全球化方面，李书福曾期许"让中国汽车跑遍全世界"，极氪正用实际行动践行这一愿景。目前，极氪已进入全球40多个国家和地区。极氪7X、极氪009在海 外市场上市即受热捧，极氪9X更是加价出海。而回归吉利后，极氪有望加速实现"体系出海"升级。信息显示，吉利全球服务网络覆盖80余国超900家网点， 埃及工厂已投产，印尼、越南工厂建设稳步推进。这一成熟的全球化制造与布局，将为极氪提供低成本、高效率的海外拓展支撑，进一步扩大全球市场份 额。 随着一桩标志性交易的落定，中国汽车产业的整合已悄然进入深水区。近日，吉利汽车控股有限公司正式官宣完成对极氪智能科技的私有化及合并交易，极 氪自此成为吉利全资附属公司。 在新能源汽车行业从增量竞争全面转向存量博弈的关键节点，这一动作不仅标志着吉利"回归一个吉利"战略的核心落地，更以品牌、技术、全球化资源的深 度重组，为中国车企的协同发展与资源优化提供了参考范本。而作为这场整合的核心受益者，极氪正迎来品牌发展新阶段。 长期价值凸显，极氪与吉利整合后将实现双向赋能 从行业观察者视角来看，作为中国豪华新能源标杆品牌，极氪在回归一个吉利后，其沉淀的多元价值将在此过程中进一步释放，不仅对吉利集团 ...

12月22日，吉利汽车（0175.HK）发布公告，宣布正式完成对极氪智能科技控股有限公司的私有化及合 并，极氪自此成为吉利汽车全资附属公司，并于纽交所退市。 这不仅是一笔资本层面耗时7个半月的交易收官，更标志着吉利汽车战略整合聚焦阶段性取得成果，发 展进入全新阶段，一个融合了汽车制造底蕴与科技基因的"0175"正式成型。 在极氪退市前最后一个交易日（12月19日），其股价收于26.73美元/股，总市值定格在68.5亿美元。 随着整合完成，资本市场会更加关注纳入极氪后的吉利汽车集团，其价值轨道将如何重塑。毕竟一个市 值逼近500亿元的高端豪华汽车科技公司的并入，撬动的远不止其本身的价值。 更引人注意的是，强化电动、科技属性的吉利汽车，是否会重启回归A股两地上市进程，也值得关注。 01 《汽车K线》认为，此番整合，其核心战略价值在于极氪高端化、智能化资产与吉利汽车的深度融合， 以及为吉利在海外资本市场运作提供了实战经验。 这也为吉利汽车同时锁定了规模确定性、盈利改善弹性与高端科技资产三重变量，"一个吉利"的协同逻 辑开始从战略叙事，走向财务兑现。 自品牌诞生起，极氪便定位豪华纯电市场，平均单车售价近30万元，其产 ...

Core Insights - Zeekr's new flagship SUV, Zeekr 9X, was officially launched on September 29, 2025, with four variants priced from 465,900 RMB to 599,900 RMB, with promotional prices slightly lower [1][3] - Zeekr has achieved over 180 technological breakthroughs since its establishment, making it the Chinese luxury brand with the most first-launch technologies, and has sold over 550,000 units globally [1][3] Product Features - The Zeekr 9X is built on the Haohan-S architecture and features four core technologies: Haohan Super Electric Hybrid, Haohan AI Digital Chassis, Haohan Safety Armor, and Qianli Haohan Assisted Driving, showcasing generational advancements in electric and hybrid technology [2][4] - It is equipped with a world-first three-motor megawatt hybrid electric drive system, delivering over 1,400 horsepower, achieving 0-100 km/h in as little as 3.1 seconds, and a top speed of 240 km/h [6] - The vehicle offers two battery options: a 70 kWh battery with a pure electric range of 380 km and a 55 kWh battery with a range of 300 km, both supporting ultra-fast charging [6][7] Advanced Technology - The Haohan AI Digital Chassis includes advanced features such as a closed double-chamber air suspension and a 48V active stabilizer bar, enhancing ride stability and comfort [8] - The vehicle's body is constructed with 91% high-strength steel and aluminum alloy, achieving a torsional rigidity of 41,600 N·m/deg, and includes advanced safety features for collision avoidance [8] - The Qianli Haohan H7 and H9 systems provide advanced driving assistance, utilizing NVIDIA DRIVE Thor-U chip with 700 TOPS of computing power for real-time scenario processing [9] Design and Comfort - The Zeekr 9X features a luxurious interior with a spacious cabin of 6.3 square meters, accommodating six adults comfortably, and includes high-quality Nappa leather seating [12] - The vehicle boasts a powerful audio system developed in collaboration with Naim, featuring 3,868 watts of peak power and 32 speakers [13] - It introduces the Zeekr AI OS 7, the industry's first native AI intelligent cockpit operating system, enhancing user interaction through smart recommendations [13]

