中经记者夏治斌石英婧上海报道 一则公告，将众泰汽车股份有限公司（000980.SZ，以下简称"众泰汽车"）再度推向风口浪尖。2025年 12月29日，众泰汽车对外发布公告称，公司董事长李立忠因个人家庭原因，申请辞去董事长、董事职 务，同时一并辞去公司董事会战略委员会主任委员及提名委员会委员。 这位"奇瑞背景"董事长的短任期离职，迅速引发市场对其真实原因及公司未来走向的猜测。不过，众泰 汽车公布提名非独立董事候选人的情况，董事会同意提名韩必文为公司第九届董事会非独立董事候选 人，任期自股东会审议通过之日起至第九届董事会届满之日止。 韩必文也具备奇瑞背景。公开履历显示，韩必文自2001年7月起至2024年4月期间，长期就职于奇瑞体系 内，先后在奇瑞汽车股份有限公司担任制造中心副总经理、制造事业部总经理等核心职务，还曾作为奇 瑞集团外派人员，在奇瑞捷豹路虎、观致汽车等奇瑞关联企业担任制造执行副总裁、制造和质量副总裁 等重要岗位，积累了丰富的奇瑞体系管理经验。 对于此前市场流传的"步步高系联手奇瑞借壳众泰造车"传闻，奇瑞方面相关负责人向记者回应称其 为"不实消息"。众泰汽车方面也明确表示，其与奇瑞及步步高均没有合作关 ...

Core Viewpoint - Chery Automobile has successfully navigated a tumultuous journey in the capital market, culminating in its listing on the Hong Kong Stock Exchange, marking a significant milestone for the company and the Chinese automotive industry [3][4][29]. Group 1: Historical Journey - Chery was founded in 1997 in Wuhu, Anhui, with a registered capital of 1.752 billion yuan, primarily backed by local government entities, which laid the foundation for its complex equity structure [9]. - The company faced significant challenges, including the need for production qualifications, which led to a strategic partnership with SAIC in 2001 to gain access to necessary production licenses [11]. - Chery attempted to go public in 2004 through a reverse merger but faced difficulties due to conflicting interests among stakeholders, resulting in a failed listing [12][28]. Group 2: Strategic Shifts and Challenges - The company adopted a multi-brand strategy in 2009, which ultimately led to resource dilution and financial strain, causing it to miss several IPO opportunities [13][15]. - In 2019, Chery initiated a significant mixed-ownership reform, bringing in strategic investors to improve its governance structure and financial health, which was crucial for its eventual IPO plans [20][21]. - The introduction of Luxshare Precision as a strategic investor in 2022 provided a solid foundation for Chery's listing ambitions, despite the challenges posed by previous investors [21][29]. Group 3: Recent Performance and Market Position - Chery's revenue is projected to grow from 92.6 billion yuan in 2022 to 269.9 billion yuan by 2024, with a compound annual growth rate of 70.7%, and net profit expected to rise from 5.8 billion yuan to 14.3 billion yuan during the same period [25][26]. - The company has achieved significant sales growth in both the new energy and traditional fuel vehicle segments, with a 265% increase in new energy vehicle sales in 2024 [26]. - Chery's strategic focus on technology and product development, including a major push into smart and electric vehicles, positions it favorably in the competitive automotive landscape [24][25]. Group 4: Future Outlook - Chery's successful IPO on the Hong Kong Stock Exchange is seen as a transformative step towards becoming a global public company, enhancing its operational freedom and market competitiveness [29]. - The company aims to leverage its technological advancements and market position to continue leading in the automotive sector, particularly in the context of the ongoing transition to electric and smart vehicles [29].

Core Viewpoint - Chery Automobile has a long history and has faced various challenges in its journey towards listing and expanding its market presence, particularly in the context of the growing electric vehicle sector in China. The company is now focusing on both fuel and new energy vehicles, with significant growth in its overseas sales, especially in Russia and Europe, while maintaining a low-cost operational strategy to enhance profitability [5][9][12][26]. Group 1: Company History and Development - Chery Automobile was established in 1997 and became the first domestic brand to sell over 1 million vehicles by 2007 [5][7]. - The company attempted to go public multiple times but faced challenges due to complex shareholding structures and market conditions [6][9]. - Chery's IPO application was submitted to the Hong Kong Stock Exchange in February 2025, with a target fundraising of $1.5 billion to $2 billion [9][10]. Group 2: Sales and Market Performance - In 2023, China's new energy vehicle sales reached 9.495 million units, with a market penetration rate of 31.6%, while Chery's passenger car sales revenue was still 94.8% from fuel vehicles [14]. - By Q1 2024, fuel vehicle sales revenue was 45.95 billion, accounting for 90.9%, but this is projected to drop to 76.1% for the full year [15]. - Chery's overseas sales have been strong, with 2023 overseas revenue reaching 74.53 billion, making up 49.3% of total passenger car revenue [23]. Group 3: Financial Performance - In 2024, Chery's revenue was 269.9 billion, a 65.4% increase year-on-year, but the net profit margin decreased to 5.35% [34]. - The company reported a net cash flow from operating activities of 44.9 billion in Q1 2025, down from 16 billion in Q1 2024 [35][37]. - Chery's gross profit margin was 13.5% in 2024, significantly lower than competitors like BYD, which had a gross profit margin of 22.4% [31][34]. Group 4: Asset Quality and Liabilities - Chery's asset-liability ratio was 87.9% at the end of 2024, indicating a high level of debt compared to competitors [40][41]. - The company invested 7.5 billion in machinery and equipment in 2024, with a depreciation of 2.3 billion, reflecting a standard depreciation cycle of about 8 years [42][43]. - Despite a high asset-liability ratio, Chery's operational efficiency and cost management strategies have allowed it to maintain competitiveness in the market [46].