大型SUV"9字辈"乱斗。 今年是大六座SUV的"大年"，这种热潮在蔚来体系两款车（乐道L90，蔚来新ES8）上市后体现得淋漓 尽致。这两款车均通过较低的定价收获了较高市场热度。 蔚来之后，近日，大六座SUV市场再次迎来一位"价格屠夫"。吉利银河M9近日公布了预售价，预售价 格区间为19.38万元~25.88万元，将大六座新能源SUV的入门门槛"卷"入了20万元以内。一般而言，新车 正式售价将低于预售价。 吉利汽车方面称，吉利银河M9预售24小时订单已超40000辆。 今年随着自主品牌纷纷攻向大型SUV市场，市场内玩家也激增。据不完全统计，今年上市的大型SUV车 型将高达十余款，其中"9字辈"车型颇多，吉利系就包括领克900、极氪9X、吉利星舰9、吉利银河M9， 除此之外还有乐道L90、腾势N9、深蓝S9、理想i9等。再加上已经是市场热销车型的问界M9和理想 L9，今年可谓是大型SUV的"9字辈"乱斗。 玩家增多的同时，相对于整个市场来看，大型SUV的市场规模却并不大。在过去一年中，大型SUV市场 的销量累计超33万辆，而其中销量前三的车型占据了超80%的市场份额，分别是问界M9、理想L9、问 界M8。 玩家 ...

摘要 吉利汽车 2025 年上半年销量达 141 万辆，二季度经营性利润约 31 亿 人民币，上半年累计约 66 亿人民币，符合市场预期。 吉利汽车上调全年销量预期至 300 万辆，预计全年经营性利润可达 140 亿人民币，主要受益于下半年新车型发布及高端化产品放量。 吉利燃油车在萎缩市场中逆势增长，出口预计达 45 万辆，俄罗斯市场 占比约 20%，受益于购置税政策，预计未来保持增长。 银河系列产品表现良好，银河 M9 订单超预期，心愿车型销量稳定，星 耀 8 以 A 级价格定位 B 级插混车型，月销破万。 吉利发布多款高端 SUV，包括银河 M9、领克 900 和极氪 9X，分别定 位于不同价格带，明确大六座 SUV 市场策略。 吉利整合极氪和领克，通过流程、采购、研发融合控本降费，极氪一季 度扭亏为盈，计划 9 月将极氪并入上市公司主体。 极氪品牌 001 和 007 销量稳定，9X 预计 8 月底预售，全年预计销量接 近 30 万辆；领克品牌将推出 EMP 中大型轿车领克 10 及纯电产品 Z10 和 Z20。 吉利汽车 20250824 Q&A 吉利汽车在当前行业变革期的表现如何？ 吉利汽车在当前行 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with a significant increase in revenue but a decline in net profit, indicating a mixed financial outlook for the year [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 150.3 billion yuan, a year-on-year increase of 27% [1] - The net profit attributable to shareholders was 9.29 billion yuan, a year-on-year decrease of 14% [1] - The core net profit attributable to shareholders reached 6.66 billion yuan, a year-on-year increase of 102% [1] - The company’s average selling price (ASP) per vehicle was 95,500 yuan, down 12.9% year-on-year, while the gross margin was 16.4%, a decline of 0.3 percentage points [2] - The company’s net profit per vehicle was 4,724 yuan, an increase of 37% year-on-year [2] Group 2: Sales and Market Performance - The company’s sales volume for the first half of 2025 reached 1.503 million units, with a target increase to 3 million units for the full year [1][2] - The sales of fuel vehicles grew to 684,000 units, while pure electric vehicle sales reached 511,000 units, a year-on-year increase of 173% [2] - The company’s export sales in the first half of 2025 were 184,000 units, a year-on-year decrease of 8% [1] Group 3: Product Development and Strategy - The company plans to enhance its product offerings by organizing into five major battle zones and customizing products by region [1] - The launch of multiple "9" series models aims to penetrate the high-end market, with the Lynk & Co 900 model showing promising sales [3] - The company’s upcoming models, including the Zeekr 9X and Galaxy M9, are expected to improve brand recognition in high-end intelligent driving solutions [3] Group 4: Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted, with expected net profits of 15.96 billion yuan, 16.70 billion yuan, and 19.76 billion yuan for 2025, 2026, and 2027 respectively [4] - The company maintains a "recommended" rating despite the competitive challenges it faces in the market [4]

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [2] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding foreign exchange losses and other non-core items [2] - Total cash levels increased to 58.8 billion yuan, indicating a strong financial position [2] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [2] - The market share exceeded 10% for the first time, with new energy vehicle (NEV) sales reaching 725,000 units, a 126% increase [3] - The annual sales target was raised from 2.71 million to 3 million units based on better-than-expected market performance [2][5] New Energy Growth - The NEV segment saw explosive growth, with a penetration rate of 51.5%, positioning Geely among the top brands in the NEV market [3] - The Galaxy series, now an independent brand, experienced a 232% increase in sales, totaling 548,000 units in the first half [3] - High-end luxury brands Zeekr and Lynk & Co also performed well, with Zeekr selling 90,740 units and Lynk & Co achieving 154,137 units in the same period [3] Technological Advancements - Geely has established a leading smart and electrification technology system, focusing on AI integration [4] - The company launched the "Smart Geely 2025" strategy, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [4] - The Starry AI Cloud Power 2.0 and advanced battery technologies enhance product competitiveness, with the new battery system passing 36 extreme safety tests [5] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, further enhancing its market presence [5] - The "One Geely" strategy aims to deepen synergies within the company, boosting its global competitiveness in the smart NEV sector [5]

