註： 其中：新能源銷量47,393輛，出口銷量116,985輛。 請注意，本公告所披露之數字均屬未經審計，尚未經本公司核數師確認，並可能 須予調整及最終確認。股東及潛在投資者務請於本集團財務業績公佈後審慎查閱。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 董事長 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） （股份代號：9973） 未經審核之二零二六年一月銷量 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，本集團於二零二六年一月的五大品牌總銷量為191,496輛汽車，較去年同期 減少約10.7%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累計 | ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Viewpoint - Chery's recent incident involving a probationary employee being reprimanded for not responding to work messages over the weekend has sparked significant online discussion, highlighting ongoing issues related to the company's work culture and employee treatment [2] Group 1: Work Culture Issues - This is not the first time Chery has faced public backlash over overtime work issues, as in 2023, the company stated in an internal email that "Saturday is a normal workday for fighters," leading to widespread criticism [4] - The company has implemented a "100-day hard work" campaign and introduced a "345" performance management model, which suggests that three employees are expected to do the work of five while receiving compensation for four, indicating a severe imbalance between workload and income [4] Group 2: Performance Pressure - Chairman Yin Tongyue emphasized the need to streamline meetings and improve efficiency, declaring a "no meetings on weekends" policy, while also reflecting on and apologizing for the company's practices [5] - Chery set a sales growth target of over 10-20 percentage points at the beginning of the year, but by October 2025, the overall sales growth was only 3.3% year-on-year, with high-end brand sales plummeting by 43% [5] - From January to October, Chery's cumulative sales reached 2.1432 million units, reflecting a year-on-year growth of only 12%, which is below the industry average [5] Group 3: Financial Health - As of the third quarter of 2025, Chery's debt-to-asset ratio was 81.97%, indicating significant financial strain, with a narrow gap between current liabilities and current assets, and a substantial increase in trade receivables [5] - The high level of payables maintained by the company suggests considerable liquidity pressure, which is exacerbated by the company's aggressive performance expectations [5] Group 4: Brand Reputation - The overtime culture at Chery reflects the company's anxiety regarding its brand performance, which could negatively impact its reputation if not addressed [5] - The company needs to find a balance between pursuing performance targets and protecting employee rights to avoid the detrimental effects of excessive overtime on brand development [5]

Core Viewpoint - Zhongtai Securities initiates a "Buy" rating for Chery Automobile (09973), highlighting its strong export capabilities and first-mover advantage, with expectations for simultaneous growth in volume and profit due to orderly advancement of domestic new energy brands and deep collaboration with Huawei [1] Group 1: Industry Insights - The shift in core capabilities for automakers emphasizes demand control and the pace of electrification as critical for market share growth, moving away from traditional product cycles [2] - The competitive landscape has evolved post-2021, with domestic and joint venture brands increasing their market share through strategic adjustments [2] Group 2: Growth Review - Chery's market share has significantly increased since 2017, transitioning from reliance on low-cost small cars to a focus on quality and export growth [3] - The company has experienced a resurgence and growth phase from 2017 to 2021, marked by improved product strength and successful sub-brand strategies [3] - The current explosive growth phase (2022-present) is characterized by technological advancements and a rapid transition to new energy vehicles, leading to record sales [3] Group 3: Current Development Status - Chery's internal combustion vehicle lineup, particularly the Aiyre and Ruihu series, continues to perform well, supporting overall growth [4] - The Wind and Cloud sub-brand is beginning to show results in the new energy transition, while the Jietu and Zhijie brands are developing independently [4] - Financially, Chery is projected to achieve revenues of 269.9 billion yuan in 2024, a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [4] Group 4: Core Competitiveness - Chery's first-mover advantage in exports has created a strong competitive moat, with leading engine technology and smart capabilities enhanced by Huawei [5] - The company has established a stable increase in export volumes, focusing on regions such as Europe, Latin America, and Southeast Asia, with overseas production capacity reaching approximately 1 million units [5] - The new Kunpeng engine boasts a thermal efficiency of 48%, the highest globally, with production capacity expected to double by 2026 [5] Group 5: Future Outlook - Chery plans to focus on the Wind and Cloud brands for market penetration, with significant advancements in technology and product offerings [6] - The company aims to enhance its domestic oil vehicle market share, which has increased by 4.1 percentage points over the past three years, positioning it as the second-largest among domestic brands [6] - Continued expansion in key overseas markets is anticipated to contribute positively to profits [6]

Core Points - Chery Automobile has launched a "Purchase Tax Subsidy Plan" to alleviate consumer concerns regarding potential reductions in purchase tax benefits due to cross-year invoicing and delivery delays [1] - The subsidy plan covers all electric and plug-in hybrid models across five brands under Chery Automobile Group, including Chery, Jaecoo, Exeed, Jetour, and iCAR, in accordance with the latest guidelines from the Ministry of Industry and Information Technology [1] - Consumers who place a large deposit through Chery's official online booking system before November 30, 2025, and experience delays in vehicle invoicing due to production or logistics issues will be eligible for the subsidy, which can reach up to 15,000 RMB per vehicle [1] Subsidy Details - The subsidy will be calculated based on the difference in purchase tax amounts between 2026 and 2025, with Chery providing a direct reduction in the purchase price to cover this difference [2]

