Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone as it aims to enhance its market position and expand its operations globally [2]. Group 1: IPO Details - Chery's IPO was officially listed on September 25, with an opening price of HKD 34.2 per share [2]. - The funds raised will be allocated for new vehicle development, next-generation automotive technology, overseas market expansion, and upgrading production facilities in Wuhu [2]. - Chery plans to use up to 3.69 million shares (approximately 6.74% of total shares) for employee incentives, priced at HKD 3.4 per share, with a six-year lock-up period [2]. Group 2: Sales Performance - In 2024, Chery achieved a global sales volume of 2.295 million vehicles, ranking among the top twenty car manufacturers worldwide, with a year-on-year growth rate of 49.4%, the highest in this category [2]. - The company reported a 56% year-on-year increase in domestic passenger car sales for 2024, with a remarkable 277.3% growth in new energy vehicle sales, leading the top ten domestic passenger car manufacturers [3]. - Chery's market share in China increased from 11.8% in 2023 to 14.0% in 2024, ranking second among domestic brands [3]. Group 3: Product and Brand Performance - Chery has five major automotive brands, with projected sales in 2024: Chery brand at 1.52 million, Jetour at 530,000, Exeed at 130,000, iCAR at 60,000, and Zhijie at 38,500 [3]. - The Tiggo 8 series ranked first in global sales of self-owned brand fuel vehicles in 2024, while the Jetour X70 series ranked fourth in global B-class SUV sales [3]. Group 4: International Expansion - Chery has been the top exporter of self-owned brand passenger cars in China for 22 consecutive years, with products sold in over 100 countries and regions, totaling over 13 million vehicles sold globally [3]. - In 2024, overseas revenue accounted for 37.4% of total revenue, with Chery ranking first in Europe, South America, the Middle East, and North Africa for self-owned brand passenger car sales, and second in North America and other Asian regions outside China [3][4]. - The collaboration with EV MOTORS in Barcelona marks Chery as the first Chinese self-owned brand to achieve localized production in Europe, with a total of 1,075 overseas dealers by the end of 2024 [4]. Group 5: Financial Performance - Chery's revenue for 2022, 2023, and 2024 was reported at CNY 92.618 billion, CNY 177.056 billion, and CNY 269.897 billion respectively, with net profits of CNY 5.806 billion, CNY 9.949 billion, and CNY 14.334 billion [4]. - In the first quarter of 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion [4].

Core Viewpoint - Chery Automobile has officially launched its Hong Kong IPO, aiming to issue approximately 297 million H-shares and raise up to HKD 9.14 billion, potentially becoming the largest IPO of a car company on the Hong Kong Stock Exchange in 2025 [1][3]. Company Overview - Chery Automobile, established in 1997 and headquartered in Wuhu, China, designs, develops, manufactures, and sells a diverse range of passenger vehicles, including both fuel and new energy vehicles, catering to the evolving preferences of domestic and international markets [3]. - The company operates five major automotive brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each with unique positioning and aesthetic recognition, covering various segments with significant growth potential [3][4]. Market Strategy - Chery's multi-brand strategy has achieved significant success, driven by a deep understanding of market segmentation and a three-dimensional framework of "precise positioning + technological synergy + ecological diversification," allowing it to cover a price range from CNY 50,000 to CNY 500,000 [4][5]. - The brand matrix operates like interlocking gears, with each brand occupying a unique market segment while collectively driving overall growth, avoiding internal competition and saturating target markets [5]. Brand Performance - The main brand targets the mass and family user segments, with a dual-line layout through the Arrizo sedan series and the Tiggo SUV series, achieving over 1.52 million cumulative sales in 2024 and a compound annual growth rate (CAGR) of 36.9% from 2022 to 2024 [5][7]. - Jetour has rapidly reached a milestone of 1 million vehicles since its launch in 2018, with a projected sales volume of over 530,000 units in 2024 and a CAGR of 80.0% from 2022 to 2024 [7]. - The Exeed brand aims for high-end positioning, achieving sales of 130,000 units in 2024 with a CAGR of 69.7% over the past three years, focusing on "new luxury" through advanced technology [7][8]. - iCAR and Zhiji brands target the young and high-end intelligent markets, respectively, with iCAR projected to sell over 60,000 units in 2024 and Zhiji achieving sales of 38,500 units [8]. Technological Synergy - Chery's success is underpinned by a "technology sharing, brand differentiation" strategy, allowing for cost-effective R&D while maintaining brand uniqueness [9]. - The Kunpeng power system serves as the core of cross-brand collaboration, enabling shared technology across various vehicle types, enhancing overall competitiveness [9][11]. Financial Performance - From 2022 to 2024, Chery's revenue grew from CNY 92.62 billion to CNY 269.9 billion, with a CAGR of 70.7%, and net profit increased from CNY 5.81 billion to CNY 14.33 billion, reflecting a CAGR of 57.1% [14]. - In Q1 2025, the company reported revenue of CNY 68.22 billion, a year-on-year increase of 24.2%, and a net profit of CNY 4.65 billion, up 71.5% [14]. Global Expansion - Chery has established a global R&D, production, and sales network, with overseas market revenue accounting for 37.4% in 2024, enhancing its ability to mitigate risks from single markets [14][15]. - The company has 1,075 overseas dealers, ranking among the top Chinese independent passenger vehicle brands, benefiting from localized operations [15]. Strategic Insights - Chery's multi-brand strategy exemplifies a successful model for the Chinese automotive industry, transitioning from "incremental competition" to "stock game" through precise positioning and technological collaboration [17]. - The brand matrix not only demonstrates past success but also serves as a foundation for future growth, positioning Chery as a leader in the evolving automotive landscape [16][17].

