| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | | 中信证券、中信资管、中信证金、鹏华基金、交银施罗德 | | 活动参与单位或 | 基金、比亚迪财险、国金基金、红杉资本、国寿股份、易 | | 人员 | 米基金、清淙投资、惠升基金、源乘投资、彬元资本、乐 | | | 雪资本、明河投资、闻天投资、九泰基金、合众资产等。 | | 时间 | 年 月 日 点 2026 1 8 20 | | 地点 | 电话会议 | | 上市公司 | 董事长丁彦辉先生，董事、总经理丁崇彬先生，董事刘金 | | 接待人员姓名 | 钵先生，财务总监张玲容女士 | | | 董事长丁彦辉先生对公司经营实况、行业态势及未来 | | | 规划进行了介绍，传递了长期发展信心，然后和各位董事、 | | | 高管一起与投资者进行了沟通交流，主要内容如下： | | | 一、公司基本情况介绍 | | | 1、2025 年业绩核心解读 | | 投资者关系活动 | 年 显示行业面临供过于求、价格竞争激烈 202 ...

Core Viewpoint - The article highlights the remarkable growth of Chery in the automotive industry, showcasing its strategic long-term planning and commitment to quality, which have enabled it to thrive in both domestic and international markets despite fierce competition and external challenges [1][2][3]. Group 1: Performance and Market Position - In 2025, Chery achieved total sales of 2.806 million vehicles, with exports reaching 1.344 million units, accounting for 47.9% of total sales; its new energy vehicle sales reached 904,000 units, marking a year-on-year growth of 54.9% [1][5]. - Chery has maintained its position as the top Chinese brand in passenger car exports for 23 consecutive years, entering 15 European markets and expanding into the Middle East and Southeast Asia [5][6]. - The brand's structure has been optimized, with 1.7 million units sold under the Chery brand, 620,000 units under the Jetour brand, and 187,000 units from its two new energy brands, indicating a robust and diversified product lineup [5][6]. Group 2: Strategic Approach - Chery's success is attributed to its long-term strategic investments in technology and global market expansion, contrasting with competitors focused on short-term sales [2][10]. - The company has released over 10 industry-leading core technologies in 2025, including advancements in chassis, batteries, and intelligent driving systems, showcasing its commitment to innovation [10][11]. - Chery's "oil-electric synergy" strategy allows it to offer a range of powertrain options, including fuel, hybrid, and electric vehicles, providing flexibility in response to market demands [11][12]. Group 3: Quality and Brand Reputation - Chery has been recognized as the "Five Crown King" by J.D. Power for achieving the highest ratings in new car quality, sales service, after-sales service, product appeal, and vehicle reliability among domestic brands [8]. - The company's focus on quality has earned it a strong reputation in both domestic and international markets, particularly in mature automotive markets where reliability and long-term ownership costs are critical [8][9]. Group 4: Globalization and Future Growth - Chery's globalization strategy has evolved to include local production and deep integration into foreign markets, as evidenced by its receipt of China's first "China-Europe Carbon Footprint Data Mutual Recognition" certificate [14][16]. - The company is exploring additional growth avenues, including financial services, software subscriptions, and advanced technologies like Robotaxi and humanoid robots, indicating a forward-looking approach to business development [14][16][18]. - Chery's commitment to both independent technology development and open innovation through collaborations with over 100 global universities exemplifies its balanced approach to maintaining technological sensitivity while avoiding dependency [16][19].

过去十年，中国新能源汽车的故事充满张力。政策东风乍起，资本热钱涌动，数百家新势力竞相入场。 许多响亮的名字曾闪耀一时，却迅速湮没在岁月尘埃。 时间来到2025年，行业已经回归价值理性。在国内市场硝烟中获得片刻喘息的汽车制造商，将海外市场 视作第二增长曲线。但繁华背后暗藏危机，当欧盟反补贴调查的阴云笼罩，美国加征关税的达摩克利斯 之剑落下，一家从芜湖走出的中国车企，却在世界地图上画出了一条逆势上扬的曲线。 这家汽车公司就是奇瑞。刚刚过去的2025年，奇瑞集团交出"反直觉"答卷：全年销量280.6万辆，其中 出口134.4万辆，占总销量的47.9%；新能源销量90.4万辆，同比高速增长54.9%。 人们不禁追问，市场竞争激烈，奇瑞凭什么能在海外和国内双线告捷？ 答案藏在时间的长河里。这不是偶然的爆发，而是长期战略的必然结果。行业普遍追逐短期销量时，奇 瑞坚持技术投入；同行依赖国内市场时，奇瑞提前二十年布局全球；在对手陷入价格内卷时，奇瑞用品 质建立护城河。 2025年的耀眼业绩，不过是这种长期主义兑现的必然结果。 01 老外买车，也开始认准奇瑞了 过去，奇瑞是中国消费者心中的"金字招牌"。现在，在汽车工业的诞生地 ...

