Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange, marking the largest IPO for an automotive company in Hong Kong this year, but it faces significant structural challenges including low gross margins, slow transition to new energy vehicles, and high reliance on fuel vehicles [1][2]. Financial Performance - Chery's stock opened at HKD 34.2 per share, an increase of 11.22% from the issue price, with a market capitalization exceeding HKD 200 billion on the first day of trading. By the end of the day, the stock closed at HKD 31.92, giving a total market value of HKD 184.1 billion [2]. - From 2022 to 2024, Chery's revenue is projected to grow from CNY 92.618 billion to CNY 269.897 billion, reflecting a compound annual growth rate of 70.7%. In Q1 2025, revenue increased by 24.25% year-on-year to CNY 68.223 billion [2]. Profitability and Debt - Chery's gross margins are lower than those of leading competitors, with gross margins of 13.8%, 16%, and 13.5% from 2022 to 2024, and only 12.4% in Q1 2025. In contrast, BYD's gross margin increased from 17% to 20.1% during the same period [3]. - The company's debt levels are concerning, with asset-liability ratios of 93%, 92%, and 89% at the end of 2022, 2023, and Q3 2024, respectively. Although there was slight improvement in Q1 2025, the ratio remained high at 87.7% [3]. Market Position and Strategy - Fuel vehicles remain Chery's primary revenue source, accounting for 75.9%, 87.8%, and 69.6% of total revenue from 2022 to 2024. In Q1 2025, fuel vehicle revenue still represented 69.7% of the passenger vehicle segment, while new energy vehicles accounted for only 30.3% [4]. - Chery has recognized the challenges in its transition to new energy vehicles and launched the "Yaoguang 2025 Strategy" in 2022, focusing on electric and intelligent vehicle technologies [5]. Brand and Market Perception - Chery is attempting to break away from its "cost-performance" label to capture a share of the high-end market, but results have been disappointing. Sales of its high-end brand, Exeed, fell by 32.45% year-on-year in August [6]. - The company's low-price strategy has led to a fixed brand image, hindering its ability to penetrate the high-end market and resulting in low customer loyalty [6][7]. Future Outlook - Experts suggest that Chery should leverage the funds raised from its IPO to enhance research and development in electric and intelligent vehicle sectors, improve its business structure, and gradually build brand premium capabilities [7].

文：互联网江湖 作者：刘致呈 对于IPO这事儿，尹同跃也定下了目标：2025年完成企业上市是首要任务。 到现在，招股书递交已有5个月，奇瑞年内IPO的目标还能达成吗？ 20年前，奇瑞就曾经启动上市程序，彼时因为与上汽的股权争议，上市计划很快夭折，随后，奇瑞开始股份制改造，继续谋求上市。谁想到，2007年二次 IPO遇上国际金融危机，再次上市失利。 此后，奇瑞汽车先后6次IPO未果，堪称"IPO仰卧起坐大师"，直到今年2月，奇瑞再向港股递表。 "奇瑞十年前就该上市了。"2022年11月，奇瑞汽车董事长尹同跃曾对《财经》杂志表示。 IPO似乎成了奇瑞的"执念"。 即将进入8月，奇瑞赴港IPO却没了动静。 根据港交所的规定，IPO申请的有效期通常为6个月，如果未在6个月内完成聆讯或上市，申请可能失效。 也就是说，2月份递交招股书后，奇瑞IPO的有效期仅剩一个月。 "含电量"不足，奇瑞千亿估值能实现吗？ 过去奇瑞IPO失败，原因有很多，有股权争议，有混改的影响，总之，IPO这条路走得不容易。天眼查APP股权信息显示，当前奇瑞控股持股奇瑞汽车 38.6%。 | 序号 | | 股东(发起人) 查看实际控股人 > | 持股 ...