Core Insights - Hong Kong Stock Exchange announced that Zijin Mining International Co., Ltd. (02259) and Chery Automobile Co., Ltd. (09973) will be included in the designated securities list for short selling starting from November 21, 2025 [1] Company Summary - Zijin Mining International Co., Ltd. (02259) will be permitted for short selling [1] - Chery Automobile Co., Ltd. (09973) will also be permitted for short selling [1] Industry Summary - The inclusion of these companies in the short selling list indicates a potential shift in market dynamics and trading strategies within the Hong Kong stock market [1]

Core Insights - Chery Automobile Co., Ltd. has recently increased its registered capital from approximately 5.47 billion RMB to about 5.81 billion RMB, representing an increase of around 6% [1] Company Overview - Chery Automobile was established in January 1997 and is represented by legal representative Yin Tongyue [1] - The company's business scope includes the production and sales of automotive products and engines [1] Shareholder Information - The shareholders of Chery Automobile include Wuhu Investment Holding Group Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., and Anhui Credit Financing Guarantee Group Co., Ltd. [1]

Core Insights - Chery Automobile Co., Ltd. has increased its registered capital from approximately 5.47 billion RMB to about 5.81 billion RMB, representing an increase of around 6% [1] Company Overview - Chery Automobile was established in January 1997 and is represented by legal representative Yin Tongyue [1] - The company's business scope includes the production and sales of automotive products and engines [1] Shareholder Information - The shareholders of Chery Automobile include Wuhu Investment Holding Group Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., and Anhui Credit Financing Guarantee Group Co., Ltd. [1]

Core Viewpoint - The incident involving Chery's Fengyun X3L during an extreme challenge test at Tianmen Mountain has raised significant public concern and scrutiny regarding the vehicle's safety and the company's marketing strategies [2][4][5]. Group 1: Incident Details - On November 12, 2025, the Fengyun X3L experienced a malfunction during a challenge test, resulting in the vehicle sliding backward and damaging several guardrails [2][3]. - The preliminary investigation indicated that the incident was caused by the unexpected detachment of a safety harness, which led to the vehicle's loss of control [4]. - Fortunately, no injuries were reported, and the damage was limited to the guardrails [3][4]. Group 2: Company Response - Chery issued an apology to the Tianmen Mountain scenic area, visitors, and partners, acknowledging the oversight in risk assessment and execution of the test [4]. - The company committed to repairing the damaged infrastructure and taking full responsibility for the incident [4]. Group 3: Sales and Market Performance - As of October 2025, the total sales of the Fengyun X3L reached 2,095 units, averaging less than 50 units sold per day [2][7]. - Chery Group reported a record annual sales figure of 2.6039 million vehicles in 2024, with a notable increase in exports [5]. - In October 2025, Chery sold 281,200 vehicles, marking a 3.3% year-on-year increase, with electric vehicle sales showing a significant growth of 54.7% [5]. Group 4: Vehicle Specifications and Market Position - The Fengyun X3L is a compact SUV launched on September 17, 2025, with a price range of 109,900 to 149,900 yuan [6]. - The vehicle is positioned as a "high-energy fashionable outdoor box," indicating a focus on performance and outdoor capability [6]. Group 5: Industry Insights - Automotive analysts suggest that the extreme testing conditions do not accurately reflect the vehicle's performance in everyday scenarios, emphasizing the importance of fuel efficiency and comfort in regular use [8]. - There are indications that Chery may have modified the Fengyun X3L for the challenge, which could misrepresent the vehicle's standard performance [7][8].

