来源：市场投研资讯 （来源：源媒汇） 作者 | 潘卓伦 "奇瑞汽车（9973.HK）处于向新能源与智能化升级转型的过程中，其销量规模、品牌及业绩已经属于 国内民营车企第一梯队，但市值被低估。" "奇瑞的海外优势与燃油车基本盘能提供稳定现金流，若募资能有效投入新能源领域，有望在2025-2027 年实现营收与利润的'二次增长'。" 以上分别是国证国际、中信证券等投资机构在奇瑞登陆港股后的评价，对于这宗港股年内最大车企 IPO，市场普遍看好其发展前景。但也有观点认为，奇瑞汽车在2025年完成IPO是因为业绩进入了快车 道，趁着公司在2024年营收达到约2699亿元人民币高位抓紧机会，不然过了这个村可能就没这个店。 显然，这种观点的目光有点短浅了。 只要翻一翻2025年中期报告和近半年的细分车型销量，就会发现当下只不过是奇瑞汽车刚开始厚积薄发 的时候。 在电车赛道兑现国民油车IP价值 提到奇瑞汽车，不少人对这家车企的印象可能还停留在燃油车时期。 诚然，在奇瑞已经卖出的超过1500万辆整车中，燃油车占大头，承载这些奇瑞燃油车的风云、QQ、瑞 虎等经典IP更是深入人心。但如今到了新能源车时代，这些积累没有白费，尤其是上 ...

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].

21年上市路，奇瑞终于圆梦。 9月25日，奇瑞汽车股份有限公司（以下简称奇瑞，HK09973，股价31.920港元，市值1841亿港元）正 式登陆港交所。截至当日收盘，奇瑞股价上涨3.80%。 此次上市，奇瑞汽车以30.75港元/股的招股价上限定价，募资规模达到91.4亿港元，成为年内港股市场 规模最大的车企IPO（首次公开募股）。 据弗若斯特沙利文数据，全球新能源汽车渗透率将由2024年的23.0%提升至2030年的47.0%。同时，在 科技创新推动下，乘用车行业正加速向智能化转型。预计至2030年，随着辅助驾驶技术持续进步和市场 接受度提升，全球及中国辅助驾驶车辆的渗透率将显著增长。 为了在后续竞争中站稳脚跟，奇瑞近两年正在补齐新能源和智能化的短板，而这两大领域需要大量资 金。 "过去燃油车时代，技术更新很慢，车型升级换代主要是把外形改变一下，但现在汽车研发方向是电动 化、智能化，这些领域功能的研发费用非常高，且迭代速度快，车企无法按照传统模式组织研发，需要 大量资金。奇瑞要想持久发展的话，上市融资也是必然的。"北方工业大学汽车产业创新研究中心研究 员张翔认为。 在本次IPO中，奇瑞发行约2.97亿股H股 ...

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].

Core Viewpoint - Chery Automobile is shifting its focus from pursuing sales volume to prioritizing quality and brand innovation, as emphasized by Chairman Yin Tongyue during the 2025 China Automotive Forum [3][4][52]. Group 1: Company Strategy - Chery is currently in a critical phase as it prepares for its IPO, with significant organizational restructuring underway to enhance brand management and operational efficiency [7][12][53]. - The company has established a "Domestic Business Group" to streamline its brand matrix and improve resource integration [11][13]. - Chery's revenue for the first nine months of 2024 is projected to exceed 250 billion, reflecting a 67.7% year-on-year growth, with a profit of 11.3 billion [25][26]. Group 2: Market Position and Performance - In the first half of 2024, Chery delivered 1.26 million vehicles, marking a 14.5% increase year-on-year, although export growth has slowed to 3.3% compared to 29.4% the previous year [44][45][46]. - The company's gross margin for passenger vehicles improved to 15.9%, up nearly 3 percentage points from the previous year, driven by increased export sales [47][48]. - As competition intensifies in both domestic and international markets, Chery aims to avoid price wars while maintaining cash flow and market share [50][52]. Group 3: Technological Integration - Chery is consolidating its smart driving initiatives by integrating subsidiaries into a newly formed "Intelligent Center," which focuses on smart cockpit and assisted driving technologies [28][29][40]. - The integration of various technological units is expected to enhance collaboration with suppliers and streamline R&D processes [39][40]. - Yin Tongyue has expressed a commitment to advancing smart driving capabilities, indicating a willingness to collaborate with external partners for technological development [41].

