Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai highlighted advancements in AI technology, particularly in the automotive sector, showcasing the integration of AI in various applications and the future of autonomous driving [3][12]. Group 1: AI and Autonomous Driving Developments - The "Shanghai High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan" was released, aiming to establish a leading autonomous driving zone by 2027, covering 2,000 square kilometers and achieving 6 million passenger rides [5][12]. - Several companies, including SAIC, Pony.ai, Baidu, and Chery, provided L4-level autonomous driving shuttle services during the event, demonstrating the commercialization of autonomous driving [6][12]. Group 2: Company Showcases and Innovations - Geely showcased its full AI layout with new products like the Zeekr 9X and Lynk & Co 10EM-P, along with innovations in intelligent driving systems and AI wearable devices [7][12]. - Tesla presented its smart electric vehicles, humanoid robots, and advanced driver-assistance technologies, with plans to further implement these systems in China within the year [8][12]. - Yika Technology displayed its latest achievements in smart cockpit, assisted driving, and AI models, emphasizing the integration of AI in automotive applications [9][12]. Group 3: AI Models and Solutions - Various companies released AI models for different applications, such as MogoMind by Mushroom Car Union, which focuses on deep understanding of the physical world, and Hymala by Xijing Technology, designed for multi-modal logistics [10][12]. - Zebra Zhixing and Qualcomm introduced the world's first end-side multi-modal large model solution based on the Qualcomm 8397 platform, achieving 90% service closure on the vehicle side [11][12].

Core Insights - The successful delivery event of the Geely Galaxy A7 in Jinan marks a strong market entry for this hybrid sedan, providing a new travel experience for local consumers [1][8] - Since its global launch on August 8, the Geely Galaxy A7 has gained significant market traction due to its competitive pricing and product strength, achieving sales of 4,195 units in its first week and surpassing 30,000 pre-orders [7][11] Pricing and Market Performance - The official price range for the Geely Galaxy A7 is set between 89,800 to 125,800 yuan, with a limited-time promotional price of 81,800 to 117,800 yuan, positioning it favorably in the hybrid mid-size car market [7] - The vehicle has quickly become the sales champion in the hybrid mid-size car segment, reflecting its strong market appeal and consumer interest [7] Customer Experience and Features - The delivery event in Jinan was well-organized, creating a warm and memorable experience for new car owners, who were attracted to the vehicle's advanced hybrid technology, stylish design, and rich features [8][11] - The Geely Galaxy A7 features the latest hybrid system, offering excellent fuel economy and performance, along with the new Galaxy Flyme Auto intelligent cockpit for enhanced user interaction [11] Strategic Implications - The concentrated delivery in Jinan not only responds swiftly to prior market orders but also showcases Geely's strength in the new energy vehicle sector, indicating potential for continued growth in both local and national markets [11]

Sales Performance - Geely Automobile reported a total sales of 1.8971 million vehicles in the first eight months of 2025, representing a year-on-year increase of 47% [4] - In August 2025, Geely sold 250,200 vehicles, marking a 38% year-on-year growth [4] - The sales breakdown shows Geely brand sold 1.5632 million vehicles (up 57%), Zeekr sold 125,300 vehicles (up 3%), and Lynk & Co sold 208,600 vehicles (up 23%) in the first eight months [4] Electric Vehicle Sales - In the first eight months, Geely sold 694,200 pure electric vehicles and 308,400 plug-in hybrid vehicles, with respective year-on-year growth of 162% and 63% [4] - In August alone, Geely sold 93,400 pure electric vehicles and 54,000 plug-in hybrid vehicles, with year-on-year growth of 98% and 90% [4] Financial Performance - Geely's revenue for the first half of 2025 reached 150.28 billion yuan, a 27% increase year-on-year, achieving a historical high [4] - The net profit for the same period decreased by 14% to 9.29 billion yuan, attributed to a previous asset sale involving Renault [5] - Core net profit, excluding non-core losses, was 6.66 billion yuan, up 102% year-on-year, with a gross profit margin of 16.4% [5] Market Position and Future Outlook - Geely's market share gap with the leading automaker has narrowed to within 4 percentage points, with expectations of further improvement [5] - Geely plans to launch five hybrid models in the second half of 2025, aiming for an annual sales target of 3 million vehicles [6] - Zeekr's monthly sales have exceeded 40,000 units for six consecutive months since 2025 [3][8] Zeekr's Performance - Zeekr's total sales reached 333,900 vehicles in the first eight months of 2025, with a year-on-year increase of 14.61% [7] - In August 2025, Zeekr sold 44,800 vehicles, reflecting a year-on-year growth of 10.61% [7] - Zeekr's second-quarter revenue for 2025 was 27.431 billion yuan, with a gross margin of 20.6%, marking a historical high [8] Mergers and Acquisitions - Geely is in the process of acquiring the remaining shares of Zeekr, which will become a wholly-owned subsidiary [7] - The acquisition is expected to be completed by the end of 2025, pending shareholder approvals [7]

