Core Viewpoint - Solid-state batteries have become a hot topic in various sectors, including academia, capital, and consumption, with significant market interest and policy support driving their development [3][4]. Capital Market Dynamics - The solid-state battery index has nearly doubled from 1288.8 on April 9 to 2426.32 on October 9, with a recent closing at 2277.83, reflecting strong investor interest [3]. - Major companies in the solid-state battery sector have seen substantial stock price increases, with Penghui Energy up over 54%, Guoxuan High-Tech up over 73%, and CATL up nearly 55% since the second half of the year [6]. - Shanghai Xiba has transformed into a solid-state battery concept stock after partnering with the Chinese Academy of Sciences, resulting in a nearly fourfold increase in its stock price over the past year [6][7]. Academic and Technological Advancements - Chinese research institutions have made significant breakthroughs in solid-state battery technology, enhancing commercial viability [3][8]. - Recent advancements include reducing interface impedance to levels comparable to traditional liquid batteries and solving key challenges in all-solid-state lithium batteries, potentially doubling the range of electric vehicles [8][9]. Industry Perspective - The industry remains cautious despite the excitement in capital and academia, with companies like CATL expressing a conservative outlook on the timeline for commercial viability, projecting small-scale production by 2027 and broader commercialization by 2030 [10][11]. - Concerns exist regarding the distinction between solid-state and semi-solid-state batteries, with regulatory bodies considering new nomenclature to avoid confusion [11]. Competitive Landscape - The competition for solid-state battery technology is intensifying among leading battery manufacturers and automotive companies, with significant investments from both Chinese firms and Japanese companies like Toyota aiming to reclaim market leadership [13][14]. - The solid-state battery market is expected to see a mix of new and existing technologies, with established players likely maintaining their market positions despite potential variations in development timelines [13][14]. Strategic Considerations for Companies - Companies aiming to lead in solid-state battery technology must focus on scale, talent acquisition, and collaboration with research institutions to translate advanced research into commercial applications [14].

Group 1 - Chery Automobile has launched a new purchase tax subsidy plan to address user concerns regarding potential tax benefits reduction due to vehicle invoicing and delivery delays [2][3] - The company reported a record sales milestone, with global cumulative vehicle sales reaching 2,007,768 units from January to September 2025, marking the fastest pace to surpass 2 million units in a year [2] - Chery Automobile officially listed on the main board of the Hong Kong Stock Exchange on September 25, 2025, marking a new chapter in connecting with global capital markets [2] Group 2 - The subsidy plan applies to all eligible models under Chery's five brands, including pure electric and plug-in hybrid vehicles that meet the 2026 tax reduction requirements [3] - Users must complete a successful order lock by November 30, 2025, to qualify for the subsidy [3] - The maximum subsidy amount per vehicle is capped at 15,000 yuan, calculated based on the tax difference arising from policy changes due to delayed invoicing [3]

Core Viewpoint - Solid-state batteries have become a hot topic in various sectors, with significant capital inflow and policy support driving interest in their development and commercialization [2][3][4]. Capital Market Dynamics - The solid-state battery index (BK0968) nearly doubled from 1288.8 on April 9 to 2426.32 on October 9, with a recent close at 2277.83, reflecting strong market interest [2]. - Major companies in the solid-state battery sector, such as Penghui Energy, Guoxuan High-Tech, and CATL, have seen stock price increases of over 54%, 73%, and 55% respectively since the second half of the year [3]. - Shanghai Washba transformed into a solid-state battery concept stock after collaborating with the Chinese Academy of Sciences, resulting in a nearly fourfold increase in its stock price over the past year [3]. Fund Investments - Numerous funds have heavily invested in solid-state battery themes, with several funds focusing on battery technology, indicating a strong belief in the sector's future [4]. - The newly established Yongying New Materials Fund emphasizes solid-state battery technology as a key direction, predicting 2026 as a potential year for mass production [4]. Academic and Technological Advancements - Recent breakthroughs in solid-state battery research include reducing interface impedance to levels comparable to liquid batteries and achieving flexibility without performance degradation [5][6]. - The advancements suggest a potential increase in battery range, with new technologies allowing for over 1000 kilometers of range with a 100 kg battery [6]. Industry Caution - Despite the excitement in capital and academia, industry players express caution regarding the commercialization timeline of solid-state batteries, with estimates suggesting small-scale production may not occur until 2027 or later [7][8]. - Companies like CATL acknowledge the disparity between market enthusiasm and actual technological readiness, emphasizing the need for a realistic approach to commercialization [7]. Competitive Landscape - Major players in the battery industry, including CATL, Guoxuan High-Tech, and others, are racing to establish a foothold in the solid-state battery market, with significant investments from both domestic and international firms [9]. - The competitive dynamics suggest that while there may be variations in technological advancements, leading companies are likely to maintain their market positions due to their established expertise and resources [9][10]. Strategic Considerations for Companies - Companies aiming to lead in solid-state battery technology must focus on scale, talent acquisition, and collaboration with research institutions to translate innovations into commercial applications [10]. - The unique characteristics of the lithium battery industry necessitate that each company develops its own proprietary knowledge and processes to succeed in the solid-state battery market [10].

