Core Points - Shanghai Zhijie Zhixing Automotive Technology Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on software development, artificial intelligence applications, and the sale of new energy vehicles [1][2] - The company is wholly owned by Chery Automobile Co., Ltd. through an indirect stake [1][2] Company Information - The legal representative of the company is Zhu Xiaodong, and it is registered in Xuhui District, Shanghai [2] - The company was established on October 11, 2025, and has no fixed business duration [2] - The business scope includes technology services, software development, and sales of electric vehicle components and related products [2] Shareholder Structure - The sole shareholder is Anhui Zhijie New Energy Automobile Co., Ltd., which holds 100% of the shares with a subscribed capital of 10 million yuan [2] - Chery Automobile Co., Ltd. is the ultimate parent company, holding 100% of the shares in Anhui Zhijie New Energy Automobile Co., Ltd. with a subscribed capital of 100 million yuan [2]

Core Viewpoint - Chery Automobile's successful IPO on the Hong Kong Stock Exchange has significantly increased the wealth of its major investors, particularly Wang Laichun and Wang Laisheng, who have realized substantial gains from their investments in the company [3][4][6]. Investment Background - Wang Laichun and Wang Laisheng's investment in Chery dates back to 2022, when they acquired stakes in Chery Holdings and Chery Automobile for 10.054 billion yuan [4]. - As of September 25, 2023, their investment vehicle, Lixun Investment, holds 15.96% of Chery Automobile, valued at approximately 29.8 billion HKD (about 27.3 billion RMB) [5][6]. Financial Performance - Chery Automobile's revenue surged from 926.18 billion yuan in 2022 to 2,698.97 billion yuan in 2024, with net profit increasing from 62.66 billion yuan to 141.35 billion yuan during the same period [5][14]. - The company's revenue compound annual growth rate (CAGR) from 2022 to 2024 was 70.7%, while net profit CAGR was 57.1% [14]. IPO Details - Chery's IPO on September 25, 2023, was highly successful, with a subscription rate of 238 times, raising 9.145 billion HKD [13]. - The initial trading price was 34.2 HKD per share, closing at 31.92 HKD, bringing the market capitalization close to 200 billion HKD [5][13]. Strategic Intent - The investment by Wang Laichun's family reflects a strategic ambition to enhance Lixun Precision's automotive parts business, aiming to become a top-tier supplier globally [8][9]. - The collaboration between Lixun and Chery is intended to leverage ODM (Original Design Manufacturer) capabilities, enhancing Lixun's core component manufacturing capabilities [9][10]. Risks and Concerns - Despite the impressive growth, Chery faces challenges such as declining gross margins and high debt levels, with a debt-to-asset ratio of 93.1% at the end of 2022 [14]. - The company's gross margin fell from 16% in 2023 to 12.4% in the first quarter of 2025, which is lower than competitors like Great Wall Motors and Geely [14].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 奇瑞汽車股份有限公司 呈交日期: 2025年10月9日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09973 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,313,396,074 | RMB | | 1 RMB | | 2,313,396,074 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,313,396,074 | RMB | | 1 RMB | | 2,313,396,074 | | 2. 股份分類 | 普通股 | 股 ...

Group 1 - Zijin Mining International (02259) has been included in the Hang Seng Composite Index, effective from October 16, 2025, following the rapid inclusion rules [1] - The rapid inclusion mechanism allows new stocks to be added to the index if their market capitalization ranks in the top 10% of existing constituents on their first trading day [1] - Other companies such as Aux Group (02580), Chery Automobile (09973), and FWD Group (01828) are also expected to be included in the Hang Seng Composite Index based on similar criteria [1] Group 2 - Companies like Sino Biopharmaceutical-B (02591), Zhonghui Biotechnology-B (02627), and others have shown good performance and may warrant attention for future market performance [2] - The company Zhi Zhi Jia-W (02590), listed on July 9, 2023, must meet additional standards for dual-class shares to qualify for the Hong Kong Stock Connect, which requires ongoing observation [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資非上市股份 | | | 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 奇瑞汽車股份有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09973 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,313,396,074 ...

