Core Viewpoint - Chery Automobile, established in 1997, is entering a new era in 2025, focusing on smart integration and the evolution of its new energy business, with significant growth in revenue and stable profitability [1] Group 1: Company Development - Chery has a rich history and has developed a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Xingtu, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] - The company has undergone five developmental phases, transitioning from a period of stagnation to growth, with 2025 marking a new stage characterized by smart integration and new energy evolution [1] - A transformation in the R&D system is underway, shifting from project-oriented to platform-enabled R&D, with the establishment of an "Intelligent Center" integrating multiple smart platforms by 2025 [1] Group 2: Domestic Market Performance - Chery's hybrid products are experiencing rapid sales growth, with a clear sub-brand strategy, although the overall penetration rate of new energy vehicles remains low compared to the industry [2] - By the first half of 2025, the company will have a variety of new energy models, but individual model sales are currently insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase for the company's new energy segment [2] - The main brand, Chery/Fengyun, is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operations for new product launches [2] Group 3: International Market Expansion - Chery is in a systematic phase of international expansion, having established a comprehensive overseas business layout, with plans for localized production in multiple regions by 2025 [2] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based international strategy, with extensive production capacity and channel layouts [2] - In Southeast Asia, Chery is increasing resource investment to build a significant overseas base, while in Europe, it has achieved localized production and is entering a phase of rapid growth [2] Group 4: Financial Forecast and Valuation - Revenue projections for Chery from 2025 to 2027 are estimated at 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - Net profit attributable to the parent company is forecasted to be 18.60 billion, 21.41 billion, and 25.44 billion yuan for the same period, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 respectively, with an initial coverage rating of "outperform the market" [3]

Core Viewpoint - The article discusses the rumors surrounding a strategic cooperation agreement between Chery Automobile and Chasing, which were later denied by Chery, indicating no formal partnership was established [3]. Group 1: Company Developments - On December 31, 2025, a photo of Chery's chairman Yin Tongyue and Chasing's Chen Longdong circulated online, suggesting a potential partnership [3]. - Chery officially denied the cooperation rumors on January 1, 2026, stating that no agreement had been signed between the two parties [3]. - Prior to this, on December 29, 2025, Chery had already refuted similar rumors regarding a collaboration with Chasing [3]. Group 2: Company Background - Chen Longdong is the legal representative of Xingchen Future (Suzhou) Automotive Technology Co., Ltd., which was established in June 2025 with a registered capital of 50 million RMB [3]. - This company is the operating entity behind the "Chasing Automotive" official account on social media [3].

Group 1 - Chery Automobile (09973.HK) has denied rumors of a strategic cooperation agreement with Chasing Dreams regarding the Jetour Traveler model, stating that no such signing took place [1][1] - The rumors originated from a photo of Chery's chairman Yin Tongyue and Chasing Dreams' Chen Longdong, which circulated online on December 31, 2025 [1] - Chery had previously refuted similar cooperation rumors on December 29, 2025, confirming that no partnership had been established [1] Group 2 - Chen Longdong is the legal representative of Xingchen Future (Suzhou) Automotive Technology Co., Ltd., which was established in June 2025 with a registered capital of 50 million RMB, and operates the "Chasing Dreams" official account [1]

Core Viewpoint - Chery Automobile has a rich historical background and is entering a new chapter in its new energy business and overseas expansion, with rapid revenue growth and stable profitability [1] Group 1: Company Overview - Chery Automobile was established in 1997 and has nearly 30 years of history [1] - The company is expected to enter a new era by 2025, transitioning into a new stage with the integration of smart technology and further evolution in new energy [1] - The company has a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Exeed, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] Group 2: Domestic Market Performance - The company’s hybrid products are experiencing rapid sales growth, with increasing penetration rates, although overall new energy penetration remains low compared to the industry [2] - By the first half of 2025, the company has a variety of new energy models, but individual model sales are insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase in the company’s new energy strategy [2] - The main brand Chery is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operational thinking for new product launches [2] Group 3: Overseas Market Expansion - The company has been expanding its overseas business systematically and is currently in a comprehensive overseas expansion phase [3] - By 2025, the company plans to deepen local production overseas, with several new production capacities set to be launched [3] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based overseas strategy, with extensive capacity and channel layouts [3] Group 4: Financial Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - The net profit attributable to the parent company is forecasted to be 18.60 billion, 21.41 billion, and 25.44 billion yuan for the same years, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% respectively [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 [3]

