Core Viewpoint - Chery Automobile's recent marketing stunt of driving a vehicle up the Tianmen Mountain steps backfired, leading to public backlash and a decline in stock price, highlighting the importance of safety and risk assessment in automotive branding [1][3]. Company Performance - Chery successfully listed on the Hong Kong Stock Exchange on September 25, achieving a market capitalization exceeding HKD 170 billion [3]. - The company attracted significant backing from 13 cornerstone investors during its IPO, indicating confidence in its commitment to stable growth [3]. Stock Market Reaction - Following the Tianmen Mountain incident, Chery's stock price fell over 3%, dipping below its IPO price of HKD 30.75, raising concerns among investors [3][4]. Corporate Culture and Investor Trust - The incident may not fully represent Chery's corporate culture, but it has affected public perception and investor confidence, necessitating efforts to rebuild trust [4]. - The importance of corporate culture, as emphasized by notable investors, suggests that incidents like this can significantly impact investment decisions [3].

Core Viewpoint - Chery Automobile's recent marketing stunt of driving a vehicle up the Tianmen Mountain steps backfired, leading to public backlash and a decline in stock price, highlighting the importance of safety and risk assessment in automotive branding [1][3]. Company Performance - Chery successfully listed on the Hong Kong Stock Exchange on September 25, achieving a market capitalization exceeding HKD 170 billion, with backing from 13 cornerstone investors during its IPO [3]. - Following the Tianmen Mountain incident, Chery's stock price fell over 3%, dipping below its IPO price of HKD 30.75, raising concerns among investors [3][4]. Corporate Responsibility - The incident has sparked discussions about corporate culture and responsibility, with the company acknowledging a lack of risk assessment in their marketing approach [1][4]. - Chery has committed to repairing the damage caused by the incident and compensating for the losses incurred at the Tianmen Mountain site, indicating a willingness to address the fallout [4].

Core Insights - The 32nd China International Advertising Festival and the 34th Asian Advertising Conference focused on innovation and international cooperation in the advertising industry, emphasizing the theme "Empowering Advertising with Technology" [2] - The global marketing landscape is expected to reach $50.2 billion by 2025, despite a significant decrease in the number of Chinese companies establishing overseas subsidiaries, which dropped to 30% of last year's figures [2] Group 1: Industry Trends - The consensus in the industry has shifted from merely "selling products overseas" to a more systematic approach, emphasizing three key strategies: embracing "new globalization," adopting a "tree planter" mentality for deep market penetration, and integrating into local ecosystems [3] - The unpredictable nature of the current global socio-economic and political landscape necessitates professional insights and warm expressions to effectively influence local markets [5] Group 2: Case Studies and Examples - Phoenix Media has successfully assisted brands like Wanglaoji in penetrating the U.S. market by leveraging local cultural insights, resulting in increased brand recognition [3][5] - The collaboration with Gree in Saudi Arabia showcased how solar technology can contribute to carbon neutrality, elevating commercial partnerships to a symbol of friendship between nations [5] - The marketing campaign for Chery during the Chinese New Year in Turkey, UAE, and South Africa creatively combined Chinese culture with product performance, enhancing brand visibility [5] Group 3: Brand Building and Global Presence - Chinese companies are increasingly participating in international exhibitions, which serve as effective channels for market expansion, with Phoenix Media amplifying their presence and relaying real-time updates [6] - Phoenix Media's involvement in major international events, such as the Munich and Tokyo auto shows, highlights its role in showcasing Chinese brands and their achievements on a global stage [6]

Industry Information - The term "semi-solid battery" is proposed to be renamed as "solid-liquid battery" to avoid confusion with solid-state batteries, which are seen as the future direction due to their higher safety, energy density, lifespan, and faster charging capabilities [9] - Shanghai's Haitong International Automobile Terminal has achieved a record high automobile export volume of 1.109 million units in the first three quarters of this year [10] - The commercial insurance premium income for new energy vehicles exceeded 100 billion yuan, reaching 108.79 billion yuan, with a year-on-year growth of 36.6% [11] - Anhui province ranked first in the country with an automobile production of 2.4044 million units in the first three quarters, significantly outpacing Guangdong [12] - The profit of the automobile manufacturing industry increased by 3.4% year-on-year from January to September [13] - The establishment of 10 measurement talent training centers has been approved, including those focused on new energy vehicles [13] - Huawei's HarmonyOS has delivered over 1 million units in just 43 months [13] - A new project for producing 1.6 million sets of chassis components has officially commenced [13] - The first automotive chip standard verification platform in China has been put into operation [16] - The demand for energy storage has significantly boosted the performance of the lithium battery industry in the third quarter [21] Policy Information - The National Energy Administration has released several important standards related to electric vehicle charging infrastructure [26] - Shenzhen's vehicle replacement subsidy policy will cease after October 28, 2025, due to budget constraints [30] - Guizhou province has implemented a management plan for electric vehicle charging infrastructure construction [30] - The Ministry of Industry and Information Technology is promoting the development of green industries, including new energy vehicles [20] Company Information - Seres Group plans to go public in Hong Kong with a maximum issue price of 131.50 HKD per share, aiming for a total issuance scale of approximately 17 billion USD [43] - Nio has achieved over 90 million battery swaps, with an average daily swap volume exceeding 100,000 [43] - Xpeng Motors has entered the Baltic states and Cambodia markets [43] - BYD's new car registrations in Europe increased nearly fourfold in September [43] - The establishment of Zhejiang Li Auto Battery Co., Ltd. has been completed with a registered capital of 70 million yuan [24]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 未經審核之二零二五年十月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本公司於二零二五年十月的五大品牌總銷量為263,466輛汽車，較去年同期 增長約2%。詳細如下： | | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,696 | 165,289 | 3% | 1,377,558 | 1,278,830 | 8% | | 星途 | 9,494 | 16,594 | -43% | 97,445 | 112,540 ...

