Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the automotive sector this year, with a market capitalization nearing 200 billion HKD and a share price of 30.75 HKD, reflecting strong investor confidence and growth potential [3][5]. Group 1: Company Position and Growth - Chery is the second largest independent passenger car brand in China and the eleventh largest globally, with significant growth in both new energy and traditional fuel vehicle sales, achieving over 25% growth across all categories [7]. - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion RMB to 269.897 billion RMB, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion RMB to 14.334 billion RMB, with a CAGR of 57.1% [8][9]. Group 2: Sales and Revenue Performance - In Q1 2025, Chery reported revenue of 68.223 billion RMB, a year-on-year increase of 24.2%, with net profit soaring over 90% [8]. - The sales of new energy vehicles (NEVs) have seen remarkable growth, with plug-in hybrid and range-extended electric vehicles generating 1.07 billion RMB in Q1 2025, a 314% increase year-on-year, while pure electric vehicle revenue reached 795.6 million RMB, up 295% [8][10]. Group 3: Research and Development - Chery has invested heavily in R&D, with over 14,400 R&D personnel, accounting for more than 50% of non-production staff. R&D expenditures have increased significantly, reaching 10.544 billion RMB in 2024 [10]. - The company has established a comprehensive R&D system with multiple centers globally, focusing on innovation and technology development, which has led to breakthroughs in hybrid and electric vehicle technologies [10]. Group 4: International Expansion - Chery has been a leader in exporting Chinese passenger vehicles, maintaining the highest export volume among independent brands for 22 consecutive years, with overseas revenue projected to grow significantly from 30.387 billion RMB in 2022 to 100.897 billion RMB in 2024 [21][22]. - The company has established a robust global dealer network and production bases, enhancing its competitive edge and enabling localized production, as seen with its joint venture in Spain [23]. Group 5: Future Outlook - The global automotive market is expected to grow, with a projected CAGR of 3.5% from 2025 to 2030, and Chery aims to capitalize on this by enhancing its presence in international markets, particularly in Europe and South America [20][21]. - Chery's strategic focus on new energy vehicles and technological innovation positions it well for future growth, with ambitious sales targets set for its iCAR and other brands [17][18].

（於中華人民共和國註冊成立的股份有限公司） 全球發售 股份代號 :9973 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如 閣下對本招股章程的任何內容有任何疑問， 閣下應尋求獨立專業意見。 Chery Automobile Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，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招股章程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。 本招股章程副本連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一節所指定文件，已根據香港法例第32章公司（清盤 及雜項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本 招股章程或上述任何其他文件的內容概不負責。 預期發售價將由整體協調人（代表包銷商）與我們於定價日通過協議釐定。定價日預期為2025年9月23日（星 ...

Core Viewpoint - Jietu X70L has launched with a starting price of 109,900 yuan, positioning itself as a "luxury electric seven-seat SUV" with advanced suspension technology and a powerful engine, aiming to compete in the growing SUV market [1][2]. Group 1: Product Launch and Features - Jietu X70L offers five versions, including 1.5T GDI and 2.0T GDI options, with a starting price of 109,900 yuan [1]. - The vehicle features a cloud platform chassis and CDC electromagnetic suspension, designed to effectively reduce bumps and body roll [1]. - The Jietu X70L is equipped with the Chery Kunpeng 2.0TD engine, delivering up to 254 horsepower, which is significantly higher than competitors like BBA's 2.0T engines [1]. Group 2: Market Position and Strategy - Jietu's strategy is characterized as "over-level luxury," continuing the previous X70's approach of offering substantial value for money [2]. - Since its inception in 2018, Jietu has focused on a "large quantity and ample supply" strategy, targeting consumers in lower-tier cities with affordable pricing [2]. - The Jietu X70 series is expected to surpass one million units sold by October this year, indicating strong market penetration [3]. Group 3: Market Trends and Challenges - The overall SUV market in China is growing, with a 13.1% year-on-year increase in retail sales, but the fuel SUV segment is facing challenges with only a 1.8% growth [3]. - The rapid growth of the new energy SUV segment, which saw a 28.5% increase, poses a significant threat to the fuel SUV market share [3]. - Jietu may need to explore new strategies to adapt to the changing market dynamics as competition intensifies in the 100,000 to 200,000 yuan price range [4].

