车身侧面，腰线从前灯眉处直接贯穿至尾灯，搭配车门富有层次感的线条设计，十分舒展。尾部采用贯穿式灯组，两侧灯腔结构丰富，富有层次感。同时， 后保险杠下方加入扩散器，动感十足。据厂家透露，新车采用BASF和AXALTA等品牌的面漆，平均清漆膜厚度达到55um。 8月27日，吉利银河新能源发布旗下全新中型轿车——银河星耀6的图片。该车将搭载全新一代雷神AI电混2.0技术，配备容量为17kWh的电池包，纯电续航 里程可达125公里。 外观方面，延续品牌"涟漪美学"设计语言，盾型中网内部用直瀑式饰条点缀，大灯组内部结构锐利，底部的三段式进气口造型夸张，机舱盖上隆起的筋线进 一步提升了运动感。车身长宽高分别为4806×1886×1490mm，轴距2756mm。 动力方面，结合此前申报的1.5L发动机数据，吉利银河星耀6将搭载全新一代雷神EM-i超级混动系统，1.5L发动机的最大功率82kW，配备17kWh容量的电池 包，纯电续航里程可达125公里。 ...

Core Viewpoint - The report indicates a significant growth in the operating performance of Geely Automobile in the first half of 2025, with optimistic expectations for annual sales and performance due to the launch of several key models in the second half of the year [1][2] Group 1: Financial Performance - In the first half of 2025, Geely Automobile achieved sales of 1.409 million vehicles, representing a year-on-year increase of 47% [2] - Revenue for the same period reached 150.3 billion yuan, a year-on-year growth of 27% [1] - The core net profit attributable to shareholders was 6.66 billion yuan, showing a remarkable year-on-year increase of 102% [1] Group 2: Sales Breakdown - Of the total sales, 725,000 units were new energy vehicles, including 511,000 pure electric vehicles and 214,000 plug-in hybrids, with respective year-on-year growth rates of 173% and 61% [2] - By brand, Geely brand sold 1.164 million units (up 57%), Lynk & Co sold 154,000 units (up 22%), and Zeekr sold 91,000 units (up 3%) [2] - Overseas exports totaled 184,000 units, reflecting an 8% decline year-on-year [2] Group 3: Future Outlook - The company aims for a total sales target of 3 million vehicles for the year 2025 [2] - Several new models, including Geely Galaxy A7, M9, and others, are set to launch in the second half of 2025, which is expected to support the sales target [2] - The global expansion of Geely, Zeekr, and Lynk & Co brands is accelerating, contributing to the overall sales growth strategy [2] Group 4: Profitability Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 16.3 billion yuan, 18.2 billion yuan, and 23.7 billion yuan respectively, with corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - A target price of 29.43 HKD is set for 2025, based on a PE ratio of 16.6 times [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant growth in operating performance in the first half of 2025, with optimistic expectations for annual sales and performance due to the launch of several key models in the second half of the year [2] Financial Summary - Total revenue for 2025 is projected to be 179,204 million RMB, with a year-on-year growth of 34.0% [11] - Gross profit is expected to reach 51,810 million RMB in 2025, with a stable gross margin of 16.4% [12] - The net profit for 2025 is estimated at 16,299 million RMB, reflecting a slight decrease of 1% compared to the previous year [11] - The company aims for total sales of 3 million vehicles in 2025, supported by the launch of multiple new models [12] Sales Performance - In the first half of 2025, the company sold 1.409 million vehicles, a year-on-year increase of 47% [12] - New energy vehicle sales reached 725,000 units, with pure electric vehicles at 511,000 units and plug-in hybrids at 214,000 units, marking increases of 173% and 61% respectively [12] - The company’s brands showed strong performance, with the Geely brand selling 1.164 million units (up 57%), Lynk & Co selling 154,000 units (up 22%), and Zeekr selling 91,000 units (up 3%) [12] Valuation - The target price for the company is set at 29.43 HKD, based on a PE ratio of 16.6 times for 2025 [12] - The company’s current market capitalization is approximately 191,105 million HKD [7]

