Order Situation - The average new orders per store range from 25 to 28 units, with a 50% increase in store visits and a 60% store visit ratio [1][2] - The exhibition vehicles arrived a day before the launch, and test drive vehicles were available in first-tier cities over the weekend, with the launch price meeting customer expectations [2] - Regions such as Guangdong, Sichuan-Chongqing, Central China, and Northern China are seeing an increase in national order proportions, with large battery range extenders significantly boosting orders in Northern regions [3] Customer Profile - The primary customer demographic is aged between 35 and 50, with a male ratio of 90% [1] - Customers mainly consist of individual business owners and corporate executives, showing a notable increase in economic strength compared to previous customers, with a focus on family use and transportation needs [6] - Customers primarily learn about the product through Douyin and video platforms, with significant brand awareness attributed to the vehicle's appearance and spaciousness [6] Configuration Preferences - 45% of customers choose the Ultra 66 model, while 55% opt for the Ultra 52 model [5] - The most popular exterior color is Olympus Black, while the main interior colors are Deep Earth Elephant Grey and Light Earth Elephant Grey [5] - 60% of customers select the YAT cruise-type half-width steering wheel, and 30% choose the large wheel hub, which is offered at a limited-time price of 14,000 yuan [7] Competitive Comparison - Customers comparing with the Lynk & Co 900 focus on cost-effectiveness, while those considering the Zeekr 9X prefer the Land Rover-like appearance [10] - Customers comparing with the NIO ES8 consider the BAAS plan and find it highly cost-effective, with comparisons mainly centered on interior quality and brand perception [10] - There are notable regional differences among customers comparing with the AITO M8, Lantu Taishan, and Leap Motor D19 [10]

为保障消费者购车权益，领克汽车11月推出跨年购置税补贴方案。2025年11月30日前完成大定锁单，如因领克汽车生产、发运等非用户原因延至2026年开 票，可享受至高15000元购置税差额补贴，用户无需承担购置税政策变化可能产生的额外成本，购车等车更放心。 据悉，领克900将于年内正式推送辅助驾驶OTA升级，新增D2D车位到车位领航辅助、G-AES通用障碍物自动紧急避让辅助等高阶辅助驾驶功能，带来更 智能更安全的全场景出行体验。LYNK Flyme Auto2智能座舱也将同步优化，交互更流畅、生态更开放，AI更聪明，为用户打造丰盈智趣体验。 11月21日，2025广州国际车展正式拉开帷幕，领克品牌旗舰车型——"智享百变旗舰大六座SUV"领克900瞩目亮相。作为基于大型电混车专属架构SPA Evo 打造的力作，领克900在空间、智能、性能、安全等方面实现全面突破，上市半年来持续热销，稳居高端全尺寸混动SUV销量前三，累计交付突破5万台。 ...

虽然在部分人看来，本届广州车展没有之前那么热火朝天，但至少在某些产品细分赛道，车企们显得"热情高涨"，大六座SUV就是一个典型例子。在广州车 展上诸多大六座SUV的重磅发布，可谓丰俭由人，各有的各的卖点。 购买门槛在30万元以下的，不乏吉利、奇瑞这些自主品牌大厂以及大牌造车新势力出品。 吉利银河M9以不足18万元的起售价，提供了宽敞六座空间和全员奢享的舒适体验。同时，它搭载了新一代雷神电混系统和AI数字底盘，兼顾了强劲性能、 低能耗和高阶智能驾驶。在广州车展完成上市首秀的奇瑞风云系列风云T11，起售价为18.99万元。该车要以越级配置，打造成豪华SUV的平替产品。乐道 L90售价从26.58万元起，支持Baas租电方案的起售价更低至17.98万元。 入手门槛为28.99万元的领克900，采用了SPA Evo架构，可旋转二排座椅、双8295芯片，具备丰富的动力选择。起售价为29.98万元的腾势N8L，全系标配"易 三方"技术平台和云辇-A智能空气悬架。预计明年上半年交付的零跑D19，以25万-30万级定价，提供了号称百万级的空间配置。而魏牌蓝山也以29.98 万-32.68万元的售价，通过媲美百万级豪车的舒适空 ...