Core Viewpoint - Chery Automobile faces significant challenges with its new model, the Fengyun X3L, which has seen disappointing sales and a recent incident during a performance test that highlights internal management issues and safety concerns [1][3][10] Sales Performance - The Fengyun X3L has not met sales expectations since its launch, with overall sales growth for Chery slowing to just 2% in October compared to previous months [1][9] - Other models in the Fengyun series, such as the Fengyun T9 and A8, have also experienced poor sales performance, with the T9's monthly sales dropping from over 8,000 to below 5,000 and the A8's sales falling below 1,000 units [5][6][8] Incident Analysis - An incident during a performance test at Tianmen Mountain resulted in the vehicle sliding backward and breaking three sections of guardrail, attributed to a failure in the safety harness [3][4] - Chery's explanation for the incident points to a lack of risk assessment and detail management, raising concerns about the company's internal processes [10][15] Internal Management Issues - Reports indicate that Chery's strict management practices have led to employee dissatisfaction, with claims of excessive overtime and harsh working conditions [10][13] - A recent incident involving a refusal to attend a mandatory Saturday meeting by a new employee garnered significant internal support, highlighting employee morale issues [12][13] R&D Investment - Chery's research and development spending is notably lower than competitors like BYD and Geely, with R&D expenses constituting only 3.4% of revenue, which has contributed to lower profit margins and product competitiveness [10][13][15] Market Competition - The automotive industry is characterized by intense competition not only in product and technology but also in overall management efficiency, suggesting that Chery's current management approach may hinder its market position [15]

Group 1 - Chery Automobile issued an apology regarding an incident during an extreme challenge test at Tianmen Mountain, where a safety harness unexpectedly detached, causing the vehicle to slide and hit a guardrail, but fortunately no injuries occurred [2] Group 2 - Baidu's founder Li Yanhong highlighted the unhealthy structure of the current AI industry, where chip manufacturing captures most of the value, while model applications receive significantly less, indicating a need for a transition to a healthier large model product structure [3] - Baidu's Wenxin large model 5.0 was officially launched, showcasing improvements in multimodal understanding, creative writing, intelligent planning, and instruction adherence, with a parameter scale exceeding 2.4 trillion [3] Group 3 - Tencent reported a 15% year-on-year revenue increase in Q3 2025, reaching 192.87 billion yuan, with a net profit of 63.13 billion yuan, surpassing expectations [4] - The combined monthly active accounts of WeChat and Weixin reached 1.414 billion, reflecting a 2% year-on-year growth [4] - Tencent's online gaming revenue totaled 63.6 billion yuan, with international market game revenue growing by 43% year-on-year, surpassing 20.8 billion yuan [4] Group 4 - JD Group's Q3 2025 revenue grew by 14.9% year-on-year to 299.1 billion yuan, exceeding expectations, while net profit decreased to 5.3 billion yuan from 11.7 billion yuan in the same period last year [5] - JD's CEO Xu Ran emphasized a long-term strategic approach to the food delivery business, aiming for sustainable growth and independent viability [5] Group 5 - Xiaomi's Yu7 won the Best Structure Award at the 2025 International Die Casting Competition, highlighting the company's commitment to R&D for safer and more reliable vehicles [5] Group 6 - Apple announced a new "Mini Program Partner Program" to expand support for mini programs on the App Store, offering developers an 85% revenue share on eligible in-app purchases, with a 15% commission rate [6] Group 7 - Wang Ziru discussed the controversial betting agreements, advising entrepreneurs to consider such agreements only if they have strong confidence in their industry and projects, using JD's founder Liu Qiangdong as an example of someone who signed many betting agreements due to his confidence in the business [7] Group 8 - Tesla is reportedly testing the integration of Apple CarPlay into its vehicles, marking a potential shift in stance from CEO Elon Musk, who has previously criticized Apple's App Store policies [7] Group 9 - China has completed the first phase of 6G technology trials, accumulating over 300 key technology reserves over the past four years [9] Group 10 - China plans to launch a special plan for power batteries, aiming to promote the development of the new battery industry and establish a carbon management policy framework for power batteries [10]

Core Viewpoint - Chery Automobile faced a significant backlash due to the "climbing incident," which led to a decline in market confidence and a notable drop in stock price, resulting in a market value loss of 39.5 billion HKD in one day [1][2]. Group 1: Incident Overview - On November 12, during an extreme challenge test of the Fengyun X3L at Tianmen Mountain Scenic Area in Hunan, an unexpected incident occurred, causing the test to be interrupted and attracting widespread attention [5][6]. - A video circulated online showing the vehicle sliding down steps during the challenge, which resulted in damage to the scenic area's guardrails [5]. - Chery issued an apology on November 13, acknowledging the incident and expressing regret to the scenic area, visitors, partners, and concerned individuals [3][5]. Group 2: Company Response - Chery stated that the direct cause of the incident was the unexpected detachment of a safety harness's fixed point, which led to the vehicle sliding and colliding with the guardrail, causing some damage [5][6]. - The company emphasized that fortunately, there were no injuries or environmental damage, but acknowledged shortcomings in risk assessment and detail management during the test planning and execution [6]. - Chery committed to repairing the damage caused at Tianmen Mountain and taking full responsibility for the aftermath [6]. Group 3: Product Information - The Fengyun X3L is a range-extended SUV model launched on September 17, with a price range of 119,900 to 159,900 CNY [8]. - Prior to the incident, Chery's executive vice president promoted the Tianmen Mountain challenge on social media, highlighting the extreme difficulty of the terrain and the vehicle's performance requirements [8][9].

