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港股敲完钟的奇瑞,还藏了好几手
Xin Lang Cai Jing· 2025-10-11 09:53
来源:市场投研资讯 (来源:源媒汇) 作者 | 潘卓伦 "奇瑞汽车(9973.HK)处于向新能源与智能化升级转型的过程中,其销量规模、品牌及业绩已经属于 国内民营车企第一梯队,但市值被低估。" "奇瑞的海外优势与燃油车基本盘能提供稳定现金流,若募资能有效投入新能源领域,有望在2025-2027 年实现营收与利润的'二次增长'。" 以上分别是国证国际、中信证券等投资机构在奇瑞登陆港股后的评价,对于这宗港股年内最大车企 IPO,市场普遍看好其发展前景。但也有观点认为,奇瑞汽车在2025年完成IPO是因为业绩进入了快车 道,趁着公司在2024年营收达到约2699亿元人民币高位抓紧机会,不然过了这个村可能就没这个店。 显然,这种观点的目光有点短浅了。 只要翻一翻2025年中期报告和近半年的细分车型销量,就会发现当下只不过是奇瑞汽车刚开始厚积薄发 的时候。 在电车赛道兑现国民油车IP价值 提到奇瑞汽车,不少人对这家车企的印象可能还停留在燃油车时期。 诚然,在奇瑞已经卖出的超过1500万辆整车中,燃油车占大头,承载这些奇瑞燃油车的风云、QQ、瑞 虎等经典IP更是深入人心。但如今到了新能源车时代,这些积累没有白费,尤其是上 ...
从起了大早到赶上大集,奇瑞汽车新能源战略全面加速
Di Yi Cai Jing· 2025-09-28 02:51
曾经"起了大早赶个晚集"的奇瑞,如今正以一场全面的新能源加速运动,改写自己在行业竞争中的角色 定位。 2025年9月25日,奇瑞汽车(股票代码:9973.HK)正式登陆港股,开盘上涨11.22%,市值逼近2000亿 港元。根据招股书数据,2024年奇瑞新能源汽车销量同比增长265+%,新能源业务已成为推动其业绩增 长的关键引擎。 新能源业务成为重要增长引擎 奇瑞的新能源发展之路,是一场典型的长期主义者"厚积爆发"的故事。早在新能源尚未兴起之时,奇瑞 就已经前瞻布局——1999年成立清洁能源汽车专项组,2001年新能源汽车研发项目入选国家863计划, 2003年第一辆新能源汽车走下流水线,2009年依靠新能源技术荣获国家科技进步一等奖,展现出深厚的 技术积累能力。 然而,新能源发展之路并非轻而易举。2023年,董事长尹同跃曾坦言,奇瑞在新能源领域一度是"起个 大早赶个晚集"。同时,他也表示"明年,我们新能源就不会像今年这么客气了。"这一宣言成为奇瑞新 能源发展进程中的重要里程碑。 2024年,奇瑞将其升级为"新能源不客气"的战略目标,通过技术创新和产品矩阵布局,实现销量爆发式 增长。 招股书显示,根据弗若斯特沙 ...
【联合发布】一周新车快讯(2025年9月20日-9月26日)
乘联分会· 2025-09-26 09:18
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].
刚刚,今年最大造车IPO诞生了!
Xin Lang Cai Jing· 2025-09-25 16:10
来源:市场资讯 此次上市,奇瑞汽车以30.75港元/股的招股价上限定价,募资规模达91.4亿港元。 招股结果显示,奇瑞汽车公开发售部分获得238倍超额认购,创下今年港股新股认购纪录,同时吸引多 家基石投资者认购。 从过往业绩来看,2022年-2024年,奇瑞汽车营收从926.18亿元增至2698.97亿元,复合年增长率高达 70.7%;净利润从58.06亿元增至143.34亿元,复合年增长率57.1%,远超行业平均水平。 2024年,奇瑞汽车以229.5万辆的全球销量再创历史新高。 (来源:智超讲财商) 9月25日,奇瑞汽车在港交所正式挂牌上市,港股迎来今年最大车企IPO。 2025年成为奇瑞汽车上市的关键节点。 今年2月,奇瑞汽车重启港交所上市申请;8月,奇瑞汽车通过证监会"全流通"备案;9月7日,奇瑞汽车 顺利通过港交所聆讯;9月17日,奇瑞汽车启动招股,并将于9月25日在港交所上市交易。 从2004年首次启动上市计划,到历经金融危机、借壳失败、混改重组等多重挑战,这家"国内最后一家 未上市整车企业"终于圆梦资本市场。 目前,奇瑞汽车旗下包含五大品牌,即奇瑞、捷途、星途、iCAR和智界,每个主要品牌都有独 ...
看完招股书,发现奇瑞1400亿市值稳了!
Sou Hu Cai Jing· 2025-09-20 00:26
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].
奇瑞汽车(09973) - 全球发售
2025-09-16 22:29
(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 ...
