2025年中期业绩 吉利汽车控股有限公司 ( 于开曼群岛注册成立之有限公司 ) 股票代号：175（港币柜台）及 80175（人民币柜台） 2025/08/14 本档之内容仅作演示用途，而任何其他人士不应利用或依赖相关信息。本档亦不应⺖视为替代阁下作出判断。阁下应单独负责对本演示材料之讨论 要点作独立调查及评估。吉利汽车控股有限公司对本演示材料之内容的准确性、完整性、可靠性概不作任何表示或保证。未经我方事先同意，不得 复制及/或分发本演示材料之内容。吉利汽车控股有限公司及其主管人员、董事及雇员对任何人士因依赖本演示材料或其内容而蒙受任何损失或损害 彼等概不负责或承担法律责任 。 本档包含对吉利汽车控股有限公司（"本公司"）以及本公司的子公司和关联公司（与本公司合称为"本集团"）一般经营计划和战略的前瞻性陈 述。前瞻性陈述通常包含"将" 、 "预期"和"期望"以及其它类似词语。就其本质而言，前瞻性陈述具有一定风险和不确定性，因为其涉及将在 未来发生的事件和情况。许多因素都会导致实际结果与前瞻性陈述出现重大差异，包括本公司未来经营的变化与发展，竞争环境，落实经营战略及 措施的能力，应对技术变革的能力，以及本集团经营 ...

Core Viewpoint - Geely Automobile Holdings Limited reported a significant increase in July 2025 sales, with total sales reaching 237,717 units, representing a year-on-year growth of 58%, driven by multi-brand collaboration and strong performance in electric vehicles [2][3] Sales Performance - Geely brand sales in July were 193,524 units, up 70% year-on-year, with the Galaxy series contributing significantly with 95,043 units sold, a staggering increase of 237% [2] - Cumulative sales for the Geely brand from January to July reached 1,357,827 units, reflecting a 59% increase compared to the same period last year [2] - Zeekr brand sales in July were 16,977 units, showing a modest increase of 8%, with cumulative sales of 107,717 units, up 4% year-on-year [2] - Lynk & Co brand sales in July were 27,216 units, a 28% increase year-on-year, with cumulative sales of 181,353 units, up 23% [2] Electric Vehicle Performance - Pure electric vehicle (BEVs) sales in July reached 90,043 units, a remarkable growth of 192%, accounting for 37.9% of total group sales; cumulative sales from January to July were 600,846 units, up 176% [2] - Plug-in hybrid electric vehicle (PHEVs) sales in July were 40,081 units, a 42% increase year-on-year, with cumulative sales of 254,429 units, reflecting a 58% growth [2] Export and Proton Brand - July exports totaled 35,272 units, a 6% increase year-on-year; however, cumulative exports from January to July were 219,386 units, showing a slight decline of 6% [3] - Proton brand sales in July were 14,117 units, an 11% increase year-on-year, with cumulative sales of 91,306 units remaining stable compared to the previous year [3]

Core Viewpoint - Geely Holding Group has signed a merger agreement with Zeekr Intelligent Technology, marking a significant step in its strategy to unify under "One Geely" and enhance its competitive position in the automotive market [1][3]. Summary by Sections Merger Agreement - Geely Auto will acquire all outstanding shares of Zeekr, allowing Zeekr shareholders to choose between cash or Geely shares as compensation [1]. - The privatization of Zeekr is expected to cost Geely Auto approximately $2.399 billion, equivalent to about 17.199 billion RMB [1]. Financial Performance of Zeekr - As of December 31, 2024, Zeekr reported total assets of 32.671 billion RMB, total liabilities of 42.824 billion RMB, and a net asset deficit of 10.153 billion RMB [3]. - Zeekr's total revenues for 2023 and 2024 were 51.673 billion RMB and 75.913 billion RMB, respectively, with net losses of 8.264 billion RMB and 5.791 billion RMB [3]. Strategic Integration - The merger aims to leverage Zeekr's strengths in the luxury electric vehicle sector alongside Geely's established presence in the mainstream market, enhancing collaboration across technology, products, supply chains, and marketing [3]. - Post-merger, Geely Auto will cover a wide range of powertrain options, including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles, thereby strengthening its market position across various segments [3]. Sales Performance - Geely Auto reported a total vehicle sales volume of approximately 236,000 units in June 2025, a year-on-year increase of about 42%, with a cumulative sales volume of 1.409 million units in the first half of the year, up 47% [4]. - The sales target for the year has been raised from 2.71 million units to 3 million units due to strong sales performance in the first half [5].

