据了解，2025年，奇瑞品牌累计销量1,700,940辆，同比增长6%；星途品牌全年累计销量120,369辆，同 比减少15%；捷途品牌全年累计销量622,590辆，同比增长10%；iCAR品牌全年累计销量96,989辆，同比 增长47%；智界品牌全年累计销量90,493辆，同比增长56%。 凤凰网科技讯1月6日，奇瑞集团发布2026年销量目标：集团目标320万辆，较2025年增长14.03%。其 中，奇瑞汽车股份有限公司9973.HK(简称奇瑞汽车)携旗下五大品牌，将实现300万辆销量目标，同比增 长14.01%。 ...

星途品牌12月销量10,903辆，去年同期12,521辆，同比变动-13%；全年累计销量120,369辆，较去年同期累计的140,959辆同比下降15%。 捷途品牌12月销量48,851辆，去年同期66,020辆，同比变动-26%；全年累计销量622,590辆，较去年同期累计的568,387辆同比增长10%。 iCAR品牌12月销量6,538辆，去年同期10,456辆，同比变动-37%；全年累计销量96,989辆，较去年同期累计的65,964辆同比大幅增长47%。 智界品牌12月销量8,145辆，去年同期17,736辆，同比变动-54%；全年累计销量90,493辆，较去年同期累计的57,956辆同比增长56%。 整体来看，本集团2025年全年累计销量达2,631,381辆，较去年同期累计的2,444,640辆同比增长8%，展现出稳健的整体发展态势。 2026年1月1日，奇瑞汽车发布2025年12月销量公告。公告显示，本集团2025年12月五大品牌总销量为232,308辆，较去年同期的275,052辆 减少约16%。其中，12月新能源销量83,323辆，出口销量140,496辆。 | | | | | 去年同期 ...

具体来看，奇瑞品牌12月销量为157,871辆，同比减少6%；星途品牌销量为10,903辆，同比减少13%； 捷途品牌销量为48,851辆，同比减少26%；iCAR品牌销量为6,538辆，同比减少37%；智界品牌销量为 8,145辆，同比减少54%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月1日，奇瑞汽车公布未经审核的2025年12月销量数据。 从累计销量来看，2025年五大品牌累计销量为2,631,381辆，同比增长8%。其中，奇瑞品牌累计销量为 1,700,940辆，同比增长6%；星途品牌累计销量为120,369辆，同比减少15%；捷途品牌累计销量为 622,590辆，同比增长10%；iCAR品牌累计销量为96,989辆，同比增长47%；智界品牌累计销量为90,493 辆，同比增长56%。 根据公告，奇瑞汽车2025年12月五大品牌总销量为232,308辆汽车，较去年同期减少约16%。其中，新 能源销量为83,323辆，出口销量为140,496辆。 ...

Core Insights - Chery Automobile reported a total sales volume of 255,809 units in November, a slight decrease of approximately 2% compared to 260,309 units in the same month last year [3] - Cumulative sales for the year reached 2,399,073 units, reflecting an 11% increase from 2,169,588 units in the previous year [3] Brand Performance - **Chery Brand**: November sales were 165,511 units, a 1% increase from 164,225 units year-on-year. Cumulative sales for the year reached 1,543,069 units, up 7% from 1,443,055 units [1][2] - **Exeed Brand**: November sales dropped to 12,021 units, down 24% from 15,898 units year-on-year. Cumulative sales for the year were 109,466 units, a 15% decrease from 128,438 units [2] - **Jetour Brand**: November sales were 55,088 units, a 13% decline from 63,040 units year-on-year. However, cumulative sales for the year increased by 14% to 573,739 units from 502,367 units [2] - **iCAR Brand**: This brand showed significant growth, with November sales reaching 11,428 units, a 99% increase from 5,745 units year-on-year. Cumulative sales for the year were 90,451 units, up 63% from 55,508 units [2] - **Zhijie Brand**: November sales were 11,761 units, a 3% increase from 11,401 units year-on-year. Cumulative sales for the year reached 82,348 units, a substantial 105% increase from 40,220 units [2] Future Outlook - By November 2025, Chery's sales of new energy vehicles are projected to reach 110,017 units, significantly contributing to overall sales. Additionally, export sales are expected to be high at 131,851 units, indicating strong performance in overseas markets [2]

