新浪科技讯 1月10日上午消息，据外媒报道，吉利控股正考虑向美国市场扩张，极氪和领克等品牌或是 首选。针对该消息，截至发稿前，吉利控股方面暂未置评。 报道称，吉利控股全球传播总监阿什・萨特克利夫（Ash Sutcliffe）在CES上接受外媒采访时表示，公 司很可能在未来24至36个月内就其在美国的扩张计划发布公告，极氪和领克等品牌可能很适合美国市 场。 萨特克里夫表示，目前最大的问题是何时进入美国以及前往哪些地区。吉利尚未在美国寻找生产基地， 但暗示沃尔沃位于南卡罗来纳州的装配厂可能是一个理想地点。 责任编辑：江钰涵 萨特克里夫表示，目前最大的问题是何时进入美国以及前往哪些地区。吉利尚未在美国寻找生产基地， 但暗示沃尔沃位于南卡罗来纳州的装配厂可能是一个理想地点。 责任编辑：江钰涵 新浪科技讯 1月10日上午消息，据外媒报道，吉利控股正考虑向美国市场扩张，极氪和领克等品牌或是 首选。针对该消息，截至发稿前，吉利控股方面暂未置评。 报道称，吉利控股全球传播总监阿什・萨特克利夫（Ash Sutcliffe）在CES上接受外媒采访时表示，公 司很可能在未来24至36个月内就其在美国的扩张计划发布公告，极氪和领克等 ...

2025年，吉利控股集团全球总销量4,116,321辆，同比增长26%，实现连续五年快速增长，年销首次突破 400万大关，创历史新高；其中新能源销量2,293,099辆，同比增长58%，新能源渗透率56%，成为集团 市场增长的主要驱动力，在全球车企中处于领先地位。 面对中国汽车产业格局调整与价值链重构的多重挑战，吉利始终坚定技术创新驱动电动智能化转型，构 建了涵盖纯电、超级混动、醇氢电动的多元立体新能源矩阵，为用户提供丰富选择。同时在汽车安全、 绿色发展、人机交互、辅助驾驶、低轨卫星等关键技术领域持续突破，推动汽车产业向高端化、智能化 与绿色化转型，形成聚力向上的全球发展势能。 量质齐升，新能源智能化转型纵深突破 吉利汽车控股有限公司2025年总销量3,024,567辆，超额完成年中上调后的300万辆年度销量目标，同比 增长39%，创历史新高。新能源增长迅猛，全年总销量1,687,767辆，同比增长90%。吉利银河品牌全年 销量124万辆，同比增长150%，超额完成"百万银河"销量目标；领克品牌全年销量35万辆，同比增长 23%，创历史新高；极氪品牌全年销量22.4万辆，12月单月交付突破3万辆，极氪9X成为 ...

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 ...

Group 1 - Xiaomi Auto reported a monthly delivery of over 50,000 units in December 2025, achieving an annual cumulative sales of approximately 410,000 units, exceeding the annual sales KPI by about 20% [1] - Xiaomi Auto introduced a new "3 years 0 interest" installment plan for the YU7 model, with a down payment starting at 74,900 yuan and monthly payments as low as 4,961 yuan [1] - Xiaomi Auto expanded its channel network by adding 36 new stores in December, bringing the total to 477 stores across 138 cities, with plans to add 9 more stores in January 2026 [1] Group 2 - Huawei's HarmonyOS vehicle brand, Hongmeng Zhixing, delivered 89,611 units in December, marking a historical high for four consecutive months, with a total annual delivery of 589,107 units, a year-on-year increase of 32% [2] - The sales of Dongfeng Mengshi reached 3,002 units in December, with an annual total of 10,228 units, reflecting a year-on-year growth of 387% [2] - Geely Auto's sales exceeded 60,000 units in December, with the Zeekr brand selling 30,267 units and Lynk & Co selling 33,751 units, while setting a 2026 sales target of 3.45 million units, a 14% increase from 2025 [2] Group 3 - Zhiji Auto achieved a total sales of 81,017 units in 2025, marking a historical high, and reported its first full-cost profitability in December [3] - The Ministry of Commerce announced that the "old-for-new" program in 2025 generated sales exceeding 2.6 trillion yuan, benefiting over 360 million people, with over 11.5 million vehicles involved [3] - The 2026 automotive "two new" policy is expected to stabilize market growth and promote new vehicle consumption, with an estimated 12 million vehicles expected to benefit from the "old-for-new" policy [4]

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 ...

