Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company leverages platform-based manufacturing and maintains competitive advantages in a fiercely competitive market. It focuses on high-value products, extreme cost performance, and product strength, successfully creating several popular models. The high-end brands Zeekr and Lynk & Co have gained considerable audience recognition due to unique product designs, strong electric systems, and exceptional safety features, with high-priced models expected to become significant profit sources for the company [2][3]. Financial Forecast and Valuation - The company is expected to achieve revenue of CNY 378.38 billion, CNY 449.38 billion, and CNY 521.76 billion from 2025 to 2027, representing year-on-year growth of 57.5%, 18.8%, and 16.1% respectively. The net profit attributable to shareholders is projected to be CNY 16.66 billion, CNY 18.78 billion, and CNY 22.98 billion during the same period, with year-on-year growth of 0.19%, 12.67%, and 22.38% respectively. The EPS is expected to be CNY 1.7, CNY 1.9, and CNY 2.3, corresponding to PE ratios of 11.0, 9.8, and 8.0 times [3]. Sales and Financial Data - In 2024, the company is projected to achieve a total sales volume of 2.177 million vehicles, a year-on-year increase of 29.1%. The breakdown includes 1.29 million fuel vehicles and 890,000 new energy vehicles, with significant growth in the latter. The sales target for 2025 is set at 3 million vehicles, with the Galaxy brand expected to contribute significantly [11][22][28]. - For the first half of 2025, the company reported revenue of CNY 150.28 billion, a year-on-year increase of 26.5%. The net profit attributable to shareholders was CNY 9.29 billion, a decrease of 13.9% compared to the previous year, but the core net profit showed a significant increase of 101.7% [16][18]. Brand Integration and Strategy - The company has initiated a brand integration strategy, consolidating several brands to enhance operational efficiency and reduce internal competition. The Geometry brand has been integrated into the Galaxy brand, and Lynk & Co has merged with Zeekr, which is expected to streamline operations and improve market competitiveness [31][34][35]. Product Matrix and Market Position - The company has developed a multi-brand strategy with distinct product matrices for Galaxy, Lynk & Co, and Zeekr, targeting various market segments. The Galaxy brand focuses on mid-to-high-end new energy vehicles, while Lynk & Co aims at the high-end market, and Zeekr is positioned as a luxury brand. This strategic positioning is expected to enhance market share and profitability [45][49][52]. Export Growth - The company's export volume reached 414,500 vehicles in 2024, representing a nearly 5.7-fold increase since 2020, with the export ratio rising from 5.5% in 2020 to 19.0% in 2024. This growth in exports is becoming a crucial driver for overall sales improvement [28][30].

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [2] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding foreign exchange losses and other non-core items [2] - Total cash levels increased to 58.8 billion yuan, indicating a strong financial position [2] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [2] - The market share exceeded 10% for the first time, with new energy vehicle (NEV) sales reaching 725,000 units, a 126% increase [3] - The annual sales target was raised from 2.71 million to 3 million units based on better-than-expected market performance [2][5] New Energy Growth - The NEV segment saw explosive growth, with a penetration rate of 51.5%, positioning Geely among the top brands in the NEV market [3] - The Galaxy series, now an independent brand, experienced a 232% increase in sales, totaling 548,000 units in the first half [3] - High-end luxury brands Zeekr and Lynk & Co also performed well, with Zeekr selling 90,740 units and Lynk & Co achieving 154,137 units in the same period [3] Technological Advancements - Geely has established a leading smart and electrification technology system, focusing on AI integration [4] - The company launched the "Smart Geely 2025" strategy, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [4] - The Starry AI Cloud Power 2.0 and advanced battery technologies enhance product competitiveness, with the new battery system passing 36 extreme safety tests [5] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, further enhancing its market presence [5] - The "One Geely" strategy aims to deepen synergies within the company, boosting its global competitiveness in the smart NEV sector [5]

Group 1: Automotive Market Overview - In July, the total automobile sales in China reached 2.593 million units, marking a year-on-year increase of 14.7% [1] - The penetration rate of new energy vehicles (NEVs) exceeded 50% for the first time since December last year, with NEV sales accounting for 51.4% of total new car sales in July [3] - From January to July, NEV sales reached 8.232 million units, a year-on-year growth of 39.2% [3] Group 2: NEV Production and Battery Data - In July, NEV production was 1.243 million units, and sales were 1.262 million units, with year-on-year increases of 26.3% and 27.4% respectively [3] - The total battery production in July was 133.8 GWh, with a year-on-year growth of 44.3% [3] - The installed capacity of power batteries in July was 55.9 GWh, with a year-on-year increase of 34.3% [5] Group 3: Company Developments - Geely Automobile reported a revenue of 150.3 billion yuan for the first half of the year, a 27% increase year-on-year, with a net profit of 9.29 billion yuan [9] - Xpeng Motors signed an expanded strategic cooperation agreement with Volkswagen Group to integrate their electronic and electrical architecture into both electric and hybrid models in the Chinese market [13] - Great Wall Motors announced the pre-sale of its new Tank 500 model, priced between 360,000 and 388,800 yuan, featuring advanced driver assistance systems [6][8]

