Domestic News - The new energy vehicle credit ratio requirements for 2026 and 2027 are set at 48% and 58% respectively, with specific relaxations for small manufacturers based on fuel consumption reductions [3] - Starting from November 10, 2025, Shanxi province will implement a public lottery system for applying for vehicle scrapping and renewal subsidies, requiring consumers to obtain qualification through a notarized lottery [4] - From January to September 2025, Hunan province's exports of high-end equipment, including rail transit equipment, increased by 31% year-on-year, with electric vehicles and lithium batteries seeing a 77.4% increase [5] - GAC Group has signed a capital increase agreement with Honda, raising the registered capital of GAC Honda from $541 million to $867.22 million [6] - NIO's Firefly model will connect to NIO's fifth-generation battery swap stations, with plans for a larger battery pack that offers a 50% increase in capacity [8] - FAW Audi has signed a strategic cooperation memorandum with Zhejiang Deao Automotive Group, focusing on dealer channel development and new media collaboration [9] - The iCAR V23, a pure electric SUV, was unveiled in Malaysia with a starting price of 145,000 to 155,000 Malaysian Ringgit (approximately 248,300 to 262,600 RMB) [10] - Baidu's autonomous driving service, "萝卜快跑," has launched its first large-scale fully autonomous operation in Abu Dhabi, following a strategic partnership with AutoGo [11] International News - Japan's new car sales in October 2025 decreased by 1.8% year-on-year, marking the fourth consecutive month of decline after a recovery in the first half of the year [12] - Skoda plans to expand its factory in Vietnam to start producing electric vehicles, enhancing local production capabilities [13] - Subaru is reassessing its nearly $100 billion electrification investment plan, aiming for annual cost savings of 200 billion yen by 2030 to offset U.S. import tariffs [14] - France has successfully tested the world's first dynamic induction charging highway, achieving instantaneous charging power of 300 kW and an average of 200 kW [15] Commercial Vehicles - The Jianghuai 1 Card Kunpeng ET9 was launched at the Wuhan International Commercial Vehicle Exhibition, featuring innovative technologies aimed at logistics efficiency [16] - Zero One unveiled its electric heavy truck "Jingzhe Leizhenzi," which boasts advanced energy efficiency and performance enhancements [17] - Dongfeng Light Vehicles announced a new brand and strategy focused on high-end products and rapid development of new energy vehicles, aiming to lead the market by 2027 [18] - The new commercial vehicle brand "Zaihe" made its debut at the exhibition, showcasing a range of innovative models designed for various logistics needs [19]

Core Viewpoint - The 13th Xuanyuan Award has officially launched, recognizing 40 nominated models, emphasizing its independent evaluation system and the importance of maintaining high standards in the automotive industry [5][9][15]. Group 1: Award Overview - The Xuanyuan Award has been a significant event in the Chinese automotive industry for 13 years, known for its unique perspective and rigorous standards [7]. - The evaluation process has shifted from a self-nomination system to direct nominations by the evaluation committee, enhancing the credibility of the award [9][11]. - The award aims to highlight the importance of innovation and user experience in the automotive sector, with a focus on sustainable development [16][18]. Group 2: Nominated Models - The nominated models for this year are all domestic vehicles from both Chinese and foreign brands, scheduled for delivery between November 2023 and October 2024 [10][11]. - Among the 40 nominated models, SUVs dominate the list, accounting for 57.5%, followed by sedans at 35% and hatchbacks at 5% [10]. - Notable nominations include the new Volkswagen Sagitar L and the new Lavida L, which are expected to represent traditional fuel vehicles in the market [9]. Group 3: Evaluation Criteria - The evaluation criteria for the Xuanyuan Award include five dimensions: dynamic control, static perception, scenario adaptation, intelligent cockpit, and combined assisted driving [15]. - The evaluation committee consists of 13 members, blending academic and practical expertise to ensure a comprehensive assessment of the nominated vehicles [15][16]. - The final award ceremony is scheduled for late December 2025, during the Xuanyuan Annual Gala [18].

