智通财经记者 | 周姝祺 极氪距离回归吉利汽车再进一步。 日前，在吉利汽车中期业绩报告披露会上，吉利汽车控股有限公司行政总裁桂生悦接受智通财经等媒体 表示，在9月吉利汽车股东大会和极氪科技股东大会都通过要约收购协议后，极氪即与吉利汽车完成法 律上合并，整体交割工作预计在年底前完成。 一个月前，吉利汽车（HK：0175）与极氪（NYSE：ZK）正式签署合并协议，吉利汽车将收购其尚未 持有的全部极氪股份（34.3%），极氪股东可选择以现金或置换吉利汽车股份作为对价。合并完成后， 极氪将成为吉利汽车的全资附属公司，并于纽交所退市。 吉利汽车对极氪的正式购买价为每股2.687美元或每股美国存托股票26.87美元。如果采用全现金方式回 收股份，将占用吉利汽车现金流达到24亿美元（约合人民币172.44亿元）。 桂生悦透露，多数极氪投资者选择换股，转而持有合并后吉利汽车的股票。以目前吉利汽车现金储备量 计算，足以支付这笔收购费用。根据吉利汽车中期业绩报数据，该公司总现金水平为588亿元。 极氪整合回归吉利汽车，服务于吉利控股集团于去年制定的"一个吉利"战略计划。这是吉利汽车时隔10 年再度提出内部品牌和资源协同整合，旨在 ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company is expected to experience high growth driven by the release of potential new vehicles and strategic integration, which will facilitate profit release from the second half of 2025 onwards [6][7]. - The net profit forecasts for 2025-2027 have been adjusted upwards to 156.6 billion, 179.7 billion, and 215.7 billion RMB, respectively, corresponding to EPS of 1.7, 1.9, and 2.2 RMB [6]. - The company has raised its annual sales target for 2025 to 3 million vehicles, supported by the platform-based cost advantages and the launch of several new models [7]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 179.204 billion RMB, with a year-on-year growth of 21.1%. By 2025, revenue is expected to reach 330.103 billion RMB, reflecting a growth rate of 37.4% [7]. - The net profit for 2023 is estimated at 5.308 billion RMB, with a significant increase of 213.3% in 2024, followed by a slight decrease of 5.9% in 2025 [7]. - The gross margin is expected to improve from 15.3% in 2023 to 17.1% by 2027, while the net margin is projected to rise from 3.0% to 5.4% over the same period [7].

Investment Rating - Maintain OUTPERFORM rating with a target price of HK$27.45 [2][4][12] Core Insights - The company achieved a revenue growth of 27% YoY in H1 2025, reaching Rmb150.28 billion, slightly above market expectations, with vehicle sales increasing by 47% YoY to 1.409 million units, resulting in a market share of 10.4% [5][13] - The company aims to narrow the market share gap with the industry leader to less than 4% and ultimately overtake them [5][13] - The gross margin for H1 2025 was reported at 16.4%, a slight decrease of 0.3 percentage points YoY [5][13] - The net cash position stood at Rmb38.91 billion, indicating a strong liquidity position [5][13] Financial Performance - The reported net profit attributable to shareholders was Rmb9.29 billion, down 14% YoY, but core net profit surged 102% YoY to Rmb6.66 billion [5][14] - Selling and administrative expenses (SG&A) saw a significant reduction, with the selling expense ratio at 5.6% and administrative expense ratio at 1.9%, reflecting improved efficiency from brand integration [5][14] - R&D spending decreased by 8.6% YoY to Rmb8.35 billion, with the R&D-to-revenue ratio at 5.6% [5][14] Strategic Developments - The merger with Zeekr is on track, pending shareholder approvals, aiming to streamline operations and enhance efficiency [6][15] - Post-merger, the company will focus on four distinct brands: Geely Auto, Geely Galaxy, Zeekr, and Lynk & Co, with a strategy to accelerate new model launches in H2 2025 [6][15] - The company emphasizes a shift towards fair and high-quality growth in the automotive market, moving away from price wars [6][15] Product Pipeline - Key new launches in H2 2025 include: 1. Galaxy A7, launched in August, targeting the Rmb100k PHEV sedan segment [7][16] 2. Galaxy M9, a flagship PHEV SUV expected in Q3 [7][16] 3. Galaxy Xingyao 6, a compact PHEV sedan launching in Q4 [7][16] 4. Zeekr 9X, set to launch in Q3 as a new tech flagship [7][16]

