新能源汽车领域，吉利汽车2025年展现出强劲增长动力。纯电动汽车（BEVs）12月销量79,131部，较上年同期的76,963部同比增长3%，全年累计销量 1,073,805部，较上年同期的576,488部同比大幅增长86%；插电式混动汽车（PHEVs）成为增长亮点，12月销量75,133部，较上年同期的34,243部同比激增 119%，全年累计销量613,962部，较上年同期的311,747部同比增长97%。 出口方面，2025年12月吉利汽车出口量为40,310部，较上年同期的27,050部同比增长49%；全年累计出口420,097部，较上年同期的414,522部同比增长1%。 | | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期累計 | 同比參動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | (部) | (部) | (%) | (部) | (部) | (%) | | 吉利 | 172.799 | 156,780 | 10 | 2.449.939 | 1.669.003 | 47 | | 其中:银河 | 100,694 | 69. ...

11月的中国汽车市场，出人意料地没有迎来年底抢购的热潮。 经历过前两个月"省补"、"国补"的"突然"暂停或者结束之后，如今市场上最大力度的补贴只剩下了新能源车免征购置税的政策。 于是当11月的汽车整体销量以前所未有的速度下滑时，另一边的新能源渗透率却站上了前所未有的新高——59.3%，距离下一个60%的里程碑只有一步之 遥。 伴随渗透率剧烈变化的，还有车企的新能源销量排名。 | | | 2025年11月新能源厂商批发销量排行榜 | | | | | 2024年全年新能源厂商批发销量排行榜 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 车 | 销量 | 同比 | 市场份额 | 排名 | 主要 | 销量 | 同比 | 市场份额 | | 1 | 比亚迪汽车 | 474921 | -5.8% | 27.8% | 1 | 比亚迪汽车 | 4250370 | 41.4% | 34.8% | | 2 | 吉利汽车 | 187798 | 53.4% | 11.0% | 2 | 特斯拉中国 | 916660 | -3.3% | ...

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Geely Automobile (00175) and raises the target price to HKD 26.01, citing strong revenue growth and significant increases in total sales and core net profit for Q3 2025 [1] Financial Performance - In the first three quarters of 2025, Geely's total revenue increased by 26.5% year-on-year to CNY 239.48 billion, with a gross margin of 16.5%, up 0.3 percentage points year-on-year; core net profit rose by 59% to CNY 10.62 billion [1] - For Q3 2025, total revenue grew by 26.1% year-on-year and 14.7% quarter-on-quarter to CNY 89.19 billion, with a gross margin of 16.6% [1] Sales and Market Share - Geely's total sales in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up 17.2 percentage points year-on-year [2] - In Q3 2025, total sales rose by 42.5% year-on-year and 7.9% quarter-on-quarter to 761,000 units, with new energy vehicle sales making up 58.2% of total sales [2] New Model Performance - The Galaxy series has shown strong sales performance, with a year-on-year increase of 205.6% in the first nine months of 2025; new models like Galaxy M9 and Zeekr 9X are expected to drive further sales growth [2] Integration and Global Expansion - The privatization of Zeekr is progressing smoothly, with completion expected by the end of 2025; this integration is anticipated to optimize resources and enhance efficiency [3] - Geely aims to expand its global sales network to over 1,000 locations by 2026, with a target of exporting one million vehicles by 2027 [3] Profit Forecast - The company has raised its net profit forecasts for 2025, 2026, and 2027 by 10%, 3%, and 6% respectively, now projecting CNY 17.74 billion, CNY 19.18 billion, and CNY 21.23 billion [4]

