“偏科”巨人港股涅槃：奇瑞21年的上市突围战

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2025, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market since 2025, despite facing challenges in its transition to electric vehicles and maintaining profitability [1][21]. Group 1: Company Performance - Chery's stock opened at HKD 34.2, a rise of 11.22% from the issue price of HKD 30.75, with a market capitalization exceeding HKD 200 billion at one point, closing at HKD 31.92 and a market cap of HKD 184.09 billion [1]. - In 2024, Chery was the fastest-growing brand among the top ten passenger car companies in China and the only company in the global top twenty to achieve over 25% growth in new energy, fuel vehicles, and both domestic and international markets [1]. - Chery's overseas sales reached 1.145 million units in 2024, accounting for nearly 40% of its revenue, with a significant presence in Russia, especially after the outbreak of the Russia-Ukraine conflict [2][4]. Group 2: Financial Metrics - Chery's revenue from overseas sales was reported at CNY 291.5 billion in 2022, CNY 745.3 billion in 2023, CNY 978.7 billion in 2024, and CNY 196.4 billion in Q1 2025, maintaining a stable contribution of around 40% to its total revenue [4]. - The company's overall gross margin was below industry standards, with figures of 13.8%, 16%, 13.5%, and 12.4% from 2022 to Q1 2025, compared to competitors like BYD and Geely, which had gross margins of 20.1% and 15.9%, respectively [7][11]. Group 3: Challenges and Strategic Shifts - Chery's reliance on fuel vehicles remains high, with over 60% of its passenger car revenue coming from fuel vehicles in Q1 2025, while the penetration rate of new energy vehicles in China exceeded 55% [10]. - The company has initiated significant reforms to address its "偏科" (specialization) issues, including restructuring its brand strategy and focusing on electric and hybrid vehicle development [17][19]. - Chery's R&D investment has been relatively low, with a rate of only 3.3% in Q1 2025, compared to BYD's 8.3%, raising concerns about its technological capabilities in the electric vehicle sector [13][14]. Group 4: Future Plans and Funding Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital [21]. - Chery aims to accelerate its transition to electric and intelligent vehicles while consolidating its advantages in overseas markets, marking the IPO as a new starting point for its transformation [21].