Core Viewpoint - Chery Automobile has successfully completed its IPO in Hong Kong, entering the dark market phase with a market value approaching HKD 200 billion, reflecting a rise of over 8% in its stock price [1][2]. Company Performance - Chery is the second largest independent passenger car brand in China and the eleventh largest globally based on projected global passenger car sales for 2024 [2]. - The company has achieved significant growth in sales, with a projected increase of 49.4% in passenger car sales for 2024 compared to 2023, leading among the top twenty global passenger car companies [4]. - In the domestic market, Chery's passenger car sales are expected to grow by 56.0% in 2024, while its new energy vehicle (NEV) sales are projected to increase by 277.3% [5]. Financial Performance - Chery's revenue has shown substantial growth, reaching RMB 926.18 billion in 2022, RMB 1,632.05 billion in 2023, and projected to reach RMB 2,698.97 billion in 2024 [5]. - The company reported profits of RMB 58.06 billion, RMB 104.44 billion, and RMB 143.34 billion for the years 2022, 2023, and 2024 respectively, with net profit margins of 6.3%, 6.4%, and 5.3% [6][7]. Market Position - Chery has maintained its position as the top exporter of passenger cars among Chinese independent brands for 22 consecutive years, with cumulative global sales exceeding 13 million vehicles [5]. - The company ranks first among Chinese independent brands in sales in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [5]. Research and Development - Chery's R&D expenditure has increased, with projected spending of RMB 9.24 billion in 2024, reflecting the company's commitment to innovation [7]. Shareholder Structure - The largest shareholder of Chery is Wuhu Investment Holding, which holds approximately 21.17% of the issued share capital, while Luxshare Precision holds 16.83% [12][15]. Strategic Partnerships - Chery has strengthened its collaboration with Luxshare Precision, with transaction amounts increasing significantly over the years, indicating a robust partnership in automotive components [15].

Group 1 - President Xi Jinping announced China's new round of Nationally Determined Contributions at the UN Climate Change Summit, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [3] - The total installed capacity of wind and solar power is targeted to reach over 360 million kilowatts, six times that of 2020, and forest stock is expected to exceed 24 billion cubic meters [3] - The national carbon emissions trading market will cover major high-emission industries, and a climate-adaptive society is to be fundamentally established [3] Group 2 - Premier Li Qiang emphasized China's commitment to maintaining an open trade and investment market during a meeting with the President of the European Commission, urging fair competition and adherence to WTO rules [5] - The Chinese government will not seek new special and differential treatment in current and future WTO negotiations, reinforcing its role as a responsible developing country [5] - The People's Bank of China announced a 600 billion yuan MLF operation on September 25, marking a net injection of 300 billion yuan for the month, continuing a trend of high liquidity [5][6] Group 3 - Alibaba announced a collaboration with NVIDIA on Physical AI, with plans to invest 380 billion yuan in AI infrastructure and the launch of seven large model products, including Qwen3-Max, the largest and most capable model to date [4] - The Chinese Ministry of Commerce introduced 14 measures to promote digital consumption, including trials for smart connected vehicles and drone delivery services [6] Group 4 - The A-share market saw significant gains, with the Shanghai Composite Index rising 0.83% to 3853.64 points, and the ChiNext Index increasing by 2.28% [8] - The Hong Kong Hang Seng Index rose 1.37%, with notable gains in tech stocks like Alibaba and SMIC, while medical stocks faced declines [8] - Chery Automobile announced its H-share final offering price at 30.75 HKD per share, set to officially list on September 25 [8] Group 5 - The State Administration for Market Regulation is seeking public opinion on new standards for food delivery platforms, addressing issues like competition and delivery personnel rights [11] - The National Press and Publication Administration approved 145 domestic games and 11 imported games in September, indicating a positive trend in the gaming industry [12] Group 6 - The global crude steel production in August was 145.3 million tons, a year-on-year increase of 0.3%, while the cumulative production from January to August saw a decline of 1.7% [23] - The UK government faced challenges in issuing new bonds, with the latest five-year bond auction seeing the lowest oversubscription rate in nearly two years [20]