Core Insights - The event "Jian Shan Hai · Qi Xin Cheng" marked the first media deep dive into Jietu's new headquarters, showcasing the brand's strong momentum and marketing strategies for the upcoming launch of the Shan Hai L7 PLUS [1][4] Group 1: Headquarters and Brand Development - Jietu has relocated its global headquarters to the Bay Valley Technology Park in Wuhu, which integrates various functions such as R&D, design, sales, and office operations, aiming to become a leading innovation hub in smart connected vehicles [4][6] - The new headquarters features innovative media marketing spaces, reflecting Jietu's forward-thinking approach to new media marketing, with the goal of becoming a leader among Chinese automotive companies in this area [4][6] Group 2: Strategic Evolution - Since its establishment in 2018, Jietu has adhered to a long-term strategy focused on travel, progressing through three phases: the 1.0 era with the launch of X70 and X90, the 2.0 era capitalizing on the off-road market, and the current 3.0 era aimed at industry leadership [8][10] - The 3.0 era emphasizes a comprehensive leap from category disruption to overall leadership, supported by a robust global R&D system and a team of over 3,000 [12][8] Group 3: Sales Performance - In July 2025, Jietu sold 49,445 new vehicles, a year-on-year increase of 20.3%, with total sales from January to July reaching 348,813 units, up 31.8% [15] - The Shan Hai series has emerged as a core growth driver, with July 2025 sales up 17.5% year-on-year and cumulative sales for the first seven months showing a remarkable 102.9% increase compared to 2024 [15] Group 4: Product Focus - Shan Hai L7 PLUS - The Shan Hai L7 PLUS, positioned as a long-range luxury seven-seat SUV, is built on the Kunlun Super Hybrid platform, emphasizing comfort, performance, safety, and intelligence [16][18] - The vehicle features unique technologies such as a 32-variable electric seating system and a 220 km pure electric range, aiming to provide a superior user experience [18][20] Group 5: Marketing and Future Goals - The co-creation event gathered insights from media experts to enhance product marketing, positioning the Shan Hai L7 PLUS to make a significant impact in the 200,000-level hybrid SUV market [22] - The Shan Hai L7 PLUS is set to begin pre-sales on August 18 during Jietu's eighth fan culture festival, with the brand aiming to become the "global leader in electric hybrid off-road vehicles" [24]

Core Insights - The Chinese automotive market has shown strong performance in the first half of 2025, with retail sales of narrow passenger cars reaching 10.901 million units, a year-on-year increase of 10.8% [1] - Domestic brands have captured a significant market share of 64%, indicating their dominance in the Chinese market [1] - BYD leads the sales chart with 2.146 million units sold, while Geely has seen a remarkable growth rate of 47% year-on-year [1][12] - New energy vehicle sales are on the rise, with companies like Leap Motor and XPeng showing significant growth [1][19] Group 1: Overall Market Performance - As of June 2025, the cumulative retail sales of narrow passenger cars in China reached 10.901 million units, reflecting a 10.8% increase compared to the previous year [1] - Domestic brands have increased their market share to 64%, solidifying their position in the market [1] - BYD has achieved a sales volume of 2.146 million units, maintaining its position as the top seller [12] - Geely's sales have surged by 47%, prompting the company to raise its annual sales target to 3 million units [1][12] Group 2: Performance of New Energy and Emerging Brands - Leap Motor has emerged as a leader among new energy vehicle manufacturers, with monthly sales nearing 50,000 units [1] - XPeng has also shown impressive growth, selling more vehicles in the first half of 2025 than in the entire previous year [1] - The new energy vehicle segment is experiencing rapid growth, with companies like BYD and Geely leading the charge [12][19] Group 3: Traditional Automakers' Performance - Some traditional automakers are showing signs of recovery, with brands like FAW-Volkswagen and SAIC Volkswagen reporting positive year-on-year growth [1][9] - FAW Toyota has seen a significant increase of 16% in sales, indicating a rebound in the joint venture segment [1][9] - However, brands like GAC are struggling, with a decline in sales, highlighting the challenges faced by traditional automakers [1][9] Group 4: Export Performance - SAIC has become a leader in overseas sales, with 494,000 units sold, accounting for nearly 25% of its total sales [10] - Changan has also made strides in international markets, with overseas sales exceeding 300,000 units, a growth of over 45% [10] - GAC has reported a 45.6% increase in overseas sales, completing 55% of its annual export target [10]

以下文章来源于剁椒Spicy ，作者剁椒团队 剁椒Spicy . 专注于电商、营销、流量生态，以及消费者洞察的全新商业自媒体 汽车文化与买车故事。 作者 | 邢书博 来源 | 剁椒Spicy （ID：ylwanjia） 今年春节，汽车成为了茶余饭后的一大话题。 过年期间，韩鑫开着他那台新买的理想L8，从天津回到山西老家的三泉村，本以为村里 人能高看一眼，没想到却被人问道"你的车会不会坦克掉头？""你的车有没有灯光秀？" 村里人所言的坦克掉头指的是比亚迪旗下的仰望U8。 经过将近两年的市场普及，虽然大多数人买不起这个百万级豪车，但婚庆公司买得起， 而且迅速成为了当地婚庆头车。"坦克掉头"功能也被婚庆公司包装成"一步九回头"，寓 意"新娘对娘家恋恋不舍"，有着底层孝道的文化意味。由于表演效果比较好，导致村里 人"没吃过猪肉也见过猪跑"。 另一个婚庆常客是问界系列，原因也很简单，"问界有灯光秀，可以在车灯上显示福 字。"看来在下沉市场，有没有冰箱彩电大沙发不重要，但坦克掉头和灯光秀才是上桌吃 饭的牌面。 "早知道买BBA了,村里只认BBA。"韩鑫吐槽说。 无论是节前回村，还是置办年货，还是春节期间娘家回门、走亲访友 ...