Core Viewpoint - The company reported strong sales growth in August, with total wholesale sales reaching 250,000 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [2][3]. Sales Performance - In August, the total wholesale sales were 250,000 units, with a year-on-year growth of 38.0% and a month-on-month growth of 5.2%. Cumulative wholesale sales from January to August reached 1.897 million units, up 47.3% year-on-year [2][3]. - The sales of new energy vehicles in August were 147,347 units, representing a year-on-year increase of 95.2% and a month-on-month increase of 13.2%, with a penetration rate of 58.9%. Cumulative sales of new energy vehicles from January to August reached 1.003 million units, up 120.5% year-on-year [2][3]. Brand Performance - In August, the sales figures for different brands were as follows: Geely brand sold 205,000 units (including 111,000 units from Galaxy), Zeekr sold 17,626 units, and Lynk & Co sold 27,217 units [2][3][4]. - The Galaxy A7 was launched on August 8 with a limited-time price range of 81,800 to 117,800 RMB, achieving over 10,000 pre-orders within 27 minutes. The Galaxy M9 is expected to launch in mid-September with a pre-sale of over 40,000 units [3]. New Product Launches - Zeekr and Lynk & Co are focusing on high-end market segments with new product launches. The Zeekr 9X, priced between 479,900 to 569,900 RMB, has received 42,667 orders within the first hour of pre-sale. Lynk & Co 10 is expected to launch in September with a pre-sale price of 192,000 to 222,000 RMB [4][5]. Strategic Moves - The company is considering privatizing Zeekr to consolidate resources and enhance operational efficiency, aligning with its strategic focus on high-end luxury electric vehicles [5]. - The expected revenue for the company from 2025 to 2027 is projected to be 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB, respectively, with net profits of 16.21 billion RMB, 22.09 billion RMB, and 25.97 billion RMB [6][7]. Financial Projections - The company forecasts significant revenue growth with a projected increase in earnings per share (EPS) from 1.61 RMB in 2025 to 2.58 RMB in 2027, corresponding to price-to-earnings (P/E) ratios of 11, 8, and 7 [6][7].

