出品｜刻度财经 今年5月份，吉利宣布收购极氪全部股份。这场行业趋势下的品牌整合动作，既承载着吉利补全高端新 能源短板的期待，也面临着协同效应释放与盈利攻坚的双重考验。 手握银河、帝豪、星瑞等畅销品牌的吉利越战越勇，无论是在新能源领域还是燃油车领域都表现出色。 2025年10月，其在国内的市场销量位居第二名，市场份额较第一名比亚迪仅差3.6个百分点。 但如果把时间拉长到整个第三季度，会发现这家传统车企依旧处于业绩增长的瓶颈期。 《刻度财经》翻看吉利2025年第三季度财报发现，该公司2025年第三季度实现营收891.9亿元，同比增 长27%；实现归母净利润38.2亿元，同比增长59%。前三季度总营收2394.77亿人民币，同比增长26%， 归母净利润131亿人民币，同比微降1%。 | | 截至九月三十日止三個月 | | | 截至九月三十日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 (未經香核 | 同比 (同比) | 二零二五年 | 二零二四年 (未經審核 | 同比 | | 財務摘要 | (未經審核) | 及經重列 ...

Core Insights - The company is evaluating its agencies in preparation for the completion of the $13.5 billion acquisition of Interpublic Group (IPG) and has not confirmed or denied reports about retiring the DDB brand [1] - There are speculations about integrating creative businesses among three global networks—BBDO, TBWA, and McCann, which may lead to DDB no longer existing as an independent global brand [1][2] - The company is undergoing a rigorous process to find the best solutions that meet both corporate and client needs [1] Integration Process - DDB, founded in 1949, is one of the three major creative agency networks under the company, alongside BBDO and TBWA [2] - DDB has begun integrating parts of its business, including the unification of its North American operations under new leadership [2] - In 2023, DDB New York merged with adam&eveNYC, rebranding as adam&eveDDB, and the company previously unified its creative networks into Omnicom Advertising Group (OAG) to streamline its brand portfolio [2] Creative Legacy of DDB - DDB operates in over 40 markets globally and has subsidiaries like adam&eveDDB in London, which have received numerous industry awards [3] - The brand has produced iconic advertisements, such as Volkswagen's "Think Small" and McDonald's "You Deserve a Break Today," solidifying its position in the advertising industry [3] - Recently, DDB faced criticism for its creative output, including the withdrawal of a Grand Prix award at the Cannes Lions International Festival due to the use of AI in an advertisement [3] Acquisition and Integration Outlook - The acquisition of IPG is expected to be completed by the end of November 2023, making the company the largest advertising holding company globally, surpassing Publicis and WPP [4] - The deal is anticipated to generate approximately $750 million in cost synergies [4] - The company is in the final stages of the acquisition, awaiting regulatory approval from the European Union, which is the last market to review the deal [4]

Summary of Zhiyou Technology Conference Call Company Overview - **Company**: Zhiyou Technology - **Industry**: E-commerce and Supply Chain Management Key Points Financial Performance - Q3 revenue reached 20.37 billion, a year-on-year increase of 1.53% [3] - Net profit declined approximately 20% due to rising procurement costs and tariffs [3][2] - Gross margin was around 35%, slightly down from the previous year [3] - European market revenue was 13.75 billion, up 15% year-on-year; North American revenue was 6 billion, down 18% [2][3] Market Dynamics - B2B revenue grew by 108%, while B2C revenue fell by 6% [2][4] - The U.S. market faced a 20% decline primarily due to tariff issues [2][4] - Southeast Asia supply chain development is ongoing, with procurement costs about 10% higher than in China [5] Cost Management - Optimized shipping and last-mile logistics costs helped mitigate some of the cost increases [2][3] - Sales expenses increased due to a higher proportion of FBM model in the U.S. and rising self-operated warehouse costs in Europe [2][3] - Financial expenses rose due to currency fluctuations, resulting in a loss of 5 million compared to a gain of 12 million in the previous year [3] Strategic Initiatives - The company plans to increase the proportion of self-operated warehouses and improve warehouse efficiency in the U.S. [7] - A new VC model was implemented in Europe, supported by Amazon policies, to optimize logistics costs [3][9] - The company aims to launch new large furniture products based on the Southeast Asia supply chain by November 2025, which are expected to be competitive in the market [8] Future Outlook - Q4 2025 is anticipated to be a turning point for revenue growth, with expectations for a full recovery in the U.S. market by 2026 [8] - The company is focusing on increasing market share in underperforming categories and introducing new products to drive growth [12][29] - Marketing expenses are expected to rise by 2-3 percentage points in 2026 due to new product introductions [19] Brand Strategy - The company consolidated its three brands under the SoMix Home label to enhance brand recognition and marketing effectiveness [16][17] - Different brand strategies are employed for various platforms, such as maintaining a unified brand on Amazon while differentiating on discount platforms like Temu [16] Operational Efficiency - The company has restructured its operations to unify supply chain management with sales, creating seven core business units [21] - The European market's gross margin is approximately 37%, while the U.S. market is around 30% [28] Challenges and Risks - The company faces challenges in the U.S. market due to high tariffs and anti-dumping measures affecting large furniture categories [8] - The transition to the VC model may lead to lower revenue recognition compared to the previous SC model, but it is expected to drive GMV growth [11][13] Conclusion - Zhiyou Technology is navigating a complex market landscape with strategic initiatives aimed at cost optimization, brand consolidation, and product innovation to drive future growth and recovery in key markets [2][8][12]

