针对这些乱象，国家市场监督管理总局就《汽车行业价格行为合规指南（征求意见稿）》公开征求意 见，明确核心要求、行为红线及处罚标准。 商报记者 郭雨昕 35.88万元能买玛莎拉蒂、奥迪Q7直降14万元……2025年，我国汽车产业在转型升级中稳步前行，但"内 卷式"竞争引发的无序价格战已成为行业健康发展的瓶颈。动辄降十几万甚至数十万元的"跳楼价"，把 车市推向了一种 "荒诞的热闹"，而"越亏越卖、越卖越降" 的怪圈就此形成。 在此背景下，国家市场监督管理总局近日发布《汽车行业价格行为合规指南（征求意见稿）》，直指车 市"亏本卖车""虚假促销"等沉疴，划定全链条价格红线。截至发稿，比亚迪（002594）、长城、小鹏等 十余家车企密集响应，承诺合规经营，为深陷"价格内卷"的车市注入规范动能。 价格内卷之下 车企"赔本赚吆喝" 乘联分会数据显示，2024年国内降价车型超200款，2025年前11个月又有173款车型实施官方降价，其中 大幅降价的不在少数。 举例来看，豪华品牌中，奥迪Q7直降14万元，玛莎拉蒂格雷嘉纯电版从89.88万元骤降至35.88万元；主 流车型里也是充斥着各类"一口价"，例如天籁12.78万元、别克 ...

上通五菱:10.78万辆，其中：出口1.25万辆，分车型宏光MINI5.36万辆，缤果0.69万辆 乘联会口径： 11月批售170.6万辆，同比+18.5%，环比+5.8%；渗透率56.9%，环比+1.6pct。 11月零售132.1万辆，同比+4.0%，环比+3.0%；渗透率59.4%，环比+2.2ct。 11月出口28.4万辆，同比+255.0%，环比+19.3%；渗透率47.3%，环比+3.1pct。 中汽协口径： 11月销量182.3万辆，同比+20.6%，环比+6.3%；渗透率53.2%，环比+1.5pct。 各家车企信息如下： Tesla:8.67万辆，其中：出口1.36万辆 比亚迪:47.49万辆，其中：出口12.81万辆，分车型秦DMI1.57万辆，海豚3.1万辆，海豹0.31万辆，海鸥5.01万辆，汉(EV+DM)1.19万辆，宋(EV+DM)5.6万辆，腾势1.33 万辆 蔚来:3.63万辆，其中：ET5&ET5T0.6万辆，ES60.24万辆 理想:3.32万辆，其中：L9 0.22万辆，L8 0.21万辆，L7 0.52万辆 小鹏:3.67万辆，其中：出口0.51万辆，分车型P7&P7 ...

Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange, marking the largest IPO for an automotive company in Hong Kong this year, but it faces significant structural challenges including low gross margins, slow transition to new energy vehicles, and high reliance on fuel vehicles [1][2]. Financial Performance - Chery's stock opened at HKD 34.2 per share, an increase of 11.22% from the issue price, with a market capitalization exceeding HKD 200 billion on the first day of trading. By the end of the day, the stock closed at HKD 31.92, giving a total market value of HKD 184.1 billion [2]. - From 2022 to 2024, Chery's revenue is projected to grow from CNY 92.618 billion to CNY 269.897 billion, reflecting a compound annual growth rate of 70.7%. In Q1 2025, revenue increased by 24.25% year-on-year to CNY 68.223 billion [2]. Profitability and Debt - Chery's gross margins are lower than those of leading competitors, with gross margins of 13.8%, 16%, and 13.5% from 2022 to 2024, and only 12.4% in Q1 2025. In contrast, BYD's gross margin increased from 17% to 20.1% during the same period [3]. - The company's debt levels are concerning, with asset-liability ratios of 93%, 92%, and 89% at the end of 2022, 2023, and Q3 2024, respectively. Although there was slight improvement in Q1 2025, the ratio remained high at 87.7% [3]. Market Position and Strategy - Fuel vehicles remain Chery's primary revenue source, accounting for 75.9%, 87.8%, and 69.6% of total revenue from 2022 to 2024. In Q1 2025, fuel vehicle revenue still represented 69.7% of the passenger vehicle segment, while new energy vehicles accounted for only 30.3% [4]. - Chery has recognized the challenges in its transition to new energy vehicles and launched the "Yaoguang 2025 Strategy" in 2022, focusing on electric and intelligent vehicle technologies [5]. Brand and Market Perception - Chery is attempting to break away from its "cost-performance" label to capture a share of the high-end market, but results have been disappointing. Sales of its high-end brand, Exeed, fell by 32.45% year-on-year in August [6]. - The company's low-price strategy has led to a fixed brand image, hindering its ability to penetrate the high-end market and resulting in low customer loyalty [6][7]. Future Outlook - Experts suggest that Chery should leverage the funds raised from its IPO to enhance research and development in electric and intelligent vehicle sectors, improve its business structure, and gradually build brand premium capabilities [7].

