每卖5辆中国车就有1辆奇瑞，港股巨人也偏科

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 of a car company in the Hong Kong market in 2025, despite challenges in the industry [5][7]. Group 1: Company Growth and Market Position - Chery has become the fastest-growing brand among the top ten passenger car companies in China and the only company among the top twenty globally to achieve over 25% growth in both new energy and fuel vehicles in 2024 [7][8]. - In 2024, Chery's overseas sales reached 1.145 million units, accounting for 40% of its total revenue, solidifying its position as a leading exporter of Chinese cars [10][12]. - Chery has maintained its status as the top exporter of Chinese passenger cars for 22 consecutive years, contributing to its nearly HKD 200 billion valuation in the Hong Kong market [8][10]. Group 2: Financial Performance - Chery's revenue from passenger vehicles in 2022 was RMB 82.511 billion, with a gross profit margin of 13.8%, which is below the industry average of 15%-25% [15][24]. - The company's sales, administrative, research and development, and financial expenses accounted for only 9.5% of total revenue in the first quarter of 2025, showcasing its cost control capabilities [13][17]. - Despite high sales growth, Chery's gross profit margin has been declining, with fuel vehicle margins dropping from 16.3% in Q1 2024 to 14.4% in Q1 2025 [24][25]. Group 3: Challenges and Strategic Shifts - Chery faces a significant reliance on fuel vehicles, with over 60% of its passenger vehicle revenue coming from this segment in Q1 2025, while the market for new energy vehicles continues to grow rapidly [22][23]. - The company has initiated a major restructuring to address its "偏科" (specialization) issues, including the establishment of a new brand management structure and a shift towards resource integration for smart vehicle development [28][29]. - Chery's R&D investment has been relatively low, with a research expense ratio of only 3.3% in Q1 2025, compared to 8.3% for competitors like BYD [26][29]. Group 4: Future Directions - The funds raised from the IPO will be allocated to various strategic initiatives, including 35% for developing different models of passenger vehicles, 25% for next-generation automotive technologies, and 20% for expanding overseas markets [34]. - Chery aims to enhance its product mix and accelerate its transition to new energy vehicles, with a notable increase in the share of hybrid vehicles from 1.6% in 2022 to 17.5% in Q1 2025 [29][30]. - The company is focusing on high-end branding and has prioritized its "智界" (Intelligent World) brand for future product lines, indicating a strategic shift towards premium offerings [30][31].