| 14.6 | 229 k units Premium | % | | --- | --- | --- | | New Car Sales Volume | Positioning | Market Share of Luxury Brands1 | | 4.54 | mn Brand | 3.80 mn | | Active Customers2 | Reputation | Zhongsheng GO Subscribers | | 4.00 | 111 k units Auto | mn | | Used Car Sales Volume | Services | # of After-sales Service Visits | | 137 | k Local | 15 | | Avg. # of Active Customers | Density3 | Avg. # of Stores/Structures | | approximately / the car parc of these brands (the total sales volume of luxury brands in th ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a proposed privatization of its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted to be 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a plan to privatize its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted at 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9]. Strategic Initiatives - The company is focusing on integrating its automotive operations to improve quality and efficiency, with an anticipated overall benefit exceeding 5% post-integration [9].

Financial Performance - In Q1 2025, Geely Automobile achieved revenue of 72.495 billion yuan, a 25% increase from 58.225 billion yuan in the same period last year [2][3] - The net profit attributable to shareholders reached 5.672 billion yuan, up 264% from 1.565 billion yuan year-on-year [2][3] - Total sales volume reached 703,800 units, a 48% increase from 475,700 units in the previous year, marking a historical high for the company [3][4] Brand Performance - The Galaxy brand sold nearly 260,000 units in Q1, a 214% increase, with the Star Wish model achieving over 35,000 monthly sales for two consecutive months [4] - The China Star brand sold 330,000 units, a 10% increase, while Lynk & Co sold 73,000 units, up 19%, with 38,000 of those being electric vehicles [4] - Zeekr delivered 41,000 units, a 25% increase year-on-year [4] Strategic Developments - Geely plans to privatize Zeekr, acquiring all issued shares, which would make Zeekr a wholly-owned subsidiary and lead to its delisting from the NYSE [8] - Following the merger of Zeekr and Lynk & Co, management changes were announced, with Li Donghui becoming Vice Chairman and An Conghui as CEO of Geely Holding Group [8][7] - Zeekr reported a total revenue of 22.019 billion yuan in Q1, with vehicle revenue of 19.096 billion yuan, a 16.1% increase year-on-year [7]

极氪科技集团计划今年实现40%的销量增长。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 5 月 7 日， 吉利汽车 （ 0175.HK ）发布 公告， 公司 向极氪 （ ZK.US ） 提交非约束性报价函，建议私有化极氪，收购所有已发行及发行在外的极氪股份及美国存托股票 （ ADS ） 。建议购买价为每股极氪股份 2.57 美元或每股 ADS 25.66 美元。 该价格较最后交易日 ADS 于纽交所的收市交易价溢价约 13.6% ，较截至最后交易日止最后 30 个 交易日期间 ADS 于纽交所的成交量加权平均价格溢价 20.0% 。 吉利汽车 持有极氪已发行及发行在外股本总额约 65.7% 。 若 私有化建议落实并完成，极氪将退 市并与吉利实现完全合并。 吉利汽车 计划 通过 发行新股、现金储备及债务融资，为私有化提供资 金。 吉利控股集团董事长李书福表示： "面对激烈的市场竞争和日益复杂的经济环境，我们将审时度势、 根据《台州宣言》精神，持续推动汽车业务整合，回归一个吉利，整合技术优势，提高创新能力、盈 利能力，持续创造长期价值，打造全球领先的智能电 ...

【DT新材料】 获悉，5月7日， 吉利汽车 公告，公司于2025年5月7日向极氪提交非约束性报价函，建 议私有化极氪，收购所有已发行及发行在外的极氪股份及美国存托股票，建议购买价为每股极氪股份 2.57美元或每股美国存托股票25.66美元。 倘若私有化建议落实并完成，极氪将成为本公司的全资附属 公司，实现私有化并于纽交所退市。 极氪在纽交所上市仅一年时间，吉利此举引发各方关注。 吉利控股集团有关负责 人表示，吉利汽车此 次建议私有化极氪，是吉利为了"聚焦汽车主业，回归一个吉利"。 公开资料显示， 极氪 成立于2021年3月。极氪在成立后，先后完成了5亿美元的Pre-A轮融资和7.5亿美元的A 轮融资，其中投资方包括 英特尔投资、哔哩哔哩、宁德时代、博裕资本 以及Mobileye Global的创始人兼 CEO Amnon Shashua等。 吉利控股集团方面表示， 私有化极氪旨在推动内部资源深度整合和高效协同，杜绝重复投入，降低成本， 提高企业竞争力。合并后，在新的管理架构下，各品牌保持独特清晰的定位、差异化的技术规划和产品组 合，为不同用户群体提供独特的消费体验。私有化极氪也是进一步落实《台州宣言》 ，聚焦 ...