Core Insights - The launch of the Jietu X70L marks a significant milestone in the Chinese family SUV market, emphasizing the brand's commitment to quality and innovation with a starting price of 109,900 yuan [1][19] - The Jietu X70 series has achieved remarkable sales, with nearly one million units sold, highlighting its dominance in the segment and the effectiveness of its market positioning [2][5] Group 1: Market Performance - The Jietu X70 series has sold over 450,000 units, making it the best-selling model in its segment, with over 230,000 units exported to countries like Kazakhstan and Ecuador [5][6] - Sales growth has been exponential, increasing from 180,000 units in 2022 to over 568,000 units projected for 2024, significantly outpacing industry averages [5][6] Group 2: Product Features - The Jietu X70L is positioned as a "maglev luxury electric seven-seater SUV," offering performance comparable to vehicles in the 300,000 to 500,000 yuan range, thus breaking price barriers in the luxury SUV market [7][19] - It features advanced technology such as a cloud platform chassis and CDC electromagnetic suspension, providing a smooth ride and addressing common family travel pain points [9][13] Group 3: Safety and Comfort - The vehicle's body is constructed with 86% high-strength steel, providing exceptional torsional rigidity, and it includes a mother-and-baby-grade healthy cabin with air purification systems [13][19] - The spacious interior boasts a 2820mm wheelbase and 32 seating configurations, catering to various family needs, from camping to daily commuting [11][19] Group 4: Brand Evolution - The term "exceeding" was emphasized during the launch event, reflecting the brand's evolution from a follower to a leader in the market, with a focus on technology and value rather than just price competition [15][19] - The pre-sale event included attractive offers such as a smart car control watch and lifetime warranty, showcasing the brand's appreciation for its million users [17][19]

Group 1 - In June 2025, Jietu Automobile sold 55,741 vehicles, representing a year-on-year growth of 32.4%. For the first half of the year, total sales reached 299,368 units, up 33.9% year-on-year, marking a strong development momentum with a historic semi-annual sales breakthrough of 290,000 units [1] - Jietu's three major segments—fuel vehicles, electric hybrid off-road vehicles, and luxury off-road vehicles—are performing well in the global market, with the Jietu X70 series being the "champion of seven-seat SUVs in China," selling 15,725 units in June and surpassing 930,000 cumulative sales globally [3] - The Jietu Mountain Sea T1 and T2 models have contributed to the electric hybrid off-road segment, with cumulative sales of 6,140 units, while the new Mountain Sea L9 has gained popularity among families for its spacious and comfortable design [3] Group 2 - The luxury electric hybrid off-road segment, represented by the Zongheng G700, is gaining traction with its advanced power system and design philosophy, establishing a strong presence in the global luxury off-road market [5] - Jietu is entering the "Off-Road 3.0 Era," expanding its product lineup to cover various off-road categories, making off-roading a more accessible lifestyle choice for a broader audience [7] - The Zongheng G700 showcased its capabilities by participating in the 2025 Rally, achieving a personal runner-up position and demonstrating the brand's commitment to overcoming challenges in extreme conditions [8] - The Zongheng G700 made its debut at the Hong Kong Auto Show, highlighting its robust off-road performance and luxury experience, reinforcing Jietu's strategic intent to penetrate the global high-end market [9] - The strong performance in the first half of the year sets a solid foundation for Jietu's growth trajectory in 2025, with plans to accelerate product innovation and aim for the title of "global number one electric hybrid off-road brand" [11]