奇瑞再次站在了新能源市场的聚光灯中心。 日前，中国汽车流通协会乘用车市场信息联席分会发布最新数据，在11月新能源厂商批发销量排行榜中，奇瑞集团（以下简称"奇瑞"）首次跻身行业 前三。当月，奇瑞销售新能源汽车116794辆，同比增长50.1%，实现"四连涨"；1~11月新能源汽车累计销量突破81.4万辆，同比增长69.4%。按此势头，全 年新能源销量逼近百万辆已成定局。这一排名变化，是奇瑞长期技术积淀、精准产品矩阵与清晰战略路径共同作用的必然结果，更是新能源汽车市场竞争 格局的一次重要洗牌。 长期主义的厚积薄发 奇瑞新能源汽车市场端的亮眼表现，根源在于技术端的深厚储备。奇瑞一直被业内称为"理工男"，其此次销量跃升，在一定程度上可视为其多年来在 传统动力总成、新能源技术及智能化领域坚持高强度研发投入的集中兑现。 在核心动力技术层面，奇瑞构建了兼具广度与深度的技术护城河。其鲲鹏天擎混动专用发动机的热效率已突破48%，处于全球领先水平，为C-DM混 动系统提供了高效的运行基础。无级超级电混DHT以及专为增程产品开发的2.0T发动机等，形成了覆盖HEV、PHEV、REEV全混动路径的技术解决方 案。尤为引人注目的是其在 ...

Core Viewpoint - Chery's rise is attributed to a long-term strategy and systematic capabilities, showcasing a unique competitive strength that is often underestimated by the market [1][22]. Group 1: Market Performance and Recognition - Chery has achieved significant export sales, with a cumulative export of 1.1996 million vehicles from January to November 2025, marking a 14.7% year-on-year increase [6][7]. - The company has consistently ranked first in China's automotive export sector, with a monthly export of 136,700 vehicles in November 2025, reflecting a substantial 30.3% growth compared to the previous year [7]. - Chery's net profit grew by 28% in the first three quarters of 2025, significantly outpacing the 18% revenue growth, indicating strong profitability [6]. Group 2: Strategic Developments - Chery is set to list on the Hong Kong capital market in 2025, receiving positive ratings from major investment banks like Bank of America and CICC, which have initiated coverage with "buy" or "outperform" ratings [4][5]. - The company is focusing on a multi-brand strategy and diverse powertrain development, with expectations for new models to be launched by 2026, enhancing its growth potential in the new energy vehicle sector [5]. Group 3: Technological Advancements - Chery's "瑶光2025" strategy emphasizes long-term R&D, with a focus on five core areas: Mars architecture, Kunpeng power, Lingxi intelligent cockpit, Falcon intelligent driving, and Galaxy ecosystem [10]. - The company has made significant advancements in solid-state battery technology, achieving a cell energy density of 600Wh/kg, which is expected to enhance electric vehicle range to 1200-1300 kilometers [10][11]. - Chery's new generation Kunpeng Tianqing hybrid engine boasts over 48% thermal efficiency, aiming to challenge fuel consumption standards [11][13]. Group 4: Globalization and Market Expansion - Chery has established a sales network in over 120 countries, implementing a "localization" strategy that ensures products meet diverse market demands [9]. - The company has built a robust global user base, with over 18.28 million users worldwide, including more than 5.7 million overseas users [7]. Group 5: Ecosystem Transition - Chery is transitioning from automotive manufacturing to intelligent robotics, with the launch of the "墨甲机器人" (Mojia Robot) and plans for significant growth in this sector [16][19]. - The company aims to leverage its automotive expertise to develop practical applications for robots, targeting a sales goal of over 40,000 units by 2030 [21].

