智通财经记者 | 周姝祺 极氪距离回归吉利汽车再进一步。 日前，在吉利汽车中期业绩报告披露会上，吉利汽车控股有限公司行政总裁桂生悦接受智通财经等媒体 表示，在9月吉利汽车股东大会和极氪科技股东大会都通过要约收购协议后，极氪即与吉利汽车完成法 律上合并，整体交割工作预计在年底前完成。 一个月前，吉利汽车（HK：0175）与极氪（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（34.3%），极氪股东可选择以现金或置换吉利汽车股份作为对价。合并完成后， 极氪将成为吉利汽车的全资附属公司，并于纽交所退市。 吉利汽车对极氪的正式购买价为每股2.687美元或每股美国存托股票26.87美元。如果采用全现金方式回 收股份，将占用吉利汽车现金流达到24亿美元（约合人民币172.44亿元）。 桂生悦透露，多数极氪投资者选择换股，转而持有合并后吉利汽车的股票。以目前吉利汽车现金储备量 计算，足以支付这笔收购费用。根据吉利汽车中期业绩报数据，该公司总现金水平为588亿元。 极氪整合回归吉利汽车，服务于吉利控股集团于去年制定的"一个吉利"战略计划。这是吉利汽车时隔10 年再度提出内部品牌和资源协同整合，旨在 ...

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 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].

Core Viewpoint - Geely Automobile Holdings Limited reported a significant increase in revenue and net profit for Q1 2025, driven by strong sales growth and strategic integration with Zeekr [2][4]. Financial Performance - Geely achieved a revenue of 72.5 billion yuan in Q1 2025, a year-on-year increase of 25% [2]. - The net profit reached 5.67 billion yuan, marking a remarkable year-on-year growth of 264%, surpassing the total annual profit of previous years [3][4]. - The total sales volume for Q1 2025 was 704,000 units, a historical high and a 48% increase year-on-year [4][5]. Strategic Integration - Geely announced a strategic integration plan with Zeekr to enhance competitiveness and resource efficiency, aiming to eliminate redundancy and reduce costs [2][8]. - The management restructuring includes the appointment of An Conghui as CEO of Geely Holding Group and Gan Jiayue as CEO of the merged Geely Automobile Group [7][8]. - The integration aims to achieve cost reductions of over 3% in production, 10%-20% in R&D optimization, and 10%-20% in management efficiency [8]. Market Position and Competitiveness - Geely's net profit for Q1 2025 was second only to BYD among major competitors, highlighting its strong market position [4]. - The company’s new energy vehicle sales accounted for 48% of total sales, with a domestic penetration rate of 52% [5]. - Geely's export volume for Q1 2025 was 89,953 units, ranking fifth among the top ten exporters in China [6]. Future Outlook - The integration with Zeekr is expected to enhance profitability and operational efficiency, with initial targets set for over 5% improvement in overall effectiveness [8][9]. - Geely aims to leverage scale effects and systematic advantages to improve resource utilization and market competitiveness [9].

Core Viewpoint - Geely Auto is merging with Zeekr, with Geely's executives taking a dominant role in the new company, indicating significant organizational adjustments for Geely compared to Zeekr [1][3] Group 1: Cost Reduction and Organizational Streamlining - Geely Auto announced a non-binding acquisition offer for Zeekr at $2.566 per share, aiming to facilitate Zeekr's delisting from the NYSE [2] - The timing of the privatization proposal is notable, as it comes just three days before Zeekr's one-year anniversary of being listed on the NYSE [3] - Geely's CEO, Gui Shengyue, emphasized the need for rapid problem-solving through integration to enhance competitiveness in a challenging Chinese automotive market [3] - The merger aims to address issues of inconsistent interests between the two companies due to different employee incentive mechanisms [3] - Geely's management structure will see Geely's CEO, Gan Jiayue, leading the merged entity, with a focus on significant organizational changes for Geely [3][5] - Geely aims to achieve cost reductions of over 3% in production, 10-20% in R&D optimization, and 10-20% in management efficiency post-merger [5] Group 2: Financial Implications and Market Positioning - In 2024, Geely and Zeekr's R&D expenses were approximately 10.42 billion and 9.72 billion respectively, with potential savings of over 2 billion from R&D alone if cost reduction targets are met [6] - The privatization offer represents a 13.6% premium over Zeekr's stock price on the announcement date and a 20% premium over the average price of the last 30 trading days, yet it remains below half of Zeekr's pre-IPO valuation [8] - The merger is primarily driven by the need for a more concentrated and efficient main business amidst increasing competition and diminishing returns from new energy and smart technology [9] - Geely's internal restructuring began in 2024, focusing on "focusing on the main business and concentrated development" as part of its strategic framework [9][12] Group 3: Strategic Integration and Brand Management - Geely is undergoing a systematic reform to address issues of brand matrix dispersion and insufficient business synergy, leading to the "One Geely" strategy [12] - The restructuring will streamline the ownership structure, allowing Geely to transition from a holding group to an operational entity [14][15] - Post-merger, Geely will maintain a multi-brand strategy, with Zeekr targeting the global luxury tech market, Lynk focusing on high-end new energy, and Geely Galaxy and China Star catering to the mainstream consumer market [15]