Core Viewpoint - The Chinese new energy vehicle (NEV) industry is approaching a critical turning point as the exemption policy for NEV purchase tax is set to decline next year, leading to intensified competition between NEVs and traditional fuel vehicles [2][3]. Group 1: Industry Competition - The automotive industry is expected to enter a more competitive phase, with companies needing strong profitability to survive [2][3]. - The upcoming competition is described as a "淘汰赛" (elimination match), emphasizing the importance of profitability as the ultimate measure of success [3]. Group 2: Company Strategy - Geely has been integrating internal resources and emphasizing a unified strategy to enhance efficiency and reduce internal consumption [3]. - The company aims to complete the privatization merger of its brand Zeekr, with legal barriers removed and pending only ODI approval [3]. Group 3: Financial Performance - Geely's management expense ratio decreased from 2.4% to 1.8% year-on-year, with a notable drop to 1.5% in Q3 [3]. - R&D expenditure as a percentage of revenue fell from 7.2% to 6.1%, attributed to improved efficiency through platform integration [3]. - The profit growth rate (25% quarter-on-quarter) outpaced revenue growth (15% quarter-on-quarter) and sales growth (8% quarter-on-quarter) [4]. Group 4: Product and Sales Performance - The average selling price (ASP) of vehicles increased from 93,000 to 105,000, contributing to improved profitability [5]. - The core net profit per vehicle rose to approximately 5,200 yuan, a 16% increase from the first half of the year [5]. - Geely's fuel vehicle sales grew by 6.2% year-on-year, while NEV sales surged by 114%, exceeding the industry average growth rate by 33% [5][6]. Group 5: Global Expansion - Geely's NEV exports increased by 66% quarter-on-quarter, with expectations of 410,000 units for the year and a projected growth of 50%-70% next year [7]. - The overseas market is anticipated to become a significant profit growth driver, with net profit margins in international markets ranging from 5% to 10%, higher than domestic margins [7]. Group 6: Future Outlook - Geely plans to launch over 10 new models next year, indicating a continued focus on product development [6]. - The company is preparing for a competitive landscape where financial metrics, cost control, and cash flow will be critical for survival [7].

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and traditional internal combustion engine (ICE) vehicles Key Financial Metrics - **Sales Volume**: 2.17 million units in the first three quarters, a 46% year-over-year increase, surpassing the industry average growth rate of 14% [2][4] - **Market Share**: Increased to 10.2% in 2025, up from 8% in 2024 [11] - **Revenue**: Q3 revenue reached 89.2 billion RMB, a 27% year-over-year increase; total revenue for the first three quarters was 239.5 billion RMB, up 26% [2][4] - **Core Net Profit**: 3.96 billion RMB in Q3, a 19% year-over-year increase; cumulative core net profit for the first nine months was 10.62 billion RMB, up 59% [2][4][7] - **Gross Profit**: Q3 gross profit was 14.8 billion RMB, an 11% increase year-over-year, with a stable gross margin of 16.6% [2][7] Electric Vehicle Performance - **EV Sales**: 1.168 million units sold in the first three quarters, a 114% year-over-year increase; Galaxy series sales increased by 206% [2][5] - **Battery Sales**: 443,000 units sold in Q3, a 15% increase, with a penetration rate of 58% [5] - **Export Growth**: Q3 exports totaled 112,000 units, a 19% increase; cumulative exports reached 296,000 units, with EV exports up 24,018% [6][20] Cost Control and Profitability - **Cost Management**: Sales expense ratio decreased to 5.7%, and R&D expense ratio fell to 6.1% [7][14] - **Profit Margins**: Core net profit margin improved to 4.4% from 4.1% [7] Future Plans and Market Strategy - **New Model Launches**: Plans to introduce multiple new models in Q4, including compact plug-in hybrids and upgraded versions of existing models [3][9] - **Sales Target**: Aiming for 3 million units sold in 2025 [3] - **Global Expansion**: Continued focus on global market penetration, with plans to increase distribution network from 890 to 1,000-1,200 dealers [21] Industry Outlook and Policy Impact - **2026 Policy Changes**: Anticipated to drive a more mature automotive market; Geely expects minimal impact on profits due to strategic adjustments and new model launches [10][18] - **Market Concentration**: Increased market concentration with the top five manufacturers' market share rising from 38% in 2023 to 47-48% in 2025 [17] Technological Advancements - **Autonomous Driving**: Focus on enhancing autonomous driving technology, particularly in high-definition mapping and driver assistance features [22] - **Electric and Hybrid Technology**: Plans to upgrade electric motor and control systems to version 3.0, enhancing efficiency and performance [26] Challenges and Risks - **Market Competition**: The competitive landscape is expected to intensify, with smaller players likely to exit the market [10][16] - **Supply Chain Coordination**: Ongoing efforts to ensure the supply of components for high-end models amidst industry challenges [24] Conclusion Geely Automobile is positioned for significant growth in the EV market, with strong sales performance, effective cost management, and a clear strategy for future model launches and global expansion. The company is optimistic about navigating upcoming policy changes and market challenges while continuing to innovate in technology and product offerings.

