Core Viewpoint - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the largest IPO for an automotive company in Hong Kong since 2025, and indicating its entry into the international capital market [2][4]. Summary by Sections IPO Details - Chery's IPO involved a global offering of 297 million H-shares at an issue price of HKD 30.75 per share, raising approximately HKD 9.145 billion [4]. - The listing attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and Jinglin Asset, reflecting strong confidence in the company's future [4]. - On the first trading day, Chery's shares opened at HKD 34.2, representing an increase of 11.22% from the issue price [4]. Leadership Statements - Chairman Yin Tongyue expressed gratitude to various stakeholders during the listing celebration, emphasizing the collective support that has driven Chery's growth from humble beginnings to a publicly listed company [6][9]. - He highlighted that the IPO represents a new starting point for Chery, aiming not only for commercial success but also for social value contributions [9]. Future Strategy and Growth - Chery plans to leverage capital to accelerate technological innovation and enhance its global presence, with a commitment to becoming a leader in the intelligent mobility ecosystem [9]. - The company aims to foster the growth of other enterprises, contributing to the vitality of the industry ecosystem [9]. Performance Metrics - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration. It is projected that Chery's passenger vehicle sales will grow by 49.4% year-on-year in 2024, leading among the top twenty global passenger car companies [9][10]. - Chery has maintained its position as the top exporter of passenger vehicles among Chinese brands for 22 consecutive years, with strong sales in Europe, South America, and the Middle East [10]. Fund Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger vehicle models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital [11]. - This funding strategy reflects Chery's focus on increasing R&D investment, particularly in new energy and smart technologies, while solidifying its status as a leading exporter [11]. Financial Growth - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with net profit increasing from CNY 5.806 billion to CNY 14.334 billion during the same period [11]. - In Q1 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion, reflecting a substantial year-on-year growth of 90.9% [11]. Market Positioning - The successful listing on the Hong Kong Stock Exchange provides Chery with a long-term capital channel, enabling it to seize opportunities in the global automotive industry transformation and strive to enter the ranks of world-class brands [12].

每经记者｜黄辛旭 每经编辑｜裴健如 9月25日上午，奇瑞汽车股份有限公司（股票代码：9973.HK，以下简称奇瑞）在港交所主板正式挂牌上市。 奇瑞此次港股IPO引入了13家基石投资者，包括高瓴旗下HHLR、景林资产、大家人寿、国轩香港等知名机构，以及国资企业和上下游产业链公司等，奇 瑞方面认为，这显示出各方资本对公司未来发展的信心。 如长期在汽车产业链深耕的IDG资本，在2023年和2024年初两次坚定投资奇瑞，并安排投后赋能团队持续在深度国际技术合作、欧洲主流市场开拓、股权 资本结构优化、新业务拓展布局等方面助力。这使得IDG资本在帮助这家国际头部车企快速发展的同时，也在出行领域再度收获一个"IPO"。 从招股书来看，奇瑞此次上市正值公司业绩快速增长期。2022年至2024年，公司营业收入从926.18亿元增长至2698.97亿元，净利润从58.06亿元提升至 143.34亿元。2025年第一季度，公司实现营业收入682.23亿元；净利润47.26亿元，同比大幅增长90.9%。 根据招股书披露，奇瑞此次上市募资将主要用于以下五个方面：35%用于研发不同车型和版本的乘用车，以进一步扩大产品组合；25%用于下一 ...

Core Viewpoint - The cooperation between Chinese and German automotive industries is entering a phase of experience sharing, emphasizing the importance of long-term strategies over short-term gains [1][3]. Group 1: Market Dynamics - The Chinese automotive market has become highly competitive, with intense internal competition among companies, while German companies maintain a more restrained competitive approach when expanding internationally [3]. - German automakers, such as Mercedes-Benz, BMW, and Audi, engage in competitive cooperation, which contrasts with the aggressive competition seen in the Chinese market [3]. Group 2: Innovation and Development - Chinese automotive brands have demonstrated significant advantages in the fields of new energy and intelligent technology, with a reported 26.3% year-on-year increase in passenger car sales, reaching 7.562 million units in the first five months of the year [5]. - German companies are enhancing their R&D capabilities in China, focusing on electric and intelligent technologies, with new research centers established in Shanghai, Anhui, and Nanjing since 2018 [5]. Group 3: Strategic Recommendations - It is suggested that both Chinese and German companies avoid a zero-sum mentality in their collaborations, as this could lead to detrimental short-term practices like price wars [6]. - The experience of German companies in China over the past 40 years can serve as a valuable reference for Chinese companies looking to expand into stringent markets like Europe [6].

Core Viewpoint - The Chinese automotive industry has transitioned to a global innovation leader in new energy and intelligent technology, marking the beginning of the "Joint Venture 2.0 Era" where China innovates for global delivery [1]. Group 1: Industry Overview - The 2025 Shanghai Auto Show, celebrating its 40th anniversary, refocuses on "technological innovation" as the Chinese automotive industry showcases its strong international market appeal [1]. - The event attracted exhibitors and consumers from around the world, highlighting the robust demand in the Chinese market and the high-quality supply of Chinese technological innovations [1]. Group 2: Featured Technologies - **XWANDA Smart Battery Cell 2.0 Technology**: Integrates multi-dimensional smart sensors into a single cell, ensuring data control throughout the battery's lifecycle, enhancing safety warnings, and providing a battery passport [6]. - **Marelli OLED TFT Pixelated Tail Light**: The world's first pixelated tail light using OLED TFT technology, capable of conveying vehicle status and intentions through dynamic images, and seamlessly integrating vehicle-to-everything (V2X) communication [8]. - **Faurecia Transparent Door Technology**: Utilizes advanced projection technology to display external conditions in real-time, providing danger warnings and dynamic ambient lighting for passengers [11]. - **Changan Automobile Solid-State Battery Technology**: The upgraded Jinzhongzhao 2.0 battery features a high energy density of 400 Wh/kg and a wide temperature range (-40 to 80°C), with a range exceeding 1500 km expected by 2026 [14]. - **Dongfeng Motor's Tianyuan Intelligent Model**: A core enterprise-level model that reduces new vehicle development cycles by over 35% and lowers collaboration costs by 30% [18]. - **Great Wall Motors 4.0T V8 Engine**: Combines performance and fuel efficiency, designed for high-end products and specialized off-road applications [22]. - **Pony.ai Seventh-Generation Autonomous Driving System**: Features a complete hardware and software solution with a 70% cost reduction compared to previous generations [23]. - **NIO's NX9031 Intelligent Driving Chip**: The world's first mass-produced 5nm intelligent driving chip, offering performance equivalent to high-end NVIDIA chips [25]. - **Black Sesame's Intelligent Safety Base Solution**: Focuses on hardware-level safety isolation to meet the highest safety standards [27]. - **Chery's Humanoid Robot Mornine Gen-1**: A robot with advanced perception and interaction capabilities, featuring a height of 167 cm and a weight of 65 kg, equipped with multiple sensors for autonomous navigation [31].