Group 1 - The core viewpoint of the articles highlights Dongfeng Yipai's strategic launch of the 2026 models, Nano 01 and eπ008 five-seater, aimed at enhancing competitiveness in the electric vehicle market through pricing and configuration upgrades [2][3] - The 2026 Nano 01 is priced starting at 58,800 yuan, making it one of the most affordable electric compact cars, undercutting competitors like Geely's Xingyuan by 10,000 yuan and challenging BYD Seagull and Wuling Bingo S [2] - The 2026 eπ008 five-seater has also seen price reductions and configuration enhancements, including a switch to the Qualcomm 8295P chip and upgrades to fast-charging technology, positioning it against models like BYD Tang DM-i and Li Auto L6 [2] Group 2 - Following the integration of the "Wind God, Yipai, Nano" brands under Dongfeng Yipai, the company has seen a cumulative sales increase, with September sales reaching 30,256 units, a year-on-year growth of 15.8% [2] - The retail sales for the Yipai brand from January to June this year were approximately 25,000 units, remaining consistent with the previous year [2] - Dongfeng's collaboration with Huawei aims to enhance product competitiveness, with plans to launch a smart premium series vehicle next year, featuring Huawei's latest technology, marking a significant step in the intelligent vehicle market [3]

Core Viewpoint - Lynk & Co has launched its first plug-in hybrid model, the Lynk 10 EM-P, responding to user demand for a vehicle in the hybrid segment after the introduction of its first pure electric product, the Lynk Z10 [2][3] Product Launch and Features - The Lynk 10 EM-P was launched on September 8, 2024, with a starting price of 163,800 yuan, offering four versions: 120 four-wheel drive Halo, 120 four-wheel drive Ultra, 240 four-wheel drive Ultra, and 240 four-wheel drive Ultra Sport [2] - The vehicle features a smart electric four-wheel drive system, laser radar, and is the first to use the NVIDIA Thor driving assistance chip, supporting the Qianli Haohan H7 driving assistance solution [2][3] Strategic Positioning and Market Approach - Lynk & Co aims to enter the "Intelligent 2.0 Era," addressing previous shortcomings in smart technology compared to new competitors [3] - The company emphasizes creating "high-value products" by leveraging scale effects to reduce costs while maintaining quality, avoiding a low-quality price war [4][5] - The pricing strategy is designed to ensure profitability while considering market conditions and consumer demand, aiming for a balance between price and value [5] Technological Advancements - The integration of the Qianli Haohan H7 driving assistance system across Lynk models allows for significant cost-sharing in software development, enhancing competitiveness [4][5] - The Lynk 10 EM-P is designed with future upgrades in mind, featuring hardware that exceeds current requirements to accommodate future technological advancements [4] Brand Integration and Future Planning - The integration of Lynk & Co and Zeekr is not merely a merger but aims to maintain distinct brand identities while optimizing resource allocation and technological development [6] - Lynk will continue to develop a diverse product line, including fuel vehicles and new hybrid models, while Zeekr will focus on higher-end electric vehicles [7]

