凭借累计1300万辆的全球汽车销量、约2700亿元的年收入和143亿元的年净利润，今年28岁的奇瑞汽 车终于叩响了资本市场的大门。 9月7日，香港交易所官方网站发布公告，奇瑞汽车股份有限公司成功通过港交所聆讯，15亿至20亿 美元（约117亿至156亿港元）的预计募资金额有望使奇瑞成为年度内港交所规模最大的车企IPO项 目，上市后估值预计超千亿。如果顺利，它将在本月中下旬在港挂牌上市。 奇瑞的20余年上市长跑贯穿了中国汽车市场发展浪潮由零到一的突破 ——汽车出口增长、新能源汽 车崛起、自主品牌起势。站在中国新能源汽车销量超过1000万的重要节点，奇瑞的资本化进程已经 不局限于单个公司的融资意义，更是中国汽车产业换道超车、提升全球声量的缩影。 当港股市场的大门敞开时，奇瑞汽车加速驶向电动化和智能化的新赛道。已有雄厚的市场家底，这 个"中国汽车出海之王"要通过产品和技术革新，继续提高全球声量。 从"草根车企"到出海之王 1997年，奇瑞诞生于安徽芜湖，创始人尹同跃在城北盖了几栋草房，以这里为起点开始了创业之 旅。彼时，中国汽车产业的主流是以市场换取投资和技术。而芜湖这座长江边的小城也没想到，日后 将迎来一个影响全 ...

（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 has a long history and has faced various challenges in its journey towards listing and expanding its market presence, particularly in the context of the growing electric vehicle sector in China. The company is now focusing on both fuel and new energy vehicles, with significant growth in its overseas sales, especially in Russia and Europe, while maintaining a low-cost operational strategy to enhance profitability [5][9][12][26]. Group 1: Company History and Development - Chery Automobile was established in 1997 and became the first domestic brand to sell over 1 million vehicles by 2007 [5][7]. - The company attempted to go public multiple times but faced challenges due to complex shareholding structures and market conditions [6][9]. - Chery's IPO application was submitted to the Hong Kong Stock Exchange in February 2025, with a target fundraising of $1.5 billion to $2 billion [9][10]. Group 2: Sales and Market Performance - In 2023, China's new energy vehicle sales reached 9.495 million units, with a market penetration rate of 31.6%, while Chery's passenger car sales revenue was still 94.8% from fuel vehicles [14]. - By Q1 2024, fuel vehicle sales revenue was 45.95 billion, accounting for 90.9%, but this is projected to drop to 76.1% for the full year [15]. - Chery's overseas sales have been strong, with 2023 overseas revenue reaching 74.53 billion, making up 49.3% of total passenger car revenue [23]. Group 3: Financial Performance - In 2024, Chery's revenue was 269.9 billion, a 65.4% increase year-on-year, but the net profit margin decreased to 5.35% [34]. - The company reported a net cash flow from operating activities of 44.9 billion in Q1 2025, down from 16 billion in Q1 2024 [35][37]. - Chery's gross profit margin was 13.5% in 2024, significantly lower than competitors like BYD, which had a gross profit margin of 22.4% [31][34]. Group 4: Asset Quality and Liabilities - Chery's asset-liability ratio was 87.9% at the end of 2024, indicating a high level of debt compared to competitors [40][41]. - The company invested 7.5 billion in machinery and equipment in 2024, with a depreciation of 2.3 billion, reflecting a standard depreciation cycle of about 8 years [42][43]. - Despite a high asset-liability ratio, Chery's operational efficiency and cost management strategies have allowed it to maintain competitiveness in the market [46].

Core Insights - Chery Group has achieved significant sales growth, with a total of 1.4846 million vehicles sold in the first seven months of 2025, marking a historical high and a year-on-year increase of 14.5% [1][4][5] - The company continues to lead in exports, with 669,400 vehicles exported in the first seven months, accounting for 45.09% of total sales, maintaining its position as the top Chinese automotive exporter [2][10] - Chery Group's global user base has surpassed 17.18 million, with over 5.17 million users located overseas, making it the first Chinese automaker to exceed 5 million in cumulative exports [11][12] Sales Performance - In July 2025, Chery Group sold 224,400 vehicles, reflecting a year-on-year growth of 14.7%, with Chery brand sales reaching 210,100 vehicles, up 13% [4][5] - The Chery brand has sold 881,100 vehicles in the first seven months of 2025, while the Jetour brand saw a 31.8% increase in sales, and the iCAR brand experienced a 51.1% growth [5] - New energy vehicle sales surged by 87.7% in the first seven months, totaling 424,700 units, indicating strong demand in the sector [7] Global Expansion and Recognition - Chery Group's global market presence has expanded to over 110 countries and regions, with significant sales growth in Europe, where sales increased nearly 11 times in the first half of 2025 [3][9] - The company has been recognized in the Fortune Global 500 list, ranking 233rd in 2025, a significant leap of 152 places from the previous year, the fastest growth among global automakers [12][14] - Chery Group aims to achieve ambitious sales targets, including selling 1 million vehicles in a quarter and eventually breaking into the top 10 global automakers [2][14]

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].

Group 1 - The Ministry of Industry and Information Technology has released a new mandatory national standard for passenger car brake systems, which will take effect on January 1, 2026 [1] - The new standard includes requirements for electric transmission brake systems, regenerative braking, and emergency braking signals, marking a significant update from the 2008 version [1] - The introduction of "single pedal braking" requirements aims to mitigate operational risks, ensuring that drivers must use the brake pedal to stop the vehicle [1] Group 2 - NIO and JAC Motors have reportedly dissolved their joint venture, which is related to NIO's move towards independent production [2] - Despite the dissolution of the manufacturing partnership, NIO and JAC will continue to collaborate in other areas, including a battery swap strategic cooperation agreement signed in January 2024 [2] Group 3 - BYD has partnered with Hong Kong University of Science and Technology to establish a joint laboratory focused on embodied intelligence, with an investment of several tens of millions of Hong Kong dollars over the coming years [3] - The collaboration will explore data-driven research and advancements in autonomous driving technology [3] Group 4 - Chery has restructured its domestic operations by establishing four major business divisions, each focusing on different product lines, under the leadership of Vice President Li Xueyong [4] - The restructuring aims to enhance strategic focus, resource integration, and brand elevation [4] Group 5 - Dongfeng Group reported a 14.7% year-on-year decline in total vehicle sales for the first half of 2025, with total sales of 823,911 units [6] - However, the sales of new energy vehicles increased by 33.0% year-on-year, totaling 204,383 units [6] Group 6 - In June, India's retail sales of passenger vehicles reached 297,722 units, reflecting a year-on-year growth of 2.45% [11] - Commercial vehicle sales also saw an increase of 6.6% year-on-year, totaling 73,367 units [11]

Core Viewpoint - Chery Automobile has established a new domestic business group for its brand, which includes four major divisions: Starway, Aihui, Windcloud, and QQ, aimed at enhancing strategic focus and resource integration [1] Group 1 - The new organizational structure integrates the high-end Starway brand into the domestic business group, reflecting a shift in focus towards premium offerings [1] - The four divisions are designated as follows: Starway for high-end products, Aihui for classic models, Windcloud for new energy vehicles, and QQ for small cars [1] - Chery's previous brand matrix included five concepts: luxury, value, wild, trend, and intelligence, corresponding to its various brands [1] Group 2 - The internal adjustment is stated to be a strategic move for better resource allocation and brand enhancement, without altering brand positioning [1] - Li Xueyong, the Executive Vice President of Chery, will also serve as the General Manager of the new domestic business group [1]