Core Viewpoint - Geely Auto has achieved a significant milestone with a total annual sales of 3,024,567 vehicles in 2025, marking its emergence as a key player in the global automotive industry, particularly in the electric vehicle (EV) segment [1][4]. Group 1: Sales Growth and Market Position - Geely's sales increased by 39% year-on-year, surpassing its adjusted target of 3 million vehicles for the year [4]. - The company’s EV sales reached 1,687,767 units, representing a remarkable 90% year-on-year growth, solidifying its position in the first tier of the EV market [4]. - Geely's Galaxy brand became the fastest domestic EV brand to exceed annual sales of 1 million units, achieving 1.24 million units sold in 2025, a 150% increase [6]. Group 2: Product and Technology Development - Geely has made substantial investments in technology, safety, and quality, culminating in the successful execution of its "Smart Geely 2025" strategy [8]. - The company launched the industry's first "full-domain AI" technology system, enhancing its competitive edge in smart vehicle technology [11]. - Geely's safety initiatives are highlighted by its leading position in safety patents and the establishment of a global safety center, achieving multiple five-star ratings in Euro NCAP tests [12]. Group 3: Global Expansion and Strategic Initiatives - Geely's overseas sales reached 420,000 units in 2025, with over 120,000 units being EVs, indicating a shift from mere trade exports to a more advanced "system export" model [13][14]. - The company has implemented a "Five-Five" global strategy, establishing multiple design and engineering centers worldwide to enhance its global resource allocation capabilities [15]. - Geely is advancing its local production capabilities in various regions, including the establishment of CKD factories in Egypt and Indonesia, and partnerships for local production in Brazil [17]. Group 4: Future Outlook - Geely has set an ambitious sales target of 3.45 million vehicles for 2026, with a focus on achieving 2.22 million EV sales [19]. - The company plans to launch approximately 10 new models and expand its high-value vehicle offerings globally, furthering its dual fuel strategy [19]. - Geely aims to enhance its AI technology integration across all vehicle models, promoting smart mobility solutions in everyday life [20].

Core Insights - Geely Automobile achieved a total vehicle sales of 3,024,567 units in 2025, representing a year-on-year growth of approximately 39% and exceeding the annual sales target of 3,000,000 units [1][4][10] - The company recorded a significant increase in new energy vehicle sales, reaching 1,687,800 units, which is a remarkable 90% year-on-year growth, setting a new record [1][4][7] - The Geely brand led the sales with 2,449,939 units, while the "China Star" series achieved sales of 1,214,100 units, surpassing the "one million China Star" target [1][11] Sales Performance - Total vehicle sales for Geely in 2025 were 3,024,567 units, a 39% increase from the previous year [1][4] - New energy vehicle sales reached 1,687,800 units, marking a 90% increase year-on-year [1][4][7] - The Geely brand's sales were 2,449,939 units, while the Lynk & Co brand sold 350,495 units, a 23% increase [4][17] - Zeekr brand sales totaled 224,133 units, with December 2025 deliveries reaching 30,267 units, a record high [21] Brand Performance - The "China Star" series achieved sales of 1,214,100 units, exceeding the target of one million [1][11] - The Galaxy brand saw a 150% increase in sales, reaching 235,807 units, and achieved the "one million Galaxy" sales target in just 29 months [13][14] - Lynk & Co's new energy family accounted for 65% of its total sales, with a 36% year-on-year growth [18][20] - Zeekr's new models, including the Zeekr 9 series, have strengthened its position in the luxury new energy market [21] International Expansion - Geely's overseas sales reached 420,097 units in 2025, successfully meeting its export sales target [23] - The company expanded into 13 new markets, including the UK, Italy, Brazil, and South Africa [23][26] - Lynk & Co has accelerated its global presence, establishing over 860 stores in more than 50 countries [24][26] - Zeekr has also entered over 50 countries, showcasing strong competitiveness in various international markets [25][26]

乘用车近期终端需求跟踪及展望 20251229 摘要 2026 年汽车补贴政策预计总额维持 3,000 亿，汽车补贴约 1,000 亿， 以旧换新或要求旧车持有一年以上，以抑制套取补贴行为。预计新能源 车置换补贴 8%，燃油车 6%；新能源车报废补贴 12%，燃油车 10%（2025 年）。 预计 2025 年以旧换新更新量约 750 万台，补贴预算超 800 亿；2024 年约 370 万台，对应 350 亿。2025 年主要为置换补贴，2024 年为报 废补贴。单车平均补贴 2025 年约 11,500 元，2026 年预计持平。 消费者对以旧换新政策有较高预期，补贴金额约占乘用车平均成交价 10 万元的 7%。10 月下旬至 12 月期间，约 2/3 未成交用户等待 2026 年 新政策和更高额度国家支持。 2025 年政策下，20 万元以内汽车可享国家开票价近 8%补贴，影响消 费者购买决策，约 2/3 潜在客户明确表示等待 2026 年补贴更新，尤其 是置换补贴。 预计 2026 年 Q1 新能源汽车市场需求显著增长，新补贴政策或提前落 地，车企和渠道将促销清理库存，预计 1 月销量双位数增长，Q1 ...

