Summary of Chery Automobile Conference Call Company Overview - Chery Automobile has a current market capitalization of approximately 150 billion RMB, which corresponds to an expected performance of 21-22 billion RMB in 2026, resulting in a price-to-earnings (PE) ratio of only 7 times. This valuation level during the off-season is likely to represent a significant low point for the year [1] Key Insights and Arguments 1. **Diversified Business Exposure and Strong Risk Resilience**: - 60%-70% of the company's profits are derived from overseas markets. - The domestic electric vehicle (EV) penetration rate stands at 40%, with a significant portion being plug-in hybrids, which helps to mitigate the impact of domestic demand pressures and rising battery costs [1] 2. **High-End Product Cycle Driven by Smart Vehicle Initiatives**: - In August 2025, the company signed a deepening cooperation agreement with Huawei to establish an independent company to operate the Smart Vehicle brand. - The first Smart MPV is set to be launched between March and April, with a focus on differentiated product categories being a key investment strategy in the Huawei automotive sector this year [1]

Core Insights - Chery's listing on the Hong Kong Stock Exchange in 2025 marks a significant milestone, showcasing its transition from a traditional manufacturer to a company focused on profitability and innovation [1][4] - In 2025, Chery sold over 2.806 million vehicles, achieving a year-on-year growth of 7.8%, with exports reaching 1.344 million units, maintaining its position as the top Chinese brand in passenger car exports for 23 consecutive years [1][3] Group 1: Financial Performance - Chery's 2025 performance report highlights four historical breakthroughs, including a substantial increase in electric vehicle sales, which reached 903,800 units, a remarkable growth of 54.9% [3][7] - The company’s listing raised HKD 9.14 billion, with 35% of the funds allocated for vehicle development and 25% for next-generation technology, indicating a strong commitment to innovation [4][6] Group 2: Market Position and Strategy - Chery's growth strategy has evolved from a singular focus on sales to a multi-dimensional approach that includes export leadership, accelerated development of new energy vehicles, multi-brand collaboration, and quality assurance [3][9] - The company has established itself as a leader in the new energy vehicle sector, with its wholesale sales ranking among the top three in the industry by November 2025 [7][9] Group 3: Global Expansion - Chery's export strategy has transformed from merely selling cars to embedding itself within local markets, exemplified by partnerships in Europe and the Middle East [10][12] - The company is also diversifying its global offerings beyond automobiles, including humanoid robots that have received EU certification, indicating a broader technological and ecological export strategy [12][14] Group 4: Future Outlook - Chery's chairman has defined 2026 as a year for breaking through existing growth models and establishing long-term competitiveness in advanced technologies like AI and solid-state batteries [14] - The company's 2025 achievements reflect a systematic evolution from a traditional manufacturer to a participant in the global mobile technology ecosystem, with future performance set to test its ability to sustain commercial success and brand influence [14]

Group 1 - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a 14.03% increase compared to 2025 [1] - Chery Automobile Co., Ltd. aims to achieve a sales target of 3 million vehicles, with a year-on-year growth of 14.01% [1] Group 2 - In 2025, Chery brand's cumulative sales reached 1,700,940 vehicles, marking a 6% year-on-year increase [1] - The sales performance of other brands includes: - Exeed brand with 120,369 vehicles sold, a decrease of 15% year-on-year [1] - Jetour brand with 622,590 vehicles sold, an increase of 10% year-on-year [1] - iCAR brand with 96,989 vehicles sold, a significant increase of 47% year-on-year [1] - Zhijie brand with 90,493 vehicles sold, showing a growth of 56% year-on-year [1]

Core Insights - Chery Automobile reported a total sales volume of 232,308 units for December 2025, a decrease of approximately 16% compared to 275,052 units in the same month last year [3] - The overall cumulative sales for the year 2025 reached 2,631,381 units, reflecting an 8% increase from 2,444,640 units in 2024 [2][3] Brand Performance - Chery brand sold 157,871 units in December 2025, down 6% from 168,319 units in December 2024; cumulative sales for the year were 1,700,940 units, up 6% from 1,611,374 units [1] - Exeed brand's December sales were 10,903 units, a decline of 13% from 12,521 units year-on-year; total sales for the year were 120,369 units, down 15% from 140,959 units [2] - Jetour brand experienced a 26% drop in December sales to 48,851 units from 66,020 units last year; however, cumulative sales for the year increased by 10% to 622,590 units from 568,387 units [2] - iCAR brand's December sales fell by 37% to 6,538 units from 10,456 units; yet, the total sales for the year surged by 47% to 96,989 units from 65,964 units [2] - Zhiji brand saw a significant decline of 54% in December sales to 8,145 units from 17,736 units; however, cumulative sales for the year rose by 56% to 90,493 units from 57,956 units [2] Additional Insights - In December 2025, the sales of new energy vehicles reached 83,323 units, while export sales amounted to 140,496 units [3]

