iCAR将推出V27智能硬派大五座和V25A+级增程方盒子。 星途品牌将推出EX6、EX7和ES7； 捷途山海将推出旅行者7/7L、环游者、X90L、自由者四款车型； 捷途纵横将推出G700全领域豪华越野SUV和F700全地形豪华电混越野皮卡； 【文/观察者网 潘昱辰 编辑/高莘】1月8日，奇瑞汽车宣布将在2026年推出17款新车，涵盖燃油、混 动、增程、纯电四大品类。 奇瑞汽车2026年产品计划 观察者网 其中，奇瑞品牌将推出全新瑞虎8、艾瑞泽8L、艾瑞泽7三款燃油车和风云T9L、风云A9、QQ3三款新能 源车； 2025年，奇瑞累计销量为280.64万辆，同比增长7.8%；新能源车销量为90.38万辆，同比增长54.9%；出 口汽车134.4万辆，同比增长17.4%。此前，奇瑞已宣布2026年的销量目标为320万辆。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Core Insights - Chery Group has reported a significant increase in overseas sales, exporting approximately 1.1996 million vehicles in the first 11 months of 2025, marking a year-on-year growth of 14.7% [1][2] - The company has established a strong presence in the global market, covering over 120 countries and regions, and has been recognized as the leading exporter of automobiles in China [1][2] - Chery Group is committed to sustainable development, implementing a multi-level governance structure and actively pursuing carbon neutrality goals [1] Sales Performance - In November 2025, Chery Group sold 272,500 vehicles, with exports accounting for 136,700 units, reflecting a year-on-year increase of 30.3% [2] - Cumulatively, from January to November 2025, the company sold 2.5615 million vehicles, achieving an 11.1% year-on-year growth [2] - The total number of global users has surpassed 18.28 million, with over 5.7 million users located overseas [2] Product Development - Chery Group has launched several new models, including the fifth-generation Tiggo 8 and various electric and hybrid vehicles, enhancing its product lineup to cater to diverse market needs [3] - The company showcased 34 key models across five brands at the 2025 Guangzhou Auto Show, covering mainstream segments such as sedans, SUVs, and off-road vehicles [3] Brand Strategy - Chery Group's globalization strategy has evolved from merely exporting products to a more integrated approach involving brand collaboration and ecosystem development [4] - The company has established a diverse brand matrix, including OMODA, JAECOO, EXEED, CHERY, JETOUR, iCAUR, and LEPAS, to cover various market segments from mass to premium [4] - The launch of the luxury hybrid off-road vehicle, Zongheng G700, in Dubai has received high praise from international media, enhancing the brand's image and value [4] Research and Development - Chery Group has implemented a global R&D system, ensuring products meet stringent local standards and diverse market demands [5] - The company has achieved significant milestones in vehicle reliability, with the Jietu T1 successfully completing the Pan-American Highway challenge [5] - Chery's EXEED brand has received a five-star safety rating from Euro NCAP, with a total of 56 models achieving various five-star safety certifications, leading among Chinese automakers [5] Robotics Development - Chery Group has made notable advancements in the field of intelligent robotics, with its Chery Mocha robots entering over 30 countries [6][7] - The first humanoid robot, Mornine, has received multiple EU certifications, marking a significant achievement in the robotics sector [6] - The company plans to expand its robotics sales strategy from automotive 4S stores to broader public service sectors, aiming for substantial sales growth by 2030 [7]

Core Insights - The article discusses the transformation of the automotive industry, particularly focusing on the competitive dynamics between domestic and joint venture manufacturers, highlighting the shift from a multi-model approach to a focus on winning rates in market share [1] Group 1: Growth and Market Dynamics - The company has experienced significant market share growth since 2021, driven by a rapid increase in demand and the electrification of vehicles [1] - Historical growth phases are outlined: initial reliance on low-cost small cars (2008-2012), a strategic shift towards quality improvement (2013-2016), a recovery period with successful sub-brand strategies (2017-2021), and an explosive growth phase from 2022 onwards due to technological advancements and a strong export performance [1][2] Group 2: Current Performance - The company’s current performance is supported by strong sales of traditional fuel vehicles, with notable models like the Aiyre and Ruihu series achieving good market reception [2] - The company is projected to achieve revenue of 269.9 billion yuan in 2024, representing a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [2] Group 3: Competitive Advantages - The company has established a strong export position, with a focus on regions such as Europe, Latin America, and Southeast Asia, and is expanding production capacity in overseas factories [2][3] - Technological innovation is a key competitive advantage, with the launch of the new Kunpeng engine achieving a thermal efficiency of 48%, the highest globally, and plans to increase production capacity significantly by 2026 [2] Group 4: Future Outlook - The company plans to focus on the integration of its domestic brands and the development of its Wind and Cloud series, aiming to capture market share through technological advancements [3] - Continued growth in the domestic market is expected, with a projected increase in market share for traditional fuel vehicles over the next three years [3] Group 5: Financial Projections - The company is expected to see net profits of 17.34 billion, 21.86 billion, and 24.34 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 9.2X, 7.3X, and 6.6X, which are below the industry average [4]

