Core Viewpoint - The company, Haon Auto Electric (301488), announced that the structure of its top five customers is not expected to undergo fundamental changes by 2026, with only minor adjustments in ranking possible [1] Customer Structure - The company emphasizes long-term stable strategic partnerships with its customers, indicating that there will not be large-scale customer replacements in the short term [1] - The main customers contributing to core performance growth in 2027 will still be based on existing key clients [1] Strategic Approach - The overall strategy of the company is to broadly expand its global customer base to avoid excessive revenue concentration from a single client, ensuring a balanced and stable revenue structure [1] - The specific growth contributions will depend on the market sales performance of customer vehicle models [1]

Core Viewpoint - The company, Haon Auto Electric (301488), is making significant progress in its overseas projects and aims to increase the proportion of overseas customer orders in the future [1] Group 1: Overseas Market Development - The company has established a customer system that covers major automotive markets globally [1] - There is a commitment to intensify efforts in exploring overseas markets [1] - The company plans to enhance its global market share and brand influence through deep cooperation with leading global automotive enterprises [1]

Core Viewpoint - The company, Haon Auto Electric (301488), plans to officially enter the robotics sector in 2024, leveraging its existing automotive perception technology for this new market [1] Business Expansion Path - Initially, the company will enter the market as a perception system supplier, reusing mature perception technology from the automotive field for robotics [1] - The company has established a partnership with NVIDIA to utilize its Thor chip and other core products to develop the "brain" (decision control system) for robots, creating an integrated layout of "perception + decision" [1] Product Layout - The company's product offerings currently cover two core aspects of robotics: - Perception, which includes visual perception (6-8 units per robot), ultrasonic radar perception (6-8 units per robot), and pure solid-state LiDAR - Decision-making, which is based on NVIDIA chips for the robot controller (brain) [1] Collaboration with Clients - The company has formed deep collaborations with leading robotics firms such as Zhiyuan and Zhejiang Renxing, with ultrasonic radar successfully integrated into Zhiyuan's robots and achieving mass production [1]

Group 1 - The humanoid robot concept is gaining momentum, with Rongtai Co., Ltd. hitting the daily limit up, and other companies like Siling Co., Ltd. rising over 13% [1] - Wanxiang Qianchao previously reached the daily limit up, while Haon Auto Electric, Fengmao Co., Ltd., Dongfang Precision, and Donghua Testing also showed significant gains [1] Group 2 - Relevant ETFs include the Food and Beverage ETF, which has seen a decline of 2.23% over the past five days, with a price-to-earnings ratio of 19.88 times and a net outflow of 12.14 million yuan [3] - The Gaming ETF has increased by 1.24% in the last five days, with a price-to-earnings ratio of 39.46 times and a net outflow of 260 million yuan [3] - The Sci-Tech 50 ETF has risen by 4.20% recently, with a high price-to-earnings ratio of 160.44 times and a net outflow of 580 million yuan [4] - The Cloud Computing 50 ETF has increased by 5.49% in the last five days, with a price-to-earnings ratio of 131.78 times and a net inflow of 1.23 million yuan [4]