Core Insights - The article highlights the remarkable growth of Chery, a Chinese automotive company, which achieved a total sales volume of 2.806 million vehicles in 2025, with exports accounting for 1.344 million units, representing 47.9% of total sales, and a 54.9% year-on-year increase in new energy vehicle sales [1][4] Group 1: Market Performance - Chery's sales performance in 2025 includes 2.806 million total vehicles sold, with 1.344 million exported, marking a significant achievement in both domestic and international markets [1][3] - The company has established itself as a leader in the export of Chinese passenger vehicles, maintaining the top position for 23 consecutive years [3] - Chery's new energy vehicle sales reached 904,000 units, reflecting a robust growth rate of 54.9% year-on-year [4] Group 2: Strategic Positioning - Chery's success is attributed to its long-term strategic focus on technology investment and global market expansion, contrasting with competitors who prioritize short-term sales [2][6] - The company has developed a diverse brand portfolio, including Chery, Jetour, and iCAR, which allows it to cater to various market segments and consumer preferences [3][4] - Chery's commitment to quality has earned it the title of "Five Crown King" in J.D. Power's evaluations, indicating its leadership in new car quality and customer satisfaction [4][6] Group 3: Technological Advancements - In 2025, Chery launched over ten industry-leading core technologies, enhancing its competitive edge in areas such as chassis, battery, and intelligent driving systems [6][7] - The company has a global R&D team of 30,000 personnel, with a significant focus on software development, positioning it well in the era of software-defined vehicles [7][10] - Chery's multi-technology strategy, including hybrid, electric, and hydrogen fuel options, demonstrates its adaptability and resilience in the face of market challenges [7][8] Group 4: Globalization and Future Growth - Chery's globalization strategy has evolved to include local production and deep integration into international markets, evidenced by its receipt of the first "China-Europe Carbon Footprint Data Recognition" certificate [8][10] - The company is exploring new growth avenues beyond traditional automotive sales, including financial services, software subscriptions, and advanced technologies like Robotaxi and humanoid robots [8][10] - Chery's rise in the Fortune Global 500 rankings, moving up 152 places to 233, reflects its successful global expansion and recognition in the automotive industry [8][11]

据悉，销量方面，奇瑞集团全年销售汽车280.64万辆，全球累计用户达1853万。其中，奇瑞汽车股份有 限公司全年销量263.14万辆，同比增长8%。旗下乘用车品牌多点开花，奇瑞品牌销量170.09万辆，捷途 品牌62.26万辆，星途、iCAR、智界品牌分别实现12.04万辆、9.70万辆、9.05万辆的销量成绩。 中证报中证网讯（记者 龚梦泽）2025年，面对汽车行业变革与市场多重挑战，奇瑞集团凭借强劲的战 略韧性与技术积淀，实现销量、出口、新能源、品质表现四大领域历史新高。 出口表现尤为亮眼。公司表示，2025年12月，奇瑞单月出口14.44万辆，同比增长46.8%，首次突破14万 辆；全年出口134.40万辆，同比增长17.4%，累计出口达585万辆，创下中国车企单月出口、年出口、累 计出口三项纪录，连续23年位居中国品牌乘用车出口第一。在欧洲市场，奇瑞通过本土化生产布局，已 进入15个国家，星途系列车型获欧洲五星安全评级，纵横G700等高端产品成功登陆迪拜等全球高端市 场。 公司表示，新能源业务增速迅猛，全年销售90.38万辆，同比增长54.9%，产销规模稳居行业前列。多款 爆款产品表现突出，风云A9L ...

Core Viewpoint - Chery Automobile reported a total sales volume of 232,308 vehicles for December 2025, representing a year-on-year decrease of approximately 16% [1] Sales Performance - The sales breakdown for December 2025 shows that the Chery brand sold 157,871 vehicles, down 6% year-on-year; the Exeed brand sold 10,903 vehicles, down 13%; the Jetour brand sold 48,851 vehicles, down 26%; the iCAR brand sold 6,538 vehicles, down 37%; and the Zhiji brand sold 8,145 vehicles, down 54% [1] - Cumulatively, the total sales for the five brands reached 2,631,381 vehicles in 2025, marking an 8% increase year-on-year [1] Brand-Specific Cumulative Sales - Cumulative sales for the Chery brand reached 1,700,940 vehicles, up 6% year-on-year; Exeed brand sales totaled 120,369 vehicles, down 15%; Jetour brand sales were 622,590 vehicles, up 10%; iCAR brand sales reached 96,989 vehicles, up 47%; and Zhiji brand sales totaled 90,493 vehicles, up 56% [1]

Core Insights - Chery Group reported a record sales figure of 272,500 vehicles in November, with a 50.1% year-on-year increase in new energy vehicle sales, marking a historical high [1] - The company maintained its position as the top exporter of Chinese automobiles, with exports exceeding 100,000 units for seven consecutive months [1] - Chery's new energy vehicle sales reached 116,800 units in the same period, reflecting a 50.1% year-on-year growth and a cumulative sales figure of 814,700 units for the first eleven months, representing a 69.4% increase [1] Product Matrix and Globalization - Chery's growth is attributed to its "full coverage + globalization" strategy, which enhances its risk resilience amid industry consolidation [1] - The company has developed a comprehensive product matrix across all price segments, with flagship models like the A9L and T11 performing exceptionally well [1] - The introduction of models like the G700 and iCAR V23 has allowed Chery to capture niche markets, further diversifying its offerings [2] Strategic Framework for Long-term Growth - Chery's sales surge is a result of a closed-loop industrial strategy that integrates research, transformation, feedback, and iteration [3] - The company is pursuing a dual-track strategy of "new energy + new fuel," which stabilizes profits from traditional fuel vehicles to support new energy research [3] - Chery's three growth curves focus on electric and intelligent vehicle development, expanding user scenarios, and leveraging AI technology for robotics, creating a dual-terminal ecosystem [3][4]

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]