II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01752 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 2,171,686,000 | | | 0 | | 2,171,686,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | 2,171,686,000 | | | 0 | | 2,171,686,000 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及 ...

Core Insights - The 2025 Qilu Autumn Auto Show will take place from September 4 to 8 at the Shandong International Exhibition Center, featuring Chery Group's four brands: Chery, Exeed, Jetour, and iCAR, showcasing a total exhibition area of 2,000 square meters [1][3] - Chery Group has achieved significant milestones in 2023, including being the top exporter of Chinese automobiles, leading in SUV market share, and ranking first in global growth among Fortune 500 companies [1][3] - In August 2023, Chery Group sold 242,736 vehicles, a year-on-year increase of 14.6%, with a total of 1,727,299 vehicles sold from January to August, reflecting a 14.5% growth [1][3] Chery Brand - In August 2023, Chery brand sold 162,396 vehicles, with a cumulative total of 1,078,626 vehicles sold from January to August [3] - The brand's recent models, including the Wind Cloud A9L and Wind Cloud X3, are designed to appeal to both family users and younger consumers, emphasizing luxury, comfort, and performance [5][7] - The Wind Cloud A9L features a spacious interior, advanced technology, and impressive acceleration capabilities, while the Wind Cloud X3 offers a compact design with versatile space and dual power options [5][7] Exeed Brand - Exeed will showcase its flagship models, including the 2026 Exeed Moon and other star models, at the auto show, emphasizing its commitment to "new luxury technology" [8][10] - The 2025 Exeed Star Epoch ET is designed for family users, offering a spacious interior and advanced driving systems, while the Exeed Moon C-DM aims to redefine the hybrid SUV market with its innovative technology [12][14] Jetour Brand - Jetour will present models like the Mountain Sea L7 PLUS, which has received over 48,000 orders within 60 hours of its launch, indicating strong market demand for this "travel small house" concept [16][18] - The Mountain Sea L7 PLUS is designed for family travel, featuring multiple seating configurations and advanced driving assistance systems to enhance comfort and safety [18][19] iCAR Brand - iCAR focuses on creating classic electric vehicles, showcasing a range of modified models at the auto show, including the V23, which has achieved significant sales and recognition [20][22] - The V23 features advanced driving systems and battery-swapping technology, aiming to make high-end technology accessible to mainstream consumers [22][24]

Core Viewpoint - The 2025 Chengdu Auto Show highlights a significant shift in the automotive industry, with luxury brands absent and domestic brands taking center stage, reflecting changing consumer preferences and market dynamics [11][12][13]. Group 1: Industry Trends - The absence of luxury brands like Rolls-Royce and Porsche at the Chengdu Auto Show indicates a decline in their market presence, with Porsche's sales in China dropping 28% year-on-year in the first seven months of 2025 [12][11]. - Domestic brands such as Chery and BYD are gaining prominence, with Chery showcasing its four brands at the show, reflecting a strong push for local innovation and market capture [6][11]. - The automotive industry is facing a price war that has lasted for 32 months, leading to a significant drop in profits, with the industry's total profit in July 2025 reported at 29.3 billion yuan, down 17% year-on-year [8][11]. Group 2: Consumer Behavior - Consumers in Chengdu are increasingly favoring domestic luxury brands over traditional foreign luxury brands, as evidenced by the sales of 125,000 luxury cars in the first seven months of 2025, a slight increase of 1.7% [11][12]. - The Chengdu Auto Show has transformed into a more practical event, focusing on product experience rather than extravagant displays, with live streaming replacing traditional car models [9][11]. Group 3: Brand Strategies - Domestic brands are not only focusing on product experience but also on emotional value, as seen with Lantu's collaboration with Peppa Pig to enhance brand engagement [25][27]. - Companies like Volvo and Cadillac are adapting their marketing strategies to emphasize brand value and emotional connection, with Volvo's XC70 achieving over 5,000 pre-orders within 85 minutes of its launch [16][28]. - The competition among domestic brands is intensifying, with companies like Great Wall Motors and NIO focusing on unique product offerings and brand differentiation strategies [28][30].

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Chery New Energy's QQ Ice Cream is set to launch on August 23, 2025, in the A00 HB segment with a price range of 36,900 RMB [15] - Toyota's Lexus NX will be available on August 23, 2025, as a B SUV with a price range of 299,800 to 509,800 RMB [23] - Chery's Jetour X70 PLUS is scheduled for release on August 25, 2025, in the B SUV segment, priced between 113,900 and 136,900 RMB [31] - NIO's Firefly will launch on August 25, 2025, as an AO HB with a price of 133,800 RMB [38] - Chery's LUXEED R7 will be available on August 25, 2025, in the C SUV segment, with prices ranging from 249,800 to 309,800 RMB [46] Group 2: Specifications and Features - The QQ Ice Cream features a pure electric engine with a range of 205 km and a battery capacity of 17.4 kWh [15] - The Lexus NX offers multiple engine options, including a 2.5L hybrid with a power output of 139 kW and a torque of 241 Nm [22] - The Jetour X70 PLUS is equipped with a 1.5T engine, providing a power output of 115 kW and a torque of 230 Nm [31] - NIO's Firefly has a pure electric engine with a range of 420 km and a battery capacity of 42.1 kWh [38] - The LUXEED R7 offers both range-extended and pure electric options, with the latter providing a range of up to 802 km [46] Group 3: Market Segments and Engineering Changes - The QQ Ice Cream is categorized as a new model (NM) with no significant engineering changes [15] - The Lexus NX is classified as a mid-cycle enhancement (MCE1), indicating minor updates [23] - The Jetour X70 PLUS also falls under MCE1, suggesting some improvements without a complete redesign [31] - NIO's Firefly is a new model (NM) with no major engineering modifications [38] - The LUXEED R7 is classified as MCE1, indicating updates to features and specifications [46]

