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。 香港，2026年1月1日 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本集團於二零二五年十二月的五大品牌總銷量為232,308輛汽車，較去年同 期減少約16%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累計 | | | 品牌 | （輛） | （輛） | 同比變動 | （輛） | （輛） | 同比變動 | | 奇瑞 | 157,871 | 168,319 | -6% | 1,700,940 | 1,611,374 | 6% | | 星途 | 10,903 | 12,521 | -13% | 120,369 | 140,959 | -15% | | 捷途 | 48,851 | 66,020 | -26% | 622,590 ...

Core Viewpoint - Recent rumors suggested a strategic cooperation agreement between Zhaomi and Chery Automobile regarding the Jetour Traveler model, which Chery has denied, stating that no such agreement exists [1] Group 1: Company Developments - Zhaomi's main partner in the automotive sector is reported to be Chery, with a collaborative model named Jetour Zongheng G700 expected to launch in the first quarter of 2026 [1] - In August 2025, Zhaomi announced its entry into the automotive market, planning to unveil its first ultra-luxury electric vehicle, which aims to compete with the Bugatti Veyron, in 2027 [1]

Core Viewpoint - Chery Automobile, established in 1997, is entering a new era in 2025, focusing on smart integration and the evolution of its new energy business, with significant growth in revenue and stable profitability [1] Group 1: Company Development - Chery has a rich history and has developed a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Xingtu, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] - The company has undergone five developmental phases, transitioning from a period of stagnation to growth, with 2025 marking a new stage characterized by smart integration and new energy evolution [1] - A transformation in the R&D system is underway, shifting from project-oriented to platform-enabled R&D, with the establishment of an "Intelligent Center" integrating multiple smart platforms by 2025 [1] Group 2: Domestic Market Performance - Chery's hybrid products are experiencing rapid sales growth, with a clear sub-brand strategy, although the overall penetration rate of new energy vehicles remains low compared to the industry [2] - By the first half of 2025, the company will have a variety of new energy models, but individual model sales are currently insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase for the company's new energy segment [2] - The main brand, Chery/Fengyun, is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operations for new product launches [2] Group 3: International Market Expansion - Chery is in a systematic phase of international expansion, having established a comprehensive overseas business layout, with plans for localized production in multiple regions by 2025 [2] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based international strategy, with extensive production capacity and channel layouts [2] - In Southeast Asia, Chery is increasing resource investment to build a significant overseas base, while in Europe, it has achieved localized production and is entering a phase of rapid growth [2] Group 4: Financial Forecast and Valuation - Revenue projections for Chery from 2025 to 2027 are estimated at 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - Net profit attributable to the parent company is forecasted to be 18.60 billion, 21.41 billion, and 25.44 billion yuan for the same period, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 respectively, with an initial coverage rating of "outperform the market" [3]

Core Viewpoint - The article discusses the rumors surrounding a strategic cooperation agreement between Chery Automobile and Chasing, which were later denied by Chery, indicating no formal partnership was established [3]. Group 1: Company Developments - On December 31, 2025, a photo of Chery's chairman Yin Tongyue and Chasing's Chen Longdong circulated online, suggesting a potential partnership [3]. - Chery officially denied the cooperation rumors on January 1, 2026, stating that no agreement had been signed between the two parties [3]. - Prior to this, on December 29, 2025, Chery had already refuted similar rumors regarding a collaboration with Chasing [3]. Group 2: Company Background - Chen Longdong is the legal representative of Xingchen Future (Suzhou) Automotive Technology Co., Ltd., which was established in June 2025 with a registered capital of 50 million RMB [3]. - This company is the operating entity behind the "Chasing Automotive" official account on social media [3].

Core Viewpoint - Vietnam is experiencing significant economic growth, with a projected GDP growth rate of 7.4% to 8% by 2025, making it a "star" in global economic development [5][6]. Economic Performance - Vietnam achieved a GDP growth rate of 7.52% in the first half of the year, the highest in 15 years, and aims for an annual target of 8% [6]. - Foreign Direct Investment (FDI) reached $117.2 billion in the first half of 2025, marking an 8.1% increase year-on-year, indicating strong investment interest [6][8]. - The total trade volume is expected to reach $900 billion by 2025, significantly exceeding the GDP of $470 billion in 2024 [6]. Geopolitical and Geographical Challenges - Vietnam's geographical position, while advantageous for trade, limits its market size and resource availability, creating a natural ceiling for economic growth [12][16]. - The country's long and narrow shape complicates infrastructure development, leading to high costs and inefficiencies in transportation [16][18]. - Vietnam faces competition from neighboring countries in manufacturing and agriculture, increasing its reliance on external markets and making it vulnerable to geopolitical shifts [18][21]. Historical Context and Opportunities - Unlike successful countries like South Korea and Japan, Vietnam lacks the historical opportunities that facilitated their industrial growth, such as significant foreign aid and favorable global conditions [19][20]. - The current global economic environment is characterized by rising protectionism and localized supply chains, which pose challenges for Vietnam's export-driven economy [21][23]. Governance and Institutional Challenges - Vietnam struggles with governance issues, including a fragmented political landscape and inefficient policy execution, stemming from historical conflicts [25][27]. - The administrative structure is overly complex, with a high percentage of the budget allocated to public sector salaries, limiting investment in critical areas like education and infrastructure [27][30]. - The lack of skilled labor and inadequate governance capacity hinder Vietnam's ability to transition from an assembly-based economy to one focused on high-value industries [25][30].

