Group 1: Strategy Insights - The financial system's fragility is expected to drive monetary easing in leading countries, with 2026 likely witnessing a bull market in commodities alongside a manufacturing leap by catching-up nations like China [1][9] - In the first half of 2026, it is recommended to increase allocation to the PPI chain, particularly in oil and chemicals, while also focusing on Chinese manufacturing sectors such as photovoltaics, wind power, energy storage, and construction machinery [1][9] - The second half of 2026 should shift focus to the CPI chain, particularly in the liquor sector, and also consider investments in Hang Seng Technology and gold, which are expected to benefit from a rebound in the US dollar index [1][9] Group 2: Company Analysis - Hu Shang A Yi (沪上阿姨) - Hu Shang A Yi has a diversified brand matrix that covers various categories and price ranges, allowing it to fully benefit from growth in different market segments [2][13] - The company is focusing on deepening its presence in lower-tier markets and small store formats, which provides a competitive advantage [2][13] - Revenue projections for Hu Shang A Yi are estimated at 4.197 billion, 4.894 billion, and 5.790 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 493 million, 556 million, and 667 million yuan [2][13] Group 3: Company Analysis - Hai Tong Development (海通发展) - Hai Tong Development reported a revenue of 4.443 billion yuan for 2025, reflecting a year-on-year increase of 21.43% [3][21] - The company achieved a foreign trade revenue of 2.899 billion yuan, up 21.87% year-on-year, while domestic revenue reached 1.205 billion yuan, increasing by 27.78% [3][21] - The overall gross margin slightly declined to 16.29%, down 1.87 percentage points year-on-year, primarily due to a decrease in the gross margin of foreign trade business [3][22] Group 4: Company Analysis - Fangda Special Steel (方大特钢) - Fangda Special Steel achieved a revenue of 18.233 billion yuan in 2025, a decrease of 15.43% year-on-year, while net profit surged by 280.18% to 942 million yuan [25][26] - The company optimized its product structure, resulting in improved profitability metrics, with a gross margin of 9.65%, up 4.85 percentage points year-on-year [25][26] - The production and sales of high-margin products like spring flat steel and automotive leaf springs increased, indicating a successful shift in product strategy [25][26] Group 5: Company Analysis - Xiangcai Co., Ltd. (湘财股份) - Xiangcai Co., Ltd. reported a total revenue of 2.420 billion yuan and a net profit of 464 million yuan for 2025, reflecting increases of 10.37% and 325.15% respectively [29][30] - The company experienced significant growth in its commission income, which rose by 40.11% year-on-year, driven by an active market [29][30] - The firm is focusing on enhancing its self-operated investment performance, which saw a 9.36% increase in investment income [29][30] Group 6: Company Analysis - Chery Automobile (奇瑞汽车) - Chery Automobile achieved a revenue of 300.29 billion yuan in 2025, marking an 11.3% increase year-on-year, with a net profit of 19.02 billion yuan, up 34.6% [33][34] - The company reported a significant increase in overseas sales, with exports reaching 1.294 million units, a growth of 33.2% [33][34] - Chery's strategy includes a multi-brand approach, with plans to launch 16 new models over the next three years, enhancing its market presence [33][35] Group 7: Company Analysis - China Jushi (中国巨石) - China Jushi reported a revenue of 18.881 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.08%, with a net profit of 3.285 billion yuan, up 34.38% [37][38] - The company is focusing on high-end markets, with electronic fabric sales increasing by 21.4% year-on-year, driven by demand from the information technology sector [37][38] - The gross margin improved to 33.12%, reflecting effective cost management and pricing strategies [37][39] Group 8: Company Analysis - Jianghe Group (江河集团) - Jianghe Group achieved a revenue of 21.845 billion yuan in 2025, a decrease of 2.50% year-on-year, while net profit was 610 million yuan, down 4.31% [42][43] - The company reported strong growth in overseas orders, with a 30% increase in new overseas contracts [42][43] - The gross margin improved to 17.24%, despite an increase in expenses due to currency fluctuations [42][43]

证券研究报告·海外公司点评·汽车(HS) 奇瑞汽车（09973.HK） 2025 年报点评：Q4 业绩符合预期，多品牌协 同拓展增长边界 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 269,897 | 300,287 | 335,500 | 388,800 | 428,250 | | 同比(%) | 65.37 | 11.26 | 11.73 | 15.89 | 10.15 | | 归母净利润（百万元） | 14,135 | 19,019 | 21,234 | 25,346 | 30,063 | | 同比(%) | 18.25 | 34.55 | 11.64 | 19.37 | 18.61 | | EPS-最新摊薄（元/股） | 2.43 | 3.27 | 3.66 | 4.36 | 5.18 | | P/E（现价&最新摊薄） | 10.00 | 7.43 | 6.65 | 5.57 | 4.70 | [Ta ...