Group 1 - Zeekr, under the stock code "ZK," went public on the NYSE on May 10, 2024, becoming the fastest IPO in the new energy vehicle sector [1] - On May 7, 2025, Geely Automobile announced a non-binding offer to privatize Zeekr, proposing a purchase price of $2.566 per share or $25.66 per American Depositary Share [1] - Geely currently holds approximately 65.7% of Zeekr's shares, and if the privatization is completed, Zeekr will become a wholly-owned subsidiary of Geely [1] Group 2 - Geely's move to privatize Zeekr is part of its strategy to focus on its core automotive business and enhance competitiveness in the new energy and intelligent vehicle sectors [4] - The merger aims to improve resource integration, reduce operational costs, and enhance user experience, positioning Geely for long-term sustainable development [4] - As of May 7, 2025, Geely's stock price was HKD 16.78, with a total market capitalization of HKD 169.1 billion, while Zeekr's stock price was $22.59, with a market cap of $5.742 billion [4] Group 3 - In Q1 2025, Geely's total sales reached 704,000 units, a 48% year-on-year increase, with new energy vehicle sales at 339,000 units, achieving over 50% penetration in the domestic market [6] - The integration of Zeekr and Lynk & Co resulted in a 21% year-on-year sales increase, with a reduction in costs per vehicle by over 20% [6] - Following the merger, Geely plans to maintain clear market positioning for its brands, with Zeekr targeting the global luxury tech market and Lynk & Co focusing on the mid-to-high-end market [7]

Core Viewpoint - Geely Auto announced a non-binding offer to privatize Zeekr, aiming to acquire all outstanding shares and American depositary shares, which will make Zeekr a wholly-owned subsidiary of Geely Auto and delist from the NYSE [1][3]. Group 1: Geely's Strategic Moves - The acquisition is part of Geely's "Taizhou Declaration," which emphasizes maintaining close communication with international capital markets [1]. - Geely holds approximately 65.7% of Zeekr's total issued share capital, and the proposed acquisition price is $2.57 per share or $25.66 per American depositary share, representing a premium of about 13.6% over the last trading day [3]. - This move is a key step in Geely's strategic integration, following the transfer of 11.3% of Zeekr's shares from Geely Holding to Geely Auto [3]. Group 2: Implementation of the Taizhou Declaration - The Taizhou Declaration, released in September 2024, marks a new phase of strategic transformation for Geely, focusing on five major initiatives: strategic focus, integration, collaboration, stability, and talent [5]. - Geely plans to gradually divest non-core businesses while integrating brands like Radar and Lynk & Co with Geely Auto, and Zeekr with Lynk & Co [5]. - The goal is to enhance competitiveness and create long-term value by focusing on the automotive core business and accelerating the transition to electric and intelligent vehicles [5]. Group 3: Synergies from Brand Integration - Prior to Geely's privatization of Zeekr, Zeekr had already completed its integration with Lynk & Co, with Zeekr holding 51% of Lynk & Co's shares [6]. - The integration is expected to reduce procurement costs by 5%-8%, improve capacity utilization by 3%-5%, and lower R&D expenses by 10%-20% through collaborative efforts [6].

吉利汽车宣布，计划收购极氪已发行全部股份。吉利汽车目前持有极氪约65.7%的股份，如交易完成， 极氪将与吉利汽车实现完全合并。吉利控股集团董事长李书福表示："面对激烈的市场竞争和日益复杂 的经济环境，我们将审时度势、根据《台州宣言》精神，持续推动汽车业务整合，回归一个吉利，整合 技术优势，提高创新能力、盈利能力，持续创造长期价值，打造全球领先的智能电动汽车集团。同时我 们仍将保持与美国和国际资本市场的密切沟通与合作。"(界面) ...