Core Viewpoint - Guosen Securities reports that Chery Automobile (09973) has a strong historical foundation and is entering a new chapter in its new energy and overseas business, with rapid revenue growth and stable profitability. The company has a diverse brand matrix and rich production capacity both domestically and internationally, initiating coverage with an "Outperform" rating [1]. Group 1: Company Overview - Chery Automobile was established in 1997 and has nearly 30 years of history, with its development divided into five stages, experiencing both stagnation and growth. By 2025, the company is expected to enter a new era with advancements in smart integration and new energy evolution [2]. - The company is transforming its R&D system from a project-oriented approach to a platform-empowered model, integrating three major smart platforms into a "Smart Center" by 2025 [2]. Group 2: Domestic Market Performance - The company’s hybrid products are experiencing rapid sales growth, although the overall penetration rate of new energy vehicles remains low compared to the industry. As of the first half of 2025, while the number of new energy models is high, individual model sales are insufficient [3]. - The launch of the A9L model in the second half of 2025 is expected to mark a new phase for the company’s new energy segment, with improved product capabilities and significant market performance [3]. - The main brand Chery focuses on a three-pronged strategy of channels, products, and technology, while sub-brands like iCAR and Jietu are targeting specific market segments and adopting innovative operational strategies [3]. Group 3: Overseas Market Expansion - The company has an early overseas business layout and is currently in a phase of systematic and comprehensive international expansion. By 2025, it plans to deepen local production overseas, with several new production capacities set to launch [4]. - The company is shifting from a fuel vehicle export model to a multi-faceted, ecosystem-based international strategy, with extensive production and channel layouts and overseas R&D bases to meet regional demands and regulations [4]. - In Southeast Asia, the company is increasing resource investment to establish a significant overseas base, while in Europe, it has achieved localized production and is entering a phase of rapid growth [4]. Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively. Net profit attributable to the parent company is expected to be 18.60 billion, 21.41 billion, and 25.44 billion yuan, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% respectively. Earnings per share are projected to be 3.20, 3.69, and 4.38 yuan [4].

Core Viewpoint - The Hong Kong stock market saw a significant rise in automotive stocks, driven by government initiatives to boost consumer spending in the upcoming year [1] Group 1: Market Performance - NIO (09866) increased by 6.71%, reaching a latest price of 41.020 with a market capitalization of 101.08 billion, and a year-to-date increase of 17.87% [2] - Xpeng Motors (09868) rose by 6.44%, with a latest price of 81.000 and a market cap of 154.842 billion, showing a year-to-date increase of 73.63% [2] - BYD (01211) saw a 6.14% increase, with a latest price of 99.350 and a market cap of 905.7947 billion, reflecting a year-to-date increase of 13.65% [2] - Geely (00175) increased by 5.20%, with a latest price of 17.800 and a market cap of 191.153 billion, showing a year-to-date increase of 22.84% [2] - Li Auto (02015) rose by 4.23%, with a latest price of 67.800 and a market cap of 136.864 billion, but has a year-to-date decrease of 27.83% [2] - Leap Motor (09863) increased by 3.92%, with a latest price of 51.900 and a market cap of 73.792 billion, reflecting a year-to-date increase of 59.45% [2] - Great Wall Motors (02333) rose by 3.34%, with a latest price of 14.860 and a market cap of 127.17 billion, showing a year-to-date increase of 12.85% [2] - GAC Group (02238) increased by 3.00%, with a latest price of 4.120 and a market cap of 42.012 billion, reflecting a year-to-date increase of 21.60% [2]

Group 1 - The Colombian automotive market is experiencing a recovery, with new brands entering rapidly, particularly Chinese brands showing strong performance [1] - Chery Automobile has seen a significant increase in sales, ranking among the top 15 automotive brands in Colombia [1] - In November 2025, Chery's sales in Colombia grew by 401% year-on-year, increasing from 70 units to 351 units, and its ranking rose to 12th in the country [1] Group 2 - In October 2025, Chery achieved a year-on-year sales increase of 321%, marking the highest growth rate for that month [1] - Since entering the local market in August 2024, Chery has sold over 2,000 vehicles, with expectations to surpass 3,000 units by the first quarter of 2026 [1] - Chery is currently among the leading brands in overall sales and has become one of the top-selling electric vehicle brands in the region [1]

