Core Insights - The automotive industry is experiencing a significant divergence in performance among companies, with some achieving growth in both revenue and net profit, while others face declines or stagnant profits [1][4] Revenue and Profit Performance - In the first half of 2025, the automotive industry generated revenue of 50,917 billion yuan, a year-on-year increase of 8%, while costs rose to 44,780 billion yuan, up 9% [4] - BYD leads the industry with revenue of 371.281 billion yuan, a 23.3% increase, and a net profit of 15.511 billion yuan, up 13.79% [3][4] - Traditional automakers like Geely, Great Wall, and SAIC Motor reported revenue growth but experienced declines in net profit, with declines around 10% [1][4][5] Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan due to a previous asset sale [4][5] - Great Wall's revenue increased by 0.99% to 92.335 billion yuan, but net profit decreased by 10.21% to 6.337 billion yuan [5] - Changan Automobile reported a revenue decline of 5.25% to 72.691 billion yuan and a net profit drop of 19.09% to 2.291 billion yuan [6] New Energy Vehicle Collaborations - The collaboration with Huawei under the "Five Realms" initiative shows mixed results, with Seres (赛力斯) achieving significant profit growth, while others like BAIC Blue Valley and Jianghuai faced losses despite revenue increases [8][9] - Seres reported revenue of 62.402 billion yuan, down 4.06%, but net profit surged by 81.03% to 2.941 billion yuan, driven by high-end model sales [8] Emerging Players - Among the new energy vehicle startups, Li Auto continues to lead with revenue of 56.17 billion yuan, while NIO and Xpeng struggle with profitability [13][14] - Li Auto has maintained profitability for 11 consecutive quarters, with a net profit of 1.743 billion yuan, while Zero Run achieved its first half-year profit of 0.033 billion yuan [13][14] Market Trends and Future Outlook - The overall market is seeing a shift towards high-end electric vehicles, with companies like Chery and SAIC focusing on strategic partnerships with Huawei to enhance their product offerings [10][11] - The industry is expected to continue evolving, with companies adjusting their strategies to meet changing consumer demands and competitive pressures [1][4]

（股份代號：9973） 董事會會議日期 奇瑞汽車股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈將於 2025年9月30日（星期二）舉行董事會會議，以（其中包括）審閱及批准將載於本公 司即將刊發的中期報告的本公司及其附屬公司截至2025年6月30日止六個月的中 期業績。 承董事會命 奇瑞汽車股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，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。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 尹同躍先生 董事長 香港，2025年9月25日 於本公告日期，董事會包括執行董事尹同躍先生及張國忠先生；非執行董事王來 春女士、李晶女士、王津華先生、王孝偉先生、鮑思語先生、尹祥領先生及胡敬 源先生；獨立非執行董事商文江先生、楊棉之先生、葉盛基先生、路風先生、楊 善林先生及黎汝雄先生。 ...

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in the Hong Kong market in 2025, with an initial price increase of over 13% on the first day [1][6] Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks, including complex equity relationships with SAIC Motor Corporation that delayed its plans [3][4] - In 2009, Chery sold 20% of its shares for CNY 2.9 billion, signaling a potential preparation for an IPO, but the plan was postponed in 2011 due to "related party transaction issues" [4] - Attempts to list Chery New Energy through a backdoor listing in 2016 failed due to the complexity of the proposal and unclear policies regarding new energy vehicles [4][5] Group 2: Recent Developments - The successful IPO in 2025 was facilitated by Chery's improved financial performance, with revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion in 2024 [6] - Chery restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [6][7] - The company launched the "Yaoguang 2025" strategy to strengthen its position in the new energy sector and partnered with Huawei to enhance its smart vehicle offerings [6][7] Group 3: Market Reception and Future Challenges - The IPO attracted 13 cornerstone investors who collectively subscribed for USD 587 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [7] - Despite the successful listing, challenges remain, including the fact that new energy revenue accounts for less than 30% of total income and reliance on external partnerships for smart technology [7][8] - The company plans to allocate 35% of the raised funds for developing various passenger vehicles, 25% for next-generation automotive technologies, and 20% for global expansion, aiming to leverage capital for a "smart breakthrough" and "global upgrade" [7][8]

