External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.</li><li>We believe that Geely is better positioned than most peers with its sales growth outlook, cost reduction efforts, and overseas sales potential.</li><li>Unlike some investors, we do not view its synergy with parent company and partnerships with other players as a valuation drag given its track record in the past years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.We believe that Geely is better positioned than most peers with its sales growth outlook, cost reduction efforts, and overseas sales potential.Unlike some investors, we do not view its synergy with parent company and partnerships with other players as a valuation drag given its track record in the past years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - We Expect More Resilient Margins than Peers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Geely’s revenue grew by 25% YoY in 2025, supported by the continuous acceleration of sales volume.</li>
<li>We believe, as the new top seller, the company’s new-product promotion can be easier than before.</li>
<li>We believe Geely has an upside between 55% and 64% for the next twelve months.</li>
</ul>


Geely’s revenue grew by 25% YoY in 2025, supported by the continuous acceleration of sales volume.
We believe, as the new top seller, the company’s new-product promotion can be easier than before.
We believe Geely has an upside between 55% and 64% for the next twelve months.


Geely (175 HK): Revenue Up by 25% in 2025, About 50% Upside

<ul>
<li>Misleadingly, Geely’s deliveries look stagnant for the first two months of 2026.</li>
<li>In fact, Geely’s deliveries exceeded BYD again and the export grew dramatically.</li>
<li>We believe Geely has an upside of 73% for the next twelve months.</li>
</ul>


Misleadingly, Geely’s deliveries look stagnant for the first two months of 2026.
In fact, Geely’s deliveries exceeded BYD again and the export grew dramatically.
We believe Geely has an upside of 73% for the next twelve months.


Geely (175 HK): Feb. Deliveries Reconfirmed No. 1

<ul>
<li>Geely’s deliveries exceeded BYD and became the largest car maker in China in January.</li>
<li>Geely’s domestic deliveries were equivalent to BYD’s in the two months, Dec 2025 and Jan 2026.</li>
<li>We believe the stock has an upside of 65% for the next twelve months.</li>
</ul>


Geely’s deliveries exceeded BYD and became the largest car maker in China in January.
Geely’s domestic deliveries were equivalent to BYD’s in the two months, Dec 2025 and Jan 2026.
We believe the stock has an upside of 65% for the next twelve months.


Geely (175 HK): Exceeded BYD and Became No. 1

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Geely is aggressively expanding its market share in the rapidly growing New Energy Vehicle (NEV) sector through a multi-brand strategy, including Geely, Lynk &amp; Co, and the premium EV brand Zeekr.</li>
 <li>Strong export growth is a key pillar of the company's strategy, significantly expanding its global footprint and diversifying revenue streams away from the hyper-competitive domestic market.</li>
 <li>While revenue and vehicle sales are growing robustly, the company faces significant headwinds from intense domestic competition, which pressures profit margins, and potential geopolitical risks such as tariffs on vehicle exports.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Geely is aggressively expanding its market share in the rapidly growing New Energy Vehicle (NEV) sector through a multi-brand strategy, including Geely, Lynk &amp; Co, and the premium EV brand Zeekr.
  Strong export growth is a key pillar of the company's strategy, significantly expanding its global footprint and diversifying revenue streams away from the hyper-competitive domestic market.
  While revenue and vehicle sales are growing robustly, the company faces significant headwinds from intense domestic competition, which pressures profit margins, and potential geopolitical risks such as tariffs on vehicle exports.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

Geely Automobile (175 HK) - We Expect More Resilient Margins than Peers

Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.

CMB International

Geely (175 HK): Revenue Up by 25% in 2025, About 50% Upside

Geely’s revenue grew by 25% YoY in 2025, supported by the continuous acceleration of sales volume. We believe, as the new top seller, the company’s...

Ming Lu

Geely (175 HK): Feb. Deliveries Reconfirmed No. 1

Misleadingly, Geely’s deliveries look stagnant for the first two months of 2026. In fact, Geely’s deliveries exceeded BYD again and the export grew...

Ming Lu

Geely (175 HK): Exceeded BYD and Became No. 1

Geely’s deliveries exceeded BYD and became the largest car maker in China in January. We believe the stock has an upside of 65% for the next twelve...

Ming Lu

Primer: Geely Auto (175 HK) - Jan 2026

Geely is aggressively expanding its market share in the rapidly growing New Energy Vehicle (NEV) sector through a multi-brand strategy,...

αSK Primers

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