吉利汽车发布2025 年12 月销量。公司12 月销量23.7 万辆，同比+12.7%，环比-23.7%。 2025 年全年累计销量302.5 万辆，同比+39.0%。 事件评论 12 月总量交付同比持续增长，极氪9X 交付超1 万辆，超额完成全年目标。公司12 月销量23.7 万辆，同 比+12.7%，环比-23.7%。分车型来看，吉利品牌/领克/极氪销量分别为17.3/3.4/3.0 万辆，同比分别 +10.2%/+29.4%/+11.3%，环比分别-29.9%/-3.7%/+4.9%；吉利品牌中，银河12 月销量10.1 万辆，同比 +45.0%，环比-24.1%。出海方面，12 月出口4.0 万辆，同比+49.0%，环比-4.2%。分能源结构来看，12 月新能源销量15.4 万辆，同比+38.7%，环比-17.9%，新能源占比65.1%，同比+12.2pct，环比+4.6pct。 吉利汽车2025 年全年累计销量302.5 万辆，同比+39.0%，2025 年全年累计银河/领克/极氪销量分别为 123.6/35.0/22.4 万辆，同比+149.9%/+25.4%/-1.8%；2025Q4 全年累计总 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车 2025 年 12 月销量点评：超额完成全 年目标，极氪 9X 月交付过万 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 报告要点 [Table_Summary] 吉利汽车发布 2025 年 12 月销量。公司 12 月销量 23.7 万辆，同比+12.7%，环比-23.7%。2025 年全年累计销量 302.5 万辆，同比+39.0%。新平台赋能，吉利汽车有望开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能源转型顺利推进，规模效应逐步 凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打开海外新空间。 智能化战略即将开启，加速提升智驾能力。整车强势新周期下盈利具备较大弹性。 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉利汽 ...

围绕这一判断，李书福总结了吉利近期在电动智能化转型中的阶段性成果。在电动化领域，吉利已在电 池、电混及高压架构等三电技术上形成突破，并推动银河、领克、极氪等品牌的高端智能新能源车型加 速落地。 在智能化层面，吉利构建了覆盖算力、算法与应用的"全域AI"技术体系，辅助驾驶系统开始规模化上 车，同时以安全为核心，推进智能汽车全域安全能力建设。 此外，李书福在致辞中多次强调"天地一体化"战略的现实进展。随着吉利星座完成一期组网、eVTOL项 目进入关键节点、Robotaxi商业化探索提速，吉利试图将汽车产业边界从单一整车制造，延展至立体 化、智能化的出行生态体系，以支撑智能网联汽车的长期演进。 （文/观察者网 张家栋 编辑/高莘） 12月30日，吉利控股集团董事长李书福发表2026年新年致辞。在致辞中，李书福系统回顾了吉利发展的 关键转折点，并围绕电动化、智能化、全球化及人才体系，明确了下一阶段的发展方向。 吉利控股集团董事长李书福 吉利控股集团官网 李书福表示，吉利40年的发展并非线性增长，而是在多次重大抉择中完成转型升级。从早期制造业探 索，到进入汽车产业，再到主动跳出低价竞争、并购沃尔沃以及全面拥抱新能源和智 ...

以下文章来源于妙投APP ，作者Eastland 2025年12月1日，吉利汽车（ HK：00175 ）披露了"十一月销量"——前11个月累计售出278.8万辆、 同比增长42%；其中新能源车153.4万辆、同比增长97.4%。 根据各车企公布的2025年1~11月销量数据，销量排名前五的是：比亚迪（ 418.2万 ）、上汽集团（ 410.8万 ）、吉利汽车、长安汽车（ 265.8万 ）、奇瑞汽车（ 240万 ）。 本文分析吉利汽车销量的增长潜力。 总销量涨势喜人 1）即将突破300万大关 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜视觉中国 2017年，吉利汽车销量首次突破100万辆——全年销128万辆、同比增长41.6%，超额完成销量目标 （ 110万辆 ）。 2018年~2022年，吉利汽车连续五年没有完成年初公布的销量目标。其中2019年、2020年销量连续 负增长。 2023年，吉利汽车终于完成年初公布的销量目标。 2024年H1，吉利汽车累积销量达95.6万辆，超过全年目标的50%。由于下半年销量通常大于上半 年，吉 ...