Group 1 - The "Annual Outstanding High-end Manufacturing Enterprises" award recognizes companies that have made significant achievements in intelligent, green, and service-oriented development within the high-end manufacturing sector [4] - The award selection process involved comprehensive analysis from technical, value, and industrial perspectives, utilizing quantitative data analysis and expert review [4] - Six companies, including Pulinhengshan (01809.HK), Chery Automobile (09973.HK), Seres (601127.SH/09927.HK), Sutech (02498.HK), Innolux (02577.HK), and China Construction Industry (00830.HK), were honored with the award [1][4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including Hong Kong, Shanghai, Shenzhen, New York, and NASDAQ [4] - The initiative is driven by the vision of "global perspective, betting on China" [4]

2025年12月15日，在联合国环境规划署（UNEP）位于肯尼亚内罗毕的全球总部，奇瑞汽车入选"创建可持续品牌"愿景倡议2025年度代表性案例， 向世界展示中国企业在可持续发展道路上的卓越实践。在联合国这一权威多边舞台上，此举不仅彰显了中国品牌的全球责任担当，更呼应了国际社 会对商业向善、绿色转型的深切期待。 "创建可持续品牌"愿景倡议（又称"日内瓦愿景倡议"）由"可持续企业家论坛"（SBLF）与中国标准化协会可持续商业与品牌工作委员会（SBBC） 共同发起。该倡议旨在发掘将可持续发展与品牌价值创造深度融合的典型案例，为全球可持续商业生态提供可借鉴的行动路径，讲述中国品牌在可 持续发展方面的积极实践。 奇瑞承诺未来三年新增600万美元投入用于联合国儿童基金会教育项目 区别于传统的"筛选—淘汰"模式，奇瑞更注重与供应商携手共进。通过年度能力提升计划、现场辅导、专题培训及行业标杆交流等形式，系统赋能 合作伙伴提升ESG管理水平。同时，奇瑞依托数字化诚信管理体系，实现供应商绩效的实时识别、评估与持续改进，推动供应链管理向动态化、智 能化转型。2024年，奇瑞携手十家核心供应商共同启动"可持续供应链倡议"，围绕九大战 ...

Core Viewpoint - The humanoid and intelligent service robot sector is recognized as a potential $10 trillion market, with Chery Automobile positioning itself as a leader by achieving mass production and delivery of robots, marking a significant technological and strategic advancement in the industry [1][18]. Group 1: Chery's Strategic Positioning - Chery has successfully completed the mass production of 220 Mornine humanoid robots by April 2025, becoming the first automotive company globally to achieve this milestone [1]. - The company has also delivered over 1,000 units of its Argos robotic dog, indicating a new phase of large-scale application [1]. - Chery's strategic focus on technology-driven growth has allowed it to ignite a second growth engine beyond its core automotive business [1][6]. Group 2: Technological Advancements - The Mornine robot has transitioned from a promotional virtual image to a functional intelligent assistant capable of executing tasks in real environments, achieving a technological leap from L2 to L3 capabilities [3]. - Chery's "Intelligent Construction of the Whole Domain" technology system supports the Mornine robot's advanced features, including multi-modal perception and independent task execution [3][9]. - The integration of automotive and robotic technologies allows for significant cost reductions in research and manufacturing, leveraging shared resources and expertise [8][9]. Group 3: Market Expansion Strategy - Chery has outlined a three-step strategy for expanding the Mornine robot's application: deepening automotive scenarios, expanding into public services, and ultimately entering household services [4]. - The company aims to sell over 40,000 robots and 90,000 robotic dogs by 2030, targeting a significant scale-up in production and market presence [4]. - Chery's robots have already been deployed in over 30 countries, including Malaysia, Indonesia, and the UAE, showcasing their global reach [13]. Group 4: Globalization and Market Penetration - Chery's established global channels and strong export performance, with 136,700 vehicles exported in November 2025 alone, provide a solid foundation for its robot business [12]. - The company has built a robust global operational system, with over 18.28 million users worldwide, facilitating the rapid entry of its robots into international markets [12]. - Chery's robots have received essential certifications for entry into the European market, further enhancing their global competitiveness [13]. Group 5: Financial Performance and Market Recognition - Chery's automotive sales reached 2.5615 million units in the first eleven months of 2025, with a notable 69.4% increase in electric vehicle sales [14]. - The company's diverse brand matrix supports its financial strength, providing resources for the development and market expansion of its robotic business [17]. - Analysts have recognized Chery's strategic positioning and growth potential, with positive ratings reflecting confidence in its long-term value [14].