Core Insights - Chery Automobile has officially entered the AI 2.0 era, showcasing its comprehensive AI strategy and core achievements at the 2026 Chery AI Night in Wuhu, Anhui, aiming to transition from a "technology company" to a "global AI technology company" [2] Group 1: AI Strategy and Vision - Chery is committed to promoting universal equity in AI technology, focusing on user-centric approaches and enhancing AI capabilities across various automotive sectors [2] - The company aims to integrate AI deeply into its internal operations, including engineering development, innovation, and management, while also expanding AI applications across various industries [2] Group 2: AI Product Innovations - Chery introduced several AI advancements, including the Falcon Intelligent Driving, Lingxi Intelligent Cockpit, Flying Fish Smart Chassis, and Kunpeng Power, demonstrating a comprehensive evolution from technology to user experience [3] - The Lingxi Intelligent Cockpit features a new AI architecture that enhances interaction, human-like memory, and privacy protection, with the introduction of the AI assistant "Xiao Qi" to provide personalized services [3] - The Flying Fish Smart Chassis utilizes AI to redefine driving experiences, offering proactive prevention, personalized driving styles, and dynamic optimization [3] - The AI-powered battery management system ensures 24/7 monitoring for safety, performance, and longevity of the battery [3]

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Core Viewpoint - Wuhu Aitek Automotive Electronics Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 1.5 billion yuan for its operations [1] Group 1: Company Overview - Aitek specializes in the research, production, and sales of automotive electronic products, providing EMS and technical development services [1] - The company's product offerings cover four core functional domains: body domain, intelligent cockpit domain, power domain, and intelligent driving domain [1] Group 2: IPO Details - The IPO application was accepted on June 20, 2025, and entered the inquiry stage on July 16 of the same year [1] - The company plans to raise around 1.5 billion yuan through this IPO [1] Group 3: Regulatory Requirements - The listing committee has requested Aitek to clarify the fairness of related transactions, the impact of customer concentration on ongoing operations, and the changes in sales related to Chery Automobile [1] - Aitek is also required to demonstrate the competitiveness of its main products, the stability and sustainability of its operating performance, and the trends in revenue changes among key customers [1]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Viewpoint - Wuhu Aiteke Automotive Electronics Co., Ltd. is approaching a critical milestone in its IPO process, with a review scheduled for January 20, 2026, after nearly seven months of waiting [1][3] Group 1: Company Overview - Aiteke specializes in the research, production, and sales of automotive electronic products, providing solutions across four core functional domains: body, intelligent cockpit, power, and intelligent driving [3] - The company has shown consistent growth in revenue and net profit over the reporting periods, with revenues of approximately 2.174 billion, 3.003 billion, 3.467 billion, and 1.522 billion yuan for the years 2022 to 2025 [3][4] Group 2: Financial Performance - Aiteke's net profits for the same periods were approximately 91.70 million, 191 million, 212 million, and 92.46 million yuan [3] - Accounts receivable have shown an increasing trend, with a balance of approximately 1.122 billion yuan as of mid-2025, accounting for 36.88% of the company's revenue [1][7] Group 3: Customer Relationships - Chery Automobile is a significant stakeholder and the largest customer of Aiteke, holding 14.99% of its shares, with sales to Chery increasing from approximately 600 million to 1.868 billion yuan over the reporting periods [4][5] - The sales to Chery accounted for 27.6%, 35.21%, 53.89%, and 50.26% of Aiteke's total revenue during the respective years [4] Group 4: Accounts Receivable Management - Aiteke's accounts receivable turnover ratio has been declining, recorded at 3.59, 3.29, 3.01, and 2.6 times from 2022 to mid-2025, consistently below the industry average [8] - The decline in turnover is attributed to increased sales to Chery, which utilizes a specific payment platform, leading to higher accounts receivable balances [8]

Core Viewpoint - Chery Automobile (9973.HK) has launched its full-domain AI strategy, marking the transition to the 2.0 phase characterized by "AI+" integration in its smart vehicle development [1] Group 1: AI Strategy and Integration - The company aims to center its strategy around smart vehicles, promoting deep integration of AI across various domains including intelligent driving, smart cockpit, powertrain and chassis, as well as manufacturing and operations [1] - Chery emphasizes the importance of technology accessibility and large-scale implementation in its AI strategy [1] Group 2: Technological Advancements - AI has already been incorporated into several of Chery's latest technologies, including Falcon Intelligent Driving, Lingxi Smart Cockpit, Kunpeng Power, Flying Fish Intelligent Chassis, and AI Intelligent Agents [1] - The company has committed to accelerating the adoption of advanced driver assistance systems and smart cockpit features in mainstream models [1]