Core Insights - The company reported a revenue of 150.285 billion yuan for 1H25, a year-on-year increase of 40%, while the net profit attributable to shareholders was 9.29 billion yuan, a year-on-year decrease of 12% [1] - In 2Q25, revenue reached 77.79 billion yuan, reflecting a quarter-on-quarter increase of 41% and a year-on-year increase of 7%, while net profit dropped 60% year-on-year to 3.62 billion yuan, primarily due to one-time gains in the previous year [1] Performance Trends - Total sales volume surged by 47% year-on-year to 1.409 million vehicles in 1H25, driving a 40% increase in total revenue [1] - New energy vehicle sales soared by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [1] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [1] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million vehicles for the year [1] Profitability and R&D - The gross margin for 1H25 decreased by 0.3 percentage points to 16.4%, mainly due to intensified competition in domestic terminal prices, although profitability from GEA architecture models mitigated some price pressures [2] - The company achieved a 21.3% year-on-year increase in R&D investment to 7.33 billion yuan, focusing on advanced driving assistance systems and new architecture development [2] - Core operating profit for 1H25 increased by 102% year-on-year to 6.66 billion yuan, indicating a trend of profit recovery [2] Strategic Initiatives - The company is advancing its "One Geely" strategy to enhance brand integration and resource synergy [2] - Global expansion efforts include investments in Renault Brazil to leverage its production and distribution networks in the Latin American market, as well as the commencement of operations at its Egypt factory and trial production at its Indonesia base [2] - The company plans to launch new products equipped with advanced driving technologies, covering a range from budget to luxury markets [2] Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 10.8 times and 9.8 times the earnings for those years [3] - The target price is set at 26.00 HKD, implying a potential upside of 37.2% based on the projected earnings multiples for 2025 and 2026 [3]

Core Viewpoint - Geely is positioned to challenge BYD's dominance in the NEV market, with expectations of revenue growth and improved profitability driven by domestic market share expansion and overseas growth initiatives [1][10]. Financial Performance - In 2Q25, Geely's revenue grew by 7.3% QoQ to RMB77.8 billion, while core net profit slightly decreased to RMB3.2 billion from RMB3.5 billion in 1Q25 [1][2]. - The gross margin improved by 1.3 percentage points QoQ to 17.1%, although it eroded by 0.7 percentage points YoY due to lower sales from higher-margin exports and increased marketing expenses [2][6]. - The company maintains a 2025 net profit forecast of RMB15 billion and raises the 2026 forecast by 13% to RMB20 billion, reflecting higher volume assumptions and positive margin outlook [1][6]. Market Strategy - Geely's management has outlined a comprehensive global expansion strategy, restructuring operations into five regional hubs to enhance local expertise while maintaining global coordination [3]. - The company aims to increase its domestic market share, having secured 11.44% of the NEV market in 1H25, and plans to launch several new models to fill product gaps in cost-sensitive segments [3][7]. - Geely's dual-track export strategy will include both ICE and NEV models, with a forecasted 50% YoY increase in overseas volume to 600,000 units in 2026 [8]. Technological Advancements - A major integration of Geely's intelligent driving units has been executed, consolidating teams to enhance technological capabilities and streamline resources [4][5]. - This consolidation is expected to reinforce Geely's leadership in autonomous driving technology and innovation [5]. Valuation - Geely's shares are currently trading at a significant discount, with a P/E ratio of 12x for 2025E and 9x for 2026E, compared to BYD's 18-20x [9]. - The target price has been raised to HK$32.00 based on a 15x 2026E P/E multiple, reflecting confidence in Geely's potential to close the valuation gap with BYD [10].

Core Viewpoint - The company demonstrated strong performance in 1H25, with total revenue increasing by 26.5% year-on-year to 150.28 billion yuan, driven by rapid growth in vehicle sales and internal efficiency improvements [1] Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, a year-on-year increase of 26.5% [1] - Gross margin decreased by 0.3 percentage points to 16.4% [1] - Net profit attributable to shareholders fell by 13.9% to 9.29 billion yuan, while core net profit increased by 102% to 6.66 billion yuan [1] Group 2: Sales Growth - Total vehicle sales in 1H25 rose by 47.4% to 1.409 million units, with new energy vehicle sales increasing by 126.5% to 725,000 units, accounting for 51.5% of total sales [1] - Specific brand performances included Galaxy sales up by 232%, Zeekr by 3%, and Lynk & Co by 22% [1] Group 3: Cost Efficiency - Selling, general and administrative (SG&A) expense ratio decreased by 1.7 percentage points to 7.5% [1] - Sales expense ratio and administrative expense ratio decreased by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [1] Group 4: Future Outlook - The company expects sales growth to continue in 2H25 with new models like Galaxy A7, Galaxy M9, and Lynk & Co 10EM-P ramping up production [2] - The annual sales target has been raised by 11% to 3 million units, with 47% achieved in 1H25 [2] - Integration of Lynk & Co and Zeekr is expected to enhance internal resource optimization and efficiency [2] Group 5: Strategic Initiatives - The company is advancing its "One Geely" strategy, with plans to complete the acquisition of Zeekr by the end of 2025 for approximately 2.4 billion USD [3] - Globalization efforts are underway, with a focus on expanding overseas markets despite a 7.7% decline in export sales in 1H25 [3] - The smart driving business has been integrated into a joint venture, which is expected to accelerate the production and iteration of smart driving solutions [3]

