Core Insights - Geely Automobile Holdings Limited has announced the final results of the privatization transaction for Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [2][4] Group 1: Shareholder Decisions - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [2][3] - The remaining 29.2% of eligible shareholders chose cash consideration, leading to a total cash payment of approximately $701 million [2][3] - The decision of over 70% of shareholders to choose stock over cash indicates a strong preference for long-term value investment, significantly higher than typical privatization transactions [3] Group 2: Strategic Integration - The completion of the share consideration selection signifies the final execution phase of the merger between Geely and Zeekr, which has been progressing since the "Taizhou Declaration" in September 2024 [4] - The merger aims to leverage Zeekr's high-end electric vehicle technology and Geely's scale in the mainstream market, creating synergies across R&D, supply chain, and manufacturing [4][6] Group 3: Financial Performance - Geely's revenue for the first three quarters of 2025 reached 239.5 billion yuan, a 26% year-on-year increase, with a core net profit of 10.62 billion yuan, up 59% [6] - The company reported total cash of 60.1 billion yuan and net cash of 45.2 billion yuan as of the end of September, providing ample liquidity to cover the cash consideration and support future R&D and global expansion [6] Group 4: Valuation Shift - As the merger nears completion, the market's valuation logic for Geely is shifting from a traditional automotive manufacturing model to one that incorporates technology and brand premiums [7] - Zeekr's high-end positioning is expected to elevate Geely's overall brand value, with average vehicle prices for Zeekr models exceeding 300,000 yuan, compared to 180,000 yuan for Lynk & Co and 120,000 yuan for Geely's mainstream models [7] - The merger is viewed as a starting point for Geely's valuation reformation, transitioning from a traditional car manufacturer to a smart technology group [7]

Core Viewpoint - Geely Automobile has accelerated its transition to new energy vehicles, significantly improving profitability with total revenue of RMB 240.19 billion, a year-on-year increase of 33.56%, and net profit of RMB 16.63 billion, a year-on-year increase of 213.32% [1][3][6]. Financial Performance - In 2024, total revenue reached RMB 240.19 billion, up 33.56% from RMB 179.85 billion in 2023 [6]. - Pre-tax profit was RMB 18.40 billion, a remarkable increase of 271.79% compared to RMB 4.95 billion in 2023 [6]. - Net profit stood at RMB 16.63 billion, reflecting a 213.32% increase from RMB 5.31 billion in 2023 [6]. - Basic earnings per share (EPS) increased to RMB 1.64 from RMB 0.51 [6]. - Return on equity (ROE) improved to 19.17% from 6.59% [6]. New Energy Vehicle Growth - New energy vehicle (NEV) sales reached 888,235 units, a year-on-year increase of 92%, accounting for 41% of total sales [8][10]. - The company launched multiple NEV models, including the Geely Galaxy series and various models under the Zeekr and Lynk & Co brands [7][8]. - The Zeekr brand delivered 222,123 units, marking an 87% increase, solidifying its position in the luxury electric vehicle market [8][10]. Market Expansion and Export Growth - Overseas revenue reached RMB 53.90 billion, with export volume increasing by 57% to 414,522 units [8][14]. - The company has established a local production and sales network in emerging markets, enhancing its risk management and operational efficiency [14][20]. Dividend and Shareholder Returns - The company announced a final dividend of HKD 0.22 per share for 2023, totaling RMB 2.05 billion, and proposed a dividend of HKD 0.33 per share for 2024, representing a 58.05% increase [14]. Competitive Landscape - The NEV industry is in a rapid growth phase, with Geely's market share in the NEV sector continuing to rise [10][11]. - Domestic brands are increasingly dominating the market, with Lynk & Co's NEV sales accounting for 59% of its total sales, reflecting the growing competitiveness of domestic brands [11]. Technological Advancements - The company has developed over 7.5 million vehicles with L2-level or higher intelligent driving capabilities, accumulating over 10 billion kilometers of actual driving data [15]. - Geely has completed a comprehensive AI layout, including the establishment of the Xingrui AI computing center and the development of its proprietary AI model [15].