"内部消耗已经完全没有了，更加坦然迎接挑战"。 在行业洗牌加剧、价格战持续的背景下，吉利汽车今年多项核心指标逆势高增，前三季度销量逼近 2024 年全年。按照当前势头，达成年销 300 万台的预期目标几成定局。 根据本周新发布的三季报，吉利整体增长还在加速，单季销量达到 76.1 万辆、同比增长 43%，快过 行业平均水平。吉利的盈利质量同样明显改善，凭借产品结构优化和规模效应，在毛利率维持 16.6% 左右水平的同时，单车利润从上半年的平均约 4700 元增加到三季度的 5200 余元。 管理层在三季度业绩会上进一步强调了盈利能力的重要性，认为中国汽车市场正进入淘汰赛阶段，只 有具备持续盈利能力的企业才能在新一轮洗牌中存活下来。吉利汽车控股有限公司行政总裁兼执行董 事桂生悦称其为 "大浪淘沙" 阶段。 去年 9 月，吉利在公司初创地台州发布了以 "一个吉利" 为核心主旨的《台州宣言》，推动公司从分 散走向协同，减少了重复投资和利益冲突，进而释放企业活力和战斗力。一年过去，"回归一个吉利" 的战略正在逐渐释放积极效应。 逆势增长，三季度平均 10 秒卖掉一台车 吉利今年年初定下 271 万辆的销量目标，上半年 ...

Core Viewpoint - Geely is undergoing significant internal integration to enhance efficiency and reduce redundancy, aiming to establish a unified brand identity and improve product positioning in the competitive automotive market [1][4][6]. Group 1: Internal Integration and Brand Positioning - Geely's CEO emphasizes the importance of a systematic approach to integration, referring to the company as a "clumsy child" that must steadily progress towards its goals [2][3]. - The integration has clarified brand positioning, with distinct roles for its sub-brands: Zeekr as luxury technology, Lynk & Co as mid-to-high-end performance, and Galaxy as mainstream high-value products [2][4]. - The launch of the Galaxy M9 SUV, priced under 200,000 yuan, showcases Geely's ability to control costs and break market barriers [2][15]. Group 2: Market Challenges and Sales Goals - Geely has raised its annual sales target to 3 million units, reflecting confidence in its growth strategy amid fierce competition in the electric vehicle market [5][17]. - The company aims to accelerate product launches, with several new models, including the Zeekr 9X and Starry 6, set to hit the market soon [5][18]. - Geely's sales from January to August reached 1.897 million units, a 47% year-on-year increase, with domestic growth exceeding 60% [17][19]. Group 3: Technological Advancements and Strategic Partnerships - Geely is focusing on enhancing its smart driving capabilities through a partnership with Qianli Technology, aiming to develop a comprehensive intelligent driving solution [8][10]. - The company is committed to maintaining technological leadership in smart driving, requiring significant investment in AI and engineering capabilities [10][11]. - Geely's R&D investment from 2021 to 2025 exceeds 100 billion yuan, with total R&D spending over 250 billion yuan in nearly 11 years, indicating a shift from investment to harvest phase [16].

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].