Group 1 - Chery Automobile is set to complete its IPO process in Hong Kong, marking the largest IPO in the market for 2025, with shares expected to begin trading on September 25 [2] - The company plans to globally offer 297 million shares, with 29.73 million shares allocated for Hong Kong and 268 million shares for international investors, alongside an overallotment option of 44.61 million shares [2] - The pricing range for the IPO is set between HKD 27.75 and HKD 30.75, with the final price expected to be determined on September 23 [2] Group 2 - Chery's financial performance has shown significant growth, with revenue increasing from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, and net profit rising from CNY 5.806 billion to CNY 14.334 billion during the same period [3] - In the first quarter of 2025, the company reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion [3] - Chery became the second-largest domestic passenger car brand in China in 2024, achieving global passenger car sales of 2.295 million units and maintaining its position as the top exporter of Chinese brand passenger cars for 22 consecutive years [3]

Core Viewpoint - Chery Automobile is facing significant challenges in its IPO process, with a substantial reduction in expected fundraising amounts and concerns over its low R&D investment and profitability compared to leading competitors in the industry [1][3][9]. Financial Performance - Chery's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of 926.18 billion yuan, 1,632.05 billion yuan, and 2,698.97 billion yuan, and net profits of 58.06 billion yuan, 104.44 billion yuan, and 143.34 billion yuan respectively [3][5]. - In Q1 2025, Chery achieved a revenue of 682.23 billion yuan, marking a year-on-year growth of 24.2%, with a net profit of 47.26 billion yuan, up 90.9% year-on-year [3]. Market Position and Sales - In 2024, Chery sold 2.604 million vehicles, a year-on-year increase of 38.4%, making it the second-largest domestic brand in terms of sales [5][10]. - Despite strong sales, Chery's average vehicle price was 10.36 million yuan, with a net profit of approximately 0.55 million yuan per vehicle, the lowest among major competitors [11][12]. R&D and Technological Transition - Chery has committed to increasing R&D investment, with planned expenditures of 1 billion yuan over five years for smart technology development, but the effectiveness of these investments remains questionable [6][9]. - The company’s R&D spending from 2022 to Q1 2025 was 41.28 billion yuan, 68.49 billion yuan, 105.44 billion yuan, and 27.61 billion yuan, but the proportion of R&D investment relative to revenue has been declining [7][9]. Challenges in Electrification and High-End Market - Chery's transition to electric and smart vehicles has been slow, with only 30% of total sales being electric vehicles as of 2025, despite the domestic market's rapid growth in this segment [6][9]. - The partnership with Huawei to develop high-end models has not yielded expected results, with the models failing to gain traction in the market [2][13]. Overseas Market Performance - Chery has emphasized its strong export performance, claiming to be the top exporter for 22 consecutive years, but the average selling price of its vehicles in overseas markets is significantly lower than competitors [10][11]. - In 2024, Chery's overseas sales reached 1.1446 million units, with a year-on-year growth of 21.4%, but the average selling price was only 8.8 million yuan, raising concerns about its competitiveness [11][12].

