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告的內容概不負責，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公告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。 註： 其中：新能源銷量35,739輛，出口銷量116,725輛。 請注意，本公告所披露之數字均屬未經審核，尚未經本公司核數師確認，並可能 須予調整及最終確認。股東及潛在投資者務請於本集團財務業績公佈後審慎查閱。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9973） 未經審核之二零二六年二月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會 （「董事會」）欣然宣佈，本集團於二零二六年二月的五大品牌總銷量為146,173輛 汽車，較去年同期減少約14.8%。詳細如下： | | | | | 去年同期 | | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累 ...

註： 其中：新能源銷量47,393輛，出口銷量116,985輛。 請注意，本公告所披露之數字均屬未經審計，尚未經本公司核數師確認，並可能 須予調整及最終確認。股東及潛在投資者務請於本集團財務業績公佈後審慎查閱。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 董事長 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告的內容概不負責，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公告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。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9973） 未經審核之二零二六年一月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本集團於二零二六年一月的五大品牌總銷量為191,496輛汽車，較去年同期 減少約10.7%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累計 | ...

Core Insights - DeepWay has completed a Pre-IPO financing round of 1.177 billion yuan, led by PwC Capital, with participation from multiple investors [1] - The funds will primarily be used for the operation and development of the company's core business [2] - DeepWay aims to transition from policy-driven to market-driven growth in the new energy heavy truck sector, with significant market potential projected [2] Company Overview - Founded in July 2020, DeepWay's core shareholder is Baidu, with its CEO being the founder of logistics company Lion Bridge Group [2] - The company has launched three models of new energy heavy trucks and is the exclusive partner of Baidu's intelligent driving technology in the commercial vehicle sector [2] - DeepWay has completed four rounds of financing, totaling over 3.1 billion yuan [2] Market Dynamics - The new energy heavy truck market is experiencing explosive growth, with total sales reaching 231,100 units in 2025, a year-on-year increase of 182% and a market penetration rate of 28.89% [2] - Industry forecasts predict that the penetration rate of new energy heavy trucks will reach 35% by 2026 and exceed 50% by 2030, with the market size expected to surpass 250 billion yuan [2] Competitive Landscape - The industry participants are categorized into two groups: traditional companies like China National Heavy Duty Truck Group and FAW Jiefang, which are transitioning to new energy, and new energy heavy truck "new forces" like DeepWay [2] - DeepWay differentiates itself by focusing on a forward-thinking design philosophy and has achieved self-research in key components [3] Technological Advancements - DeepWay has delivered approximately 6,400 new energy heavy trucks as of June 2025 and is advancing the large-scale application of its auxiliary driving systems [3] - The company employs a subscription model for its intelligent driving services, with increasing rates of subscription for its latest models equipped with L2-level auxiliary driving hardware [3] - DeepWay is conducting tests for autonomous driving in various regions and aims for large-scale deployment of intelligent convoy systems [3] Investment Perspectives - Investors recognize DeepWay's systematic advantages in intelligent driving, emphasizing the integration of vehicle and driving technology for high reliability and safety [4] - The company is seen as a potential leader in the future of intelligent road freight due to its unique strategic path and strong technological barriers [4] - DeepWay's mission aligns with investor goals of reducing emissions and decarbonizing the freight sector through innovative electric and intelligent technologies [5]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Viewpoint - The heavy-duty truck industry in China is accelerating its transition to new energy in 2025, driven by "two new" policies and increasing penetration of new energy, leading to a "double explosion" in orders and deliveries of new energy trucks. Group 1: Major Orders and Deliveries - FAW Jiefang signed a procurement agreement for 1,000 battery swap heavy-duty trucks, with the first batch to be delivered by the end of June 2025 [2][4]. - China National Heavy Duty Truck Group secured a strategic cooperation agreement for 1,000 battery swap heavy-duty trucks, with the first 200 units to be deployed in logistics operations in the Sichuan-Chongqing area [6][8]. - XCMG held a signing ceremony for 1,000 new energy tractors, emphasizing its commitment to green and high-quality development [10][12]. - DeepWay launched two new models and received orders for 2,273 new energy heavy-duty trucks, with a notable performance in international markets [19][21]. - Guizhou Ruqi signed a framework agreement for 2,000 new energy heavy-duty trucks, marking a significant step towards large-scale implementation in the logistics sector [28][29]. Group 2: Innovative Products and Technologies - FAW Jiefang's battery swap trucks feature a single charge range exceeding 350 kilometers, achieving a total range of 700 kilometers with a battery swap [4]. - Zero One Automotive's new model, "Jingzhe Leizhenzi," achieved over 1,000 orders within three hours of its launch, showcasing advanced energy efficiency and performance [17]. - Light Shuttle Future launched its 1.0 pure electric heavy-duty truck, signing contracts for 1,000 units, indicating a strong market entry [25][27]. - The new energy heavy-duty trucks from XCMG utilize high-density lithium iron phosphate batteries and various energy recovery modes, enhancing reliability and efficiency [12]. Group 3: Strategic Collaborations and Market Trends - The collaboration between FAW Jiefang and Times Qiji aims to establish a clean transportation system for bulk material transport in Jiangxi Province [2]. - The strategic partnership between Chuangwei Automotive and other entities aims to deliver 1,500 new energy heavy-duty trucks, enhancing the resilience and security of the national strategic material supply chain [22]. - The heavy-duty truck industry is expected to experience sustained high growth, with anticipation for further large-scale orders in 2026 [31].