Group 1 - The Hong Kong automotive stocks experienced a collective decline, with major players such as BYD, Xpeng, and Li Auto dropping over 4% [1] - NIO and Geely also saw declines of over 2%, indicating a broader downturn in the sector [1] - The market capitalization of BYD is approximately 988.3 billion, with a year-to-date increase of 24% despite the recent drop [2] Group 2 - Xpeng's stock price fell by 4.31%, with a current price of 90.95 and a year-to-date increase of 94.96%, reflecting strong performance earlier in the year [2] - Li Auto's stock decreased by 4.17%, currently priced at 97.75, with a modest year-to-date increase of 4.04% [2] - Leap Motor's shares dropped by 3.62%, with a current price of 66.50 and a significant year-to-date increase of 104.30% [2]

Core Viewpoint - Chery Automobile reported a total sales volume of 255,600 vehicles across its five brands for September 2025, representing an approximate 9% increase compared to the same period last year [1] Sales Performance - Total sales volume for September 2025 reached 255,600 vehicles [1] - Year-on-year growth in total sales is about 9% [1] Segment Breakdown - New energy vehicle sales amounted to 83,500 units [1] - Export sales reached 131,400 units [1]

| | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,580 | 151,051 | 12% | 1,207,862 | 1,113,541 | 8% | | 星途 | 10,802 | 15,717 | -31% | 87,951 | 95,946 | -8% | | 捷途 | 56,586 | 60,226 | -6% | 459,578 | 376,672 | 22% | | iCAR | 10,734 | 5,180 | 107% | 66,630 | 42,798 | 56% | | 智界 | 7,882 | 2,522 | 213% | 57,777 | 21,422 | 170% | | 合計 | 255,584(註) | 234,696 | 9% | 1,879,798 | 1,650,379 | 14% | 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 ...

Core Insights - Chery Automobile has undergone significant transformation since its establishment in 1997, evolving through four distinct phases: rapid rise (2001-2010), strategic missteps (2011-2013), difficult progress (2014-2019), and resurgence (2020-present) [1] - The company has developed a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, with a focus on various market segments including SUVs, sedans, and new energy vehicles [1] - Chery has achieved a strong market position in the 5-20W price segment, ranking second in wholesale sales, with significant growth projected for 2024 [2] Sales Performance - In the 5-20W price segment, the wholesale sales of passenger vehicles reached 9.266 million units in H1 2025, reflecting a year-on-year growth of 16%, with Chery's sales expected to increase from 1.75 million units in 2023 to 2.375 million units in 2024 [2] - The main brand's sales are projected to grow from 879,000 units in 2022 to 1.643 million units in 2024, with a compound annual growth rate (CAGR) of 36.7% [3] - Jetour's sales are expected to rise from 180,000 units in 2022 to 568,000 units in 2024, achieving a remarkable CAGR of 77.7% [3] Export and Market Strategy - By 2024, Chery's export ratio is anticipated to reach 54.4% for its main brand, 30.6% for Jetour, and 36.2% for Exeed, indicating a strong focus on international markets [3] - The overall penetration rate of new energy vehicles in the market has reached 44.9%, with Chery's market share in the self-owned brand segment at 76.0% [2] Financial Projections - The company forecasts revenues of 315 billion, 394.3 billion, and 485.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 16.22 billion, 21.36 billion, and 27.19 billion yuan [3]

Core Insights - Chery Automobile reported significant performance growth for the six months ending June 30, 2025, with total revenue reaching 141.602 billion, a year-on-year increase of approximately 26.3% [2] Revenue Breakdown - Revenue from passenger vehicles increased from 101.862 billion to 128.646 billion, reflecting a growth of approximately 26.3% [2] - Revenue from automotive components and parts surged from 5.48 billion to 9.679 billion, marking a substantial increase of approximately 76.6% [2] - Other income decreased from 4.782 billion to 3.277 billion, a decline of approximately 31.5% [2] Cost and Profit Analysis - Sales costs rose from 95.318 billion to 123.183 billion, an increase of approximately 29.2% [2] - Gross profit increased from 16.806 billion to 18.419 billion, a growth of approximately 9.6%, but the gross margin fell from 15% to 13%, a decline of 2 percentage points [2] Other Income and Expenses - Other income and gains significantly increased from 3.331 billion to 8.266 billion, a rise of approximately 148.2%, primarily due to increased exchange gains [2] - Selling and distribution expenses grew from 3.445 billion to 5.962 billion, an increase of approximately 73.1% [2] - Administrative expenses decreased from 3.273 billion to 2.65 billion, a decline of approximately 19% [2] - Research and development expenses rose from 3.597 billion to 5.2 billion, an increase of approximately 44.6% [2] Net Profit - Chery Automobile recorded a net profit of 9.906 billion, compared to 7.898 billion in the previous period, reflecting a growth of approximately 25.4% [3]