核心竞争力：出口先发构筑高护城河，发动机技术创新业内领先，华为赋能智能化向上。①出口：先发 优势明显，销量稳增，区域优化，主要增长聚焦欧洲、拉美、东南亚区域。目前海外工厂产能约100 万，其中，土耳其、西班牙、泰国工厂还在投产/扩产中。②技术创新：新一代鲲鹏发动机发布，48% 热效率居全球第一，基于此发动机的生产线年产能达到50 万台，预计2026 年产能将提升至100 万台。 此外，华为发布乾崑智驾ADS 4 等解决方案，智界品牌深度赋能，智能化能力行业领先。 整车厂核心能力探讨及投研方法论转变：由多车型到胜率。自主与合资充分内卷后21年起快速持续提份 额，格局变化后"产品周期"将逐渐失效，需求把控和电动化节奏对中期提份额重要性显现，需求把控能 力的核心是跳出"轴距-种类"固有体系重新研究和规整用户的能力，以及后期推出的产品引起所定义用 户的共情程度。 成长复盘：17 年后前瞻布局出口+国内多品牌发力，市占率高增。①早期（08-12 年）： 依赖国内市场，靠低价小型车迅速扩张，但品质和品牌溢价不足。②转型阵痛期（13-16年）：主动战 略调整，追求品质提升，同时出口开始稳步发展。③复苏与增长期（2017-2 ...

中泰证券（600918）发布研报称，首予奇瑞汽车(09973)"买入"评级，公司深耕出口，先发优势明显， 随着国内新能源品牌的有序推进及华为深度合作赋能，有望实现量利齐增。 中泰证券主要观点如下： 整车厂核心能力探讨及投研方法论转变 由多车型到胜率。自主与合资充分内卷后21年起快速持续提份额，格局变化后"产品周期"将逐渐失效， 需求把控和电动化节奏对中期提份额重要性显现，需求把控能力的核心是跳出"轴距-种类"固有体系重 新研究和规整用户的能力，以及后期推出的产品引起所定义用户的共情程度。 宏观经济回升不及预期、新车型供给增多，竞争激烈、新车型市场接受度不及预期、电动化渗透率不及 预期等、第三方数据失真的风险、研究报告中使用的公开资料可能存在信息滞后或更新不及时的风险。 风险提示 明年展望 风云技术平权抢占市场，油车车型聚焦，出口扩产稳增。奇瑞品牌国内业务整合，星途并入，四大品牌 协同发展，明年增长主要聚焦在艾虎事业部、风云事业部。①风云品牌对标银河，技术平权抢占市场。 鲲鹏超能电混升级CDM6.0版本，续航、性能、安全全面提升。风云A9凭借空间大、续航长等优势，直 击15万价格带消费者需求，后来居上。风云T1 ...

Core Viewpoint - The rapid development of domestic new energy vehicles (NEVs) is notable, but there remains a significant demand for domestic fuel vehicles, indicating a complex market landscape [1]. Sales Performance - The best-selling fuel vehicle is the Xingrui, accounting for one-third of monthly sales, followed by Boyue L and Emgrand [3]. - The overall sales of fuel vehicles have remained stable compared to last year, but there is increased pressure from the growing interest in NEVs [4]. - The most popular fuel vehicles in the store include the M8, GS8, M6 series, and the Ying Su series, with Ying Su selling around 18-20 units monthly [6]. - The top-selling fuel cars are the fourth-generation CS75PLUS, CS55PLUS, and Yidong PLUS, collectively selling about 35 units monthly, representing over 65% of total sales [9]. Customer Demographics - Fuel vehicle buyers are predominantly middle-aged, with a mix of professions including factory workers, nurses, and teachers, often requiring vehicles for long-distance travel [3]. - The customer base for the Ying Su is diverse, including first-time buyers and retirees, with a general preference for the reliability of fuel vehicles over NEVs [6]. - Younger customers, often purchasing their first car, primarily consider fuel vehicles, with some interest in plug-in hybrids [10]. Market Trends - There is a noticeable decline in overall sales compared to last year, with profit margins also decreasing, leading to a push for additional services [7]. - The acceptance of NEVs is increasing, with customers recognizing the advantages in product configuration and overall purchase experience [7]. - The market for fuel vehicles is expected to improve slightly next year due to potential changes in tax policies and the reduction of subsidies for NEVs [13][15]. Competitive Landscape - Competing fuel vehicles include popular models like the Langyi and Suteng, with domestic brands such as Chery, GAC, and Changan being compared within similar price ranges [3]. - The lack of competitive pricing and product offerings in the NEV segment is noted, particularly in the 150,000 yuan price range, which is currently underserved [7]. - The best-selling fuel vehicles in the store include the Aiyue 5 and Aiyue 8, appealing to younger consumers due to their affordability and design [12].