媒体日的索然无味，并不代表普通观众对广州车展没有期待。 眼下，这场汽车行业的年度盛会正火热进行，但电车通在现场探访时发现，这届车展的"新意浓度"着实不及预期 —— 首发亮相的重磅新车屈指可数，就连 雷军、余承东这样的车展"流量之王"，也缺席了本次现场。 不少参与报道的媒体同行都直言，这届车展实在太"寡淡"了，甚至有外地媒体记者在中午就完成了发布会的报道工作，早早结束了广州的行程。 但，请等一等。 媒体日的静，和专业观众的闹，根本是两个世界。 NE !! -- le 1, 82, 2 and and a 7 +12 A t and the b 图源：电车通现场摄制 当电车通选择在专业观众日进场后，才发现什么才是人气——原本媒体日里略显空旷的车企展台前，此刻更是挤满了观众，主流新能源品牌展区更是被围得 水泄不通。 这也从侧面说明，消费者对新能源车型的关注度正持续攀升。值得一提的是，专业观众票的价格比普通票高出一倍，却能提前两天进场，这意味着这群观众 的需求更具针对性，他们关注什么，往往更代表市场的真实风向。 电车通也留意到一个鲜明趋势：今年多家新能源品牌都在疯狂发力 SUV，并且在产品打造上跳出了以往的同质化竞争 ...

新华财经上海11月23日电（李一帆）作为国内四大A级车展的年度"收官之作"，2025年广州国际车展于 11月21日正式开幕。 官方数据显示，本届车展展车总数1085辆，其中全球及国内首发新车达93辆；新能源车型继续保持高占 比，数量为629辆，成为绝对主角。 车展现场新车荟萃、技术亮点频出。与2024年相比，本届车展规模有所收缩，取消了商用车展区，展馆 数量由16个减少至14个，透露出行业当前面临的压力。由于举办时点临近年末，广州车展不仅是车企展 示年度成绩的重要节点，也在一定程度上预示了下一年车市的技术风向与市场趋势。 展会"报喜"，多家车企达成产销里程碑 小米汽车宣布，其第50万辆整车已于11月20日下线。从2024年3月首车交付至今，小米仅用602天便达成 50万辆的成绩，刷新了全球新能源汽车品牌的最快纪录。小米汽车副总裁李肖爽表示，"这一成绩对行 业巨头或许微不足道，但对小米意义重大。"为回应用户支持，小米在展台连续10天向观众免费赠送合 金车模，每日1000个。李肖爽表示，小米预计在本周内完成全年35万辆的交付目标。 小鹏汽车董事长、CEO何小鹏在车展宣布品牌迎来第100万辆整车下线，并强调从第50 ...

中国国际贸促会汽车行业委员会会长王侠（右）为广汽本田汽车销售有限公司营销本部用户发展部副部长邹立（左）颁奖 11月21日下午，广州国际车展媒体日首日，2025华輅奖颁奖盛典在威斯汀酒店举行。 步入活动现场，历年评选活动的精彩照片率先映入眼帘：20年泛黄老照片里的青涩与最新影像中的昂扬交相辉映，刻画出华輅奖历年测评的点滴；"五 大维度、百项因子，致敬每一份专业坚守；千款车型、百个品牌，感谢二十载同心同行！"的鎏金大字格外醒目，镌刻着华輅奖与中国汽车产业共生共长的 记忆。 会场内，行业大咖们欢聚一堂，有人驻足展板合影打卡，追溯过往；有人围坐一席，热烈交流……喜气洋洋的气氛中，二十载深厚情谊氤氲流淌。 华輅奖发源于20年前，由中国国际贸促会汽车行业委员会指导，汽车观察和清华汽车工程开发研究院共同发起。2006年，"爱我中国车"年度车型评选正 式起步，后来更名为"中国车年度大选"，并在2022年升级为"华輅奖"，一路走到今天，累计吸引超千款车型参与，见证了中国品牌汽车从稚嫩起步到蓬勃壮 大的全过程，也始终坚守着"评选最好中国车"的初心使命。 经历20年发展，本届华輅奖迎来重要升级：评选范围从中国品牌汽车扩展至所有在中 ...

