智通财经APP讯，奇瑞汽车(09973)发布公告，集团于2025年11月的五大品牌总销量为25.58万辆汽车， 较去年同期减少约2%。 ...

格隆汇12月1日丨奇瑞汽车(09973.HK)公布，集团于2025年11月的五大品牌总销量为25.58万辆汽车，较 去年同期减少约2%。其中：新能源销量11万辆，出口销量13.2万辆。 ...

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） （股份代號：9973） 未經審核之二零二五年十一月銷量 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 董事長 香港，2025年12月1日 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本集團於二零二五年十一月的五大品牌總銷量為255,809輛汽車，較去年同 期減少約2%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | ...

Core Insights - Chery Automobile and the industrial ecosystem in Wuhu are undergoing a significant transformation, driven by innovation and the establishment of a complete automotive industry chain [1][7] - The local government is actively promoting investment and improving the business environment to attract more automotive supply chain companies [5][6] Group 1: Company Developments - Ailongsen Automotive Technology Co., Ltd. is set to begin production in October 2024, with an expected annual output of 1 million sets of interior and exterior parts for new energy vehicles [2] - Chery officially listed on the Hong Kong Stock Exchange in September 2023, raising HKD 9.14 billion, marking it as the largest IPO for an automotive company in the Hong Kong market in 2025 [7] - The automotive supply chain in Wuhu has attracted over 500 companies, accounting for a quarter of the total in the city, with significant contributions from global automotive parts leaders [4] Group 2: Industry Ecosystem - The "half-hour supply circle" around Chery allows for efficient supply chain operations, significantly enhancing production efficiency [4] - The local automotive industry is projected to reach a value of over 300 billion yuan, with strategic emerging industries contributing 40% to the GDP of Wuhu [7][8] - The intelligent connected vehicle and robotics industries are being developed in tandem, with Wuhu's robotics industry expected to exceed 40 billion yuan in 2024 [8][9] Group 3: Talent and Workforce Challenges - There is a significant talent gap in the new energy and intelligent connected vehicle sectors, with an estimated shortage of 1.03 million skilled workers [10][11] - Local companies are facing challenges in recruiting and training workers, with a need for at least three months of training for new employees [11] - The local government is implementing initiatives to attract high-level talent and graduates from key universities to support the growing industry [11]

Summary of Chery Automobile Conference Call Company Overview - Chery Automobile has entered a growth phase since 2022, significantly increasing its market share due to technological advancements such as Kunpeng Power and Mars Architecture, as well as export growth [2][4] Core Industry Insights - Chery maintains a dual development strategy for traditional fuel vehicles and new energy vehicles, with steady market share growth in the domestic market [2][4] - Strong sales performance from models like the Tiggo 8 series and Arrizo 7 contribute significantly to revenue [2][4] - The company has expanded its overseas market presence, achieving over 1 million units sold abroad, with Europe, Southeast Asia, and Latin America as key focus areas, particularly strong performance in the Brazilian market [2][4][6] Technological Advancements - Chery has a notable advantage in engine technology, with the Kunpeng engine achieving a thermal efficiency of 48%, placing it at a global leading level, enhancing competitiveness in fuel and hybrid vehicle segments [2][5] - The company is progressing in the smart technology sector through a 2.0 strategic partnership with Huawei, gradually applying Huawei's Intelligent Driving 4.0 solutions to its Zhijie platform, resulting in increased sales of updated Zhijie models [2][5] Future Development Strategy - Chery plans to integrate domestic operations and strengthen brand collaboration, focusing on the Fengyun and Tiggo brands for new energy transformation, with the Fengyun series targeting the Geely Galaxy [6] - The company aims to launch multiple new models based on CCDM 6.0, including the Fengyun T11 and upgraded T9L, while continuing to focus on the Arrizo and Tiggo product lines in the fuel vehicle sector [6] - The overseas market remains a crucial growth point, with plans to achieve a production capacity of 50,000 units in Europe by 2027 and 150,000 units by 2029 [6] Financial Projections and Investment Recommendations - Chery is projected to achieve a net profit of approximately 18 billion RMB in 2025, potentially reaching around 20 billion RMB in 2026, with a current valuation of about 10 times earnings [3][7] - Despite a weak beta in the overall automotive industry, the expected stable growth in overseas business and continuous iteration of the Fengyun brand, along with the potential success of the Zhijie MPV, could drive further valuation increases [7]

