Core Insights - Chery Automobile held its 2025 Global Innovation Conference in Wuhu, Anhui, marking its first major event post-IPO and showcasing its commitment to innovation and global expansion [1][3] Group 1: Innovation and Technology - The conference highlighted Chery's advancements in electrification, connectivity, intelligence, and sharing, including the debut of its humanoid robot "Mo Yin" and a self-developed all-solid-state battery module with an energy density of 600Wh/kg [3] - Chery's Chairman, Yin Tongyue, emphasized the importance of quality over quantity, stating that "quality is more important than sales, and innovation is more important than profit" [3][5] - Chery has established a global innovation ecosystem focusing on technology, culture, and management innovation, aiming to enhance product quality and operational management [5][6] Group 2: Global Expansion and Market Strategy - Chery is adapting to global markets, recognizing challenges such as brand localization and quality issues that can harm the overall image of Chinese brands [5][6] - The company aims to increase its overseas revenue, which is already approaching half of its total, and plans to establish 26 overseas R&D centers to enhance local market competitiveness [6][10] - Chery's global innovation strategy includes a focus on sustainable development and compliance with local regulations, ensuring that the company can meet diverse market demands [5][10] Group 3: Research and Development - Chery operates over 300 "Yao Guang" laboratories, tackling more than 500 significant projects across five core technology areas, including electric and intelligent vehicles [7][9] - The company has initiated collaborations with over 100 top global universities to drive original innovation and has identified over 4,000 cutting-edge topics through its "Kailiang" laboratory [9][10] - Chery's R&D efforts are supported by a team of 30,000 internal researchers and over 50,000 external experts, ensuring continuous innovation and patent generation [10]

Core Viewpoint - Chery Automobile aims to establish a global innovation system to drive its transformation into a high-tech ecological group that is trusted and loved by users worldwide, enhancing the image of Chinese automotive brands in the global market [1][2]. Group 1: Global Challenges and Sustainable Development - Chery's chairman, Yin Tongyue, highlighted the increasing presence of Chinese cars, especially electric vehicles, in international markets, while acknowledging the challenges faced by some companies, such as quality issues and localization problems [2]. - The company emphasizes that globalization should focus on sustainable development rather than just scale and speed, aiming to create a new image of "safe, reliable, and high-end" Chinese automobiles [2]. Group 2: Three Innovation Systems - Chery has developed a global innovation ecosystem consisting of three core systems: technological innovation, cultural innovation, and management innovation, which work together to support its transformation [3]. - The technological innovation system is central to Chery's strategy, leveraging its market presence in over 120 countries to conduct global technology scanning and local development [3][4]. Group 3: Technological Advancements - Chery operates over 300 "Yaoguang Laboratories" focusing on significant technological challenges and collaborates with more than 100 top global universities through its "Kaiyang Laboratory" cluster [4]. - The company has established a comprehensive safety database and has developed over 100 safety standards, with 54 models achieving a five-star safety rating globally, showcasing its commitment to safety [4]. Group 4: Cultural and Management Innovation - Chery fosters a culture that encourages innovation and tolerates failure, providing support for global talent through flexible cooperation mechanisms [5]. - The management innovation system focuses on enhancing global operational capabilities, prioritizing quality over sales and innovation over profit, reflecting a deep-rooted awareness of quality and brand importance [5][6]. Group 5: Global Market Strategy - Chery is on a path to globalize its capital market operations, with nearly half of its revenue coming from overseas markets, and aims to enhance its governance and operational standards to align with global top companies [6]. - The company invites global innovators and experts to collaborate in its "Kaiyang Laboratory" and innovation alliance, aiming for mutual growth and success [6].

Core Viewpoint - Chery Automobile has launched its "New Fuel Strategy" with the introduction of the new models, Tiggo 9X and Tiggo 9, emphasizing advancements in technology, intelligence, safety, and a new framework for fuel vehicles [1] Group 1: New Fuel Strategy - The "New Fuel Strategy" is described as a technological declaration and a reflection of China's automotive evolution from learning to leading [1] - Chery aims to redefine the value benchmark for fuel vehicles through its four new standards: new technology, new intelligence, new safety, and new framework [1] Group 2: Technological Advancements - Chery is the first domestic brand to achieve full-stack self-research and manufacturing of the "three major components" [1] - The Falcon intelligent driving assistance system is now integrated into fuel vehicles, enhancing smoothness and fuel efficiency while featuring an intelligent cockpit for improved interaction [1] Group 3: Safety Investments - Chery has invested over 100 billion yuan in developing the Rock Solid body and 360° surround airbags to ensure user safety [1] Group 4: Sales Performance - In the first three quarters of this year, Chery Group achieved cumulative sales of 2.008 million vehicles, solidifying its position in the industry [1] - The sales of Chery's new energy segment reached 91,600 units in September, marking a year-on-year increase of 55.4% [1]

