Group 3: Performance and Market Position - Zeekr's sales have stagnated, with a 3% year-on-year increase in the first half of the year, while the overall EV market grew by 33.3% [5] - Geely's total sales reached 1.409 million units in the first half of the year, a 47% increase, with a market share surpassing 10% [6] - Geely has adjusted its annual sales target upwards by 11% to 3 million units, indicating strong market performance [6]

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, representing a 27% year-on-year increase, with a net profit attributable to shareholders of 9.29 billion yuan, and a core profit of 6.66 billion yuan, up 102% year-on-year [1] - The company achieved a total sales volume of 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [1] - Geely has raised its annual sales target from 2.71 million to 3 million vehicles based on better-than-expected market performance [1] Group 1: Financial Performance - The total gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1] - Total cash levels rose to 58.8 billion yuan [1] Group 2: New Energy Vehicle Growth - Geely's new energy vehicle sales reached 725,000 units in the first half of the year, with a penetration rate of 51.5%, maintaining a leading position among new energy brands [3] - The Galaxy series, now an independent brand, saw sales of 548,000 units, a 232% increase year-on-year [3] - Zeekr and Lynk & Co formed a "dual-wheel drive" structure in the high-end luxury market, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units in the first half [3] Group 3: International Expansion - Geely's international export sales reached 184,000 units in the first half, a decrease of 7.7% year-on-year, contrasting with the industry growth of 10.3% [4] - The company has established a global sales network covering 85 countries and regions, with the Galaxy E5 international version becoming a global star product [4] - Geely plans to launch five new energy products in the second half of the year to support its sales target of 3 million vehicles [4]

Core Viewpoint - The Chinese automotive market is undergoing significant structural adjustments, with a notable rise in new energy vehicle sales, which accounted for 44.3% of total new car sales in the first half of 2025. Despite intense competition, Geely Auto has successfully navigated these challenges by promoting a "anti-involution" strategy, focusing on quality growth rather than price wars [1][2][23]. Industry Overview - In the first half of 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with new energy vehicles (NEVs) producing 6.97 million and selling 6.94 million units [1]. - The overall market is experiencing fierce competition, but Geely Auto has differentiated itself by emphasizing long-term strategies and comprehensive strength [1][2]. Company Performance - Geely Auto reported a record revenue of 150.3 billion yuan in the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion yuan, reflecting a 102% growth [3]. - The company's total sales reached 1.409 million units, with NEVs accounting for 51.5% of total sales, marking a 126% increase year-on-year [3][5]. - Geely has raised its annual sales target from 2.71 million to 3 million units based on strong first-half performance [3]. Brand Performance - Geely's various brands have contributed to a robust sales structure, with Geely Galaxy achieving sales of 548,000 units, a 232% increase [5]. - Zeekr brand sold 90,700 units in the first half, while Lynk & Co sold 154,000 units, showcasing strong market performance across different segments [7][11]. Cost Management and Efficiency - Geely has effectively controlled costs, with R&D expenses decreasing to 4.9% of revenue and sales and management expenses down to 5.6% [11]. - The integration of Zeekr and Lynk & Co has led to significant technical synergies, enhancing operational efficiency [11]. Technological Advancements - Geely is investing heavily in technology, particularly in smart electric vehicle systems, with breakthroughs in autonomous driving technology [12][14]. - The company has established a new battery division, enhancing safety and performance in its electric vehicle offerings [16]. Global Expansion - Geely's global strategy is expanding, with over 180,000 units exported in the first half of 2025 and a growing presence in 85 countries [17][20]. - The company is focusing on high-value exports and local production, with new factories in Egypt and Indonesia supporting its international operations [17][22]. Conclusion - Geely Auto's mid-year performance reflects its commitment to the "anti-involution" strategy, with significant revenue growth and an increased sales target. The company's focus on technology, quality, and global expansion positions it well for future growth in the competitive automotive landscape [23].