Core Insights - Anhui has emerged as the leading province in China for both total automobile production and new energy vehicle (NEV) production, with figures reaching 1.4995 million and 730,900 units respectively, surpassing Guangdong [1][18] - The transformation of Anhui's automotive industry over the past decade is remarkable, shifting from a struggling player to a dominant force in the sector [3][36] Historical Context - Ten years ago, Anhui's automotive industry was characterized by challenges, with local companies like Chery and JAC facing significant hurdles in development and market positioning [4][6] - In 2014, Anhui's total automobile production was only 955,000 units, ranking around 10th nationally, while Guangdong produced over 2.5 million units [10][12] Recent Developments - Since 2016, Anhui's automotive production has seen exponential growth, particularly in the NEV sector, which grew from 105,000 units in 2020 to an expected 1.684 million units in 2024 [18][35] - The shift in statistical reporting from "enterprise location" to "production location" has played a role in Anhui's rise, particularly with the inclusion of BYD's production in Hefei [15][16] Key Players and Strategies - The partnership between local companies and major players like BYD has been crucial, with BYD's Hefei base expected to reach a production capacity of 950,000 units by 2024 [21][30] - Chery has also made significant strides, exporting over 1.1446 million vehicles in 2024, marking a 21.4% increase and solidifying its position as a leading Chinese brand in exports [33] Industry Ecosystem - Anhui's automotive ecosystem now includes seven major manufacturers, covering a full range of vehicle types, and has seen the establishment of over 2,700 auto parts companies [34][38] - The province has developed a comprehensive supply chain, with local production of key components like batteries and electric motors, enhancing its competitive edge [39][40] Future Challenges - Despite its current success, Anhui faces intense competition from traditional automotive powerhouses like Guangdong and emerging players in the Yangtze River Delta region [45][48] - The need for technological innovation and the development of strong automotive brands in the economic NEV segment remains a critical challenge for Anhui [50][51]

Core Insights - Chery Automobile and Huawei have signed a strategic cooperation agreement for the Zhijie brand 2.0, committing over 10 billion yuan and expanding the R&D team to 5,000 people to enhance technological leadership [1][4] - Zhijie has established an independent operation for its new energy company, focusing on integrated production and sales, and plans to launch multiple new high-end models [1][3] Group 1 - The cooperation between Zhijie and Huawei is described as deeper compared to other partnerships, with R&D centers located in Shenzhen and Shanghai to facilitate efficient communication [3] - Zhijie's team currently has nearly 2,000 members, with expectations to reach 5,000 by the end of the year, and the supplier system is aligned with Huawei's standards [3][4] - Zhijie is establishing a separate sales network, with new stores set to open by the end of August, adopting a dual branding strategy with Hongmeng Zhixing [3] Group 2 - The Zhijie project was initiated in 2022 under the internal code "EH Division," led by Chery's CTO, with significant investment and collaboration with Huawei's team [4][5] - In Q1 2024, the EH Division will be upgraded to an independent division responsible for the full management of the Zhijie brand, while Huawei will continue to provide technical support [4] - Currently, Zhijie has two models, the S7 and R7, both experiencing declining sales, with S7's monthly sales dropping from 1,833 units to 600 units and R7 from 15,903 units to around 3,000 units [6][7]

Core Viewpoint - The article discusses the recent developments of Zhijie Automobile, focusing on its transition to an independent brand and the challenges it faces in improving sales performance [2][3][10]. Group 1: Company Independence and Structure - Zhijie Automobile officially announced its transition to the 2.0 phase, planning to invest over 10 billion yuan and expand its R&D team to 5,000 members to enhance technology [3]. - The establishment of Anhui Zhijie New Energy Automobile Co., Ltd. marks Zhijie's upgrade to an independent company, fully controlled by Chery Automobile [5]. - The brand aims to cover all aspects of R&D, manufacturing, and user services, with Huawei leading the operational system and Chery prioritizing Zhijie as a strategic project [4][5]. Group 2: Sales Performance and Challenges - Despite the launch of Zhijie S7 and R7 models, sales have been disappointing, with S7's monthly sales dropping from over 5,000 to around 2,000 vehicles [8]. - The R7 model initially boosted brand visibility, achieving over 10,000 units sold in January, but its sales fell to 5,124 units by May [8]. - To improve sales, Zhijie is establishing independent sales channels and plans to open dedicated stores, while Huawei stores will also sell some Zhijie models [9]. Group 3: Future Prospects and Product Development - Zhijie is set to launch updated versions of the R7 and S7 models, featuring advanced technologies such as 192-line laser radar and Huawei's ADS 4.0 driving assistance system [10]. - The brand's ability to leverage Huawei's technology and brand strength will be crucial for its growth trajectory as an independent entity [10].

