Core Viewpoint - Chery Automobile has officially launched its Hong Kong IPO process, aiming to raise funds primarily for new technology and model development, overseas market expansion, and smart manufacturing upgrades, marking a significant step in its global integration and brand internationalization [1][3]. Financial Performance - Chery's total revenue is projected to grow from RMB 92.6 billion in 2022 to RMB 269.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 70.7%. Net profit is expected to increase from RMB 5.8 billion to RMB 14.3 billion during the same period, with a CAGR of 57.1% [3]. - In 2024, Chery anticipates a revenue of RMB 269.9 billion, a year-on-year increase of 65.4%, and a net profit of RMB 14.33 billion, up 37.2% year-on-year, showcasing strong growth momentum [3]. - Chery's vehicle sales are projected to reach 2.295 million units in 2024, representing a 49.4% year-on-year increase [3]. Global Expansion - Chery has maintained its position as the top exporter of Chinese passenger cars for 22 consecutive years, with its vehicles sold in over 100 countries and regions, accumulating over 13 million units globally [3][5]. - The company has entered a new phase of globalization, termed "Overseas 3.0," establishing a comprehensive production layout both domestically and internationally, which reduces production costs and meets diverse market demands [5][9]. Brand Development - Chery has developed a brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which contributed 91.5% of the company's total revenue in 2024, demonstrating strong brand synergy [4]. Technological Advancements - Chery has invested significantly in safety and technology, including an 18 billion RMB investment in a collision laboratory, which conducts over a thousand crash tests annually [7]. - The company has developed advanced hybrid power systems, achieving a thermal efficiency of 48% with its Kunpeng Tianqing engine, addressing industry challenges related to range anxiety and performance compromise [7][8]. Market Positioning - Chery's global network and localized operations provide a competitive edge, with overseas business contributing 37.4% of total revenue in 2024 [9]. - The company has established a robust dealer network with 2,958 outlets worldwide, enhancing its market presence and competitive barriers [9]. Future Outlook - Analysts believe Chery's investment value lies in its unique business model and sustainable growth potential, supported by over 20 years of global operational experience that is difficult for competitors to replicate [10]. - With the increasing penetration of global electric vehicles and the launch of new models and technologies, Chery is expected to maintain a high growth trajectory, particularly following the full-scale launch of localized production in Europe [10].

文章称，此次鲲鹏天擎发动机成功点火，将全球燃油发动机热效率的巅峰性能推向了48%。这一数据意味着奇瑞汽车在混动核心技术领域 实现了"领跑式"超越，不仅证明了鲲鹏天擎发动机在设计、计算、制造等环节完全可靠，迈出了从实验室到量产的关键一步，也为奇瑞汽 车实现"世界混动看中国，中国混动看奇瑞"目标，推动中国汽车产业持续引领全球新能源浪潮注入了技术驱动力。 目前，奇瑞集团形成了奇瑞、星途、捷途、iCAR四大立体化品牌矩阵。在刚刚过去的8月份，奇瑞集团国内市场销售新能源汽车7.1万辆， 同比大增53.1%，混动车型成为奇瑞新能源销量的重要基石。 （校对/黄仁贵） 9月13日，奇瑞汽车发文称，鲲鹏天擎48%热效率发动机点火仪式在奇瑞龙山试验中心动力总成试验室成功举行。奇瑞汽车股份有限公司 副总裁古春山，奇瑞汽车首席动力总成技术专家张志福共同出席活动。 根据规划，鲲鹏天擎混动发动机将主要用于奇瑞汽车HEV（油电混合动力汽车）、PHEV（插电混合动力汽车）和REEV（增程式电动车） 平台产品序列，进一步打开奇瑞在混动市场的增长空间，为混动汽车整体技术升级树立全新标杆。 ...

Core Insights - Chery showcased its innovative technologies at the 2025 Shanghai International Auto Show, featuring five brands and 53 models, including advanced vehicles like flying cars and amphibious vehicles, attracting significant international attention [2][4][5] Group 1: Technological Innovations - Chery's display included groundbreaking technologies such as the Kunpeng engine with a 48% thermal efficiency, a flying car capable of seamless land and air transitions, and an amphibious vehicle that can operate in 1.5 meters of water for 40 minutes [5][9] - The company also presented high-speed motors and hydrogen fuel cell innovations, which garnered interest from international media [7] Group 2: Global Expansion and Strategy - Chery has established a unique globalization methodology, having exported its first batch of vehicles in 2001 and now covering over 80 countries with 16 production bases [13] - In Q1 2025, Chery exported 255,000 vehicles, maintaining its position as the leading Chinese automotive exporter, with a global user base exceeding 16.3 million [13][14] - The company is implementing a "technology output + localization production + ecological co-construction" model, exemplified by its new factory in Spain [14] Group 3: Commitment to Innovation and Standards - Chery launched the world's first hybrid technology open-source plan, focusing on patent licensing, laboratory sharing, and talent development, aiming to reshape the global narrative of Chinese automotive companies [12] - The company has accumulated over 29,000 patents and has established a global R&D system, reflecting its commitment to continuous innovation [10]

Core Viewpoint - Chery has transformed from a "follower" to a "definer" in the global automotive industry, showcasing its technological advancements and redefining the global image of Chinese automobiles through its "Technology Going Global 3.0" strategy [4][17]. Group 1: Chery's Global Presence - The Shanghai International Auto Show attracted significant attention to Chery, with over 5,000 overseas guests and industry media representatives, highlighting the company's growing global influence [1][4]. - Chery's exhibition showcased various technological innovations, including the Kunpeng engine with a thermal efficiency of 48%, and the amphibious vehicle Jetour Zhenghong G900, demonstrating China's comprehensive technological capabilities [1][15]. Group 2: Evolution of Chery's Global Strategy - Chery's international expansion can be categorized into three phases: - Phase 1 (1.0): Product export phase, focusing on cost-effectiveness to enter international markets, with over 1 million vehicles exported from 2001 to 2010 [5][7]. - Phase 2 (2.0): Localization phase, emphasizing ecosystem development and establishing local production bases to enhance brand recognition and market share [7][8]. - Phase 3 (3.0): Technology innovation phase, where Chery transitioned from selling products to exporting technology standards, establishing a global integrated system of R&D, manufacturing, supply chain, and service [8][9]. Group 3: Technological Advancements - Chery has achieved significant technological milestones, including the launch of the Kunpeng engine, which surpasses competitors like Toyota and Volkswagen in thermal efficiency [12]. - The company has established a robust global R&D network with over 29,000 patent applications, positioning itself as a leader in automotive technology [12][15]. Group 4: Market Performance - In 2024, Chery's total sales reached 2.604 million vehicles, with exports of 1.14 million units, setting a new record for Chinese automotive exports [11]. - The brand value of Chery increased by 163%, ranking it among the top three in the Chinese automotive manufacturing industry, reflecting its enhanced market influence [10].