证券研究报告·海外公司点评·汽车(HS) 奇瑞汽车（09973.HK） 2025 年报点评：Q4 业绩符合预期，多品牌协 同拓展增长边界 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 269,897 | 300,287 | 335,500 | 388,800 | 428,250 | | 同比(%) | 65.37 | 11.26 | 11.73 | 15.89 | 10.15 | | 归母净利润（百万元） | 14,135 | 19,019 | 21,234 | 25,346 | 30,063 | | 同比(%) | 18.25 | 34.55 | 11.64 | 19.37 | 18.61 | | EPS-最新摊薄（元/股） | 2.43 | 3.27 | 3.66 | 4.36 | 5.18 | | P/E（现价&最新摊薄） | 10.00 | 7.43 | 6.65 | 5.57 | 4.70 | [Ta ...

Group 1 - The core viewpoint of the article highlights a significant rise in the stock prices of electric vehicle companies in the Hong Kong market, with Xiaomi Group (01810.HK) increasing by over 5% [1] - Other notable companies that experienced stock price increases include Chery Automobile (09973.HK), BYD Company (01211.HK), Geely Automobile (00175.HK), Li Auto (02015.HK), and Seres (09927.HK) [1]

Summary of Chery Automobile Conference Call Company Overview - **Company**: Chery Automobile - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and hybrid electric vehicles (HEVs) Key Financial Metrics - **2025 Net Profit**: CNY 19 billion, a 36.1% increase year-on-year [2] - **2025 Revenue**: Exceeded CNY 300 billion, an 11.3% increase [3] - **Gross Margin**: Increased by 0.3 percentage points [5] - **Debt Ratio**: Reduced to 80.4% from 87.9% [4] - **Cash Reserves**: CNY 88.4 billion [4] Sales and Production Goals - **2026 Sales Target**: 3 million vehicles, with 1.5 million each from domestic and international markets [6] - **2025 Domestic Sales**: 2.6314 million vehicles, a 14.6% increase [3] - **2025 Export Volume**: 1.2944 million vehicles, accounting for 49.2% of total sales [4] Business Segment Performance - **New Energy Vehicles (NEVs)**: - 2025 NEV sales: 826,500 units, a 72.5% increase [3] - NEV revenue: CNY 98.023 billion, a 66.3% increase, accounting for 32.6% of total revenue [3] - NEV gross margin improved from 0.4% to 8.8% [2] - **Brand Performance**: - Chery brand: 1.7009 million units sold [3] - Jetour brand: 622,600 units sold [3] - Exeed brand: 120,400 units sold [3] - iCar brand: 97,000 units sold [3] - Smart brand (cooperation with Huawei): 90,500 units sold [3] Global Expansion Strategy - **International Revenue**: CNY 157.274 billion, a 56% increase, making up 52.4% of total revenue [4] - **Market Penetration**: Significant growth in Western Europe, with over 200% increase [4] - **Localization Efforts**: Plans to deepen localization in 27 global bases, including Spain and Malaysia [2] Research and Development - **R&D Investment**: CNY 14.715 billion in 2025, a 39.4% increase [4] - **Focus Areas**: Development of solid-state batteries, advanced hybrid systems, and autonomous driving technologies [4][8] - **Patent Growth**: Global invention patent applications increased by 50%, with authorized patents up over 300% [4] Environmental, Social, and Governance (ESG) Goals - **Carbon Neutrality Targets**: - 60% reduction in greenhouse gas emissions per vehicle by 2030 [4] - Achieve carbon neutrality in operations by 2037 [4] Financial Strategy - **Dividend Proposal**: CNY 0.86 per share, approximately 26% of net profit [5] - **Cost Management**: Strategies to mitigate cost fluctuations through increased self-manufacturing and standardization [2][16] Future Outlook - **2026 NEV Sales Target**: 60% of total sales [11] - **Product Launches**: New models including high-end MPV V9 and VR9 expected in 2026 [6][15] - **Market Adaptation**: Plans to adjust pricing strategies in response to raw material cost fluctuations [16][17] Additional Insights - **Impact of Geopolitical Events**: Limited impact from Middle Eastern conflicts on sales and logistics [20] - **Supply Chain Management**: Emphasis on maintaining a flexible and responsive supply chain to manage costs effectively [16][17] This summary encapsulates the key points from the conference call, highlighting Chery Automobile's financial performance, strategic goals, and market positioning within the automotive industry.