Core Insights - The article emphasizes the importance of long-term investment strategies, highlighting that companies with sustainable value creation and competitive advantages will ultimately meet market expectations [1] Group 1: Company Overview - Weichai Power is presented as a model of long-termism in the A-share market, with its total market value increasing approximately 30 times since its listing [2] - The company's strategic expansion from a single engine business to various sectors such as power systems, commercial vehicles, and agricultural equipment is crucial for understanding its future direction [2] Group 2: Strategic Business Growth - In the first half of 2025, Weichai Power's strategic business experienced explosive growth, becoming a core driver of performance and valuation, particularly highlighted by the strong sales of large-bore engines [3] - Large-bore engine sales exceeded 5,000 units in the first half of 2025, marking a 41% year-on-year increase, with revenue reaching 2.52 billion yuan, a 73% increase [4] Group 3: Market Dynamics - The growth in large-bore engines is driven by the high demand in the global AIDC (Artificial Intelligence Data Center) industry and the trend of domestic substitution [5] - The market for large-bore diesel engines in Chinese data centers is projected to approach 10 billion yuan by 2025, with the global market expected to exceed 40 billion yuan by 2026 [5] Group 4: Competitive Advantage - Weichai Power has gained a competitive edge in the large-bore engine market, which has historically been dominated by international giants, by leveraging its technological advancements and cost advantages [5][6] - The high price and gross margin characteristics of large-bore engines contribute to revenue growth and optimize the company's profit structure [6] Group 5: New Energy Transition - Weichai Power is accelerating its transition to new energy, positioning itself as a leader in the sector through a multi-technology approach including pure electric, hybrid, and fuel cell technologies [7][8] - In the first half of 2025, the company's new energy technology business generated 1.21 billion yuan in revenue, a 37% year-on-year increase, with battery sales reaching 2.32 GWh, a 91% increase [8] Group 6: Future Growth Potential - The company aims to double its new energy revenue by 2025, supported by increasing penetration rates in heavy trucks, light trucks, and construction machinery [9] - Weichai Power's comprehensive industry chain advantage allows it to respond effectively to market demands, ensuring the successful realization of its growth targets [9] Group 7: Shareholder Returns - Weichai Power's 30-fold market value increase is attributed to its commitment to long-term value, reflected in its diversified business layout and consistent shareholder returns [10][12] - Since its listing in 2004, the company has distributed cash dividends exceeding 38 billion yuan, with current dividend yields of 5.21% for H-shares and 5.03% for A-shares, ranking among the industry's top [10][12]

2025.09. 18 本文字数：921，阅读时长大约1.5分钟 作者 | 第一财经 黄琳 第一财经记者了解到，此次，东风集团股份出资的无形资产使用权包括猛士系列的商标权、车型平台及智能驾驶专有技术资产组的许可使用权。上述合 资公司成立后，东风猛士生产基地将包括襄阳工厂、武汉工厂和十堰工厂，三家工厂生产的车型各有侧重。其中，襄阳工厂将侧重轻越野乘用车、武汉 工厂将倾向重越野乘用车。此前，襄阳工厂生产车型主要为东风日产旗下的高端品牌英菲尼迪。 微信编辑 | 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 相关人士告诉记者，随着东风集团股份即将私有化退市和新能源转型加速，东风猛士在上述合资公司中的业务层组织架构、运营模式将接近于新势力品 牌，品牌更为独立、管理更现代化，但暂未有上市规划。目前，合资公司的管理层仍待商榷。 根据规划，合资公司将按照市场化原则组建，建立扁平化、独立的内部治理体系和多元化的企业管理机制，实现资源共享，构建"政府引导、企业主 导、产业协同"的 ...

Group 1 - The new joint venture marks an important step in the deepening cooperation between Dongfeng and Huawei, focusing on the manufacturing and sales of intelligent off-road vehicles under the Mengshi brand with a registered capital of 8.47 billion yuan [1][2] - The joint venture will utilize Dongfeng Group's intangible asset rights, including trademark rights, vehicle platform, and proprietary technology for intelligent driving, with production bases in Xiangyang, Wuhan, and Shiyan, each focusing on different vehicle types [1] - The establishment of the joint venture is expected to modernize the management and operational structure of Dongfeng Mengshi, aligning it more closely with new force brands, although there are currently no plans for an IPO [1] Group 2 - The joint venture will be structured based on market principles, establishing a flat and independent internal governance system, promoting resource sharing, and creating a new development mechanism that emphasizes government guidance, enterprise leadership, and industrial collaboration [2] - The collaboration between Dongfeng Mengshi and Huawei will deepen in areas such as intelligent automotive product development, marketing, and ecological services, entering a new model that is between the "HI" model and the "Smart Choice Car" model [2] - Huawei will open its processes and capabilities, while Dongfeng will integrate Huawei's IPD (Integrated Product Development) and IPMS (Integrated Product Marketing and Services) management methods with its existing processes for collaborative innovation [2]

