2025年，吉利控股集团全球总销量4,116,321辆，同比增长26%，实现连续五年快速增长，年销首次突破 400万大关，创历史新高；其中新能源销量2,293,099辆，同比增长58%，新能源渗透率56%，成为集团 市场增长的主要驱动力，在全球车企中处于领先地位。 面对中国汽车产业格局调整与价值链重构的多重挑战，吉利始终坚定技术创新驱动电动智能化转型，构 建了涵盖纯电、超级混动、醇氢电动的多元立体新能源矩阵，为用户提供丰富选择。同时在汽车安全、 绿色发展、人机交互、辅助驾驶、低轨卫星等关键技术领域持续突破，推动汽车产业向高端化、智能化 与绿色化转型，形成聚力向上的全球发展势能。 量质齐升，新能源智能化转型纵深突破 吉利汽车控股有限公司2025年总销量3,024,567辆，超额完成年中上调后的300万辆年度销量目标，同比 增长39%，创历史新高。新能源增长迅猛，全年总销量1,687,767辆，同比增长90%。吉利银河品牌全年 销量124万辆，同比增长150%，超额完成"百万银河"销量目标；领克品牌全年销量35万辆，同比增长 23%，创历史新高；极氪品牌全年销量22.4万辆，12月单月交付突破3万辆，极氪9X成为 ...

《每日经济新闻》记者综合已公布2025年销量情况的车企数据发现，头部自主车企凭借产品矩阵与技术 优势稳步领跑，部分企业超额完成年度目标；多数车企面临目标缺口压力，新势力阵营更是上演"冰火 两重天"，仅有少数品牌顺利达标。 比亚迪、吉利表现优异 从目前各车企公布的销量情况来看，比亚迪2025年销售460.24万辆，海外年销量首次突破100万辆，乘 用车及皮卡海外全年销售104.96万辆，同比增长145%，蝉联中国汽车市场品牌销量和全球新能源车市 场销量冠军。据此前报道，比亚迪将2025年度销量目标更新为460万辆，按此计算，比亚迪全年目标成 功达成。 值得一提的是，比亚迪2025年纯电动汽车新车销量为225.67万辆，同比增长近28%，一举超越特斯拉全 年163.6万辆的成绩，登顶全球年度电动汽车销量榜，这也是特斯拉有史以来首次在全年电动汽车销量 上被比亚迪超越。 吉利汽车也超额完成年销量目标。2025年，吉利汽车累计销量达302.46万辆，同比增长39%，超额完成 全年300万辆销量目标，创历史新高。 新能源车方面，吉利汽车2025年累计销量达168.78万辆，同比增长90%，创历史新高。其中，吉利银河 品牌 ...

Group 1 - Geely Holding Group reported total vehicle sales of 2,953,452 units in the first three quarters, a year-on-year increase of 29% [1] - New energy vehicle sales reached 1,590,866 units, growing by 68%, with a penetration rate of 54%, marking record highs for both total and new energy vehicle sales [1] - In Q3 alone, total sales were 1,020,913 units, up 28%, while new energy vehicle sales were 588,110 units, up 59%, with a penetration rate of 58% [1] Group 2 - Geely Auto Holdings sold 2,170,189 vehicles in the first three quarters, a 46% increase year-on-year, with new energy vehicle sales (including Geely Galaxy, Lynk & Co, and Zeekr) totaling 1,167,823 units, up 114% [1] - By brand, Geely Galaxy sold 875,000 units, a 206% increase; Lynk & Co exceeded 240,000 units, up 24%; and Zeekr sold over 140,000 units [1] - New product launches, including Lynk & Co 900, Geely Galaxy M9, and Zeekr 9X, have driven brand premiumization [1] Group 3 - Geely's overseas export sales approached 300,000 units in the first three quarters, with new energy exports increasing [2] - In September, Geely's new energy overseas sales reached 14,631 units, accounting for 36% of total exports [2] - Geely has expanded its international presence with new market entries in the UK, Australia, and the UAE [2] Group 4 - Geely continues to integrate its automotive business, signing a merger agreement with Zeekr on July 15, marking a significant step towards the "One Geely" strategy [3] - On October 6, Geely announced a share repurchase plan of up to HKD 2.3 billion, reflecting positive expectations for business fundamentals and future growth potential [3] - Geely has become the title sponsor for the 2025-2026 Hangzhou Marathon, showcasing its commitment to local production and brand visibility [3]

