事件评论 重新定义国产豪华旗舰SUV，极氪9X 带动品牌高端化持续上攻。超大豪华舒适空间，长宽高分别为 5239/2029/1819mm，轴距为3169mm，搭载32 扬声器Naim 殿堂之声音响系统、后排双零重力座椅、后 排17 英寸3K 娱乐屏、47 英寸AR-HUD 抬头显示等豪华配置。动力方面，极氪9X 搭载浩瀚超级电混， 全系基于900V 高压平台打造，搭载2.0T插混系统，三电机版零百加速仅3.1 秒。续航方面，搭载55 千 瓦时和70 千瓦时宁德时代电池，CLTC 综合续航超1200km，SOC 20%-80%仅需9 分钟。底盘层面，极 氪9X 配备双腔闭式空气悬架、双阀CCD 电磁减振系统，同时作为中国品牌首发48V 主动稳定杆，提供 极致舒适性。智能辅助驾驶方面，极氪9X 提供千里浩瀚H7 和H9 方案，其中H9 方案搭载双英伟达Thor 芯片，算力达1400TOPS，配备5 颗激光雷达，属于极氪H3级智能驾驶技术架构，预期实现高速和城市 快速路的L3 级智能驾驶。 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 ...

Core Viewpoint - The successful launch of the sixth orbital mission of the Geely Constellation marks a significant milestone in China's low Earth orbit satellite network, achieving a total of 64 satellites in orbit and completing the first phase of network deployment [1][2]. Group 1: Launch and Technical Achievements - The Geely Constellation successfully launched 12 satellites using the Jielong-3 rocket, which has a payload capacity of 1500 kg for a 500 km sun-synchronous orbit [2]. - The constellation can provide real-time satellite communication coverage in the latitude range of 60°N to 60°S, with a communication capacity of 340 million times per day, supporting 20 million users globally [1][3]. - The satellites offer stable transmission capabilities, with a single communication capacity of 1900 Bytes and strong anti-interference and anti-eavesdropping capabilities [1]. Group 2: Future Plans and Applications - Following the completion of the first phase of the constellation, plans are in place to launch an additional 8 backup satellites, bringing the total to 72 satellites in orbit [1]. - The Geely Constellation aims to enhance communication capacity and reliability, with future plans for 3 to 4 layers of satellite communication coverage globally [1]. - The satellite communication technology will empower smart connected vehicles, providing connectivity in areas without public network coverage, and is already being integrated into Geely's vehicle models [3]. Group 3: Global Expansion and Collaboration - Geely has established partnerships with over 20 countries across the Middle East, Southeast Asia, Central Asia, Africa, and Latin America, completing commercial communication tests with a success rate of 99.15% and network availability exceeding 99.97% [3].

Group 1 - Xiaomi Auto Technology Co., Ltd. has initiated a recall of 116,887 units of its standard version SU7 electric vehicles due to safety concerns related to the L2 highway navigation assist feature, which may not adequately recognize or respond to extreme scenarios, increasing the risk of collisions [1] - The recall affects specific models produced between February 6, 2024, and August 30, 2025, with 98,462 units of the XMA7000MBEVR2 model and 18,425 units of the BJ7000MBEVR2 model included [1] - Despite the recall, the Xiaomi SU7 has achieved a sales volume of 19,848 units, leading the mid-to-large sedan market and significantly outpacing the second-place Audi A6L by nearly 7,000 units [1][2] Group 2 - The automotive market is witnessing a shift towards new energy vehicles, with traditional fuel vehicles facing significant challenges [1] - The sales ranking indicates that the top five positions are dominated by new energy models, with the Audi A6L being the only traditional fuel vehicle in the top ten, selling 12,941 units in August [2] - Other new energy models, such as the Fengyun A9L, Galaxy Xingyao 8, and Nissan N7, have also shown strong sales, further emphasizing the trend towards electric vehicles [2]

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].

