近日，奇瑞FR事业部试用期员工因周末未及时回复工作信息，遭领导斥责并威胁"试用期不通过"一事在互联网引发了热议。 董事长尹同跃2025年8月发文要求精简会议、提升效率，强调"周末禁会"，还反思道歉。 奇瑞的"加班文化"背后，是巨大的业绩压力。年初，奇瑞提出销量增长率超过10-20个百分点的目标，从业绩表现看，2025年10月，奇瑞集团整体销量同比 增长3.3%，但高端品牌星途当月销量同比大跌43%，捷途品牌也出现6%的同比下滑。1-10月，集团累计销量虽达214.32万辆，但同比仅增长12%，低于行业 平均增速。财务方面，截至2025年三季度，奇瑞资产负债率高达81.97%，流动负债与流动资产差距较小，贸易应收款项大幅增加，应付款项维持高位，流 动性压力巨大。 压力之下，奇瑞的加班文化所折射出的实际是品牌本身的焦虑，但如此行为其实并不利于品牌的口碑打造。奇瑞需要思考如何平衡业绩追求与员工权益，否 则暴力加班所带来的负面影响恐将影响品牌发展。 这并非奇瑞首次因加班问题陷入舆论漩涡了。2023年，奇瑞就因在内部邮件中宣称"周六是奋斗者的正常工作日"，还要求行政领导规避法律风险，而遭到全 网声讨。此后"大干100天 ...

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]

Core Viewpoint - Chery Automobile is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between HKD 82.53 billion and HKD 91.45 billion, marking the largest IPO for an automotive company in Hong Kong since 2025, reflecting its long-term commitment to globalization and innovation [1][20]. Financial Performance - Chery's revenue is projected to grow from CNY 926.18 billion in 2022 to CNY 2,698.97 billion in 2024, with a compound annual growth rate (CAGR) exceeding 70%. Net profit is expected to rise from CNY 58.06 billion to CNY 143.34 billion, achieving a CAGR of 57% [3][4]. - In 2024, Chery's total sales are forecasted to reach 2.295 million units, a year-on-year increase of 49.4%, leading the growth among the top twenty global passenger car companies [3][4]. Product Strategy - Chery has established a diversified brand matrix with five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments [6][7]. - The company plans to allocate 35% of the IPO proceeds to research and development of various passenger vehicles, with over 60 new models expected to be launched by 2025 [9][10]. Global Expansion - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, with cumulative global sales exceeding 13 million units [12]. - The company's overseas revenue is projected to grow significantly, with 2024 figures expected to reach CNY 1,008.97 billion, accounting for 37.4% of total revenue [12][14]. Technological Innovation - Chery is investing 25% of its IPO proceeds into the development of next-generation vehicles and advanced technologies, including 10% for electrification and 15% for intelligent driving solutions [16][19]. - The company has achieved a 49.6% adoption rate of advanced driver-assistance systems in its vehicles by 2024, significantly above the global average of 35.6% [19]. Market Reception - The IPO has received strong interest from global investors, with cornerstone investors committing approximately HKD 45.725 billion, indicating positive market sentiment towards Chery's growth prospects [20][21].

Core Viewpoint - Chery Automobile has officially launched its Hong Kong IPO, aiming to issue 297.4 million H-shares with a price range of HKD 27.75 to HKD 30.75, potentially raising up to HKD 91.45 billion (approximately USD 12 billion) [2][4] Group 1: IPO Details - The IPO is set to be listed on the Hong Kong Stock Exchange on September 25, with the stock code "09973" [2] - The investor lineup for the IPO includes notable institutions such as Hillhouse Capital, Mixed Reform Fund, and Jinglin Capital, with total subscriptions amounting to approximately USD 587 million (HKD 45.725 billion) [4] - The net proceeds from the fundraising are estimated to be around HKD 84.41 billion, allocated as follows: 35% for R&D of various passenger vehicles, 25% for next-generation vehicle and advanced technology development, 20% for overseas market expansion, 10% for upgrading production facilities in Wuhu, Anhui, and the remaining 10% for working capital [4] Group 2: Company Performance - Chery Automobile's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7% [5] - Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, reflecting a CAGR of 57.1% [5] - In 2024, Chery's global sales are anticipated to exceed 2.6039 million units, with exports accounting for 1.1446 million units, representing 44% of total sales [5] Group 3: Challenges and Strategic Focus - As of September 30, 2024, Chery's debt-to-asset ratio stands at 88.64%, with net current liabilities of CNY 3.401 billion [6] - The company's accounts payable surged from CNY 51.708 billion in 2022 to CNY 89.803 billion [6] - Chery's gross margin has declined from 16.0% in 2023 to 13.5% in 2024, further dropping to 12.4% in Q1 2025, indicating a divergence between profit quality and scale growth [6] - The company plans to invest heavily in R&D, particularly in smart driving and new energy technologies, to close the technological gap with competitors like BYD and Geely [6] - Chery aims to establish three new factories in Europe and Southeast Asia over the next three years, increasing its overseas sales proportion to 50% [6]