Core Viewpoint - Chery Automobile, after 28 years of development, is set to list on the Hong Kong Stock Exchange on September 25, 2025, marking a significant milestone as it evolves from a local car manufacturer to the 11th largest passenger car company globally, with a focus on expanding its electric vehicle (EV) offerings and advanced technologies [1][4]. Group 1: Company Development - Chery has transformed from producing the "national car" QQ to a diversified company with five major brands, covering various segments including new energy vehicles [1][4]. - The company has achieved a 100% automation rate in its manufacturing processes, showcasing advanced technology and flexibility in production lines [2][3]. - Chery's journey began in 1997 with limited resources, but it has since become a leader in the Chinese automotive industry, mastering core technologies such as engines and transmissions [3][4]. Group 2: Market Position and Achievements - According to Frost & Sullivan, Chery is the second largest domestic brand in China and the only company among the top twenty global passenger car manufacturers to see over 25% growth in EV sales, fuel vehicle sales, domestic sales, and overseas sales [4]. - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, leading in markets such as Europe, South America, and the Middle East [4]. Group 3: Future Plans and Strategies - The company plans to use funds raised from its IPO to enhance its R&D capabilities, focusing on developing various models and expanding its EV product line, with 20% of the net proceeds specifically allocated for this purpose [7]. - Chery aims to integrate smart technologies into its vehicles, establishing a "Chery Intelligent Center" to drive innovation in areas such as intelligent cockpit and autonomous driving [6][7]. - The "Yaoguang 2025" strategy outlines Chery's commitment to advancing in the new energy sector, achieving significant technological breakthroughs in battery systems and intelligent driving [6][7].

Core Insights - The company reported a significant revenue growth of 60.8% year-on-year for Q2 2025, reaching 1.27 billion RMB (178 million USD), indicating strong business momentum [1] - The net loss decreased to 406.4 million RMB compared to 413.6 million RMB in the same period last year, showing improvement in financial performance [1] Revenue Breakdown - Product revenue surged by 309.6% to 59.8 million RMB (8.3 million USD), primarily driven by increased sales of Robotaxi and robotic cleaning vehicles, partially offset by a decline in robotic bus sales [1] - Service revenue grew by 4.3% to 67.4 million RMB (9.4 million USD), mainly due to an increase in smart data service revenue and autonomous driving-related operational and technical support services, despite a decrease in ADAS R&D service revenue [1] - Robotaxi revenue reached 45.9 million RMB (6.4 million USD), marking an impressive 836.7% increase and the highest quarterly revenue since the company's inception, contributing 36.1% to total revenue [1] Market Expansion - The company announced the acquisition of the first autonomous driving license in Saudi Arabia, making it the only tech company globally with autonomous driving licenses in six countries [2] - A pilot operation in Riyadh, in collaboration with Uber and local partner AiDriver, has commenced, covering key areas including King Khalid International Airport [2] - The full commercial operation of Robotaxi services in Riyadh is expected to be provided by Uber and the company by the end of 2025 [2] Technological Advancements - The company successfully obtained approval for a public road demonstration of driverless ridesharing services in Shanghai, marking its entry into the 10th city globally [3] - The showcased Robotaxi model features a self-developed high-performance computing platform and a comprehensive sensor suite, ensuring safety and efficiency for various autonomous driving scenarios [3] Future Outlook - The company is positioned to leverage its technological advantages in L4 autonomous driving and global strategic layout to accelerate the development of a dual ecosystem of "smart mobility + smart freight" [4] - Attention is recommended on the company's overseas market expansion, AI perception technology iterations, and multi-scenario commercialization progress [4]

点击查看公告原文>> 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 来源：新浪港股-好仓工作室 本次发行情况如下：发行价：最终发行价格为每股H股30.75港元，处于27.75港元 - 30.75港元价格区间 的上限。发行股数：全球发售项下发售股份数目为297,397,000股H股（视乎超额配股权行使与否而 定），其中香港发售股份数目为29,739,700股H股，国际发售股份数目为267,657,300股H股（视乎超额配 股权行使与否而定）；超额分配的发售股份数目为44,609,500股，该等超额分配可透过行使超额配股权 或在二级市场以不高于发售价的价格购买或透过递延交付或上述方式的组合来补足。募集资金规模：所 得款项总额91.45亿港元，扣除按最 ...

