然而，吉利年度成绩单的含金量，不止于数字。作为一路披荆斩棘的自主老牌大厂，吉利在2025年行云 流水的改革"组合拳"，更是开启了新一轮发展的机遇之门。当汽车行业变革走向下半场，全维度竞争白 热化，智能化变革加速、行业政策波动、全球地缘格局变化，多重变量交织扰动市场。凭着40年练就的 敏锐嗅觉，吉利"以变应变，以快打快，以硬碰硬"的打法值得我们专注。 转自：北京日报客户端 2026年，吉利迎来创业第40年，作为中国汽车工业从奋起直追到弯道超车的见证者，更是深度参与者， 从配件小厂成长为全球汽车巨头，那些成长路上的"关键时刻"，塑造了吉利的发展底色，沉淀了宝贵精 神财富。2024年底发布的《台州宣言》，依托五大战略支柱，开启了企业发展新篇章。2025年的吉利忙 着"炼内功"，聚焦智能电动化转型，在技术创新、品牌向上、全球化及绿色发展等领域全力突破，呈现 稳健高质量发展态势。 在保持连续5年高速增长后，2025年，吉利控股的年销量首次迈过了400万辆关口，达到411万辆，更让 人欣喜的是销量结构的优化，新能源销量大增58%，渗透率达到56%，作为一个全球化汽车集团，成绩 尤为难得，实现了规模与质量的双重突破。 攥指 ...

Core Insights - Geely's sales in 2026 exceeded 3.02 million units, marking a 39% year-on-year increase, with over half being new energy vehicles, which surged by 90% to 1.69 million units [2][4] - The company achieved a revenue of 239.5 billion yuan in the first three quarters of 2025, a 26% increase, and a core net profit of 10.62 billion yuan, up 59% [2][7] - Geely has entered the "3 million club" of global automakers, alongside giants like Toyota and Volkswagen, securing a spot among the top ten global car manufacturers [2] Step One: Rapid Electrification Transformation - Geely's strategic focus on electrification has allowed it to thrive amid fierce competition, achieving a new energy penetration rate of 56% by 2025 [4][5] - The Galaxy brand has seen significant success, with annual sales reaching 1.24 million units, a 150% increase, and the Galaxy M9 becoming a key player in the mid-to-high-end market [4][5] - Geely's traditional fuel vehicle sales also grew by 3%, demonstrating a balanced approach to maintaining its core business while pushing for new energy growth [5] Step Two: Strategic Integration of "One Geely" - Geely completed the privatization and merger of Zeekr, enhancing resource synergy across R&D, procurement, and manufacturing, which is expected to lower costs and improve efficiency [7][8] - The merger is seen as a strategic move to consolidate efforts in the smart electric vehicle sector, allowing for better resource allocation and market positioning [8][9] - The company's financial performance reflects this integration, with Q3 2025 revenue reaching 89.2 billion yuan, a 27% increase, and core net profit growing by 19% [7][8] Step Three: Full-Scale AI Integration - Geely has established itself as a technology company by implementing a comprehensive AI system across all vehicle domains, including architecture, power, chassis, and intelligent driving [10][12] - The launch of the AI-driven H9 system for autonomous driving showcases Geely's commitment to advanced technology, with plans to introduce L3 and L4 functionalities in 2026 [12][15] - The integration of AI technologies into new models, such as the Galaxy M9 and Zeekr 9X, demonstrates Geely's ability to rapidly translate technological advancements into market-ready products [16] Growth Engines for 2026 - Geely aims for a sales target of 3.45 million units in 2026, with 2.22 million from new energy vehicles, supported by the launch of approximately ten new models [17][18] - The company is shifting towards a localized supply chain and manufacturing capabilities in key overseas markets, enhancing its global competitiveness [18][19] - Policy changes favoring higher-value vehicles are expected to benefit Geely, which has focused on high-value products and aims to leverage these changes for growth [19][20] Future Outlook - Geely's market valuation is approaching 200 billion HKD, with over 40 institutions providing positive ratings, indicating a reassessment of its technological capabilities [21][23] - The company is positioned to redefine its identity from a traditional automaker to a technology-driven enterprise, with a complete AI ecosystem in place [22][23] - Geely's strategic focus on integrating technology, enhancing product offerings, and expanding globally suggests a promising trajectory for future growth and innovation [24]