业绩方面，据招股书数据显示，2022年至2024年及2025年1—9月（下称报告期），安克创新业绩高速增长，总收入从2022年的142.51亿元增长至2024年的 247.10亿元，年复合增长率达到31.7%，2025年前9个月已实现收入210.19亿元；各期净利润分别为11.85亿元、16.94亿元、22.11亿元、19.69亿元。 编者按：拆解企业招股、估值、上市表现，以专业视角记录资本脉动。投资时间网携手标点财经联袂锻造"解码港股IPO"特别策划，深度探寻每一次资本 浪潮背后的机遇与逻辑，敬请关注。 投资时间网、标点财经研究员 辛夷 当今社会，人们与手机的深度绑定催生出全球性的"电量恐惧症"。随身携带一个可靠的充电宝，可谓是现代生存本能。 近期，深度嵌入全球消费者日常的"能源伙伴"、充电宝龙头企业——安克创新科技股份有限公司（下称安克创新，300866.SZ）向港交所递交招股书，布 局"A+H"股。 成立于2011年的安克创新于2020年登陆深交所创业板，作为国内营收规模最大的全球化消费电子品牌企业之一，该公司成功打造了智能充电品牌Anker等 产品。 此次安克创新在港股市场募资，主要用于推动产品迭代及 ...

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the importance of offshore trade for Chinese enterprises' global operations [1][5]. Group 1: Offshore Trade and Globalization - The trend of Chinese enterprises going global has accelerated, transitioning from market expansion to deeper global operations, with offshore trade becoming a key strategic lever for optimizing global resource allocation and enhancing international competitiveness [3][7]. - Offshore trade involves not only the optimization of transaction processes but also a comprehensive layout of funds, goods, information, and talent, driven by institutional innovation, technological empowerment, and deep integration of industrial upgrades [3][7]. - The success of enterprises in going global relies on both the courage to explore frontier markets and the support of a reliable and robust underlying structure, with innovation in offshore trade being the core engine for upgrading this structure [3][7]. Group 2: Compliance and Risk Management - While offshore finance is essential for development, it must comply with China's foreign exchange regulatory system and legal framework, with legal and tax risk prevention being a primary concern for enterprises going global [3][7]. - The value of offshore trade is ultimately reflected in the industry, with the renewable energy sector serving as an excellent model for observing offshore trade practices due to its rapid technological iteration and high degree of globalization in the supply chain [3][7]. Group 3: Strategic Collaboration - The company, as a professional consulting institution in the cross-border field, emphasizes that the globalization process of enterprises is not a solitary endeavor, and it is willing to collaborate with various parties to support enterprises from strategic planning to execution [4][8].

21世纪经济报道记者邓浩 编者按：全球产业链重构与绿数 "双转型" 的浪潮中，中国企业的全球化竞争已从"规模扩张" 迈入"价值深耕"阶段。 真正的出海突围，从来不止于地理边界的突破，更在于对本地化运营、供应链韧性与跨文化协同的系统性掌控。 近日，21世纪经济报道携同埃克森美孚（中国）投资有限公司对出海业务的先行企业进行了系列调研。 埃克森美孚是全球能源巨头，近年来加大了对中国企业出海供应链服务的布局。在埃克森美孚看来，可持续的国际化 本质是"全球资源与本地发展的双向赋能"，而非单项的产品输出。这一特征在矿山开发等资源密集型行业尤为凸显。 其中的逻辑在于，矿产开发的长期性与复杂性，决定了设备可靠性、全生命周期服务、生态保护责任等系统性能力， 是项目落地的关键支撑。 以金诚信为例，其代表的中国矿服核心企业，凭借"矿服+资源"双轮驱动战略转型，精准卡位全球铜资源供需紧平衡 格局，更以商业化实践诠释了中国高端制造与工程技术服务的全球化进阶路径。 以绿电和AI算力中心为代表的新经济，正在持续拉动铜需求的爆发增长。 A股矿服龙头金诚信，自2019年起逐步延伸至资源开发领域，加速出海扩张，大力收购优质铜矿，成为这一波新兴经 ...

