奇瑞2025：多维度高确定性增长，新能源与具身智能构建双增长极

Core Insights - Chery is expected to demonstrate multi-dimensional high certainty growth by 2025, with record-breaking sales in new energy vehicles, strong market confidence in profitability and valuation, and a replicable blockbuster mechanism driven by technology and product iteration [1] Group 1: New Energy Vehicle Sales Growth - In November 2025, Chery's new energy vehicle sales reached 116,794 units, a year-on-year increase of 50.1%, marking a historical monthly record [2] - Cumulative sales from January to November 2025 reached 814,685 units, a year-on-year increase of 69.4%, surpassing 800,000 units for the first time in a year [2] - The total sales for the group reached 2,561,465 units, with cumulative exports of 1,199,590 units, maintaining a monthly export of over 100,000 units for seven consecutive months [2] Group 2: Technology Matrix and Product Iteration - Chery's growth in new energy is driven by four synergistic levers: cross-platform technical capabilities, dense product iteration, user feedback mechanisms, and global organizational strength [3] - The company is advancing in hybrid, extended-range, pure electric, and hydrogen energy technologies, achieving over 48% thermal efficiency in its Kunpeng Tianqing hybrid engine [3] - The product matrix includes flagship models like the A9L and T11, with the A9L achieving over 10,000 deliveries for four consecutive months [4] Group 3: User Ecosystem and Globalization - Chery emphasizes user participation in the R&D phase, with over 500,000 users contributing to the design of the A9L, enhancing product iteration through active user feedback [4] - The global user base exceeds 18.28 million, with over 5.7 million users overseas, demonstrating strong supply chain resilience and organizational capability [5] - Chery's localization strategy is crucial for maintaining reputation and asset returns in fluctuating overseas markets [5] Group 4: Embodied Intelligence as a New Growth Driver - Chery's strategy in embodied intelligence extends its capabilities from smart vehicles to broader life and public service scenarios, creating a new growth axis for the group [7] - The launch of the humanoid robot "Mo Yin" and the four-legged robot "Argos" showcases Chery's commitment to practical technology and real-world applications [8] - The expansion strategy for embodied intelligence includes validating sales scenarios in automotive retail before moving into broader markets, enhancing cash flow and operational efficiency [9]