Core Insights - Geely Automobile has reported impressive performance in the first half of the year despite increasing industry competition [1][2] Financial Performance - Geely achieved a record revenue of 150.285 billion yuan in the first half of the year, a year-on-year increase of 27%, with vehicle revenue reaching 134.6 billion yuan, up 28% [3] - The company sold 1.4092 million vehicles, marking a 47% increase year-on-year, with fuel vehicle sales at 684,000 units (up 8 percentage points) and new energy vehicle sales at 725,000 units (up 126%) [4] - The gross profit margin remained stable at 16.4%, slightly down from 16.7% year-on-year, attributed to uneven growth rates of different products [7] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, a significant increase of 102% year-on-year [9] Strategic Developments - The "One Geely" strategy has been pivotal in enhancing internal resource integration and overall competitiveness [10] - Geely is accelerating the integration of its brands, with Zeekr and Lynk & Co forming a dual-driven growth model in the high-end luxury market [4][11] - The company plans to acquire the remaining shares of Zeekr, with the transaction expected to cost less than 30% of 2.4 billion USD, supported by cash reserves [11] Market Expansion - Geely aims to increase its annual sales target from 2.71 million to 3 million units, reflecting an 11% upward adjustment [6] - The company is focusing on international market expansion, with a goal to increase export sales by 30% in the second half of the year [13][16] - Geely's export sales in the first half were 184,000 units, showing a decline, primarily due to a significant drop in the Eastern European market [13][16]

Core Viewpoint - The Chinese electric vehicle market is experiencing rapid growth, with Geely emerging as a strong competitor to BYD, significantly increasing its market share and sales figures in the first half of the year [2][4]. Group 1: Sales Performance - Geely's sales reached 1.409 million units in the first half of the year, a year-on-year increase of 47%, with revenue of 150.28 billion yuan, up 27% [2][6]. - Geely's market share in the new energy vehicle sector has risen to 11.44%, narrowing the gap with BYD to less than 18 percentage points [2][4]. - Geely has revised its annual sales target from 2.71 million to 3 million units, indicating confidence in its growth trajectory [2][6]. Group 2: Product Strategy - The Geely Galaxy brand has been pivotal in driving growth, selling 548,400 vehicles in the first half, accounting for over 70% of Geely's new energy sales, with a staggering 232% year-on-year increase [4][5]. - Geely's strategy involves targeting various vehicle segments, with new models like the Galaxy L7, L6, and E8 launched to compete directly with BYD [5][8]. - The Galaxy A7 has entered the market at competitive prices, undercutting BYD's models, which has helped Geely capture market share rapidly [7][8]. Group 3: Future Plans and Challenges - Geely aims to fill market gaps in the new energy sector, with plans for additional model launches in the second half of the year [8][12]. - Despite current successes, Geely faces challenges in surpassing BYD, particularly in cost control and high-end market positioning [10][11]. - Geely's global expansion is crucial, with plans to enter multiple international markets, although its export volume has seen a decline [12][13]. Group 4: Technological Advancements - Geely is focusing on enhancing its smart driving capabilities by integrating various teams and resources to improve its technological edge [15][17]. - The competition in the electric vehicle market is shifting towards high-end products, global reach, and advanced technology, necessitating Geely to innovate beyond just cost-effectiveness [17].

Core Viewpoint - Geely Automobile reported a strong performance in the first half of 2025, with revenue reaching 150.28 billion RMB, a 27% year-on-year increase, despite a 14% decline in net profit to 9.29 billion RMB. The company aims to achieve annual sales of 5 million vehicles through strategic integration and resource consolidation [1][4]. Financial Performance - Revenue for the first half of 2025 was 150.28 billion RMB, up 27% year-on-year [1]. - Net profit was 9.29 billion RMB, down 14% compared to the previous year [1]. - Vehicle sales reached 1.409 million units, a 47% increase year-on-year [1]. - In 2024, Geely's total revenue was 240.19 billion RMB, with a net profit of 16.63 billion RMB, marking a 213.32% increase year-on-year [3]. Sales and Market Position - Geely's overall sales exceeded 1.409 million units in the first half of 2025, with new energy vehicle sales reaching 725,200 units, a 126% increase, accounting for 51.5% of total sales [4]. - In the Chinese market, Geely sold 1.2251 million units, a 62% increase, capturing an 11.2% market share [4]. - The Geely brand sold 1.1643 million units, a 57% increase, while the Galaxy series achieved sales of 548,400 units, a 232% increase [4]. Strategic Integration and Future Goals - Geely is undergoing significant strategic integration, including the merger of Lynk & Co into Zeekr and the consolidation of R&D resources, with nearly 3,000 personnel from various teams being integrated into a new entity [1][9]. - The company has raised its sales target for 2025 from 2.71 million to 3 million units, reflecting confidence in its market performance [8]. - Geely aims to achieve annual sales of 5 million vehicles by 2027, narrowing the gap with BYD, which currently leads in the market [10].