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 奇瑞汽車股份有限公司 | | 股份代號 | 09973 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.86 RMB | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | ...

Financial Performance - Chery Automobile Co., Ltd. reported a revenue of RMB 300,287 million for the year ending December 31, 2025, representing an 11.3% increase from RMB 269,897 million in 2024[4] - The gross profit for the same period was RMB 41,443 million, up 14.1% from RMB 36,308 million, with a gross margin of 13.8% compared to 13.5% in the previous year[4] - Net profit for the year was RMB 19,507 million, a significant increase of 36.1% from RMB 14,334 million, resulting in a net profit margin of 6.5%[4] - Basic earnings per share rose to RMB 3.43, reflecting a 32.9% increase from RMB 2.58 in 2024[4] - The company proposed a final cash dividend of RMB 0.86 per share for the year[4] - Total revenue for the group reached RMB 300.287 billion in 2025, an increase from RMB 269.897 billion in 2024, representing an 11.5% growth[27] - Revenue from external customers in China (including Hong Kong, Macau, and Taiwan) was RMB 142.868 billion in 2025, down from RMB 169 billion in 2024, indicating a decline of 15.5%[27] - Revenue from other countries/regions increased significantly to RMB 157.419 billion in 2025, up from RMB 100.897 billion in 2024, reflecting a growth of 55.9%[27] - The group's net profit rose from RMB 14,334 million to RMB 19,507 million this year[78] Research and Development - Research and development expenses increased to RMB 11,444 million, up from RMB 9,243 million, indicating a focus on innovation[5] - Research and development costs rose to RMB 11,444 million in 2025, compared to RMB 9,243 million in 2024, reflecting a growth of 23.9%[34] - In 2023, Chery Automobile Co., Ltd. was recognized as a "High-tech Enterprise," allowing it to enjoy a preferential corporate income tax rate of 15% from 2023 to 2025[38] - Research and development (R&D) investment has increased by 15% year-over-year, totaling RMB 1.5 billion, focusing on new energy vehicle technologies[120] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 259,347 million, compared to RMB 213,996 million in 2024[9] - Current liabilities rose to RMB 180,944 million from RMB 165,802 million, reflecting increased operational activities[9] - The company's equity increased significantly to RMB 50,798 million from RMB 25,924 million, indicating strong financial health[9] - Total non-current assets increased to RMB 59,561 million in 2025, compared to RMB 45,779 million in 2024, marking a growth of 30%[29] - The total liabilities from bank loans and other borrowings amounted to RMB 15,924 million in 2025, down from RMB 23,166 million in 2024, a reduction of 31.1%[58] - The company's current liabilities for bank loans and other borrowings decreased to RMB 11,991 million in 2025 from RMB 20,068 million in 2024, a decrease of 40.3%[58] - The company's non-current liabilities for bank loans and other borrowings decreased to RMB 3,933 million in 2025 from RMB 3,098 million in 2024, a decrease of 26.9%[58] Revenue Breakdown - Sales of passenger cars contributed RMB 272,352 million in 2025, up from RMB 246,822 million in 2024, reflecting a growth of 10.3%[31] - Sales of automotive components and parts surged by 36.9%, increasing from RMB 15,864 million in 2024 to RMB 21,725 million in 2025, due to rising demand linked to passenger vehicle sales growth[67] - The gross profit increased by 14.1% from RMB 36,308 million in 2024 to RMB 41,443 million in 2025, reflecting the company's business expansion[68] Cash Flow and Investments - The net cash inflow from operating activities for the year was RMB 20,130 million, a decrease from RMB 44,887 million in the previous year, primarily due to accelerated payments to suppliers[89] - The net cash outflow from investing activities increased significantly to RMB 30,048 million from RMB 3,177 million in the previous year, mainly due to higher expenditures on financial products, structured deposits, fixed deposits, and long-term assets[89] - The net cash outflow from financing activities decreased to RMB 5,939 million from RMB 13,783 million in the previous year, attributed to reduced net proceeds from share issuance and repayments of bank and other interest-bearing borrowings[89] Employee and Operational Metrics - As of December 31, 2025, the group had a total of 70,103 full-time employees, an increase from 57,323 employees as of December 31, 2024[106] - The employee cost for the year was RMB 17,132 million, compared to RMB 14,301 million in 2024, reflecting a year-over-year increase of approximately 19.2%[106] Future Outlook and Strategy - The company plans to broaden its product range and enhance product positioning by 2026, focusing on electric and intelligent vehicle development[62] - The company aims to strengthen its competitive edge through a diversified multi-brand strategy, targeting both emerging and mature markets[62] - The company plans to expand its market presence by entering three new international markets by the end of 2025, aiming for a 10% market share in each[121] - A new plug-in hybrid electric vehicle (PHEV) model is set to launch in Q3 2025, with projected sales of 50,000 units in the first year[120] - The company is exploring potential mergers and acquisitions to enhance its technology portfolio, with a budget of RMB 2 billion allocated for this purpose[121] Compliance and Governance - The risk control and audit committee, consisting of 4 independent non-executive directors and 3 non-executive directors, has reviewed the annual financial performance and confirmed compliance with relevant accounting standards[112] - The company has adopted a standard code for securities trading by directors and supervisors, with all confirmed compliance since the listing date until December 31, 2025[108] - The company has established a risk control and audit committee with a written terms of reference in accordance with listing rules[112]

