Core Viewpoint - The automotive industry's second half of intelligence is driven by AI and data, emphasizing that digital safety is the cornerstone of driving safety and user trust [2] Industry Insights - The industry should oppose blind competition and adhere to safety bottom lines, focusing on building a new defense line for driving safety around "AI safety + network safety" [2] - The concept of "full-domain safety" should be expanded from private to public domains, promoting a collaborative effort to create an open ecosystem for safety technology [2] Company Developments - Geely's Global Full-Domain Safety Center is set to be officially launched in December, aiming to share insights with the entire industry and establish a new benchmark for safety [2]

Core Insights - The integration of Zeekr and Lynk & Co. is significant for reducing operational costs and enhancing resource allocation within the Geely Group [1][2] - The merger aims to eliminate redundant investments and improve product competitiveness through shared technology and resources [1][2] Group 1: Merger and Integration - Geely Holdings announced an optimization of the equity structure for Zeekr and Lynk & Co. to streamline relationships and reduce related-party transactions [2] - The merger was completed within three months, resulting in the establishment of Zeekr Technology Group, which aims to leverage combined strengths in product development [2] Group 2: Product Strategy and Positioning - Zeekr will focus on the high-end market segment, targeting price ranges of 300,000 to 400,000 yuan, primarily with pure electric vehicles [3] - Lynk & Co. will maintain its unique design language while expanding its product line, emphasizing high-end branding supported by quality and performance [3][4] - The company is committed to a "value war" rather than a "price war," ensuring that consumers receive value for their investment [4] Group 3: Technological Advancements - Lynk & Co. is entering a new phase of smart technology with the launch of the Lynk 10 EM-P, which includes advanced driver assistance systems [3] - The brand aims to integrate the best technologies from the Geely Group into its products, with Zeekr taking the lead on new technology applications [5] Group 4: Market Performance and User Engagement - The Lynk 900 SUV achieved over 30,000 deliveries within four months of its launch, reflecting strong market acceptance [4] - Lynk & Co. has over 6.5 million registered users on its app, indicating a strong focus on user engagement and co-creation of products [5]

Core Insights - Geely Auto reported a significant increase in passenger car sales, exceeding 250,000 units in August, marking a 38% year-on-year growth and achieving a record high of 59% in new energy penetration [1][4] - The company has maintained a dual growth trend for six consecutive months, driven by its "One Geely" strategy and the successful launch of multiple models that quickly became bestsellers [1][5] - Geely's new energy vehicle sales reached 1,47347 units in August, reflecting a 95% year-on-year increase, with a total of over 1 million new energy vehicles sold in the first eight months of the year, a 120% increase [4][3] Sales Performance - In the first eight months of the year, Geely's cumulative sales reached 1,897,064 units, achieving 63% of its annual target of 3 million units [3] - The company has successfully launched several high-potential new models, including the Galaxy A7 and Zeekr 9X, which have seen impressive order volumes shortly after their release [5][1] Technological Advancements - Geely is focusing on building a "Heaven and Earth Integration" ecosystem, leveraging technology as a key driver for growth, including advancements in AI and safety features [6][7] - The company has made significant strides in satellite communication and AI cockpit systems, enhancing user experience and safety in its vehicles [6][7] Global Expansion - Geely's export strategy is gaining momentum, with 36,000 units exported in August and a total of 255,000 units in the first eight months, indicating a steady global market presence [8] - The company's revenue for the first half of 2025 reached 150.3 billion yuan, a 27% increase year-on-year, with a net profit of 9.29 billion yuan, reflecting strong financial performance [8] Market Outlook - Analysts remain optimistic about Geely's growth potential, with a target price of HKD 26, indicating a 37.2% upside from current levels, supported by the company's strategic initiatives and market positioning [9] - The "One Geely" strategy is expected to enhance resource synergy among its brands, solidifying its market share and driving further growth towards its annual sales target [9]