Core Insights - Chery Automobile successfully listed on the Hong Kong Stock Exchange, marking the largest IPO of a car company in the Hong Kong market in 2025, symbolizing a significant milestone in the development of China's automotive industry [1][2] Sales Performance - In the first three quarters, Chery Group sold over 2 million vehicles, achieving a record sales pace, with 587,500 units of new energy vehicles sold, representing a year-on-year growth of 77.1% [1][3] - In September alone, Chery's new energy vehicle sales reached 91,590 units, maintaining a strong year-on-year growth of 55.4% [3] Product Development - Chery plans to launch over 60 new models by 2025, including various versions of sedans and SUVs, with 35% of the IPO proceeds allocated for developing different vehicle versions [4][7] - The successful launch of popular models like the Fengyun A9L and Jietu Shanhai L7 PLUS has significantly contributed to sales growth [3][4] Technological Advancements - Chery has made significant strides in technology, with a focus on hybrid and electric vehicle innovations, including the Kunpeng Tianqing hybrid engine achieving over 48% thermal efficiency [5][6] - The company has initiated a global open-source hybrid technology plan, promoting collaborative innovation in the industry [6] Financial Performance - Chery's mid-year report for 2025 indicated a revenue of 141.6 billion yuan, a year-on-year increase of 26.3%, with the new energy sector's revenue soaring by 141.9% [7] - The net profit for the first quarter of 2025 was reported at 4.726 billion yuan [7] Global Expansion - Chery exported 936,000 vehicles from January to September 2025, marking a year-on-year growth of 12.9%, with significant sales in high-regulation markets like Europe [8] - The company has successfully entered new markets, including Hungary and Germany, and plans to expand further into Denmark, Croatia, and France [8] Brand Recognition - Chery ranked 233rd in the 2025 Fortune Global 500, showcasing rapid growth among automotive companies [9] - The company has over 17.72 million global users, with more than 5.43 million overseas users, indicating a deepening global network [9]

Core Viewpoint - Chery Automobile's successful IPO in Hong Kong marks a significant milestone in the Chinese automotive industry, showcasing its transformation and growth over 28 years, particularly in the context of the ongoing changes in the automotive sector [1][2]. Sales Performance - In the first three quarters, Chery Group sold over 2 million vehicles, achieving a record sales pace, with 587,500 of those being new energy vehicles, reflecting a year-on-year growth of 77.1% [1][4]. - The company has established itself as a leader in the new energy vehicle sector, ranking among the top five in the industry [4]. New Energy Vehicle Success - The sales of new energy vehicles reached 91,590 units in September alone, marking a strong year-on-year growth of 55.4% [4]. - Key models contributing to this success include the Fengyun A9L and Jietu Shanhai L7 PLUS, both of which have seen significant sales figures shortly after their launch [4][7]. Technological Advancements - Chery's commitment to R&D is evident, with 60% of the funds raised from the IPO allocated to research and development, emphasizing the company's focus on future technology [2][15]. - The company has made strides in hybrid technology, achieving over 48% thermal efficiency with its Kunpeng engine, and has introduced several advanced technologies in both hybrid and intelligent driving sectors [12][13]. Global Expansion - Chery has maintained a strong export performance, with 936,000 vehicles exported from January to September, a year-on-year increase of 12.9% [17]. - The company has successfully entered high-regulation markets in Europe, with significant sales growth and new model launches in countries like Spain and Italy [17]. Financial Performance - Chery's revenue for the first half of 2025 reached 141.6 billion yuan, a year-on-year increase of 26.3%, with the new energy segment showing a remarkable growth of 141.9% [16]. - The net profit for the first quarter of 2025 was reported at 4.726 billion yuan, indicating a positive financial trajectory [16]. Brand Recognition - Chery ranked 233rd in the 2025 Fortune Global 500, marking it as one of the fastest-growing automotive brands globally [18]. - The company has also been recognized for its ESG efforts, being included in the 2025 China ESG Influence List [18]. Future Outlook - With ongoing technological innovations and global market expansion, Chery is positioned to play a more significant role in the global automotive landscape [21][22].

Core Insights - Chery Automobile (9973.HK) is undergoing a transformation towards new energy and smart technology, with its sales scale, brand, and performance ranking among the top private car manufacturers in China, yet its market value is considered undervalued [3][4] - The company’s overseas advantages and stable cash flow from its traditional fuel vehicles could support a significant revenue and profit growth from 2025 to 2027 if fundraising is effectively invested in the new energy sector [3][4] Sales Performance - Chery has sold over 15 million vehicles, predominantly fuel cars, but is now leveraging its established brands to enter the new energy vehicle market [4] - From January to September, Chery Group's new energy vehicle sales increased by 77.1% year-on-year to approximately 588,000 units [6][15] - The company aims to achieve a revenue peak of approximately 269.9 billion RMB in 2024, prompting a strategic IPO in 2025 [3] Global Expansion - Chery has established a global production and sales network, exporting over 936,000 vehicles in the first three quarters of 2025, a 12.9% increase year-on-year [7] - The brand has successfully entered several European markets, including Spain, Italy, and the UK, with a notable sales increase of 145,000 units in Europe from January to September [8][9] Product Innovation - Chery is focusing on enhancing its brand and product offerings, transitioning from a technology-centric approach to a more market-oriented strategy [11][13] - The launch of the new model, the Jietu Zongheng G700, featuring amphibious capabilities, has generated significant attention and is expected to be a highlight in Chery's product lineup [14][15] Market Position - Chery's cumulative new car sales exceeded 2 million units from January to September, reflecting a 14.5% year-on-year growth, supported by its classic IPs, global network, and innovative competitiveness [15]

