Core Viewpoint - Chery Automobile has achieved a breakthrough in solid-state battery technology, which is expected to significantly enhance the range of electric vehicles to 1200-1300 kilometers [1] Group 1: Company Developments - Chery announced the successful development of a complete solid-state battery technology chain and showcased the Rhino S solid-state battery module at the 2025 Chery Global Innovation Conference [1] - The Rhino S solid-state battery is set to undergo its first vehicle installation verification by 2027, laying the groundwork for mass production [1] Group 2: Market Performance - Chery's stock rose over 4% in the afternoon trading session, with a current price of 32.14 HKD and a trading volume of 111 million HKD [1] - On October 22, the overall coordinator partially exercised the over-allotment option, involving a total of 41.3759 million shares, approximately 13.91% of the total offering, at a price of 30.75 HKD per share, generating a net additional income of 1.249 billion HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, purchased a total of 3.2336 million shares at prices ranging from 30.42 to 30.74 HKD per share [1]

Core Viewpoint - Chery Automobile has achieved a breakthrough in solid-state battery technology, which is expected to significantly enhance the range of electric vehicles to 1200-1300 kilometers [1] Group 1: Company Developments - Chery announced the successful development of a complete solid-state battery technology chain and showcased the Rhino S solid-state battery module at the 2025 Chery Global Innovation Conference [1] - The Rhino S solid-state battery is set to complete its first vehicle installation verification by 2027, laying the groundwork for mass production and performance testing [1] Group 2: Financial Activities - On October 22, Chery's overall coordinator partially exercised the over-allotment option, involving a total of 41.3759 million shares, approximately 13.91% of the total offering [1] - Each share was priced at 30.75 HKD, resulting in additional net proceeds of 1.249 billion HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, purchased a total of 3.2336 million shares at prices ranging from 30.42 to 30.74 HKD per share [1]

Group 1: Wind Power Industry - The wind power industry is expected to see an annual new installed capacity of no less than 120GW during the "14th Five-Year Plan" period, with offshore wind power expected to reach at least 15GW, representing more than double the growth compared to the "13th Five-Year Plan" period [1] - The release of the "Beijing Wind Energy Declaration 2.0" and the recovery of wind turbine bidding prices to the range of 1500-1600 RMB/KW have alleviated pressures in the industry chain, with significant recovery in gross margins for wind turbine manufacturing expected by 2026 [1] - The profitability of component segments is also anticipated to remain at a high level [1] Group 2: Solid-State Battery Industry - The industrialization process of solid-state batteries is accelerating, with breakthroughs in key technologies such as anion regulation to solve the "solid-solid contact" issue [1] - Chery Automobile showcased a solid-state battery module with an energy density of 600Wh/kg and plans to conduct vehicle validation by 2027 [1] - Guoxuan High-Tech has initiated the design of a 2GWh production line and is in the pilot production stage, with leading companies like CATL expected to improve profitability, benefiting equipment manufacturers with core technological capabilities during the upcoming mass production window [1] Group 3: Pharmaceutical and Biotechnology Sector - The pharmaceutical and biotechnology sector is expected to focus on research and innovation during the "14th Five-Year Plan" period, with advancements in artificial intelligence and smart manufacturing significantly enhancing new drug development speed and outcome conversion rates [2] - The number of clinical trial registrations for domestic innovative drugs has seen a compound annual growth rate of 15%, with overseas business development accounting for 42% of the global total [2] - The industry is transitioning from "Me-too" drugs to first-in-class (FIC) and best-in-class (BIC) innovations, with several cutting-edge areas such as dual antibodies, antibody-drug conjugates (ADC), small nucleic acid drugs, and cell gene therapy (CGT) entering a harvest phase [2] Group 4: ChiNext Index Performance - As of October 23, 2025, the ChiNext Index (399006) has decreased by 0.93%, with stocks showing mixed performance [3] - Tianhua New Energy (300390) led the gains with an increase of 7.80%, while Guibao Pet (301498) experienced the largest decline at 11.47% [3] - The ChiNext ETF (平安) has seen a decrease of 0.91%, with a recent price of 1.97 RMB, and a cumulative increase of 1.17% over the past week [3] Group 5: ChiNext ETF Performance Metrics - The ChiNext ETF (平安) has achieved a net value increase of 32.85% over the past three years, ranking among the top two comparable funds [4] - The ETF's highest single-month return was 37.37%, with a maximum consecutive monthly gain of 67.00% [4] - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are the lowest among comparable funds [4] Group 6: Top Holdings in ChiNext Index - As of September 30, 2025, the top ten weighted stocks in the ChiNext Index (399006) accounted for 57.49% of the total index weight [5] - The top holdings include CATL (300750), Zhongji Xuchuang (300308), and Dongfang Wealth (300059), among others [5]

