Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - Founded in 2018, the company focuses on the design of edge AI chips, offering a product portfolio that includes smart display chips, smart perception and control chips, and solutions for emerging applications in consumer electronics and automotive electronics [5]. - The company ranks second globally in the scaler chip industry by shipment volume, with a market share of 18.8% in 2024, and holds the first position in the ASIC scaler sub-market with a market share of 55%, shipping approximately 37 million units [5]. Group 2: Financial Performance - The company's revenue has shown rapid growth, increasing from 87 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate of approximately 67.5%. In the first nine months of 2025, revenue continued to grow by 24.2% year-on-year, driven by the ramp-up of core products like AI Scaler and STDI [5]. - Despite revenue growth, the company is still in a phase of continuous losses, with a cumulative net loss of approximately 462 million yuan and a cumulative loss rate of about 59% from 2022 to the first nine months of 2025. The overall gross margin has declined from 35.7% to 22.1% during the same period [6]. Group 3: Market Position and Future Outlook - The company has a high dependency on major customers and suppliers, indicating a concentrated customer base [6]. - With the acceleration of AI applications and increasing demand for display and control chips, the company aims to leverage its IPO to enhance capital, increase R&D investment, and optimize supply chain layout, potentially improving its market share in the edge AI chip sector [6].

奥迪首席知识产权许可官Michael Fritz同样对合作给予积极评价："我们与OPPO达成的专利许可协议表明，标准必要专利的许可谈判能够以建设性与平衡性 的方式推进。这彰显了奥迪对知识产权价值的尊重以及致力于为所有相关方创造共赢解决方案的决心，此类合作不仅丰富了奥迪的生态系统，更为奥迪客户 带来更卓越的产品与服务体验。" 值得关注的是，这是OPPO继德国大众、国内某知名车企之后，与大型汽车制造商签订的第三份双边专利许可协议，标志着其蜂窝通信标准必要专利在汽车 领域的认可度持续提升。 技术实力是合作的核心支撑。据LexisNexis®IPlytics统计数据，截至2025年1月，OPPO在5G专利综合实力排名位居全球第八，凸显其在蜂窝通信技术领域的 创新领导地位。截至2025年9月，OPPO全球专利申请量已逾11.7万件，授权专利超6.5万件。公司持续加大对5G/6G、人工智能、充电、影像及视频等核心技 术领域的投入，不断巩固其在创新与高价值知识产权领域的全球领导者地位。 12月10日，OPPO宣布与奥迪公司达成全球专利许可协议。根据协议内容，OPPO将包含5G在内的蜂窝通信标准必要专利，许可予奥迪全球产品线 ...

Core Viewpoint - The announcement from Jiyue Automotive highlights significant asset security risks and the need for creditors to declare their claims to ensure the smooth progress of the pre-restructuring process [2]. Asset Control Requirements - Entities or individuals in actual possession of the company's vehicles and equipment must contact the temporary administrator immediately upon notification to handle the handover and fulfill declaration obligations, prohibiting unauthorized possession, dismantling, disposal, or transfer of related assets [3]. - Vehicles that have scattered outside and are not registered or maintained by the company cannot guarantee technical status and driving safety; actual possessors or users must cease usage immediately, with any safety risks or legal liabilities from unauthorized use, resale, or market placement borne by the relevant parties [3]. - The company and the temporary administrator reserve the right to pursue legal action against unauthorized possession, concealment, destruction, or transfer of assets, including civil lawsuits and criminal charges [3]. Debt Declaration Channels - All entities with legal claims against Shanghai Jiyue must declare their debts in accordance with legal regulations and the debt declaration guidelines through online channels [5]. - Creditors can search for the "破栗子" WeChat public account to review the "Shanghai Jiyue Automotive Co., Ltd. Pre-restructuring Debt Declaration Operation Guidelines" and declare as required [5]. - Creditors can also log into the "National Enterprise Bankruptcy Reorganization Case Information Network," search for "Shanghai Jiyue Automotive Co., Ltd.," and click on the "Pre-restructuring Announcement" to declare according to the announcement content [5]. - The temporary administrator urges all creditors to pay close attention to the announcement and strictly comply to jointly maintain the orderly progress of the pre-restructuring process [5].

