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]

Investment Rating - The report provides a positive investment rating for the new energy vehicle industry, highlighting strong growth potential and market dynamics [2]. Core Insights - The new energy vehicle market showed significant growth in June, with total sales reaching 2.14 million units, a year-on-year increase of 20.6%, while new energy vehicle sales reached approximately 1.11 million units, up 33.3% year-on-year [9][12]. - New energy vehicles accounted for 51.9% of total passenger vehicle sales in June, indicating a growing market share [9]. - The cumulative sales of new energy vehicles in 2025 reached 5.27 million units, reflecting a year-on-year increase of 30.9% [12]. Market Sales Performance - In June, pure electric vehicle sales were approximately 676,000 units, up 42.1% year-on-year, while plug-in hybrid sales were about 434,000 units, up 21.6% year-on-year [12]. - The top 10 manufacturers in the new energy market held a market share of approximately 67.3%, with BYD and Geely leading the rankings [15][28]. - The top three cities for new energy vehicle sales in June were Beijing, Guangzhou, and Chengdu, with a combined market share of 25.9% [18]. Market Dynamics - The report highlights significant monthly sales growth in the new energy vehicle sector, with a 15.0% increase in June compared to the previous month [15]. - The report notes that the market dynamics are influenced by various manufacturers' performance, with notable increases from Tesla (China), Zero Run, and Changan [28]. Industry Policies - The Ministry of Industry and Information Technology issued an implementation plan to promote green and low-carbon standardization in the industrial and information sectors, with a focus on the automotive industry [65][66]. - The plan outlines key research directions for green low-carbon standards in the automotive sector, including carbon footprint management and new energy vehicles [66][68].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, setting a historical record [1] - The 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] - The total cash level increased to 58.8 billion yuan, and the gross profit margin reached 16.4% [1] Group 2: Sales and Market Position - The company sold a total of 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [1] - New energy vehicle sales reached 725,000 units, a 126% year-on-year increase, contributing to a penetration rate of 51.5% in the new energy segment [5] - The annual sales target was raised from 2.71 million to 3 million units based on strong market performance [1][11] Group 3: Strategic Initiatives - The company is committed to a "One Geely" strategy, focusing on value, technology, quality, service, and brand ethics, while avoiding price wars [2] - The merger of Zeekr and Lynk & Co has led to improved synergy, enhancing competitiveness in the mainstream, mid-to-high-end, and luxury markets [2] - The company emphasizes safety and innovation, building a leading AI ecosystem and product competitiveness in both smart electric and efficient fuel sectors [2][8] Group 4: Technological Advancements - The company has developed a comprehensive AI technology system, launching the industry's first "smart car full-domain AI" technology framework [10] - The Starry AI Cloud Power 2.0 and advanced battery technologies provide a competitive edge in safety and efficiency [10] - The company has achieved significant milestones in autonomous driving and smart cockpit technologies, with over 1 million users for FlymeAuto [10] Group 5: Global Expansion - The company exported over 180,000 vehicles in the first half of 2025, expanding its global sales network to 85 countries and regions [11] - Zeekr and Lynk & Co have also shown strong performance in international markets, with Zeekr leading luxury electric vehicle sales in Hong Kong [13] - The company is committed to sustainability, with a 23.5% reduction in carbon emissions per vehicle lifecycle compared to 2020, aiming for carbon neutrality by 2045 [13]

