| | 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]

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 9.14 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][5]. Company Overview - Chery issued approximately 297 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, including a 15% over-allotment option [5]. - The company plans to allocate 35% of the net proceeds for research and development of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, and 10% each for enhancing production facilities and general corporate purposes [5]. Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [6]. - The average selling price of Chery's passenger cars 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 [6]. - Chery's 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 [6]. 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 development [8]. - 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 [8]. - The company has undergone structural adjustments, including the introduction of a new organizational framework to better align with strategic goals [11]. Investment and Partnerships - Chery has attracted 13 cornerstone investors, raising approximately USD 587 million (around HKD 4.573 billion), which includes various types of investment entities [10]. - The partnership with Huawei aims to invest over CNY 10 billion to establish a dedicated R&D team, enhancing Chery's technological capabilities [13]. Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts, including a significant restructuring in 2019 to facilitate its public offering [14][16]. - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [16].

Core Viewpoint - Chery Automobile has shown strong performance in the dark market trading, with a price increase of 9.14% compared to the offering price, indicating robust investor interest ahead of its listing [1] Group 1: Financial Performance - Chery plans to issue nearly 300 million H-shares, aiming to raise up to HKD 9.14 billion, with a public offering accounting for 10% of the total shares [1] - From 2022 to 2024, Chery's total revenue is projected to grow from RMB 92.6 billion to RMB 269.9 billion, reflecting a compound annual growth rate (CAGR) of 70.7% [1] - 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% [1] - In 2024, Chery's total vehicle sales are forecasted to reach 2.295 million units, representing a year-on-year growth of 49.4% [1] Group 2: Market Position and Strategy - Chery has established a brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, covering both mass-market and luxury segments [1] - The company is the only one among the top twenty global passenger car manufacturers to achieve high growth across all dimensions, including new energy vehicles, fuel vehicles, and both domestic and overseas markets [1] - As of March 31, 2025, Chery has a global network of 2,958 dealerships across Asia (excluding China), Europe, Africa, Oceania, and the Americas [2] - Chery's vehicles are sold in over 100 countries and regions, with cumulative global sales exceeding 13 million units [2] - In key overseas markets such as Europe, South America, and the Middle East and North Africa, Chery ranks first among Chinese independent brand passenger car companies in terms of sales [2] Group 3: Future Growth Potential - The increasing penetration of global electric vehicles and the continuous rollout of new technologies and models are expected to provide strong growth momentum for Chery [2] - The advancement of localized production in Europe will further enhance growth opportunities [2] - Chery aims to deepen its "Technology Chery" strategy, increase R&D investment, and enhance its global layout to become a trusted leader in intelligent mobility ecosystems [2]

Group 1 - Chery Automobile's dark market trading opened strongly, with a price of HKD 33.56, up 9.14% from the IPO price of HKD 30.75, allowing a profit of HKD 281 per lot of 100 shares [1] - The company plans to issue nearly 300 million H-shares, with a maximum fundraising target of HKD 9.14 billion, and the subscription was oversubscribed by over 238 times, with a total subscription amount close to HKD 220 billion [1] - Chery has maintained rapid growth, with total revenue projected to increase from RMB 92.6 billion in 2022 to RMB 269.9 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%, and net profit expected to rise from RMB 5.8 billion to RMB 14.3 billion, with a CAGR of 57.1% [1] Group 2 - Chery has established a comprehensive global network with 2,958 overseas dealerships across various continents, and its vehicles are sold in over 100 countries, achieving cumulative global sales of over 13 million units [2] - The company ranks first among Chinese brands in key overseas markets such as Europe, South America, and the Middle East and North Africa for passenger vehicle sales [2] - Chery's future growth is supported by the increasing penetration of global electric vehicles and the advancement of local production in Europe, with a focus on the "Technology Chery" strategy and increased R&D investment [2]

Core Viewpoint - Chery Automobile is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between HKD 82.53 billion and HKD 91.45 billion, marking the largest IPO for an automotive company in Hong Kong since 2025, reflecting its long-term commitment to globalization and innovation [1][20]. Financial Performance - Chery's revenue is projected to grow from CNY 926.18 billion in 2022 to CNY 2,698.97 billion in 2024, with a compound annual growth rate (CAGR) exceeding 70%. Net profit is expected to rise from CNY 58.06 billion to CNY 143.34 billion, achieving a CAGR of 57% [3][4]. - In 2024, Chery's total sales are forecasted to reach 2.295 million units, a year-on-year increase of 49.4%, leading the growth among the top twenty global passenger car companies [3][4]. Product Strategy - Chery has established a diversified brand matrix with five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments [6][7]. - The company plans to allocate 35% of the IPO proceeds to research and development of various passenger vehicles, with over 60 new models expected to be launched by 2025 [9][10]. Global Expansion - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, with cumulative global sales exceeding 13 million units [12]. - The company's overseas revenue is projected to grow significantly, with 2024 figures expected to reach CNY 1,008.97 billion, accounting for 37.4% of total revenue [12][14]. Technological Innovation - Chery is investing 25% of its IPO proceeds into the development of next-generation vehicles and advanced technologies, including 10% for electrification and 15% for intelligent driving solutions [16][19]. - The company has achieved a 49.6% adoption rate of advanced driver-assistance systems in its vehicles by 2024, significantly above the global average of 35.6% [19]. Market Reception - The IPO has received strong interest from global investors, with cornerstone investors committing approximately HKD 45.725 billion, indicating positive market sentiment towards Chery's growth prospects [20][21].