Chery's First Post-Listing Annual Report: Revenue Exceeds RMB 300B for the First Time

On March 18, Chery Automobile Co., Ltd. (9973.HK) released its 2025 annual results report, its first since listing on the Hong Kong stock exchange. The data shows multiple operational metrics hit record highs: total annual revenue reached RMB 300.29 billion, surpassing the RMB 300 billion mark for the first time, a year-on-year increase of 11.3%; net profit was RMB 19.51 billion, up 36.1%, significantly outpacing sales growth; and the net profit margin improved from 5.3% to 6.5%, demonstrating continuously strengthening profitability .

For Hong Kong users, perhaps the most noteworthy figure in this report isn't the RMB 300 billion revenue or the RMB 19.5 billion profit, but the statistic that "right-hand drive (RHD) market sales growth exceeded 100%" . As Chery establishes a foothold in RHD markets like the UK and Australia, Hong Kong, being in the same RHD segment, naturally stands to benefit from this globalization wave.

NEV Surge: 826,500 Units, 72.5% Growth, Gross Margin Jumps to 8.8%

The new energy vehicle business was Chery's brightest growth engine in 2025. Annual proprietary passenger NEV sales reached 826,500 units, a substantial 72.5% year-on-year increase . NEV revenue hit RMB 98.023 billion, up 66.3%, raising its share of total revenue from 21.9% to 32.6% . Benefiting from economies of scale and core technology empowerment, the NEV gross margin leaped to 8.8%, marking a transition from "scale expansion" to "profitable growth" .

Chery pursues a full-spectrum technology roadmap encompassing hybrids, range-extenders, BEVs, and hydrogen. Over 90% of newly launched models in 2025 were NEVs, with prices covering the mainstream RMB 100,000-400,000 market . The Fengyun A9L achieved over 10,000 deliveries for four consecutive months, and the Fengyun T11 entered the top three in its segment in its launch month . Since November 2025, Chery's wholesale NEV sales have ranked among China's top three .

Deepening Globalization: 1.29M Exports, 23 Consecutive Years as Export Champion, RHD Market Growth Exceeds 100%

Globalization is another key pillar of Chery's performance. In 2025, Chery exported 1.2944 million vehicles, a 33.2% year-on-year increase, accounting for 49.2% of total annual sales and marking 23 consecutive years as China's top passenger car exporter among Chinese brands . Overseas revenue reached RMB 157.42 billion, up 56%, contributing 52.4% of total revenue .

The European market saw crucial breakthroughs, with annual sales surging over 200%. Chery entered 16 European countries, including the UK and Italy . Particularly relevant for Hong Kong users, RHD market sales growth also exceeded 100% . Chery's success in RHD markets like the UK demonstrates its products are fully adapted to RHD specifications, quality, and certification requirements, laying the groundwork for potential future introduction to Hong Kong.

Chery practices the "In somewhere, For somewhere, Be somewhere" globalization philosophy, promoting deep localization in design, R&D, manufacturing, and sales . Its Ebro localization project in Spain is progressing smoothly, hailed by local government and public as a "model of Sino-Spanish cooperation" . In 2025, Chery obtained China's first China-EU carbon footprint data mutual recognition certificate, transitioning from simple product export to globally rooted brand and ecosystem building .

Technology Moat: RMB 14.7B R&D Investment, Over 400 Core Technologies in Five Domains

Chery invested RMB 14.715 billion in R&D in 2025, a 39.6% year-on-year increase, with R&D expenses reaching RMB 11.444 billion . The company has accumulated over 400 core technology reserves across five key areas: Mars Architecture, Kunpeng Power, Lingxi Cockpit, Falcon Intelligent Driving, and Galaxy Ecosystem .

In 2025, Chery launched over 10 globally leading technologies, including the Kunpeng Tianqing dedicated hybrid engine, the Falcon Intelligent Driving large model, the Lingxi Cockpit, and the Rhino Battery . These key technologies are rapidly being deployed in vehicles, enhancing product intelligence and pricing power, while also providing the technical confidence to enter highly regulated markets like Europe. Invention patent applications grew nearly 50% year-on-year, with granted patents surging over 300%, ranking Chery first in Anhui Province's invention patent list for 12 consecutive years .

In green technology, Chery's pioneering "100% recycled aluminum, heat-treatment-free, integrated die-casting" technology system reduces material carbon emissions by 80% and manufacturing emissions by 97.5% . This technology was selected as an excellent case by China's Ministry of Ecology and Environment and won multiple international awards, including the UNIDO Orange Economy Global Solution 2025 China Champion and the 2025 Altair Enlighten Award Sustainable Product Global Runner-up .

Quality and Brand: J.D. Power Five-Crown Champion, 60 Models Achieve Five-Star Safety Ratings

Chery swept five categories in J.D. Power's annual assessments – Initial Quality, Sales Satisfaction, Service Satisfaction, Product Appeal, and Vehicle Dependability – becoming the only domestic automaker to achieve this "five-crown" feat in the year . By end-2025, a total of 60 Chery models had earned global five-star safety ratings from Euro NCAP, ANCAP, and ASEAN NCAP, the highest number among Chinese brands .

Fulfilling its corporate citizenship, Chery donated an additional USD 6 million to UNICEF for children's education projects in 2025. As the sole automaker representative, it signed the "Creating Sustainable Brands" initiative at the UN Palais des Nations in Geneva and was named to the Fortune China ESG Impact List for the second consecutive year .

Hong Kong Market Perspective: What Does >100% RHD Growth Mean?

For Hong Kong users, the most significant figure in Chery's report is the "RHD market sales growth exceeding 100%." This confirms Chery's product strategy in RHD markets like the UK, Australia, and Japan is succeeding, with vehicles fully adapted to RHD specifications, quality, and certification.

Having entered 16 European countries including the UK , Chery's success in this key RHD market provides a replicable blueprint for Hong Kong. Experience in product certification, dealer networks, and parts supply positions Chery for sustained RHD operations.

Product-wise, Chery's NEVs have gained recognition in Europe. With NEV export sales surging over 500% in 2025 , their competitiveness against international brands is proven. If introduced to Hong Kong, models like the Fengyun series and NEV SUVs could offer local users a compelling blend of technology and value.

Brand awareness remains a challenge, but as Chery deepens its RHD presence and Hong Kong users increasingly embrace Chinese brands, its arrival seems a matter of time.

Personal Opinion: The Chery Sample – From "Scale Expansion" to "Value Leap"

Reviewing Chery's annual report, the most striking impression is the strategic shift from "scale expansion" to "value leap."

The NEV gross margin turning positive at 8.8% proves Chery has moved past the "lose money on every car sold" stage. Overseas revenue exceeding 50% of total reduces reliance on any single market. Over 100% RHD growth shows its globalization strategy is paying off. These numbers reflect the concentrated release of years of accumulated technological strength.

For Hong Kong users, Chery's significance isn't just about when it arrives here. It's about the direction it represents. When a Chinese automaker can establish a foothold in Europe, have its products pass global five-star safety certifications, and see its RHD models succeed in the UK, it signals that China's automotive industry is ready to compete head-on with global brands.

2025 marks Chery's first year post-listing and a year of concentrated transformation results . Looking ahead, Chery will continue its technology-first approach, deepen its NEV and intelligent strategies, and accelerate globalization . For Hong Kong buyers contemplating a new car, this is a date worth watching. When a Chery RHD model eventually graces Hong Kong's streets, it will represent not just a car, but a microcosm of the globalization of China's automotive industry.