Core Viewpoint - Lynk & Co's launch of the Lynk 10 EM-P showcases advanced AI hybrid technology, emphasizing performance and efficiency in various driving conditions, setting a new standard for mid-large hybrid vehicles in China [2][20]. Group 1: Performance and Efficiency - The Lynk 10 EM-P achieves 0-100 km/h acceleration in just 5.1 seconds, with a top speed of 210 km/h and a CLTC fuel consumption of only 4.2 L/100 km [2][6]. - The vehicle features a P1+P3+P4 motor configuration with a maximum power output of 390 kW and a peak torque of 755 N·m, enhancing driving performance [5][6]. - The AI-powered energy management system optimizes energy distribution based on real-time data, improving efficiency and performance across different driving scenarios [5][6][20]. Group 2: Advanced Technology - The Lynk 10 EM-P is equipped with a four-wheel drive system, a rarity in its price segment, which enhances traction and reduces energy loss by 5% during operation [8]. - The vehicle utilizes a dual battery option, with a 18.4 kWh lithium iron phosphate battery offering a pure electric range of 120 km, and a 38.2 kWh battery providing a range of 240 km, enabling a total range exceeding 1500 km [10]. - The integration of NVIDIA Thor chip with 700 TOPS computing power supports advanced driver-assistance features, including automatic emergency braking and obstacle avoidance [14][16]. Group 3: Intelligent Features - The vehicle's AI system, powered by the Xingrui AI Cloud Power 2.0, enhances energy management, health monitoring, charging recommendations, and driving assistance, adapting to user preferences [17][18]. - The comprehensive sensor suite, including laser radar and multiple cameras, ensures high-precision environmental monitoring, contributing to the vehicle's safety and performance [16]. - The AI-driven dynamic torque distribution system minimizes the risk of loss of control by analyzing various driving conditions in real-time [8][20]. Group 4: Market Positioning - The launch of the Lynk 10 EM-P represents a significant advancement in China's hybrid technology, combining AI and electric hybrid systems to redefine performance standards in the automotive industry [20]. - The vehicle addresses diverse consumer needs, from low energy consumption for commuting to comfort for family trips, showcasing Lynk & Co's commitment to innovation and user-centric design [20].

Core Viewpoint - The launch of Lynk & Co's EM-P AI Plug-in Hybrid 2.0 showcases the company's commitment to integrating AI technology into its electric hybrid vehicles, enhancing performance, safety, and user experience in the mid-to-large plug-in hybrid sedan market [1][9]. Group 1: Product Features - The Lynk & Co EM-P AI Plug-in Hybrid 2.0 features a 1.5T Evo engine and DHT Evo hybrid drive system, achieving a combined power of 390 kW and torque of 755 N·m, with a 0-100 km/h acceleration time of approximately 5.1 seconds [5]. - The vehicle is equipped with a four-wheel drive system and laser radar, allowing real-time adjustment of power output based on external conditions, ensuring stability and control in various driving scenarios [5]. - The car's fuel consumption is approximately 4.2 L/100 km under CLTC conditions, balancing performance and economy [5]. Group 2: Technology Integration - The vehicle incorporates the LYNK Flyme Auto system, powered by NVIDIA Thor chip and Qianli Haohan H7 driver assistance system, enabling advanced driver assistance features and multi-scenario cruising [6]. - The AI-driven Starry AI Cloud Power 2.0 system utilizes deep learning and high-precision environmental data to optimize travel strategies across over 1,000 scenarios [3]. Group 3: User Experience - The interior offers 1.2 m² of space per passenger, with features such as ventilation, heating, and massage functions for all seats, along with a Harman Kardon 23-speaker sound system for an immersive audio experience [6]. - The EM-P AI Plug-in Hybrid 2.0 enhances the overall travel experience by combining performance, intelligence, safety, and comfort [9].

Sales Performance - In June, the total passenger car sales reached 2.14 million units, a year-on-year increase of 20.6% and a month-on-month increase of 14.7% [4] - The new energy vehicle (NEV) market sales were approximately 1.11 million units, with a year-on-year increase of 33.3% and a month-on-month increase of 15.0%, leading the overall market growth [4] - NEVs accounted for 51.9% of total passenger car sales in June, an increase of 0.2% from the previous month and up 4.9% from the same period last year [4] New Energy Market Overview - In June, pure electric vehicle sales were about 676,000 units, up 42.1% year-on-year and 16.8% month-on-month; plug-in hybrid sales were approximately 434,000 units, up 21.6% year-on-year and 12.4% month-on-month [9] - Cumulatively, NEV sales reached 5.274 million units by 2025, with a year-on-year increase of 30.9% [9] Top Cities for NEV Sales - The top 10 cities accounted for 25.9% of total sales, with the top three cities being Beijing, Guangzhou, and Chengdu; Tianjin replaced Hangzhou in the top ten [10] - In the top 10 cities, except for Tianjin and Xi'an, the penetration rate of NEVs exceeded 50%, with Shenzhen (64.0%), Wuhan (63.8%), and Xi'an (62.0%) leading [10] Pure Electric Market Analysis - The top three segments in the pure electric market in June were A0 class (18.1%), A-SUV (16.3%), and B-SUV (15.5%); the B-SUV market share increased significantly due to the growth in Model Y deliveries [15] - The share of personal users in the pure electric market was 86.2%, a year-on-year increase of 52.2%, while the share of unit users decreased by 41.1% [16] Industry Dynamics - Key industry events in June included the collaboration between XPeng and Huawei on an AR-HUD system, GAC Toyota's push for self-research, and Geely's launch of AI-powered intelligent systems [19][21][23] - Significant technological advancements were reported, including the introduction of a new AI-powered hybrid system by Geely and a novel safety belt technology by Volvo [27] Policy Developments - The Ministry of Industry and Information Technology issued a plan to advance green and low-carbon standardization in industrial and information sectors, focusing on product carbon footprint, resource utilization, and energy-saving standards [29][31]