Core Insights - The transition of the new energy vehicle industry from "quantity accumulation" to "quality leap" is reshaping the global competitive landscape, with Geely's strategy evolving from internal organization integration to a broader vision concerning industry confidence and future value [1] - Over 70% of Zeekr shareholders opted for equity compensation rather than cash, indicating strong market confidence in the long-term growth potential post-merger [2] - Geely's solid operational performance underpins shareholder confidence, with significant revenue and profit growth reported for the first three quarters of 2025 [3] Group 1: Merger and Shareholder Sentiment - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, receiving about 777 million shares of Geely, while 29.2% opted for cash, totaling approximately $701 million [2] - The choice of equity over cash reflects market expectations for synergies post-merger, with minimal short-term selling pressure on Geely's stock [2] - Geely initiated a share buyback plan of up to HKD 2.3 billion to stabilize market expectations and demonstrate management's confidence in the company's intrinsic value [2] Group 2: Financial Performance - Geely reported a revenue of CNY 239.5 billion for the first three quarters of 2025, a year-on-year increase of 26%, with a core net profit of CNY 10.62 billion, up 59% [3] - The company achieved a total cash position of CNY 60.1 billion and a net cash position of CNY 45.2 billion, indicating a robust financial status [3] - Geely's sales from January to November reached 2.788 million units, a 41.8% increase year-on-year, with November sales alone at 310,000 units, up 24.1% [3] Group 3: Strategic Integration and Future Goals - Geely's strategic integration began with the "Taizhou Declaration" in September 2024, focusing on five key measures: strategic focus, integration, synergy, stability, and talent [4] - The company aims to achieve over 5 million vehicle sales by 2027, positioning itself as a global leader in electrification, intelligence transformation, and high-quality development [5] - The merger with Zeekr is expected to enhance cost efficiency through deep collaboration in R&D, production capacity, and supply chain management, while leveraging a differentiated brand matrix [5]

在各品牌中，吉利银河销量132652辆，同比增长76%；极氪销量28843辆，同比增长7%；领克销量 35059辆，同比增长7%。 格隆汇12月1日｜吉利汽车公布11月销量数据显示，11月汽车总销量310428辆，同比增长24%；1-11月 累计销量2787750辆，同比增长42%。 ...

Core Viewpoint - The company reported Q3 2025 financial results, achieving revenue of 89.19 billion yuan, a year-on-year increase of 27%; core net profit was 3.96 billion yuan, a quarter-on-quarter increase of 25%, and net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59% [1][2]. Sales Performance - The company sold 761,000 vehicles, a year-on-year increase of 43%; among them, the Galaxy series sold 327,000 units, a year-on-year increase of 170%, becoming the fastest new energy brand to reach annual sales of one million [2][3]. - The sales of the Chinese Star reached 219,000 units, a quarter-on-quarter increase of 2.4%, while Lynk & Co sold 87,000 units, a year-on-year increase of 25% [2]. - Zeekr's sales were 53,000 units, a year-on-year decrease of 4%, but the Zeekr 9X remained a strong competitor in the luxury segment [2]. Financial Metrics - Q3 revenue per vehicle was 117,000 yuan, with a profit of 5,200 yuan per vehicle, an increase of 500 yuan compared to H1 2025 [2]. - The company's sales, management, and R&D expense ratios were 6.0%, 1.5%, and 4.9%, respectively, with the sales expense ratio increasing due to the launch of four new models and the pre-launch of Zeekr 9X [3]. Future Outlook - In Q4, the company expects continued strong performance with the complete delivery of Galaxy M9 and Zeekr 9X, focusing on new energy exports and cost control post-integration [3][4]. - The company aims for significant growth in new energy vehicle exports, with a target of over 100,000 units in each of the five major overseas regions in 2026, and expects to see improved profitability from these exports [4]. - Following the privatization of Zeekr, the company anticipates accelerated integration and cost efficiency improvements, with a projected decrease in expense ratios and an increase in profits [4]. Profit Forecast - The company forecasts net profits of 17.83 billion yuan, 20.78 billion yuan, and 23.33 billion yuan for 2025-2027, with corresponding P/E ratios of 9.5, 8.1, and 7.3, maintaining a "buy" rating [4].

Core Viewpoint - The company has demonstrated strong performance in Q3 2025, with significant revenue growth and improved core net profit, indicating a positive outlook for future quarters [4][5]. Group 1: Financial Performance - In the first three quarters of 2025, the company's total revenue increased by 26.5% year-on-year to 239.48 billion yuan, with a gross margin of 16.5%, up by 0.3 percentage points [4]. - For Q3 2025, total revenue reached 89.19 billion yuan, reflecting a year-on-year increase of 26.1% and a quarter-on-quarter increase of 14.7% [4]. - The net profit attributable to shareholders decreased by 0.8% year-on-year to 13.11 billion yuan, while the core net profit rose by 59% to 10.62 billion yuan [4]. Group 2: Sales and Market Share - The company's total sales volume 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 by 17.2 percentage points [5]. - In Q3 2025, total sales volume was 761,000 units, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [5]. - The company’s market share reached 10.2% in the first three quarters of 2025, driven by strong sales of the Galaxy series [5]. Group 3: Strategic Developments - The privatization of Zeekr is progressing smoothly, with the merger with Geely expected to be completed by the end of 2025, which aligns with the company's strategy to optimize resources and enhance efficiency [6]. - The company is accelerating its global expansion, with plans to exceed 1,000 overseas sales networks by 2026 and aims for export sales to reach one million units by 2027 [6]. - The company is focusing on high-end intelligent vehicles, with the Zeekr 9X featuring advanced driving capabilities, and 80% of pre-sale orders coming from customers of luxury brands [6].