Core Viewpoint - The overall performance of the company meets expectations, with strong resilience in various segments despite losses in the Zeekr brand [2] Financial Performance - In Q2 2025, the company sold 704,000 new vehicles, with revenue reaching 77.79 billion yuan, reflecting a year-on-year increase of 41.5% [1] - The gross profit margin for Q2 2025 was 17.1%, with a net profit of 3.16 billion yuan, showing a year-on-year increase of 74.7% [1] - For the first half of 2025, total vehicle sales reached 1.408 million, with revenue of 150.285 billion yuan, a year-on-year increase of 26.5% [1] Cost and Expenses - The sales, administrative, and R&D expense ratios for Q2 2025 were 6.1%, 1.9%, and 5.1%, respectively, indicating a slight increase in sales and R&D expenses [1] - The company faced increased R&D expenses due to new vehicle development, contributing to losses in the Zeekr segment [2] Segment Performance - The Zeekr brand reported a loss of 580 million yuan in Q2, primarily due to changes in vehicle model sales and high R&D costs [2] - Other segments, particularly the Galaxy series, showed strong performance with a net profit of 3,300 yuan per vehicle, indicating resilience amid price competition [2] Future Outlook - The company is optimistic about its future operations, driven by a strong new vehicle cycle and low-cost production strategies [3] - Upcoming models, including the Galaxy M9 and Zeekr 9X, are expected to enhance the company's market position [3] - The company maintains profit expectations of 16.6 billion yuan, 19.68 billion yuan, and 24 billion yuan for 2025, 2026, and 2027, respectively [3]

Core Viewpoint - The company reported Q2 2025 revenue of 77.79 billion yuan, with year-on-year and quarter-on-quarter growth of 28.4% and 7.3% respectively, while net profit attributable to shareholders was 3.62 billion yuan, showing a decline of 60.0% year-on-year and 36.2% quarter-on-quarter, indicating overall performance in line with expectations [1] Group 1: Revenue and Sales Performance - The company achieved total sales of 705,000 units in Q2, reflecting a year-on-year increase of 46.9% and a slight quarter-on-quarter increase of 0.2% [1] - The average selling price (ASP) per vehicle was 110,000 yuan, with a year-on-year decrease of 12.6% and a quarter-on-quarter increase of 7.1%, primarily due to price competition and an increase in the sales proportion of lower-priced models [1] - The company expects ASP to improve with the upcoming launch of higher-priced models such as the Zeekr 9X in the second half of the year [1] Group 2: Profitability and Margins - The gross margin for Q2 2025 was 17.1%, with a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 1.3 percentage points, attributed to economies of scale and enhanced profitability of new energy products [1] - The overall profit per vehicle was 4,500 yuan (excluding foreign exchange and subsidiary sales impacts), showing significant year-on-year improvement of 64.59% [2] Group 3: Expenses and Other Income - The expense ratios for sales, R&D, and administrative costs in Q2 were 6.1%, 5.1%, and 3.7% respectively, with year-on-year changes of -0.1, -0.4, and +1.0 percentage points, and quarter-on-quarter changes of +1.1, +0.6, and +1.8 percentage points [2] - Other income for Q2 was 1.17 billion yuan, with a year-on-year increase of 156.4% but a quarter-on-quarter decrease of 67.5%, including foreign exchange gains of approximately 450 million yuan [2] Group 4: Future Outlook and Profit Forecast - The company plans to launch several new energy models by the end of the year, including the Galaxy M9 and Zeekr 9X, contributing to an upward revision of the annual sales target to 3 million units [3] - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 15 billion, 22.1 billion, and 29.5 billion yuan respectively, with corresponding price-to-earnings ratios of 12, 8, and 6 times, maintaining a "buy" rating for the company [3]

Core Viewpoint - The company's Q2 2025 performance aligns with expectations, showing a significant increase in revenue but a decline in net profit due to various factors including pricing competition and changes in product mix [2][3]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 77.79 billion yuan, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3% [2]. - The net profit attributable to the parent company was 3.62 billion yuan, reflecting a year-on-year decrease of 60.0% and a quarter-on-quarter decrease of 36.2% [2]. - The total sales volume for Q2 was 705,000 units, with a year-on-year increase of 46.9% and a quarter-on-quarter increase of 0.2% [3]. Margin and Cost Structure - The gross margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 1.3 percentage points [3]. - The company’s operating expenses for sales, R&D, and administrative costs were 6.1%, 5.1%, and 3.7% respectively, with year-on-year changes of -0.1%, -0.4%, and +1.0 percentage points [3]. Other Income and Profitability - Other income for Q2 2025 was 1.17 billion yuan, with a year-on-year increase of 156.4% but a quarter-on-quarter decrease of 67.5% [3]. - Excluding foreign exchange impacts, the adjusted net profit was approximately 3.17 billion yuan, with a year-on-year increase of 141.8% and a quarter-on-quarter decrease of 9.0% [3]. Future Outlook and Investment Rating - The company plans to launch several new energy vehicle models by the end of the year, including the Galaxy M9 and Zeekr 9X, which are expected to improve the average selling price (ASP) [4]. - The annual sales target has been revised upward to 3 million units, leading to an increase in profit forecasts for 2025, 2026, and 2027 to 15 billion, 22.1 billion, and 29.5 billion yuan respectively [4]. - The company maintains a "buy" rating with projected price-to-earnings ratios of 12, 8, and 6 for the respective years [4].