中国汽车设计走向世界，是一场觉醒，更是一次集体远征。 那么，中国汽车设计走向世界的根本意义究竟是什么？在吉利看来，为中国设计立心、立言、立行，让中国设计成为全球市场所理解、所欣赏、所追 随的"价值范式"，才是中国汽车设计在全球化时代终将抵达的"彼岸"。 眼下，中国汽车在世界的出镜率、活跃度、知名度和美誉度，比以往任何时候都要高。承载着中国设计、中国创新、中国文化、中国智慧的中国汽 车，正赢得越来越多全球共鸣。 从"中国制造"的输出，到"中国审美"的渗透，从"被看见"到"被认可"，中国汽车设计的全球化时代渐行渐近。中国汽车将如何迎接、投身、拥抱这个 无与伦比的黄金时代？从牵头启动"中国汽车设计话语体系"构建，到提出"十年三步走"的长期主义实践路径，从发布"中国用户审美分野地图"，到宣告 《吉利设计九大原则》，吉利以先行者、引领者之姿，与行业一道深耕厚植中国汽车设计话语体系，探寻中国设计全球审美的最大公约数，为中国汽车设 计的全球化时代勾勒出日渐清晰的关键版图，为中国设计引领全球价值铺就进阶之路。 十年为期 打磨中国汽车设计话语体系 不久前，由吉利设计主办的2025国际汽车设计论坛在上海如期而至。到今年，吉利举办 ...

Core Insights - The automotive industry in November showed strong sales performance across various companies, with a notable focus on electric vehicle (EV) transitions and global expansion strategies [1][2][3][4] Group 1: Traditional Domestic Brands - BYD achieved a record monthly sales of 480,000 units, maintaining the top position, with overseas sales surpassing 130,000 units, marking a historical high [1] - Geely sold 310,000 units in November, a year-on-year increase of 24%, with its Galaxy series seeing a 76% growth [1] - Chery reported sales of 273,000 units, with EV sales reaching 117,000 units, a 50.1% increase, and export sales of 137,000 units, up 30.3% [1][2] Group 2: New Energy Vehicle Performance - Changan's November sales reached 283,000 units, with EV sales at 125,000 units, a 23% increase [2] - SAIC Group set a new record for EV sales at 209,000 units, reflecting a 38.8% year-on-year growth [2] Group 3: New Forces in the Automotive Sector - Huawei's HarmonyOS Automotive division delivered 82,000 vehicles in November, a remarkable 89.61% increase, establishing itself as a leader among new entrants [3] - Leap Motor delivered over 70,000 vehicles in November, achieving a cumulative sales milestone of over 500,000 units [3] - Xiaomi's automotive division also exceeded its annual delivery target, with over 40,000 units delivered in November and a total exceeding 350,000 units [3] Group 4: Market Dynamics and Challenges - Xpeng and NIO experienced a decline in sales, with Li Auto delivering 33,181 units, a slight increase of 4.45% month-on-month but a 31.92% year-on-year drop [4] - The automotive market is shifting from subsidy-driven growth to a more competitive landscape focused on product capabilities and brand strength, as consumer behavior evolves post-subsidy [4]

