机构：长江证券 1、经济复苏弱于预期； 2、行业竞争加剧削弱企业盈利。 吉利与极氪整合正式完成，正式回归"一个吉利"。2025 年12 月9 日吉利汽车公布极氪智能科技控股有 限公司私有化交易中持有人对价选择结果，选择股份对价的极氪持有人占合资格极氪持有人约70.8%， 吉利汽车将为其配发及发行共计777,228,611 股对价股份。选择或被视为选择现金对价的极氪持有人， 占合资格极氪持有人约29.2%，吉利汽车将支付合计约7.01 亿美元现金。推进回归"一个吉利"战略又迈 出关键一步，品牌整合长期来看利好吉利汽车，当前极氪私有化已经完成，极氪、领克回归吉利汽车同 一上市公司平台，有利于理顺品牌定位，加强内部资源深度整合和高效协同，降低成本，提升企业竞争 力。同时，极氪盈利持续改善，全资持有极氪有望增厚吉利汽车盈利。 品牌战略聚焦，电动化和智能化齐发力，强势新车周期持续。新车大年，2025 年预计推出10 款全新新 能源车型，其中吉利品牌预期推出5 款新车及多款改款车，包括3 月上市的银河星耀8，年内还有两款 SUV 和两款轿车；极氪方面，4 月推出极氪007 GT，Q3推出极氪9X；领克方面，Q2 推出领克 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车：吉利与极氪整合正式完成，回归"一 个吉利" 报告要点 [Table_Summary] 2025 年 12 月 22 日，吉利汽车宣布正式完成极氪私有化及合并相关事项交易，极氪已成为吉 利汽车全资附属公司，并于纽交所退市。此前公司公布选择股份对价的极氪持有人占合资格极 氪持有人约 70.8%，吉利汽车将为其配发及发行共计 777,228,611 股对价股份。选择或被视为 选择现金对价的极氪持有人，占合资格极氪持有人约 29.2%，吉利汽车将支付合计约 7.01 亿 美元现金。 分析师及联系人 1 [Table_scodeMsg2] 吉利汽车（00175.HK） cjzqdt11111 [Table_Title 吉利汽车：吉利与极氪整合正式完成，回归"一 2] 个吉利" [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% resea ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 310,000 units in November 2025, representing a year-on-year increase of 24.1% and a month-on-month increase of 1.1%. Cumulatively, from January to November 2025, total sales reached 2.788 million units, up 41.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][7]. - The GEA architecture supports a new vehicle cycle, with positive developments across the Zeekr, Lynk & Co, and Galaxy brands. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles, and joint ventures are exploring innovative overseas expansion models. The smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities, indicating significant profitability elasticity in the new vehicle cycle [2][7]. Summary by Sections Sales Performance - In November 2025, Geely's sales were 310,000 units, with a breakdown of 247,000 for the Geely brand, 35,000 for Lynk & Co, and 29,000 for Zeekr. Year-on-year growth rates were 29.4%, 7.3%, and 6.8%, respectively. The Galaxy model saw a remarkable year-on-year increase of 76.3% with sales of 133,000 units [7]. - The export volume in November was 42,000 units, reflecting a year-on-year increase of 22.2% [7]. New Energy Vehicles - In November, new energy vehicle sales reached 188,000 units, marking a year-on-year increase of 53.4% and accounting for 60.5% of total sales, which is an increase of 11.5 percentage points year-on-year [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including 5 new models and several facelifts under the Geely brand. The Zeekr brand will introduce the Zeekr 007 GT and Zeekr 9X, while Lynk & Co will launch the Lynk 900 EM-P [7]. - The company is fully embracing smart technology, with a significant increase in the adoption rate of intelligent driving features across its new and updated models [7]. Financial Outlook - The expected net profit for 2025 is projected to be 17 billion yuan, with a corresponding price-to-earnings ratio of 9.2 times, indicating a strong outlook for profitability [7].