Group 1 - Chery Automobile (09973.HK) has denied rumors of a strategic cooperation agreement with Chasing Dreams regarding the Jetour Traveler model, stating that no such signing took place [1][1] - The rumors originated from a photo of Chery's chairman Yin Tongyue and Chasing Dreams' Chen Longdong, which circulated online on December 31, 2025 [1] - Chery had previously refuted similar cooperation rumors on December 29, 2025, confirming that no partnership had been established [1] Group 2 - Chen Longdong is the legal representative of Xingchen Future (Suzhou) Automotive Technology Co., Ltd., which was established in June 2025 with a registered capital of 50 million RMB, and operates the "Chasing Dreams" official account [1]

Group 1 - Chinese automakers, led by MG, BYD, and Chery, are expected to surpass 200,000 new car sales in the UK by 2025, potentially capturing 10% of the local market share [2] - In Spain and Norway, 10% of new car sales come from Chinese brands, while the average in Western Europe is 6% [2] - China's leading position in the global electric vehicle industry is attributed to its dominance in the lithium-ion battery supply chain, which has driven the growth of Chinese car sales [2] Group 2 - Despite facing EU tariff pressures, Chinese automakers are expected to maintain strong expansion momentum in the European market by 2025, with a projected market share of 12.8% in the electric vehicle sector [2] - In the rapidly growing hybrid vehicle segment, Chinese brands have surpassed a 13% market share across the EU, EFTA countries, and the UK [2] - Chinese car manufacturers are adopting flexible strategies to counter the impact of additional tariffs, absorbing some costs while shifting focus to unaffected areas like hybrid models and non-EU markets [2] Group 3 - Brands such as BYD and SAIC, along with new entrants like Chery and Leap Motor, are intensifying their efforts in the European market by 2025 [3] - Leap Motor's electric vehicle sales in Europe have surged over 4000% by October 2025, supported by a joint venture with Stellantis NV [3] - Chery's Omoda brand has seen a 1100% increase in electric vehicle sales during the same period [3]

Core Insights - Chinese automakers have made significant progress in the European electric vehicle (EV) market, achieving a record market share of 12.8% in November [1] - The market share for Chinese brands in the rapidly growing hybrid vehicle sector has surpassed 13%, covering the EU, European Free Trade Association countries, and the UK [1] - Chinese companies are strategically absorbing the additional tariffs imposed by the EU on Chinese-made EVs, focusing on hybrid models and non-EU markets to mitigate trade barriers [1][2] Group 1 - Chinese automakers, led by BYD and SAIC, along with new entrants like Chery and Zhejiang Leapmotor, have intensified efforts to expand in the European market [1] - Leapmotor's EV sales in Europe surged over 4000% as of October, supported by a joint venture with Stellantis NV [1] - Chery's Omoda brand experienced a 1100% increase in EV sales during the same period [2] Group 2 - In response to the competitive pressure from Chinese EV manufacturers, European automakers are striving to catch up and are lobbying to relax regulations on phasing out traditional combustion engine vehicles [2] - EU officials have proposed abandoning the plan to ban the sale of new combustion engine vehicles by 2035, reflecting the pressure faced by the European automotive industry during the transition to electrification [2]

2025年，中资企业全球IPO市场显著回暖，发行数量与募资规模双双实现大幅增长。全年共有290家中资企业在全球主要资本市场完成上市，较2024年增 加61家；累计募资规模达3663.55亿元，同比大幅增长123.04%。从市场结构看，港股已成为中资企业最主要的融资平台，募资规模显著领先；A股市场 IPO节奏回暖，融资功能明显修复；海外市场发行数量保持稳定，但募资规模有所回落。整体来看，2025年中资企业IPO呈现数量回升、结构优化、港股 领跑的显著特征。 中资企业上市全景 1.1 中资企业全球IPO数量 Wind数据显示，2025年，中资企业全球市场共完成IPO上市290起（A股按网上发行日期，港股及美股市场按首发上市日期，下同），数量较2024年上升 61起。 1.2 中资企业全球IPO募资金额 2025年，中资企业全球IPO募资规模合计约3663.55亿元（人民币，下同），较2024年回升123.04%。 1.3 中资企业分市场 IPO 数量 2025 年，具体到各市场来看， A 股市场 IPO 上市 112 起，较 2024 年上升 10 起；港股市场 IPO 上市 110 起，较 2024 年上升 4 ...

关注 「电动车公社」 和我们一起重新思考汽车 前不久，国内车圈有条传言， 说是步步高要与奇瑞合作，"借壳"众泰 造车。 其中，奇瑞负责提供 生产制 造和 研发能力， 步步高提供 资本运作、智能化技术以及线下销售渠道， 而众泰汽车负责 造车资质和现成产能： 三者分工合理又非常明确，因而传得有鼻子有眼，很多人都信了。 而且就在2025年 11 月底，曾在奇瑞汽车工作长达 23 年、曾任奇瑞汽车股份有限公司制造事业部总经理 的 韩必文 ，被曝加入众泰汽车，并担任总裁一职 另一位奇瑞老将 李立忠 （历任奇瑞汽车执行副总经理、奇瑞新能源董事长等职位），也 刚好于 10 月任职众泰汽车的董事长 。 两起人事变动，看起来很像是奇瑞系开始介入众泰汽车，为了给接下来的多方合作铺路。 然而，传闻很 快被官方辟谣。 众泰汽车正面否认了"与奇瑞、步步高合作重组"的传闻，表示 "截至目前，公司与奇瑞及步步高没有 合作" 。 12 月 29 日，众泰汽车再次发布公告，宣布 李立忠 在上任两个月之后， "因个人家庭原因 辞去董事长、董事职务 " 。 。 传闻、否认传闻、人事变动这一系列事情看下来，显得事实有些扑朔迷离，把吃瓜群众绕了个云里 ...