经纬恒润首次公开发行股票的发行费用总额为14,198.26万元，其中，保荐及承销费用10,377.36万 元。 经纬恒润于2022年4月19日在上交所科创板上市，发行价格为121.00元/股，发行股票数量3000.00万 股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为宋永新、刘晓，联席主承销商为华 兴证券有限公司。 经纬恒润首次公开发行股票募集资金总额为363,000.00万元，扣除发行费用后，募集资金净额 348,801.74万元。经纬恒润最终募集资金净额比原计划少151,198.26万元。经纬恒润于2022年4月13日披 露的招股说明书显示，该公司拟募集资金500,000.00万元，拟分别用于经纬恒润南通汽车电子生产基地 项目、经纬恒润天津研发中心建设项目、经纬恒润数字化能力提升项目和补充流动资金。 中国经济网北京12月23日讯 经纬恒润(688326.SH)今日股价下跌，截至收盘报111.36元，跌幅 3.94%。该股目前处于破发状态。 (责任编辑：何潇) ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金理财产品专用结算账户的开立情况 为满足部分暂时闲置募集资金现金管理的需要，北京经纬恒润科技股份有限 公司（以下简称"公司"）的子公司江苏涵润汽车电子有限公司（以下简称"江苏 涵润"）在杭州银行股份有限公司北京中关村支行（以下简称"杭州银行北京中 关村支行"）开立了募集资金理财产品专用结算账户。具体内容详见公司于 2024 年 12 月 5 日在上海证券交易所网站（www.sse.com.cn）披露的《北京经纬恒润 科技股份有限公司关于开立募集资金理财产品专用结算账户的公告》（公告编号： 2024-080）。 二、募集资金理财产品专用结算账户的注销情况 证券代码：688326 证券简称：经纬恒润 公告编号：2025-065 北京经纬恒润科技股份有限公司 关于注销部分募集资金理财产品专用结算账户的公告 | 序号 | 主体 | 开户银行 | 账号 | | --- | --- | --- | --- | | 1 | 江苏涵润汽车电子有限公司 | 杭州银行北京中关村支行 | ...

经纬恒润高级总监于雅琪表示，公司将持续加码车载RISC-V架构工程化平台能力建设，构建覆盖需求 定义、底层软件、复杂中间件及自研工具链的全栈系统能力。通过打造可复用软件模块与自动化工具 链，助力生态伙伴搭建从芯片到应用的完整解决方案，有效降低技术导入门槛与项目风险，加速车载 RISC-V规模化落地进程。 Andes晶心科技大中华区事业部副总谢幼龄高度认可经纬恒润在车载RISC-V领域的平台化布局与实践成 果。她指出，作为RISC-V国际协会创始首席会员，Andes晶心科技将持续输出高性能、高可配置的车载 处理器核心及完整开发环境，与经纬恒润携手完善车载软硬件生态，共同推动客户创新应用落地。 与会专家达成共识：车载场景对技术的确定性、安全性与可维护性有着严苛要求，相较于单点性能，稳 定的软件平台与工具链体系更能决定技术落地效率，其核心价值在于助力合作伙伴高效完成评估、集成 与应用验证全流程。 12月19日，Andes晶心科技团队到访经纬恒润北京总部，双方围绕车载RISC-V生态建设展开深度研讨， 旨在进一步深化生态协作，助力车载RISC-V技术从"能用"向"可交付"关键跃迁。此次交流聚焦软件栈 成熟度、工程效率 ...

Core Viewpoint - The new energy vehicle (NEV) sector is experiencing a strong rebound driven by favorable national policies, leading to a surge in stock prices and a wave of limit-up stocks [1] Group 1: Market Performance - NEV concept stocks have shown significant gains, with Zhejiang Shibao achieving five consecutive limit-ups, and other stocks like Delian Group and Asia-Pacific Shares also hitting the limit-up [1] - Key stocks with notable price increases include Jingwei Hengrun, which rose by 10.21% to 121.83, and Delian Group, which increased by 10.04% to 6.03 [2] Group 2: Policy and Technological Developments - The core driver for the NEV sector's growth is strong policy support, highlighted by the approval of L3-level conditional autonomous driving vehicles, marking a significant milestone in the industry [3] - The first L3-level autonomous driving license plate was issued in Chongqing, indicating the formal entry of China into the L3 autonomous driving era [3] - Technological innovations in the NEV industry are accelerating, with breakthroughs in lithium battery technology and the imminent mass production of solid-state batteries, enhancing vehicle performance and reducing production costs [3] Group 3: Market Trends and Future Outlook - The NEV industry is transitioning from "policy support" to "market maturity," with significant growth in production and sales, reaching 1,490.7 million units produced and 1,478 million units sold in the first 11 months of the year, representing a year-on-year increase of 31.4% and 31.2% respectively [5] - The penetration rate of new energy vehicles in total vehicle sales reached 47.5%, with November figures showing a further increase to 53.2% [5] - The commercialization of L3 autonomous driving technology signifies a new development stage, requiring collaboration between government and enterprises to establish standards and regulations [5][6]