Core Viewpoint - The persistence of fuel vehicles in the Chinese market, despite the rapid growth of electric vehicles, indicates a market shift rather than a decline in demand for traditional cars [3][4][10]. Market Dynamics - In the first half of 2025, fuel vehicles accounted for 49.9% of total passenger car sales in China, translating to approximately 600 million units, despite a nearly 20 percentage point decline over five years [4]. - The retreat of joint venture brands in the 10-20 million yuan price range has created opportunities for domestic brands like Geely to fill the gap with higher configurations and lower prices [4][5]. - Consumer preferences are diverging, with first-tier city users leaning towards electric vehicles while lower-tier cities continue to favor fuel vehicles due to infrastructure and maintenance considerations [5]. Technological Advancements - Geely's new China Star series incorporates advanced technologies such as the GEEA 3.0 electronic architecture and AI systems, which were previously exclusive to electric vehicles, enhancing the appeal of fuel vehicles [6][7]. - The integration of smart features into fuel vehicles allows them to compete effectively in terms of user experience without the high costs associated with electric vehicle batteries [7]. Strategic Importance - Fuel vehicles serve as a stable cash flow source for Geely, providing financial support during the high-risk transition to electric vehicles [8]. - The China Star series acts as a bridge to reach lower-tier markets while maintaining profitability and funding for electric vehicle development [8]. Global Trends - The resurgence of fuel vehicles is not unique to China; similar trends are observed in Europe and Japan, where traditional vehicles are being re-evaluated in light of changing market conditions [9]. - Fuel vehicles are evolving to meet consumer demands for comfort and technology, positioning themselves as a balanced choice amidst the uncertainties of early electric vehicle adoption [9]. Future Outlook - While fuel vehicles may experience a temporary revival, they face long-term challenges from regulatory pressures and shifting consumer preferences towards electric vehicles [10][11]. - The success of products like the China Star may represent a final flourish for fuel vehicles, emphasizing the need for innovation and adaptation in a rapidly changing automotive landscape [11].

Group 1 - Geely Holding Group reported total sales of 2.953 million vehicles in the first three quarters of 2025, a year-on-year increase of 29%, with new energy vehicle sales reaching 1.591 million, up 68%, achieving a new historical high for both total and new energy sales [2] - In Q3, Geely's sales reached 1.021 million vehicles, a 28% increase year-on-year, with new energy sales of 588,000 vehicles, up 59%, marking the first time quarterly sales surpassed one million [2] - Geely Auto Holdings Limited (0175.HK) sold 2.17 million vehicles in the first three quarters, a 46% increase year-on-year, with new energy sales (including Geely Galaxy, Lynk & Co, and Zeekr) totaling 1.168 million, up 114% [2] Group 2 - Geely Galaxy's sales reached 875,000 vehicles in the first three quarters, a significant increase of 206%, while Lynk & Co and Zeekr brands sold over 240,000 and 140,000 vehicles respectively [2] - The fuel segment also performed well, with Geely's China Star sales exceeding 910,000 vehicles, showing a 5% year-on-year increase [3] - Geely's overseas export sales approached 300,000 vehicles in the first three quarters, with new energy exports rising; in September, new energy overseas sales reached 14,600 vehicles, accounting for 36% of total exports [3] Group 3 - Volvo Cars sold 514,000 vehicles in the first three quarters, with new energy vehicle sales at 227,000, achieving a penetration rate of 44% [3] - Polestar reported sales of 44,000 vehicles in the first three quarters, reflecting a year-on-year growth of 36.5% [3] - The sales of remote new energy commercial vehicles reached 107,000 units in the first three quarters, marking a year-on-year increase of 49.5% [4]

Group 1 - The core viewpoint of the statement is to clarify user rights regarding the "basic data" services associated with Geely's smart connected vehicles, emphasizing that promised rights will remain unchanged despite differences in models and configurations [1][5][6] - Geely acknowledges previous inconsistencies in communicating the specifics of "basic data" rights and aims to standardize the information, which typically includes remote vehicle control, online navigation, voice assistant, weather queries, and OTA upgrades [2][6][7] - The company expresses gratitude to over 18 million global users for their trust and support, reiterating its commitment to a user-first philosophy and enhancing the travel experience [6][7] Group 2 - There are concerns from users regarding changes to the "basic data" services, with some reporting that features like voice control and navigation have been reclassified as entertainment data, which has led to dissatisfaction among older model owners [6][7] - Users have highlighted that when purchasing vehicles, they were promised lifetime free access to "basic data" services, and they are urging Geely to honor these commitments rather than standardizing rights for new models at the expense of existing customers [7]