Core Insights - Chery Group reported strong sales performance for October and the first ten months of 2023, highlighting significant achievements in the fields of new energy and globalization, with multiple records being set [2] Sales Performance - In October, Chery Group sold 281,161 vehicles, a year-on-year increase of 3.3%. Among these, new energy vehicle sales reached 110,346 units, marking a substantial year-on-year growth of 54.7% and surpassing 110,000 units for the first time in a single month [2] - Cumulatively, from January to October, Chery Group sold 2,288,929 vehicles, reflecting a year-on-year growth of 13%, achieving the best performance for the same period in history [2] - The total number of global Chery automobile users has exceeded 18 million, with over 5.56 million users located overseas, indicating a successful globalization strategy [2] Brand Performance - Sales figures for major Chery brands in October and the first ten months are as follows: - Chery brand: 169,696 units in October, 1,377,558 units cumulatively - Exeed brand: 9,494 units in October, 97,445 units cumulatively - Jetour brand: 59,073 units in October, 518,651 units cumulatively, achieving a milestone of over 2 million cumulative sales in just 7 years - iCAR brand: 12,393 units in October, 79,023 units cumulatively - Zhijie brand: 12,810 units in October, 70,587 units cumulatively [3] New Energy Vehicle Growth - From January to October, Chery Group sold 697,891 new energy vehicles, representing a significant year-on-year increase of 73.1%, maintaining a top-five position in the industry [4] - Several new energy models have gained popularity, including the Fengyun A9L, which has sold over 10,000 units for three consecutive months, and the Zongheng G700, which achieved over 15,000 pre-orders within 24 hours of its launch [4] Export Performance - Chery Group's cumulative vehicle exports reached 1,060,000 units from January to October, a year-on-year increase of 12.9%, making it the fastest Chinese automotive group to achieve over one million exports in a year [4] - The company has accelerated its expansion into the European market, with sales in the EU and UK reaching 171,147 units, a year-on-year increase of 2.4 times [4]

Core Viewpoint - Chery Automobile demonstrates significant growth in revenue and net profit, driven by a diversified product portfolio and effective market strategies, while facing challenges in gross and net profit margins due to competitive pressures and market dynamics [3][4][5][6]. Business Model and Market Coverage - Chery designs, develops, manufactures, and sells a diverse range of passenger vehicles, including both fuel and new energy vehicles, under multiple brands such as Chery, Jetour, and Exeed, targeting various market segments from budget to luxury [1]. - The company employs a combination of dealer networks in China and overseas, with 3,663 domestic and 2,958 international dealer outlets as of March 31, 2025, and utilizes a multi-brand strategy to enhance market penetration [2]. Revenue and Profit Analysis - Revenue has shown remarkable growth, with a compound annual growth rate (CAGR) of 70.7%, increasing from 92.6 billion yuan in 2022 to 269.9 billion yuan in 2024, and reaching 68.2 billion yuan in Q1 2025, a 24.2% increase year-on-year [3]. - Net profit also surged, with a CAGR of 57.1%, rising from 5.8 billion yuan in 2022 to 14.3 billion yuan in 2024, and a 90.9% increase in Q1 2025 compared to the same period in 2024, reaching 4.7 billion yuan [4]. Margin Analysis - Gross margin fluctuated, decreasing to 12.4% in Q1 2025 from 13.5% in 2024, influenced by increased competition and changes in product mix [5]. - Net margin showed variability, stabilizing at 6.4% in 2023 but dropping to 5.3% in 2024, before rebounding to 6.9% in Q1 2025, indicating ongoing challenges in cost management and pricing strategies [6]. Revenue Composition - Passenger vehicle sales dominate revenue, accounting for over 90% of total income, with fuel vehicles comprising 69.6% and new energy vehicles increasing from 13.2% in 2022 to 27.3% in Q1 2025 [7][8]. Related Transactions - Chery's inter-company transactions are compliant with regulations, but there are uncertainties regarding profit distribution and tax implications that could affect financial stability [9]. Financial Challenges - The net current liabilities have raised concerns, with figures of 4.8 billion yuan in 2022 and 17.4 billion yuan in 2023, although improvements were noted in 2024 and Q1 2025 [10]. Market Competition - The global automotive market is highly competitive, with Chery facing challenges from both domestic and international rivals, particularly in the rapidly evolving new energy vehicle sector [11][20]. Peer Comparison - Chery ranks as the second largest domestic brand in China and the eleventh globally, with significant sales growth, yet it still lags behind in brand influence and profit margins compared to some international competitors [12][13]. Customer and Supplier Dynamics - Customer concentration remains stable, with the top five clients contributing 19.0% of total revenue in Q1 2025, indicating a broad customer base [14]. - Supplier concentration is also stable, with the top five suppliers accounting for 17.1% of total raw material purchases, though risks related to price fluctuations and delivery delays persist [15]. Management and Ownership Structure - Chery's management team possesses extensive industry experience, with the founder having over 40 years in the automotive sector, which aids in strategic decision-making [16]. - The company's ownership structure is dispersed among 22 shareholders, including state-owned enterprises, which may impact governance and decision-making processes [17].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 影石创新 据IPO早知道消息，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）于2025年2月28日正式向港交 所递交招股说明书，拟主板挂牌上市，中金、华泰和广发担任联席保荐人。 科创板｜获批复 据IPO早知道消息，中国证监会于2025年2月27日正式批准影石创新科技股份有限公司（以下简 称"影石创新"，Insta360）科创板IPO注册。 事实上，中国证监会《关于资本市场做好金融"五篇大文章"的实施意见》明确要求加强科技型企业 金融服务，支持优质科创企业上市。在此政策背景下，影石创新凭借核心技术与市场潜力或将成为首 批受益企业。 成立于2015年的影石创新以全景影像技术革新全球市场，连续六年市占率全球第一，达到67.2%， 企业营收规模连续两年倍增，2023年近40亿。其产品矩阵覆盖大众日常记录、户外运动、旅游出 行、影像创作、视频会议等多种影像场景，销售至200余个国家和地区。 值得注意的是，影石创新凭借自研技术的突破构建起竞争壁垒，2024年上半年营收超过欧美厂商 GoPro。 截至目前，影石创 ...