整合近一年的吉利系智驾团队有了新进展。我们独家获悉，极氪智驾团队员工正陆续换签劳 动合同至先前为本次整合设立的合资公司，包括 "千里智驾" 及其子公司 "千里浩翰"。相关 工作接近尾声。其中，千里智驾公司可视为智驾方案供应商，千里浩瀚公司则专门为吉利提 供辅助驾驶服务。 我们了解到，极氪辅助驾驶团队的核心技术和预研能力，以及千里科技的大模型能力，均会用于千里 浩瀚团队中，目前负责 H5、H7 和 H9，承担主要量产任务。迈驰辅助驾驶团队负责技术预研。一位 接近千里智驾的人士说，随着进一步融合，目前分工也可能会再调整。 我们就上述信息向极氪汽车官方求证，极氪方面回应称，千里科技和吉利将整合各自的优势资源成立 合资公司，目的是为了提升千里浩瀚智能辅助驾驶方案的先进性、主动性和经济性，并将在未来面向 全行业提供行业领先的辅助驾驶方案。作为整合的关键步骤之一，极氪正在与部分相关员工协商划转 入合资公司的事宜。目前整合仍处于进行过程中。极氪将秉承公开、透明的原则，确保员工权益得到 保障。 耗时近一年的重整接近落地。 文 丨 魏冰 司雯雯 编辑 丨 龚方毅 此前，极氪、领克、吉利、路特斯等品牌各自规划，既有自研团队，也用 ...

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 - Zeekr Automotive announced the launch event for the refreshed Zeekr 001 will take place on October 11, with no product replacement plans for 2026 [1] - The company will implement regular OTA software upgrades and optional configuration changes based on user demand and market competition [1] - The Zeekr 001 and 009 models will feature a new hardware and software solution based on the NVIDIA DRIVE Thor-U platform for the lidar-assisted driving system [1] - Zeekr will bear the development costs and part of the hardware costs for this upgrade [1] - Research and preliminary development for the hardware and software replacement plan are progressing smoothly, with user crowdfunding expected to start in November [1]

Core Viewpoint - The competition in the automotive industry is shifting towards cloud computing power, which is becoming a critical factor for companies to gain a competitive edge in the era of smart vehicles [1][2]. Group 1: Cloud Computing Power - Cloud computing power is essential for training complex AI models and improving efficiency in autonomous driving, smart cockpit iterations, and large model inference [1][2]. - The current landscape shows a disparity in cloud computing power among automotive companies, with Tesla leading at approximately 100 EFLOPS, followed by companies like Li Auto and Geely [3]. - Many companies still have room for improvement, with cloud computing power concentrated between 8 EFLOPS and 12 EFLOPS [4]. Group 2: Strategic Planning and Technological Advancement - Geely's leadership in cloud computing power is attributed to its long-term strategic planning and technological advancements, particularly in electric vehicle technology [5]. - Geely has adopted a dual approach, advancing both electrification and intelligence simultaneously, as outlined in its "Smart Geely 2025" plan [6]. - The company has integrated AI across various domains, including driving assistance, power management, and chassis control, enhancing the overall user experience [9][10]. Group 3: Industry Perspective on Electrification and Intelligence - The automotive industry should not view electrification and intelligence as separate phases; both should progress concurrently to optimize development [10][11]. - The transition from fuel vehicles to electric vehicles will be gradual, with AI technology playing a crucial role in enhancing efficiency across the entire automotive value chain [11].

Group 1 - Geely is accelerating the integration of its smart cockpit business under the "One Cockpit" strategy, focusing on a unified AI OS architecture and AI capabilities [1][2] - The integration will consolidate the smart cockpit development capabilities of Geely's four brands: Zeekr, Lynk & Co, Geely, and Galaxy, enhancing resource utilization and overall strength [1][2] - Geely has launched the world's first large-scale deployable hyper-personalized emotional AI agent, Eva, which will be shared across all its brands [2][6] Group 2 - The smart cockpit business will focus on two systems: Flyme Auto and ZEEKR OS, both based on the same AI OS architecture, providing immersive AI interaction experiences [2][6] - Geely's full-domain AI technology system aims to integrate AI into various automotive domains, including driving, power, and chassis, enhancing user experience [6][7] - Geely is positioning itself as a leader in embodied intelligence, having invested in humanoid robotics through its capital arm, indicating a broader technological ecosystem beyond traditional automotive manufacturing [6][7]