Core Viewpoint - Zhongtai Securities initiates a "Buy" rating for Chery Automobile (09973), highlighting its strong export capabilities and first-mover advantage, with expectations for simultaneous growth in volume and profit due to orderly advancement of domestic new energy brands and deep collaboration with Huawei [1] Group 1: Industry Insights - The shift in core capabilities for automakers emphasizes demand control and the pace of electrification as critical for market share growth, moving away from traditional product cycles [2] - The competitive landscape has evolved post-2021, with domestic and joint venture brands increasing their market share through strategic adjustments [2] Group 2: Growth Review - Chery's market share has significantly increased since 2017, transitioning from reliance on low-cost small cars to a focus on quality and export growth [3] - The company has experienced a resurgence and growth phase from 2017 to 2021, marked by improved product strength and successful sub-brand strategies [3] - The current explosive growth phase (2022-present) is characterized by technological advancements and a rapid transition to new energy vehicles, leading to record sales [3] Group 3: Current Development Status - Chery's internal combustion vehicle lineup, particularly the Aiyre and Ruihu series, continues to perform well, supporting overall growth [4] - The Wind and Cloud sub-brand is beginning to show results in the new energy transition, while the Jietu and Zhijie brands are developing independently [4] - Financially, Chery is projected to achieve revenues of 269.9 billion yuan in 2024, a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [4] Group 4: Core Competitiveness - Chery's first-mover advantage in exports has created a strong competitive moat, with leading engine technology and smart capabilities enhanced by Huawei [5] - The company has established a stable increase in export volumes, focusing on regions such as Europe, Latin America, and Southeast Asia, with overseas production capacity reaching approximately 1 million units [5] - The new Kunpeng engine boasts a thermal efficiency of 48%, the highest globally, with production capacity expected to double by 2026 [5] Group 5: Future Outlook - Chery plans to focus on the Wind and Cloud brands for market penetration, with significant advancements in technology and product offerings [6] - The company aims to enhance its domestic oil vehicle market share, which has increased by 4.1 percentage points over the past three years, positioning it as the second-largest among domestic brands [6] - Continued expansion in key overseas markets is anticipated to contribute positively to profits [6]

Core Viewpoint - Zhongtai Securities initiates a "Buy" rating for Chery Automobile, highlighting its strong export capabilities and first-mover advantage, with expectations for simultaneous growth in volume and profit due to orderly domestic new energy brand advancement and deep collaboration with Huawei [1] Group 1: Industry Analysis - The shift in core capabilities for automakers emphasizes demand control and the pace of electrification as critical for market share growth, moving away from traditional product cycles [2] - The competitive landscape has evolved post-2021, with domestic and joint ventures increasing market share through strategic adjustments [2] Group 2: Growth Review - Chery's market share has significantly increased since 2017, transitioning from reliance on low-cost vehicles to a focus on quality and exports, leading to record sales [3] - The company has experienced a growth phase from 2022 onwards, marked by technological advancements and a strong export performance, making it the top Chinese brand in exports [3] Group 3: Current Development - Chery's internal combustion engine (ICE) vehicles continue to perform well, with the Wind and Cloud series contributing to both volume and profit growth [4] - Financially, Chery is projected to achieve revenues of 269.9 billion yuan in 2024, a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% [4] Group 4: Competitive Advantages - Chery's first-mover advantage in exports has created a strong competitive moat, with leading engine technology and collaboration with Huawei enhancing its smart capabilities [5] - The new Kunpeng engine boasts a thermal efficiency of 48%, with production capacity expected to reach 1 million units by 2026 [5] Group 5: Future Outlook - Chery plans to focus on the Wind and Cloud brands for market capture, with significant improvements in technology and product offerings aimed at meeting consumer demands [6] - The company has seen a 4.1 percentage point increase in domestic market share for ICE vehicles over the past three years, positioning it as the second-largest domestic brand [6] - Continued expansion in key overseas markets such as Europe, Latin America, and Southeast Asia is expected to contribute to profit growth [6]