Core Points - Lynk & Co officially launched its first mid-to-large plug-in hybrid sedan, the Lynk 10 EM-P, with a starting price of 163,800 yuan [1] - The vehicle features an original design, luxurious quality, and is equipped with a smart electric four-wheel drive system and laser radar [3][4] - The integration of Lynk & Co and Zeekr is not a simple merger; both brands will maintain their distinct positioning, with Zeekr focusing on higher-end products and Lynk & Co expanding its offerings [5][8] Product and Technology - Lynk 10 EM-P is the first sedan to feature the Nvidia Thor driving assistance chip, supporting the H7 driving assistance solution [3] - The collaboration allows for shared technology and cost optimization, enhancing the competitive edge of both brands [10] - The pricing strategy for Lynk 10 EM-P considers market conditions, user demand, and competitive landscape, ensuring that the product's value exceeds its price [9] Market Strategy - Lynk & Co will take over the pure electric A-class and plug-in hybrid A+ class markets, while Zeekr will focus on B-class and above [5][12] - The number of channels for both brands is expected to increase by over 100 in the second half of the year, primarily targeting lower-tier markets [6][11] - The brands are implementing a "big after-sales" and "big channel" system, optimizing operational costs in lower-tier cities through a dual-brand model [11] Brand Positioning - Lynk & Co aims to diversify its energy offerings, including fuel vehicles and new plug-in hybrids, while avoiding large pure electric models [12] - The integration is designed to create synergies in technology, marketing, and channel management, enhancing overall operational efficiency [10][11]

Financial Data and Key Metrics Changes - The company reported second quarter sales of $658.5 million, a decline of 3.6% year over year, with sales trends improving sequentially in both segments [24][10] - Adjusted earnings per share were $0.35, down from $0.85 in the previous year [30] - Consolidated gross margin was 43.4%, down 20 basis points compared to last year, driven by lower margins in both segments [26] Business Segment Data and Key Metrics Changes - Brand Portfolio sales declined 3.5%, with lead brands growing about 1% in North America and 3.6% globally [25][11] - Famous Footwear sales were down 4.9%, with comparable sales declining 3.4% [25][19] - The Brand Portfolio experienced gross margin pressure due to tariffs and markdown reserves, while Famous Footwear's gross margin was 43.7%, down 130 basis points [26][27] Market Data and Key Metrics Changes - International sales increased by double digits, and the company gained market share in women's fashion footwear [6][11] - E-commerce sales for Famous Footwear were up double digits, particularly in May and July [19] - The company gained 0.6 points of kids market share in shoe chains during the quarter [22] Company Strategy and Development Direction - The company completed structural cost savings initiatives expected to deliver annualized savings of $15 million, with half of that coming this year [7] - The acquisition of Stuart Weitzman was completed, adding a new lead brand to the portfolio, with a focus on operational efficiency and profitability post-transition [8][9] - Strategic focuses include ongoing tariff mitigation, expense and capital discipline, and integrating Stuart Weitzman while fueling lead brands and Famous Footwear [23] Management's Comments on Operating Environment and Future Outlook - Management noted headwinds due to market uncertainty but highlighted improved sales trends and market share gains [5] - The tariff environment remains uncertain, with expectations of continued gross margin pressure in the second half of the year [17][33] - Management expressed confidence in executing strategic plans to improve financial performance and drive shareholder value [23] Other Important Information - The company expects to finalize purchase accounting for Stuart Weitzman and provide more information on its impact in the next earnings call [35] - Inventory at quarter end was $693 million, up 4.9% year over year, with a 2% increase in Famous and an 8.6% increase in Brand Portfolio [31] Q&A Session Summary Question: Can you provide insights on August performance and any shifts in the women's business? - Management noted improved traffic and conversion in brick-and-mortar stores, with flat average unit retails (AURs) [38] - The product assortment shift positively impacted sales, particularly with the launch of Jordan [39] Question: What are the expectations for gross margins moving forward? - Management anticipates less headwind from promotions in the back half of the year, with continued pressure from tariffs [41][42] Question: What is the expected impact of the Stuart Weitzman acquisition on sales and EBIT? - Management is not providing specific details at this time, as purchase accounting is still being finalized [46][47] Question: How is the consumer health of Famous Footwear and Brand Portfolio customers? - Management observed that consumers continue to prefer highly demanded national brands, with strong performance in back-to-school sales [60][61] Question: What mitigation tactics for tariffs are being employed? - The company is selectively passing through price increases and negotiating with factory partners for cost savings [64][66]