2026年1月1日，吉利汽车控股有限公司（0175.HK）公布2025年全年销量数据： 2025年全年，吉利汽车累计销量3024567辆，同比增长39%，创历史新高， 超额完成年中上调后的300万辆年度销量目标。其中，吉利银河品牌全年销量124万辆，超额完成"百万银河"销量目标；领克品牌全年突破35万辆，创历史新 高；极氪品牌12月单月突破3万辆，创历史新高。截至2025年底，吉利汽车历史累计销量已突破2000万辆。 2025年，吉利汽车新能源转型迎来质变，吉利银河、领克、极氪三大新能源品牌协同发力，吉利银河M9、领克900、极氪9X等高端新能源产品，与吉利星 愿、吉利银河E5等高价值产品协同共振，实现新能源产品规模化盈利同时，全面开启产品强劲周期。 主流新能源品牌吉利银河成为现象级增长引擎，自2023年5月吉利银河L7发布以来，吉利银河仅历时29个月，便实现年销百万，成为最快达成年销百万的新 能源汽车品牌。2025年，吉利银河品牌全年销量124万辆，同比增长150%，进一步稳固在主流市场的领先地位。 吉利银河品牌以"高质优价"造就多款明星车型：吉利星愿2025年连续7个月销量突破4万辆，历史累计销量超53万 ...

根据公告，每股极氪股份可换取2.687美元现金或1.23股吉利汽车对价股份，每股极氪美国存托股份可换 取26.87美元现金或12.3股吉利汽车美国存托对价股份。选择股份对价的极氪持有人占合资格极氪持有人 约70.8%，吉利汽车将为其配发及发行共计7.77亿股对价股份。该对价股份与吉利汽车已发行股份享有 同等权利，包括股息分配、投票权和资本回报等。选择或被视为选择现金对价的极氪持有人，占合资格 极氪持有人约29.2%，吉利汽车将支付合计约7.01亿美元的现金款项。 超过七成的换股比例反映出，即在当前吉利汽车股价与现金对价估值接近的情况下，多数极氪股东放弃 套现，转而成为吉利股东，意味着投资者对合并后公司的长远出成长潜力的认可。 与此同时，为履行此前承诺，吉利汽车在合并对价选择完毕后，迅速启动了最高23亿港元的股份回购计 划。12月8日，公司已斥资2711万港元进行首批回购，向市场传达了管理层认为公司价值被低估的判 断，以及通过提升每股收益、优化资本结构来维护全体股东利益的决心。 至此，吉利汽车实现对主流、中高端与豪华三大细分市场的全面覆盖，形成"燃油+纯电+插混+醇氢电 动"多元动力体系，实现了对消费者需求的全 ...

Core Insights - The release of the "AI Car" white paper marks the first time the automotive industry has focused on AI as a central theme, outlining the integration of AI technology in four key areas: assisted driving, intelligent cockpit, intelligent chassis, and intelligent power [2] - Geely has been integrating AI technology into its operations since the launch of its "Smart Geely 2025" initiative in 2021, establishing a comprehensive AI technology system that includes various advanced systems and products [2][3] Summary by Categories AI Technology Integration - The "AI CAR white paper" systematically analyzes the role of AI in transforming the automotive industry, providing a long-term development roadmap for the transition to the "AI CAR" era [2] - Geely has developed several AI-driven technologies, including the Qianli Haohan assisted driving system and the AI digital chassis, positioning itself as the only company globally with a comprehensive AI integration strategy [2] Product Development - Geely's latest products, such as the Galaxy M9 and Zeekr 9X, are gradually incorporating the latest advancements from the "full-domain AI" technology system [3] - The company aims to evolve cars into "intelligent mobility entities" that possess sensory capabilities, cognitive functions, and the ability to evolve through deep integration of AI and automotive technology [3] Future Vision - Geely's vision is to become a leading global technology mobility company, with AI as the core driving force behind its future developments [3]