Core Points - Wanji Technology announced the introduction of strategic investor Wuhan High-tech Industry Investment Fund through a capital increase of 20 million yuan to enhance its laser radar business and market competitiveness [2] - The capital increase will raise Wuhan Wanji's registered capital from 71 million yuan to 75 million yuan, with Wanji Technology's shareholding decreasing from 84.51% to 80% [2][3] - Wuhan High-tech was established on June 24, 2022, with a registered capital of 2 billion yuan, primarily engaged in equity investment and asset management [3] - Wuhan Wanji, established on December 10, 2013, reported a revenue of 85.65 million yuan and a net loss of 108.11 million yuan for the fiscal year 2024 [3] - The valuation of Wuhan Wanji's total equity was assessed at 31 million yuan, with a significant increase of 562.20% [4] - The agreement includes clauses for priority liquidation and buyback rights, allowing Wuhan High-tech to request a buyback under certain conditions [4]

Core Viewpoint - Fawer Co., Ltd. has successfully introduced a strategic investor, Jilin Green Power Automotive Industry Private Equity Investment Fund, through a public offering, raising 20 million yuan to enhance its battery recycling industry chain layout and build a complete battery recycling ecosystem [2][3]. Group 1: Investment Details - Fawer Co., Ltd. approved the capital increase for its wholly-owned subsidiary, Fawer Smart Energy Technology Co., Ltd., on September 28, 2025, with a capital increase amount set at 20 million yuan [2]. - The investment from the Green Power Fund will be used to expand the material recycling business based on existing battery utilization [2][4]. Group 2: Capital Structure Changes - Following the capital increase, Fawer Smart's registered capital will change from 65 million yuan to 83.6794 million yuan, with Fawer Co., Ltd. holding 77.68% and the Green Power Fund holding 22.32% [3]. - The capital increase will convert Fawer Smart from a wholly-owned subsidiary to a controlling subsidiary, while the consolidation scope of Fawer Co., Ltd. remains unchanged [3]. Group 3: Financial Assessment - As of the capital increase assessment date of July 31, 2025, Fawer Smart's net assets were evaluated at 69.5907 million yuan, with the final capital increase price set at 1.0707 yuan per registered capital [4]. - The funds raised will primarily support the operation and development of Fawer Smart's main business and are restricted from being used for non-operational expenditures [4].

Core Viewpoint - The company, Unisoc, has successfully launched its first-generation automotive domain control chip, THA6, which is now in mass production and has been integrated with multiple mainstream toolchains and software from various domestic and international manufacturers [2] Group 1: Product Development and Market Position - The second-generation THA6 series is expected to be adapted for over ten mainstream toolchains and basic software, with mass production anticipated to gradually ramp up by 2026 [2] - Unisoc has over 20 years of experience in semiconductor integrated circuit design, establishing a systematic competitive advantage in R&D capabilities, core technologies, supply chains, and customer resources, making it a leading player in the domestic semiconductor integrated circuit design industry [2] - The company is one of the earliest in China to engage in the design and R&D of special integrated circuits and intelligent security chips, holding significant brand influence and recognition domestically [2] Group 2: Market Share and Applications - In the special integrated circuit sector, Unisoc is a key supplier with a wide user base across various related fields [2] - The company ranks among the top in both domestic and global market shares for SIM card chips, and leads the market in financial IC card chips, ID card readers, and POS machine SE chips [2] - Unisoc holds a leading position in certain areas of automotive electronic chips within China [2] Group 3: Commercial Aerospace Sector - In the commercial aerospace sector, Unisoc's products, including FPGA, read-refresh chips, memory, and bus interfaces, are being gradually introduced with positive progress [2] - The company is exploring new application scenarios based on existing products, as the commercial aerospace industry has a long supply chain and significant integrated circuit demand [2]

0 . 0 o 0 e 0 e > the first ●● a lead and l ra T 0 : 8 3 12月10日，天赐材料发布公告，宣布对2022年公开发行可转换公司债券募投项目中的"年产4.1万吨锂离子电池材料项目（一期）"进行延期调整，完工时间 由原计划的2025年12月31日延长至2026年7月31日。 此次再次延期，主要原因是设备采购及到货周期超出预期，经公司及项目组审慎评估后，决定将建设周期由38个月调整为45个月，完工时间定为2026年7月 31日。 此前，公司已通过股东大会审议，对"年产15.2万吨锂电新材料项目""年产2万吨双氟磺酰亚胺锂项目""年产6万吨日化基础材料项目（一期）"及"年产6.2万 吨电解质基础材料项目"等募投项目完成结项，并将节余募集资金永久性补充流动资金。 回溯项目调整历程，该项目曾于2024年3月因工艺创新升级及相关备案审批手续办理需求，经公司董事会审议通过将完工时间延长至2025年12月31日。目 前，公司已完成部分生产工艺的创新升级，并重新取得了建设、环保、安全等方面的备案及审批手续，项目处于车间建设及部分设备安装阶段。 ...