Core Viewpoint - Chery Automobile's chairman, Yin Tongyue, openly criticized the company's own practices during the 2025 China Automotive Forum, admitting that Chery tends to follow others in both good and bad actions, raising questions about the company's integrity and strategy in the competitive automotive market [2][4]. Group 1: Smart Driving Promotion - Chery has been accused of promoting its smart driving technology in defiance of government regulations, with Yin claiming that Chery is the leader in smart driving despite the Ministry of Industry and Information Technology's (MIIT) warnings against exaggerated claims [4]. - The company has faced challenges in its smart technology development, leading to the consolidation of its subsidiaries into a unified "Chery Smart Center" to improve efficiency, indicating that progress has not met expectations [4][5]. Group 2: Price Wars and Competition - Despite publicly opposing "price wars" and "involution" in the automotive industry, Chery has engaged in aggressive pricing strategies, offering significant discounts on over 30 models, with price reductions reaching up to 55,000 yuan [5][6]. - Chery's executives have made contradictory statements regarding price competition, with one acknowledging that such competition has provided opportunities for Chinese brands, highlighting the complexity of the market dynamics [8]. Group 3: Negative Comments on Competitors - Chery's marketing executive publicly disparaged a competitor's vehicle, calling it "junk," which led to backlash and forced the company to issue a statement condemning such behavior as against company policy [9][10]. - The incident reflects a broader issue within the company regarding public relations and competitive conduct, prompting internal actions against the responsible parties [9]. Group 4: Subsidy Reduction - Chery faced a reduction of over 140 million yuan in government subsidies due to non-compliance with documentation requirements during the 2016-2020 period, raising concerns about the company's operational practices [10]. - The company defended itself by stating that the documentation requirements were not in place during the sales period, indicating a potential misalignment between regulatory expectations and operational realities [10].

Group 1: US-China Trade Relations - The US and China recognize the importance of bilateral economic relations for both countries and the global economy [3] - Both parties commit to modifying tariffs on each other's goods, with a significant reduction of tariffs planned by May 14, 2025 [3][4] - The US will suspend 24% of tariffs on Chinese goods for the first 90 days, while retaining 10% of the tariffs, and will cancel additional tariffs as specified [3] - China will similarly suspend 24% of tariffs on US goods for the first 90 days and cancel other tariffs as outlined [3] Group 2: Market Reactions - Following the positive developments in US-China trade negotiations, major US stock indices saw significant gains, with the Nasdaq rising over 4% [7] - Large tech stocks experienced substantial increases, with Apple up over 6% and Amazon rising over 7% [9] - Chinese stocks also surged, with the Nasdaq Golden Dragon China Index increasing by over 5% and several Chinese companies seeing gains of 8% or more [9] Group 3: Corporate Responses - Changjiang Holdings responded to shareholder inquiries regarding a port transaction, emphasizing that the transaction will comply with all legal and regulatory requirements [5][6] - The company clarified that the completion of the transaction depends on various conditions, including necessary approvals and absence of legal prohibitions [6]

Group 1 - The core viewpoint of the article highlights the competitive tension between Chery and Geely, particularly following negative comments made by Chery's marketing executive about Geely's new car, the Galaxy Star 8 [1][2]. - Geely's Galaxy Star 8, a mid-to-high-end hybrid sedan, was launched on May 9, with a price range of 115,800 to 155,800 yuan, and is noted for its competitive pricing and features, putting pressure on rival models [1]. - Chery's upcoming model, the Wind Cloud A9, is expected to be priced around 100,000 yuan and will directly compete with the Galaxy Star 8, indicating a significant market rivalry [1]. Group 2 - Following the controversy, Chery's executive, Yao Fei, disbanded the related social media group and made his account private, reflecting the backlash from the comments made [2]. - The article mentions that both Chery and Geely have not yet issued official responses regarding the incident, suggesting ongoing tension in the competitive landscape [2].

Core Viewpoint - The core philosophy of Chery's marketing emphasizes that "products are the ship, and marketing is the sail," highlighting the importance of product quality and user experience over mere marketing tactics [1][4]. Group 1: Product and Marketing Strategy - Chery's marketing strategy is focused on returning to product quality and user experience, asserting that marketing should authentically reflect issues rather than relying on short-term effects [4]. - The "Old Ox Culture" of Chery promotes long-term value and continuous iteration, aiming to create high-quality, cost-effective products that resonate with consumers [4]. - The younger consumer demographic is less sensitive to brand reputation and more focused on the balance of price and quality, necessitating that Chery provides products that meet these expectations [4]. Group 2: Product Launch and International Presence - At the Shanghai Auto Show, Chery showcased 53 new models across its five brands, demonstrating significant product launch capabilities [6]. - Chery's participation in international events has increased, with over 5,000 overseas guests expected at the 2025 Shanghai Auto Show, indicating a strong push towards global market engagement [6][7]. - The company aims to enhance the global perception of Chinese automobiles, allowing international audiences to experience the diversity and quality of Chinese automotive products [7].

Group 1 - The core focus of Chery's IPO is to raise funds for expanding its product lineup, enhancing core technology capabilities, and executing global strategies [1][3] - Chery submitted its IPO application to the Hong Kong Stock Exchange on February 28, 2023, and is currently in the silent period of the listing process [1][3] - The company aims to utilize the raised funds for research and development of various passenger vehicle models and to improve production facilities [1][3] Group 2 - Chery exported approximately 255,000 vehicles in the first quarter of this year, with total overseas sales reaching 1.1446 million units last year [3] - The Shanghai Auto Show 2025 highlighted Chery's internationalization efforts, with the company inviting a record 5,000 overseas guests and partners [3][4] - Chery showcased multiple brands and new models at the Shanghai Auto Show, including the all-new QQ and the瑞虎9L concept car, indicating a shift towards becoming a global technology mobility enterprise [4]