Core Viewpoint - The Chinese automotive market is undergoing significant structural adjustments, with a notable rise in new energy vehicle sales, which accounted for 44.3% of total new car sales in the first half of 2025. Despite intense competition, Geely Auto has successfully navigated these challenges by promoting a "anti-involution" strategy, focusing on quality growth rather than price wars [1][2][23]. Industry Overview - In the first half of 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with new energy vehicles (NEVs) producing 6.97 million and selling 6.94 million units [1]. - The overall market is experiencing fierce competition, but Geely Auto has differentiated itself by emphasizing long-term strategies and comprehensive strength [1][2]. Company Performance - Geely Auto reported a record revenue of 150.3 billion yuan in the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion yuan, reflecting a 102% growth [3]. - The company's total sales reached 1.409 million units, with NEVs accounting for 51.5% of total sales, marking a 126% increase year-on-year [3][5]. - Geely has raised its annual sales target from 2.71 million to 3 million units based on strong first-half performance [3]. Brand Performance - Geely's various brands have contributed to a robust sales structure, with Geely Galaxy achieving sales of 548,000 units, a 232% increase [5]. - Zeekr brand sold 90,700 units in the first half, while Lynk & Co sold 154,000 units, showcasing strong market performance across different segments [7][11]. Cost Management and Efficiency - Geely has effectively controlled costs, with R&D expenses decreasing to 4.9% of revenue and sales and management expenses down to 5.6% [11]. - The integration of Zeekr and Lynk & Co has led to significant technical synergies, enhancing operational efficiency [11]. Technological Advancements - Geely is investing heavily in technology, particularly in smart electric vehicle systems, with breakthroughs in autonomous driving technology [12][14]. - The company has established a new battery division, enhancing safety and performance in its electric vehicle offerings [16]. Global Expansion - Geely's global strategy is expanding, with over 180,000 units exported in the first half of 2025 and a growing presence in 85 countries [17][20]. - The company is focusing on high-value exports and local production, with new factories in Egypt and Indonesia supporting its international operations [17][22]. Conclusion - Geely Auto's mid-year performance reflects its commitment to the "anti-involution" strategy, with significant revenue growth and an increased sales target. The company's focus on technology, quality, and global expansion positions it well for future growth in the competitive automotive landscape [23].

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]

Core Insights - Geely Auto has adopted the "Return to a Unified Geely" strategy, leading to strategic integration and organizational adjustments, resulting in a stronger company [1] - The company reported a sales volume of 1.409 million units in the first half of the year, a year-on-year increase of 47%, and raised its annual sales target to 3 million units [1][3] - Geely's stock price has increased nearly threefold since its low in 2024, reflecting strong market recognition [1] Financial Performance - In the first half of 2025, Geely's revenue surpassed 150 billion yuan, reaching 150.3 billion yuan, a 27% year-on-year increase [1] - The net profit attributable to shareholders was 9.29 billion yuan, with core net profit reaching 6.66 billion yuan, a 102% increase year-on-year [1][4] - The core net profit per vehicle reached 4,724 yuan, a 37% increase, indicating improved profitability [3][4] Sales and Market Position - Geely ranked among the top three in sales among domestic listed car manufacturers, with the fastest growth rate [3] - The company achieved significant growth in new energy vehicle sales, totaling 725,151 units, a 126% year-on-year increase, while fuel vehicle sales grew by 8% [3][4] - Geely's strategy of focusing on quality rather than price competition has proven effective, as evidenced by its ability to raise annual sales targets post-sales announcement [3][7] Strategic Initiatives - Geely is focusing on product quality, technological innovation, and a commitment to value over price competition, which is expected to enhance its competitive edge [9][10] - The company plans to launch several new models in the second half of the year, including the Galaxy M9 and Lynk & Co EM-P, expanding its product matrix [9][10] - Geely's cash reserves have increased to 58.8 billion yuan, providing the company with the financial flexibility to invest in technology and expand globally [12] Industry Context - Geely's performance stands out in a challenging automotive market where many multinational companies are experiencing declines [7] - The company is benefiting from favorable policies in the new energy vehicle sector, which are expected to improve competition and profitability in the long term [9] - Geely's strategic focus on quality and innovation positions it well for future growth, with expectations of continued strong sales performance [12][13]

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 Viewpoint - The Chinese automotive market is undergoing a significant transformation, with most companies trapped in a price war, while Geely Auto stands out by adopting a differentiated approach focused on innovation and value creation [2][3][20]. Financial Performance - Geely Auto reported total revenue of 150.3 billion, a historical high with a year-on-year increase of 27% - Core net profit reached 6.66 billion, up 102% year-on-year - Total sales reached 1.4092 million units, a 47% increase year-on-year, achieving a market share of over 10% for the first time [2]. Strategic Positioning - Geely Auto firmly opposes the trend of "involution" in the industry, emphasizing long-termism and sustainable growth over short-term sales targets [3]. - The company is committed to a value-driven competition strategy, focusing on technology, quality, service, and ethical business practices [3][20]. Technological Innovation - Geely has made significant advancements in AI technology, establishing a comprehensive AI layout in the automotive sector, including the deployment of the Xingrui AI model and a powerful computing center [6]. - The company has developed industry-leading safety features and systems, achieving high safety ratings in global assessments [9][12]. Product Development and Market Strategy - Geely's product strategy is user-centric, with a diverse product matrix that includes high-end fuel vehicles and a growing range of electric models [16][17]. - The company has seen substantial growth in both traditional fuel vehicles and new energy vehicles, with a 126% year-on-year increase in new energy sales [16]. Global Expansion - Geely's global strategy has yielded results, with over 180,000 vehicles exported in the first half of 2025, and a 120% increase in new energy exports [19][20]. - The company emphasizes "technology export rather than simple product trade," aligning its global strategy with its domestic market approach [20]. Strategic Integration - Geely is implementing a strategic integration approach, consolidating its brands and technologies to enhance operational efficiency and reduce costs [14][15]. - The merger of Zeekr and Lynk & Co is expected to strengthen Geely's competitive position across various market segments [13].