註： 其中：新能源銷量47,393輛，出口銷量116,985輛。 請注意，本公告所披露之數字均屬未經審計，尚未經本公司核數師確認，並可能 須予調整及最終確認。股東及潛在投資者務請於本集團財務業績公佈後審慎查閱。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 董事長 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9973） 未經審核之二零二六年一月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本集團於二零二六年一月的五大品牌總銷量為191,496輛汽車，較去年同期 減少約10.7%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累計 | ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Viewpoint - The article emphasizes the importance of "completeness" in evaluating vehicles, highlighting that a well-rounded product should not have significant issues or shortcomings, which reflects its overall quality and user experience [4][7][24]. Group 1: Evaluation Criteria - The evaluation for the 2026 Xuanyuan Award is divided into four dimensions: dynamic and static experience, combined auxiliary driving and parking, intelligent cockpit experience, and scenario adaptation [4][7]. - The dynamic experience team focuses on dynamic evaluations, assessing 40 shortlisted models categorized by price and type, including sedans, SUVs, and off-road vehicles [7][9]. - The testing environment simulates real consumer driving conditions, with evaluations based on user perspectives, including acceleration limits and common driving scenarios [9][22]. Group 2: Trends and Observations - A notable trend for 2025 is the downscaling of configurations and technologies, with features like rear-wheel steering becoming available in lower-priced models [10][37]. - Vehicles priced under 200,000 yuan face challenges in balancing cost and performance, while those above this price point tend to have more discerning users, making any shortcomings more pronounced [9][28]. - The 2025 models show a shift towards more controlled performance, reducing the aggressive tuning seen in 2024 models, which were designed to appeal to younger consumers [9][31]. Group 3: Industry Challenges - Joint venture brands are experiencing confusion regarding their traditional dynamic tuning approaches, as consumer preferences shift towards lighter steering and different driving experiences [11][35]. - The article discusses the need for manufacturers to adapt to evolving consumer expectations, particularly as new customers may not have experienced high-quality vehicles [11][35]. - There is a recognition that while technology is being democratized, it does not automatically lead to improved user experience, as proper calibration and tuning remain critical [10][37]. Group 4: Off-Road Vehicle Evaluation - The article introduces a new evaluation system for off-road vehicles, focusing on their off-road capabilities and user safety, with a collaborative initiative to create a reliable off-road travel guide [50][51]. - Three off-road vehicles were selected for evaluation based on their capabilities, with the results indicating varying levels of performance across different terrains [53][58]. - The evaluation criteria include both off-road ability and user safety, with a grading system to classify vehicles based on their performance in challenging conditions [51][58].

Core Insights - Chery Automobile has achieved a significant milestone in the electric vehicle market, with monthly sales of new energy vehicles surpassing 110,000 units for the first time in October, following previous months of over 90,000 and 100,000 units [1][5] - The company has transitioned from a "single combat" approach to a "matrix development" strategy, with multiple successful models contributing to its sales growth [3][6] - Chery's strong performance is attributed to a robust lineup of popular models, including the Fengyun A9L, Fengyun T11, and Zongheng G700, which have collectively driven sales [6][5] Sales Performance - The Fengyun A9L has maintained sales of over 10,000 units for three consecutive months, while the Fengyun T11 received 38,000 orders within 24 hours of its launch [3][5] - The iCAR brand sold 12,393 units in October, totaling 79,023 units from January to October, while the high-end brand Zhijie sold 12,810 units in October, with a cumulative total of 70,587 units [5] - The Zhijie R7 has surpassed 100,000 units in cumulative deliveries since its launch [5] Technological Advancements - Chery has a long history of investment in hybrid technology, starting its research in 2001, and plans to launch 39 hybrid models by 2025 [6][7] - The company is advancing in battery technology, with the introduction of the Rhino S solid-state battery module, which boasts an energy density of 600 Wh/kg and a range of 1,200-1,300 kilometers [6] - Chery's commitment to safety is evident in the design of the Fengyun T11, which features a high-strength steel-aluminum alloy body and exceeds national safety standards [8][9] Global Expansion - Chery has exported 1.06 million vehicles from January to October, marking a 12.9% year-on-year increase, and has become the fastest Chinese automotive group to reach this milestone [13] - In the European market, Chery sold over 170,000 vehicles in the first ten months, reflecting a 2.4-fold increase year-on-year, and has established localized production [13] - The company's global strategy emphasizes local market adaptation, supported by a diverse team of over 1,000 designers across ten design centers worldwide [9][11] Future Outlook - The launch of the Fengyun T11 has generated ongoing orders, indicating strong market interest and potential for continued growth [14] - Chery's long-term strategy focuses on building systemic capabilities rather than seeking immediate recognition, positioning the company for sustained value creation in the electric vehicle sector [14]

| | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,580 | 151,051 | 12% | 1,207,862 | 1,113,541 | 8% | | 星途 | 10,802 | 15,717 | -31% | 87,951 | 95,946 | -8% | | 捷途 | 56,586 | 60,226 | -6% | 459,578 | 376,672 | 22% | | iCAR | 10,734 | 5,180 | 107% | 66,630 | 42,798 | 56% | | 智界 | 7,882 | 2,522 | 213% | 57,777 | 21,422 | 170% | | 合計 | 255,584(註) | 234,696 | 9% | 1,879,798 | 1,650,379 | 14% | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公 ...

Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange after overcoming previous obstacles related to its complex shareholding structure, but it still faces multiple challenges that need to be addressed [1] Group 1: Financial Performance - Chery's revenue is projected to grow from 92.618 billion to 269.897 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion to 14.334 billion [2] - The company's gross margin is forecasted to be 13.5% in 2024, declining to 12.4% in the first quarter of 2025 [2] - Chery's debt ratio remains high, with asset-liability ratios of 93%, 92%, and 89% from the end of 2022 to the third quarter of 2024, and reaching 87.7% in the first quarter of 2025 [2] - Prior to the IPO, Chery distributed a significant dividend of 3.993 billion, equivalent to 27.8% of its 2024 net profit, which may impact its financial flexibility [2] Group 2: Product and Market Position - Fuel vehicles continue to be Chery's primary revenue source, accounting for 69.7% of passenger vehicle revenue in the first quarter of 2025 [3] - In the first eight months of 2025, Chery's new energy vehicle sales reached 496,000 units, representing approximately 28.7% of total sales, which is still below the industry average retail penetration rate [3] - The high-end brand, Exeed, has seen disappointing results, with sales of 7,659 units in August 2023, down 32.45% year-on-year, and a cumulative decline of 3.84% in the first eight months [3] - Chery's new energy brands show uneven development, with iCAR selling 6,947 units in the first quarter of 2025, while the higher-priced ZhiJie sold only 4,461 units [3] Group 3: International Market and R&D - Chery's overseas market is heavily reliant on Russia, which accounted for 54% of its overseas revenue in 2023, posing significant risks due to potential tariff increases [4] - In the first quarter of 2025, Chery's revenue from the Russian market dropped to 27.8%, while growth in Europe, the Middle East, Latin America, and Southeast Asia is accelerating [4] - Despite a research and development expenditure exceeding 10.5 billion in 2024, Chery's R&D expense ratio is low at 3.3% in the first quarter of 2025 compared to industry leaders [4] - Chery's advanced driver-assistance systems are primarily at the L2+ level, while leading domestic competitors are advancing to L3 [4] - The funds raised from the IPO are intended for expanding the passenger vehicle product lineup, developing next-generation vehicles and advanced technologies, implementing global strategies, upgrading the Wuhu production base, and supplementing working capital [4]

Core Viewpoint - Chery Automobile has officially entered the capital market, experiencing a significant opening day surge but facing challenges in market valuation despite strong revenue growth [1][2] Group 1: Company Performance - Chery's revenue is projected to grow from 92.618 billion to 269.897 billion, with a compound annual growth rate of 70.7% from 2022 to 2024 [1] - Despite its high revenue, Chery's market capitalization is comparable to newer competitors like NIO, Li Auto, and Xpeng, indicating a disparity between revenue and market valuation [1][2] - Chery's IPO journey has been lengthy, spanning 21 years with seven applications and six failures, marking it as one of the longest IPO processes in China's automotive history [1][2] Group 2: Industry Context - Traditional automakers like BYD and Geely have successfully entered the capital market and leveraged capital for growth, while Chery has missed several opportunities [2] - The shift in the automotive market from fuel vehicles to new energy vehicles has created a challenging environment for Chery, which must now navigate intense competition in the new energy sector [2] Group 3: Strategic Challenges - Chery's early entry into the new energy vehicle market has not translated into significant market presence, with a low penetration rate compared to industry leaders [5][6] - The company faces high debt levels, with an asset-liability ratio exceeding 85%, raising concerns about its financial stability and ability to invest in new energy initiatives [7][8] - Chery's reliance on fuel vehicles for revenue hampers its ability to invest in new energy development, with R&D expenditure rates lower than many leading competitors [8][9] Group 4: Market Dynamics - The competitive landscape is intensifying, with price wars affecting profitability; Chery has responded with aggressive pricing strategies to maintain market share [10][11] - The company has launched a "100 billion factory subsidy" plan to reduce prices across multiple models, indicating a struggle to establish a strong market presence with flagship products [11][12] - Chery's transition to a public company will subject it to greater scrutiny from investors, necessitating a balance between growth and profitability in a rapidly changing market [10][12]