Core Insights - Chery is undergoing a comprehensive acceleration in its new energy strategy, significantly altering its competitive positioning in the automotive industry [1] - The company has launched ten new models in 2024, with nine being new energy vehicles, indicating a continuous increase in the proportion of new energy vehicles in its product matrix [1] - Chery's stock debuted on the Hong Kong Stock Exchange on September 25, 2025, with an opening increase of 11.22%, bringing its market capitalization close to HKD 200 billion [1] New Energy Business as a Growth Engine - Chery's journey in new energy development reflects a long-term commitment, having established a clean energy vehicle task force as early as 1999 [2] - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in new energy vehicle sales, fuel vehicle sales, and both domestic and overseas market sales compared to 2023 [2] - New energy vehicle sales are projected to grow over 265% year-on-year in 2024, making it a crucial growth driver for the company [2] Revenue Growth - Chery's revenue surged from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7% [3] - Net profit increased from CNY 5.806 billion to CNY 14.334 billion during the same period, with a CAGR of 57.1% [3] - In Q1 2025, revenue rose by 24% year-on-year to CNY 68.2 billion, with new energy vehicle sales revenue contributing significantly to this growth [3] Hybrid Strategy and Technology Sharing - Chery has leveraged its deep expertise in internal combustion engine technology to achieve breakthroughs in hybrid power systems [4] - The company launched a hybrid technology open-source initiative, promoting collaborative innovation and enhancing industry standards [4] Multi-Brand Differentiation Strategy - Chery employs a multi-brand strategy to cater to diverse markets and consumer needs, with nine out of ten new models in 2024 being new energy vehicles [6] - The iCAR brand has emerged as a leader in the new energy box car segment, while the Zhijie brand, developed in partnership with Huawei, aims to create high-end new energy vehicles [7] Intelligent and New Energy Advancement - Chery plans to allocate 25% of its IPO funds for the development of next-generation vehicles and advanced technologies, with 10% specifically for electrification [8] - The company aims to achieve full brand coverage of intelligent driving systems by the end of 2025, enhancing its competitive edge in smart mobility [9] Globalization Strategy - Chery has established R&D centers and production bases in various countries, including Germany, Spain, Brazil, and Malaysia, to support its globalization strategy [11] - The company is positioned to leverage capital market support to accelerate its transition to new energy, aiming for significant breakthroughs in the sector [11]

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 - Changan Automobile will launch the Deep Blue S07 on September 19, 2025, positioned as a B SUV with a price range of 156,900 to 173,900 CNY [12]. - GAC Passenger Vehicle is set to release the GAC Trumpchi Xiangwang S9 on September 19, 2025, classified as a C SUV, with prices ranging from 229,900 to 259,900 CNY [20]. - Jiangling Ford will introduce the Ford Lema on September 19, 2025, categorized as a B SUV, with a price range of 386,600 to 436,600 CNY [28]. - NIO will launch the ES8 on September 20, 2025, a D SUV priced between 406,800 and 446,800 CNY [36]. - NIO's ET9 will also debut on September 20, 2025, classified as a D NB with a price of 818,000 CNY [44]. - Avita Technology will release the Avita 07 on September 20, 2025, a B SUV with prices from 219,900 to 279,900 CNY [52]. - Chery New Energy will launch the iCAR V23 on September 21, 2025, an A SUV priced between 122,800 and 174,800 CNY [60]. - Geely Automobile will introduce the Lotus ELETRE on September 21, 2025, a C SUV with a price range of 558,000 to 863,000 CNY [68]. - Geely will also launch the Lotus EMEYA on September 21, 2025, a D NB priced between 538,000 and 873,000 CNY [76]. - Dongfeng Honda will release the CR-V on September 22, 2025, an A SUV with prices ranging from 185,900 to 239,900 CNY [84]. - SAIC General Motors will launch the Buick GL8 on September 22, 2025, a C MPV priced between 309,900 and 369,900 CNY [91]. - GAC Aion will introduce the Aion RT on September 22, 2025, an A NB with prices from 99,800 to 123,800 CNY [96]. - SAIC General Motors will also release the Cadillac XT5 on September 23, 2025, a B SUV priced between 379,900 and 459,900 CNY [103]. - GAC Toyota will launch the Fenglanda on September 23, 2025, an A SUV with prices ranging from 132,800 to 172,800 CNY [114]. - GAC Toyota will also release the Sienna on September 23, 2025, a C MPV priced between 299,800 and 393,800 CNY [130]. - GAC Toyota will introduce the Camry on September 23, 2025, a B NB priced at 191,800 CNY [138]. - Geely will launch the Starry on September 23, 2025, an A NB with prices ranging from 98,700 to 138,700 CNY [145]. - Geely will also release the Xingyue L on September 23, 2025, an A SUV priced between 158,700 and 179,700 CNY [151]. Group 2: Specifications and Features - The Deep Blue S07 features a pure electric engine with a maximum power of 200 kW and a range of 550 km [12]. - The GAC Trumpchi Xiangwang S9 is equipped with a 1.5T plug-in hybrid engine, offering a maximum power of 118 kW and an electric range of 252 km [20]. - The Ford Lema has a 2.3T engine with a maximum power of 202 kW and a torque of 429 N·m [28]. - The NIO ES8 offers a maximum power of 520 kW and a torque of 700 N·m, with a battery capacity of 102 kWh and a range of 635 km [36]. - The Avita 07 features a pure electric engine with a maximum power of 252 kW and a range of 610 km [52]. - The iCAR V23 has a maximum power of 185 kW and offers a range of 550 km [60]. - The Lotus ELETRE features a maximum power of 450 kW and a range of 650 km [68]. - The CR-V offers a 1.5T engine with a maximum power of 174 kW and a torque of 350 N·m [84]. - The Buick GL8 has a 2.0T engine with a maximum power of 174 kW and a torque of 350 N·m [91]. - The Aion RT features a pure electric engine with a maximum power of 150 kW and a range of 650 km [96].