Group 1 - The number of high-tech enterprises in Anhui has increased by 1.7 times compared to 2020, while the number of technology-based small and medium-sized enterprises (SMEs) has grown by 3.9 times [1][4] - Research and development (R&D) expenditure by enterprises reached 114.31 billion yuan, accounting for approximately 81.9% of the province's total R&D investment, which is higher than the national average [1][4] - Anhui ranks among the top in the nation for the number of technology-based SMEs, high-tech enterprises, specialized and innovative "little giant" enterprises, and companies listed on the Sci-Tech Innovation Board [1][4] Group 2 - Hefei Guoxuan High-Tech Power Energy Co., Ltd. is advancing the development of its G-Yuan quasi-solid-state battery, which is nearing mass production [2] - The G-Yuan quasi-solid-state battery has an energy density of 300 watt-hours per kilogram, enabling electric vehicles to achieve a range of 1000 kilometers, and it has passed puncture tests without catching fire or exploding [2] - The company has maintained high levels of R&D investment over the years, creating numerous global patents covering the entire battery industry chain [2] Group 3 - Anhui has established a tiered cultivation system for technology enterprises, focusing on both large enterprises and technology-based SMEs [3] - The province has developed policies to nurture leading technology enterprises, resulting in the emergence of influential companies like Chery Automobile and Sungrow Power Supply [3] - Anhui is implementing a "double increase" action for high-tech enterprises and technology-based SMEs, providing tailored support for each enterprise [3]

Core Viewpoint - Chery Automobile (09973.HK) announced the partial exercise of the over-allotment option, involving a total of 41,375,900 H-shares, which represents approximately 13.91% of the total shares available for subscription before the exercise of any over-allotment options [1] Summary by Sections Over-allotment Option - The overall coordinator has partially exercised the over-allotment option as of October 22, 2025, involving 41,375,900 H-shares [1] - The over-allotment shares will be issued at a price of HKD 30.75 per H-share, which is the same as the global offering price [1] Financial Impact - The company expects to receive additional net proceeds of approximately HKD 1.25 billion from the issuance of the over-allotment shares [1] Regulatory Compliance - The company announced that the stabilization period for the global offering has ended as of October 22, 2025, in accordance with the Securities and Futures (Stabilizing Prices) Rules [1]

奇瑞汽车(09973)发布公告，整体协调人(为彼等本身及代表国际包销商)已于2025年10月22 日(星期三)部 分行使招股章程所述的超额配股权，涉及合共4137.59万股H股，占于任何超额配股权获行使前全球发售 项下初步可供认购发售股份总数约13.91%。超额配发股份将由公司按每股H股30.75港元(即全球发售项 下每股H股的发售价，不包括1.0%经纪佣金、0.0027%证监会交易征费、0.00015%会财局交易征费及 0.00565%联交所交易费)发行及配发。 有关全球发售的稳定价格期已于2025年10月22日(星期三)(即提交香港公开发售申请的截止日期后第30 日)结束。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表聲明，並明確表示概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 除非本公告另有界定，否則本公告所用詞彙與奇瑞汽車股份有限公司（「本公司」）日期為2025年 9月17日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條刊發。本公告僅作說明 用途，並不構成收購、購買或認購證券的邀請或要約。有關發售股份的任何投資決定應僅根據 招股章程中的資料作出。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不亦無意構成或組成在美國境內或於任何其他司法管轄區購買或認購證 券任何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時修 訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。證券不得於美國境內提呈 發售、出售、質押或以其他方式轉讓，惟獲豁免遵守美國證券法登記規定及符合任何適用的州 ...

