出口第一、新能源前三、具身智能破局，奇瑞为何能“反直觉”？

Core Insights - Chery has achieved a remarkable sales performance in November, with total sales exceeding 273,000 units, including 117,000 units of new energy vehicles, marking a year-on-year increase of 50.1% and establishing a historical high [1][2] - The company has become the only automaker among the top 20 global car manufacturers to achieve over 25% growth in new energy, fuel vehicles, domestic, and overseas markets simultaneously [1] - Chery's strategy of combining fuel vehicles with exports has provided a solid foundation for its operations, allowing it to maintain cash flow while competing in the new energy sector [1][3] Sales and Market Position - Chery has established over ten production bases globally and has seen its overseas sales channels grow from 905 in 2022 to nearly 3,000 in the first quarter of 2025 [2] - The company's overseas sales surged from 270,000 units in 2021 to 1.14 million units in 2024, with a compound annual growth rate of 62% [2] - Chery has been the top exporter of Chinese self-owned brand passenger vehicles for 22 consecutive years, having surpassed 5 million units in exports [2] Technological Advancements - Chery has achieved a "second growth" in the fuel vehicle market through significant technological iterations, exemplified by the launch of the Kunpeng engine with a thermal efficiency of 48% [3] - The company is focusing on hybrid and electric vehicle platforms, aiming to leverage its advanced engine technology to capture growth in the hybrid market [3] New Energy Strategy - Chery's new energy strategy is not merely an expansion but a critical component for future survival, with a comprehensive "hybrid + pure electric" system established across its brands [5][6] - The company has seen its new energy vehicle revenue grow from 12.25 billion yuan in 2022 to 58.93 billion yuan in 2024, increasing its share of total revenue from 14.9% to 28.1% by mid-2025 [6] Intelligent Technology Development - Chery is advancing its intelligent technology with the launch of the Falcon Intelligent Driving System, aiming for full brand coverage by the end of 2025 [6] - The company has also entered the humanoid robot market with its Chery Mocha Robotics, which has achieved global certification and is expanding its presence in over 30 countries [7] Brand Matrix and Market Strategy - Chery has developed a multi-brand strategy to capture diverse market segments, with brands like Chery focusing on mainstream markets, Jetour on travel and off-road, and iCAR targeting young consumers [8][9] - The company plans to enhance its electric vehicle offerings through the independent branding of its Fengyun series, which has already shown promising sales performance [9] Financial and Market Outlook - Chery's unique combination of fuel vehicle cash flow and new energy investments is reshaping its brand value and driving a transition from traditional manufacturing to a technology growth model [10] - The balanced revenue structure is expected to facilitate a revaluation of Chery in the capital markets, with stable cash flows from fuel vehicles supporting high-growth new energy and intelligent technology sectors [10]