Core Viewpoint - Chery Automobile has submitted its IPO application to the Hong Kong Stock Exchange, reporting a significant profit increase of over 90% in the first quarter of 2025, reaching 4.726 billion RMB [2][3]. Financial Performance - In Q1 2025, Chery Automobile achieved revenue of 68.223 billion RMB, a year-on-year increase of approximately 24.25%, with a profit of 4.726 billion RMB, reflecting a growth of 90.87% [2][3]. - Revenue and profit projections for 2022 to 2024 are as follows: - 2022: Revenue 92.618 billion RMB, Profit 5.806 billion RMB - 2023: Revenue 163.205 billion RMB, Profit 10.444 billion RMB - 2024: Revenue 269.897 billion RMB, Profit 14.334 billion RMB [3]. Debt and Financial Health - Chery's debt-to-asset ratio is significantly higher than the industry average, with figures of 93.1% in 2022, 91.9% in 2023, 87.9% in 2024, and 87.7% in Q1 2025, although a steady decline is observed [4]. Business Overview - Chery Automobile, established over 28 years ago, is headquartered in Wuhu, China, and has evolved from its origins as Anhui Automotive Parts Co., Ltd. to a publicly listed company [4]. - The company offers a diverse range of passenger vehicles, including both fuel and new energy vehicles, catering to the changing demands of domestic and international markets [5]. Sales Performance - In the first half of the year, Chery reported sales of 1.26 million vehicles, a year-on-year increase of 14.5%, with 550,000 units exported and nearly 360,000 units being new energy vehicles [5]. Shareholder Structure - Following a restructuring to flatten the shareholding structure and enhance liquidity, the major shareholders remain the same, with Wuhu Investment Holding, management, and employee shareholding platform, and Luxshare holding 21.17%, 18.25%, and 16.83% respectively [6][8].

对此，汇生国际资本总裁黄立冲对中国证券报记者表示，在港交所递表满6个月未获聆讯，且申请文件 在港交所网站不再显示，通常意味着申请已失效。 中国证券报记者求证奇瑞汽车，对方称，暂无法回应。不过，有接近奇瑞汽车的知情人士表示，奇瑞汽 车上市进程正常。 提交招股书已满6个月 值得一提的是，8月27日傍晚，证监会官网披露了关于奇瑞汽车境外发行上市及境内未上市股份"全流 通"备案通知书。 资深投行专家方菲(化名)对记者说："奇瑞汽车相当于在上市申请书失效的前一天，拿到证监会备案， 但一天时间肯定不够走完上市流程。" 8月28日，中国证券报记者从港交所网站获悉，奇瑞汽车股份有限公司(简称"奇瑞汽车")于今年2月28日 向港交所提交的上市招股书，已满6个月，尚未有获得聆讯的消息。目前，港交所网站已不显示其招股 书等文件。 黄立冲表示，证监会发布备案通知书，意味着监管层已同意奇瑞汽车具备境外上市条件，这是其赴港上 市的重要前置手续。但仍需通过港交所聆讯。 对于奇瑞汽车此次招股书"失效"，黄立冲认为有三种可能：一是公司可能主动撤回，以调整财务数据或 招股文件；二是聆讯过程受阻，未能在规定时限内满足监管问询；三是市场环境变化，此 ...

Core Viewpoint - The launch of Xiaomi's YU7 is a significant event for the company, marking a critical test in the competitive SUV market, with high expectations from consumers and investors [1] Group 1: Product Launch and Expectations - Xiaomi YU7 is set to be released tomorrow at 19:00, with Chairman Lei Jun expressing high levels of anticipation and pressure compared to the launch of SU7 [1] - The SUV market is described as highly competitive, with Xiaomi facing strong rivals, and there is a strong expectation for YU7 to deliver impressive results [1] - Lei Jun indicated that if the initial order performance of YU7 surpasses that of SU7 during the same period, it would be considered a success [1] Group 2: Pricing and Features - Lei Jun addressed speculation regarding the pricing of YU7, clarifying that the standard version will be priced 20,000 to 30,000 higher than SU7 due to its superior configuration [2] - The YU7 features include a CLTC range of 835 km, laser radar, and a Thor chip with 700 TOPS computing power, positioning it competitively within the industry [2] - Lei Jun emphasized that YU7 is not merely a higher version of SU7, as 90% of its components have been newly developed, despite both models being based on the Xiaomi Modena platform [2] Group 3: Market Performance and User Interest - Following the technical release of YU7, user interest has significantly exceeded expectations, with the user registration volume being three times that of SU7 during the same timeframe [2] - Lei Jun expressed confidence that both YU7 and SU7 will perform well in the market, asserting that SU7 will continue to be one of the best-selling cars [2]

Core Viewpoint - The launch of Xiaomi YU7 is a significant event for Xiaomi's automotive division, with high expectations from fans and investors, indicating a competitive landscape in the SUV market [1][2]. Group 1: Product Launch and Expectations - Xiaomi YU7 is set to be released tomorrow at 19:00, with Chairman Lei Jun expressing high levels of anticipation comparable to the launch of Xiaomi SU7 [1]. - The SUV segment is highlighted as the main battleground in the automotive industry, with Xiaomi facing intense competition [2]. - Lei Jun emphasizes the importance of initial order performance for YU7, aiming for it to surpass the initial orders of SU7 [3]. Group 2: Product Features and Pricing - The standard version of YU7 is expected to be priced higher than SU7 by 20,000 to 30,000, but this has been denied as YU7 offers high-end features comparable to competitors' Max and Ultra versions [3]. - Key specifications of YU7 include a CLTC range of 835 km, laser radar, and Thor chip with 700 TOPS computing power, among other advanced features [3]. - Lei Jun notes that YU7 is not merely an upgraded version of SU7, as 90% of its components have been newly developed [3]. Group 3: Market Position and Consumer Interest - There is a strong consumer interest in YU7, with user inquiries three times higher than those for SU7 during the same period [3]. - The company is confident that both YU7 and SU7 will perform well in the market, with SU7 expected to remain a top-selling sedan [3].