Core Insights - Solid-state batteries are achieving breakthroughs, with potential to exceed 1000 kilometers of range compared to the previous maximum of 500 kilometers for 100-kilogram batteries [1] Group 1: Innovations in Solid-State Batteries - Breakthrough 1: Iodine ions enhance the bonding between electrodes and electrolytes, improving efficiency [5] - Breakthrough 2: A flexible design allows the battery to withstand 20,000 bends without damage, significantly enhancing durability [8][9] - Breakthrough 3: Fluorinated materials reinforce safety and extend range, preventing electrolyte breakdown under high voltage and extreme conditions [11][12] Group 2: Market Projections - By 2030, the global demand for solid-state batteries is expected to reach 270.8 GWh, with a market value of 218 billion yuan, including 113.8 billion yuan for all-solid-state batteries [15] - China's semi-solid-state battery shipments are projected to exceed 65 GWh by 2030, with total planned capacity surpassing 450 GWh [14] Group 3: Industry Adoption - Multiple automotive companies, including BYD and FAW, plan to initiate mass production of solid-state batteries around 2027, marking a critical milestone for the industry [18][19][22]

Core Insights - The IPO market for Chinese companies has shown signs of recovery in the first three quarters of 2025, with an increase in the number of IPOs supported by VC/PE institutions and a rise in average issuance returns [4][23]. VC/PE Supported IPO Performance - In the first three quarters of 2025, there were 102 IPOs supported by VC/PE institutions, involving 562 organizations, marking a year-on-year increase of 18.6% [6][13]. - The total financing amount for these IPOs reached approximately RMB 98.746 billion, reflecting an increase of 83.4% year-on-year [13]. - The average book value of shares held by VC/PE institutions in newly listed companies was about RMB 183.312 billion, up 93.8% year-on-year [6]. Market Penetration and Trends - The VC/PE penetration rate in the IPO market was approximately 63.4%, a decrease of 2.8 percentage points compared to the entire year of 2024, indicating a relatively low level [16]. - The penetration rate for A-shares was 73.1%, down 1.9 percentage points, while the overseas market's penetration rate was 54.2%, a decline of 2.6 percentage points [16]. Average Book Return - The average book return multiple for VC/PE supported IPOs was 3.58 times, with A-shares showing a return multiple of 3.30 times, which is higher than the overseas market's 3.79 times [20]. Conclusion - The first three quarters of 2025 have released positive signals for the Chinese IPO market, with a steady increase in new stock issuance and a growing trend of companies going public in Hong Kong [23]. - Despite the recovery signs, the overall penetration rate of VC/PE institutions remains low, and the number of IPOs is not expected to return to the peak levels of 2021 in the short to medium term [23].

Event Summary - The company reported its Q3 2025 results, achieving revenue of 1.81 billion yuan, a year-on-year increase of 10.13%, and a net profit attributable to shareholders of 210 million yuan, up 36.89% year-on-year. For Q3 2025, revenue was 586 million yuan, a slight increase of 0.48% year-on-year, with a net profit of 106 million yuan, reflecting a significant increase of 109.83% year-on-year [1]. Key Insights - Revenue growth in Q3 2025 was influenced by fluctuations in sales from major clients and product upgrades. The top three clients, BYD and Tesla, saw sales decrease by 1.82% and 2.91% respectively, while other clients like Geely and Chery experienced sales growth of 42.52% and 14.21% respectively. The company's upgrade of its new energy business products contributed positively to revenue growth [2]. - The substantial increase in net profit for Q3 2025 was primarily due to revenue growth and increased investment income, with fair value changes rising from 1.35 million yuan to 86.39 million yuan year-on-year. However, the non-deductible net profit decreased by 45.11% to 30 million yuan, attributed to a decline in gross margin and an increase in expense ratios [3]. - The company is actively expanding its client base and production capacity, particularly in the humanoid robot business. The core product, harmonic reducer, has gained recognition from overseas Tier 1 suppliers, and production capacity is expected to reach approximately 70,000 units by Q1 2026 [4]. - Revenue and performance are expected to continue improving in Q4 2025, driven by increased sales from downstream clients and a well-defined strategy in the humanoid robot sector. The projected net profits for 2025-2027 are 327 million, 414 million, and 482 million yuan respectively, with corresponding P/E ratios of 37.4, 29.5, and 25.3 [4][5].