Core Viewpoint - Chery has initiated a series of internal reforms aimed at reducing meeting frequency and enhancing efficiency, with a target to cut company-level meetings and participants by 30% each [1][3]. Group 1: Meeting Efficiency - Chery's Chairman, Yin Tongyue, acknowledged past shortcomings in meeting management and apologized for the lack of consideration for employees [1]. - The company has mandated that no meetings be held on weekends to allow employees living away from home to return [3]. - Leaders are encouraged to spend more time on-site rather than in meetings, with a focus on holding shorter and smaller meetings [3]. Group 2: Personnel Efficiency - An internal document reportedly outlines a strategy for improving personnel efficiency, emphasizing a "345" approach where three people are expected to perform the work of five while receiving salaries for four [3]. - The human resources department is tasked with implementing specific actions to address overtime issues as part of the overall efficiency improvement strategy [3].

Core Viewpoint - The article discusses the competitive landscape of the automotive industry, focusing on the development of MPVs by companies like Zhijie and Chery, highlighting the strategic decisions and market dynamics involved in this segment [3][4][14]. Group 1: Development of MPVs - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [3][4]. - Chery's original luxury MPV, the Xingjiyuan E08, has been halted in development, with some team members moving to Zhijie to strengthen its MPV project [3][4]. - The decision to let Zhijie debut the luxury MPV reflects Chery's strategy to reduce resource redundancy and focus on high-end electric vehicles [4][9]. Group 2: Market Positioning and Competition - The Xingjiyuan series, launched in July 2023, aims at the high-end market with prices ranging from 172,800 to 319,800 yuan, while Zhijie targets a similar demographic but with a higher price point for its models [3][4][14]. - The competition between Zhijie and Xingjiyuan is evident, as both brands target the same consumer base, but Zhijie is positioned to better support the luxury MPV segment [4][14]. Group 3: Sales Performance and Challenges - Zhijie has sold 64,300 units in the past seven months, outperforming Xingjiyuan's 44,200 units, indicating a stronger market presence [14]. - Despite initial success, Zhijie faces production challenges, with delays in the delivery of the Zhijie S7 model leading to customer dissatisfaction [6][19]. - The need for Zhijie to improve its delivery capabilities is critical, as it aims to capitalize on the growing MPV market, which saw a 53.3% year-on-year increase in sales in June [11][19]. Group 4: Strategic Partnerships - The collaboration between Chery and Huawei has been pivotal for Zhijie, with Huawei's technology and market insights playing a significant role in the development of its vehicles [6][19]. - Chery's restructuring into "new four major" divisions aims to enhance brand competitiveness and streamline operations, particularly in the context of its partnership with Huawei [4][6].

Core Viewpoint - The competition for the first MPV under the Hongmeng Intelligent Driving brand is intensifying, with Zhijie potentially gaining an advantage as it develops its MPV based on the E0X-L platform, expected to launch in the first half of next year [1][3]. Company Developments - Zhijie is developing an MPV named "EHV," which will offer both pure electric and extended-range powertrains, with batteries supplied by CATL [1]. - Chery's first luxury MPV, the Star Era E08, has reportedly halted development, with some team members transferring to Zhijie to bolster its MPV development efforts [1][3]. - Chery has initiated a brand integration strategy, forming "New Four Major" divisions to optimize resource allocation and enhance brand competitiveness [2]. Market Positioning - Zhijie and Star Era are positioned similarly in the high-end new energy market, but Zhijie is seen as better suited to support luxury MPV models [2]. - The pricing strategy for the Star Era series has been adjusted, with the starting price dropping to 19.88 million yuan, making it 5.1 million yuan cheaper than Zhijie S7 [4]. Sales Performance - Zhijie S7 has received over 20,000 pre-orders since its launch, but production issues have led to delays, causing dissatisfaction among customers [4][5]. - In the first half of the year, Zhijie sold 64,300 units, surpassing Star Era's 44,200 units, indicating a stronger market performance [10]. Production Capacity - Chery's new "Intelligent Connected Super Factory" is set to produce Zhijie S7, but initial production challenges have led to a temporary shift to another facility [4][5]. - Zhijie has established an independent factory, which is expected to alleviate resource allocation issues with other Chery brands [13]. Future Outlook - The MPV market is growing, with a 53.3% year-on-year increase in sales for new energy MPVs in June, indicating a favorable environment for Zhijie's upcoming launch [7]. - If Zhijie's EHV MPV launches successfully, it could become a significant growth point for the brand, especially as it aims to compete in a market where many manufacturers are pivoting towards MPVs [15].