Group 1 - The core viewpoint of the article is that Chery has officially launched the 3.0 era for its brand Exeed, aiming to establish a luxury brand system that aligns with the new era and targets the global luxury market [1] - Chery's chairman, Yin Tongyue, emphasized that Exeed will not imitate existing luxury car definitions, positioning the brand as a leader in the global new energy and intelligent luxury vehicle sector [1][3] - The mission of Exeed is to resonate deeply with the younger generation, focusing on high emotional engagement and aligning with their lifestyle preferences [3]

Core Viewpoint - The article emphasizes the unique identity and value proposition of the Xingtu brand under Chery Automobile, highlighting its ambition to create a luxury brand that does not imitate others but instead defines its own path [3]. Group 1: Brand Development and Strategy - Xingtu is one of the five brands under Chery, and in July, its domestic business division was integrated into Chery's domestic business group to enhance strategic focus and resource integration [3]. - Chery's chairman, Yin Tongyue, reflected on the brand's development journey, acknowledging past challenges but asserting that these experiences have strengthened their approach to building a luxury brand [3]. - The company plans to target overseas markets as a key battleground for Xingtu, with sales in over 30 mainstream markets globally and an average overseas price exceeding 400,000 yuan [3]. Group 2: Product Launch and Market Positioning - At the recent brand event, four new models were unveiled: ES7 GT, ES8, ET8, and ET9, with the ES series focusing on performance and the ET series prioritizing luxury [4]. - There is a concern regarding the naming overlap of new models ET5, ES8, and ET9 with existing products from NIO, raising questions about how Xingtu will establish its distinct luxury brand identity [5].

Core Viewpoint - Chery Automobile has announced a strategic partnership with ACO, making it the first Chinese brand to sign with Le Mans, with the agreement set to be finalized on December 13, 2025 in Malaysia [1][4]. Group 1 - Chery's Executive Vice President, Li Xueyong, emphasized that the brand will lead the way for Chinese participation in the Le Mans racing series [1][4]. - The partnership is expected to enhance Chery's global presence and brand recognition in the motorsport industry [1].

Core Viewpoint - Chery's recent incident involving a probationary employee being reprimanded for not responding to work messages over the weekend has sparked significant online discussion, highlighting ongoing issues related to the company's work culture and employee treatment [2] Group 1: Work Culture Issues - This is not the first time Chery has faced public backlash over overtime work issues, as in 2023, the company stated in an internal email that "Saturday is a normal workday for fighters," leading to widespread criticism [4] - The company has implemented a "100-day hard work" campaign and introduced a "345" performance management model, which suggests that three employees are expected to do the work of five while receiving compensation for four, indicating a severe imbalance between workload and income [4] Group 2: Performance Pressure - Chairman Yin Tongyue emphasized the need to streamline meetings and improve efficiency, declaring a "no meetings on weekends" policy, while also reflecting on and apologizing for the company's practices [5] - Chery set a sales growth target of over 10-20 percentage points at the beginning of the year, but by October 2025, the overall sales growth was only 3.3% year-on-year, with high-end brand sales plummeting by 43% [5] - From January to October, Chery's cumulative sales reached 2.1432 million units, reflecting a year-on-year growth of only 12%, which is below the industry average [5] Group 3: Financial Health - As of the third quarter of 2025, Chery's debt-to-asset ratio was 81.97%, indicating significant financial strain, with a narrow gap between current liabilities and current assets, and a substantial increase in trade receivables [5] - The high level of payables maintained by the company suggests considerable liquidity pressure, which is exacerbated by the company's aggressive performance expectations [5] Group 4: Brand Reputation - The overtime culture at Chery reflects the company's anxiety regarding its brand performance, which could negatively impact its reputation if not addressed [5] - The company needs to find a balance between pursuing performance targets and protecting employee rights to avoid the detrimental effects of excessive overtime on brand development [5]

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]