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]