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, with its stock price rising over 13% on the first day, reaching a market capitalization of over HKD 200 billion [1]. Group 1: IPO Details - Chery set its IPO price at HKD 30.75 per share, raising a total of HKD 91.4 billion, making it the largest IPO for an automotive company in the Hong Kong market this year [4]. - The funds raised will be allocated to various areas, including R&D for different models, next-generation automotive technology, global market expansion, production facility upgrades, and general corporate purposes [4]. Group 2: Investor Participation - Thirteen cornerstone investors participated in the IPO, collectively subscribing to shares worth approximately USD 587 million (around HKD 45.73 billion), which includes significant investments from well-known institutions and local governments [6]. - Notable investors include state-owned fund Jingquan Shanrui, Hillhouse Capital, and several A-share companies, which provide strong confidence in Chery's future development [6]. Group 3: Company Performance - In August, Chery Group sold 242,700 vehicles, a year-on-year increase of 14.6%, with electric vehicle sales rising by 53.1% [7]. - The company has shown strong revenue growth, with projected revenues increasing from CNY 92.62 billion in 2022 to CNY 269.90 billion in 2024, and net profits rising from CNY 5.81 billion to CNY 14.33 billion during the same period [7]. - In Q1 2025, Chery achieved a revenue of CNY 68.22 billion, reflecting a year-on-year growth of 24.25%, and a net profit of CNY 4.73 billion, up 90.87% [7]. Group 4: Strategic Positioning - Chery has established a comprehensive brand matrix covering various market segments, including mainstream, luxury, electric, and high-end intelligent vehicles, positioning itself to adapt to the trends of electrification and intelligence in the automotive industry [6][8].

Core Viewpoint - Chery Automobile has successfully completed its long-awaited IPO on the Hong Kong Stock Exchange after 21 years of attempts, achieving a market capitalization of HKD 184.1 billion on its first trading day, despite a modest closing increase of 3.80% from its initial price [1][3]. Fundraising and Financials - The IPO raised a total of HKD 9.145 billion, with net proceeds amounting to HKD 8.879 billion after deducting estimated listing expenses of HKD 265.7 million [4][5][6]. - This fundraising ranks as the sixth largest among new listings on the Hong Kong Stock Exchange this year, with the top five exceeding HKD 10 billion [6]. - The public offering saw a subscription rate of 308.18 times, indicating strong interest, although it is considered moderate compared to other high-demand stocks [8]. Use of Proceeds - The funds raised will be allocated as follows: 35% for research and development of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, Anhui, and 10% for working capital and general corporate purposes [8]. Market Position and Performance - Chery has been the top exporter of Chinese self-owned brand passenger vehicles for 22 consecutive years, with a total export of 798,800 vehicles from January to August 2023, reflecting a year-on-year growth of 10.8% [11]. - In August 2023 alone, Chery exported 129,500 vehicles, marking a significant year-on-year increase of 32.3% [11]. - The company is facing increasing competition, particularly from BYD, which has seen substantial growth in overseas sales [11]. Revenue and Profitability - Chery's revenue has shown significant growth, reaching CNY 92.618 billion in 2022, CNY 163.205 billion in 2023, and projected to reach CNY 269.897 billion in 2024 [13]. - Profit figures for the same years are CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion, with net profit margins of 6.3%, 6.4%, and 5.3% respectively [13]. - The company's debt levels remain high, with a debt-to-asset ratio of 93.1% in 2022, gradually decreasing to 87.7% by the first quarter of 2025 [13][14]. Strategic Vision - Chery's chairman emphasized the company's commitment to not only achieving commercial success but also contributing to social value, aiming to leverage capital for technological innovation and global expansion [9].