消息面上，智能驾驶近期催化不断，L3方面，国家首批L3级有条件自动驾驶车型公布，长安、北汽两 款车型在指定区域进行试点，同时地方层面，小鹏汽车等获得地方L3级试点批准。随着L3自驾的技 术、政策、监管等方面逐渐成熟，智驾有望进入加速发展阶段，智驾迈入L3时代。Robotaxi方面，马斯 克表明，公司目前正在测试不配备人类安全员的无人驾驶出租车，无安全员版Robotaxi有望加速落地， 实现真正无人驾驶载客，推动真正无人驾驶商业化进程。 智能网联汽车ETF紧密跟踪中证车联网主题指数，中证车联网主题指数将内容与服务提供商、软件提供 商、硬件提供商、汽车厂商等相关上市公司纳入车联网主题，以反映车联网上市公司的整体表现。 数据显示，截至2025年11月28日，中证车联网主题指数(930725)前十大权重股分别为宁德时代 (300750)、宏发股份(600885)、大华股份(002236)、德赛西威(002920)、汇川技术(300124)、华域汽车 (600741)、均胜电子(600699)、科大讯飞(002230)、上汽集团(600104)、中科创达(300496)，前十大权重 股合计占比51.03%。 智能网联汽 ...

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 152.49 CNY, based on a comparable company PE average valuation of 69 times for 2026 [3][6]. Core Insights - The company is expanding its automotive electronics business and accelerating its layout in smart ports and intelligent public transport [2]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.30 CNY, 2.21 CNY, and 3.50 CNY respectively, reflecting slight adjustments in revenue, gross margin, and expense ratios [3]. - The company has reported a significant reduction in losses, with a net profit forecast of 36 million CNY in 2025, transitioning from losses of 217 million CNY in 2023 and 550 million CNY in 2024 [5][10]. Financial Performance Summary - Revenue is projected to grow from 4,678 million CNY in 2023 to 10,115 million CNY in 2027, with year-on-year growth rates of 16.3%, 18.5%, 24.4%, 22.8%, and 19.5% respectively [5][10]. - The company expects to achieve a gross margin of approximately 24.2% to 24.4% from 2025 to 2027, with a net profit margin improving from -4.6% in 2023 to 4.2% in 2027 [5][10]. - The net asset return (ROE) is anticipated to rise from -4.2% in 2023 to 8.2% in 2027, indicating a recovery in profitability [5][10]. Business Development and Strategy - The company is actively developing its smart driving business, with plans to mass-produce new products based on advanced chip technologies by the end of the year [9]. - Strategic partnerships are being formed to enhance domestic chip development, which is crucial for the company's platform development strategy [9]. - The company is also focusing on L4 autonomous driving technology, with products aimed at various sectors including logistics and public transport, indicating a broad market potential [9].

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

证券日报网讯 12月19日，经纬恒润在互动平台回答投资者提问时表示，关于官网近期展示的"工业智 能"产品，公司并非停留在PPT概念层面，目前已形成智能光学检测系统与智能工业机器人两条产品 线。 （文章来源：证券日报） ...

Core Viewpoint - The company, Jingwei Hengrun, is focusing on self-developed power modules and is capable of integrating solutions based on customer platform needs, offering a range of products from power devices to complete system solutions [2] Group 1: Product Development - The company has completed a systematic product layout in the field of power electronics for electric vehicles, covering mainstream technology routes such as pure electric, range-extended, and distributed drive solutions [2] - The multi-in-one controller is designed for pure electric platforms, aiming to reduce system size and weight while enhancing power density through deep integration [2] - The range extender controller is specifically optimized for range-extended hybrid systems, focusing on improving generation efficiency, NVH (noise, vibration, and harshness), and emissions performance [2] - The dual electric control controller targets distributed drive architectures, allowing independent control of dual motors for precise torque distribution [2] Group 2: Integration and Delivery - The power electronics products utilize the company's self-developed power modules, facilitating continuous upgrades and large-scale delivery from modules to controllers and complete system solutions [2]