Group 1 - Chery introduced a localized R&D concept at the 2025 Global Innovation Conference, emphasizing "In somewhere, For somewhere, Be somewhere" as a renewed approach to global innovation [2] - Chery's Chairman, Yin Tongyue, outlined the company's global development plans, highlighting that funds raised from its recent IPO will be primarily used for technology R&D and expanding overseas market operations [3][4] - Chery's overseas revenue is approaching half of its total revenue, with plans to increase local employee numbers and contributions in foreign markets [4] Group 2 - Chery has been a leader in China's automotive exports for 22 consecutive years, establishing a strong global presence and development capabilities [5] - The "Be somewhere" strategy aims to localize product development and brand presence, collaborating with local research institutions to address social issues and provide "Chinese solutions" [5][6] - Yin emphasized the importance of understanding both the Chinese and global perspectives in the company's international strategy [6] Group 3 - Chery's global strategy focuses on proactive measures, including regulatory compliance, adaptability to local fuel and infrastructure, differentiated market strategies, and enhancing product competitiveness [7] - The company engages local engineers for product testing in markets like Germany to ensure that vehicles meet local standards and consumer preferences [7][8] - Yin stressed the need for Chinese automakers to build relationships and avoid conflicts in foreign markets, ensuring sustainable development through local integration [8][9] Group 4 - The foundation of Chery's globalization is localized manufacturing, with a focus on providing local markets with tailored solutions through comprehensive planning in engineering, branding, and innovation [9]

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2025, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market since 2025, despite facing challenges in its transition to electric vehicles and maintaining profitability [1][21]. Group 1: Company Performance - Chery's stock opened at HKD 34.2, a rise of 11.22% from the issue price of HKD 30.75, with a market capitalization exceeding HKD 200 billion at one point, closing at HKD 31.92 and a market cap of HKD 184.09 billion [1]. - In 2024, Chery was the fastest-growing brand among the top ten passenger car companies in China and the only company in the global top twenty to achieve over 25% growth in new energy, fuel vehicles, and both domestic and international markets [1]. - Chery's overseas sales reached 1.145 million units in 2024, accounting for nearly 40% of its revenue, with a significant presence in Russia, especially after the outbreak of the Russia-Ukraine conflict [2][4]. Group 2: Financial Metrics - Chery's revenue from overseas sales was reported at CNY 291.5 billion in 2022, CNY 745.3 billion in 2023, CNY 978.7 billion in 2024, and CNY 196.4 billion in Q1 2025, maintaining a stable contribution of around 40% to its total revenue [4]. - The company's overall gross margin was below industry standards, with figures of 13.8%, 16%, 13.5%, and 12.4% from 2022 to Q1 2025, compared to competitors like BYD and Geely, which had gross margins of 20.1% and 15.9%, respectively [7][11]. Group 3: Challenges and Strategic Shifts - Chery's reliance on fuel vehicles remains high, with over 60% of its passenger car revenue coming from fuel vehicles in Q1 2025, while the penetration rate of new energy vehicles in China exceeded 55% [10]. - The company has initiated significant reforms to address its "偏科" (specialization) issues, including restructuring its brand strategy and focusing on electric and hybrid vehicle development [17][19]. - Chery's R&D investment has been relatively low, with a rate of only 3.3% in Q1 2025, compared to BYD's 8.3%, raising concerns about its technological capabilities in the electric vehicle sector [13][14]. Group 4: Future Plans and Funding Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital [21]. - Chery aims to accelerate its transition to electric and intelligent vehicles while consolidating its advantages in overseas markets, marking the IPO as a new starting point for its transformation [21].