Core Viewpoint - Zeekr Technology reported strong financial performance for Q2 2025, with significant growth in revenue and profitability metrics, alongside successful model launches and global market expansion [1][2][3]. Financial Performance - Total revenue for Q2 reached 27.431 billion yuan, with a gross margin of 20.6%, marking a historical high and a year-on-year increase of 2.6 percentage points [1]. - Vehicle sales revenue was 22.916 billion yuan, reflecting a year-on-year increase of 2.2% [1]. - The overall revenue for the first half of the year was 49.450 billion yuan, with a gross margin of 20.0%, up 2.7 percentage points year-on-year [1]. - R&D expense ratio was 7.8%, and selling and administrative expense ratio was 12.3%, both showing a year-on-year decline [1]. Sales and Delivery - Zeekr and Lynk & Co's dual-brand strategy led to a total of 244,877 vehicles delivered globally in the first half of the year, a 14.5% increase year-on-year [1]. - Zeekr celebrated the production of its 500,000th vehicle in June, with the model being Zeekr 009 [1]. - Lynk & Co surpassed 1.5 million cumulative deliveries by July 16, with an average transaction price of 189,000 yuan, exceeding mainstream joint venture brands [1]. New Model Launches - In the first half of the year, Zeekr launched two new models, including the Zeekr 007GT, targeting young consumers as a luxury shooting brake [2]. - The Lynk & Co 900, a flagship six-seat SUV, has been among the top three in the full-size high-end hybrid SUV segment for three consecutive months since its launch [2]. - The Zeekr 9X, based on the new electric architecture, is set for pre-sale at the end of August [2]. Charging Infrastructure - Zeekr launched the world's first V4 ultra-fast charging station with a peak power of 1.3 megawatts and a peak current of 1300A, with the first station located in Hangzhou [2]. - As of June 30, Zeekr has established 1,683 self-built charging stations and 4,689 charging piles, partnering with nearly 50 mainstream operators [2]. Global Expansion - Zeekr has entered over 60 international markets, with more than 1,200 stores globally and a user base exceeding 2 million [3]. - In Hong Kong, Zeekr ranked first in luxury car sales, while in Kazakhstan, it became the top-selling electric brand [3]. - Lynk & Co expanded its global footprint, entering markets such as the Dominican Republic, Laos, Egypt, Mexico, and Kazakhstan [3].

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric and hybrid vehicles Key Points and Arguments Financial Performance - In Q2, Geely achieved an operating profit of 285 million RMB, marking the first positive result, although the total loss for H1 was 774 million RMB [2][3] - Gross margin improved to 20.5%, with Zeekr brand's vehicle gross margin around 21% and Lynk brand's margin increasing from 11.1% in Q1 to 14% in Q2 [2][3] - The net loss for H1 was approximately 1.1 billion RMB, significantly reduced from 7.7 billion RMB in the previous year [3] Product Development and Launches - Geely plans to launch several new models in H2, including the Lynk 10 and various updated models (07, 08, 01, 09) focusing on smart technology and electric systems [2][5][7] - The Zeekr brand will introduce the 9X series, utilizing super electric hybrid technology and a 900V platform, marking a significant technological upgrade [2][6] - The new Galaxy series will also be launched, emphasizing smart technology across all sub-brands [2][7] Sales and Market Strategy - Geely's H1 export volume was 184,000 units, a 7.7% decline year-on-year, but other markets saw over 40% growth [2][8] - The company expects a minimum 30% increase in export volume in H2 compared to H1, with a year-on-year growth of 20-30% compared to last year [2][8] - The target for H2 is to sell nearly 80,000 new energy vehicles, aiming for a 90% increase [4][9] Cost Management and Efficiency - The merger of Zeekr and Lynk has led to significant cost reductions, with R&D expenses decreasing from 2.9 billion RMB in Q1 to 2.1 billion RMB in Q2 [3] - The company aims to continue optimizing costs through further synergies and integration [3] Technological Advancements - Geely is focusing on AI integration across all vehicle systems, enhancing self-driving, cabin experience, chassis, and power systems [4][17] - The company has developed a comprehensive AI strategy, including a significant increase in computing power for autonomous driving solutions [14][15] Future Outlook - Geely believes all product lines are now profitable, indicating a strong competitive position in the market [13] - The company is prepared to adapt to market changes, including potential policy shifts affecting the electric vehicle sector [25] Geopolitical Considerations - Geely is taking a cautious approach to international expansion, leveraging partnerships to mitigate risks associated with geopolitical changes [10] Taxation and Financial Management - The increase in tax expenses in Q2 was attributed to specific financial reporting details, including dividend distributions [11][12] Additional Important Insights - The Lynk 900 model has significantly boosted the brand's profitability and market image [5] - Geely's platform architecture is a core advantage, enabling the development of multiple brands and models efficiently [21] - The company is committed to maintaining a strong presence in both electric and hybrid vehicle markets, with advanced technologies driving future growth [22][23]