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [2] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding foreign exchange losses and other non-core items [2] - Total cash levels increased to 58.8 billion yuan, indicating a strong financial position [2] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [2] - The market share exceeded 10% for the first time, with new energy vehicle (NEV) sales reaching 725,000 units, a 126% increase [3] - The annual sales target was raised from 2.71 million to 3 million units based on better-than-expected market performance [2][5] New Energy Growth - The NEV segment saw explosive growth, with a penetration rate of 51.5%, positioning Geely among the top brands in the NEV market [3] - The Galaxy series, now an independent brand, experienced a 232% increase in sales, totaling 548,000 units in the first half [3] - High-end luxury brands Zeekr and Lynk & Co also performed well, with Zeekr selling 90,740 units and Lynk & Co achieving 154,137 units in the same period [3] Technological Advancements - Geely has established a leading smart and electrification technology system, focusing on AI integration [4] - The company launched the "Smart Geely 2025" strategy, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [4] - The Starry AI Cloud Power 2.0 and advanced battery technologies enhance product competitiveness, with the new battery system passing 36 extreme safety tests [5] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, further enhancing its market presence [5] - The "One Geely" strategy aims to deepen synergies within the company, boosting its global competitiveness in the smart NEV sector [5]

Core Viewpoint - Geely Auto has demonstrated strong financial performance in the first half of the year, achieving record highs in various operational metrics despite industry challenges [1][2]. Financial Performance - Geely Auto reported a revenue of 150.3 billion yuan, a year-on-year increase of 27%, marking a historical high [1]. - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [1]. - Total cash reserves increased to 58.8 billion yuan, providing robust support for long-term development [1]. Market Growth - The company sold 1.4092 million vehicles in the first half, a 47% increase year-on-year [2]. - In the new energy vehicle sector, sales surged to 725,200 units, a 126% increase, with a penetration rate of 51% [2]. - The Galaxy series, now an independent brand, saw sales of 548,000 units, a 232% increase [2]. Product Strategy - Geely Auto is maintaining a dual approach by strengthening its traditional fuel vehicle base, with fuel vehicle sales reaching 684,000 units, an 8% increase [3]. - The company has raised its annual sales target from 2.71 million to 3 million units, an 11% upward adjustment [3]. - Geely is focusing on technological advancements, having developed three core technology IPs in intelligent driving, power systems, and battery technology [3]. Technological Innovation - By 2025, Geely plans to launch the industry's first "full-domain AI" technology system, enhancing its competitive edge [4]. - The company has established a computing power of 23.5 EFLOPS and a comprehensive AI model for all scenarios [4]. - Geely emphasizes healthy competition over price wars, focusing on value, technology, quality, service, and brand integrity [4]. Future Outlook - Geely Auto will launch several new intelligent hybrid products in the second half of the year, including models from the Zeekr and Lynk & Co brands [5]. - The "One Geely" strategy aims to enhance synergies among its brands, targeting a comprehensive product matrix to achieve the annual sales goal [5].