Group 1 - Chery Automobile has mandated a 30% reduction in company-level meetings and participants to improve efficiency and respect employees' time [3] - Chairman Yin Tongyue acknowledged past management practices as inhumane and apologized, emphasizing the need for a cultural shift within the company [3][4] - The company has faced criticism for its overtime culture, with reports of mandatory late hours and performance management practices that some interpreted negatively [5][6] Group 2 - Evergrande Group's former chairman Xu Jiayin's Hong Kong properties have been revealed to have significant unauthorized constructions, including a "dungeon" [8][9] - The properties, originally purchased for HKD 2.5 billion, are now being sold at a significant loss, with one listed at HKD 900 million, reflecting a 60% drop in value [9] - Xu Jiayin's assets are under scrutiny, with multiple luxury items and properties being managed by creditors due to the company's financial troubles [9] Group 3 - Hema X, a membership store under Hema, will close all locations by the end of August as part of a strategic shift, focusing on core business areas [10][12] - The membership store concept, launched in 2020, has not gained sufficient traction in the Chinese market, leading to a strategic retreat [16] - Hema aims to achieve a GMV target of RMB 100 billion by the end of 2024, having reported profitability for the first time in the fiscal year 2025 [10][16] Group 4 - Jin Dalai Environmental Protection Co. is pursuing legal action against the local government for unpaid compensation related to a wastewater treatment project, totaling approximately RMB 40.8 million [20][21] - The company has experienced a decline in revenue and profit, with a 19% drop in revenue year-on-year for 2024 [21][22] - Jin Dalai's accounts receivable have reached RMB 780 million, indicating potential liquidity issues [22]

Group 1 - The 2025 Automotive New Quality Productivity Development Forum will be held in Chongqing on July 30-31, 2025, focusing on how original deep stories can penetrate user mindset in a scarce attention environment [1] - Tencent News adheres to a premium content strategy, combining hot topics with intelligent search engine content delivery, aiming to provide value to users under a long-term logic [1] Group 2 - Tencent News' operation general manager launched a live broadcast in December 2023, redefining the boss live broadcast model through a "content visualization + scene experience" approach, effectively addressing the pain points of technical communication [2] - This new model enhances communication efficiency between brands and users, strengthening trust and providing innovative ideas for technical communication and user interaction in the industry [2] Group 3 - "Hearing Please Respond" is a life response tool created by Tencent News, capturing the intense 72-hour rescue operation by the Blue Sky Rescue Team, showcasing deep human care [3] - The program integrates Volvo's brand message of "real safety" into the narrative, emphasizing social responsibility by encouraging staff to take action after the program [3] Group 4 - The collaboration between Tencent News and Olympic champion Sun Yingsha aims to reshape the marketing paradigm for the national car brand Hongqi, creating emotional resonance with young users [4] - The project, which spans a full year, showcases the integration of Chinese technological confidence, emotional resonance, and cultural circles, establishing a new paradigm in sports marketing [4] - Tencent News has successfully implemented various practices in content creation and brand collaboration, demonstrating the power of solid content foundation and sensitivity to user emotions [4]

Core Viewpoint - Chery Group has made significant progress, ranking 233rd in the 2025 Fortune Global 500, a leap of 152 positions from the previous year, marking it as the fastest-rising automotive company on the list [1] Group 1: Long-term Strategy - Chery's long-term strategy focuses on technological breakthroughs, maintaining a leading edge in "Technology Chery" through high R&D investment and establishing over 300 experimental labs [2] - The company emphasizes brand elevation, achieving the highest number of global "five-star" certifications among Chinese automotive brands, with 41 models recognized [5] - Chery has been recognized as the top domestic brand in J.D. Power's sales satisfaction rankings for 2025, showcasing its commitment to quality and customer satisfaction [5] Group 2: Global Expansion - Chery adheres to the "In somewhere, for somewhere" philosophy, contributing locally in overseas markets and adapting to local regulations and needs [7] - The collaboration with EV MOTORS in Spain has revitalized the local brand EBRO, creating jobs and generating tax revenue, which has been positively received by the Spanish government and citizens [8] Group 3: Ecosystem Development - Chery is shifting from automotive manufacturing to a broader ecosystem, including after-market services, material recycling, and new business models like drones and flying cars [10] - The company is building platforms for industrial internet, financial services, and user ecosystems, fostering a shared economic ecosystem with thousands of enterprises [10] Group 4: Sustainable Management - Chery is integrating ESG principles into its strategy, achieving certifications for green supply chain management and sustainable development [14] - The company collaborates with global organizations for environmental and educational initiatives, aiming to become a sustainable century-old enterprise [14]