Group 1 - Chery Automobile Co., Ltd. donated 10 million Hong Kong dollars to the Hong Kong Red Cross Foundation for emergency relief efforts in the Tai Po disaster area [1] - The donation aims to assist in disaster relief and recovery efforts following a significant fire incident [1] - The fire in Tai Po has resulted in 55 fatalities, with firefighters successfully rescuing another 55 individuals [1] Group 2 - Hong Kong Chief Executive John Lee announced an immediate emergency relief fund of 10,000 Hong Kong dollars for each affected household [1] - A total of 300 million Hong Kong dollars will be allocated to establish a relief fund for the Tai Po disaster area [1]

Core Viewpoint - Chery Automobile's stock price surged by 4.66% to HKD 31.90, with a market capitalization of HKD 185.3 billion, reflecting positive market sentiment and a "buy" rating from Zhongtai Securities [1][3][10] Financial Performance - In the first three quarters, Chery achieved revenue of CNY 214.83 billion, a year-on-year increase of 17.94%, and a net profit of CNY 14.365 billion, up 28.01% [5] - Chery sold 2,007,768 vehicles in the first three quarters, marking a 14.5% increase year-on-year, with new energy vehicle sales reaching 587,545 units, a growth of 77.1% [5] Sales Growth - In October, Chery sold 281,161 vehicles, a 3.3% increase year-on-year, with new energy vehicle sales at 110,346 units, up 54.7%, achieving over 110,000 units in a single month for the first time [7] - From January to October, cumulative sales reached 2,288,929 vehicles, a 13% increase year-on-year, setting a record for the same period [7] Market Position and Strategy - Zhongtai Securities highlights Chery's strong export market presence and early mover advantage, anticipating simultaneous growth in volume and profit due to collaboration with Huawei and the orderly advancement of domestic new energy brands [3][9] - Chery's focus on understanding user needs beyond traditional metrics is seen as crucial for enhancing market share in a competitive landscape [9] Technological Advancements - Chery's new generation Kunpeng engine boasts a thermal efficiency of 48%, the highest globally for mass production, with production capacity expected to reach 1 million units by 2026 [19] - The company has introduced over ten leading technologies, including AI smart vehicle architecture and L4 autonomous driving capabilities, enhancing its competitive edge in the market [22] Future Outlook - Chery aims for further growth in sales, revenue, and net profit through strategies such as technology equity, model focus, export expansion, and brand collaboration [24] - The company’s sub-brands, including Jetour and iCAR, are expected to establish a foothold in the high-end personalized automotive market, potentially increasing profit margins [24]

Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

Core Insights - The article discusses the transformation of the automotive industry, particularly focusing on the competitive dynamics between domestic and joint venture manufacturers, highlighting the shift from a multi-model approach to a focus on winning rates in market share [1] Group 1: Growth and Market Dynamics - The company has experienced significant market share growth since 2021, driven by a rapid increase in demand and the electrification of vehicles [1] - Historical growth phases are outlined: initial reliance on low-cost small cars (2008-2012), a strategic shift towards quality improvement (2013-2016), a recovery period with successful sub-brand strategies (2017-2021), and an explosive growth phase from 2022 onwards due to technological advancements and a strong export performance [1][2] Group 2: Current Performance - The company’s current performance is supported by strong sales of traditional fuel vehicles, with notable models like the Aiyre and Ruihu series achieving good market reception [2] - The company is projected to achieve revenue of 269.9 billion yuan in 2024, representing a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [2] Group 3: Competitive Advantages - The company has established a strong export position, with a focus on regions such as Europe, Latin America, and Southeast Asia, and is expanding production capacity in overseas factories [2][3] - Technological innovation is a key competitive advantage, with the launch of the new Kunpeng engine achieving a thermal efficiency of 48%, the highest globally, and plans to increase production capacity significantly by 2026 [2] Group 4: Future Outlook - The company plans to focus on the integration of its domestic brands and the development of its Wind and Cloud series, aiming to capture market share through technological advancements [3] - Continued growth in the domestic market is expected, with a projected increase in market share for traditional fuel vehicles over the next three years [3] Group 5: Financial Projections - The company is expected to see net profits of 17.34 billion, 21.86 billion, and 24.34 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 9.2X, 7.3X, and 6.6X, which are below the industry average [4]

Group 1 - The core viewpoint is that Hong Kong automotive stocks are mostly rising, indicating positive market sentiment in the sector [1] Group 2 - Chery Automobile (09973.HK) increased by 3.61%, reaching HKD 31.58 [1] - GAC Group (02238.HK) rose by 3.52%, trading at HKD 3.53 [1] - Leap Motor (09863.HK) saw a 3.27% increase, priced at HKD 52.05 [1] - Beijing Automotive (01958.HK) gained 3.02%, with a share price of HKD 2.05 [1] - Xpeng Motors-W (09868.HK) experienced a 1.46% rise, now at HKD 83.3 [1]