中国青年报客户端讯（中青报·中青网记者 王京辉）近日，在中汽中心新能源检验中心主办的第三届新 能源汽车电安全大会上，吉利汽车旗下多款车型获得电安全领域奖项。 其中，银河M9、极氪9X获评"电磁安全年度车型"，领克900获评"充电安全年度车型"，银河星舰7EM-i 获评"功能安全年度车型"。 业内人士分析指出，当前，新能源汽车行业正从追求续航里程向注重综合安全性能转变。吉利汽车在电 安全领域的技术积累和市场表现，展现出中国品牌在新能源汽车核心技术方面的进步。未来，随着新能 源汽车保有量持续增长，电安全技术的创新将成为行业健康发展的重要保障。 据了解，吉利汽车已建立新能源汽车安全管理体系，并获得国内首张六维电安全证书和新能源汽车电磁 防辐射证书。今年11月，在国家市场监督管理总局技术创新中心主办的"第二届全国新能源汽车动力电 池安全预警算法大赛"中，吉利汽车获得特等奖。 来源：中国青年报客户端 根据中汽中心发布的汽车安全技术领域专利公开量数据显示，吉利汽车以1562件专利数位列中国品牌首 位。这些专利主要涵盖新能源汽车的电池安全、电磁兼容、功能安全等技术领域。 ...

机构：国金证券 研究员：姚遥 业绩点评： 11月17日，吉利汽车发布25Q3财报，其中： 1、营收：Q3公司共计销售新车76.1万辆，同/环比+42.5%/+8.1%： 总计营收891.9亿元，同/环比+47.7%/+14.7%：我们计算Q3单车ASP11.7万元，同/环比+3.7%/+6.1%： 25Q1Q3公司共计销售新车216.9万辆，同比+45.6%，营收2394.8亿元，同比+26.4%，单车ASP11万元， 同比-13.2%； 行业竞争加剧，市场需求不及预期。 1、Q3公司业绩表现稳健，其中：1）车型结构好转，新能源拉动下出口逐渐恢复，同时Q2新车如领克 900、银河星耀8等均处中位数之上，带动单车ASP提升：2）但由于新能源车占比提升、Q3低毛利银河 A7等上市、且新能源毛利率低于燃油车，导致毛利率环比Q2小有下滑，体现为单车成本提升：3）公司 费用依旧稳健，费用率环比均下降：最终共同拉动公司Q3业绩表现稳健。 其中值得注意的是，在吉利银河销量表现强势下，规模效应和盈利结构均向上，单车利润也有所提升， 符合我们此前的量一价一利齐升的推断。我们重申，公司在低成本路线下面对市场竞争激烈和价格战， 是 ...