Core Viewpoint - Chery Automobile's recent marketing stunt of driving a vehicle up the Tianmen Mountain steps backfired, leading to public backlash and a decline in stock price, highlighting the importance of safety and risk assessment in automotive branding [1][3]. Company Performance - Chery successfully listed on the Hong Kong Stock Exchange on September 25, achieving a market capitalization exceeding HKD 170 billion [3]. - The company attracted significant backing from 13 cornerstone investors during its IPO, indicating confidence in its commitment to stable growth [3]. Stock Market Reaction - Following the Tianmen Mountain incident, Chery's stock price fell over 3%, dipping below its IPO price of HKD 30.75, raising concerns among investors [3][4]. Corporate Culture and Investor Trust - The incident may not fully represent Chery's corporate culture, but it has affected public perception and investor confidence, necessitating efforts to rebuild trust [4]. - The importance of corporate culture, as emphasized by notable investors, suggests that incidents like this can significantly impact investment decisions [3].

新浪科技讯 11月13日下午消息，11月12日，有多名网友发布视频显示，湖南张家界天门山国家森林公 园景区，一辆汽车在"天梯"上进行爬台阶挑战，结果却从台阶上溜下，还撞坏了天梯护栏。 昨日深夜，奇瑞汽车发布致歉声明。奇瑞汽车表示，经初步调查核实，此事故的直接原因是，测试装置 的安全防护绳固定点卸扣意外脱落，进而导致防护绳缠绕右侧车轮，动力输出受阻，车辆下滑撞击护 栏。并表示，对于此次测试造成的天门山场地损失，承诺全力修复并承担赔偿责任。 对此，《BUG》栏目致电天门山国家森林公园，景区工作人员回应称："天梯线路今天已经正常开 放。"关于此前被奇瑞汽车撞坏的护栏，对方表示："已经做好了安全措施。"至于为何奇瑞新车能够开 上天门山？上述工作人员解释称："这是我们公司与车企合作的一次天梯挑战活动，今天已经不影响游 客正常游览了。" 责任编辑：何俊熹 公开资料显示，天门山"天梯"全长近300米，垂直落差150米，共有999级台阶，是通往天门洞的主要途 径。有网友认为，"把价格打下来，把质量做好，没有多少人开车去爬楼梯，消费者要的不是这种。"还 有网友质疑，"奇瑞做这个测试和之前始祖鸟炸山不是差不多么？" ...

对此消息，新浪科技向奇瑞汽车进行求证，截至发稿对方暂未回应。 责任编辑：何俊熹 对此，奇瑞汽车发布致歉声明。奇瑞汽车表示，经初步调查核实，此事故的直接原因是，测试装置的安 全防护绳固定点卸扣意外脱落，进而导致防护绳缠绕右侧车轮，动力输出受阻，车辆下滑撞击护栏。并 表示，对于此次测试造成的天门山场地损失，承诺全力修复并承担赔偿责任。 值得注意的是，奇瑞汽车发布道歉声明同日，有网友在社交媒体上爆料称，奇瑞国际事业部近日发布新 通知，要求员工上班期间着商务正装，请勿着卫衣、帽衫、宽松牛仔裤、休闲裤、功能性运动鞋等非正 式着装进入公司。此外，还要求员工进行早锻炼，每天早晨8：15到达楼下操场进行早锻炼，未按时到 达者视为迟到。 新浪科技讯 11月13日下午消息，11月12日，有多名网友发布视频显示，湖南张家界天门山国家森林公 园景区，一辆汽车在"天梯"上进行爬台阶挑战，结果却从台阶上溜下，还撞坏了天梯护栏。 ...