Core Viewpoint - The company, Zhongchuang Xinhang, has significantly enhanced its profitability, with a revenue increase of 31.7% to 16.419 billion RMB and a profit surge of 80.4% to 753 million RMB, indicating strong cost control and growth amidst industry competition [3]. Group 1: Financial Performance - Revenue increased by 31.7% to 16.419 billion RMB, while profit rose by 80.4% to 753 million RMB, reflecting effective cost management [3]. - Gross margin improved by nearly 2 percentage points to 17.5% quarter-on-quarter, showcasing the company's operational efficiency [3]. Group 2: Key Products and Market Position - The company's key products, the large cylindrical battery and the 5C ultra-fast charging battery, are driving scale effects and technological benefits [4]. - Zhongchuang Xinhang has achieved mass production of the high-power lithium iron phosphate R46 large cylindrical battery, primarily serving major clients like Geely and Dongfeng [4]. - Geely's sales data supports the order scale for Zhongchuang Xinhang's large cylindrical batteries, with the Galaxy Xingyao 8 model achieving sales of 10,187 units in May alone [5][6]. - The collaboration with Geely is stabilizing, with cumulative orders for the Galaxy A7 model exceeding 30,000 units since its launch [6]. Group 3: Technological Advancements - The company has successfully mass-produced high-nickel 46 large cylindrical cells with an energy density of 310 Wh/kg for a leading eVTOL client [6]. - The 800V 5C ultra-fast charging battery has been exclusively supplied to XPeng Motors for their new P7 model, allowing for rapid charging from 10% to 80% in just 12 minutes [6]. - The 5C ultra-fast charging technology has been applied to various XPeng models, establishing a competitive edge in the mainstream market [6]. Group 4: Market Expansion and Share - In the pure electric sector, the company has achieved monthly sales exceeding 20,000 units for its 5C ultra-fast charging batteries [7]. - Zhongchuang Xinhang has entered the supply chains of major global automakers, including Volkswagen, Hyundai, and Toyota, with a significant 30 GWh supply contract signed with Hyundai [7]. - The company's domestic market share reached a record high of 8.25% in July, indicating a clear "release of technological dividends" [8].

Group 1 - Geely Auto has officially become the title partner for the Hangzhou Marathon for the 2025-2026 season, providing comprehensive vehicle service support for the event [1] - Geely will reward outstanding Chinese athletes with locally produced vehicles, showcasing the strength of "Hangzhou Intelligent Manufacturing" [1] - The company plans to engage deeply with the marathon by organizing employee running groups, reflecting the spirit of self-improvement and challenge [1] Group 2 - Hangzhou is recognized as a fertile ground for Geely's ambitions, combining rich historical culture with vibrant technological innovation [3] - The Hangzhou Marathon is one of the oldest and most influential marathons in China, celebrated for its scenic route that blends natural beauty with urban development [3] - The marathon promotes a green, healthy, and sustainable urban development philosophy [3] Group 3 - Geely's sponsorship of the Hangzhou Marathon aligns with its previous support for major international sports events, including the 2022 Hangzhou Asian Games and the 2025 Harbin Winter Universiade [9] - The company will leverage its user ecosystem to form a "Geely Running Team" composed of employees, car owners, media friends, and partners to participate in the marathon [9] - Geely aims to enhance the event experience through smart technology and promote a sustainable lifestyle, showcasing the brand's commitment to intelligent technology and global appeal [9]

Group 1 - Geely Auto has officially become the naming partner for the Hangzhou Marathon for the 2025-2026 seasons, providing comprehensive vehicle service support for the event [1][10] - Geely will reward outstanding Chinese athletes with locally produced vehicles, the Geely Galaxy M9 and Galaxy Xingyao 8, showcasing the strength of "Hangzhou Manufacturing" [1][4] - The partnership reflects Geely's commitment to the spirit of sports and community engagement, as the company plans to organize employee running groups to participate in the marathon [1][10] Group 2 - Hangzhou Marathon is recognized as one of the oldest and most influential marathons in China, often referred to as the "most beautiful marathon" due to its scenic route [4][5] - Geely's involvement in the marathon aligns with its long-term strategy of focusing on core automotive business and continuous innovation in technology and sustainability [8][10] - The collaboration follows Geely's previous sponsorships of major international sports events, reinforcing its commitment to promoting a healthy and sustainable lifestyle [10]