Core Viewpoint - Zeekr 9X has officially launched as a luxury flagship SUV, with a starting price of 465,900 yuan, and will begin deliveries on September 30 [1] Group 1: Product Features - Zeekr 9X is available in four versions: Max, Ultra, Hyper, and the曜黑版, with a limited-time price of 455,900 yuan after trade-in benefits [1] - The vehicle features a powerful hybrid system with over 1,400 horsepower, achieving 0-100 km/h acceleration in 3 seconds, and a top speed of 240 km/h [1] - It is equipped with a 70 kWh battery offering a pure electric range of 380 km, and a 55 kWh battery with a range of 300 km, both supporting ultra-fast charging [1] - The vehicle's dimensions include a length of over 5.2 meters and a wheelbase of nearly 3.2 meters, with a cabin area of 6.3 square meters and expandable trunk space of 2,148 liters [3] Group 2: Technology and Safety - The Zeekr 9X features the浩瀚AI digital chassis, closed double-chamber air suspension, and active stabilizer bar technology [2] - It incorporates advanced safety features, including a high-strength steel and aluminum body composition of 91%, achieving a torsional rigidity of 41,600 N·m/deg [2] - The vehicle is equipped with the千里浩瀚H7 and H9 driving assistance systems, featuring NVIDIA DRIVE Thor-U chips with a computing power of 700 TOPS and 1,400 TOPS respectively [2] Group 3: Interior and Comfort - The interior includes a 17-inch 3K OLED screen that can slide and adjust, along with a dual 16-inch 3.5K OLED display for the center and passenger [3] - The sound system, developed in collaboration with Naim, features 32 speakers and a peak power of 3,868 watts, supporting Dolby Atmos [3] - All seats are made of ultra-soft Nappa leather, and the vehicle includes a panoramic sunroof and electric privacy curtains [3]

Core Viewpoint - Zeekr Technology Group has demonstrated significant financial improvements in Q2 2025, with record high gross margins and revenue growth driven by strategic synergies with Lynk & Co [1][3]. Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-over-quarter increase of 24.6% and a year-over-year increase of 36.9% [1]. - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-over-year [1]. - For the first half of 2025, total revenue was 49.45 billion yuan, a year-over-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [3]. Cost Management - R&D expense ratio decreased to 7.8%, down 5.8 percentage points year-over-year, while selling and administrative expense ratio was 12.3%, down 1.2 percentage points year-over-year [3]. Strategic Synergies - The merger with Lynk & Co has led to three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies set to drive sales and financial performance [3]. Privatization Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of approximately $2.4 billion [4][5]. - The merger is expected to be completed by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [5].

Core Insights - Zeekr Technology Group reported significant financial improvements in Q2 2025, achieving record high gross margins and revenue growth [2] - The merger with Lynk & Co has led to strategic synergies that are enhancing financial performance and operational efficiency [3] Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-on-quarter increase of 24.6% and a year-on-year increase of 36.9% [2] - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-on-year [2] - For the first half of 2025, total revenue was 49.45 billion yuan, a year-on-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [2] Strategic Synergies - The merger has resulted in three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies [3] - New models such as Zeekr 9X and Lynk & Co 10 EM-P, along with advanced technologies, are expected to drive sales and financial performance [3] Merger Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of around $2.4 billion [3] - The merger agreement involves a share exchange where most investors are expected to opt for stock rather than cash, limiting cash outflow to about 30% [3] - The completion of the merger is anticipated by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [3]

Core Insights - Geely Auto's Zeekr Technology Group reported a 14.5% year-on-year increase in sales for the first half of 2025, delivering a total of 244,877 vehicles [1] - The strategic integration of Zeekr and Lynk & Co has led to significant operational improvements, with the company achieving positive operating profit for the first time under US GAAP in Q2 [1] - The R&D expense ratio decreased by 5.8 percentage points to 7.8%, while the selling and administrative expense ratio fell by 1.2 percentage points to 12.3% [1] Strategic Achievements - The merger has resulted in a clear restructuring of the brand matrix, with the China Star series of fuel vehicles experiencing growth, the Galaxy brand targeting the mainstream new energy market, Lynk focusing on trendy sports technology, and Zeekr concentrating on the high-end luxury segment [1] - Scale effects have significantly reduced R&D and management costs [1] - The launch of new models such as Zeekr 9X and Lynk 10 EM-P, along with new technologies like the Haohan Super Electric Hybrid and 900V high-voltage platform, is expected to drive continued sales and financial performance improvements [1]

Core Viewpoint - Zeekr's flagship SUV, the Zeekr 9X, is positioned as a key product for the company over the next three years, aiming to elevate the brand and the broader Geely Group in the luxury electric vehicle market [2][6]. Group 1: Product Features and Technology - The Zeekr 9X is marketed as a "flagship SUV of the new energy era," featuring advanced technologies such as the Haohan-S hybrid architecture, which supports a 900V high-voltage system, 6C ultra-fast charging, and a maximum power output exceeding 1000 kW [2][3]. - The vehicle boasts the longest pure electric range for hybrid SUVs, achieving a CLTC range of 380 kilometers, enhancing the hybrid experience across performance, range, and charging [2][3]. - The 9X incorporates a self-developed AI digital chassis designed to provide both stability and comfort akin to luxury brands like Rolls-Royce and off-road capabilities similar to Land Rover [3][4]. Group 2: Market Positioning and Strategy - Zeekr aims to challenge the traditional luxury SUV market, which has been dominated by imported brands, by offering a competitive alternative in the high-end segment [6][8]. - The company has set an ambitious annual sales target of 790,000 units, with Zeekr responsible for 320,000 units, although it has only achieved 90,000 units in the first half of the year, falling short of expectations [7][8]. - The introduction of the 9X is seen as a critical move to demonstrate Zeekr's capabilities and attract attention in the competitive luxury SUV market [8][26]. Group 3: Consumer Engagement and Marketing - Zeekr emphasizes the importance of consumer interaction and feedback in its marketing strategy, moving away from traditional one-way communication to a more engaging approach [11][12]. - The company plans to leverage the advanced technologies of the 9X to enhance the overall driving experience for consumers, with the potential for these technologies to be integrated into more affordable models in the future [6][10][22]. Group 4: Future Outlook and Development - The Zeekr 9X is positioned as a pivotal model that will not only elevate the brand's image but also serve as a precursor for future models, showcasing the company's commitment to innovation and luxury [6][24]. - The company is focused on long-term growth in the luxury market, aiming to establish itself as a top player in the segment while balancing product features to meet diverse consumer needs [24][26].