Summary of Geely Automobile Conference Call Industry and Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and high-end models Key Points and Arguments - **Export Growth**: Geely's exports continue to grow significantly, especially in non-Russian markets, with expectations for continued high growth next year. The export of new energy vehicles (NEVs) has reached approximately 40% of total exports, which is expected to enhance the company's profitability [2][11]. - **Zeekr Brand Performance**: The Zeekr brand has shown outstanding performance, with the Zeekr 009 being the best-selling MPV in the 400,000+ price segment. The Zeekr 9X, priced around 500,000, delivered 4,000 units in October, with a high proportion of top-spec orders. This model is anticipated to be a significant growth driver in the coming months [2][4][8]. - **Galaxy Series Success**: The Galaxy series has maintained a strong product cycle since the first half of the year, with total deliveries reaching approximately 130,000 units by October, doubling year-on-year. This has significantly increased Geely's penetration in the NEV market [2][6]. - **Sales Projections for Zeekr 9X**: If the Zeekr 9X can achieve monthly deliveries of 5,000 to 10,000 units, it could result in annual sales of 80,000 units, contributing approximately 40 billion in revenue and 4 to 6 billion in net profit, enhancing the overall net profit elasticity by about 40% [2][8]. - **Lynk & Co Brand Growth**: The Lynk & Co brand has seen significant growth, with monthly year-on-year growth rates of 20% to 30%. In October, sales surpassed 40,000 units, with NEVs accounting for 72%. The Lynk 900, a plug-in large SUV, continues to grow in sales, indicating Geely's success in the high-end market [2][10]. Additional Important Insights - **Overall Sales Performance**: In the first ten months of the year, Geely's total wholesale sales approached 2.5 million units, a year-on-year increase of about 44%. NEV sales exceeded half of total sales, reaching 1.3 million units, a 106% increase year-on-year [3][10]. - **Market Competition**: The passenger car market is expected to become more competitive in 2026, particularly in the 200,000 price range, with various manufacturers expanding their product lines. However, the luxury segment, especially for Geely's Zeekr brand, remains favorable [7][10]. - **Valuation and Market Perception**: Geely's current market capitalization is approximately 150 billion, corresponding to a net profit of around 16 billion, resulting in a price-to-earnings ratio of only 10 times. This valuation does not fully reflect the value of its luxury brands, suggesting potential for market re-evaluation if high-end models like the Zeekr 9X continue to perform well [4][9]. - **Future Outlook**: Geely's luxury brand acceptance is expected to drive valuation increases. The privatization of Zeekr Technology and its full ownership by Geely is anticipated to enhance performance elasticity. Additionally, the reduction in NEV purchase tax may lead to a temporary rebound in fuel vehicle sales, while Geely maintains strong performance in this segment [11]. Overall, Geely Automobile is positioned for significant growth in both volume and pricing, with a focus on enhancing its luxury brand perception in the market.

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile, forecasting EPS for 2025-2027 to be 1.49, 1.75, and 2.12 RMB respectively, with a target price of 22.35 RMB (24.51 HKD) based on a PE average of 15 times for comparable companies [1] Sales Performance - In October, Geely's total sales reached 307,100 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, setting a new monthly sales record [2] - New energy vehicle sales for October were 177,900 units, showing a year-on-year growth of 63.6% and a month-on-month growth of 7.7% [2] - From January to October, total sales amounted to 2,477,300 units, reflecting a year-on-year increase of 44.3% [2] - The company is expected to outperform the industry average, with a strong likelihood of achieving its annual sales target of 3 million units [2] Brand Development - Geely's brand sales in October reached 245,500 units, a year-on-year increase of 43.9% and a month-on-month increase of 10.6% [3] - The Galaxy brand achieved sales of 127,500 units in October, marking a year-on-year increase of 100.8% and surpassing its annual sales target of 1 million units ahead of schedule [3] - The launch of new models, such as the 2026 Geely Xingyuan and Galaxy Xingyao 6, is expected to enhance the product matrix and contribute to future sales growth [3] - Geely signed an agreement with Renault to acquire 26.4% of Renault's Brazilian operations, which will facilitate the introduction of new energy vehicles in Brazil [3] Lynk & Co Brand Performance - Lynk & Co's sales in October reached 40,200 units, a year-on-year increase of 29.4% and a month-on-month increase of 22.2% [4] - The brand's weighted average price exceeded 200,000 RMB, with new energy vehicle sales accounting for 72.1% of total sales [4] - Key models such as Lynk & Co 900 and Lynk & Co 10EM-P have shown strong initial sales performance, indicating potential for future growth [4]

Core Insights - In October, Geely's passenger car sales reached 307,100 units, marking a year-on-year increase of 35% and a month-on-month increase of 12%, maintaining a dual growth trend for eight consecutive months [1] - Geely's cumulative sales of new energy vehicles from January to October reached 1.345 million units, achieving 89% of its annual target of 1.5 million units [1] - Geely's Galaxy brand, launched this year, saw sales of 127,476 units in October, a year-on-year increase of 101%, contributing to a 58% share of new energy vehicles in Geely's total sales [1] Sales Performance - Geely's total sales in October were 307,100 units, with a year-on-year growth of 35% and a month-on-month growth of 12% [1] - The Galaxy brand achieved cumulative sales of 1,002,000 units in the first ten months, a year-on-year increase of 187%, surpassing its annual target ahead of schedule [1] New Energy Vehicle Strategy - The overall completion rate of sales targets for new energy vehicle companies is generally low, with most brands achieving less than 80% [1] - Geely's new energy vehicle sales accounted for 58% of its total sales, indicating a strong focus on this segment [1] International Expansion - Geely exported 41,000 vehicles in October, a year-on-year increase of 27.73%, marking the highest growth rate in a year [3] - The company aims to replicate its domestic success in overseas markets, having launched the Geely International EX5 in London, which is positioned as a competitive electric vehicle [3][4] - Geely plans to introduce 15 new models in the European market over the next five years and establish over 1,000 sales outlets [5] Efficiency and Cost Management - Geely is integrating resources across its brands, including Zeekr, Lynk & Co, and Galaxy, to enhance efficiency and reduce costs [6] - The company is leveraging external production capacity to minimize capital expenditures and avoid industry overcapacity risks [7] - Geely announced a share repurchase plan of HKD 2.3 billion to improve capital management efficiency [7]

