28岁的奇瑞，还在用油车利润养电车

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange after 28 years, marking a significant milestone for the company and providing opportunities for increased financing and global recognition [6][18]. Group 1: Company Overview - Chery Automobile, a veteran in the domestic automotive industry, has established a strong foundation despite being late to the market compared to competitors like Great Wall Motors and Geely [3][4]. - The company has five major brands, including its main brand targeting family users, and others focusing on off-road travel, luxury performance, and electric vehicles [5][7]. Group 2: Sales and Financial Performance - In 2022, Chery's sales surpassed one million vehicles for the first time, reaching 1.23 million units, and are projected to grow to 1.88 million in 2023 and 2.6 million in 2024, ranking 11th globally among passenger car brands [8]. - Revenue figures for Chery from 2022 to 2024 are 92.618 billion, 163.205 billion, and 269.897 billion RMB, respectively, indicating a compound annual growth rate (CAGR) of over 70% [9]. - The net profit for the same period is 5.806 billion, 10.444 billion, and 14.334 billion RMB, with a CAGR of 57% [9]. Group 3: Export and Market Strategy - Chery has been a leader in China's passenger car exports for 22 consecutive years, with over 13 million units sold globally [9]. - The company has a strong presence in emerging markets such as Russia, the Middle East, Latin America, and Southeast Asia, while maintaining a low exposure to potential tariffs in the EU and the US [12][13]. Group 4: Challenges and Opportunities - Chery faces challenges in its electric vehicle (EV) transition, with a significant portion of its revenue still coming from fuel vehicles, which accounted for 63% of sales in 2025 [15]. - The company has implemented localization strategies for design, research, and production to mitigate risks associated with tariffs and currency fluctuations [11][13]. - Despite the growth in its EV segment, Chery's performance lags behind competitors, with only 58.36 thousand EVs sold in 2024 compared to BYD's 4 million [17].