Core Insights - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][2] - The company plans to allocate the net proceeds from the IPO to various strategic initiatives, including R&D for new vehicle models, advanced technology, international market expansion, and facility upgrades [1][2] Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [2] - The average selling price of Chery's passenger vehicles is expected to increase by 33.5% in 2024 compared to 2022, with domestic and international price growth rates of 37.0% and 19.4%, respectively [2] - Revenue and net profit have shown consistent growth, with revenues of CNY 926.18 billion, CNY 1,632.05 billion, CNY 2,698.97 billion, and CNY 682.23 billion for the years 2022, 2023, 2024, and Q1 2025, respectively [2] Market Position and Strategy - Chery is focusing on enhancing its capabilities in the fields of new energy and intelligent vehicles, which require significant funding for R&D [3][4] - The revenue share from Chery's new energy vehicles is gradually increasing, with projections showing a rise from 4.9% in 2023 to 21.9% in 2024 [4] Investment and Shareholder Structure - The company has introduced 13 cornerstone investors, including various investment funds and asset management companies, which reflects a broad market recognition of Chery's potential [5] - Following the IPO, Chery's major shareholders include Wuhu Investment Holding, Ruichuang, and Luxshare, indicating a diversified ownership structure [5] Organizational Changes - Chery has restructured its organizational framework to align with strategic goals, creating four business units focused on different vehicle segments [6] - The company has also partnered with Huawei to enhance its R&D capabilities, committing over CNY 10 billion to develop smart vehicle technologies [6] Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts along the way, including a significant restructuring in 2019 to facilitate its public offering [7][8][9] - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [10]

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the automotive sector this year, with a market capitalization nearing 200 billion HKD and a share price of 30.75 HKD, reflecting strong investor confidence and growth potential [3][5]. Group 1: Company Position and Growth - Chery is the second largest independent passenger car brand in China and the eleventh largest globally, with significant growth in both new energy and traditional fuel vehicle sales, achieving over 25% growth across all categories [7]. - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion RMB to 269.897 billion RMB, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion RMB to 14.334 billion RMB, with a CAGR of 57.1% [8][9]. Group 2: Sales and Revenue Performance - In Q1 2025, Chery reported revenue of 68.223 billion RMB, a year-on-year increase of 24.2%, with net profit soaring over 90% [8]. - The sales of new energy vehicles (NEVs) have seen remarkable growth, with plug-in hybrid and range-extended electric vehicles generating 1.07 billion RMB in Q1 2025, a 314% increase year-on-year, while pure electric vehicle revenue reached 795.6 million RMB, up 295% [8][10]. Group 3: Research and Development - Chery has invested heavily in R&D, with over 14,400 R&D personnel, accounting for more than 50% of non-production staff. R&D expenditures have increased significantly, reaching 10.544 billion RMB in 2024 [10]. - The company has established a comprehensive R&D system with multiple centers globally, focusing on innovation and technology development, which has led to breakthroughs in hybrid and electric vehicle technologies [10]. Group 4: International Expansion - Chery has been a leader in exporting Chinese passenger vehicles, maintaining the highest export volume among independent brands for 22 consecutive years, with overseas revenue projected to grow significantly from 30.387 billion RMB in 2022 to 100.897 billion RMB in 2024 [21][22]. - The company has established a robust global dealer network and production bases, enhancing its competitive edge and enabling localized production, as seen with its joint venture in Spain [23]. Group 5: Future Outlook - The global automotive market is expected to grow, with a projected CAGR of 3.5% from 2025 to 2030, and Chery aims to capitalize on this by enhancing its presence in international markets, particularly in Europe and South America [20][21]. - Chery's strategic focus on new energy vehicles and technological innovation positions it well for future growth, with ambitious sales targets set for its iCAR and other brands [17][18].

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, with a stock code of 9973, opening at HKD 34.2 per share, up 11.22%, and achieving a market capitalization of HKD 197.2 billion [2] - The company’s IPO was highly successful, with a subscription rate exceeding 238 times and a total subscription amount of nearly HKD 220 billion [3] - Chery's IPO raised HKD 9.14 billion by offering 297 million H-shares at the upper limit of the price range, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [3] Group 2 - Chery's financial performance has shown steady growth, with projected revenues of CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion for 2022, 2023, and 2024 respectively, alongside net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [4] - In Q1 of this year, Chery reported a revenue increase of 24.25% year-on-year to CNY 68.223 billion and a net profit increase of 90.87% to CNY 4.726 billion [4] - The company has five brands under its umbrella, including Chery, Jetour, Exeed, iCAR, and Zhijie, with Zhijie being a high-end brand developed in collaboration with Huawei [4] Group 3 - Chery's gross margins are projected to be 13.8%, 16.0%, and 13.5% for 2022, 2023, and 2024 respectively, with a gross margin of 12.4% reported in Q1 of this year [5] - The company's debt-to-asset ratio decreased from 93% in 2022 to 88% in Q1 of this year, although it remains high compared to industry standards [5] - The funds raised from the IPO will be allocated to expanding the passenger vehicle product line, developing next-generation vehicles and advanced technologies, promoting global strategies, upgrading the Wuhu production base, and supplementing working capital [5]