Group 1 - Geely Auto raised its annual sales target by 10.7% from 2.71 million to 3 million units, reflecting the company's confidence in its growth for the year [1] - In June, Geely's total sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1] - New energy vehicle sales in June were 122,400 units, showing a year-on-year growth of 85.5%, although there was a month-on-month decrease of 11.3% [1] Group 2 - The sales of the Geely brand in June were 193,000 units, representing a year-on-year increase of 58.8% and a month-on-month increase of 2.3% [2] - Geely Galaxy's sales in June reached 90,200 units, a significant year-on-year increase of 201.8%, despite a month-on-month decrease of 11.4% [2] - The Galaxy A7, featuring advanced technology and competitive pricing, is expected to boost the sales of Geely's new energy vehicles further [2] Group 3 - Zeekr brand sales in June were 16,700 units, a year-on-year decrease of 16.9% and a month-on-month decrease of 11.7% [3] - Lynk & Co brand sales in June were 26,300 units, showing a year-on-year increase of 7.7% but a month-on-month decrease of 4.8% [3] - The introduction of the Zeekr 9X, featuring innovative hybrid technology, is anticipated to positively impact Zeekr's sales in the upcoming quarters [3]

Core Insights - Zeekr Technology reported a June sales figure of 43,012 units, marking the fourth consecutive month of sales exceeding 40,000 units [1] - Cumulative sales from January to June reached 244,877 units, representing a year-on-year growth of 14.5%, solidifying its leadership in the Chinese high-end luxury market [1] - In June, the Zeekr brand sold 16,702 units, while the Lynk & Co brand achieved sales of 26,310 units [1] - Zeekr Technology has expanded into over 60 international mainstream markets, with more than 1,200 global stores and a user base of 1.99 million [1]

Core Insights - The new energy vehicle (NEV) industry in China is entering a new phase where companies are focusing on profitability rather than just revenue growth [4][6][12] Financial Performance - NIO reported a revenue of 12 billion RMB for Q1, marking a year-on-year growth of 21.5% [1] - Li Auto achieved the highest revenue among new forces at 25.9 billion RMB [1] - Xpeng's gross margin improved to 15.6%, a 2.7 percentage point increase year-on-year [6] - The overall revenue for the NEV sector is expected to grow, with NIO projecting Q2 revenue between 19.51 billion and 20.07 billion RMB, a year-on-year increase of approximately 11.8% to 15% [6] Sales and Deliveries - In May, several companies reported strong delivery numbers, with Li Auto delivering 40,856 vehicles, a 16.7% increase year-on-year [11] - Zeekr, Li Auto, and others exceeded 40,000 deliveries in May, indicating robust market demand [3][9] - NIO's May deliveries reached 23,231 units, a 13.1% increase year-on-year, with expectations of 72,000 to 75,000 deliveries in Q2 [12] Profitability Goals - Companies are setting clear profitability targets, with NIO aiming for profitability in Q4 of this year, expecting to achieve a monthly sales volume of 50,000 units with a gross margin exceeding 20% [4][6] - Xpeng's chairman expressed confidence in achieving profitability in Q4, alongside a doubling of sales volume [6] Market Trends - The NEV market is experiencing intense competition, with a shift towards sustainable profitability models as companies move away from loss-making strategies [3][4] - Analysts predict that the price war in the NEV sector will continue but may be less aggressive than in previous years, with traditional fuel vehicles facing greater market challenges [12]

Industry Overview - In May, the automotive industry focused on intense competition, with significant attention on price wars and public disputes, reflecting a clear stance against "involution" from regulatory bodies and industry associations [2] - The electric vehicle (EV) market experienced a significant surge, with most companies reporting strong performance, particularly BYD, Leap Motor, and Xpeng, which led the industry with substantial growth [2] Company Performance - **BYD**: Sold 382,476 vehicles in May, a year-on-year increase of 15.3%. Of these, 88,640 were sold overseas, and the sales of its Dynasty and Ocean series reached 348,393 [5][6][7] - **Geely**: Achieved total sales of 235,208 vehicles in May, with 138,021 being new energy vehicles (NEVs), accounting for 59% of total sales. Cumulative NEV sales from January to May reached 602,784 [8][9] - **SAIC-GM-Wuling**: Reported global sales of 134,419 vehicles, a 20.7% increase year-on-year, with NEV sales of 74,201, marking a 52.2% growth [13][14] - **Leap Motor**: Delivered 45,067 vehicles in May, representing a growth rate exceeding 148%, maintaining its lead among new car manufacturers [16][17] - **Li Auto**: Delivered 40,856 vehicles in May, a 16.7% increase year-on-year, with expectations for stable monthly deliveries of the new MEGA model [19][20] - **Xpeng**: Achieved a delivery of 33,525 vehicles in May, a remarkable 230% increase year-on-year, continuing a trend of over 30,000 monthly deliveries for seven consecutive months [25][26] - **Great Wall Motors**: Sold 102,231 vehicles in May, with NEV sales of 32,638, reflecting a 32.41% year-on-year increase [29][30] - **Xiaomi**: Exceeded 28,000 vehicle deliveries in May, maintaining consistent sales over the past eight months [35][36] - **GAC Aion**: Sold 26,777 vehicles in May, with significant advancements in its driving assistance systems [38][39] - **Deep Blue**: Reported a total delivery of 25,521 vehicles, a 78% increase year-on-year [43][44] - **NIO**: Delivered 23,231 vehicles in May, a 13.1% increase, with several new models launched [46][48] - **Avita**: Achieved sales of 12,767 vehicles in May, a 179% increase, marking a historical high [51][52] - **Lantu**: Sold 10,022 vehicles in May, a 122% increase year-on-year, with new product plans announced [55] - **SAIC-GM New Energy**: Reported a total of 9,117 NEV sales in May, a 3.2% increase year-on-year, with a significant month-on-month rise of 66.4% [58][59] - **Hongmeng Zhixing**: Delivered 44,454 vehicles in May, setting a new historical record [62][63]