Core Viewpoint - The company intends to publicly transfer 100% equity and all debts of its subsidiary, Yichuan Shuifa Gas Co., Ltd., with a minimum total listing price of 35.33 million yuan [2][4]. Group 1: Transaction Overview - The company plans to transfer 100% equity of Yichuan Shuifa for a base price of 4.3729 million yuan and all debts amounting to 30.9569 million yuan, totaling at least 35.3298 million yuan [2][4]. - The final transfer price will depend on the bidding price from the buyer [2][4]. - The transaction does not constitute a major asset restructuring and does not require shareholder approval [3][6]. Group 2: Financial Impact - The transaction is expected to have a minimal impact on the company's current profit and loss, estimated at 0.023 million yuan [15]. - After the transaction, the company will no longer hold any equity in Yichuan Shuifa and will not provide any guarantees or financial support to it [3][15]. Group 3: Valuation and Assessment - The valuation of Yichuan Shuifa's equity was assessed at 4.3729 million yuan based on a report from Zhonglian Asset Appraisal Group, with a slight increase of 0.23 million yuan, representing a 0.05% increase [10][14]. - Two valuation methods were used: the asset-based method and the income method, with the income method being deemed more reliable for this assessment [12][14]. Group 4: Transaction Process - The transaction will proceed through a public listing process, and the buyer's identity and transaction details will be disclosed after completion [8][15]. - The payment for the transaction will be made in installments, with at least 30% due at the signing of the contract [15].

Core Viewpoint - The company is restructuring its operations by divesting its wholly-owned subsidiary, Yichuan Shuifa, to optimize its industrial structure and improve asset operation efficiency [1] Group 1: Transaction Details - Shuifa New Energy, a wholly-owned subsidiary of the company, plans to transfer 100% equity of Yichuan Shuifa for a minimum price of 4.3729 million yuan [1] - The company will also transfer all debts amounting to 30.9569 million yuan related to Yichuan Shuifa, making the total minimum transfer price at least 35.3298 million yuan [1] - The final transfer price will depend on the offer from the acquiring party [1] Group 2: Implications of the Transaction - Upon completion of the transaction, Shuifa New Energy will no longer hold any equity in Yichuan Shuifa [1] - The company will not provide guarantees or manage funds for Yichuan Shuifa, nor will it have any financial claims against the listed company related to Yichuan Shuifa [1]

Core Viewpoint - Guangdong Yuehai Feed (001313.SZ) announced the decision to deregister its wholly-owned subsidiary, Guangdong Yuehai Qieshi Aquaculture Co., Ltd., due to the failure to implement a strategic cooperation with the Lufeng Municipal Government and local state-owned enterprises, aiming to streamline management and reduce costs [1] Group 1 - The strategic cooperation with Lufeng Municipal Government and local state-owned enterprises could not be specifically implemented [1] - The decision to deregister the subsidiary is part of an effort to integrate internal resources and simplify the management structure [1] - The company conducted a thorough review before making the decision to deregister [1]

Core Viewpoint - Geely Holding Group has signed a merger agreement with Zeekr Intelligent Technology, marking a significant step in its strategy to unify under "One Geely" and enhance its competitive position in the automotive market [1][3]. Summary by Sections Merger Agreement - Geely Auto will acquire all outstanding shares of Zeekr, allowing Zeekr shareholders to choose between cash or Geely shares as compensation [1]. - The privatization of Zeekr is expected to cost Geely Auto approximately $2.399 billion, equivalent to about 17.199 billion RMB [1]. Financial Performance of Zeekr - As of December 31, 2024, Zeekr reported total assets of 32.671 billion RMB, total liabilities of 42.824 billion RMB, and a net asset deficit of 10.153 billion RMB [3]. - Zeekr's total revenues for 2023 and 2024 were 51.673 billion RMB and 75.913 billion RMB, respectively, with net losses of 8.264 billion RMB and 5.791 billion RMB [3]. Strategic Integration - The merger aims to leverage Zeekr's strengths in the luxury electric vehicle sector alongside Geely's established presence in the mainstream market, enhancing collaboration across technology, products, supply chains, and marketing [3]. - Post-merger, Geely Auto will cover a wide range of powertrain options, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, thereby strengthening its market position across various segments [3]. Sales Performance - Geely Auto reported a total vehicle sales volume of approximately 236,000 units in June 2025, a year-on-year increase of about 42%, with a cumulative sales volume of 1.409 million units in the first half of the year, up 47% [4]. - The sales target for the year has been raised from 2.71 million units to 3 million units due to strong sales performance in the first half [5].