Core Insights - Chery Automobile (9973.HK) is undergoing a transformation towards new energy and smart technology, with its sales scale, brand, and performance ranking among the top private car manufacturers in China, yet its market value is considered undervalued [3][4] - The company’s overseas advantages and stable cash flow from its traditional fuel vehicles could support a significant revenue and profit growth from 2025 to 2027 if fundraising is effectively invested in the new energy sector [3][4] Sales Performance - Chery has sold over 15 million vehicles, predominantly fuel cars, but is now leveraging its established brands to enter the new energy vehicle market [4] - From January to September, Chery Group's new energy vehicle sales increased by 77.1% year-on-year to approximately 588,000 units [6][15] - The company aims to achieve a revenue peak of approximately 269.9 billion RMB in 2024, prompting a strategic IPO in 2025 [3] Global Expansion - Chery has established a global production and sales network, exporting over 936,000 vehicles in the first three quarters of 2025, a 12.9% increase year-on-year [7] - The brand has successfully entered several European markets, including Spain, Italy, and the UK, with a notable sales increase of 145,000 units in Europe from January to September [8][9] Product Innovation - Chery is focusing on enhancing its brand and product offerings, transitioning from a technology-centric approach to a more market-oriented strategy [11][13] - The launch of the new model, the Jietu Zongheng G700, featuring amphibious capabilities, has generated significant attention and is expected to be a highlight in Chery's product lineup [14][15] Market Position - Chery's cumulative new car sales exceeded 2 million units from January to September, reflecting a 14.5% year-on-year growth, supported by its classic IPs, global network, and innovative competitiveness [15]

Core Viewpoint - Chery Automobile officially listed on the Hong Kong capital market on September 25, 2023, with an opening price of HKD 34.2 per share, an increase of 11.22% from the issue price [2][4]. Group 1: Company Overview - Chery Automobile, founded in 1997, has become the second largest independent brand car manufacturer in China and the eleventh globally, with projected global sales exceeding 2.295 million units in 2024, a year-on-year increase of 49.4% [5]. - From 2022 to 2024, Chery's revenue surged from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [5][6]. Group 2: Growth Model - Chery's unique "four-track" growth model allows it to achieve strong growth across fuel vehicles, new energy vehicles, domestic markets, and overseas markets simultaneously, providing a diversified revenue source and reducing risks associated with single market dependence [6][10]. - The IPO was oversubscribed by approximately 10 times, indicating strong market demand, with the final issue price set at HKD 30.75 per share, resulting in a market capitalization of HKD 177.34 billion [6][11]. Group 3: New Energy Transition - Chery's transition to new energy vehicles is gaining momentum, with a projected year-on-year sales increase of over 265% in 2024, reflecting its commitment to becoming a leading player in the new energy sector [7][10]. - The company employs a multi-technology approach, including pure electric, plug-in hybrid, and range-extended technologies, addressing market concerns such as range anxiety [10]. Group 4: Globalization Strategy - Chery has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with over 3,169 overseas dealerships and sales exceeding 13 million vehicles globally [12][14]. - The company has established local R&D centers in various countries, enhancing its ability to provide customized products and services that meet local market demands [14][15]. - Chery's overseas revenue accounted for 32.8% to 38.5% of total revenue from 2022 to Q1 2025, showcasing its ability to mitigate regional market fluctuations and benefit from both emerging and developed markets [15].

Core Insights - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][2] - The company plans to allocate the net proceeds from the IPO to various strategic initiatives, including R&D for new vehicle models, advanced technology, international market expansion, and facility upgrades [1][2] Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [2] - The average selling price of Chery's passenger vehicles is expected to increase by 33.5% in 2024 compared to 2022, with domestic and international price growth rates of 37.0% and 19.4%, respectively [2] - Revenue and net profit have shown consistent growth, with revenues of CNY 926.18 billion, CNY 1,632.05 billion, CNY 2,698.97 billion, and CNY 682.23 billion for the years 2022, 2023, 2024, and Q1 2025, respectively [2] Market Position and Strategy - Chery is focusing on enhancing its capabilities in the fields of new energy and intelligent vehicles, which require significant funding for R&D [3][4] - The revenue share from Chery's new energy vehicles is gradually increasing, with projections showing a rise from 4.9% in 2023 to 21.9% in 2024 [4] Investment and Shareholder Structure - The company has introduced 13 cornerstone investors, including various investment funds and asset management companies, which reflects a broad market recognition of Chery's potential [5] - Following the IPO, Chery's major shareholders include Wuhu Investment Holding, Ruichuang, and Luxshare, indicating a diversified ownership structure [5] Organizational Changes - Chery has restructured its organizational framework to align with strategic goals, creating four business units focused on different vehicle segments [6] - The company has also partnered with Huawei to enhance its R&D capabilities, committing over CNY 10 billion to develop smart vehicle technologies [6] Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts along the way, including a significant restructuring in 2019 to facilitate its public offering [7][8][9] - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [10]