Core Viewpoint - Geely Automobile Holdings Limited reported strong mid-year performance, with revenue and sales growth leading to an upward revision of its annual sales target by approximately 11% from 2.71 million to 3 million units [1][8]. Financial Performance - The company achieved revenue of 150.28 billion RMB in the first half of the year, a 27% increase year-on-year [2][3]. - Net profit was 9.29 billion RMB, a decline of 14% compared to the previous year, while core net profit rose by 102% to 6.66 billion RMB [2][3]. - Gross profit increased to 24.7 billion RMB, with a gross margin of 16.4% [2]. Sales and Market Share - Total sales reached 1.409 million units, marking a 47% year-on-year increase, with market share surpassing 10% for the first time [1][3]. - In the Chinese market, sales exceeded 1.22 million units, a 62% increase, achieving a market share of 11.2% [3]. - New energy vehicle (NEV) sales accounted for approximately 68.5 million units, representing 55.9% of the Chinese market, exceeding the national NEV penetration rate of 50.4% [3]. Export and Global Presence - Geely's export sales exceeded 180,000 units, with NEV exports surpassing 40,000 units, a 146% increase year-on-year [4]. - The brand has established a global sales network covering 85 countries and regions [4]. Brand Performance - Geely's three major NEV brands collectively sold over 725,000 units, a 126% increase, constituting 51.5% of total sales [7]. - The Galaxy series achieved sales of 548,000 units, a 232% increase, with plans for new plug-in hybrid models in the second half of the year [7]. - Zeekr and Lynk & Co also reported sales growth, with Zeekr selling 90,700 units (3% increase) and Lynk & Co selling 154,000 units (22% increase) [7]. Future Outlook - The company plans to enhance its product matrix and market share through the introduction of new models and a focus on high-quality development in the automotive industry [8]. - Geely aims to accelerate the export of mainstream NEVs and improve its global supply chain [8].

Domestic News - The Central Political Bureau emphasizes the need to govern disorderly competition among enterprises in accordance with the law, promoting the integration of technological innovation and industrial innovation to enhance international competitiveness [2] - The National Energy Administration is drafting policy documents for the construction and renovation of high-power charging facilities, focusing on immediate charging scenarios at highway service areas to improve service capabilities [3] - Shenzhen will implement a tiered lottery system for car license plates from August to December 2025, aimed at increasing the chances of winning for those who have been unsuccessful in previous lotteries [4] - China Changan plans to invest 200 billion yuan in the new automotive sector over the next decade, with a goal of producing 3.55 billion yuan in revenue this year and launching over 50 new energy products in the next five years [5] - Zeekr has launched a service initiative to support users affected by extreme weather, offering various assistance services until December 31, 2025 [6] - Geely Auto will introduce five new intelligent hybrid models in the second half of 2025, aiming to achieve an annual sales target of 3 million vehicles [7] - Lantu Auto has completed the acquisition of the Wuhan Yunfeng factory for 723 million yuan, which has an annual production capacity of 150,000 vehicles [8] - Tudatong has announced a strategic partnership with Kusa Technology to develop L4-level sanitation robots, focusing on smart sanitation operations [9] Foreign News - Toyota plans to start producing its first electric vehicle in Europe in the Czech Republic by 2028, with an annual production target of 100,000 units [10] - LG Energy Solution has secured a $4.3 billion contract with Tesla to supply lithium iron phosphate batteries for its energy storage systems, with the contract running from August 2027 to July 2030 [11] - Tata Motors is set to acquire Iveco for approximately 3.8 billion euros, forming a commercial vehicle group with an expected annual sales volume of over 540,000 units [12] - Tesla has adjusted its pricing strategy for its Robotaxi service in Austin, introducing a dynamic pricing model based on trip length [13] Commercial Vehicles - Yutong Heavy Truck has launched a series of new energy heavy trucks designed for various scenarios, marking a significant upgrade in the industry [14] - Chery has delivered the first batch of its electric heavy trucks in a strategic partnership with Zhongke Guomai, enhancing green logistics in Shandong [15] - Jianghuai has launched a full series of new energy logistics solutions, aiming to become a leader in smart logistics [16] - The first commercial vehicle powered by a hydrogen combustion engine has been put into operation in Hebei, marking a milestone in China's hydrogen engine industry [17]

Group 1 - The core point of the article highlights the launch of the Li Auto i8, which is priced between 350,000 to 400,000 yuan, and is set to officially launch on July 29 [1][3][15] - The i8 features a new design language with a drag coefficient of 0.218, and dimensions of 5085mm in length, 1960mm in width, and 1740mm in height, positioning it as a mid-to-large pure electric SUV [8][15] - The vehicle is equipped with advanced features including a dual-motor all-wheel drive system with a maximum power of 400kW, and a battery capacity of 90.1/97.8kWh, offering a CLTC range of 670/720km [14][15] Group 2 - The article discusses a new tax policy where the luxury car consumption tax threshold is lowered to 900,000 yuan, effective from July 20, aimed at adjusting the tax range due to the decreasing prices of luxury vehicles [16][18] - The article mentions several new vehicles that have recently registered with the Ministry of Industry and Information Technology, including models from Tesla, IM, Audi, and Geely [20][21] Group 3 - The Tesla Model Y L has been noted for its extended wheelbase, measuring 4976mm in length and 3040mm in wheelbase, with a maximum power output of 142/198kW [23] - The IM LS9 features a new family design language, with dimensions of 5279mm in length and a maximum power output of 160/230kW [25] - The Audi A6L e-tron adopts the latest design language with dimensions of 5073mm in length and a power output of 260kW [33]