Core Viewpoint - Chery Automobile Co., Ltd. successfully listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1] Company Journey - Chery's journey from its inception in the 1990s to its recent IPO has been fraught with challenges, including financial crises and failed attempts at listing [2] - The company faced significant obstacles such as complex shareholding structures and a lack of experience in capital market operations, which delayed its IPO plans initiated in 2004 [2] IPO Details - The IPO was marked by a subscription rate of 238 times for the public offering, setting a new record for Hong Kong IPOs in 2023 [1][3] - The funds raised will be allocated strategically, with approximately 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities [3] Financial Performance - In 2024, Chery achieved revenue of CNY 269.9 billion and a net profit of CNY 14.3 billion, significantly outpacing the average growth rates of the global passenger car industry [4] - From 2022 to 2024, Chery's revenue grew from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [4] Global Market Position - Chery's global sales reached 2.295 million vehicles in 2024, making it the second-largest Chinese independent brand in passenger car sales and the eleventh globally [4] - The company has maintained its position as the top exporter of Chinese independent brand passenger cars for 22 consecutive years, with a global sales network covering over 100 countries [5] Technological Innovation - Chery emphasizes technological innovation as a core competitive advantage, developing a comprehensive technology system that includes powertrains, platforms, smart cockpits, and driver assistance systems [5][6] - The company has established a modular hardware and cross-platform software design approach to reduce R&D costs and accelerate product launches [6] Strategic Implications - The successful IPO is seen as a milestone for Chery, providing essential funding to support its transition to electric vehicles and global expansion, while enhancing its brand image and governance [6]

类别 公司 新股活动 智通财经APP获悉，2025年9月25日，港股上市公司投资日志如下： 业绩公布日 股东大会召开日 西普尼 (招股中) 紫金黄金国际 (招股中) 博泰车联 (招股中) 奇瑞汽车 (上市日) 中微智码 坤集团 英皇文化产业 光荣控股 PACIFIC LEGEND 黛丽斯国际 盈健医疗 中国智慧能源 新华汇富金融 新世界百货中国 皓天财经集团 大森控股 怡康泰工程集团 赏之味 艾硕控股 标准发展集团 NIU HOLDINGS 信保环球控股 佰金生命科学 广骏集团控股 分红派息 潍柴动力 （除净日） 致丰工业电子 （除净日） 信邦控股 （除净日） 联邦制药 （除净日） 中远海运国际 （派息日） 万宝盛华 （派息日） 德林国际 （除净日） 医脉通 （派息日） 中国石油化工股份 （派息日） 越秀服务 （派息日） 思摩尔国际 （派息日） 百富环球 （派息日） 奇富科技-S （派息日） 长和 （派息日） 长实集团 （派息日） 361度 （派息日） 中国水务 （除净日） 浩德控股 （派息日） 东方表行集团 （除净日） 东方表行集团 （除净日） 首都信息 （派息日） 中康控股 （派息日） 美丽田园医疗健康 ...

此次奇瑞汽车以招股价上限30.75港元定价，发行3亿股H股，募资规模达91.4亿港元，基石投资者认购 总额约45.7亿港元。 新京报贝壳财经讯(记者林子)9月24日，奇瑞汽车暗盘交易时股价大涨9.53%。9月25日，奇瑞汽车即将 在香港正式挂牌上市。 ...

人民财讯9月24日电，奇瑞汽车9月24日晚间在港交所公告，H股最终发售价为每股30.75港元。 ...

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]