吉利控股集团以10%的全球BEV市场份额位列全球第三，第三季度销量同比增长51%。集团旗下银河与 极氪两大品牌在中国经济型及中端电动车市场表现突出，持续推动销量增长。 中新网北京12月11日电(记者 吴涛)10日，科技研究咨询公司Counterpoint Research发布数据报告称， 2025年第三季度，全球新能源汽车销量同比大幅增长32%。 特斯拉以超过13%的全球份额排名第二，2025年第三季度销量同比增长7%。今年特斯拉销量提升主要 受益于改款Model Y的表现，以及在中国推出的长轴距版Model Y。(完)【编辑:于晓艳】 在车企层面，比亚迪集团在2025年第三季度以近60万辆的BEV继续稳居全球市场第一，同比增长33%。 该公司在欧洲、东南亚和拉美等海外市场表现强劲，出口量超过15万辆，海外市场贡献率达27%。 其中，纯电动车(BEV)继续占据主导地位，占全球电动汽车销量的三分之二，其销量较去年同比增长 32%。插电式混合动力汽车(PHEV)也实现温和增长，同比增长6%。 报告称，第三季度BEV普及率创下新高，占全球乘用车销量的18%，高于去年同期的14%。中国仍是全 球增长的核心动力，贡献了 ...

Core Viewpoint - The company's performance in Q3 2025 met expectations, with significant revenue growth driven by increased sales and an optimized product matrix [1][2]. Performance Review - For the first three quarters of 2025, the company's revenue increased by 43% year-on-year to 239.5 billion yuan, while net profit attributable to shareholders remained flat at 13.1 billion yuan [1]. - In Q3 2025, operating revenue rose by 48% quarter-on-quarter and 15% year-on-year to 89.2 billion yuan, with net profit attributable to shareholders increasing by 56% quarter-on-quarter and 6% year-on-year to 3.82 billion yuan [1]. Development Trends - Sales volume surged by 46% year-on-year to 2.1702 million vehicles in the first three quarters of 2025, with Q3 2025 sales increasing by 43% quarter-on-quarter and 8% year-on-year to 761,000 vehicles [1]. - By brand, sales in Q3 2025 were 53,000 for Zeekr, 87,000 for Lynk & Co, and 327,000 for Galaxy, with quarter-on-quarter increases of 7%, 7%, and 13% respectively [1]. - The company is focusing on overseas markets, with Q3 2025 export sales increasing by 19% quarter-on-quarter to 112,000 vehicles [1]. Profitability and Quality Improvement - The gross profit margin in Q3 2025 improved by 1 percentage point year-on-year to 16.6%, benefiting from economies of scale and enhanced profitability of new energy vehicles [2]. - The company effectively managed expenses, with the combined sales, management, and research expense ratio decreasing by 0.7 percentage points quarter-on-quarter to 12.4% [2]. Shareholder Returns and Product Upgrades - The company announced a large-scale share buyback plan in Q3 2025, demonstrating a commitment to shareholder returns [2]. - The product strategy focuses on full-domain intelligence, with new models like the Galaxy A7 and Zeekr 9X set to launch in the second half of the year [2]. Profit Forecast and Valuation - Due to a strong new car cycle and the ramp-up of models like Galaxy M9 and Lynk & Co 900, the company raised its net profit forecasts for 2025 and 2026 by 4.5% and 11.9% to 16.9 billion yuan and 19.7 billion yuan respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 9.4 times for 2025 and 8.0 times for 2026, with a target price of 26.00 HKD, indicating a potential upside of 51.2% from the current price [2].