Overall Analysis - The delivery volume of passenger cars is steadily recovering, with a total of 438,000 units delivered from August 11 to August 17, representing a 14.22% increase month-on-month. New energy vehicles accounted for 248,000 units, up from 219,000 units, marking a 12.94% increase, with a penetration rate of 56.6% [1] - The recovery in delivery volume is attributed to the resumption of production by companies like AITO after the summer break, and it is expected to continue rising with the upcoming peak sales months of September and October [1] Brand Analysis BYD - BYD delivered 65,000 units this week, the highest in nearly seven weeks, driven by price competition and internal market dynamics. However, challenges include product definition and competition from Geely [3] - Specific models like the Sea Lion 06 and Sea Leopard 06 are performing well, with deliveries of 5,800 and 5,600 units respectively. The Han L and Tang L models, however, are underperforming, with weekly deliveries below 1,000 units [3] Geely - Geely's deliveries reached 26,000 units this week, leveraging high configurations at low prices to capture market share from BYD. The Galaxy A7 model has seen rapid adoption, with 4,200 units delivered since its launch [5] - Other models like the Galaxy Starry 8 and Galaxy E5 are also performing well, indicating a strong competitive strategy against BYD [5] New Forces Li Auto - Li Auto delivered 5,600 units this week, maintaining stable sales. However, competition and public relations challenges have impacted performance. Future focus will be on the delivery of the i8 and the launch of the i6 [7] NIO - NIO's delivery of the L90 model reached 2,300 units, with expectations to hit 10,000 units soon. The company has also announced a price reduction for its 100 kWh battery, which may boost sales [8] Xpeng - Xpeng delivered 7,900 units this week, with a focus on new models like the P7 and the recently announced extended-range version of the X9. The company reported a gross margin of 17.3% for Q2 2025, driven by product mix optimization [9] AITO - AITO delivered 7,700 units this week, with production capacity gradually increasing post-summer break. Anticipation for the M7 model's major update is growing [11] Leap Motor - Leap Motor achieved over 10,000 deliveries this week and reported its first half-year net profit, becoming the second new force in China's automotive sector to achieve this milestone [12]

Core Insights - Geely Automobile reported strong mid-year performance for 2025, with revenue of 150.28 billion yuan, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million vehicles, up 47.4% year-on-year, achieving a core net profit of 6.66 billion yuan, a 102% increase year-on-year [1] Group 1: Financial Performance - In Q2 2025, Geely achieved revenue of 77.79 billion yuan, a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3% [1] - Total sales in Q2 2025 reached 705,000 units, with significant growth in the Galaxy series, which saw a year-on-year increase of 249.8% [1] - The gross profit margin in Q2 2025 was 17.1%, a decrease of 0.7 percentage points year-on-year but an increase of 1.3 percentage points quarter-on-quarter [1] Group 2: Product Strategy and Innovation - Geely plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand [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] - The GEA architecture supports the new vehicle cycle, enhancing the performance of the Zeekr, Lynk & Co, and Galaxy brands [3] Group 3: Market Position and Outlook - Geely's market share reached 10.4% in the first half of 2025, marking a 2.4 percentage point increase year-on-year [1] - The company is expected to achieve a net profit of 16.1 billion yuan in 2025, with a price-to-earnings ratio of 11.3X, maintaining a "buy" rating [3] - The transition to electric vehicles is progressing well, with scale effects expected to enhance profitability [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a strong performance in H1 2025, achieving revenue of 150.28 billion, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million units, up 47.4% year-on-year. The core net profit attributable to shareholders reached 6.66 billion, reflecting a significant year-on-year growth of 102% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 77.79 billion, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. Total sales volume for Q2 was 705,000 units, with year-on-year growth of 46.9% [7]. - The company’s market share reached 10.4% in H1 2025, marking a 2.4 percentage point increase year-on-year [7]. - The gross profit margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but an increase of 1.3 percentage points quarter-on-quarter [7]. Brand and Product Strategy - The company is entering a new product era supported by the GEA architecture, with a successful transition to new energy vehicles across its brands, including Galaxy, Lynk & Co, and Zeekr [2][7]. - In 2025, the company plans to launch 10 new energy models, with significant new releases from its various brands throughout the year [7]. Market Position and Outlook - The company is expected to maintain strong profitability due to scale effects and a solid foundation in fuel vehicles, alongside innovative overseas expansion strategies [2][7]. - The forecast for the company's net profit attributable to shareholders for 2025 is 16.1 billion, with a corresponding price-to-earnings ratio of 11.3X [7].