Core Insights - Geely Automobile reported a record high revenue of 89.2 billion yuan for Q3 2025, marking a 27% year-on-year increase and a 15% quarter-on-quarter growth [1][3] - The net profit attributable to shareholders for Q3 2025 was 3.96 billion yuan, up 19% year-on-year and 25% quarter-on-quarter [3] - Geely's market share reached 10.2% in the first three quarters of 2025, reflecting a 28.1% year-on-year growth [3] Geely Automobile Financial Performance - Q3 2025 revenue: 89.2 billion yuan, a historical high, with a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [3] - Q3 2025 core net profit: 3.96 billion yuan, showing a year-on-year growth of 19% and a quarter-on-quarter growth of 25% [3] - Cumulative revenue for the first nine months of 2025: 239.5 billion yuan, up 26% year-on-year [3] - Cumulative core net profit for the first nine months of 2025: 10.62 billion yuan, a significant increase of 59% year-on-year [3] - Geely's sales volume reached 2.477 million units by the end of October 2025, achieving 82.6% of its annual target of 3 million units [1] Geely's Product Performance - The Galaxy series has surpassed 1 million units in sales this year, with the Xingyuan model consistently selling over 40,000 units per month [3] - The Zeekr brand is performing well in the high-end market, with the Zeekr 9X model receiving over 10,000 orders within 13 minutes of its launch [3] - Geely is positioned to potentially become the top-selling domestic car manufacturer if the growth trend continues into the next year [4] Xiaopeng Automobile Financial Performance - Xiaopeng Automobile reported a revenue of 20.38 billion yuan for Q3 2025, a remarkable year-on-year increase of 101.8% [5][7] - The net loss for Q3 2025 was 380 million yuan, significantly reduced compared to previous periods [5] - Q3 2025 vehicle deliveries reached 116,007 units, reflecting a year-on-year growth of 149.3% [5][7] - The gross margin for Q3 2025 was 20.1%, an increase of 4.8 percentage points year-on-year [5][7] - Cash reserves reached a record high of 48.33 billion yuan, with a quarter-on-quarter increase of 7.6 billion yuan [5][7] Xiaopeng's Market Position - Xiaopeng's Q3 2025 results indicate a strong growth trajectory, with significant increases in revenue, delivery volume, and gross margin [10] - The company's advancements in AI technology, including the recent humanoid robot launch, have sparked discussions and increased attention, suggesting potential for future profitability [10]

Core Insights - Geely Auto Holdings Limited reported strong sales growth for October 2025, with total sales reaching 307,133 units, a 35% increase compared to 226,686 units in the same month last year [3] - Year-to-date sales for 2025 reached 2,477,322 units, reflecting a 44% increase from 1,716,376 units in the same period last year [3] Brand Performance - Geely brand sales in October 2025 were 245,497 units, up 44% from 170,563 units year-on-year [1] - The Galaxy series under the Geely brand saw exceptional performance, with October sales of 127,476 units, a 101% increase from 63,492 units last year [2] - The Zeekr brand experienced a decline, with October sales of 21,423 units, down 14% from 25,049 units year-on-year [2] - Lynk & Co brand sales were 40,213 units in October 2025, a 29% increase from 31,074 units last year [2] New Energy Vehicles - The new energy vehicle segment showed significant growth, with pure electric vehicles (BEVs) selling 98,348 units in October, a 25% increase from 78,858 units year-on-year [2] - Cumulative sales of BEVs reached 892,072 units, a substantial 119% increase from 408,192 units in the same period last year [2] - Plug-in hybrid electric vehicles (PHEVs) saw remarkable growth, with October sales of 79,534 units, a 166% increase from 29,864 units year-on-year [4] - Year-to-date PHEV sales totaled 453,633 units, an 84% increase from 246,384 units last year [4] Export Performance - Geely's export sales in October 2025 were 41,568 units, a 23% increase from 33,904 units year-on-year [4] - Cumulative export sales for 2025 reached 337,696 units, a slight decline of 4% from 353,025 units in the same period last year [4]

Core Insights - In September, 10 out of 12 new energy vehicle (NEV) companies reported sales growth, indicating a positive trend for the first three quarters of the year [2] - However, only two new energy vehicle companies achieved over 75% of their annual sales targets, with nine companies falling below 50%, highlighting significant pressure to meet targets in the fourth quarter [2][5] - Traditional automakers showed a more optimistic performance, with three companies achieving over 70% of their sales targets, suggesting a better chance of meeting annual goals [2][8] New Energy Vehicle Companies - Among new energy vehicle companies, only Xiaopeng Motors and Leap Motor reached or exceeded a 75% target completion rate, with Xiaopeng selling 313,000 units (up 218%) and Leap Motor selling 396,000 units (up 129%) in the first nine months [4][6] - Xiaomi Motors also exceeded a 70% completion rate, selling 250,000 units (up 279%) [4] - Other companies, including Hongmeng Zhixing and Li Auto, faced challenges, with Hongmeng achieving only 34% of its target despite selling 344,000 units (up 10%) [6][10] - NIO sold 201,000 units (up 35%) but only reached 45% of its annual target [6][7] Traditional Automakers - BYD led traditional automakers with 3.219 million units sold (up 18%), achieving a 70% completion rate of its annual target of 4.6 million units [10] - Geely followed with 1.168 million units sold (up 114%) and a completion rate of 78% [10][11] - Changan and SAIC-GM-Wuling also exceeded 70% completion rates, with Changan selling 724,000 units (up 60%) [10][11] - Other traditional automakers like Chery and Great Wall Motors reported significant growth, with Chery selling 588,000 units (up 77%) [10][12]

