PATEO CONNECT Technology (Shanghai) Corporation 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 本公告乃由博泰車聯網科技（上海）股份有限公司（「本公司」及其附屬公司合稱 「本集團」）自願作出，旨在向本公司股東（「股東」）及潛在投資者告知本集團的 最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司陸續收到項目定點通知， 其中包括收到某頭部高端新能源車企（「該客戶」）出具的《項目定點通知》，本 公司被該客戶選定為8295平台海外軟硬件一體化項目定點車型座艙域控制器的 供應商；本公司亦收到某全球頭部車企出具的一系列汽車智能化項目《項目定 點通知》，本公司將為該車企在全球市場範圍內提供高端智能座艙域軟硬件一 體化核心產品及解決方案。 本公司近年來不斷深化產業鏈協同，逐步形成強大的生態整合能力並獲得廣 泛市場認可度。該等項目定點通知標誌著本公司的技術實力得到了新客戶及 既有客戶的認可，進一步鞏固 ...

Core Viewpoint - 博泰车联 is experiencing a stock price increase of over 3%, attributed to strategic partnerships and growth prospects in the automotive technology sector [1] Group 1: Strategic Partnerships - In September, 博泰车联 entered a strategic partnership with Porsche to develop next-generation in-car infotainment systems for the Chinese market, set to be used in multiple Porsche models starting in 2026, marking the company's significant entry into the global luxury car supply chain [1] - In October, 博泰车联 partnered with SenseTime to advance innovations in AI smart cockpits, large models, and robotics [1] Group 2: Market Position and Growth Potential - According to a report by Guotai Junan, the acceleration of automotive intelligence is expanding the smart cockpit as a core interaction entry point, positioning 博泰车联 favorably due to its technological capabilities, customer base, product upgrades, and international collaborations [1] - The company is expected to see a substantial improvement in profitability, with revenue growth, recovery in gross margins, and enhanced operational efficiency, projecting its first annual profit in 2026 [1]

Core Viewpoint - 博泰车联 is experiencing a stock price increase of over 3%, attributed to strategic partnerships and growth prospects in the automotive sector [1] Group 1: Strategic Partnerships - In September, 博泰车联 entered a strategic partnership with Porsche to develop next-generation in-car infotainment systems for the Chinese market, set to be used in multiple Porsche models starting in 2026, marking the company's significant entry into the global luxury car supply chain [1] - In October, 博泰车联 partnered with SenseTime to advance innovations in AI smart cockpits, large models, and robotics [1] Group 2: Market Position and Growth Potential - According to a report by Guotai Junan, the acceleration of automotive intelligence is expanding the smart cockpit as a core interaction entry point, positioning 博泰车联 favorably due to its technological capabilities, customer base, product upgrades, and international collaborations [1] - The company is expected to see a substantial improvement in profitability, with revenue growth, recovery in gross margins, and enhanced operational efficiency, projecting its first annual profit in 2026 [1]

Core Viewpoint - 博泰车联 is experiencing a stock price increase of over 3% following strategic partnerships aimed at enhancing its position in the luxury automotive supply chain and advancing AI technologies [1] Group 1: Strategic Partnerships - In September, 博泰车联 entered a strategic partnership with Porsche to develop next-generation in-car infotainment systems for the Chinese market, set to be used in multiple Porsche models starting in 2026, marking the company's significant entry into the global luxury car supply chain [1] - In October, 博泰车联 partnered with SenseTime to promote innovation in AI smart cockpits, large models, and robotics, indicating a focus on integrating advanced technologies [1] Group 2: Market Position and Growth Potential - According to a report from Guotai Junan, the acceleration of automotive intelligence is expanding the smart cockpit as a core interaction entry point, positioning 博泰车联 favorably due to its technological capabilities, customer base, product upgrades, and international collaborations [1] - The company is expected to see a substantial improvement in profitability as revenue scales up, gross margins recover, and operational efficiency improves, with projections indicating the potential for the first annual profit in 2026 [1]