Core Viewpoint - The core issue for enterprise management in 2026 will be "workforce productivity," shifting focus from growth to efficiency as investors no longer support "cost-agnostic growth" [5]. Group 1: AI Reshaping Work - By 2026, AI will transition from being a tool to becoming a digital employee, fundamentally altering knowledge work and enhancing human capabilities rather than merely replacing them [8][11]. - McKinsey reports that the adoption rate of generative AI in enterprises surged from 33% to 65% in just one year, with predictions that by 2030, 30% of work hours could be automated [8][11]. Group 2: Compliance as a Survival Line - Compliance will become a critical filter for business survival, as companies relying on non-compliant practices will be deemed outdated and at risk of being eliminated [12][13]. - The pressure for compliance will force business leaders to address internal efficiency issues, such as excessive meetings and redundant approvals, which consume employee time [14][15]. Group 3: From Cost Reduction to Empowerment - The focus will shift from "cost-cutting" to "empowerment-driven efficiency," emphasizing the need for management to view employees as investments rather than costs [16][21]. - Empowerment will involve enhancing time management, skills, and motivation, transforming management from a monitoring role to one that fosters excellence [22][27]. Group 4: The Great Elimination of Middle Management - By 2026, AI is expected to lead to the elimination of over half of existing middle management positions as organizations flatten their structures [24][26]. - The value of traditional management roles will diminish as AI takes over routine tasks, prompting a reevaluation of management's role in driving productivity [26][28]. Group 5: Global Operations and Efficiency - As Chinese companies increasingly expand overseas, the focus will shift to enhancing operational efficiency in global markets, requiring a unified approach to management across different regions [29][30]. - Compliance with local labor laws and cultural expectations will be essential for maintaining a competitive edge in international markets [32]. Group 6: The Five Transformations - The five key transformations—AI disruption, compliance pressure, management quality improvement, organizational streamlining, and global operations—will collectively redefine workforce productivity as a core organizational capability for the future [33].

12月8日，苏州纳芯微电子股份有限公司(股票代码：02676.HK)正式在香港联合交易所主板挂牌上市， 成为苏州第一家在A股市场和港股市场两地上市的企业。 纳芯微成立于2013年，是一家高性能高可靠性模拟及混合信号芯片公司。公司聚焦传感器、信号链、电 源管理三大方向，为汽车、工业、信息通信及消费电子等领域提供丰富的半导体产品及解决方案。目前 已能提供3600余款可供销售的产品型号，同时在苏州、上海、深圳等全国十余个城市，以及德国、日 本、韩国、美国等海外市场建立了全面的经营网络。 2025年前三季度，纳芯微实现营业收入23.66亿元，同比增长73.18%。各下游市场营业收入同比增长显 著，泛能源领域行业复苏态势显著，汽车电子需求稳健增长，单季度营业收入逐季递增。公司2025年前 三季度实现归属于上市公司股东的净利润为-1.40亿元，扣非净利润为-1.77亿元，同比亏损收窄，主要 原因为公司营业收入同比增长显著，带动亏损减少；同时本期产品结构进一步优化，使公司毛利率同比 提升。 纳芯微创始人、董事长、CEO王升杨表示，此次港股上市不仅是一次业务发展的里程碑，更是纳芯微全 球叙事的起点。纳芯微将以此次上市为锚，持 ...