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking the largest IPO of a car company in Hong Kong this year [3][4]. Company Overview - Chery Automobile's listing is a significant milestone, being the last major unlisted vehicle manufacturer in China to enter the capital market after facing multiple challenges since its initial listing attempt in 2004 [4]. - The company priced its shares at HKD 30.75, raising a total of HKD 9.14 billion [4]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7% [4]. - Net profit is expected to increase from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with a CAGR of 57.1%, significantly exceeding the industry average [4]. Market Position - In 2024, Chery is anticipated to achieve a global sales volume of 2.295 million vehicles, setting a new historical record [4]. - The company ranks second among Chinese independent brand passenger vehicles and eleventh globally in passenger vehicle sales [4]. Growth in Electric Vehicles - Chery is the only company among the top twenty global passenger car manufacturers in 2024 to achieve over 25% year-on-year growth in four key metrics: new energy vehicles, fuel vehicles, domestic sales, and overseas sales [5]. Brand Portfolio - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each with distinct positioning and market segments [7]. Global Expansion - Since exporting its first vehicle in 2001, Chery has established a global sales network covering over 100 countries and regions, with cumulative global sales exceeding 13 million vehicles [10]. - Chery has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with nearly 3,000 overseas dealerships as of March 31, 2025 [11].

Core Viewpoint - Chery's IPO is not just a financial maneuver but a demonstration of its readiness and capability as a publicly listed company, supported by solid financial performance and strategic planning [2][7][15]. Financial Performance - Chery's revenue increased from 92.6 billion RMB to 269.9 billion RMB over three years, while net profit rose from 5.8 billion RMB to 14.3 billion RMB, indicating nearly a threefold profit growth [4][5]. - The company's operating cash flow has consistently exceeded net profit, reaching 44.8 billion RMB in 2024 [5]. - R&D investment has more than doubled, with expenditures of 4.1 billion RMB, 6.8 billion RMB, and 10.5 billion RMB from 2022 to 2024, totaling over 20 billion RMB [5][12]. Market Position and Growth - Chery's domestic sales grew by 56%, with a remarkable 277% increase in new energy vehicle sales, while overseas sales rose by 35% [5][12]. - The company has maintained its position as the top exporter of Chinese brands for 22 consecutive years, with overseas revenue accounting for 37.4% of total revenue [5][12]. Strategic Development - Chery has been operating under the standards of a public company for years, completing many processes that companies often struggle with post-IPO [3][7]. - The company aims to release its potential through this IPO, which has been a part of its strategy since 2018 [8][15]. - Chery's multi-brand strategy allows for independent growth across its various brands, enhancing its market positioning and growth prospects [20]. Valuation and Market Perception - The IPO price range is set between 27.75 and 30.75 HKD, corresponding to a market valuation of 146 billion to 163 billion RMB, with a PE ratio of approximately 10-11 times [20]. - Compared to industry peers like BYD and Geely, Chery's valuation appears conservative, providing a safety margin for investors [20].

（於中華人民共和國註冊成立的股份有限公司） 全球發售 股份代號 :9973 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如 閣下對本招股章程的任何內容有任何疑問， 閣下應尋求獨立專業意見。 Chery Automobile Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，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招股章程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。 本招股章程副本連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一節所指定文件，已根據香港法例第32章公司（清盤 及雜項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本 招股章程或上述任何其他文件的內容概不負責。 預期發售價將由整體協調人（代表包銷商）與我們於定價日通過協議釐定。定價日預期為2025年9月23日（星 ...