Core Insights - Chery Group's global innovation conference showcased over 10 leading technologies and a global innovation system strategy, highlighting its transition from "internationalization" to "globalization" with over 17.72 million cumulative global users and nearly half of its revenue coming from overseas [1][2] Group 1: Listing Empowerment - The recent listing on the Hong Kong Stock Exchange marks a new beginning for Chery, emphasizing the need to balance short-term performance with long-term growth [2] - Funds raised from the listing will primarily be allocated to R&D and overseas business expansion, driving technological innovation and global layout [2][3] - Chery aims to focus on three growth curves: enhancing core automotive manufacturing, expanding user ecosystems, and leveraging AI to explore new business areas [3][4] Group 2: Innovation System - Chery's innovation system is built on a dual laboratory model, with the Yaoguang Lab focusing on short-term technical challenges and the Kaiyang Lab fostering long-term original innovations through partnerships with over 100 top global universities [5][6] - The company emphasizes early investment in innovative technologies, aiming to create a closed-loop for technology transformation from concept to market [6][7] - Chery promotes an agile organizational structure through the "Amoeba Organization" model, enhancing internal efficiency and fostering a culture of curiosity and leadership [6][8] Group 3: Globalization Strategy - Chery has established a significant global presence, exporting to over 120 countries and planning to set up 26 overseas R&D centers, focusing on sustainable development rather than just scale [7][8] - The company adopts a localization strategy, ensuring that products are adapted to local markets and regulations before entering, as seen in its approaches in South Africa and Spain [7][9] - Chery aims to transform from a traditional car manufacturer to a global high-tech ecological group, leveraging its technological expertise to impact various industries beyond automotive [9]

Financial Performance - Company reported a significant increase in revenue and net profit for the first three quarters, with revenue reaching 29.508 billion yuan, a year-on-year growth of 17.21%, and net profit of 2.533 billion yuan, up 514.35% from 0.412 billion yuan in the same period last year [1][3] - The substantial profit growth was primarily driven by the fair value changes from the investment in Chery Automobile, which went public in Hong Kong [1][4] - In Q3 alone, the net profit surged to 2.167 billion yuan, reflecting a staggering year-on-year increase of 1434.42% [3] Product Development and Partnerships - Company is set to supply lithium iron phosphate batteries for Volkswagen's new vehicle "Zhong 07," expected to launch next year [2] - Company has been a core battery supplier for Chery's new energy vehicles, with approximately 120,000 units supplied from January to August 2025 [4] Market Position and Growth - The cumulative installed capacity of the company's batteries reached 26.27 GWh from January to September 2025, marking an 84.7% increase year-on-year, surpassing the industry average [5] - Globally, the company ranked seventh in installed capacity with 25.1 GWh, a 71.8% increase, capturing a market share of 3.6% [6] Capacity Expansion - Company is accelerating global capacity expansion, with construction projects amounting to 21.04 billion yuan in the first three quarters, a 42.16% increase from the beginning of the year [7] - A new 20 GWh lithium-ion battery manufacturing base is being established in Nanjing with a total investment of 4 billion yuan [7] - Plans for a 20 GWh battery production base in Wuhu, Anhui, with an investment not exceeding 4 billion yuan are also underway [8] Sustainability Initiatives - Company is investing in a zero-carbon anode material project in Inner Mongolia, which includes a wind-solar-storage integrated project capable of generating 1.7 billion kWh annually, supporting the production of 400,000 tons of anode materials [8]