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2025, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market since 2025, despite facing challenges in its transition to electric vehicles and maintaining profitability [1][21]. Group 1: Company Performance - Chery's stock opened at HKD 34.2, a rise of 11.22% from the issue price of HKD 30.75, with a market capitalization exceeding HKD 200 billion at one point, closing at HKD 31.92 and a market cap of HKD 184.09 billion [1]. - In 2024, Chery was the fastest-growing brand among the top ten passenger car companies in China and the only company in the global top twenty to achieve over 25% growth in new energy, fuel vehicles, and both domestic and international markets [1]. - Chery's overseas sales reached 1.145 million units in 2024, accounting for nearly 40% of its revenue, with a significant presence in Russia, especially after the outbreak of the Russia-Ukraine conflict [2][4]. Group 2: Financial Metrics - Chery's revenue from overseas sales was reported at CNY 291.5 billion in 2022, CNY 745.3 billion in 2023, CNY 978.7 billion in 2024, and CNY 196.4 billion in Q1 2025, maintaining a stable contribution of around 40% to its total revenue [4]. - The company's overall gross margin was below industry standards, with figures of 13.8%, 16%, 13.5%, and 12.4% from 2022 to Q1 2025, compared to competitors like BYD and Geely, which had gross margins of 20.1% and 15.9%, respectively [7][11]. Group 3: Challenges and Strategic Shifts - Chery's reliance on fuel vehicles remains high, with over 60% of its passenger car revenue coming from fuel vehicles in Q1 2025, while the penetration rate of new energy vehicles in China exceeded 55% [10]. - The company has initiated significant reforms to address its "偏科" (specialization) issues, including restructuring its brand strategy and focusing on electric and hybrid vehicle development [17][19]. - Chery's R&D investment has been relatively low, with a rate of only 3.3% in Q1 2025, compared to BYD's 8.3%, raising concerns about its technological capabilities in the electric vehicle sector [13][14]. Group 4: Future Plans and Funding Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital [21]. - Chery aims to accelerate its transition to electric and intelligent vehicles while consolidating its advantages in overseas markets, marking the IPO as a new starting point for its transformation [21].