从同质化困局到品类创新,iCAR重构新能源价值锚点
Di Yi Cai Jing Zi Xun· 2025-09-08 02:16
Core Insights - iCAR's V23 model has achieved significant sales success, leading the new energy box market with 39,979 units sold from January to August 2025, maintaining a top-three position for eight consecutive months [2][4][6] - The brand focuses on creating unique vehicles that resist the trend of homogenization in the automotive industry, emphasizing individuality and emotional connection with consumers [4][17] - iCAR aims to establish itself as a distinctive brand, akin to Mazda or Jeep, rather than competing directly with mass-market brands like Toyota [4][19] Sales Performance - iCAR V23 is the top-selling model in the new energy box segment, outperforming competitors such as Haval and Leopard in sales figures [6] - The model's appeal is particularly strong among female consumers, who make up over 45% of its user base [4] Brand Strategy - iCAR is committed to producing "specialty cars" and has adopted a strategy of "single model, boutique, mass production, and long cycle," focusing on quality and long-term value [9][11] - The brand's development approach includes continuous iteration and user co-creation, allowing for personalized modifications and upgrades [11][13] Market Positioning - iCAR is positioned as "Chery's Xiaomi," leveraging Chery Group's manufacturing capabilities while incorporating an internet-driven approach to product development [13][14] - The brand plans to expand globally, targeting markets with low penetration of new energy vehicles but high demand for personalized options [16] Consumer Trends - The automotive market is shifting from mere transportation to a lifestyle choice, with consumers seeking vehicles that serve multiple purposes, including outdoor activities and social interactions [17][19] - iCAR's strategy is to address these evolving consumer needs by offering vehicles that provide emotional value and practical functionality [17][19]
从同质化困局到品类创新,iCAR重构新能源价值锚点
第一财经· 2025-09-08 02:06
Core Viewpoint - iCAR V23 has emerged as a leading model in the new energy box car segment, achieving sales of 39,979 units from January to August 2025, and has maintained a top-three position for eight consecutive months in this market segment [2][6]. Group 1: Product Strategy - iCAR focuses on creating unique vehicles, rejecting homogenized price competition, and adhering to a differentiated and specialized approach [5][11]. - The brand aims to produce "characteristic cars" that resonate with consumers' desires for individuality, with each V23 being distinct [3][22]. - iCAR's strategy includes a commitment to long-term product development, emphasizing quality and user engagement over rapid turnover of models [11][14]. Group 2: Market Positioning - iCAR positions itself as a brand that caters to the evolving needs of consumers, moving beyond traditional vehicle attributes to offer cars that serve as lifestyle products [22][24]. - The V23's design combines retro aesthetics with modern technology, appealing particularly to younger demographics, including a significant female user base [6][9]. - The brand's approach reflects a broader industry trend where differentiation is key to capturing market share in a saturated environment [25]. Group 3: Future Aspirations - iCAR plans to expand into global markets, targeting regions with low penetration of new energy vehicles but high demand for personalized options [20]. - The brand is exploring technology partnerships, indicating ambitions beyond domestic sales to include international collaborations [20]. - iCAR's vision includes becoming a leading name in the global new energy vehicle sector, leveraging its unique product offerings and market insights [25].
奇瑞iCAR人事换防:李东春出任副总 助力品牌突围
Xi Niu Cai Jing· 2025-08-18 09:44
Group 1 - iCAR brand, under Chery Group, has appointed Li Dongchun as the new vice president, indicating a significant personnel change within the company [2] - iCAR, established in April 2023, has quickly become a key player in Chery's new energy sector, achieving cumulative sales of 51,076 units from January to July 2025, representing a year-on-year growth of 51.1% [2] - The brand faced challenges early on, including team instability and the departure of key founding members before the launch of its first model, iCAR 03 [2] Group 2 - In November 2023, Zhang Hongyu took over Chery New Energy and led the launch of iCAR 03, while also bringing in Su Jun from Zhimi Technology as the Chief Product Officer [2] - Su Jun's leadership resulted in the iCAR V23 pre-sale at the 2024 Guangzhou Auto Show, achieving over 31,000 orders in just 8 hours, with the topic generating over 1 billion views [2] - Following Zhang Hongyu's departure in February 2025, Su Jun was promoted to General Manager of the iCAR brand division, emphasizing the need for a strong marketing system and channel capabilities [3] Group 3 - Li Dongchun, with extensive experience in Chery's marketing and sales, is tasked with enhancing iCAR's marketing strategy, particularly as the brand targets a younger, electric vehicle audience [3][4] - The transition from traditional fuel vehicle users to new energy consumers presents unique challenges for Li Dongchun, requiring him to adapt quickly to meet the brand's marketing and product needs [4]
AI交互智能体数字人“乐乐”惊艳亮相2025山东新能源汽车下乡活动启动现场
Qi Lu Wan Bao· 2025-08-15 12:50
Core Viewpoint - The launch of the "2025 New Energy Vehicle Consumption Season" in Shandong aims to promote the adoption of electric vehicles in rural areas, showcasing various models and integrating advanced technology to enhance consumer experience [1]. Group 1: Event Overview - The event took place on August 15 in Tai'an, Shandong, featuring the "AI Car Exhibition Interactive Intelligent Entity" named "Lele," which attracted significant attention from attendees [1]. - The event is part of a broader initiative to promote new energy vehicles in rural areas, enhancing accessibility and consumer engagement [1]. Group 2: Technological Integration - The AI interactive entity "Lele" utilizes 3D technology and advanced AI to provide real-time, human-like interactions with visitors, offering smart consulting services [1]. - This technological integration aims to upgrade the service experience for consumers, making the event more engaging and informative [1]. Group 3: Featured Vehicles - The event showcased several notable new energy vehicle models, including Hongqi Tian Gong, Hongqi H5 PHEV, BYD Seagull, iCARV23, Zeekr 007 GT, and Bestune Pony, catering to various market segments [7]. - These models offer a mix of mainstream options that balance family needs with technological appeal, as well as unique vehicles that address personalized consumer demands [7]. Group 4: Experience Zones - Multiple experience zones were created, including a "Live Streaming Room for New Car Purchases," "Future Mobility Technology Experience Zone," and "Advanced Intelligent Driving Experience Zone," providing hands-on experiences for consumers [9]. - The event featured demonstrations of new energy vehicle driving techniques and interactive experiences with intelligent driving and smart cockpit technologies [9].