Core Insights - The company reported a total revenue of 150.285 billion yuan for the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders decreased by 14% to 9.29 billion yuan [1] - The gross margin for the first half of 2025 was 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios showed a decline across various categories [1] Sales Performance - Total sales volume for the first half of 2025 reached 1.409 million units, a year-on-year increase of 47%, with a market share of 10.4%, up by 2.4 percentage points [2] - The sales target for the entire year has been raised to 3 million units [2] - New energy vehicle sales amounted to 725,000 units, marking a 126% year-on-year increase [2] - The Galaxy brand achieved sales of 548,000 units, up 232% year-on-year, while the China Star fuel vehicle sales reached 474,000 units, a 21% increase [2] - The Zeekr brand sold 91,000 units, a 3% increase, and the Lynk brand sold 154,000 units, up 22% [2] - New energy vehicle exports exceeded 40,000 units, reflecting a 146% year-on-year growth [2] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 15.008 billion yuan, 17.846 billion yuan, and 20.954 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.99, 10.08, and 8.59 times [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a total revenue of 150.285 billion RMB in the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders was 9.29 billion RMB, a decline of 14% year-on-year [7] - The gross margin slightly decreased to 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios for sales, management, and R&D also saw reductions [7] - The company experienced growth in both new energy and fuel vehicle sales, with total sales reaching 1.409 million units, a year-on-year increase of 47%, and a market share of 10.4%, up by 2.4 percentage points [7] - The sales target for the year has been raised to 3 million units, with new energy vehicle sales reaching 725,000 units, a 126% increase year-on-year [7] - The company is expected to achieve net profits of 15.008 billion RMB, 17.846 billion RMB, and 20.954 billion RMB for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.99, 10.08, and 8.59 [7] Financial Performance Summary - Revenue projections for the company are as follows: 179.204 billion RMB in 2023, 240.194 billion RMB in 2024, 337.158 billion RMB in 2025, 396.259 billion RMB in 2026, and 447.102 billion RMB in 2027, with growth rates of 21.11%, 34.03%, 40.37%, 17.53%, and 12.83% respectively [6] - The net profit attributable to shareholders is projected to be 5.308 billion RMB in 2023, 16.632 billion RMB in 2024, 15.008 billion RMB in 2025, 17.846 billion RMB in 2026, and 20.954 billion RMB in 2027, with growth rates of 0.91%, 213.32%, -9.77%, 18.91%, and 17.42% respectively [6] - The company's earnings per share (EPS) are expected to be 0.51 RMB in 2023, 1.64 RMB in 2024, 1.49 RMB in 2025, 1.77 RMB in 2026, and 2.08 RMB in 2027 [6]

Financial Performance - Total sales volume reached 1.409 million units, a year-over-year increase of 47%[7] - The company's market share exceeded 10% for the first time, growing by 2.4 percentage points year-over-year[7] - Total revenue amounted to RMB 150.3 billion, representing a year-over-year growth of 27%[8] - Core profit attributable to equity holders doubled, reaching RMB 6.66 billion, a year-over-year increase of 102%[8] - NEV sales volume doubled, while ICE sales volume grew against the trend[9] Sales and Market Trends - NEV penetration surged to 51.5% in the domestic market, exceeding the industry level of 55.9%[11] - NEV export volume surged by 146% year-over-year, driving future export growth[10] - Geely Galaxy NEV sales volume reached 548,000 units, a year-over-year growth of 232%[31] - Geely China Star ICE vehicles achieved sales volume of 474,000 units in China's domestic market, a year-over-year growth of 21%[41] Cost Management and Profitability - Distribution & selling expense ratio decreased by 16%[15] - Administrative expense ratio decreased by 26%[16] - Core profit attributable to equity holders per vehicle increased by 37%, reaching RMB 4,724[25] - Core profit margin attributable to equity holders increased by 57%, reaching 4.4%[27]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7] Core Views - The company is expected to benefit from marketing reforms and new vehicle launches, which will enhance sales market share [2][11] - The forecasted EPS for 2025-2027 is 1.50, 1.76, and 2.13 RMB respectively, with a target price set at 22.50 RMB or 24.70 HKD [4][7] Financial Performance Summary - Revenue projections for 2023A to 2027E are 179,204 million, 240,194 million, 319,444 million, 381,363 million, and 442,685 million RMB, reflecting growth rates of 21.1%, 34.0%, 33.0%, 19.4%, and 16.1% respectively [6][12] - Operating profit is expected to grow from 3,806 million RMB in 2023A to 20,314 million RMB in 2027E, with a significant increase of 100.8% in 2024A [6][12] - Net profit attributable to the parent company is projected to be 5,308 million RMB in 2023A, increasing to 21,451 million RMB by 2027E, with a notable growth of 213.3% in 2024A [6][12] - The gross margin is expected to improve from 15.3% in 2023A to 16.7% in 2027E, while the net margin is projected to stabilize around 4.7% to 4.8% during the same period [6][12] Market Position and Sales Performance - In July, Geely's total sales reached 237,700 units, a year-on-year increase of 57.7%, with new energy vehicle sales growing by 120.4% [11] - The company's market share is expected to continue rising, with a reported market share of approximately 11% in the first half of 2025, an increase of nearly 3 percentage points year-on-year [11] - The Galaxy series is showing strong sales performance, with July sales of 95,000 units, a year-on-year increase of 469.0% [11]