Group 1 - The Hong Kong stock market saw a strong performance in the automotive sector, with companies like Geely Auto and Chery Auto rising over 5%, and Li Auto and NIO increasing by over 3% [1] - NVIDIA announced collaborations with several automakers, including BYD, Geely, Hyundai, and Nissan, to develop L4 autonomous vehicles using the NVIDIA DRIVE Hyperion platform [1] - BYD, Geely, and Nissan are working on next-generation L4 passenger vehicle projects that will feature advanced autonomous capabilities for complex urban road scenarios [1] Group 2 - The stock performance of key automotive companies includes: - Geely Auto: up 5.33% to HKD 18.980, market cap of HKD 204.72 billion, year-to-date increase of 6.03% [2] - Chery Auto: up 5.16% to HKD 28.100, market cap of HKD 163.22 billion, year-to-date decrease of 8.94% [2] - Li Auto: up 3.15% to HKD 72.100, market cap of HKD 147.18 billion, year-to-date increase of 11.18% [2] - NIO: up 3.06% to HKD 48.480, market cap of HKD 119.46 billion, year-to-date increase of 18.36% [2] - BYD: up 2.01% to HKD 106.400, market cap of HKD 970.07 billion, year-to-date increase of 11.59% [2]

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Insights - The report emphasizes the importance of establishing a tracking system for overseas inventory of Chinese automotive brands, which is crucial for assessing sales quality and growth sustainability in international markets [5][30]. - Key indicators for tracking overseas inventory include absolute inventory levels, inventory-to-sales ratios, and implied future sales based on current inventory levels [5][50]. - The report highlights BYD as a representative case study, showcasing its overseas inventory metrics, including an absolute inventory of 167,000 vehicles as of December 2025 and an inventory-to-sales ratio fluctuating around 1.5, indicating healthy inventory levels [5][58]. Summary by Sections Introduction - The report discusses the increasing significance of the automotive industry in China's export landscape, with automotive exports rising from 0.6% of total exports in 2020 to 3.8% in 2025 [13]. Establishing a Tracking System for Overseas Inventory - The report outlines the necessity of a systematic approach to track overseas inventory, which serves as a leading indicator for assessing demand and profitability in the automotive sector [33][36]. - It emphasizes that merely tracking wholesale and terminal sales is insufficient to gauge the health of overseas channels [5][36]. Key Dimensions of Inventory Tracking Using BYD as a Case Study - The report provides a detailed analysis of BYD's overseas wholesale sales and inventory metrics, demonstrating the reliability of data from multiple sources [43][45]. - It notes that BYD's overseas inventory absolute value has shown significant growth due to rapid expansion in overseas channels and models [53]. Investment Recommendations - The report suggests that the new category of vehicles characterized by "electric as primary, oil as secondary" will drive the global electrification process, enhancing the penetration of new energy vehicles (NEVs) and reducing costs for components globally [59]. - Recommended companies to watch include BYD, Great Wall Motors, SAIC Motor, Xpeng Motors, and Changan Automobile, among others [59].

（股份代號：9973） 董事會會議日期 奇瑞汽車股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈將於 2026年3月18日（星期三）舉行董事會會議，以（其中包括）審閱及批准將載於本公 司即將刊發的年度報告的本公司及其附屬公司截至2025年12月31日止年度的年度 業績並考慮建議派發末期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 董事長 香港，2026年3月6日 於本公告日期，董事會包括執行董事尹同躍先生及張國忠先生；非執行董事王來 春女士、李晶女士、王津華先生、王孝偉先生、鮑思語先生、尹祥領先生及胡敬 源先生；獨立非執行董事商文江先生、楊棉之先生、葉盛基先生、路風先生、楊 善林先生及黎汝雄先生。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 ...