Core Insights - The article discusses the globalization journey of CIMC Group, a leading logistics and energy equipment supplier, highlighting its transition from product export to global operations [1][2][3] Group 1: Company Overview - CIMC Group is one of the earliest Chinese companies to expand overseas, with a business portfolio that includes containers, road transport vehicles, energy and chemical equipment, airport equipment, and marine engineering [2] - The company's overseas revenue accounts for approximately 50%, with over 30 large factories established in more than 20 countries [2] Group 2: Stages of Globalization - The globalization journey of CIMC Group is divided into four stages: 1. From 1997 to 2003, focusing on product export and initial overseas material sourcing [2] 2. From 2003 to 2007, rapid internationalization through acquisitions, including a significant acquisition of a fifth-ranked semi-trailer factory in the U.S. [2] 3. From 2008 to 2011, acquiring a Singaporean marine engineering company, which now produces drilling platforms for combustible ice [3] 4. From 2012 to present, a phase of diversified overseas expansion, acquiring major companies in the UK, Singapore, France, and Germany [3] Group 3: Globalization Strategy - CIMC Group's globalization strategy has evolved, focusing on three dimensions: 1. Progression in operational forms from product export to operational and cultural management overseas [3] 2. Business layout expansion from containers to vehicles, energy equipment, and airport equipment, with a long-term focus on Europe and the U.S. [3] 3. Transition from product manufacturing to building overseas design capabilities [3] Group 4: Challenges and Solutions - Cross-cultural conflicts are identified as significant challenges for Chinese companies going global, with CIMC Group developing various management experiences through local team deployment [3][4] - The company employs a standardized governance system to ensure global operations run under the same rules, minimizing cultural differences [4] Group 5: Future Opportunities - CIMC Group sees new opportunities in two key areas: 1. The Southeast Asian data center market, projected to grow from over $14 billion last year to $30-40 billion by 2030 [4] 2. The FPSO (Floating Production Storage and Offloading) market, expected to reach nearly $15 billion by 2033, driven by investments in deep-sea oil and gas [5] Group 6: Strategic Positioning - CIMC Group is one of the few companies globally with EPC capabilities for deep-sea equipment, currently involved in six floating platform projects for Petrobras [5] - The company's experience in global operations and revenue exceeding 50% from overseas markets may serve as a reference model for other Chinese enterprises looking to expand internationally [5]

Core Insights - Chery Group achieved remarkable sales figures in November 2025, selling 272,536 vehicles, with electric vehicles (EVs) accounting for 116,800 units, marking a 50.1% year-on-year increase and a historical high [1][2] - The cumulative sales from January to November reached 2,561,500 vehicles, a growth of 11.1% year-on-year, with EV sales hitting 814,685 units, up 69.4% [1][3] - Chery's net profit for the first three quarters grew by 28%, significantly outpacing the 17.94% revenue growth, indicating a sustainable growth model [2] Sales Performance - In November 2025, Chery's total vehicle sales reached 272,536, with EV sales contributing significantly to this figure [2] - Cumulative sales for the year reached 2,561,500 vehicles, with exports totaling 1,199,600 units, reflecting a 14.7% increase [1][4] - Chery's global user base exceeded 18.28 million, with over 5.7 million users located overseas [10] Strategic Focus - Chery's growth is driven by two main strategic pillars: the explosive growth of its EV segment and its global expansion efforts [3][4] - The company has adopted a dual-track strategy, focusing on both new energy and upgraded fuel vehicles, allowing it to cater to diverse market demands [11][13] - Chery's commitment to R&D is evident, with over 10.5 billion yuan invested in 2024, supporting its "Yaoguang 2025" strategy [14] Global Expansion - Chery's exports have become a significant revenue source, with overseas sales contributing nearly half of its total revenue [6][7] - The company has successfully penetrated high-value markets like Europe, with sales in the EU and the UK reaching 171,000 units, a 240% increase year-on-year [5][20] - Chery's global strategy includes local partnerships and production, enhancing brand acceptance and mitigating trade barriers [15][16] Product Diversification - Chery's product lineup includes multiple brands, with the Chery brand selling over 1.54 million units and the Jietu brand achieving over 570,000 units in sales [8] - The company has developed a range of products targeting different market segments, from economy to luxury vehicles [13][21] Long-term Vision - Chery's approach emphasizes building a comprehensive ecosystem centered around user needs, transitioning from a car manufacturer to a mobility service provider [21] - The company maintains a balance between quality control and cost management, ensuring competitive pricing while achieving substantial profit margins [24] - Chery's focus on long-term strategies and systematic capabilities positions it uniquely in the automotive industry, allowing it to navigate market challenges effectively [27]