Core Viewpoint - Geely is experiencing a reflective phase despite achieving record-breaking deliveries and revenue growth in the first half of the year, acknowledging internal challenges and apologizing to car owners for past grievances [1][2][30]. Financial Performance - Geely reported a record revenue of 150.3 billion yuan in H1, a 27% year-on-year increase, with Q2 revenue reaching 77.79 billion yuan, up 28.4% [3][5]. - The automotive sales revenue was 134.6 billion yuan, accounting for 89.6% of total revenue, with an average selling price of 95,500 yuan, down nearly 14,000 yuan from the previous year [5]. - The net profit for H1 was 9.45 billion yuan, a 9.8% decline, while the core net profit rose by 102% to 6.66 billion yuan [9][11]. Sales and Market Performance - Geely's total sales reached 1.409 million units in H1, a 47% increase, with new energy vehicle sales doubling to 725,000 units, achieving a penetration rate of 51.5% [13]. - The Geely brand alone sold 1.164 million units, a 57% increase, with the Galaxy model's sales surging by 232% [13][16]. Strategic Developments - Geely has raised its annual sales target from 2.71 million to 3 million units, having already exceeded 52% of the original target in H1 [21]. - The company is implementing an "One Geely" strategy to consolidate its various brands and improve operational efficiency, following significant mergers and restructuring [24][26]. Challenges and Future Outlook - Geely's leadership identified three main challenges: declining export sales, a drop in average vehicle prices, and insufficient brand development [30][32]. - The company is addressing past grievances with car owners and has initiated systematic reforms to improve communication and brand loyalty [33][35].

Core Insights - In the first half of 2025, Geely Auto reported a record total revenue of 150.3 billion, a significant year-on-year increase of 27% [1] - The company's core net profit reached 6.66 billion, marking a remarkable growth of 102% compared to the previous year [1] - Geely's new energy vehicle penetration rate reached 51.5%, indicating that one in every two cars sold is a new energy vehicle [2] Financial Performance - Geely Auto's total revenue for the first half of 2025 was 150.3 billion, with a gross profit of 24.7 billion and a gross margin of 16.4% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion, with core net profit at 6.66 billion, reflecting a 102% increase year-on-year [1][2] - The sales volume reached 1.4092 million units, a 47% increase year-on-year, with new energy vehicle sales at 725,200 units, up 126% [2] Product and Market Development - Geely's four major brands—Geely, Galaxy, Lynk & Co, and Zeekr—have launched several popular models, contributing to the sales growth [1][2] - The Galaxy A7, launched on August 8, received over 10,000 orders on its first day, setting a new record in the electric hybrid sedan market [3] - Geely's electric and intelligent technology advancements have significantly supported its sales performance, including the release of the ShenDun battery and the Haohan super electric hybrid system [4] Strategic Initiatives - The "One Geely" strategy aims to enhance internal resource integration and reduce redundant investments, with a focus on merging Geely Auto and Zeekr into a single entity [1][6] - The merger is expected to improve growth efficiency by over 5% and enhance R&D, management, and marketing efficiency by 15%-20% [6] - Geely's global expansion strategy has led to over 180,000 units exported in the first half of 2025, with a significant increase in new energy vehicle exports [7] Global Expansion and Brand Positioning - Geely's international strategy emphasizes "high-value overseas expansion," with a focus on localizing operations in key markets [7][8] - The company has launched 10 high-value models in markets such as Saudi Arabia, Australia, and Egypt, while Zeekr has achieved top sales in luxury segments in Hong Kong and Kazakhstan [7] - Geely's global sales and service network now covers over 85 countries and regions, enhancing its international presence [8]