Core Viewpoint - Cathay Securities has initiated coverage on Botai Carlink (02889) with a "Buy" rating and a target price of HKD 280.20, highlighting the company's growth potential driven by the acceleration of automotive intelligence and the expansion of smart cockpit as a core interaction entry point [1] Group 1: Market Position and Growth - The penetration rate of smart cockpit domain controllers in China reached 41.1% in August 2025, a year-on-year increase of 12%, indicating a critical transition from optional to standard features [1] - Botai Carlink has become the second-largest supplier of pre-installed cockpit domain controllers in the Chinese market for new energy passenger vehicles, holding a 10.87% market share from January to September 2025 [1] - Major clients include Huawei, Li Auto, Xpeng, Avita, Lantu, and Seres, with revenue from core clients Huawei and Li Auto expected to account for approximately 50% of total revenue in 2024 [1] Group 2: Product Pricing and International Expansion - The average selling price of domain controllers has increased from RMB 990 in 2023 to RMB 2,141 in 2024, further rising to RMB 2,257 in the first five months of 2025, supporting the company's profitability improvement [2] - A strategic partnership with Porsche was established in September 2025 to develop next-generation in-car entertainment systems for the Chinese market, marking Botai's entry into the global luxury car supply chain [2] - The company has also entered the supply chains of international brands such as Hyundai and Kia, supporting Chinese brands' international expansion through a dual-track model of "serving global automakers + supporting Chinese brands abroad" [2] Group 3: Financial Performance and Projections - The company's gross margin fluctuated between 14.1% and 11.8% from 2022 to 2024 due to chip costs and R&D investments, but is expected to improve with business scale expansion [3] - Gross margin is projected to gradually recover from 12.9% in 2025 to 13.8% in 2027, while R&D expenses are expected to stabilize between RMB 1.9 billion and RMB 2.4 billion annually over the next three years [3] - Revenue is anticipated to grow at a compound annual growth rate of 40.5% from 2024 to 2027, with smart cockpit solutions being the primary contributor, leading to a forecasted net profit of approximately RMB 45 million in 2026 and RMB 175 million in 2027 [3] Group 4: Valuation - Cathay Securities has set a valuation multiple of 7.0x for Botai Carlink for the fiscal year 2026, reflecting a premium compared to peers, based on the company's advantages in customer structure, technological accumulation, and global cooperation [4] - The acceleration of industry consolidation in the smart cockpit sector and the gradual realization of partnerships with high-end brands like Porsche are expected to enhance the company's growth certainty [4]

Core Viewpoint - Cathay Securities has initiated coverage on Botai Che Lian (02889) with a "Buy" rating and a target price of HKD 280.20, highlighting the company's growth potential in the accelerating automotive intelligence sector, particularly in smart cockpit technology [1] Group 1: Market Position and Growth - Botai Che Lian has established itself as the second-largest supplier of cockpit domain controllers in the Chinese market for new energy passenger vehicles, holding a 10.87% market share from January to September 2025 [1] - The penetration rate of smart cockpit domain controllers in China reached 41.1% in August 2025, indicating a significant shift from optional to standard features [1] - The company expects to achieve its first annual profit in 2026, driven by expanding revenue, improving gross margins, and enhanced operational efficiency [1][3] Group 2: Product Pricing and International Expansion - The average selling price of domain controllers has increased from CNY 990 in 2023 to CNY 2,141 in 2024, with further growth to CNY 2,257 in the first five months of 2025, supporting the company's profitability [2] - In September 2025, Botai Che Lian entered a strategic partnership with Porsche to develop next-generation in-car entertainment systems for the Chinese market, marking its entry into the global luxury car supply chain [2] - The company has also integrated into the supply chains of international brands like Hyundai and Kia, supporting Chinese brands' international expansion through a dual-track growth model [2] Group 3: Financial Performance and Projections - The company's gross margin fluctuated between 14.1% and 11.8% from 2022 to 2024 due to chip costs and R&D investments, but is expected to recover gradually, reaching 13.5% in 2026 and 13.8% in 2027 [3] - R&D expenses are projected to stabilize between CNY 1.9 billion and CNY 2.4 billion annually over the next three years, maintaining competitiveness while balancing investment and efficiency [3] - Revenue is forecasted to grow at a compound annual growth rate of 40.5% from 2024 to 2027, primarily driven by smart cockpit solutions, with a projected net profit of CNY 45 million in 2026 and CNY 175 million in 2027 [3] Group 4: Valuation - Cathay Securities has set a valuation multiple of 7.0x for Botai Che Lian for the fiscal year 2026, reflecting a premium compared to peers, based on the company's advantages in customer structure, technological accumulation, and global partnerships [4]

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 ...