"人生天地，过隙白驹。一起奋斗的日子是最难忘的，能经历极氪高速发展、登顶、IPO，再到极氪科 技成立、回归吉利，也是职场生涯中最珍贵的荣幸。感谢大家关心，即将结束杭漂。"《中国经营报》 记者注意到，10月10日，极氪科技CBO（首席商务官）关海涛在其朋友圈确认了即将离职的消息。 公开资料显示，关海涛此前曾任荣耀中国区CMO（首席市场官）、电商部部长。2023年9月，关海涛从 荣耀离职加盟极氪智能科技出任CMO，2025年2月担任极氪科技集团CBO。 （文章来源：中国经营报） 今年9月，极氪智能科技控股有限公司召开特别股东大会，公司股东投票赞成多项提案，其中包括7月15 日与吉利汽车签署的合并协议和合并计划。上述合并协议以94.2%的赞成票获批。合并完成后，极氪科 技成为吉利汽车的全资子公司，并不再在纽约证券交易所上市。 极氪科技致力于打造全球领先的高端豪华新能源汽车。合并后，吉利汽车将融合其高性能、智能化与全 球化优势，结合自身在主流市场的深厚根基，全面协同技术、产品、供应链、制造、营销及国际化资 源。吉利汽车也将实现对主流、中高端与豪华三大细分市场的全面覆盖，形成"燃油+纯电+插混+醇氢 电动"多元动力体系 ...

*极氪科技交付量包括极氪、领克品牌，其中极氪品牌18257辆，领克品牌32902辆。 15 2 - 臣 来源：车企官网 制图: 方舟 一图速览>> 11028 阿维塔) 6 *蔚来交付量包括蔚来、乐道、firefly萤火虫品牌，其中，蔚来品牌13728辆，乐道品牌15246辆， firefly萤火虫品牌5775辆。 ...

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 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]

Core Viewpoint - Geely Automobile Holdings Limited has successfully passed a privatization proposal for Zeekr Intelligent Technology Co., Ltd. with a high approval rate of 95.14% at a special shareholder meeting, indicating a strategic shift from expansion to resource integration and cost reduction [3][4]. Group 1 - The privatization of Zeekr is aimed at simplifying the corporate structure, eliminating the complexities associated with minority shareholders, and enhancing decision-making efficiency [4]. - After the completion of privatization, Zeekr will become a wholly-owned subsidiary of Geely and will delist from the U.S. stock market, which is expected to strengthen Geely's competitive position in the new energy vehicle market [4]. - The integration of Zeekr's luxury electric vehicle technology with Geely's existing brands (such as Lynk & Co and Galaxy) is anticipated to enhance synergies and improve operational efficiency, thereby boosting the overall competitiveness of Geely's passenger vehicle business [4].

Group 1 - In August, the competition in the automotive market intensified, with brands experiencing significant sales growth, indicating a critical period leading into the peak sales months of September and October [1] - BYD's passenger car sales reached 371,501 units in August, with a year-to-date total of 2.32 million units, showcasing a strong market position that is difficult for competitors to surpass [5] - Geely's total sales in August were 250,167 units, with 147,347 units being new energy vehicles, indicating a solid performance from its Galaxy brand [6][10] Group 2 - SAIC Group sold 363,371 units in August, with 129,771 units being new energy vehicles, reflecting a year-on-year growth of 208.6% for its passenger car segment [11][14] - Changan Automobile's sales exceeded 233,000 units in August, with over 88,000 units being new energy vehicles, marking an 80% year-on-year increase [19][31] - Leap Motor achieved a delivery of 57,066 units in August, indicating a strong upward trend in sales driven by new models and overseas market expansion [32] Group 3 - NIO delivered 31,305 units in August, marking a historical high, with the new ES8 and the L90 model contributing significantly to this growth [49][55] - Xiaomi's delivery volume exceeded 30,000 units in August, with the YU7 model performing exceptionally well, although challenges remain in scaling production [56] - Ideal Auto delivered 28,529 units in August, with ambitious targets set for its upcoming electric models, indicating confidence in future sales performance [62] Group 4 - GAC Aion's sales reached 27,044 units in August, supported by significant investments in charging infrastructure, positioning the brand for future growth [64] - BAIC New Energy sold 13,530 units in August, with the Arcfox brand achieving over 10,000 units, indicating a successful product strategy [68] - Lantu Auto delivered 13,505 units in August, maintaining a stable sales base with expectations for further growth due to new model launches [70]

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。 ( 250,167 38 | | （部） | （部） | (%) | （部） | （部） | (%) | | --- | --- | --- | --- | --- | --- | --- | | 吉利 | 205,324 | 140,686 | 46 | 1,563,151 | 996,401 | 57 | | 其中: 銀河 | 110,666 | 40,598 | 173 | 754,117 | 233,965 | 222 | | 極氪 | 17,626 | 18,015 | -2 | 125,343 | 121,540 | 3 | | 領克 | 27,217 | 22,528 | 21 | 208,570 | 169,800 | 23 | | | 250,167 | 181,229 | 38 | 1,897,064 | 1,287,741 | 47 | | 其中： | | | | | | | | 純電動 ...

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]

Core Insights - The company reported a total revenue of 150.285 billion yuan for the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders decreased by 14% to 9.29 billion yuan [1] - The gross margin for the first half of 2025 was 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios showed a decline across various categories [1] Sales Performance - Total sales volume for the first half of 2025 reached 1.409 million units, a year-on-year increase of 47%, with a market share of 10.4%, up by 2.4 percentage points [2] - The sales target for the entire year has been raised to 3 million units [2] - New energy vehicle sales amounted to 725,000 units, marking a 126% year-on-year increase [2] - The Galaxy brand achieved sales of 548,000 units, up 232% year-on-year, while the China Star fuel vehicle sales reached 474,000 units, a 21% increase [2] - The Zeekr brand sold 91,000 units, a 3% increase, and the Lynk brand sold 154,000 units, up 22% [2] - New energy vehicle exports exceeded 40,000 units, reflecting a 146% year-on-year growth [2] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 15.008 billion yuan, 17.846 billion yuan, and 20.954 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.99, 10.08, and 8.59 times [2]

Group 1 - The core viewpoint of the article highlights the strong performance of Geely Automobile in H1 2025, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%, and total revenue of 150.28 billion yuan, up 26.5% year-on-year [1] - In Q2 2025, Geely's total sales were 705,000 units, reflecting a year-on-year growth of 47.0% and a quarter-on-quarter increase of 0.2%, with total revenue of 77.79 billion yuan, up 28.4% year-on-year and 7.3% quarter-on-quarter [1] - The significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units, a year-on-year increase of 119.2%, contributed to the revenue growth [1] Group 2 - The gross margin for Q2 2025 was reported at 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 1.3 percentage points, primarily due to structural changes in export and product mix [2] - The company has seen a reduction in expense ratios, with sales, administrative, and R&D expense ratios at 6.1%, 1.9%, and 5.1% respectively, indicating a significant decrease year-on-year [2] - Geely plans to privatize Zeekr, proposing to acquire each share at $2.566, which is expected to enhance operational efficiency and brand competitiveness in the luxury electric vehicle market [3] Group 3 - Geely's revenue projections for 2025-2027 are estimated at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan respectively, with net profits expected to be 16.21 billion yuan, 22.09 billion yuan, and 25.97 billion yuan [3] - The earnings per share (EPS) forecasts for the same period are 1.61 yuan, 2.19 yuan, and 2.58 yuan, corresponding to a price-to-earnings (PE) ratio of 11, 8, and 7 times based on the closing price of 19.24 HKD on August 15 [3]