Core Viewpoint - Chery Automobile's stock price surged nearly 6% on January 19, reaching 30.56 yuan, with a trading volume of 1.62 billion yuan, following the company's AI-themed event showcasing its full AI strategy and technological advancements [1] Group 1: AI Strategy and Technological Advancements - Chery Automobile held an event titled "AI with Technology" for its 2026 AI Night, where it unveiled its comprehensive AI strategy and key technological innovations [1] - The company introduced its super AI intelligent agent "Xiao Qi," along with other AI core achievements such as Falcon Intelligent Driving, Lingxi Intelligent Cabin, and Mocha Robot, marking the transition to the AI 2.0 (AI+) era [1] Group 2: Product Launch Plans - Chery announced that the Lingxi Intelligent Cabin is set to be implemented across all major models by the first quarter of 2026 [1] - The Falcon Intelligent Driving system is expected to be featured in over 35 models by 2026 [1] - Hybrid models are projected to achieve a pure electric range of over 200 km [1]

Core Insights - Chery Automobile officially announced its transition into the AI 2.0 (AI+) era during the "AI in Technology" event, showcasing its comprehensive AI strategy and core AI achievements, including the AI assistant "Xiao Qi" and various intelligent driving technologies [1][4][5] Group 1: AI Strategy and Vision - Chery emphasizes a commitment to "AI must continue unabated," focusing on a strategy that includes a bottom line and three major directions to promote equitable access to AI technology [5] - The company aims to integrate AI into its core automotive business, enhancing user experience by making AI more responsive to emotional needs and real-world driving demands [5][6] Group 2: Product Innovations - The event highlighted advancements in Chery's AI technologies, including the "Falcon Intelligent Driving" and "Lingxi Intelligent Cockpit," which enhance user experience through improved interaction and memory capabilities [6][8] - The "Xiao Qi" AI assistant was introduced, designed to provide personalized services and ensure data privacy in compliance with GDPR standards [8][12] Group 3: Future Industry Layout - Chery is expanding its AI applications beyond automotive, venturing into humanoid robots and collaborative technologies, positioning itself as a significant player in various industries [13][16] - The company’s first humanoid robot, "Meiyin," has been deployed in over 30 countries, showcasing its versatility in various applications, including factory inspections and event services [16] Group 4: Upcoming Models and Upgrades - Chery unveiled its AI-enabled vehicle lineup, including the Fengyun T9L SUV, which features advanced AI energy management for improved efficiency [17][19] - The company plans to implement upgrades across its models, including intelligent cockpit enhancements and driving assistance features, with over 35 models expected to incorporate the "Falcon Intelligent Driving" technology by 2026 [19]

Core Viewpoint - Chery Automobile has officially entered the AI 2.0 (AI+) era, showcasing its comprehensive AI strategy and core AI achievements at the 2026 Chery AI Night event, aiming to transition from a "technology Chery" to a "global AI technology company" [2][6]. Group 1: AI Strategy and Product Launches - Chery presented its full AI strategy blueprint, featuring key AI products such as the super AI assistant "Xiao Qi," Falcon Intelligent Driving, Lingxi Intelligent Cabin, and Mocha Robot [2][6]. - The Lingxi Intelligent Cabin is set to be implemented across all major models by Q1 2026, while over 35 models will feature Falcon Intelligent Driving in 2026 [2][6]. - Hybrid models are expected to achieve a pure electric range of over 200 km [2][6]. Group 2: AI Employee and Global Expansion - The event featured Chery's first AI employee, Mo Yin, who is the world's first humanoid robot certified by both EU hardware and software standards, now operating in over 30 countries [3][7]. - Mo Yin has been utilized in more than 100 scenarios, including factory inspections and showroom services, contributing to Chery's new growth trajectory since its global delivery began in April 2025 [3][7].

Group 1 - Chery Automobile (09973.HK) experienced a rise of over 5%, with a current increase of 4.16%, trading at HKD 30.58 [1] - The trading volume reached HKD 90.8725 million [1]