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 Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, representing a 27% year-on-year increase, with a net profit attributable to shareholders of 9.29 billion yuan, and a core profit of 6.66 billion yuan, up 102% year-on-year [1] - The company achieved a total sales volume of 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [1] - Geely has raised its annual sales target from 2.71 million to 3 million vehicles based on better-than-expected market performance [1] Group 1: Financial Performance - The total gross profit increased to 24.7 billion yuan, with a gross margin of 16.4% [1] - Total cash levels rose to 58.8 billion yuan [1] Group 2: New Energy Vehicle Growth - Geely's new energy vehicle sales reached 725,000 units in the first half of the year, with a penetration rate of 51.5%, maintaining a leading position among new energy brands [3] - The Galaxy series, now an independent brand, saw sales of 548,000 units, a 232% increase year-on-year [3] - Zeekr and Lynk & Co formed a "dual-wheel drive" structure in the high-end luxury market, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units in the first half [3] Group 3: International Expansion - Geely's international export sales reached 184,000 units in the first half, a decrease of 7.7% year-on-year, contrasting with the industry growth of 10.3% [4] - The company has established a global sales network covering 85 countries and regions, with the Galaxy E5 international version becoming a global star product [4] - Geely plans to launch five new energy products in the second half of the year to support its sales target of 3 million vehicles [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of RMB 150.29 billion in the first half of 2025, representing a year-over-year (YOY) increase of 26.5%. The net profit reached RMB 9.29 billion, with core profit (excluding foreign exchange gains and asset disposal gains) increasing by 102% YOY [7]. - The company is accelerating its electrification transformation, with a high cost-performance product strategy yielding positive results across various price segments. The integration of automotive operations is expected to lower procurement costs and enhance product competitiveness [7]. - The company plans to strengthen its export efforts, with an anticipated improvement in export growth rates [7]. Financial Performance - The company’s Q2 2025 revenue was RMB 77.79 billion, a 28.4% increase YOY, with a net profit of RMB 3.62 billion, indicating a near doubling of core profit YOY [7]. - Q2 2025 saw vehicle sales of 705,000 units, a 47% increase YOY, with new energy vehicles (NEVs) accounting for 54.7% of total sales, up 6.5 percentage points from Q1 [7]. - The company’s gross margin for Q2 was 17.1%, showing a slight decrease of 0.71 percentage points YOY but an increase of 1.29 percentage points from Q1 [7]. Sales and Market Position - In July 2025, the company sold 238,000 vehicles, a 57.7% increase YOY, with NEV sales reaching 130,000 units, representing 55% of total sales [7]. - The company’s cumulative vehicle sales from January to July 2025 reached 1.647 million units, a 48.8% increase YOY, with a target of 3 million units for the year, reflecting a 38% increase from the previous year [7]. - The company has a rich pipeline of new products set to launch in the second half of 2025, which is expected to enhance both sales and average selling prices [7]. Earnings Forecast - The report revises the company's net profit forecasts for 2025, 2026, and 2027 to RMB 16.11 billion, RMB 18.09 billion, and RMB 22.57 billion, respectively, with YOY growth rates of 70%, 12%, and 25% [7][9]. - The earnings per share (EPS) estimates for the same years are adjusted to RMB 1.60, RMB 1.80, and RMB 2.24, respectively [9]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 10.7, 9.6, and 7.7 for 2025, 2026, and 2027, respectively, supporting the "Buy" recommendation [7].

Core Insights - Geely Automobile reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [1] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding non-core losses [1] - Total cash levels increased to 58.8 billion yuan, indicating strong financial health [1] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [1] - New energy vehicle (NEV) sales were particularly strong, totaling 725,000 units, representing a 126% increase [2] - The company has raised its full-year sales target from 2.71 million to 3 million units based on strong market performance [2] Brand Development - The Galaxy series, now an independent brand, sold 548,000 units in the first half, marking a 232% increase [2] - Zeekr and Lynk & Co brands contributed significantly to brand value, with Zeekr achieving sales of 90,740 units and Lynk & Co selling 154,137 units [2] - Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten of their segments [2] International Expansion - Geely's export sales exceeded 180,000 units, with a global sales network covering 85 countries and regions [3] - The Galaxy E5 international version EX5 became a global star product, launched in 26 countries [3] - The company is enhancing its localization capabilities with new factories in Egypt and Indonesia [3] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, aiming to strengthen its global competitiveness in the smart NEV sector [3] - The "One Geely" strategy is expected to enhance synergies and support the company in achieving its revised sales target of 3 million units [3]