Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Insights - Chery Automobile is transitioning towards globalization and intelligence, with a focus on multiple brands to meet diverse market demands. The company has established a clear equity structure involving state-owned assets, strategic investors, and management, which enhances operational efficiency and strategic alignment [8][13]. - The financial outlook is positive, with significant revenue growth driven by the expansion of new energy vehicles and increasing overseas sales. The report forecasts a substantial increase in net profit from 11.95 billion yuan in 2023 to 25.38 billion yuan by 2027 [1][17]. - Chery's brand strategy includes five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments and customer needs [38][39]. Summary by Sections 1. Basic Information - Chery Automobile was founded in 1997 and has evolved from a local manufacturer to a global technology-driven automotive enterprise. The company has a clear equity structure that balances state ownership, strategic investments, and management control [13][14]. - The company has seen rapid revenue growth from 2022 to 2024, primarily due to the increasing contribution of new energy vehicles and sustained overseas revenue growth [17][18]. 2. Existing Brand System - Chery's main brand targets the mainstream market with a focus on high cost-performance and diverse powertrain options. Jetour emphasizes family travel and off-road capabilities, while Exeed targets high-end users. iCAR is aimed at younger consumers with a focus on personalization, and Zhijie leverages collaboration with Huawei for smart experiences [38][39]. 3. Export Strategy - Chery has a well-established export strategy that began in developing markets and is now expanding into key markets like Russia and Europe. The company has adapted its product offerings and distribution channels to suit local market conditions [55][60]. - The Tiggo series is central to Chery's product strategy, with a focus on multiple brands and energy types to cater to different regional markets [65]. 4. Technological Foundation - Chery is enhancing its platform-based manufacturing capabilities and pursuing a dual-track strategy of self-research and collaboration with leading technology partners. The company aims to consolidate its R&D efforts to improve efficiency and innovation [8][34]. 5. Profit Forecast and Investment Advice - The report projects Chery's net profit to reach 18.41 billion yuan in 2025, with a corresponding P/E ratio indicating a favorable valuation compared to peers. The strong momentum in new energy development and solid export positioning justify a higher valuation for the company [1][17].

Core Viewpoint - Chery Automobile and Ehi Car Services have deepened their strategic collaboration with the delivery of 5,000 vehicles, marking Chery's largest single delivery to date, and signifying a new phase in Chery's expansion into the mobility services market [1][3][5] Group 1: Strategic Collaboration - The strategic signing and vehicle delivery ceremony took place in Wuhu, Anhui, with key executives from both companies present [1][3] - The collaboration builds on a previous partnership established in 2025, indicating a long-term commitment between Chery and Ehi [1] Group 2: Vehicle Delivery Details - The delivered vehicles include a variety of models such as the Tiggo 8, Tiggo 7, Jetour Traveler, Jetour X70, and Arrizo 5, catering to diverse user needs [3] - These vehicles will be utilized across multiple scenarios, including short-term rentals, long-term rentals, and corporate use [3] Group 3: Market Impact and Future Plans - This partnership represents a significant market expansion for Chery in the mobility services sector and showcases the potential for collaboration between Chinese automotive brands and leading mobility platforms [3][5] - Future cooperation will focus on vehicle customization, intelligent mobility services, and overseas market development, aiming to create a more sustainable and high-quality mobility ecosystem [5]

Core Viewpoint - The strategic partnership between Chery Automobile and Ehi Car Services marks a significant step in expanding their collaboration in the smart mobility ecosystem, highlighted by the delivery of 5,000 new vehicles, which is the largest single delivery in Chery's history [1][3]. Group 1: Vehicle Delivery and Product Range - The delivery includes a diverse range of 5,000 vehicles, covering SUVs and sedans to meet various user needs, with models like the Tiggo 8 and Tiggo 7 leading the family travel market due to their spaciousness and performance [2]. - The vehicles are designed to enhance user experience across different scenarios, including short-term and long-term rentals, as well as corporate use, emphasizing comfort, economy, and reliability [2]. Group 2: Strategic Collaboration and Market Impact - This collaboration signifies Chery's entry into a new phase of large-scale expansion in the mobility service market, reflecting strong market recognition of its product strength and brand value [4]. - The partnership is expected to drive green transformation in the mobility industry and demonstrate the potential for collaborative development between leading automotive brands and mobility platforms [4][5]. Group 3: Future Cooperation and Development - The strategic agreement includes plans for customized vehicle development, intelligent mobility services, and overseas market expansion, aiming to integrate resources for a more sustainable and high-quality mobility experience [5].

Group 1 - The core event is the strategic signing and delivery ceremony of 5,000 new vehicles between Chery Automobile and Ehi Car Services, marking a deepened collaboration since their initial partnership in 2025 [1][5] - The delivered vehicles include a variety of models such as SUVs and sedans, catering to diverse user needs, with models like the Tiggo 8 and Tiggo 7 leading the family travel market due to their spaciousness and performance [3][5] - This collaboration signifies Chery's expansion into the mobility service market and sets a new benchmark for sustainable and high-quality travel ecosystems in the industry [5][7] Group 2 - The partnership will focus on customized vehicle development, intelligent mobility services, and overseas market expansion, integrating resources to enhance user experience and promote high-quality development in China's mobility service industry [8] - Chery's collaboration with Ehi Car Services is seen as a demonstration of the potential for innovation between leading automotive brands and mobility platforms, contributing to the green transformation of the industry [7][8]

Core Insights - The automotive market in November experienced a significant downturn, with many popular models facing substantial sales declines [1][5][6] - A total of 139 models saw a decrease in sales, with 17 models dropping over 3000 units [1] - The overall retail sales of passenger vehicles in November reached 2.225 million units, marking an 8.1% year-on-year decline, which is a notable increase from the 0.5% decline in October [5] Sales Performance - Changan Lumin faced the largest sales drop, selling 11,744 units, down 8,776 units from the previous month, a decrease of 43.7%, dropping from 12th to 53rd in rankings [1] - Leado L90's sales fell below 10,000 units for the first time, with 5,970 units sold, a 49.1% drop, and its ranking fell to 119 [1][8] - Deep Blue S07's sales plummeted from 8,761 to 3,819 units, a 56.4% decline, dropping to 169th place [1][8] - Xiaomi SU7's sales decreased to 12,520 units, down 48.7% from its peak of 24,410 units in July, marking four consecutive months of decline [5] Competitive Landscape - New energy vehicle models like Leap Motor C11 and C16 also saw sales declines, but the new model Lafa5 achieved 7,397 units in its launch month [5] - NIO's ES8 saw an increase in deliveries to 10,689 units, up 3,986 units from the previous month [5] - The market is expected to face even more intense competition in 2026 as the industry undergoes a significant shakeout [6]

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]