Investment Rating - The investment rating for Geely Automobile (175 HK) is "Buy" with a target price of HKD 22.50, indicating a potential upside of 34.1% from the current closing price of HKD 16.78 [2][8]. Core Insights - The report highlights the privatization of Zeekr, which is expected to enhance internal resource integration and operational efficiency within Geely. This move aims to eliminate redundant investments, reduce costs, and improve competitiveness [6]. - Geely's financial projections show significant revenue growth, with expected revenues of RMB 306.89 billion in 2025, representing a year-on-year growth of 27.8% [5][10]. - The report emphasizes the need for Geely to adjust its high-end brand strategy due to declining sales in this segment, particularly for Zeekr's core models [6]. Financial Overview - Revenue projections for Geely are as follows: RMB 179.20 billion in 2023, RMB 240.19 billion in 2024, and RMB 306.89 billion in 2025, with a compound annual growth rate (CAGR) of 27.8% from 2023 to 2025 [5][10]. - Net profit is projected to reach RMB 11.90 billion in 2025, with a significant increase in earnings per share (EPS) from RMB 0.53 in 2023 to RMB 1.18 in 2025 [5][10]. - The report indicates a projected price-to-earnings (P/E) ratio of 13.2 for 2025, suggesting a favorable valuation compared to industry peers [5][10]. Market Position and Valuation - Geely's market capitalization is approximately HKD 169.11 billion, with a 52-week high of HKD 18.98 and a low of HKD 7.47 [4]. - The report notes that Zeekr's current valuation is significantly lower than its competitors, with a projected price-to-sales (P/S) ratio of only 0.3x for 2025, compared to other new entrants like Xpeng and Li Auto [6]. - The anticipated privatization of Zeekr is viewed as a strategic move to consolidate Geely's brand positioning and enhance market competitiveness [6].

Investment Rating - The investment rating for Geely Automobile is "Buy" with a target price of HKD 22.50, indicating a potential upside of 34.1% from the current price of HKD 16.78 [2][8]. Core Insights - The report highlights the privatization of Zeekr, which is expected to further enhance internal resource integration and operational efficiency within Geely. This move is seen as beneficial for Geely's competitive positioning in the market [6]. - Geely's financial projections show significant revenue growth, with expected revenues of RMB 306.89 billion in 2025, reflecting a year-on-year growth of 27.8% [5][10]. - The report emphasizes the need for Geely to adjust its high-end brand strategy due to declining sales in this segment, particularly for Zeekr's models [6]. Financial Overview - Revenue projections for Geely are as follows: RMB 179.20 billion in 2023, RMB 240.19 billion in 2024, and RMB 306.89 billion in 2025, with corresponding growth rates of 21.1%, 34.0%, and 27.8% respectively [5][10]. - Net profit is projected to be RMB 5.31 billion in 2023, increasing to RMB 16.63 billion in 2024, but expected to decline to RMB 11.90 billion in 2025, reflecting a significant year-on-year decrease of 28.5% [5][10]. - The report indicates a projected earnings per share (EPS) of RMB 1.18 for 2025, with a price-to-earnings (P/E) ratio of 13.2 [5][10]. Market Position and Valuation - Geely's market capitalization is approximately HKD 169.11 billion, with a 52-week high of HKD 18.98 and a low of HKD 7.47 [4]. - The report notes that Zeekr's current valuation is low, with a projected price-to-sales (P/S) ratio of only 0.3x for 2025, significantly lower than competitors like Xpeng and Li Auto [6]. - The report suggests that the privatization of Zeekr will allow Geely to consolidate its assets and resources, potentially lowering costs and improving overall competitiveness [6].