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Chery New Energy's QQ Ice Cream is set to launch on August 23, 2025, in the A00 HB segment with a price range of 36,900 RMB [15] - Toyota's Lexus NX will be available on August 23, 2025, as a B SUV with a price range of 299,800 to 509,800 RMB [23] - Chery's Jetour X70 PLUS is scheduled for release on August 25, 2025, in the B SUV segment, priced between 113,900 and 136,900 RMB [31] - NIO's Firefly will launch on August 25, 2025, as an AO HB with a price of 133,800 RMB [38] - Chery's LUXEED R7 will be available on August 25, 2025, in the C SUV segment, with prices ranging from 249,800 to 309,800 RMB [46] Group 2: Specifications and Features - The QQ Ice Cream features a pure electric engine with a range of 205 km and a battery capacity of 17.4 kWh [15] - The Lexus NX offers multiple engine options, including a 2.5L hybrid with a power output of 139 kW and a torque of 241 Nm [22] - The Jetour X70 PLUS is equipped with a 1.5T engine, providing a power output of 115 kW and a torque of 230 Nm [31] - NIO's Firefly has a pure electric engine with a range of 420 km and a battery capacity of 42.1 kWh [38] - The LUXEED R7 offers both range-extended and pure electric options, with the latter providing a range of up to 802 km [46] Group 3: Market Segments and Engineering Changes - The QQ Ice Cream is categorized as a new model (NM) with no significant engineering changes [15] - The Lexus NX is classified as a mid-cycle enhancement (MCE1), indicating minor updates [23] - The Jetour X70 PLUS also falls under MCE1, suggesting some improvements without a complete redesign [31] - NIO's Firefly is a new model (NM) with no major engineering modifications [38] - The LUXEED R7 is classified as MCE1, indicating updates to features and specifications [46]

Core Insights - The article emphasizes the significant role of the "New Energy Vehicles Going to the Countryside" initiative in promoting green development in rural areas, supported by national policies and the rural revitalization strategy [1][9] - Chery Automobile is highlighted as a key player in this initiative, leveraging its technological expertise, diverse product offerings, and comprehensive service network to enhance its presence in rural markets [1][8] Policy and Market Dynamics - The 2025 upgrade of the initiative includes an expanded vehicle catalog of 124 models, incorporating international brands like Tesla, indicating strong governmental commitment [1] - The initiative is seen as a catalyst for rural market expansion, with companies like Hunan Lianpu Automobile Trade Co., Ltd. effectively utilizing various subsidies to lower purchase barriers for rural consumers [4][9] Marketing Strategies - Hunan Lianpu has adopted an innovative "online live streaming + offline test drive" marketing model, achieving a 41% online sales ratio in June 2025, demonstrating the effectiveness of new media in reaching rural consumers [6][8] - The company’s "Worry-Free Purchase" plan integrates multiple subsidies, making it easier for rural consumers to access quality models like the Chery Tiggo 8 PLUS CDM, which offers over 1300 km of range [4][6] Service and Support - To address common challenges such as charging difficulties and after-sales service in rural areas, Hunan Lianpu has partnered with charging service providers to implement convenient charging solutions [7] - The company offers comprehensive after-sales support, including lifetime warranties, and tailors vehicle recommendations to meet the specific needs of rural users [7][8] Social Impact and Future Outlook - Hunan Lianpu's initiatives not only enhance Chery's brand influence in rural areas but also contribute to the broader goals of rural revitalization and green energy transition [8][9] - The ongoing commitment to innovative service models and active participation in national initiatives positions Chery and its dealers to play a crucial role in the future of rural green transportation [9]

Core Viewpoint - Chery is undergoing a significant restructuring of its new energy vehicle (NEV) product lines, consolidating several models under the Chery brand and launching a new model called "Domi" to enhance its market presence in the NEV sector [4][5][8]. Group 1: Product Line Adjustments - Chery has integrated its previously separate iCAR brand models, including QQ Ice Cream, Big Ant, and Small Ant, into the Chery brand, indicating a strategic shift in its approach to NEVs [4][5]. - The new model "Domi" is set to be launched soon, with expectations for it to be positioned similarly to the Kaiyi Shiyue Mate, priced around 59,800 yuan, and will likely use batteries from Guoxuan High-Tech [7][8]. Group 2: Market Strategy - Chery aims to adopt a "car sea strategy" to penetrate the NEV market, focusing on launching multiple new products to increase overall sales volume without setting specific sales targets for "Domi" [8]. - The company has set ambitious goals for its NEV sales, aiming to become the third-largest player in the industry by mid-2024, despite current projections indicating it may fall short of this target [8]. Group 3: Leadership Changes - The leadership of the iCAR brand has changed, with Su Jun, a former CEO of Zhimi Technology, taking over from Zhang Hongyu, reflecting a shift towards a more innovative approach in product development aimed at younger consumers [6][7].