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone as it aims to enhance its market position and expand its operations globally [2]. Group 1: IPO Details - Chery's IPO was officially listed on September 25, with an opening price of HKD 34.2 per share [2]. - The funds raised will be allocated for new vehicle development, next-generation automotive technology, overseas market expansion, and upgrading production facilities in Wuhu [2]. - Chery plans to use up to 3.69 million shares (approximately 6.74% of total shares) for employee incentives, priced at HKD 3.4 per share, with a six-year lock-up period [2]. Group 2: Sales Performance - In 2024, Chery achieved a global sales volume of 2.295 million vehicles, ranking among the top twenty car manufacturers worldwide, with a year-on-year growth rate of 49.4%, the highest in this category [2]. - The company reported a 56% year-on-year increase in domestic passenger car sales for 2024, with a remarkable 277.3% growth in new energy vehicle sales, leading the top ten domestic passenger car manufacturers [3]. - Chery's market share in China increased from 11.8% in 2023 to 14.0% in 2024, ranking second among domestic brands [3]. Group 3: Product and Brand Performance - Chery has five major automotive brands, with projected sales in 2024: Chery brand at 1.52 million, Jetour at 530,000, Exeed at 130,000, iCAR at 60,000, and Zhijie at 38,500 [3]. - The Tiggo 8 series ranked first in global sales of self-owned brand fuel vehicles in 2024, while the Jetour X70 series ranked fourth in global B-class SUV sales [3]. Group 4: International Expansion - Chery has been the top exporter of self-owned brand passenger cars in China for 22 consecutive years, with products sold in over 100 countries and regions, totaling over 13 million vehicles sold globally [3]. - In 2024, overseas revenue accounted for 37.4% of total revenue, with Chery ranking first in Europe, South America, the Middle East, and North Africa for self-owned brand passenger car sales, and second in North America and other Asian regions outside China [3][4]. - The collaboration with EV MOTORS in Barcelona marks Chery as the first Chinese self-owned brand to achieve localized production in Europe, with a total of 1,075 overseas dealers by the end of 2024 [4]. Group 5: Financial Performance - Chery's revenue for 2022, 2023, and 2024 was reported at CNY 92.618 billion, CNY 177.056 billion, and CNY 269.897 billion respectively, with net profits of CNY 5.806 billion, CNY 9.949 billion, and CNY 14.334 billion [4]. - In the first quarter of 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion [4].

历时21年，尹同跃终于成功地把奇瑞，送到了资本市场的聚光灯下。 9月25日，奇瑞汽车正式在港交所挂牌，以高开13.76%开盘，市值接近2000亿港元。但随后一路高开低走，全天只涨了3.80%，当天市值为1841亿，几乎与 吉利汽车齐平。 这意味着，首日买入奇瑞汽车的投资者尤其是散户，几乎都被"活埋"，一些机构资金也在盘中加速跑路。 这一刻，对奇瑞而言，是圆梦的高光时刻；而对掌舵人尹同跃而言，则可能是其个人财富、影响力与命运的一次集体兑现。毕竟，尹同跃以约18.25%的持 股比例，身家高达300亿元，在同时代汽车掌门人中，以非李书福、王传福式的路径，实现了百亿财富梦。 但对于购买了奇瑞票的散户而言，这不是美妙的一天，可能是噩梦的开始——在奇瑞内部一切为了"拱上市"的前提下，奇瑞股价很可能上市即颠覆，此后步 入"熊关漫道"。 毕竟，从奇瑞招股书来看，奇瑞是跛脚前行，是地地道道的传统车企。今天奇瑞市值与吉利汽车港股市值（1867亿）几乎相若，但吉利的新能源早已把奇瑞 甩出"几条街"。另外，奇瑞利润非常倚重于海外市场，但随着比亚迪、长城等在海外发力，奇瑞的出口红利正在快速消失。 因此，真正引人关注的，奇瑞市值是否已经 ...