Core Viewpoint - Geely Automobile Holdings Limited announced a share buyback plan with a maximum amount of HKD 2.3 billion, which will be executed in the open market after obtaining approval from the Hong Kong Stock Exchange [1][8] Financial Performance - In the first half of the year, the company achieved revenue of CNY 150.285 billion, a year-on-year increase of 27%, marking a historical high for the same period [3] - The net profit attributable to the parent company was CNY 9.290 billion, a year-on-year decline of 14%, but the core net profit, excluding foreign exchange losses, was approximately CNY 6.66 billion, representing a 102% increase compared to CNY 3.3 billion in the same period of 2024 [3] - The rapid growth in performance is attributed to a significant increase in sales, with total sales for Geely Holding Group reaching 1.9317 million units in the first half of 2025, a year-on-year increase of 30% [3] Sales Data - In September, Geely Automobile's monthly sales reached 273,125 units, a year-on-year increase of 35% [4][6] - For the first nine months of the year, total sales amounted to 2.170189 million units, a year-on-year increase of 46% [4][6] - The sales breakdown shows that the Geely brand grew by 55% to 1.785117 million units, while the Galaxy series saw a remarkable increase of 206% to 875,000 units [4][6] New Energy Vehicles - New energy vehicle sales surged by 126% to 725,200 units, contributing significantly to overall sales growth [3][4] - The Galaxy series has been a standout performer in the transition to smart new energy vehicles, with a rapid product rollout across various market segments [6][8] Future Outlook - Geely has raised its full-year sales target for 2025 from 2.71 million to 3 million units, with more new models set to launch in the second half of the year [8] - The Galaxy series model, Xingyao 6, is scheduled for release in October, with a pre-sale that began on September 26 [8]

Core Viewpoint - Beiqi Foton Motor's 2025 semi-annual report indicates a steady growth in both revenue and net profit, reflecting the company's robust operational performance and sustainable development strategy [1] Financial Performance - In the first half of 2025, Beiqi Foton achieved a revenue of 30.37 billion yuan, representing a year-on-year increase of 26.7% - The net profit attributable to shareholders reached 780 million yuan, up 87.6% compared to the previous year - The company reported an operating cash flow of 1.89 billion yuan, with a significant year-on-year growth of 415% [1] Market Strategy - Beiqi Foton is focusing on its core commercial vehicle business while promoting marketing innovation and leveraging both domestic and international markets, resulting in a sales volume of 327,000 units, a 9.1% increase year-on-year [1] - The company is implementing a "three comprehensive" strategy, emphasizing comprehensive internationalization, new energy, and intelligence to capitalize on industry transformation opportunities [2] International Operations - Despite global economic challenges, Beiqi Foton is committed to its internationalization strategy, enhancing product competitiveness and optimizing global business layout - The company achieved an export volume of 78,500 units in the first half of 2025, maintaining stability compared to the previous year [4] New Energy Development - Beiqi Foton's new energy business is experiencing rapid growth, with sales surpassing 50,000 units, reflecting a year-on-year increase of 151% and a market share rise to 12.5% [7] - The company is advancing its product matrix in new energy vehicles, including various models designed for mainstream markets, and is enhancing its core technology capabilities [6] Heavy-Duty Truck Performance - The heavy-duty truck segment has seen significant growth, with sales reaching 66,500 units, a year-on-year increase of 74.3% - Beiqi Foton is focusing on innovation and market expansion through new product launches and optimizing its marketing network [7] Industry Outlook - The Chinese commercial vehicle market is shifting from "scale growth" to "structural optimization," with new energy and exports as key growth drivers - Beiqi Foton's strategic alignment with industry trends positions it well for future growth, particularly in the context of the "dual carbon" policy and global market recovery [9]