国泰海通近日发布研究报告，首次覆盖博泰车联(02889)并给予"买入"评级，目标价280.20港元。报告指 出，在汽车智能化加速背景下，智能座舱作为核心交互入口持续扩容，博泰车联凭借技术能力、客户基 础、产品升级与国际合作，确立了明确的增长路径。随着收入规模扩大、毛利率回升及运营效率改善， 公司盈利能力有望迎来实质拐点，预计2026年首次实现年度盈利。 数据显示，2025年8月中国智能座舱域控制器渗透率已达41.1%，同比提升12%。这表明市场正处于从选 装向标配加速过渡的关键阶段。得益于此，博泰车联以10.87%的份额成为2025年1-9月中国市场新能源 乘用车前装标配座舱域控制器第二大供应商。公司客户包括华为、理想、小鹏、阿维塔、岚图、赛力斯 （601127）等主流新能源品牌。其中，2024年，两大核心客户华为和理想的业务收入约占公司总收入的 50%。 在国际化方面，公司于2025年9月与保时捷达成战略合作，共同开发面向中国市场的下一代车载信息娱 乐系统，计划自2026年起用于多款保时捷车型，标志着公司首次大规模进入全球豪华车供应链。此外， 公司也已进入现代、起亚等国际品牌供应体系，并通过与赛力斯等合作支 ...

随着市场对更高性能座舱体验的需求持续增长，公司产品均价同步提升，域控制器平均售价已从2023年 的990元上涨至2024年的2141元，而2025年前五个月进一步提升至2257元。研报认为，公司有望在未来 两年保持产品价格的结构性抬升，成为公司盈利能力改善的重要支撑。 在国际化方面，公司于2025年9月与保时捷达成战略合作，共同开发面向中国市场的下一代车载信息娱 乐系统，计划自2026年起用于多款保时捷车型，标志着公司首次大规模进入全球豪华车供应链。此外， 公司也已进入现代、起亚等国际品牌供应体系，并通过与赛力斯等合作支持中国品牌出海，形成"服务 全球车企+支持中国出海"的双轨扩张模式。国泰海通认为，该双轨模式将成为公司未来三年最重要的 增量来源之一。 在AI技术布局上，公司于2025年10月与商汤科技达成战略合作，共同推进AI智能座舱、大模型、机器 人等领域的融合创新。此外，公司在IPO时引入地平线机器人作为战略投资者，双方正联合开发集成座 舱与驾驶解决方案，推动智能座舱向AI驱动演进，有望打开第二增长曲线。 财务方面，公司毛利率在2022-2024年间因芯片成本、研发投入等因素有所波动，分别为14.1%、 ...

致：香港交易及結算所有限公司 公司名稱: 博泰車聯網科技（上海）股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 呈交日期: 2025年11月5日 本月底法定/註冊股本總額： RMB 149,991,249 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02889 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,997,847 | RMB | | | 1 RMB | | 70,997,847 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | ...

国际发售项下的发售股份并无超额分配。因此，超额配股权并未获行使，且超额配股权已于上市后失 效。公司获稳定价格操作人告知，稳定价格操作人(或任何代其行事的人士)于稳定价格期间并无采取稳 定价格行动。 紧随稳定价格期间结束后，公司符合并将继续遵守上市规则第19A.13A条项下的公众持股量规定，即无 论何时，公司已发行H股总数至少有15%由公众人士持有。 （原标题：博泰车联(02889)：稳定价格期结束 无稳定价格行动及超额配股权失效） 智通财经APP讯，博泰车联(02889)发布公告，有关全球发售的稳定价格期间已于2025年10月25日(星期 六)(即递交香港公开发售申请截止日期后第30日)结束。 ...