Group 1: Customer Structure and Revenue - The top five customers accounted for over 70% of total revenue in the first three quarters of 2025, including Mahindra, Volkswagen, Geely, Xiaopeng, and Great Wall, with stable cooperation ongoing [4] - Revenue from new energy customers and fuel vehicle customers is approximately equal, each around 50% of total revenue [4] - The customer structure is expected to remain stable in 2026, with only minor adjustments in rankings [4] Group 2: Product Revenue Breakdown - In the first three quarters of 2025, the revenue breakdown by product shows that the intelligent visual perception system accounted for about 60%, ultrasonic radar systems nearly 30%, and in-car video recorders around 5% [4] - The domain controller's revenue includes integrated systems and is typically not reported separately due to its combination with other products [4] Group 3: Financial Performance - The company experienced a 27% year-on-year revenue growth in Q3 2025, driven by strong growth from the top five customers and an increase in the number of supported vehicle models [4] - Gross margin showed slight fluctuations year-on-year but remained stable quarter-on-quarter, attributed to improved automation and minor product structure optimization [5][6] - Net profit decreased due to a significant rise in R&D expenses, while management expenses grew at a reasonable rate [6] Group 4: Strategic Initiatives - The company aims to maximize sales while minimizing costs to enhance gross margin, focusing on expanding order scales and introducing high-margin new products [6] - The company entered the robotics sector in 2024, leveraging automotive perception technology and collaborating with NVIDIA for advanced decision-making systems [7] - The overseas project development is progressing well, with a goal to increase the proportion of overseas customer orders [7]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes the integration of artificial intelligence and capital markets to promote high-quality digital transformation during the 2025 Financial Street Forum [1] - The State Administration of Foreign Exchange announces measures to expand cross-border trade pilot regions, supporting compliant businesses in line with national strategic development [2] - The Ministry of Commerce and other departments release an action plan to enhance urban commercial quality, focusing on the development of pedestrian streets and business circles [2] Group 2: Market Mechanisms and Initiatives - The CSRC plans to improve the Beijing Stock Exchange's listing mechanism and optimize disclosure requirements for innovative companies [4] - Beijing issues guidelines to stimulate mergers and acquisitions, aiming to enhance the quality of listed companies and accelerate industrial integration [5] - China Securities Index Co., Ltd. will launch six new indices to provide a broader range of investment options for the market [6] Group 3: Economic Performance - From January to September 2023, state-owned enterprises reported total operating revenue of 6,132.91 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 1.6% to 316.70 billion yuan [8] Group 4: Technological Advancements - The Ministry of Transport announces an initiative to advance the application of artificial intelligence in the transportation sector, focusing on technology breakthroughs and enhancing digital capabilities [9] - Shanghai's communication management authorities launch a project to develop a millisecond-level computing resource network by 2027 [10] Group 5: Company Performance Highlights - Guizhou Moutai reports a third-quarter net profit of 19.22 billion yuan, a year-on-year increase of 0.48% [7] - Industrial Fulian's AI business drives a 62% year-on-year increase in third-quarter net profit [7] - China Petroleum & Chemical Corporation (Sinopec) sees a 32.2% year-on-year decline in net profit for the first three quarters, totaling 29.98 billion yuan [7]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes the integration of AI and new information technologies into capital markets to promote high-quality digital transformation during the 2025 Financial Street Forum [2] - The State Administration of Foreign Exchange (SAFE) announces measures to facilitate foreign exchange fund settlement to support stable foreign trade, expanding the scope of cross-border trade pilot areas [2] - The Ministry of Commerce and other departments release an action plan to enhance urban commercial quality, focusing on the development of pedestrian streets and business circles [2] Group 2: Market Mechanisms and Initiatives - The CSRC plans to improve the listing mechanism for the Beijing Stock Exchange, utilizing the fourth set of listing standards for unprofitable companies and enhancing the disclosure requirements for innovation attributes [3] - Beijing issues guidelines to stimulate mergers and acquisitions to enhance the quality of listed companies and accelerate industrial integration [3] - China Securities Index Co., Ltd. will launch six new indices, including the CSI A500 Equal Weight Index, to provide more investment options for the market [4] Group 3: Investment and Economic Performance - A strategic emerging industry development fund initiated by the State-owned Assets Supervision and Administration Commission (SASAC) is launched with an initial scale of 51 billion yuan, aimed at accelerating the development of strategic emerging industries [4] - From January to September 2025, state-owned enterprises reported total operating revenue of 6,132.905 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 1.6% to 316.703 billion yuan [4] Group 4: Company Performance Highlights - Guizhou Moutai reports a third-quarter net profit of 19.224 billion yuan, a year-on-year increase of 0.48% [7] - Industrial Fulian's AI business drives a record high in performance, with a third-quarter net profit increase of 62% [7] - China Petroleum & Chemical Corporation (Sinopec) reports a third-quarter net profit of 29.984 billion yuan, a year-on-year decrease of 32.2% [7]

Core Viewpoint - The company, Haon Automotive (301488), has received a project confirmation letter from an overseas automotive brand for its visual perception and panoramic camera system products, indicating a significant business opportunity [1] Group 1 - The project has a lifecycle of 2 to 5 years, suggesting a long-term engagement with the overseas automotive brand [1] - The estimated total revenue over the project's lifecycle is approximately 387 million yuan, highlighting the financial potential of this contract [1] - Production is expected to commence gradually starting in January 2026, indicating a timeline for revenue generation [1]

Core Viewpoint - The announcement from Haon Automotive (301488.SZ) indicates the receipt of a designated project from an overseas automotive brand for visual perception and panoramic camera systems, with an estimated total revenue of approximately 387 million yuan over a project lifecycle of 2-5 years, starting production in January 2026 [1] Group 1 - The project lifecycle is projected to last between 2 to 5 years, with an estimated total revenue of about 387 million yuan [1] - The client is a significant strategic partner for the company, demonstrating strong operational capabilities and reliability [1] - The designated project signifies the client's recognition of the company's R&D, manufacturing, and quality management, which is expected to enhance the company's market share and brand awareness in the automotive intelligent driving sector [1] Group 2 - It is important to note that the designated project is not an order, and actual sales revenue will depend on future orders [1] - The current announcement will not impact the company's performance for the current fiscal year [1] - There are uncertainties regarding the client's production plans and procurement needs, which may pose risks to the expected business collaboration [1]

该客户为公司一直以来重要的战略合作伙伴，经营状况良好，具备较 强的履约能力。 二、对公司的影响 公司在汽车智能驾驶感知系统领域深耕多年，此次收到客户的视觉感 知、全景摄像系统产品的定点信，标志着该客户对公司项目研发、生产制 造、质量管理等方面的认可，充分体现了公司在汽车智能驾驶感知系统领 域的综合实力，有利于提升公司产品市场份额和知名度，对公司布局汽车 智能驾驶市场具有重要意义。后续公司将严格按照客户要求完成产品相关 开发、生产准备及交付等工作。 证券代码：301488 证券简称：豪恩汽电 公告编号：2025-074 深圳市豪恩汽车电子装备股份有限公司 关于收到产品定点信的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、项目定点概述 深圳市豪恩汽车电子装备股份有限公司（以下简称"公司"） 是一家 专注于汽车智能驾驶感知系统研发、设计、制造和销售的国家高新技术企 业。公司于近日收到某海外汽车品牌（基于双方保密协议约定，不便披露 客户具体名称）的视觉感知、全景摄像系统产品的定点信。 该定点信显示，项目生命周期为 2-5 年，预估生命周期内总营业额约 3. ...