Core Viewpoint - The report indicates a positive outlook for the development of the new energy vehicle market in China, driven by increasing sales and battery installation volumes [1][2]. Group 1: New Energy Vehicle Sales - In August 2025, China's new energy vehicle sales reached 1.395 million units, a year-on-year increase of 26.82%, with a penetration rate of 48.8% [1][2]. - From January to August 2025, new energy vehicle sales totaled 9.62 million units, reflecting a year-on-year growth of 36.7% and a penetration rate of 45.5% [1][2]. Group 2: Battery Installation Volume - In August, the installation volume of power batteries in China was 62.5 GWh, representing a year-on-year increase of 32% [2]. - Cumulatively, from January to August 2025, the total installation volume of power batteries reached 418 GWh, with a year-on-year growth of 43% [2]. Group 3: Battery Type Performance - In August, the installation volume of lithium iron phosphate batteries was 51.6 GWh, accounting for 83% of total installations, with a year-on-year increase of 47% [2]. - The installation volume of ternary batteries was 10.9 GWh, making up 17% of total installations, with a year-on-year decrease of 9.9% [2]. - From January to August 2025, the installation volume of lithium iron phosphate batteries was 340.4 GWh, representing 81% of total installations and a year-on-year increase of 65% [2]. - The installation volume of ternary batteries during the same period was 77.2 GWh, accounting for 18% of total installations, with a year-on-year decrease of 10% [2]. Group 4: Leading Companies in Battery Installation - In August, CATL's battery installation volume was 26.45 GWh, representing 42% of total installations, with a year-on-year growth of 26% [3]. - BYD's battery installation volume was 13.02 GWh, accounting for 21% of total installations, with a year-on-year increase of 11% [3]. - From January to August 2025, CATL's cumulative battery installation volume was 178.2 GWh, representing 43% of total installations, with a year-on-year growth of 33% [3]. - BYD's cumulative battery installation volume during the same period was 95.2 GWh, accounting for 23% of total installations, with a year-on-year increase of 33% [3]. Group 5: Industry Performance - The electric equipment industry experienced a weekly change of 0.53%, ranking 22nd among 31 primary industries, underperforming compared to the CSI 300 index [4]. - The weekly performance of major indices included a rise of 1.52% for the Shanghai Composite Index, 1.38% for the CSI 300, 2.65% for the Shenzhen Component Index, and 2.10% for the ChiNext Index [4]. - In the sub-sectors, the performance of electric motors II, other power equipment II, photovoltaic equipment, wind power equipment, batteries, and grid equipment varied, with electric motors II showing a significant increase of 10.76% [4].

（原标题：超560家德企之乡太仓，与一家德企的30年丨活力中国调研行） 21世纪经济报道记者 陈归辞 太仓报道 小城太仓，方圆约810平方公里，常住人口不足85万，去年人均GDP却有22.18万元，超过上海。 德国舍弗勒集团是德国十大家族企业之一，是全球第二大滚动轴承制造商和全球知名汽车零部件供应 商。 1995年，舍弗勒进入中国投资生产。三十年来，舍弗勒在中国市场的投资不断扩大，共建设了6大研发 中心和17座工厂，2024年在中国区的营收占全球营收的19%。 在太仓，舍弗勒1995年成立了公司，并于1998年正式投产，这也是其在中国的首个工厂。目前太仓基地 已成为舍弗勒在中国区的最大制造基地，共设有5座工厂、1个智能装备公司、1个模具中心、1个综合服 务中心和1个双元制培训中心，员工数达7000。 舍弗勒在太仓和中国发展的30年，也是其与太仓和中国产业共同成长的30年。 舍弗勒太仓制造基地五厂厂长楼峻峰在接受21世纪经济报道记者等媒体采访时表示，舍弗勒来华兴业的 最初十余年，更多是"师傅带徒弟"，把德国的技术和设备引入进中国，服务公司当时的主要国际客户。 2005、2006年左右起，公司在太仓逐渐设立了智能 ...