Core Viewpoint - Chery Automobile is set to list on the Hong Kong Stock Exchange on September 25, 2025, marking a significant milestone in its global expansion and technological transformation strategy, which will have a profound impact on the automotive industry landscape [1][11]. Group 1: Company Overview - Founded in 1997, Chery Automobile has evolved into a global passenger vehicle enterprise, with a complete industrial system in engine, transmission, and chassis manufacturing [2]. - Chery has sold over 13 million vehicles globally and has been the top exporter of Chinese passenger vehicles for 22 consecutive years since 2003, showcasing its strong competitiveness and brand influence in international markets [2][3]. Group 2: Financial Performance - Chery's global sales reached 2.295 million units in 2024, with a year-on-year growth of 49.4%, making it the only company among the top 20 global passenger vehicle manufacturers to achieve over 25% growth in both new energy and fuel vehicle sales [3][4]. - The company reported revenues of RMB 926.18 billion in 2022, RMB 1,632.05 billion in 2023, and projected RMB 2,698.97 billion in 2024, with a compound annual growth rate of 70.7% [4][5]. Group 3: Technological Advancements - Chery has established a comprehensive technology system focusing on key areas such as engine, transmission, electric drive, and battery safety systems, with significant investments in R&D [6][7]. - The company has increased its R&D expenditure from RMB 3.646 billion in 2022 to RMB 9.243 billion in 2024, reflecting a compound annual growth rate of 59.2% [6]. Group 4: Global Market Strategy - Chery has achieved significant sales growth in overseas markets, ranking first among Chinese brands in Europe, South America, and the Middle East, and second in North America and Asia (excluding China) [4][10]. - The company has established eight R&D centers globally and is actively localizing production to enhance competitiveness and meet local market demands [7][10]. Group 5: IPO Impact - Chery's IPO is the largest for an automotive company in recent years, raising over $1 billion, which will be used to enhance R&D, expand product offerings, and strengthen its global market presence [11]. - The successful listing is expected to attract significant capital into the Hong Kong automotive sector, boosting market activity and investor confidence [11][12].

Group 1 - The Hong Kong automotive stocks experienced significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - The China Automobile Industry Association reported that the automotive production and sales in the first nine months of the year both exceeded a year-on-year growth rate of 10% [1] - The market outlook for the automotive sector is optimistic, with expectations for upward revisions in growth forecasts for 2025 due to ongoing supportive policies and high export growth [1] Group 2 - JD.com announced a collaboration with GAC Group and CATL to launch a new automotive product, which is expected to enhance market interest [1] - The new vehicle will undergo internal testing and public test drives starting at the end of October, with an official launch scheduled for November 9 [2]

Group 1 - The Hong Kong automotive stocks experienced significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% and several other companies also showing positive growth [1][1][1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives scheduled for late October and an official release on November 9 [1][1][1] - The China Association of Automobile Manufacturers reported that the automotive market continued its positive trend in Q3, with production and sales growth exceeding 10% year-on-year for the first nine months [1][1][1] Group 2 - Cui Dongshu indicated that the Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1][1][1] - The government's policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1][1][1]

Group 1 - The Hong Kong automotive stocks saw significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives starting at the end of October and an official release on November 9 [1] - The China Association of Automobile Manufacturers reported that the automotive market maintained a positive trend in Q3, with production and sales growth exceeding 10% year-on-year in the first nine months [1] Group 2 - Analyst Cui Dongshu indicated that the China Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1] - The ongoing policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1]

