从2004年首次传出IPO计划，到2025年最终圆梦，奇瑞的上市路，可谓一波三折。 9月25日，香港交易所的锣声为奇瑞汽车而鸣。发行价30.75港元，募资约91.45亿港元，成为2025年迄今 为止港股市场规模最大的车企IPO，首日涨幅一度超过13%⋯⋯这场光鲜的资本盛宴背后，是一场持续 21年、数度"折戟"的上市长跑。 图片来源：奇瑞集团公 众号 首先，奇瑞业绩进入快车道。数据显示，2024年奇瑞营收突破2699亿元，净利润达143亿元，自2003年 起连续22年位居中国自主品牌乘用车公司出口量第一。其次，奇瑞对股权结构和组织架构进行了梳理和 调整，在引入更为多元投资者的同时，成立品牌国内业务事业群，下设星途、艾虎、风云、QQ四大事 业部，实现战略聚焦、资源整合、强化协同、品牌向上。此外，奇瑞通过"瑶光2025"核心战略布局新能 源赛道，成立"奇瑞智能化中心"加码智能化，并与华为共建智界品牌，打出智能化合作牌，加速补齐新 能源与智能化两块短板。 奇瑞此时上市，已不再是"解困"，而是"乘势"。 13家基石投资者认购5.87亿美元，覆盖产业资本、地方政府基金、长线投资机构，显示出市场对其"技 术+出海"双逻辑的 ...

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in the Hong Kong market in 2025, with an initial price increase of over 13% on the first day [1][6] Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks, including complex equity relationships with SAIC Motor Corporation that delayed its plans [3][4] - In 2009, Chery sold 20% of its shares for CNY 2.9 billion, signaling a potential preparation for an IPO, but the plan was postponed in 2011 due to "related party transaction issues" [4] - Attempts to list Chery New Energy through a backdoor listing in 2016 failed due to the complexity of the proposal and unclear policies regarding new energy vehicles [4][5] Group 2: Recent Developments - The successful IPO in 2025 was facilitated by Chery's improved financial performance, with revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion in 2024 [6] - Chery restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [6][7] - The company launched the "Yaoguang 2025" strategy to strengthen its position in the new energy sector and partnered with Huawei to enhance its smart vehicle offerings [6][7] Group 3: Market Reception and Future Challenges - The IPO attracted 13 cornerstone investors who collectively subscribed for USD 587 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [7] - Despite the successful listing, challenges remain, including the fact that new energy revenue accounts for less than 30% of total income and reliance on external partnerships for smart technology [7][8] - The company plans to allocate 35% of the raised funds for developing various passenger vehicles, 25% for next-generation automotive technologies, and 20% for global expansion, aiming to leverage capital for a "smart breakthrough" and "global upgrade" [7][8]

成功上市，业绩增长与财务风险并存 历经多次折戟，奇瑞汽车终于正式在港交所上市。上市首日，奇瑞汽车开盘价为34.2港元/股，较发行 价上涨11.22%，市值一度超过2000亿港元。截至首日收盘，奇瑞汽车涨3.8%，报收于31.92港元/股，总 市值1841亿港元。招股书显示，此次赴港上市，奇瑞计划将募集资金主要用于新技术与新车型研发、海 外市场拓展及智能制造升级。 从2004年首次尝试IPO，奇瑞多次冲击资本市场却均以失败告终。北京商报记者梳理发现，奇瑞此前上 市计划失败的核心原因，集中在复杂的股权结构等问题。2025年1月，奇瑞汽车的控股股东奇瑞控股通 过股东下沉的方式简化了此前混乱的股权结构，一定程度上为上市扫清了障碍。 奇瑞此次成功上市的底气，离不开近年来营收的高增长。从2022—2024年，奇瑞营收从926.18亿元增长 至2698.97亿元，复合年增长率高达70.7%，2025年一季度，奇瑞营收同比增长24.25%至682.23亿元。 然而，营收增长的同时，奇瑞的盈利能力却低于业内部分头部企业。财报数据显示，2022—2024年，奇 瑞整体毛利率分别为13.8%、16%和13.5%，2025年一季度的 ...

8月12日，华为智能汽车解决方案BU CEO靳玉志宣布，搭载华为乾崑智驾的汽车已突破100万辆。华为乾崑智驾是华为推出的智能驾驶系统，据了 解，目前已覆盖不同价位的22款合作车型。 8月8日，新成立的央企——中国长安汽车集团的掌门人朱华荣拜会了华为创始人任正非，围绕产业竞争态势、未来竞争格局等交流学习。长安汽车与 华为虽未披露具体新项目，但高层的深度交流预示着双方合作有望进一步拓展。 车企争递橄榄枝 有赛力斯逆袭成功的案例在前，多家主流车企积极与华为实现了不同程度的合作。8月伊始，一连串的车企高管高调表达了与华为加强合作的意愿。 8月7日，在深圳华为总部，华为常务董事余承东与奇瑞汽车董事长尹同跃共同按下智界品牌2.0启动键。智界品牌将投资超过100亿元，研发团队规模 将增至5000人，双方还将成立智界新能源公司，推动研发、生产、销售、服务一体化独立运作。 一汽集团与华为的合作也在推进。8月7日晚，华为乾崑联合一汽奥迪打造的一汽奥迪A5L、一汽奥迪Q6L e-tron家族正式上市，奥迪成为全球首个与 华为乾崑达成深度合作的国际豪华品牌。 8月10日，广汽集团董事长冯兴亚在微博发文，将华望明确为广汽与华为深化合作 ...

Investment Rating - Maintain recommendation [6] Core Insights - The wholesale of passenger cars is growing faster than retail, with a stable and rapid growth in the passenger car market. In July 2025, the national retail of passenger cars reached 1.834 million units, a year-on-year increase of 7%, while wholesale reached 2.192 million units, a year-on-year increase of 12% [1][20] - The new energy vehicle market is also showing strong growth, with retail sales of 1.003 million units in July, a year-on-year increase of 14%, and a cumulative retail of 6.472 million units this year, up 30% year-on-year [1][20] - The penetration rate of new energy vehicles in the passenger car market reached 54.7% in July, indicating a significant shift towards electric vehicles [1][20] Summary by Sections 1. Weekly Market Review - The automotive sector rose by 2.68% in the week of August 2-8, 2025, outperforming the Shanghai Composite Index by 1.45 percentage points [12] - The motorcycle and other segments saw the highest increase of 8.24%, while the passenger car segment experienced a slight decline of 0.65% [15] 2. Weekly Data Tracking - Passenger car retail and wholesale data for July 1-31, 2025, showed retail at 1.834 million units and wholesale at 2.192 million units, both reflecting year-on-year growth [20] - The new energy vehicle segment's wholesale reached 1.179 million units in July, with a year-on-year increase of 25% [20] 3. Industry News - Chery and Huawei signed a strategic cooperation agreement for the Zhijie brand, committing over 10 billion yuan and increasing the R&D team to 5,000 people [2][49] - Li Auto announced a price reduction for the Li One model, now priced at 339,800 yuan, reflecting the competitive nature of the mid-to-high-end electric vehicle market [3][41] - The integration of autonomous driving teams within Geely aims to streamline operations and enhance technological capabilities [32] 4. Investment Suggestions - Focus on leading automotive companies enhancing their competitive edge in differentiated markets and the potential for brand reputation to create a snowball effect [4]