Financial Data and Key Metrics Changes - The Zeekr brand achieved annual sales of 224,000 units, with a record monthly delivery of over 30,000 units in December [1] - Lynk & Co sales volume reached 350,000 units, with new energy vehicles accounting for 65% of the mix [3] - Galaxy sales reached 1.236 million units, up by 150% [3] - Geely's gross margin improved to 16.9% in Q4 2025, higher than the full-year average of 16.6% [67] Business Line Data and Key Metrics Changes - Zeekr 9X sales exceeded 22,000 units within three months of launch, ranking first in its segment [1] - Lynk & Co 09 accumulated over 50,000 units in six months, ranking among the top three full-size hybrid SUVs [3] - Galaxy E5 ranked top two in China's BEV A-class SUV segment [4] - Geely China Star ICE reached sales of 1.214 million units in 2025 [4] Market Data and Key Metrics Changes - Geely ranked number one in China's passenger vehicle sales for two consecutive years [6] - The export target for 2026 is set at 640,000 units, with a yearly increase of over 50% [10] - New energy vehicle sales in overseas markets reached 124,000 units, with a growth of 240% [45] Company Strategy and Development Direction - Geely aims to reduce vehicle lifecycle carbon emissions by 25.5% by the end of 2025 [5] - The company plans to focus on technology and globalization, with a sales volume target of 3.45 million units for 2026 [5] - The strategy includes diversifying energy inputs and enhancing competitiveness in the NEV market [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record high core net profit attributable to shareholders in the next annual meeting [42] - The company acknowledges the competitive landscape in overseas markets and plans to deepen local production capabilities [46] - Management emphasized the importance of safety and intelligence in vehicle development, establishing a global automotive safety center [17][19] Other Important Information - Geely has established partnerships with companies like NVIDIA to enhance AI applications in vehicles [22] - The integration of Lynk & Co and Zeekr is expected to improve resource allocation and operational efficiency [56][62] Q&A Session Questions and Answers Question: How does Geely evaluate overseas markets and its competitive edge? - Geely reported that in 2025, exports reached 420,000 units, with a focus on building local production capabilities and branding [45][46] Question: What are the driving reasons for the gross margin improvement? - The gross margin improved due to high-end product sales, particularly from Zeekr, which accounted for nearly 9.5% of total sales volume in Q4 2025 [67] Question: Will Geely release a new five-year strategy? - Geely's current strategy, launched in 2021, focuses on smart ecosystems and energy, with plans to continue enhancing its technological capabilities [71]

Core Insights - The global electric vehicle (EV) market is experiencing significant growth, with a projected 32% year-on-year increase in new energy vehicle sales by Q3 2025, driven primarily by battery electric vehicles (BEVs) which account for two-thirds of global EV sales [1] - China remains the key driver of global BEV sales, contributing 60% of the total, followed by Europe and the United States [1] Group 1: Global EV Market Overview - BEVs achieved a record penetration rate of 18% of global passenger car sales in Q3 2025, up from 14% in the same period last year [1] - Plug-in hybrid electric vehicles (PHEVs) also saw moderate growth, with a year-on-year increase of 6% [1] - The top three best-selling electric vehicles in Q3 2025 were Tesla Model Y, Geely Galaxy, and Tesla Model 3 [1] Group 2: BYD Automotive - BYD maintained its position as the global leader in BEV sales with nearly 600,000 units sold in Q3 2025, reflecting a 33% year-on-year growth [2] - The company performed strongly in overseas markets, with exports exceeding 150,000 units, contributing 27% to its overall sales [2] - BYD's competitive advantage lies in its diverse product offerings in both BEVs and PHEVs, particularly in the compact SUV and sedan segments [2] Group 3: Geely Holding - Geely Holding ranked third in the global BEV market with a 10% market share, achieving a 51% year-on-year increase in BEV sales in Q3 2025 [3] - The company's brands, including Yinhe and Zeekr, excelled in the affordable and mid-range electric vehicle markets in China [3] - Geely's strategy of combining affordable pricing with advanced software has helped it gain consumer favor in a competitive market [3] Group 4: Tesla - Tesla ranked second globally with over 13% market share, experiencing a 7% year-on-year increase in sales in Q3 2025 [4] - The sales boost for Tesla was largely attributed to the strong performance of the refreshed Model Y and the introduction of a long-wheelbase version of Model Y in China [4] - Increased sales in the U.S. market were driven by consumer purchases ahead of the anticipated cancellation of EV tax credits in October 2025 [4]