Core Viewpoint - The Hong Kong automotive stocks experienced a collective rebound, with significant gains observed in companies such as Xpeng Motors and BYD, driven by positive market expectations for the fourth quarter of the year [1] Group 1: Market Performance - Xpeng Motors and BYD saw price increases of approximately 4%, while NIO and Geely Motors rose nearly 3% [1] - Other companies like Chery Automobile, Beijing Automotive, GAC Group, Leap Motor, and Li Auto also experienced gains, albeit at lower percentages [1] Group 2: Industry Outlook - According to Cui Dongshu, Secretary-General of the China Passenger Car Association, the automotive market is expected to maintain stable growth in Q4 due to policy guidance and a strong growth foundation [1] - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is anticipated to stimulate consumer purchases before the end of the year, alongside the peak sales seasons of "Silver September and Golden October" [1] - The combination of high export growth and ongoing policy measures, such as trade-in programs and rural subsidies, is likely to lead to an upward revision of the annual market forecast [1]

Core Viewpoint - The Hong Kong automotive stocks experienced a collective rebound, with significant gains in companies like Xpeng Motors and BYD, driven by positive market expectations for the fourth quarter of the year [1] Group 1: Market Performance - Xpeng Motors (09868) and BYD (01211) both saw an increase of approximately 4%, while NIO (09866) and Geely (00175) rose nearly 3% [1] - Other companies such as Chery, Beijing Automotive, GAC Group, Leap Motor, and Li Auto also reported gains, indicating a broad recovery in the sector [1] Group 2: Industry Outlook - Cui Dongshu, Secretary-General of the Passenger Car Association, indicated that the car market is expected to maintain stable growth in Q4, supported by policy guidance and a high growth foundation [1] - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is anticipated to stimulate consumer purchases before the end of the year, alongside the traditional peak sales seasons [1] - The association has already raised its annual market expectations in August and plans to further adjust forecasts after discussions in late October, with an upward revision expected for the 2025 growth forecast [1] Group 3: Company Developments - Xpeng Motors delivered a record 41,581 smart electric vehicles in September, marking a 95% year-on-year increase [2] - NIO reported a delivery of 34,749 vehicles in September, reflecting a 64.1% year-on-year growth [2] - Geely received approval to register a debt financing tool with a total limit not exceeding 10 billion yuan, and launched the Zeekr 9X, redefining the domestic luxury SUV segment [2]

Core Viewpoint - Chery Automobile is launching the "China New Fuel" strategy, emphasizing the importance of fuel vehicles alongside electric vehicles, aiming to enhance the user experience and value perception of fuel cars through technological upgrades [1][2][9]. Market Context - In 2024, global passenger car sales are projected to reach 80.25 million, with fuel vehicles accounting for 62.75 million, representing 78.2% of the market. In China, over half of consumers still prefer fuel vehicles despite the rise of new energy vehicles [1][9]. - Chery's strategy targets the significant market of fuel vehicles, which remains largely unmet, seeking to provide intelligent features comparable to electric vehicles [1][2]. Technological Advancements - Chery's "China New Fuel" strategy focuses on four new standards: new technology, new intelligence, new safety, and new patterns [2]. - The company has developed the Kunpeng engine series, with over 3.1 million units installed globally, and the second-generation Kunpeng 8AT transmission, showcasing its self-research capabilities in key automotive components [2][7]. - The Falcon Assisted Driving system will be standard across all fuel and new energy models starting in 2025, promoting technological equality between fuel and electric vehicles [3][6]. Safety and Manufacturing - Chery has invested over 100 billion yuan in creating a robust safety structure and a comprehensive safety protection system for its vehicles [3]. - The company has entered the Fortune Global 500 list, demonstrating its rapid growth and competitive advantage in the automotive market [3][4]. Global Expansion - Chery is a leading exporter of Chinese automobiles, with a strong presence in overseas markets, particularly in developing countries where electric vehicle infrastructure is lacking [4]. - The "China New Fuel" strategy is seen as a complementary approach to electric vehicles, recognizing the coexistence of different energy sources in the automotive market [4]. Sales Performance - According to a Frost & Sullivan report, Chery is among the top 20 global passenger car companies expected to achieve over 25% growth in both new energy and fuel vehicle sales in 2024 [5]. - In the first nine months of 2025, Chery sold 2.0077 million vehicles, a 14.5% increase year-on-year, with new energy vehicles accounting for approximately 587,500 units, reflecting a 77.1% growth [5]. Product Offerings - The new models, including the Tiggo 9X, Tiggo 9, and Tiggo 9 high-performance version, are priced competitively, aiming to provide high-value options for consumers who prefer fuel vehicles [10][11]. - The Tiggo 9 features advanced comfort and noise reduction technologies, while the Tiggo 9X offers high-level intelligent driving capabilities at a mid-range price [11].