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC 2025) showcased over 3,000 cutting-edge exhibits from more than 800 companies, highlighting advancements in AI technology, particularly in smart vehicles, with Geely's "Smart Egg Cabin" receiving the highest honor [1] Group 1: Geely's AI Strategy - Geely is not just an automotive company but one of the earliest adopters of AI technology in the industry, emphasizing the importance of user safety in the application of AI in vehicles [3][5] - The company has established a comprehensive "full-domain AI" technology system, becoming the only automaker globally to achieve such a layout, leveraging advantages like early deployment and rapid development [5][7] - Geely's "Smart Geely 2025" strategy aims to lead in electric intelligence by creating a robust technological foundation through big data, satellite networks, and AI ecosystems [5][7] Group 2: Technological Infrastructure - Geely has built a leading technological foundation comprising computing power, algorithms, and data, forming the "Smart Car Computing Alliance" with partners, achieving a total computing power of 23.5 EFLOPS [7] - The company has developed the world's first full-scenario AI model system for the automotive industry, including language, multi-modal, and digital twin models, and has accumulated 10 terabytes of token data and 40 billion automotive-specific data points [7][8] - Geely's "AI+" technology system includes various innovations in intelligent driving, power systems, chassis, and architecture, all of which are now in mass production [8] Group 3: Collaborative Innovations - At WAIC 2025, Geely and partners introduced the next-generation intelligent cockpit Agent OS, which features advanced multi-modal interaction capabilities [10][11] - The collaboration with partners like Jiyue Star and Qianli Technology has led to significant advancements in multi-modal models and intelligent driving systems, enhancing the overall automotive experience [8][10] - Geely aims to evolve from a traditional car manufacturer to a leading robotics company, integrating AI deeply into its vehicles and services [11][13] Group 4: Industry Transformation - The automotive industry is transitioning from mere transportation to becoming intelligent entities, necessitating a shift in automotive companies towards technology-driven organizations [13] - The integration of AI and electric vehicles positions Chinese companies at the forefront of global innovation, with Geely's approach exemplifying a strategic move towards becoming a leader in the AI era [13]

Core Insights - Geely Automobile Holdings Limited reported a significant increase in June sales, with passenger vehicle sales reaching 236,036 units, a year-on-year growth of 42%, marking ten consecutive months of sales exceeding 200,000 units. Cumulatively, the group sold 1,409,180 units in the first half of the year, representing a 47% increase [1][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 72.5 billion yuan, reflecting a 25% year-on-year increase. The net profit attributable to shareholders was 5.67 billion yuan, showing a remarkable growth of 264%. The gross profit margin improved significantly, reaching 15.8% with a total gross profit of 11.4 billion yuan [1][4]. Operational Efficiency - The strong sales performance is attributed to enhanced operational efficiency and profitability, allowing the company to invest more in research and development to improve product quality. Cost reductions through technological innovation and process optimization have also contributed to increased sales [4][6]. Strategic Initiatives - The improvement in operational efficiency and profitability is largely credited to the "Taizhou Declaration" strategy and the "Smart Geely 2025" initiative, which have enabled business integration across brands like Geely, Geely Galaxy, Lynk & Co, and Zeekr. These brands are focusing on user needs and clear brand positioning to compete effectively in the market [4][6]. AI and Technology Development - Geely has completed a comprehensive AI integration, enhancing its core competitiveness through advancements in intelligent driving technology and battery systems. The company recently launched the Starry AI Cloud Power 2.0 and the Thor AI Hybrid 2.0, which focus on energy efficiency, performance, and safety [6]. Sales Target Adjustment - Based on strong sales performance in the first half of the year, Geely has raised its annual sales target by approximately 11%, from 2.71 million to 3 million units, achieving a target completion rate of 47%. The Geely Galaxy brand aims to reach a sales target of 1 million units, with June sales reaching 90,222 units, a 202% increase [9]. Future Product Launches - In the second half of the year, Geely plans to launch six new electric vehicle models and will continue to focus on high-value innovative technologies in AI and automotive safety, aiming to create long-term value and promote sustainable development in the automotive industry [9].