Core Insights - Geely Automobile reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding non-core losses [1] - Total cash levels increased to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [1] - New energy vehicle (NEV) sales were particularly strong, totaling 725,000 units, representing a 126% increase [2] - The company has raised its full-year sales target from 2.71 million to 3 million units based on strong market performance [2] Brand Development - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% increase [2] - Zeekr and Lynk & Co brands contributed significantly to brand value, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units [2] - Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten of their segments [2] International Expansion - Geely's export sales exceeded 180,000 units, with a global sales network covering 85 countries and regions [3] - The Galaxy E5 international version EX5 became a global star product, launched in 26 countries [3] - The company is enhancing its localization capabilities with new factories in Egypt and Indonesia [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, aiming to strengthen its global competitiveness in the smart NEV sector [3] - The "One Geely" strategy is expected to enhance synergies and support the company in achieving its revised sales target of 3 million units [3]

Core Viewpoint - Geely Automobile Holdings Limited reported strong financial performance for the first half of 2025, with significant growth in revenue, profit, and vehicle sales, particularly in the new energy vehicle segment [1][2]. Financial Performance - The company achieved revenue of 150.3 billion yuan, a year-on-year increase of 27% [1] - 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] - Gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1] - Total cash level rose to 58.8 billion yuan [1] Sales and Market Position - Total vehicle sales reached 1.409 million units, a 47% increase year-on-year, with a market share surpassing 10% for the first time [1] - New energy vehicle sales amounted to 725,000 units, representing a 126% year-on-year growth [2] - Export sales exceeded 180,000 units, demonstrating stable performance [1] Strategic Initiatives - Geely plans to increase its annual sales target from 2.71 million to 3 million units based on strong market performance [1] - The company emphasizes avoiding "involution" and maintaining healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [2] - The merger between Zeekr and Lynk & Co has led to ongoing synergy effects, optimizing R&D, manufacturing, and management costs [2] Brand Performance - The new energy penetration rate reached 51.5%, with the Galaxy series achieving sales of 548,000 units, a 232% increase year-on-year [2] - Zeekr sold 90,740 units in the first half of the year, while Lynk & Co sold 154,137 units, surpassing cumulative deliveries of 1.5 million units by July 16 [2] International Expansion - Geely's overseas market expansion is progressing steadily, with export sales exceeding 180,000 units and a global sales network covering 85 countries and regions [3] - The company has launched 10 high-value models in key markets, with local production capabilities being strengthened through new factories in Egypt and Indonesia [3] - Zeekr has over 1,200 stores globally, while Lynk & Co has entered new markets such as the Dominican Republic and Laos [3] ESG Commitment - As of June 2025, the carbon emissions per vehicle over its lifecycle have decreased by 23.5% compared to 2020, moving towards a target of a 25% reduction by the end of 2025 [3]

智通财经AAPP讯，吉利汽车(00175)发布截至2025年6月30日止六个月的中期业绩，收益1502.85亿元(人 民币，下同)，同比增加26.51%;毛利247.19亿元，同比增加24.41%;股东应占溢利92.9亿元;每股基本盈利 92.18分。 基于上半年卓越表现，集团于2025年7月1日将全年销量目标由271万辆上调至300万辆。期内，集团除稳 居中国燃油车市场自主品牌第一名外，新能源汽车销量快速增长亦使集团成为中国新能源汽车市场的第 二名。 吉利银河品牌定位主流新能源市场，销量强劲增长，使其在集团销量结构中占比提升，导致单车平均销 售收入同比减少1.4万元至9.6万元。尽管期内中国汽车市场价格竞争加剧，且新能源汽车占比提升，集 团凭借规模效应、成本控制及GEA架构产品的盈利性提升，毛利率仍保持稳定，同比微降了0.3个百分 点至16.4%。 集团于期内的分销及销售费用同比上升6.4%，达83.8亿元，主要用于推动新能源汽车品牌的渠道建设及 市场推广活动。尽管新车型的推广导致费用上升，但透过严格的成本控制及整合所产生的协同效应，分 销及销售费用占收入的比例反而下降了1个百分点，显示出资源运用的效率有所 ...

Core Viewpoint - Deutsche Bank reports that Geely's newly launched plug-in hybrid vehicle, the Galaxy A7, is priced between 82,000 to 118,000 yuan, which is over 10% lower than the expected price [1] Group 1: Sales and Production Forecast - Deutsche Bank estimates that the monthly sales of the Galaxy A7 could reach 10,000 units [1] - The bank predicts that Geely's Galaxy series will launch five new models within the year [1] - Total sales for Geely in 2025 are expected to increase by 148% compared to last year, reaching 1.23 million units [1] Group 2: Financial Projections - Due to an upward revision in other income expectations, Deutsche Bank has raised its net profit forecast for Geely in 2025 by 6.7% [1] - The net profit forecast for 2026 has been increased by 1% [1] - The target price for Geely has been raised from 23 HKD to 25 HKD, maintaining a "Buy" rating [1]