Core Insights - Geely aims to reclaim its position as the "self-owned leader" in the automotive industry, showcasing its ambitions through a significant increase in sales and revenue [2] - The company reported a nearly 30% year-on-year revenue growth, reaching 150.3 billion yuan, driven by a 47% increase in sales during the first half of the year [2][3] Sales Performance - Geely's market share surpassed 10% for the first time, attributed to the synergy effects of the "One Geely" strategy [3] - In the first half of 2025, Geely's three major brands sold over 725,000 new energy vehicles, achieving a penetration rate of 51.5% [3] - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% year-on-year increase, with cumulative sales exceeding 1.2 million units by the end of July [3] High-End Market Performance - Geely's premium brands, Zeekr and Lynk & Co, performed well in the high-end luxury market, with sales of 90,000 and 150,000 units respectively in the first half of the year [4] Adjusted Sales Targets - Due to better-than-expected market performance, Geely raised its annual sales target from 2.71 million to 3 million vehicles [5] - The company plans to launch five new energy products in the second half of the year [5] Profitability and AI Strategy - Despite the sales growth, Geely's net profit decreased by 14% year-on-year to 9.29 billion yuan, indicating the need to enhance profitability through scale effects [5] - Geely is betting on AI to strengthen product competitiveness, having initiated the "Smart Geely 2025" strategy in 2021, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [5] Technological Advancements - Geely's computing power reached 23.5 EFLOPS with the launch of the Xingrui AI model, facilitating rapid mass production of smart technologies [5] - The company introduced the Qianli Haohan driver assistance system, which features comprehensive perception capabilities, and the FlymeAuto smart cockpit has surpassed one million users [5] Global Expansion - In the first half of 2025, Geely's export sales exceeded 180,000 vehicles, with a global sales network covering 85 countries and regions [6] - The company has launched 10 models in key markets, with successful production trials in Egypt and Indonesia [6] - Zeekr and Lynk & Co have also made significant strides in international markets, with Zeekr establishing over 70 stores in more than 40 countries and Lynk & Co having 7 clubs and 58 dealers in Europe [6]

Investment Rating - The report assigns a "Buy" rating for Geely Automobile with a target price of 26.94 HKD, based on a current price of 17.16 HKD [6]. Core Viewpoints - Geely Automobile is undergoing a transformation from traditional manufacturing to intelligent electric technology, aiming to become a leading global smart technology car manufacturer [1][13]. - The company has integrated various brands through acquisitions, enhancing its research, production, supply chain, and brand influence [1]. - Geely's dual focus on fuel and new energy vehicles allows it to cover a wide price range from 50,000 to 800,000 RMB, catering to diverse market demands [1][15]. Summary by Sections 1. Business Overview - Geely has diversified its business into multiple sectors, with automotive manufacturing as its core, covering fuel and new energy vehicles [15]. - The company has developed modular architectures like CMA, SEA, and SPA Evo to enhance production efficiency and product stability [1][21]. 2. New Energy Business - Geely is creating a differentiated product matrix to meet diverse market needs, with brands like Zeekr and Lynk & Co focusing on high-end markets [3][2]. - The integration of Zeekr and Lynk & Co is expected to enhance profitability through synergies [2][3]. 3. Overseas Business - Geely is accelerating its global expansion through partnerships, such as with Volvo to create a global powertrain leader and collaborations with Proton and Renault Korea [4][3]. 4. Fuel Vehicle Business - Despite a declining domestic market, Geely's fuel vehicle sales have grown, supported by strong models like Boyue and Xingyue [5][47]. - The company plans to adjust its global fuel vehicle strategy to control costs in Europe while expanding into emerging markets [5]. 5. Financial Performance - Geely's revenue reached 179.85 billion RMB in 2023, with a year-on-year growth of 21.06%, and a projected net profit of 10.6 billion RMB for the first half of 2024 [6][45]. - The company expects to achieve net profits of 16.24 billion, 12.74 billion, and 15.96 billion RMB from 2024 to 2026, with a PE ratio of 20 times in 2025 [6][46]. 6. Future Planning - Geely has clear brand positioning to avoid internal competition, with specific targets for sales growth across its various brands [51]. - The company aims to sell 2.71 million vehicles in 2025, a 25% increase from 2024, with ambitious targets for new energy vehicle sales [52][53].