Core Viewpoint - Chery Automobile is set to launch an IPO, offering approximately 297 million H-shares, with expectations to list on the Hong Kong Stock Exchange on September 25, 2023, marking it as the largest fundraising IPO for a car company this year, potentially revitalizing the Hong Kong market and reshaping global perceptions of Chinese automotive valuations [1][4]. Financial Performance - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion to 269.897 billion, achieving a compound annual growth rate (CAGR) of 70.7%. In Q1 2025, revenue reached 68.223 billion, a year-on-year increase of 24.2% [6]. - Net profit is expected to rise from 5.806 billion to 14.334 billion, with a CAGR of 57.1%. Notably, Q1 2023 net profit was 4.726 billion, reflecting a significant year-on-year growth of 90.9% [6]. - Chery is the only Chinese passenger car company among the top twenty globally to achieve over 25% growth in domestic, overseas, new energy, and fuel vehicle sales compared to 2023 [6]. Market Position and Strategy - Chery has established a comprehensive product matrix with five major brands, allowing it to attract a diverse customer base across various price segments [7]. - The company has a strong global strategy, gaining a first-mover advantage in overseas markets, particularly in the EU and Southeast Asia, which enhances its brand recognition and market share [7][8]. - In 2024, Chery is projected to be the top-selling Chinese independent brand in Europe, South America, the Middle East, and North Africa, with its Exeed brand leading in exports among high-end Chinese brands [8]. Technological Advancements - Chery has developed a "power + architecture + intelligence" technology closed loop, which serves as a competitive moat, enabling it to stand out in the market [10]. - The company is pursuing a multi-pronged approach in the power sector, with advancements in hybrid and electric technologies, including a solid-state battery expected to be operational by 2026 [10][11]. - Chery's modular vehicle development platform, Mars architecture, supports rapid product iteration and market responsiveness [11]. Investment Appeal - The upcoming IPO is seen as a crucial link between industrial strength and capital value, enhancing Chery's competitive edge and providing a solid foundation for future growth [10]. - The shift in valuation logic for Chinese car companies from scale to technology is highlighted, with Chery positioned to benefit from this transformation, making it an attractive investment opportunity [13].

Group 1: Industrial Growth Overview - The province's industrial production maintained rapid growth in the first half of the year, with a year-on-year increase of 8.4% in industrial added value, outperforming the national average by 2 percentage points and ranking 7th in the country [1] - The manufacturing sector emerged as the main growth engine, with an added value growth of 10.4% [3] - A broad base of industrial growth was observed, with 32 out of 41 major industrial categories showing year-on-year growth, resulting in a growth coverage of 78% [3] Group 2: High-Quality Development - High-tech manufacturing added value grew by 23.6%, contributing over 40% to the overall industrial growth, indicating strong innovation-driven industrial upgrades [4] - Equipment manufacturing added value increased by 16.7%, contributing 80.7% to the overall industrial growth, highlighting its role as a core driver of high-quality development [4] - The province's focus on high-end, intelligent, and green development is yielding positive results, with significant contributions from both consumer goods manufacturing and equipment manufacturing [4] Group 3: Automotive Industry Highlights - The automotive industry was a standout performer, with total vehicle production reaching 1.4995 million units in the first half of the year, including 730,900 units of new energy vehicles, both ranking first in the country [7] - The launch of the Zun Jie S800, a luxury electric vehicle, marked a significant achievement in the domestic high-end car market, breaking sales records for Chinese brands [5][6] - The province has established a comprehensive automotive industry ecosystem, with over 3,000 enterprises in the automotive parts sector, enabling the production of a complete new energy vehicle within the province [8] Group 4: Innovation and Technological Advancements - The province is witnessing a surge in innovation, with significant advancements in digital manufacturing and green production, as evidenced by a 19.4% increase in the added value of digital product manufacturing [9][10] - The province has implemented a comprehensive innovation ecosystem, fostering the development of new products and industrial excellence, with 2,940 provincial-level new products cultivated since the beginning of the "14th Five-Year Plan" [10] - Financial institutions have signed contracts worth 1,448 billion yuan with enterprises, supporting 1,226 projects, indicating strong financial backing for technological innovation and industrial upgrades [10]

Core Viewpoint - Chery Automobile has achieved comprehensive growth across four sectors: new energy vehicles, fuel vehicles, overseas exports, and domestic markets, making it the only company in the industry to do so in 2024, despite fierce competition [1] Group 1: Technological Advancements - Chery Automobile emphasizes its commitment to technology, showcasing its "Smart Safety System" and advanced safety technologies during the "Safety Night" event [1][4] - The company follows a three-generation technology strategy, focusing on mass production, development, and pre-research, which has established a robust technological foundation across various vehicle architectures and power systems [4] - Chery's technological evolution is marked by a transition from being a "follower" to a "leader" in the automotive industry, as demonstrated through its series of themed events [4] Group 2: Sales Performance - In the first four months of 2025, Chery Automobile sold 820,800 vehicles, representing a year-on-year increase of 15.3%, with new energy vehicle sales reaching 224,600 units, up 140.7% [5] - The company has maintained its position as the top exporter of Chinese automobiles, with 343,000 units exported in the same period [5] Group 3: Global Strategy - Chery is advancing its globalization strategy by transitioning from product exports to establishing manufacturing plants abroad, and now to a technology-driven export model [5] - The company employs a tailored approach for different markets, focusing on regulatory compliance, product adaptability, competitiveness, and differentiation [5] Group 4: Brand and Market Position - Chery's commitment to safety and quality is underscored by its chairman's statement on prioritizing safety in vehicle manufacturing, regardless of cost pressures [3] - The company aims to leverage its technological strengths to enhance product competitiveness and market influence, contributing to the upward trajectory of the Chinese automotive industry [6]