Group 1: BYD - In August, BYD's total vehicle sales reached 373,600 units, remaining stable compared to 373,100 units in the same month last year [3][5] - BYD's overseas sales of passenger cars and pickups reached 80,464 units in August, marking a significant year-on-year increase of 146.4% [7][3] - Cumulatively, BYD sold 2,863,900 units from January to August, with overseas sales accounting for 630,700 units [3] Group 2: SAIC Motor - SAIC Motor achieved a total vehicle sales of 363,000 units in August, representing a year-on-year growth of 41% and a month-on-month increase of 7.7% [11] - The sales of SAIC's self-owned brands reached 232,000 units, up 49.5% year-on-year, with passenger vehicle sales hitting 75,000 units, a 78.5% increase [11] - In the first eight months, SAIC's total vehicle sales reached 2,753,000 units, reflecting a year-on-year growth of 17.9% [13] Group 3: FAW Group - FAW Group's total vehicle sales surpassed 277,800 units in August, with a year-on-year increase of 3.7% [15] - The sales of FAW's self-owned brands exceeded 77,000 units, growing by 15.3% year-on-year, while self-owned new energy vehicle sales reached 34,800 units, up 66.9% [15] Group 4: Geely Automobile - Geely's passenger vehicle sales reached 250,200 units in August, marking a year-on-year increase of 38% [18] - New energy vehicle sales for Geely reached 147,300 units in August, a remarkable growth of 95% year-on-year, with a penetration rate of 59% [18][19] - Cumulatively, Geely sold 1,897,100 units from January to August, achieving a year-on-year growth of 47% [19] Group 5: Chery Group - Chery Group's total vehicle sales in August reached 242,700 units, reflecting a year-on-year increase of 14.6% [25] - Chery's new energy vehicle sales reached 71,200 units in August, up 53.1% year-on-year [28] - Chery achieved a record export of 129,500 units in August, a 32.3% increase year-on-year [28] Group 6: Changan Automobile - Changan's total vehicle sales reached 233,000 units in August, with new energy vehicle sales hitting 88,000 units, a year-on-year increase of 80% [30] - The overseas sales reached 56,000 units, marking a year-on-year growth of 23% [30] Group 7: BAIC Group - BAIC Group's total vehicle sales exceeded 135,000 units in August, with a year-on-year increase of 3.3% [35] - The sales of BAIC's self-owned brands surpassed 83,000 units, growing by 24.5% year-on-year [35] Group 8: Great Wall Motors - Great Wall Motors achieved a record sales of 115,600 units in August, reflecting a year-on-year increase of 22.33% [39] - New energy vehicle sales reached 37,500 units, up 50.92% year-on-year [40] Group 9: Dongfeng Motor - Dongfeng's subsidiary, Yipai Technology, sold 29,100 units in August, marking a year-on-year increase of 62.39% [42] - Another subsidiary, Lantu, delivered 13,500 units in August, a significant year-on-year growth of 119% [42] Group 10: GAC Group - GAC Aion's sales reached 27,000 units in August, achieving a slight month-on-month increase [46]

Core Insights - The 2025 Qilu Autumn Auto Show will take place on September 4, featuring over a hundred mainstream automotive brands with a total exhibition area of 220,000 square meters, marking a new high in scale [1] Group 1: New Vehicle Launches - The Extreme Fox T1 is entering the market with a product philosophy of "larger and more fun," offering five models with a pre-sale price range of 68,800 to 93,800 yuan [2] - The Geely Galaxy A7 has seven variants with a limited launch price of 81,800 to 117,800 yuan, aiming to disrupt the hybrid sedan market with its five core advantages in energy efficiency, space, performance, safety, and intelligence [5][7] - The Jietu Mountain Sea L7 PLUS features seven electric adjustable seats with 32 seating combinations and four intelligent bed modes, targeting high-quality travel needs for Chinese families [9] - The Fengyun X3 series, based on the iCAR 03 series, has been upgraded in design, performance, technology, and quality, with starting prices of 89,900 yuan for the Fengyun X3 and 109,900 yuan for the Fengyun X3 PLUS [10][12] Group 2: Design and Features - The Extreme Fox T1 adopts the ARC-FLOW design language, featuring a family-style flowing curve and a visually appealing design with key proportions that give it a crossover-like appearance [4] - The Geely Galaxy A7 is positioned as a benchmark in price-performance ratio, aiming to become a hot-selling model in the hybrid sedan market [7] - The Fengyun X3 series emphasizes "big aesthetic design" inspired by Eastern aesthetics, integrating luxury technology to provide high-value travel solutions [12]