Summary of Automotive Industry Conference Call Industry Overview - The automotive industry is experiencing significant changes due to the cessation of subsidy policies in late October 2025, impacting sales dynamics for brands like BYD and Geely, which continue to launch new products to stimulate demand [1][2] - The transition to a new subsidy framework is expected to create a policy vacuum until after the Chinese New Year in 2026, with potential negative growth in the automotive market projected between 4% to 15% in Q1 2026 [1][7] Key Points and Arguments Subsidy Policies - The 2024 vehicle replacement policy is expected to generate approximately 3 million scrapped vehicles, with total subsidies nearing 100 billion yuan [1] - By 2025, applications for new subsidies have reached 10 million vehicles, with total subsidies estimated at 150 billion yuan, but a 30% reduction in subsidies is anticipated for 2026 [1][6] - The maximum subsidy per vehicle is expected to decrease to below 12,000 yuan in 2026 [6] Market Dynamics - The automotive market is currently in a "high open low walk" phase, with a surge in demand during the National Day holiday, followed by a decline in orders due to the end of national subsidies [2] - New energy vehicles (NEVs) are expected to face pressure in the sub-150,000 yuan segment, necessitating improvements in product lines and dealership efficiency [3][11] Sales Projections - Q1 2026 is projected to require a year-on-year growth rate of over 15% to compensate for January's sales gap, with a monthly growth rate of 10% needed [9][10] - The overall market is expected to face significant pressure in the first half of 2026, requiring a strategic focus on product supply and policy support to avoid year-on-year declines [10] Competitive Landscape - The competition in the automotive market is expected to remain intense, influenced by factors such as channel efficiency and the timing of new product launches [13] - Domestic brands like Geely and BYD are expected to maintain a strong position, particularly in the high-end market, leveraging their technological and supply chain advantages [13][19] New Energy Vehicle Trends - The penetration rate of NEVs is projected to slow down, with an expected increase of around 5 percentage points in 2026, while electric vehicles will begin to incur purchase taxes [22] - The overall price range of vehicles is likely to increase, with a significant impact on the economy segment due to reduced subsidies and increased purchase taxes [22][23] Brand-Specific Insights - Geely's new models, including the Galaxy series, are set to launch in 2026, with plans to expand sales channels from 1,300 to 2,500 stores, aiming for a 20% or higher year-on-year growth [20] - Great Wall Motors is focusing on expanding its dealer network and launching new models, including the Ora brand, to enhance competitiveness and achieve steady growth [22][24] Additional Important Insights - The high-end market for NEVs is facing pressure from economic uncertainties, with a potential decline in market share for high-end brands [14] - The automotive industry is expected to see a shift in focus from price competition to enhancing product quality and operational capabilities [15][16] This summary encapsulates the key insights and projections regarding the automotive industry, highlighting the impact of subsidy policies, market dynamics, competitive landscape, and brand-specific strategies.

Core Viewpoint - Geely Galaxy is experiencing significant sales growth, with expectations for continued strong performance in the coming year, driven by new product launches and strategic market positioning [2][6][9]. Production Capacity and Strategy - Geely Galaxy's sales reached 127,000 units in October, a 101% year-on-year increase, contributing to the group's revised annual sales target of 3 million vehicles [6][10]. - The company is repurposing the former SAIC-GM North Factory in Shenyang to supplement production capacity, as existing capacity is currently insufficient to meet demand [3][4]. - Geely has decided against building new factories, focusing instead on internal upgrades and collaborations to optimize existing production lines [13][15]. Product Development and Market Positioning - The Galaxy series, initially launched as a product line focused on new energy vehicles, has expanded significantly with the introduction of models like the Galaxy L7, E5, and others, which have gained popularity due to competitive pricing and features [6][8][9]. - The Galaxy Star Wish model has become a best-seller, achieving sales of 205,000 units in the first half of the year, positioning it as a market leader in its segment [8][9]. International Expansion - Geely's exports of new energy vehicles surged by 214% in the first nine months of the year, with significant growth in European and Latin American markets [15][16]. - The company is implementing a multi-brand strategy in international markets, with plans to establish a presence in the UK and other regions, leveraging local partnerships for distribution [16][17]. Future Outlook - Geely's management expresses optimism about the Galaxy's sales prospects for the next year, supported by a robust pipeline of new models and strategic market initiatives [9][10].