Core Viewpoint - Geely Automobile Holdings Limited reported a significant increase in revenue and profit for the first half of 2023, driven by its "One Geely" strategy and the deep integration of internal resources, leading to an upward revision of its annual sales target from 2.71 million to 3 million units [1] Financial Performance - In the first half of 2023, Geely achieved revenue of 150.3 billion yuan, a year-on-year increase of 27% [1] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [1] - Gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1] - Total cash level rose to 58.8 billion yuan [1] Sales and Market Performance - Geely's total sales reached 1.409 million units in the first half, a 47% year-on-year increase, with a market share surpassing 10% for the first time [1] - New energy vehicle (NEV) sales amounted to 725,000 units, marking a 126% increase [2] - Export sales exceeded 180,000 units, demonstrating stable performance [1] New Energy and High-End Market Growth - Geely's NEV segment has become a key growth driver, with a penetration rate of 51.5% across its three major brands [2] - The Galaxy series, now an independent brand, saw sales of 548,000 units, a 232% increase [2] - The high-end luxury brands, Zeekr and Lynk & Co, have shown strong performance, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units in the first half [2] International Expansion - Geely's global footprint is expanding, with export sales exceeding 180,000 units and a presence in 85 countries [3] - The Galaxy E5 international version has launched in 26 countries, becoming a global star product [3] - Zeekr and Lynk & Co have established a significant international presence, with Zeekr leading luxury car sales in Hong Kong and Lynk & Co entering new markets [3] Sustainability Efforts - Geely has reduced the carbon emissions per vehicle by 23.5% compared to 2020, progressing towards a 25% reduction target by the end of 2025 [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2023, aiming to enhance its global competitiveness in the smart NEV sector [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, setting a historical record [1] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [1] - The total cash level increased to 58.8 billion yuan, and the gross profit margin reached 16.4% [1] Group 2: Sales and Market Position - The company sold a total of 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [1] - New energy vehicle sales reached 725,000 units, a 126% year-on-year increase, contributing to a penetration rate of 51.5% in the new energy segment [5] - The annual sales target was raised from 2.71 million to 3 million units based on strong market performance [1][11] Group 3: Strategic Initiatives - The company is committed to a "One Geely" strategy, focusing on value, technology, quality, service, and brand ethics, while avoiding price wars [2] - The merger of Zeekr and Lynk & Co has led to improved synergy, enhancing competitiveness in the mainstream, mid-to-high-end, and luxury markets [2] - The company emphasizes safety and innovation, building a leading AI ecosystem and product competitiveness in both smart electric and efficient fuel sectors [2][8] Group 4: Technological Advancements - The company has developed a comprehensive AI technology system, launching the industry's first "smart car full-domain AI" technology framework [10] - The Starry AI Cloud Power 2.0 and advanced battery technologies provide a competitive edge in safety and efficiency [10] - The company has achieved significant milestones in autonomous driving and smart cockpit technologies, with over 1 million users for FlymeAuto [10] Group 5: Global Expansion - The company exported over 180,000 vehicles in the first half of 2025, expanding its global sales network to 85 countries and regions [11] - Zeekr and Lynk & Co have also shown strong performance in international markets, with Zeekr leading luxury electric vehicle sales in Hong Kong [13] - The company is committed to sustainability, with a 23.5% reduction in carbon emissions per vehicle lifecycle compared to 2020, aiming for carbon neutrality by 2045 [13]

Core Viewpoint - Geely Holding Group has signed a merger agreement with Zeekr Intelligent Technology, marking a significant step in its strategy to return to "One Geely" [1][4]. Group 1: Merger Details - Geely Auto will acquire all outstanding shares of Zeekr at a price of $2.678 per share, initiating the privatization process for Zeekr [5]. - Zeekr shareholders can choose to receive either cash or Geely Auto shares as compensation for their shares [5]. - The merger will lead to significant changes in leadership, with key executives transitioning to new roles post-merger [5]. Group 2: Financial Performance - Geely Auto has raised its annual sales target to 3 million units, an increase of approximately 11% from the previous target of 2.71 million units [6]. - In June, Geely Auto's total sales reached 236,000 units, a year-on-year increase of 42%, with the Geely brand alone seeing a 59% increase [7]. - For the first half of the year, Geely Auto's total sales exceeded 1.409 million units, a 47% year-on-year growth, with a significant increase in revenue and net profit [7]. Group 3: Strategic Implications - The merger is expected to enhance Geely Auto's strategic execution efficiency, innovation capability, and profitability, creating greater value for shareholders [8]. - The combined strengths of Zeekr in the luxury electric vehicle sector and Geely Auto's foundation in the mainstream market will improve collaboration across various operational areas [8]. - Post-merger, Geely Auto aims to cover multiple powertrain forms and enhance its competitiveness across mainstream, mid-to-high-end, and luxury automotive markets [8].

7月15日，吉利控股集团发文称，吉利控股集团当日宣布，旗下吉利汽车与极氪正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东 可选择以现金或置换吉利汽车股份作为对价。此举标志着吉利控股集团贯彻《台州宣言》精神，推进回归"一个吉利"战略又迈出关键一步。 文章全文如下： 7月15日，吉利控股集团宣布，旗下吉利汽车控股有限公司（以下简称"吉利汽车"，股票代码：0175.HK）与极氪智能科技有限公司（以下简称"极氪"，股票 代码：NYSE:ZK）正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东可选择以现金或置换吉利汽车股份作为对价。此举标志着吉 利控股集团贯彻《台州宣言》精神，推进回归"一个吉利"战略又迈出关键一步。 自《台州宣言》发布以来，吉利控股集团坚定不移地推进内部资源深度整合和高效融合，杜绝重复投入，提升企业整体竞争力。吉利汽车与极氪完成合并 后，进一步提升吉利汽车的战略执行效率、创新能力及盈利水平，为合并后的全体股东创造更大的价值。 吉利控股集团董事长李书福表示："吉利控股集团去年发布《台州宣言》以来，'一个吉利行动'进展顺利，本次合并为吉利汽车更美好的未来打下了坚实基 础。 ...