Core Insights - Chery's global innovation conference showcased its advancements in technology and its growing presence in international markets, particularly in South Africa [2][3] Group 1: Chery's Market Position - Chery ranks eighth in sales in the South African market, outperforming many established European brands [2] - The company has received positive feedback regarding its sales and after-sales service, with no negative reports reported [2] - Chery's sub-brands, such as JAECOO and Jetour, have also found success in South Africa [2] Group 2: Technological Innovations - The conference highlighted significant technological breakthroughs, including a hybrid powertrain with a 1.5-liter engine and advanced engine mechanisms [3] - Chery's innovations are anticipated to enhance its offerings in the South African market [3] Group 3: Market Trends and Consumer Preferences - The South African market still heavily relies on gasoline and diesel, with electric vehicle adoption facing infrastructure challenges [3][4] - Hybrid vehicles are gaining popularity due to their low fuel consumption and ability to travel long distances without range anxiety [4] - The current charging infrastructure in South Africa is limited, with high costs for public charging stations, making hybrid and range-extended vehicles more appealing [5]

Core Viewpoint - Chery Automobile has achieved a breakthrough in solid-state battery technology, which is expected to significantly enhance the range of electric vehicles to 1200-1300 kilometers [1] Group 1: Company Developments - Chery announced the successful development of a complete solid-state battery technology chain and showcased the Rhino S solid-state battery module at the 2025 Chery Global Innovation Conference [1] - The Rhino S solid-state battery is set to undergo its first vehicle installation verification by 2027, laying the groundwork for mass production [1] Group 2: Market Performance - Chery's stock rose over 4% in the afternoon trading session, with a current price of 32.14 HKD and a trading volume of 111 million HKD [1] - On October 22, the overall coordinator partially exercised the over-allotment option, involving a total of 41.3759 million shares, approximately 13.91% of the total offering, at a price of 30.75 HKD per share, generating a net additional income of 1.249 billion HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, purchased a total of 3.2336 million shares at prices ranging from 30.42 to 30.74 HKD per share [1]

Core Viewpoint - Chery Automobile has achieved a breakthrough in solid-state battery technology, which is expected to significantly enhance the range of electric vehicles to 1200-1300 kilometers [1] Group 1: Company Developments - Chery announced the successful development of a complete solid-state battery technology chain and showcased the Rhino S solid-state battery module at the 2025 Chery Global Innovation Conference [1] - The Rhino S solid-state battery is set to complete its first vehicle installation verification by 2027, laying the groundwork for mass production and performance testing [1] Group 2: Financial Activities - On October 22, Chery's overall coordinator partially exercised the over-allotment option, involving a total of 41.3759 million shares, approximately 13.91% of the total offering [1] - Each share was priced at 30.75 HKD, resulting in additional net proceeds of 1.249 billion HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, purchased a total of 3.2336 million shares at prices ranging from 30.42 to 30.74 HKD per share [1]

Core Viewpoint - Chery Automobile (09973.HK) announced the partial exercise of the over-allotment option, involving a total of 41,375,900 H-shares, which represents approximately 13.91% of the total shares available for subscription before the exercise of any over-allotment options [1] Summary by Sections Over-allotment Option - The overall coordinator has partially exercised the over-allotment option as of October 22, 2025, involving 41,375,900 H-shares [1] - The over-allotment shares will be issued at a price of HKD 30.75 per H-share, which is the same as the global offering price [1] Financial Impact - The company expects to receive additional net proceeds of approximately HKD 1.25 billion from the issuance of the over-allotment shares [1] Regulatory Compliance - The company announced that the stabilization period for the global offering has ended as of October 22, 2025, in accordance with the Securities and Futures (Stabilizing Prices) Rules [1]

奇瑞汽车(09973)发布公告，整体协调人(为彼等本身及代表国际包销商)已于2025年10月22 日(星期三)部 分行使招股章程所述的超额配股权，涉及合共4137.59万股H股，占于任何超额配股权获行使前全球发售 项下初步可供认购发售股份总数约13.91%。超额配发股份将由公司按每股H股30.75港元(即全球发售项 下每股H股的发售价，不包括1.0%经纪佣金、0.0027%证监会交易征费、0.00015%会财局交易征费及 0.00565%联交所交易费)发行及配发。 有关全球发售的稳定价格期已于2025年10月22日(星期三)(即提交香港公开发售申请的截止日期后第30 日)结束。 ...