Core Insights - Hubei Zhonglian Asset Appraisal Co., Ltd. issued a special appraisal report valuing the proprietary technology and experimental equipment for the production of photoinitiators used in photoresists at 46.2678 million yuan as of October 31, 2025, providing a professional value reference for the technology transfer and asset acquisition [2] - The appraisal was jointly commissioned by Hubei Sanxia Laboratory and Hubei Xingfu Electronic Materials Co., Ltd., aimed at providing a value basis for the technology transfer of the "key technology for the preparation of photoinitiators for photoresists" [2] Group 1 - The appraisal includes two core assets: the proprietary technology for photoinitiators and the supporting experimental equipment [3] - The proprietary technology has been developed through collaboration between Hubei Sanxia Laboratory and various universities and enterprises, focusing on G/I line photoinitiators, with nine invention patents currently under review by the National Intellectual Property Administration [3] - The successful development of this technology is expected to reduce reliance on imports for photoinitiators used in 28nm mature process semiconductor chips, achieving domestic substitution and completing key links in the electronic chemicals industry chain [3] Group 2 - The supporting experimental equipment consists of a large-scale preparation process device for photoinitiators, including 46 pieces of equipment, with a net book value of 4.2119 million yuan and a final appraisal value of 4.7091 million yuan [3] - The appraisal utilized a combination of cost and income approaches, with the proprietary technology valued at 41.5587 million yuan by the cost method and 56.2780 million yuan by the income method [3] - This asset acquisition and technology transfer represent an important practice of deep integration between industry, academia, and research [4] Group 3 - Hubei Xingfu Electronics, as a foreign-invested listed company, aims to expand its product range and optimize its industrial layout through this acquisition, enhancing its core competitiveness in the semiconductor industry [4] - Hubei Sanxia Laboratory, approved by the Hubei provincial government, collaborates with multiple universities and enterprises, providing a successful example of how innovative technologies from research institutions can enter the market [4]

12月10日，图达通成功借壳TechStar Acquisition Corporation登陆港交所，股票代码为02665，股价一度冲高超17港元/股，截至发稿股价回落至12.08港元/ 股，较发行价提升20.8%，总市值约164.32亿港元。 这是继速腾聚创和禾赛科技之后，全球车用激光雷达供应商4强中，第三家实现上市的企业，并会师港交所，仅剩华为未上市。 2025年12月9日，图达通发布配售结果公告，宣布其特殊目的收购公司（SPAC）并购交易相关的37,081,637股获准许股权融资股份发行及配发工作顺利完 成。此次股权融资每股发行价为10港元，面值0.001美元，融资总规模达3.708亿港元。扣除1030万港元估计应付开支后，公司实际所得款项净额为3.605亿 港元。资金来源主要包括两部分：一是Nio Nextev Limited通过认购协议以每股10港元认购28,672,137股，涉及金额2.867亿港元；二是三名PIPE投资者通过 专项投资协议认购55,130,000股PIPE投资股份，贡献融资5.513亿港元，两类融资共同为公司后续发展注入充足资金。 据悉，图达通与TechStar的上市并购交易始 ...

Core Viewpoint - The establishment of Yongchang County Changzhida Low Altitude Intelligent Technology Co., Ltd. marks a significant step in the low-altitude intelligent technology sector, focusing on smart drones and AI-related technologies [1][5]. Company Overview - Yongchang County Changzhida Low Altitude Intelligent Technology Co., Ltd. has officially completed its business registration and is positioned as a low-altitude intelligent technology service provider [1]. - The company has a registered capital of 7.43 million yuan and is located in Jinchang City, Gansu Province [2]. - The business scope includes manufacturing smart drones, developing AI software, and building AI public data platforms, indicating a comprehensive approach that spans hardware, software, and data services [2][3]. Business Structure - The company integrates hardware manufacturing of smart drones with AI foundational software and data platforms, creating a "hardware + software + data platform" business model [3]. - Smart drones serve as the physical medium for low-altitude applications, while AI software plays critical roles in flight control, path planning, and target recognition [3]. Industry Context - The low-altitude economy is gaining traction as a focal point for local industrial development, with policies encouraging the use of drones in logistics, inspection, emergency response, and surveying [3]. - The combination of low-altitude scenarios with AI software and general application systems positions the company to develop targeted solutions based on specific industry needs [3]. Shareholding and Future Outlook - The company is co-owned by multiple stakeholders, including Shengjingwei, although specific shareholding ratios are not publicly disclosed [5]. - As the company transitions into operational phases, its project advancement, order acquisition, and the depth of technology application in low-altitude scenarios will be key areas of market interest [5].