Core Viewpoint - Geely is strategically integrating its battery assets, consolidating previously scattered battery brands and capacities into a unified brand, "ShenDun JinZhuan" battery, to enhance brand perception and operational efficiency [3][4][11]. Battery Brand Integration - Geely established Zhejiang JiYao TongXing Energy Technology Co., Ltd. to integrate JinZhuan and ShenDun short-blade batteries into the ShenDun JinZhuan brand [3]. - The integration aims to elevate both battery and vehicle brands, facilitating resource consolidation and enhancing competitiveness in the battery sector [4][11]. Product Development and Safety - The newly branded ShenDun JinZhuan battery combines the safety features of ShenDun batteries with the advanced cell technology of JinZhuan batteries, aiming for a high-end market position [6][7]. - The ShenDun short-blade battery has passed rigorous safety tests, including a unique 5.8mm bullet penetration test, while the JinZhuan battery has undergone extensive fire and pressure tests [7]. Production Capacity and Strategy - JiYao TongXing currently operates eight production bases with a total planned capacity exceeding 176 GWh, aiming for a target of 70 GWh by 2027 [12][14]. - Geely plans to source 40% of its battery needs from JiYao TongXing, with the remainder supplied by CATL and other sources, indicating a strategic shift towards optimizing existing capacities rather than expanding production [12][14]. Future Directions - Geely is focusing on transforming its business model towards energy services, exploring battery-as-a-service and battery swapping models, and establishing a battery bank [14]. - The company is also looking to integrate its electric drive and other related businesses in the near future, indicating a broader strategic consolidation across its operations [15].

Group 1 - The Weipai Gaoshan 7 was unveiled at the 2025 Chengdu International Auto Show and is set to begin pre-sales in mid-September, targeting the family vehicle market with a price expected to be under 300,000 yuan [1] - The cumulative delivery of the new Gaoshan series has reached nearly 20,000 units since its launch in May, and Weipai's total sales exceeded 40,000 units from January to July this year [1] - Weipai announced the upcoming launch of its next-generation all-power intelligent super platform, which will support five power forms and feature advanced technologies such as a dual 4-second 2.0 hybrid system and an 800V hybrid architecture [1] Group 2 - The Ora brand is enhancing its "Urban Classic" label by creating user co-creation experience spaces and plans to launch two new products globally in the second half of the year, focusing on breakthroughs in intelligence and comfort [2]

Group 1 - Dongfeng Motor Group Co., Ltd. has been suspended from trading since August 11, pending the release of an internal announcement, and has not resumed trading as of August 13 [1] - The suspension has led to various speculations regarding potential IPOs, joint venture reforms, and commercial vehicle integration, but the company has stated that the announcement will clarify the situation [2] - Dongfeng Group has issued a profit warning for the first half of 2025, expecting a net profit of between 30 million to 70 million yuan, a decline of 90% to 95% compared to the same period in 2024, primarily due to decreased sales and profits in its joint venture passenger vehicle business [2] Group 2 - From January to July this year, Dongfeng Nissan, Dongfeng Honda, and Shenlong Automobile reported sales of 306,400 units, 173,400 units, and 30,400 units respectively, representing year-on-year declines of 16.8%, 31.2%, and 29.2% [2] - In July, both Dongfeng Nissan and Dongfeng Honda saw a year-on-year increase in sales, ending a previous trend of continuous decline [2] - Dongfeng Group has integrated its brands to form Yipai Technology, which reported sales of 27,800 units in July, a year-on-year increase of 92%, and cumulative sales of 132,500 units from January to July, a growth of 33.1% [3] Group 3 - Dongfeng Group has established a clear strategic plan for Yipai Technology, focusing on improving user satisfaction in the short term, creating popular products in the medium term, and fostering ecosystem co-creation for long-term development [3] - In July, Dongfeng Group announced an investment agreement with Lantu Automotive, where Dongfeng Asset Management will invest 1 billion yuan to enhance Lantu's R&D, branding, and marketing capabilities [3] - From January to July, Lantu Automotive achieved cumulative sales of 66,680 units, reflecting a year-on-year growth of 85.8% [4]