Core Viewpoint - Geely Automobile reported strong growth in revenue and profit for the first three quarters of 2025, driven by new vehicle launches and an increase in market share [1][2]. Financial Performance - For the first three quarters of 2025, Geely achieved revenue of 239.48 billion yuan, a year-on-year increase of 26.4%, and total sales of 2.17 million vehicles, up 45.7% year-on-year, with a core net profit of 10.62 billion yuan, reflecting a 59% increase [1]. - In Q3 2025, revenue reached 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7% [1]. - The net profit for Q3 2025 was 3.82 billion yuan, up 59.3% year-on-year and 5.6% quarter-on-quarter, with a per vehicle profit of 0.5 thousand yuan, an increase of 11.8% year-on-year [2]. Sales and Market Share - Q3 2025 saw total sales of 761,000 vehicles, with significant contributions from the Galaxy, Lynk & Co, and Zeekr brands, showing year-on-year growth of 42.5%, 169.7%, and 25.5% respectively [1]. - Geely's market share reached 10.2% in the first three quarters of 2025, indicating a continuous increase [1]. Brand Strategy and Product Development - Geely plans to launch 10 new energy models in 2025, including five new models and several updated versions, with a focus on electric and intelligent vehicles [3]. - The company is enhancing its smart driving capabilities, with new models featuring advanced driving assistance systems [3]. Operational Efficiency - The gross profit margin for Q3 2025 was 16.6%, reflecting a year-on-year increase of 1.1 percentage points, while the sales expense ratio was 6.0%, showing a slight improvement [2]. - The company is benefiting from economies of scale and improved brand integration efficiency, leading to cost reductions [2]. Future Outlook - Geely's new platform, GEA architecture, supports a strong product cycle, with expectations for a net profit of 17 billion yuan in 2025, corresponding to a PE ratio of 9.2X [4].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7] Core Views - Geely Automobile reported a revenue of 239.48 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.4%. Total sales reached 2.17 million vehicles, up 45.7% year-on-year, with a core net profit attributable to shareholders of 10.62 billion yuan, an increase of 59% year-on-year [2][4] - The new platform has empowered Geely to enter a new product era, with the GEA architecture supporting a new vehicle cycle. The brands Zeekr, Lynk & Co, and Galaxy are all performing well, and the transition to new energy vehicles is progressing smoothly, leading to increased profitability [2][8] - The company’s strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The intelligent driving strategy is accelerating the enhancement of driving capabilities, indicating significant profit elasticity in the new vehicle cycle [2][8] Summary by Sections Financial Performance - In Q3 2025, Geely achieved a revenue of 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. Total sales for Q3 were 761,000 vehicles, with significant growth in the Galaxy and Lynk & Co brands [8] - The Q3 net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59.3%, with a single vehicle profit of 5,000 yuan, up 11.8% year-on-year [8] Brand Performance - In Q3, Zeekr and Lynk & Co combined sales reached 140,000 vehicles, with total revenue of 31.56 billion yuan, reflecting a year-on-year increase of 9.1%. However, both brands reported a net loss of 460 million yuan for the quarter [8] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with significant focus on electric and intelligent vehicles. The new models will feature advanced driving assistance systems, enhancing the company's competitive edge in the market [8] - The company is focusing on brand strategy, with a strong emphasis on electrification and intelligence, supported by a robust new vehicle cycle [8]

Core Viewpoint - Geely Automobile's October 2025 sales reached 307,000 units, marking a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, with cumulative sales for January to October 2025 at 2.477 million units, up 44.3% year-on-year [1] Group 1: Sales Performance - October sales exceeded 300,000 units, with total and new energy vehicle sales hitting historical highs, allowing Geely to achieve its annual sales target of one million units ahead of schedule [1] - Breakdown of October sales by brand shows Geely brand at 245,000 units, Lynk & Co at 40,000 units, and Zeekr at 21,000 units, with year-on-year changes of +43.9%, +60.5%, and -31.1% respectively [1] - New energy vehicle sales in October reached 178,000 units, representing a year-on-year increase of 63.6% and accounting for 57.9% of total sales, up 10.0 percentage points year-on-year [1] Group 2: Product Strategy - In 2025, Geely plans to launch 10 new energy models, including 5 new models and several updated versions under the Geely brand, with significant releases scheduled throughout the year [2] - The company is focusing on smart technology, with new models expected to feature advanced driving assistance systems and the latest Nvidia Thor chip in flagship models [2] Group 3: Future Outlook - The GEA architecture supports a new product cycle, with positive trends across all brands, indicating a successful transition to new energy and potential for profit growth [3] - The company anticipates a net profit of 16.1 billion yuan for 2025, with a price-to-earnings ratio of 10.6X, maintaining a "buy" rating [3]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Insights - Geely Automobile reported a total sales volume of 307,000 units in October 2025, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5% [2][4]. - Cumulative sales from January to October 2025 reached 2.477 million units, up 44.3% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy [7]. - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [7]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets [7]. - The company is set to launch 10 new energy models in 2025, with significant advancements in smart driving capabilities [7]. Summary by Sections Sales Performance - October 2025 sales reached 307,000 units, with Geely brand, Lynk & Co, and Zeekr sales at 245,000, 40,000, and 21,000 units respectively [7]. - Galaxy brand achieved 127,000 units in October, marking a 100.8% increase year-on-year [7]. - Exports in October totaled 42,000 units, up 22.6% year-on-year [7]. - New energy vehicle sales in October were 178,000 units, accounting for 57.9% of total sales, a year-on-year increase of 63.6% [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including five new models and several facelifts [7]. - The company is enhancing its smart driving capabilities, with new models expected to feature advanced driving technologies [7]. Financial Outlook - The projected net profit for 2025 is 16.1 billion yuan, with a corresponding price-to-earnings ratio of 10.6X [7].