Core Viewpoint - 吉利汽车 reported strong performance in Q3 2025, with revenue reaching 89.2 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [1] Group 1: Financial Performance - In Q3 2025, 吉利汽车 achieved a net profit attributable to shareholders of 3.82 billion yuan, an increase of 1.4 billion yuan year-on-year and 0.2 billion yuan quarter-on-quarter [1] - The company sold 760,000 vehicles in Q3 2025, representing a year-on-year increase of 43% and a quarter-on-quarter increase of 7.9% [1] - The gross profit margin for Q3 2025 was 16.6%, up 1.2 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter [1] Group 2: Cost Management - Sales expense ratio in Q3 2025 was 6.0%, up 1.2 percentage points year-on-year and down 0.1 percentage points quarter-on-quarter [1] - Management expense ratio was 1.5%, down 0.6 percentage points year-on-year and down 0.4 percentage points quarter-on-quarter [1] - R&D expense ratio was 4.9%, up 0.3 percentage points year-on-year and down 0.2 percentage points quarter-on-quarter [1] Group 3: Product Strategy and Market Outlook - 吉利汽车 is launching a new product cycle with competitive models such as 银河A7 and 银河星耀8, which have achieved monthly sales of over 13,000 and 10,000 units respectively [2] - The company expects to maintain strong sales momentum, with projected total sales of 3.04 million, 3.73 million, and 4.02 million vehicles for 2025-2027, representing year-on-year increases of 40%, 23%, and 8% respectively [2] - The introduction of high-end models is expected to significantly enhance the company's product structure and profitability [2] Group 4: Profitability Forecast - Projected net profit margins for 2025-2027 are 5.2%, 6.0%, and 6.4%, with attributable net profits of 17.8 billion, 24 billion, and 27.2 billion yuan respectively [3] - The core net profit estimates for the same period are 14.3 billion, 23 billion, and 26.2 billion yuan [3] - The company is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [3] Group 5: Investment Recommendation - Based on the strong new product cycle and improved product structure, the profit forecasts for 2025-2027 have been revised upwards [3] - The target price for 吉利汽车 is set at 26.00 HKD, representing a potential upside of 51% based on a 10x PE ratio for 2026 [3]

Summary of Geely Automobile Conference Call Industry and Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric and hybrid vehicles Key Points and Arguments Export Performance and Future Plans - Geely's overseas export volume for the first three quarters of 2025 was 296,000 units, a decrease of 7% year-on-year. However, the export of new energy vehicles (NEVs) saw significant growth, with 77,000 units exported, representing over 200% year-on-year growth. The company expects total NEV exports to reach approximately 110,000 units for the year. For 2026, Geely plans to increase NEV exports to 280,000-320,000 units, contributing around 200,000 units to overall sales growth [2][3][5] HEV Strategy and International Market Goals - Geely is advancing a comprehensive HEV strategy, with plans to launch HEV models starting March 2026, leveraging a model similar to Toyota's approach. The company aims for international sales to reach 1 million units by 2027, with a target of 600,000 to 720,000 units in 2026, representing a growth of 50%-80% [2][6][7] Market Position and Competitive Advantages - Geely has established a strong foundation in fuel vehicles and is rapidly advancing in the NEV sector. The company has a robust international presence, with plans to expand its dealer network from approximately 1,260 to 1,500 by early next year. Geely's overseas products have a profit margin that is 5%-10% higher than domestic products, which is expected to enhance overall profitability [8][12][13] High-End Model Performance - High-end models like the Lynk & Co 900 and Zeekr 9X show significant profitability, with gross margins of approximately 40% for Lynk & Co 900 and Zeekr 9X, and around 25% for M9. If Zeekr 9X achieves monthly deliveries of 7,000-8,000 units, it could generate over 10 billion yuan in total profit [18][19] Strategic Partnerships - Geely's partnership with Renault has led to a 26.4% stake in Renault Brazil, facilitating rapid expansion through existing dealer networks. In South Korea, the joint development of the Kona L1 model has resulted in strong sales, with expectations to reach 50,000 units in 2025 [10][11] Technological Advancements and AI Integration - Geely's intelligent strategy includes the launch of the Qianli Haohan platform, integrating autonomous driving technology with AI capabilities to enhance vehicle safety and performance. The company is also focusing on the application of AI in manufacturing and service sectors [14][15] Future Vehicle Launches - In 2026, Geely plans to introduce 10 new models across its brands, including new vehicles in the Chinese Star, Galaxy, Lynk & Co, and Zeekr series. The Galaxy brand will continue to focus on NEV development to close the gap with industry leaders [20][21] Market Expectations and Growth Projections - Geely is optimistic about maintaining its market share growth, which has increased from 8% last year to 11.1% this year. The company aims to further close the gap with leading competitors and expand its NEV offerings in 2026 [27] Additional Important Insights - Geely's strategic focus on high-end models and international expansion positions it well against competitors, despite challenges such as late entry into the NEV market. The company is committed to leveraging its technological advancements and partnerships to enhance its market presence and profitability [9][22][23]