Core Viewpoint - The Munich Auto Show this year was less sensational compared to two years ago, despite a significant increase in Chinese exhibitors, indicating a shift in the European electric vehicle market dynamics [1][2][6]. Group 1: Market Dynamics - The penetration rate of pure electric vehicles in Europe has remained around 15%, while Chinese electric vehicle sales in Europe have doubled [5]. - Chinese electric vehicle manufacturers and suppliers are more proactive in developing electric vehicles in Europe than local European brands [6]. - The introduction of the NP3.0 battery technology by CATL at the Munich Auto Show signifies a strategic move to enhance safety and reliability in electric vehicles [6][9]. Group 2: NP3.0 Technology - NP3.0, which stands for "No Propagation," aims to prevent thermal runaway in batteries, ensuring that incidents do not escalate [9][12]. - The NP3.0 technology has evolved from previous versions, focusing on maintaining power supply stability for over one hour during thermal runaway events [12][15]. - Key innovations include flame-retardant electrolytes, nanocoating for structural stability, and insulation pads to prevent chain reactions among battery cells [18][20]. Group 3: Phosphate Lithium Battery Strategy - CATL aims to promote lithium iron phosphate (LFP) batteries in Europe, leveraging their cost advantages and safety features [30][41]. - The market share of LFP batteries has surpassed that of ternary lithium batteries in China, with LFP accounting for 81.5% of total battery installations from January to August 2023 [41]. - The shift towards LFP batteries in Europe is seen as a way to lower the cost of electric vehicles, addressing consumer concerns about pricing [45][46]. Group 4: Competitive Landscape - The European electric vehicle market presents a significant opportunity for Chinese battery manufacturers, particularly in the context of the ongoing electrification transition [46][48]. - Chinese companies dominate the LFP material supply chain, holding a 62.5% market share globally [49]. - The potential shift of European automakers towards LFP batteries could lead to deeper integration with the Chinese supply chain, positioning CATL as a key player in the European market [53][54]. Group 5: Future Implications - The entry of Chinese electric vehicle manufacturers into the European market could reshape the global automotive industry landscape [62]. - The competition among Chinese, Japanese, and Korean battery manufacturers will intensify as they vie for market share in Europe [69].

Group 1 - The "Three Barrels of Oil" companies are intensifying their establishment of subsidiaries to accelerate their layout in the new energy sector since August this year [1][4] - CNOOC has established a new subsidiary, CNOOC (Dongfang) Energy Co., Ltd., with a registered capital of 1 billion yuan, focusing on offshore wind power and solar energy services [1][2] - CNOOC's offshore wind power demonstration project, located in Hainan, has a planned capacity of 1500 MW, with the first phase set to generate 600 MW and the second phase 900 MW [2][3] Group 2 - The collaboration between CNOOC and Mingyang Smart Energy dates back to June last year, focusing on offshore wind power and overseas project development [3] - Mingyang Smart Energy has already initiated a 1500 MW marine energy project in Hainan, aiming to establish a leading benchmark for affordable offshore wind power in the region [3] - The establishment of new companies by the "Three Barrels of Oil" reflects their strategy to diversify and transition towards renewable energy amidst declining revenues and profits in traditional oil and gas sectors [4][5] Group 3 - Other major oil companies, such as PetroChina and Sinopec, are also actively forming new companies to invest in solar, wind, and energy storage technologies [4] - PetroChina has established a new company focused on solar energy and carbon reduction technologies, while Sinopec is promoting energy transition through new ventures in electric vehicle charging and energy storage [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong performance in the first half of 2025, achieving a revenue of 1.287 billion yuan, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 201 million yuan, up 27.2% year-on-year [4][6] - The growth is attributed to the ramp-up of new customers in the electric vehicle sector and increased production capacity in precision electroplating [6] - The report highlights the company's strategic investments in capacity expansion and acquisitions to enhance its competitive position in the precision electroplating market, which is expected to become a significant growth driver [6] Financial Data and Profit Forecast - For the first half of 2025, the company achieved a gross margin of 29.0%, an increase of 4.5 percentage points year-on-year, driven by higher profitability from new projects and a decline in raw material prices [6] - Revenue projections for 2025 are set at 3.489 billion yuan, with a year-on-year growth rate of 37.9%, and net profit is expected to reach 530 million yuan, reflecting a growth rate of 40.2% [5][8] - The report anticipates continued growth in net profit, projecting 676 million yuan for 2026 and 801 million yuan for 2027, with corresponding growth rates of 27.6% and 18.5% [5][8]