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 Viewpoint - The Chinese new energy vehicle market is experiencing a significant shift in 2025, with pure electric vehicles regaining market share while range-extended electric vehicles show signs of fatigue [2][4][7]. Summary by Sections Market Performance - In 2024, range-extended and plug-in hybrid vehicles were the main growth drivers in the Chinese new energy vehicle market, with wholesale sales of plug-in hybrids reaching 3.91 million units, a year-on-year increase of 84.8%, and range-extended vehicles at 1.179 million units, up 70.9% [2][3]. - Pure electric vehicle wholesale sales in 2024 totaled 7.095 million units, with a year-on-year growth rate of only 15.9%, leading to a market share drop to 58% [3]. 2025 Trends - In early 2025, the market structure began to shift significantly, with pure electric vehicle sales showing a notable recovery. January, February, and March saw year-on-year growth rates of 23.3%, 69.6%, and 35.2%, respectively [4]. - Conversely, range-extended vehicle growth slowed, with January showing a decline of 11.3%, and February and March growth rates of 7.4% and 26.0%, respectively [4]. - The share of pure electric vehicles in March 2025 rose to 62.8%, surpassing the 60% mark again [4]. Retail Market Insights - In the first quarter of 2025, pure electric vehicle retail sales grew by 45.2%, leading among all new energy vehicle types, while plug-in hybrids grew by 33.7%, and range-extended vehicles saw minimal growth of only 0.7% [4]. Market Structure Characteristics - The recovery of the pure electric market exhibits a "barbell" structure, driven by both low-end entry-level and high-end segments. The A00 class (micro) electric vehicles saw a remarkable year-on-year growth of 87% in March, increasing their share to 19% [5]. - New energy vehicle brands, particularly in the high-end segment, contributed significantly to growth, with new force brands capturing a market share of 17.1%, up 3 percentage points year-on-year [5]. Competitive Landscape - Despite lower absolute sales in the high-end segment compared to entry-level markets, the growth trend and brand image enhancement are significant. The average promotional discount for luxury electric vehicles reached 26.1% by March [6]. - The range-extended segment faces challenges, exemplified by the significant decline in sales for key players like Seres, which saw a 42.47% drop in the first quarter [6]. - The overall high growth in the new energy market in early 2025 is attributed to a shift in policy timing, with the stimulus window expected to be from February to December, contrasting with the previous year's concentrated efforts in the latter half [6].