奇瑞|港股上市后首份答卷，前三季营收净利双增

Core Insights - Chery Automobile has reported strong financial results for the third quarter of 2025, with revenue reaching 214.83 billion RMB, a year-on-year increase of 17.94%, and net profit of 14.37 billion RMB, up 28.01% from the previous year [1][2]. Financial Performance - For the first three quarters of 2025, Chery's revenue was 214.83 billion RMB compared to 182.15 billion RMB in 2024, with a gross profit margin of 13.71%, showing a steady increase from previous quarters [2][8]. - The net profit for the first three quarters was 14.37 billion RMB, up from 11.22 billion RMB in the same period last year, indicating a solid improvement in profitability [2][3]. Sales and Market Performance - Chery's total sales for the first three quarters reached 2.0078 million units, a 14.5% increase year-on-year, with a further rise to 2.29 million units by October [4][6]. - The sales of Chery's new energy vehicles (NEVs) surged to 587,500 units in the first three quarters, marking a 77.1% increase, significantly outpacing the industry average growth rate of 23.7% [6][8]. International Expansion - Chery's overseas sales have been a key driver of revenue growth, with exports reaching 936,000 units in the first three quarters, a 12.9% increase year-on-year, accounting for nearly 50% of total sales [6][7]. - The company has seen a consistent increase in export volumes, with September exports at 137,600 units, up 26.2% year-on-year [6][8]. Cost Management and Efficiency - Chery has effectively managed costs, with total sales, distribution, administrative, and R&D expenses decreasing by 2% year-on-year and 19% quarter-on-quarter, contributing to improved profitability [8][10]. - The company has focused on optimizing both costs and expenses, leading to a steady increase in gross profit margin from 12.4% in Q1 to 13.71% in Q3 [8][10]. Strategic Initiatives - Following its recent IPO, Chery raised 9.145 billion HKD, with plans to allocate 20% to new energy product development, 20% to overseas market expansion, and 15% to smart driving technology [10]. - Chery aims to launch over ten new models in the next three years, focusing on enhancing the gross margin of its new energy products and advancing technology development [10].