Core Viewpoint - The stabilization period for the global offering of Botai Che Lian (02889.HK) ended on October 25, 2025, with no over-allotment exercised during this period [1] Summary by Relevant Sections - **Global Offering Announcement** - The stabilization period for the global offering concluded on October 25, 2025 [1] - The announcement referenced a prior notice dated September 29, 2025 [1] - **Over-allotment and Stabilization Actions** - There was no over-allotment of shares under the international offering, and thus the over-allotment option was not exercised [1] - The over-allotment option has expired post-listing [1] - The stabilization agent informed the company that no stabilization actions were taken during the stabilization period [1]

本公告乃根據香港法例第 571W 章《證券及期貨（穩定價格）規則》作出。本公告僅供參考，並不 構成任何人士收購、購買或認購本公司任何證券的要約或誘使作出要約的邀請。本公告並非招 股章程。有意投資者於決定是否投資於發售股份前，務請細閱招股章程中有關本公司及下文所 述全球發售的詳細資料。 本公告並不構成出售要約或招攬購買的要約，亦不會在有關要約、招攬或出售將屬違法的任何 司法管轄區出售任何發售股份。本公告不得直接或間接於或向美國境內（包括其領土及屬地、 美國任何州及哥倫比亞特區）或法律禁止有關發佈、刊發、分發的任何其他司法管轄區發佈、 刊發、分發。本公告並不構成或組成於美國或任何其他司法管轄區出售證券的任何要約或購買 或認購證券的任何招攬的一部分。發售股份並無亦不會根據美國證券法或美國任何州的證券法 登記，亦不得於或向美國境內或以美籍人士（定義見 S 規例）名義或為其利益提呈發售或出售， 惟進行獲豁免遵守美國證券法的登記規定或不受該等法律登記規定限制的交易除外。發售股份 不會在美國公開發售。發售股份僅可依據 S 規例在美國境外以離岸交易方式提呈發售及出售。 博泰車聯網科技（上海）股份有限公司 （於中華人民共和國成 ...

Core Viewpoint - 博泰车联 is experiencing a significant stock price increase following the announcement of strategic partnerships aimed at enhancing its position in the smart connected vehicle market [1] Group 1: Company Developments - 博泰车联's stock rose by 4.88% to 178.3 HKD, with a trading volume of 13.22 million HKD [1] - The company signed a cooperation framework agreement with SenseTime on October 7, focusing on the integration and application of artificial intelligence in smart connected vehicles [1] - On September 28, Porsche announced a deep collaboration with 博泰车联 to develop a new generation of in-car infotainment systems specifically for the Chinese market, set to launch in multiple Porsche models by 2026 [1] Group 2: Market Position - 博泰车联 is recognized as a leading supplier of smart cockpit solutions in China, ranking as the third-largest supplier of domain controllers for passenger vehicle smart cockpits with a market share of 7.3% as of 2024 [1] - The company differentiates itself from competitors by offering integrated smart cockpit solutions that combine software, hardware, and cloud services, catering to diverse customer needs [1]

Core Viewpoint - 博泰车联 is experiencing a nearly 5% increase in stock price following the announcement of strategic partnerships aimed at enhancing its position in the smart connected vehicle market [1] Group 1: Company Developments - 博泰车联's stock rose by 4.88% to 178.3 HKD, with a trading volume of 13.22 million HKD [1] - The company signed a cooperation framework agreement with SenseTime on October 7 to promote the integration and application of artificial intelligence in smart connected vehicles [1] - On September 28, Porsche announced a deep collaboration with 博泰车联 to develop a new generation of in-car infotainment systems specifically for the Chinese market, set to launch in multiple Porsche models by 2026 [1] Group 2: Market Position - 博泰车联 is recognized as a leading supplier of smart cockpit solutions in China [1] - According to Frost & Sullivan, 博泰车联 ranks as the third-largest supplier of domain controller solutions for smart cockpits in China's passenger vehicle market, holding a market share of 7.3% as of 2024 [1] - The company differentiates itself by offering integrated smart cockpit solutions that combine software, hardware, and cloud services, catering to diverse customer needs, unlike competitors who primarily focus on hardware [1]