Core Insights - Geely's first global electric vehicle, the Geely International EX5, was launched in the UK on October 23 [1] - Geely's CEO, Gan Jiayue, stated that the Lynk & Co brand will collaborate with the Volvo dealer network to accelerate retail market expansion in Europe [1] - The Galaxy brand models are set to be updated in other major European markets by 2026, with future models like the Galaxy Xingyuan and Xingjian 7 planned for the European market [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 - 1 - 14,337 19 120,943 3 ( 273,125 35 | | （部） | （部） | (%) | （部） | （部） | (%) | | --- | --- | --- | --- | --- | --- | --- | | 吉利 | 221,966 | 154,813 | 43 | 1,785,117 | 1,151,214 | 55 | | 其中: 銀河 | 120,868 | 52,311 | 131 | 874,985 | 286,276 | 206 | | 極氪 | 18,257 | 21,333 | -14 | 143,600 | 142,873 | 1 | | 領克 | 32,902 | 25,803 | 28 | 241,472 | 195,603 | 23 | | | 273,125 | 201,949 | 35 | 2,170,189 | 1,489,690 | 4 ...

Core Insights - Gao Weida Software Co., Ltd. recently held a notable roadshow that attracted numerous institutional participants [1][2] Group 1: Event Details - The investor relations activity was categorized as a roadshow, taking place on September 23, 2025, from 19:00 to 19:41 via a conference call [2] - A total of 38 institutions participated, including representatives from Ant Group and Dongwu Securities, with Gao Weida's Secretary and CFO, Gao Yuan, and Vice President, Xiong Guisheng, present [2] Group 2: Collaboration Advantages and Synergies - The roadshow highlighted the rationale behind Ant Group's choice of Gao Weida as a partner, emphasizing Ant Group's strong capabilities in blockchain and privacy computing, along with its established technologies like Ant Chain and Ant Shield [3] - Gao Weida, as a leading financial technology company in A-shares, has extensive experience in financial information services, creating a complementary relationship where Ant Group's technological strengths and Gao Weida's service network can enhance the application of AI technologies in financial services [3] Group 3: Reasons for Collaboration - The collaboration aligns with industry trends, as AI and big data are seen as core areas for future financial technology, with IDC predicting the global fintech market to exceed $450 billion by 2025, and China experiencing an 18.7% growth rate [4] - Both companies have a strong mutual need to integrate technology with financial institution scenarios, aiming to establish a competitive edge in the financial AI application sector [4] Group 4: Addressing Financial Institutions' Pain Points - The collaboration focuses on five core areas, including credit fraud prevention and intelligent risk control, which directly address challenges faced by financial institutions such as escalating fraud difficulties and low risk control efficiency [5] - For instance, in credit fraud prevention, Ant Group's technology will be combined with Gao Weida's understanding of financial clients' risk control scenarios for product development and optimization [5] Group 5: Procurement and Profitability - The procurement plan will align with the progress of collaborative projects, prioritizing key modules like credit fraud prevention and AI traffic operations [6] - The profitability framework will be based on joint solution sales and technical service fees, with a differentiated pricing strategy tailored to various collaboration scenarios, ensuring mutual benefits based on contributions in technology development and customer service [6]

Core Points - Lynk & Co officially launched its first mid-to-large plug-in hybrid sedan, the Lynk 10 EM-P, with a starting price of 163,800 yuan [1] - The vehicle features an original design, luxurious quality, and is equipped with a smart electric four-wheel drive system and laser radar [3][4] - The integration of Lynk & Co and Zeekr is not a simple merger; both brands will maintain their distinct positioning, with Zeekr focusing on higher-end products and Lynk & Co expanding its offerings [5][8] Product and Technology - Lynk 10 EM-P is the first sedan to feature the Nvidia Thor driving assistance chip, supporting the H7 driving assistance solution [3] - The collaboration allows for shared technology and cost optimization, enhancing the competitive edge of both brands [10] - The pricing strategy for Lynk 10 EM-P considers market conditions, user demand, and competitive landscape, ensuring that the product's value exceeds its price [9] Market Strategy - Lynk & Co will take over the pure electric A-class and plug-in hybrid A+ class markets, while Zeekr will focus on B-class and above [5][12] - The number of channels for both brands is expected to increase by over 100 in the second half of the year, primarily targeting lower-tier markets [6][11] - The brands are implementing a "big after-sales" and "big channel" system, optimizing operational costs in lower-tier cities through a dual-brand model [11] Brand Positioning - Lynk & Co aims to diversify its energy offerings, including fuel vehicles and new plug-in hybrids, while avoiding large pure electric models [12] - The integration is designed to create synergies in technology, marketing, and channel management, enhancing overall operational efficiency [10][11]