Core Viewpoint - The article discusses the recent launch of the Galaxy A7 by Geely, highlighting its sales performance, customer demographics, and competitive positioning in the market [1][2][3]. Sales Performance - The Galaxy A7 was officially launched on August 8, with significant sales momentum, achieving 40 units sold shortly after its release [2][3]. - The most popular configuration is the 2025 EM-i 150km Exploration+ version, priced at ¥117,800 [3]. - The top-selling colors are Tianqing Gray, Shuanghua Silver, and Yanshue White, with 80-90% of sales in these configurations [4][19]. Customer Demographics - The primary buyers are young individuals, including recent university graduates, who are purchasing the vehicle for commuting purposes [5]. - A notable customer story involves a young couple working at CATL, who decided to buy the car after an engaging interaction at a promotional event [6][7]. Reasons for Purchase - Customers are attracted to the Galaxy A7 for two main reasons: it is the largest hybrid model in its price range, and it offers a stylish design and superior driving comfort compared to competitors [9]. Competitive Landscape - The Galaxy A7 faces competition from BYD's Qin L series and Seal 06 series, with the Qin L series being the most frequently compared model [11]. - Reasons for customers choosing BYD over the Galaxy A7 include BYD's stronger brand influence and more established reputation in hybrid technology [12]. Financing Options - The financing options available for the Galaxy A7 include a two-year interest-free plan for ¥80,000 or a low-interest five-year plan [20]. - A detailed budget for the 2025 EM-i 150km Exploration+ version is provided, showing a total cost of approximately ¥115,300 for full payment [21]. Customer Feedback - Initial customer complaints include the absence of an electric tailgate and noticeable noise from the tires and engine at high speeds, indicating average sound insulation [24][25]. Customer Rights and Incentives - The Galaxy A7 offers a unique "super replacement" incentive, providing an ¥8,000 subsidy for trade-ins, regardless of the vehicle's brand [10][27].

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for August 2025, highlighting various manufacturers, models, specifications, and market segments. Group 1: Vehicle Launches - Geely Auto will launch the Galaxy A7 on August 8, 2025, targeting the B NB segment with a price range of 89,800 to 125,800 CNY [2][7]. - Chery Auto's Exeed Moon will be released on August 9, 2025, in the C SUV segment, priced between 189,900 and 209,900 CNY [2][13]. - Tesla China is set to introduce the Model 3 on August 12, 2025, in the B NB segment, with prices ranging from 269,500 to 339,500 CNY [2][21]. - FAW Car will launch the Hongqi HS5 on August 12, 2025, in the B SUV segment, with a price range of 186,800 to 223,800 CNY [2][27]. - Changan Auto's Deep Blue L07 will be available on August 13, 2025, in the B NB segment, priced between 145,900 and 165,900 CNY [2][36]. - SAIC-GM-Wuling will release the Baojun Yunhai on August 13, 2025, in the A SUV segment, with prices from 112,900 to 132,900 CNY [2][43]. - FAW Car will also launch the Hongqi H5 on August 14, 2025, in the B NB segment, with a price range of 172,800 to 192,800 CNY [2][50]. - SAIC-GM-Wuling's Wuling Xingguang S will be available on August 15, 2025, in the A SUV segment, priced between 99,800 and 129,800 CNY [2][57]. - Audi's Q2L will launch on August 15, 2025, in the AO SUV segment, with prices ranging from 171,800 to 185,800 CNY [2][65]. - Dongfeng Nissan will introduce the Nissan Sylphy on August 15, 2025, in the A NB segment, priced between 113,900 and 133,900 CNY [2][71]. Group 2: Specifications Overview - The Geely Galaxy A7 features a 1.5L plug-in hybrid engine with a maximum power of 82 kW and a torque of 175 Nm, offering an electric range of 70 km [6][7]. - The Chery Exeed Moon is equipped with a 2.0T engine, delivering 192 kW of power and 400 Nm of torque [12][13]. - Tesla's Model 3 has a battery capacity of 78.4 kWh, providing a range of 647 to 830 km [20][21]. - The Hongqi HS5 features a 2.0T engine with a power output of 185 kW and a torque of 380 Nm [26][27]. - Changan's Deep Blue L07 offers both range-extended and pure electric options, with the latter providing a range of 550 to 660 km [33][36]. - The Baojun Yunhai is available in pure electric variants with a range of 500 to 600 km [41][43]. - The Hongqi H5 offers two engine options: a 1.5T and a 2.0T, with power outputs of 124 kW and 165 kW, respectively [48][50]. - The Wuling Xingguang S features a 1.5L plug-in hybrid engine and a pure electric variant with a range of 510 km [54][57]. - Audi's Q2L is powered by a 1.5T engine, producing 118 kW and 250 Nm of torque [62][65]. - The Nissan Sylphy is equipped with a 1.6L engine, delivering 99 kW and 159 Nm of torque [70][71].

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]