Core Viewpoint - The listing of Botai Carlink on the Hong Kong Stock Exchange represents a significant step in the capitalization process of automotive smart supply chain enterprises, with the company raising approximately HKD 1.067 billion through the issuance of 10.4369 million H-shares [2][3]. Group 1: Company Overview - Botai Carlink is the third-largest supplier in China's smart cockpit domain controller market, with a market share of 7.3% as of 2024 [5]. - The company has seen a steady increase in revenue, with projected revenues of CNY 12.18 billion, CNY 14.96 billion, and CNY 25.57 billion from 2022 to 2024, and CNY 7.54 billion in the first five months of 2025 [3][4]. - The main revenue sources for Botai Carlink are smart cockpit solutions and connected services, with domain controllers being the core revenue driver [3]. Group 2: Market Dynamics - The market for smart cockpit solutions in China is rapidly growing, with a projected compound annual growth rate (CAGR) of 30.7%, increasing from CNY 442 billion in 2020 to CNY 1.29 trillion by 2024 [4]. - The penetration rate of domain controllers in passenger vehicles is expected to rise from 13.7% in 2020 to over 90% by 2029 [4]. Group 3: Financial Performance - Despite revenue growth, Botai Carlink has not yet achieved self-sustainability, as costs continue to exceed income [5]. - The gross margin for domain controllers has improved to 10% in the first half of 2025, influenced by the termination of several loss-making projects [7]. Group 4: Strategic Initiatives - To mitigate customer concentration risk, Botai Carlink is diversifying its product offerings and aims to provide customized smart cockpit solutions for various market segments [6][7]. - The company is also focusing on expanding its customer base beyond its top five clients, which accounted for 49.8% of total revenue in the first five months of 2025 [6]. Group 5: Competitive Landscape - The automotive industry is experiencing a "Matthew Effect," where market resources are increasingly concentrated among leading firms, posing challenges for smaller suppliers like Botai Carlink [7]. - As automakers increasingly develop their own smart cockpit systems, third-party suppliers must establish their unique value propositions to remain competitive [7].

Core Viewpoint - The recent listing of Botai Carlink on the Hong Kong Stock Exchange marks a significant step in the capitalization of automotive smart supply chain enterprises, reflecting the rapid growth of the smart cockpit and connected solutions market in China [1][2]. Group 1: Company Overview - Botai Carlink raised approximately HKD 1.067 billion by issuing 10.4369 million H-shares, with funds primarily allocated for product expansion, technology enhancement, production testing, and sales network expansion [1]. - The company reported revenues of CNY 1.218 billion, CNY 1.496 billion, and CNY 2.557 billion for the years 2022, 2023, and 2024 respectively, with CNY 0.754 billion in the first five months of 2025 [2]. - Botai Carlink is the third-largest supplier in China's smart cockpit domain controller market, with a market share of 7.3% as of 2024 [3][4]. Group 2: Business Segments - The main revenue sources for Botai Carlink are smart cockpit solutions and connected services, with domain controllers being the highest contributor to revenue [2]. - The revenue from domain controllers increased from CNY 0.674 billion in 2022 to CNY 1.959 billion in 2024, representing a rise in its share of total revenue from 55.4% to 76.6% [2]. - The market for smart cockpit solutions in China is projected to grow from CNY 44.2 billion in 2020 to CNY 129 billion by 2024, with a compound annual growth rate of 30.7% [2]. Group 3: Market Dynamics - The penetration rate of domain controllers in passenger vehicles is expected to rise from 13.7% in 2020 to 44.1% in 2024, and is projected to exceed 90% by 2029 [2]. - Botai Carlink's reliance on a few major clients is significant, with the top five clients contributing 83.6%, 64.6%, and 74.4% of total revenue from 2022 to 2024, and this concentration increased to 49.8% in the first five months of 2025 [4]. - The automotive industry is experiencing a "Matthew Effect," where market resources are increasingly concentrated among leading firms, posing challenges for smaller players like Botai Carlink [5][6]. Group 4: Strategic Initiatives - To mitigate client concentration risks, Botai Carlink is expanding its product range to offer customized smart cockpit solutions for various market segments [4]. - The company is also focusing on enhancing its client base while maintaining strong relationships with existing clients, such as Changan Avita and Dongfeng Lantu [4]. - Botai Carlink's unique position as a provider of smart cockpit solutions based on the Kirin 9610A processor and HarmonyOS has attracted significant interest from institutional investors [3][4].