Core Viewpoint - Geely's Zeekr 9X has officially launched, marking a significant step in redefining the domestic luxury SUV market with a strong focus on high-end features and performance [1] Group 1: Product Launch and Features - The Zeekr 9X was launched on September 29, 2025, with four models priced between 455,900 to 589,900 yuan, reflecting a price drop of approximately 20,000 yuan from the pre-sale price [1] - The vehicle features a spacious design with dimensions of 5239mm in length, 2029mm in width, and 1819mm in height, along with a wheelbase of 3169mm [1] - It is equipped with a 32-speaker Naim sound system, zero-gravity rear seats, a 17-inch rear entertainment screen, and a 47-inch AR-HUD display [1] - The Zeekr 9X utilizes a 2.0T plug-in hybrid system and achieves a 0-100 km/h acceleration in just 3.1 seconds, with a range exceeding 1200 km [1] Group 2: Strategic Focus and New Models - Geely plans to launch 10 new energy models in 2025, including five under the Geely brand and several updated models, with a strong emphasis on electric and intelligent vehicle features [2] - The company aims to enhance its intelligent driving capabilities across its product lines, with the first flagship model, the Lynk & Co 900 EM-P, featuring the NVIDIA Thor chip and advanced driving technology [2] Group 3: Financial Outlook and Market Position - Geely's new product architecture (GEA) supports a robust new vehicle cycle, with a solid foundation in fuel vehicles and a successful transition to new energy models [3] - The company is expected to achieve a net profit of 16.1 billion yuan in 2025, with a price-to-earnings ratio of 11X, indicating significant profit potential [3]

Core Viewpoint - The profitability of Chinese automotive companies is increasingly driven by high-end product strategies and export growth, with significant financial results reported in the first half of 2025, highlighting a clear industry divide and emerging winners in the market [4][9]. Group 1: High-End Strategy and Performance - High-end strategies have become a core driver of performance growth for several automotive companies, significantly contributing to revenue, profit, and brand premium [4]. - Geely's high-end transformation has led to impressive performance, with total revenue reaching ¥150.28 billion, a year-on-year increase of 27%, and a net profit of ¥9.29 billion, up 102% [5]. - The high-end models from Geely, such as Zeekr and Lynk, have seen substantial sales, with Zeekr 007 GT achieving a monthly sales record of over 8,000 units, boosting the overall gross margin to 18% [5]. Group 2: Export Growth and Localization - Export growth has been a key factor in enhancing automotive performance, with a total of 3.083 million vehicles exported in the first half of 2025, a year-on-year increase of 10.4% [7]. - BYD's revenue surged to ¥371.28 billion, with net profit reaching ¥15.51 billion, driven by overseas sales of 552,400 new energy vehicles, accounting for 21.63% of total sales [7]. - Chery led the export market with 546,000 units, solidifying its position globally, while SAIC Motor's MG brand performed well in Western Europe [8]. Group 3: New Forces and Profitability - New energy vehicle startups are showing signs of profitability, with companies like Leap Motor achieving a net profit of ¥33.03 million for the first half of 2025, marking their first half-year profit [9]. - Xiaopeng Motors reported a revenue of ¥34.09 billion, a year-on-year increase of 132.5%, with vehicle deliveries reaching 197,200 units, a 279% increase [10]. - NIO, despite a net loss of ¥4.99 billion in the second quarter, anticipates a significant increase in vehicle deliveries and revenue in the upcoming quarters [10]. Group 4: Challenges for Joint Ventures - The profitability and sales contributions of joint venture brands are declining, with GAC Group reporting a net loss of ¥2.54 billion in the first half of 2025, a significant drop from the previous year's profit [11]. - Dongfeng Motor's net profit fell by 90% to between ¥30 million and ¥70 million, primarily due to declining sales and profits from non-luxury joint venture brands [11]. - FAW Group faces challenges as its joint venture brands struggle to keep pace with market demands, leading to increased reliance on fuel vehicle sales and reduced profit margins [11]. Group 5: Commercial Vehicle Sector Performance - The commercial vehicle sector is benefiting from electric transformation and export growth, with new energy heavy truck sales reaching 75,200 units, a year-on-year increase of 195.16% [12]. - Foton Motors reported overseas sales of 78,500 units, with a net profit of approximately ¥777 million, reflecting an 87.5% increase [12]. - Zhongtong Bus achieved a revenue growth of 43.02% and a net profit increase of 71.61%, driven by overseas sales and product innovation [13].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a strong sales performance in August 2025, with total sales of 250,000 units, representing a year-on-year increase of 38.0% and a month-on-month increase of 5.2%. Cumulative sales from January to August 2025 reached 1.897 million units, up 47.3% year-on-year. The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4][6]. Summary by Sections Sales Performance - In August 2025, Geely's sales reached 250,000 units, with new energy vehicle sales hitting a record high of 147,000 units, reflecting a year-on-year growth of 95.2% and a month-on-month increase of 13.2%. The new energy vehicles accounted for 58.9% of total sales, up 17.2 percentage points year-on-year [2][4][6]. Brand Strategy - Geely plans to launch 10 new energy models in 2025, with the Galaxy brand expected to introduce five new models and several facelifts. The company is also enhancing its smart driving capabilities, with new products featuring advanced driving solutions [6]. Financial Outlook - The company is projected to achieve a net profit of 16.1 billion (including exchange rate impacts) in 2025, with a corresponding price-to-earnings ratio of 11X. The strong new vehicle cycle is anticipated to provide significant profit elasticity [6].