Group 1 - Chery launched the new fuel vehicle Aiyreze 8 PRO, emphasizing its capability as a family car that can also perform on the racetrack. The Aiyreze 8 series has achieved global sales of over 400,000 units in 33 months since its launch [7] - Leap Motor announced that its cumulative delivery volume has surpassed 800,000 units, with the 2026 model of the C16 officially launched and deliveries commencing nationwide. In May, Leap Motor delivered 45,067 vehicles, a year-on-year increase of over 148%, setting a record for monthly deliveries [1][5] - Geely introduced the industry's first AI-powered intelligent power domain system, Starry AI Cloud Power 2.0, which enhances the efficiency of its hybrid engine from 46.5% to 47.26%. The hybrid vehicle market in China has seen a tenfold increase in sales from 2020 to 2023 [2][5] - Zotye Auto announced a warning regarding potential delisting risks due to a lack of operational funds, with no vehicle production this year and only 14 units shipped to Algeria. The company faces financial risks and operational crises if it cannot resume production by 2025 [3][5] Group 2 - Buick has introduced a 1:1 compensation policy for its new electric vehicle E5, promising to replace the vehicle if it catches fire due to battery quality issues within one year of delivery. The starting price for the new Buick E5 is 149,900 yuan [4][5] - Safety concerns regarding electric vehicles are significant for consumers, with a reported 32% increase in self-ignition rates for new energy vehicles in the first quarter of 2023, averaging eight incidents per day [6]

Core Insights - Geely has achieved comprehensive leadership in hybrid technology, particularly in computing power, data, and algorithms, establishing a strong technological foundation for AI integration in vehicle manufacturing [2] - The Starry AI Cloud Power 2.0 features four major AI functions that enhance the performance and efficiency of the Thor AI hybrid system, leading to significant improvements in engine maintenance and battery lifespan [3] - The Thor EM-i AI hybrid system, first implemented in the Geely Galaxy A7, boasts exceptional fuel efficiency and performance metrics, setting new standards in the hybrid vehicle market [4] Group 1: Technological Advancements - Geely's Starry AI Cloud Power 2.0 has a computing power of 23.5E FLOPS, ranking first among Chinese automotive companies [2] - The AI system has accumulated over 200 million users and 20 billion kilometers of driving data, enabling the development of a comprehensive digital twin scenario library [2] - The integration of AI has led to a record thermal efficiency of 47.26% for mass-produced engines, an increase from 46.5% the previous year [3] Group 2: Product Performance - The Geely Galaxy A7 achieves a fuel consumption of only 2.67L per 100km under CLTC conditions, with real-world tests showing even lower consumption of 2.49L [4] - The Thor EM-P AI hybrid system in the Geely Galaxy M9 accelerates from 0 to 100 km/h in just 4.5 seconds, with a fuel consumption of around 4L per 100km [4] - The fifth-generation methanol-hydrogen engine technology boasts a thermal efficiency of 48.15%, the highest globally, and supports flexible fuel options [6] Group 3: Market Positioning - The Thor AI hybrid technology has been adopted in over ten models across various brands, including Volvo and Renault, marking its recognition in the global market [7] - Geely plans to launch two new models equipped with the fifth-generation methanol-hydrogen technology in the fourth quarter of this year [6]