Core Insights - Chery's global innovation conference showcased its advancements in technology and its growing presence in international markets, particularly in South Africa [2][3] Group 1: Chery's Market Position - Chery ranks eighth in sales in the South African market, outperforming many established European brands [2] - The company has received positive feedback regarding its sales and after-sales service, with no negative reports reported [2] - Chery's sub-brands, such as JAECOO and Jetour, have also found success in South Africa [2] Group 2: Technological Innovations - The conference highlighted significant technological breakthroughs, including a hybrid powertrain with a 1.5-liter engine and advanced engine mechanisms [3] - Chery's innovations are anticipated to enhance its offerings in the South African market [3] Group 3: Market Trends and Consumer Preferences - The South African market still heavily relies on gasoline and diesel, with electric vehicle adoption facing infrastructure challenges [3][4] - Hybrid vehicles are gaining popularity due to their low fuel consumption and ability to travel long distances without range anxiety [4] - The current charging infrastructure in South Africa is limited, with high costs for public charging stations, making hybrid and range-extended vehicles more appealing [5]

| | 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 | 169,580 | 151,051 | 12% | 1,207,862 | 1,113,541 | 8% | | 星途 | 10,802 | 15,717 | -31% | 87,951 | 95,946 | -8% | | 捷途 | 56,586 | 60,226 | -6% | 459,578 | 376,672 | 22% | | iCAR | 10,734 | 5,180 | 107% | 66,630 | 42,798 | 56% | | 智界 | 7,882 | 2,522 | 213% | 57,777 | 21,422 | 170% | | 合計 | 255,584(註) | 234,696 | 9% | 1,879,798 | 1,650,379 | 14% | 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 ...

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, with a stock code of 9973, opening at HKD 34.2 per share, up 11.22%, and achieving a market capitalization of HKD 197.2 billion [2] - The company’s IPO was highly successful, with a subscription rate exceeding 238 times and a total subscription amount of nearly HKD 220 billion [3] - Chery's IPO raised HKD 9.14 billion by offering 297 million H-shares at the upper limit of the price range, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [3] Group 2 - Chery's financial performance has shown steady growth, with projected revenues of CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion for 2022, 2023, and 2024 respectively, alongside net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [4] - In Q1 of this year, Chery reported a revenue increase of 24.25% year-on-year to CNY 68.223 billion and a net profit increase of 90.87% to CNY 4.726 billion [4] - The company has five brands under its umbrella, including Chery, Jetour, Exeed, iCAR, and Zhijie, with Zhijie being a high-end brand developed in collaboration with Huawei [4] Group 3 - Chery's gross margins are projected to be 13.8%, 16.0%, and 13.5% for 2022, 2023, and 2024 respectively, with a gross margin of 12.4% reported in Q1 of this year [5] - The company's debt-to-asset ratio decreased from 93% in 2022 to 88% in Q1 of this year, although it remains high compared to industry standards [5] - The funds raised from the IPO will be allocated to expanding the passenger vehicle product line, developing next-generation vehicles and advanced technologies, promoting global strategies, upgrading the Wuhu production base, and supplementing working capital [5]

Core Viewpoint - Chery Automobile has shown strong performance in the dark market trading, with a price increase of 9.14% compared to the offering price, indicating robust investor interest ahead of its listing [1] Group 1: Financial Performance - Chery plans to issue nearly 300 million H-shares, aiming to raise up to HKD 9.14 billion, with a public offering accounting for 10% of the total shares [1] - From 2022 to 2024, Chery's total revenue is projected to grow from RMB 92.6 billion to RMB 269.9 billion, reflecting a compound annual growth rate (CAGR) of 70.7% [1] - Net profit is expected to increase from RMB 5.8 billion to RMB 14.3 billion during the same period, with a CAGR of 57.1% [1] - In 2024, Chery's total vehicle sales are forecasted to reach 2.295 million units, representing a year-on-year growth of 49.4% [1] Group 2: Market Position and Strategy - Chery has established a brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, covering both mass-market and luxury segments [1] - The company is the only one among the top twenty global passenger car manufacturers to achieve high growth across all dimensions, including new energy vehicles, fuel vehicles, and both domestic and overseas markets [1] - As of March 31, 2025, Chery has a global network of 2,958 dealerships across Asia (excluding China), Europe, Africa, Oceania, and the Americas [2] - Chery's vehicles are sold in over 100 countries and regions, with cumulative global sales exceeding 13 million units [2] - In key overseas markets such as Europe, South America, and the Middle East and North Africa, Chery ranks first among Chinese independent brand passenger car companies in terms of sales [2] Group 3: Future Growth Potential - The increasing penetration of global electric vehicles and the continuous rollout of new technologies and models are expected to provide strong growth momentum for Chery [2] - The advancement of localized production in Europe will further enhance growth opportunities [2] - Chery aims to deepen its "Technology Chery" strategy, increase R&D investment, and enhance its global layout to become a trusted leader in intelligent mobility ecosystems [2]

Group 1 - Chery Automobile's dark market trading opened strongly, with a price of HKD 33.56, up 9.14% from the IPO price of HKD 30.75, allowing a profit of HKD 281 per lot of 100 shares [1] - The company plans to issue nearly 300 million H-shares, with a maximum fundraising target of HKD 9.14 billion, and the subscription was oversubscribed by over 238 times, with a total subscription amount close to HKD 220 billion [1] - Chery has maintained rapid growth, with total revenue projected to increase from RMB 92.6 billion in 2022 to RMB 269.9 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%, and net profit expected to rise from RMB 5.8 billion to RMB 14.3 billion, with a CAGR of 57.1% [1] Group 2 - Chery has established a comprehensive global network with 2,958 overseas dealerships across various continents, and its vehicles are sold in over 100 countries, achieving cumulative global sales of over 13 million units [2] - The company ranks first among Chinese brands in key overseas markets such as Europe, South America, and the Middle East and North Africa for passenger vehicle sales [2] - Chery's future growth is supported by the increasing penetration of global electric vehicles and the advancement of local production in Europe, with a focus on the "Technology Chery" strategy and increased R&D investment [2]