成功上市，业绩增长与财务风险并存 历经多次折戟，奇瑞汽车终于正式在港交所上市。上市首日，奇瑞汽车开盘价为34.2港元/股，较发行 价上涨11.22%，市值一度超过2000亿港元。截至首日收盘，奇瑞汽车涨3.8%，报收于31.92港元/股，总 市值1841亿港元。招股书显示，此次赴港上市，奇瑞计划将募集资金主要用于新技术与新车型研发、海 外市场拓展及智能制造升级。 从2004年首次尝试IPO，奇瑞多次冲击资本市场却均以失败告终。北京商报记者梳理发现，奇瑞此前上 市计划失败的核心原因，集中在复杂的股权结构等问题。2025年1月，奇瑞汽车的控股股东奇瑞控股通 过股东下沉的方式简化了此前混乱的股权结构，一定程度上为上市扫清了障碍。 奇瑞此次成功上市的底气，离不开近年来营收的高增长。从2022—2024年，奇瑞营收从926.18亿元增长 至2698.97亿元，复合年增长率高达70.7%，2025年一季度，奇瑞营收同比增长24.25%至682.23亿元。 然而，营收增长的同时，奇瑞的盈利能力却低于业内部分头部企业。财报数据显示，2022—2024年，奇 瑞整体毛利率分别为13.8%、16%和13.5%，2025年一季度的 ...

Core Viewpoint - The concept of "safety" is evolving from a compliance baseline for automakers to a new competitive arena in the automotive industry, driven by regulatory and market pressures [1][2]. Group 1: Industry Trends - Recent regulatory actions, such as the crackdown on autonomous driving irregularities and stringent battery safety regulations, highlight the increasing importance of safety in consumer purchasing decisions and competitive strategies among automakers [1]. - The automotive industry is transitioning from traditional fuel vehicles to new energy vehicles, with safety becoming a critical competitive advantage amid rising concerns over battery fires and autonomous driving incidents [2][5]. Group 2: Company Initiatives - Chery Automobile emphasizes safety as a core value, with its chairman stating that the pursuit of safety technology and quality is an ongoing commitment without a ceiling [1][2]. - Chery has invested significantly in research and development, including a 2 billion yuan investment in its testing and technology center, which is the largest collision safety laboratory in Asia, conducting over 1,500 real vehicle crash tests annually [3][5]. Group 3: Safety Innovations - Chery's safety strategy includes a comprehensive safety protection system that addresses electric and intelligent vehicle safety challenges, with a focus on battery management systems and AI algorithms for real-time alerts and protection [5][6]. - The company is developing advanced safety technologies such as a central safety control brain, AI pre-collision systems, and self-repair capabilities for vehicles, reinforcing its commitment to safety as a foundational value [6]. Group 4: Global Market Considerations - As Chery expands into international markets, it faces diverse safety standards and consumer expectations, necessitating rigorous testing to ensure product reliability and safety [5][6]. - The company aims to maintain a competitive edge by achieving higher safety ratings than its domestic peers in various global markets [5].

Core Viewpoint - Chery Automobile emphasizes the importance of safety in the electric and intelligent era, showcasing its commitment to advanced safety technologies and global standards in vehicle safety [1][3]. Group 1: Safety Commitment - Chery has a 28-year history of prioritizing safety, with 41 models achieving a five-star safety rating across seven safety dimensions, including active safety and battery safety [3][4]. - The company aims to make "five-star safety" a global standard, positioning itself as a leader in automotive safety in the new energy and intelligent era [3][4]. Group 2: Advanced Safety Technologies - Chery's battery safety exceeds national standards, featuring comprehensive protection and a battery management system with ten safety designs and over 5,000 tests [4]. - The "Guardian" smart safety system aims to lead in all-dimensional safety, covering vehicle body safety, driving safety, and information security [5]. Group 3: Sales Performance - In the first four months of the year, Chery sold 820,785 vehicles, a 15.3% increase year-on-year, and exported 343,203 vehicles, maintaining its position as the top exporter of Chinese automobiles [5]. - The company also sold 224,629 new energy vehicles, reflecting a significant year-on-year growth of 140.7% [5].

Core Viewpoint - Chery Automobile emphasizes safety as a fundamental principle in its operations, launching advanced safety systems and technologies to meet global safety standards in the context of electric and intelligent vehicle development [3][5]. Group 1: Safety Initiatives - Chery's chairman, Yin Tongyue, stated that safety must evolve with the times, and the company aims to make "five-star safety" a global standard, positioning itself as a leader in automotive safety for the new energy and intelligent era [3]. - The company has developed a comprehensive battery safety system that exceeds national standards, featuring full-dimensional protection and a battery management system with ten safety designs and over 5,000 tests [3][5]. - Chery's "Guardian" smart safety system aims to lead in creating a holistic safety ecosystem, focusing on body safety, driving safety, and comprehensive protection for users worldwide [3][5]. Group 2: Vehicle Safety Features - Chery's vehicles, including the small Ant model, utilize a unique all-aluminum cage structure to ensure safety across all vehicle sizes, promoting safety equity [5]. - The flagship model, Fengyun A9L, features a 720-degree cage design and nine airbags, showcasing the company's commitment to safety materials [5]. - The Lock Armor battery safety structure ensures user safety, with an intelligent battery safety system that can automatically disconnect high voltage within 2 milliseconds during a collision, outperforming industry standards by 50 times [5]. Group 3: Community Engagement and Education - Chery launched the "Chery Guardian Safety Club" to unite accident survivors, safety professionals, and public advocates, promoting emergency response initiatives and safety education [7]. - The company plans to conduct safety training camps, open days, and public safety courses to empower car owners with professional safety knowledge [7]. - The event featured various safety demonstration areas, showcasing significant safety examples from Chery's brands, making safety tangible for attendees [8].