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 9.14 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][5]. Company Overview - Chery issued approximately 297 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, including a 15% over-allotment option [5]. - The company plans to allocate 35% of the net proceeds for research and development of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, and 10% each for enhancing production facilities and general corporate purposes [5]. Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [6]. - The average selling price of Chery's passenger cars is expected to increase by 33.5% in 2024 compared to 2022, with domestic and international price growth rates of 37.0% and 19.4%, respectively [6]. - Chery's revenue and net profit have shown consistent growth, with revenues of CNY 926.18 billion, CNY 1,632.05 billion, CNY 2,698.97 billion, and CNY 682.23 billion for the years 2022, 2023, 2024, and Q1 2025, respectively [6]. Market Position and Strategy - Chery is focusing on enhancing its capabilities in the fields of new energy and intelligent vehicles, which require significant funding for development [8]. - The revenue share from Chery's new energy vehicles is gradually increasing, with projections showing a rise from 4.9% in 2023 to 21.9% in 2024 [8]. - The company has undergone structural adjustments, including the introduction of a new organizational framework to better align with strategic goals [11]. Investment and Partnerships - Chery has attracted 13 cornerstone investors, raising approximately USD 587 million (around HKD 4.573 billion), which includes various types of investment entities [10]. - The partnership with Huawei aims to invest over CNY 10 billion to establish a dedicated R&D team, enhancing Chery's technological capabilities [13]. Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts, including a significant restructuring in 2019 to facilitate its public offering [14][16]. - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [16].

Core Viewpoint - Chery Automobile, with a cumulative global sales of 13 million vehicles and an annual revenue of approximately 270 billion yuan, is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between 1.5 billion to 2 billion USD, potentially becoming the largest IPO for a car company in Hong Kong this year [2][5][8] Group 1: Company Background - Founded in 1997 in Wuhu, Anhui, Chery started as a parts manufacturer and gradually expanded into complete vehicle production, covering entry-level to mid-high-end markets over the past 20 years [4] - Chery has become the second-largest domestic independent automotive brand in China by 2024, and ranks as the 11th largest passenger car company globally [5][6] Group 2: Financial Performance - From 2022 to 2024, Chery's revenue is projected to grow from 92.6 billion yuan to 269.9 billion yuan, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.8 billion yuan to 14.3 billion yuan, with a CAGR of 57.1% [6][12] - In Q1 of this year, Chery's revenue grew by 24.2% year-on-year to 68.2 billion yuan, and net profit surged by 90.9% to 4.7 billion yuan [6] Group 3: Market Position and Strategy - Chery has maintained a strong presence in the fuel vehicle market, contributing approximately 70% of its revenue, while also experiencing significant growth in its electric vehicle segment [6][12] - The company has exported vehicles to over 100 countries, achieving an overseas sales volume of 1.145 million vehicles in 2024, which accounts for 37.4% of its total revenue [8][12] Group 4: Future Plans and Innovations - Chery plans to utilize IPO proceeds to enhance its electric vehicle lineup, invest in electric technology, expand overseas markets, and upgrade production facilities [15] - The company aims to launch over eight new electric vehicle models by the second half of 2025, targeting annual sales of over 400,000 units [15][16] - Chery is also focusing on developing advanced autonomous driving technologies and plans to recruit over 25,000 R&D personnel to support its innovation efforts [17]

（於中華人民共和國註冊成立的股份有限公司） 全球發售 股份代號 :9973 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如 閣下對本招股章程的任何內容有任何疑問， 閣下應尋求獨立專業意見。 Chery Automobile Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，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招股章程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。 本招股章程副本連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一節所指定文件，已根據香港法例第32章公司（清盤 及雜項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本 招股章程或上述任何其他文件的內容概不負責。 預期發售價將由整體協調人（代表包銷商）與我們於定價日通過協議釐定。定價日預期為2025年9月23日（星 ...

Core Viewpoint - Chery Automobile, a major Chinese car manufacturer, is set to launch its IPO after 21 years of attempts, marking a significant milestone in its journey and potentially becoming the largest car IPO in Hong Kong this year [4][12][41]. Group 1: Company Overview - Chery Automobile has reported annual revenues of 270 billion and sales exceeding 2.6 million vehicles, with over 1.14 million vehicles exported [4][13]. - The company has been the top exporter of Chinese passenger cars for 22 consecutive years and is the first Chinese brand to have cumulative exports surpassing 5 million vehicles [6][7]. Group 2: IPO Journey - Chery's IPO journey has been fraught with challenges, including failed attempts due to complex equity relationships and external economic factors, with six previous attempts since 2004 [14][16][17]. - Recent developments indicate that Chery has finally passed the Hong Kong Stock Exchange's listing hearing, signaling a potential breakthrough in its long-awaited IPO [18][41]. Group 3: Market Position and Performance - In 2024, Chery's sales are projected to exceed 2.6 million vehicles, reflecting a year-on-year growth of over 38%, with exports expected to reach 1.14 million vehicles, a 21% increase [36][39]. - Chery has established a strong international presence, exporting vehicles to over 120 countries and regions, with cumulative global sales exceeding 13 million vehicles [26][27]. Group 4: Future Prospects - The successful IPO is anticipated to enhance Chery's financial strength and governance, enabling it to compete more effectively in the global automotive market [41][42]. - With the IPO, Chery aims to solidify its position as a leading global automotive brand, leveraging capital to support its growth and innovation in the electric vehicle sector [42].