Core Viewpoint - Chery Automobile's chairman, Yin Tongyue, emphasizes a shift away from aggressive price competition towards prioritizing quality and brand innovation as the company prepares for its IPO [1][20]. Group 1: Company Strategy - Chery has decided to stop pursuing sales rankings and instead focus on quality over quantity, urging peers to prioritize brand and innovation [1][20]. - The company is currently in a critical phase for its IPO, with significant structural adjustments being made to enhance brand and technological capabilities [3][12]. - A new domestic business group has been established to manage Chery's brand matrix more efficiently, with four departments focusing on different product lines [4][5]. Group 2: Management Changes - Yin Tongyue has appointed Li Xueyong, a long-time employee with extensive marketing experience, to lead the new business group [7][9]. - Li Xueyong is noted for his active engagement in social media and marketing, which may have contributed to his promotion [10][11]. Group 3: Financial Performance - Chery's revenue exceeded 180 billion yuan in the first nine months of 2024, marking a 67.7% year-on-year increase, with a profit of 11.3 billion yuan [12][13]. - The company aims to surpass 250 billion yuan in revenue for 2024, building on a total revenue of 480 billion yuan for the previous year [13]. Group 4: Market Dynamics - Chery's vehicle deliveries reached 1.26 million units in the first half of 2024, a 14.5% increase, although export growth has slowed to 3.3% [21][22]. - The company's gross margin improved to 15.9% due to increased export sales, but has since declined to 14.7% as competition in overseas markets intensifies [24][25]. Group 5: Innovation and Technology - Chery has integrated its subsidiaries into a new "Intelligent Center" to enhance its capabilities in smart driving technology [15][19]. - The company is open to collaborations with external partners for smart driving solutions, indicating a flexible approach to innovation [19].

Core Viewpoint - Chery Automobile is undergoing significant organizational restructuring to enhance strategic focus, resource integration, and brand positioning, particularly in response to the growing trends in new energy and smart technology [2][3][4] Group 1: Brand Integration and Market Positioning - Chery has established a domestic business group for its brand, which includes four major divisions: Xingtu, Aihuo, Fengyun, and QQ, while iCAR, Zhijie, and Jietu will operate independently [1][3] - The restructuring aims to clarify the brand matrix and address internal challenges such as low user recognition and overlapping product definitions among its various brands [3][4] - The new division structure is designed to manage different technology paths (pure electric, hybrid, and fuel) and target specific market segments, with QQ focusing on the A0/A00 market to compete directly with BYD and Geely [3][4][5] Group 2: Strategic Focus on Fuel and New Energy Vehicles - The Aihuo division will focus on the fuel and hybrid vehicle market, targeting a price range of 100,000 to 150,000 yuan, which is considered the company's core market [4][5] - Chery's best-selling models, the瑞虎8 and艾瑞泽8, achieved sales of 202,100 units and 145,800 units respectively over the past year [4] - The Fengyun division will concentrate on the mainstream hybrid market, while the QQ division aims to capture the A0/A00 pure electric market, with a new QQ model set to be a key offering [4][5] Group 3: Smart Technology Integration - Chery has established a Smart Technology Center to streamline its smart vehicle initiatives, focusing on efficient collaboration and product delivery rather than solely on technological leadership [8][9] - The integration of various smart technology units aims to create a comprehensive ecosystem that supports product development and market readiness [8][9] - The restructuring of the smart technology division reflects a shift in industry logic, prioritizing mass production and delivery over extensive self-research and development [8][9] Group 4: IPO Preparation and Future Goals - The organizational changes are seen as a preparatory step for Chery's potential IPO in Hong Kong, aiming to overcome previous setbacks in the listing process [2][9] - Chery's leadership has set ambitious sales targets for its new energy vehicles, with a goal of reaching 600,000 units by the end of 2024, positioning itself as a strong competitor in the industry [5][6][9]