Group 1 - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong market today [3] - The company specializes in the design, development, manufacturing, and sales of a diverse range of passenger vehicles, including both fuel and new energy vehicles [3]

本报讯 （记者李春莲）9月25日，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）在香港联合交易所主 板正式挂牌上市。作为2025年以来港股规模最大的车企IPO，奇瑞汽车借此迎来一次关键战略转型。截 至收盘，奇瑞汽车市值达到1841亿港元。 张云认为，奇瑞汽车这一路径给国内车企提供启示——本土未占先机时，没能做到数一数二，不妨先在 全球市场建立优势，再以利润和口碑反哺国内，墙外开花墙内香。中国新能源汽车正以"超级智 能"与"超级驾驶"重构行业格局，它不仅是消费升级与技术革命的交汇点，更是继陶瓷、丝绸、茶叶之 后最具全球竞争力的战略品类。 值得一提的是，里斯战略咨询还专设汽车事业部，为中国车企战略布局提供专业服务，并发布《全球新 能源汽车品类趋势研究报告》及行业首份聚焦Z世代的《新物种·新理念·新趋势：新能源汽车消费洞察 与预测（2024—2025）》等多份重磅成果，持续为行业输出前瞻性的战略指引。 奇瑞汽车是里斯战略咨询服务的汽车客户之一，针对奇瑞汽车赴港上市及中国汽车产业创新，里斯战略 咨询全球CEO、中国区主席张云认为，奇瑞汽车近年来实现高速增长，营收已居国内车企前列，关键驱 动力是奇瑞汽车前瞻性的海外布局。 ...

Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange, marking the largest IPO for an automotive company in Hong Kong this year, but it faces significant structural challenges including low gross margins, slow transition to new energy vehicles, and high reliance on fuel vehicles [1][2]. Financial Performance - Chery's stock opened at HKD 34.2 per share, an increase of 11.22% from the issue price, with a market capitalization exceeding HKD 200 billion on the first day of trading. By the end of the day, the stock closed at HKD 31.92, giving a total market value of HKD 184.1 billion [2]. - From 2022 to 2024, Chery's revenue is projected to grow from CNY 92.618 billion to CNY 269.897 billion, reflecting a compound annual growth rate of 70.7%. In Q1 2025, revenue increased by 24.25% year-on-year to CNY 68.223 billion [2]. Profitability and Debt - Chery's gross margins are lower than those of leading competitors, with gross margins of 13.8%, 16%, and 13.5% from 2022 to 2024, and only 12.4% in Q1 2025. In contrast, BYD's gross margin increased from 17% to 20.1% during the same period [3]. - The company's debt levels are concerning, with asset-liability ratios of 93%, 92%, and 89% at the end of 2022, 2023, and Q3 2024, respectively. Although there was slight improvement in Q1 2025, the ratio remained high at 87.7% [3]. Market Position and Strategy - Fuel vehicles remain Chery's primary revenue source, accounting for 75.9%, 87.8%, and 69.6% of total revenue from 2022 to 2024. In Q1 2025, fuel vehicle revenue still represented 69.7% of the passenger vehicle segment, while new energy vehicles accounted for only 30.3% [4]. - Chery has recognized the challenges in its transition to new energy vehicles and launched the "Yaoguang 2025 Strategy" in 2022, focusing on electric and intelligent vehicle technologies [5]. Brand and Market Perception - Chery is attempting to break away from its "cost-performance" label to capture a share of the high-end market, but results have been disappointing. Sales of its high-end brand, Exeed, fell by 32.45% year-on-year in August [6]. - The company's low-price strategy has led to a fixed brand image, hindering its ability to penetrate the high-end market and resulting in low customer loyalty [6][7]. Future Outlook - Experts suggest that Chery should leverage the funds raised from its IPO to enhance research and development in electric and intelligent vehicle sectors, improve its business structure, and gradually build brand premium capabilities [7].