全球化方面，李书福曾期许"让中国汽车跑遍全世界"，极氪正用实际行动践行这一愿景。目前，极氪已进入全球40多个国家和地区。极氪7X、极氪009在海 外市场上市即受热捧，极氪9X更是加价出海。而回归吉利后，极氪有望加速实现"体系出海"升级。信息显示，吉利全球服务网络覆盖80余国超900家网点， 埃及工厂已投产，印尼、越南工厂建设稳步推进。这一成熟的全球化制造与布局，将为极氪提供低成本、高效率的海外拓展支撑，进一步扩大全球市场份 额。 随着一桩标志性交易的落定，中国汽车产业的整合已悄然进入深水区。近日，吉利汽车控股有限公司正式官宣完成对极氪智能科技的私有化及合并交易，极 氪自此成为吉利全资附属公司。 在新能源汽车行业从增量竞争全面转向存量博弈的关键节点，这一动作不仅标志着吉利"回归一个吉利"战略的核心落地，更以品牌、技术、全球化资源的深 度重组，为中国车企的协同发展与资源优化提供了参考范本。而作为这场整合的核心受益者，极氪正迎来品牌发展新阶段。 长期价值凸显，极氪与吉利整合后将实现双向赋能 从行业观察者视角来看，作为中国豪华新能源标杆品牌，极氪在回归一个吉利后，其沉淀的多元价值将在此过程中进一步释放，不仅对吉利集团 ...

Core Viewpoint - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion in the first half of 2025, marking a significant year-on-year increase of 27% [1][3] - The company achieved a net profit of 9.29 billion, with core net profit reaching 6.66 billion, reflecting a substantial growth of 102% year-on-year [1][3] - Geely's total sales reached 1.409 million units, a 47% increase compared to the previous year, with market share exceeding 10% for the first time [1][3] Financial Performance - Total revenue for the first half of 2025 was 150.3 billion, a historical high, with a year-on-year growth of 27% [1][3] - The net profit attributable to shareholders was 9.29 billion, while core net profit, excluding non-core losses, was 6.66 billion, up 102% year-on-year [1][3] - Gross profit reached 24.7 billion, with a gross margin of 16.4%, maintaining stability amid industry price fluctuations [3] Sales Performance - Geely's total sales reached 1,409,180 units in the first half of 2025, a 47% increase year-on-year, significantly outpacing the overall market growth [1][3] - The company's market share surpassed 10% for the first time, with a sales target achievement rate among the highest in the industry [3] - In July, Geely's sales were 237,717 units, reflecting a 58% year-on-year increase, marking five consecutive months of growth [3] Strategic Direction - Geely opposes price wars and focuses on value, technology, quality, service, and brand integrity to ensure sustainable development [2][3] - The company has raised its sales target for 2025 from 2.71 million to 3 million units, an increase of approximately 11% [7] - The integration of Zeekr and Lynk & Co is expected to enhance competitive strength in the smart electric vehicle sector [9] Technological Advancements - Geely has made significant strides in technology integration, launching advanced driver assistance systems and enhancing its electric vehicle capabilities [10][11] - The establishment of a new battery group, Geely Yao Tongxing, aims to unify battery brands and enhance production efficiency [11] - The company is positioned to cover various powertrain forms, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, enhancing overall competitiveness [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue performance with a significant increase in sales driven by a new vehicle cycle, leading to a projected rapid growth in sales [1][7] - The company has adjusted its annual sales target from 2.71 million units to 3 million units due to strong sales momentum [7] Financial Summary - For the first half of 2025, the company achieved a revenue of 150.28 billion RMB, a year-on-year increase of 39%, while net profit was 9.29 billion RMB, a decrease of 14% [7] - The second quarter of 2025 saw revenues of 77.79 billion RMB, up 41.6% year-on-year and 7.3% quarter-on-quarter, with net profit at 3.62 billion RMB, down 60% year-on-year [7] - The company plans to launch 10 new models in 2025, focusing on mid-sized sedans and SUVs to capture market trends [7] - The company’s core net profit for the first half of 2025, excluding one-off gains, was 6.66 billion RMB, reflecting a 102% year-on-year increase [7] Sales Performance - The company sold 1.409 million vehicles in the first half of 2025, a 47% increase year-on-year, with a market share exceeding 10% [7] - New energy vehicle sales reached 725,000 units, representing a 126% year-on-year increase, with a penetration rate of 51.5% [7] Profit Forecast and Investment Recommendation - The company is expected to have a compound annual growth rate (CAGR) of 11.4% in net profit from 2025 to 2027 [7] - The report maintains a "Buy" rating based on the company's leading position in the domestic automotive market and the anticipated continuous growth in performance due to new product launches [7]