博泰车联(02889) - 2025 - 中期财报

Company Information Botai Connected Vehicle Technology (Shanghai) Co., Ltd. listed on September 30, 2025, specializing in intelligent cockpit and connected services - Botai Connected Vehicle Technology (Shanghai) Co., Ltd. (Stock Code: 2889) was listed on the Main Board of the Stock Exchange on September 30, 2025[1][5] - The company primarily engages in providing intelligent cockpit solutions and connected services[69] Financial Highlights The company reported significant revenue and gross profit growth for H1 2025, despite a slight increase in net loss Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,086,303 | 860,713 | 26.2% | | Gross Profit | 156,099 | 112,897 | 38.3% | | Loss for the Period | (227,371) | (223,374) | 1.8% | | Loss Attributable to Owners of the Company | (227,179) | (223,459) | 1.7% | | Basic Loss Per Share (RMB) | (1.63) | (1.78) | (8.4%) | - Revenue and gross profit growth were primarily driven by increased shipments of intelligent cockpit domain controllers and a strategic shift towards high-end SoC domain controllers[9] Management Discussion and Analysis This section reviews the company's operational performance, financial results, liquidity, and future strategic plans Business Review and Outlook The company achieved significant revenue and gross profit growth in H1 2025, driven by intelligent cockpit domain controller shipments and high-end SoC products, expanding market share and innovation Overview Botai is a leading intelligent cockpit solution provider in China, achieving substantial revenue growth in H1 2025 due to increased shipments and a shift to high-end SoC domain controllers - Botai is a leading intelligent cockpit solution provider in China, ranking as the third-largest supplier of intelligent cockpit domain controller solutions for passenger vehicles by 2024 shipment volume[9] - Revenue reached RMB 1,086.3 million in H1 2025 with a gross profit margin of 14.4%, driven by increased intelligent cockpit domain controller shipments (from 0.3 million to 0.4 million units) and a shift to high-end SoC domain controller production[9] Commercialization Progress The company achieved a 28% increase in product deliveries in H1 2025, deepening collaboration with Qualcomm and expanding into overseas markets Product Delivery Volume in H1 2025 | Indicator | H1 2025 (thousand units) | YoY Growth | | :--- | :--- | :--- | | Product Delivery Volume | Approx. 370 | 28.0% | | High-end SoC Domain Controller Delivery Volume | 160 | Continuous Increase | - The company deepened its cooperation with Qualcomm, developing a new generation intelligent cockpit solution based on the Snapdragon® Cockpit Platform Premium 'QAM8397P' and securing a nomination from a renowned domestic new energy brand[12] - In overseas markets, collaboration expanded with a European global luxury automaker, securing a new nomination based on QAM8295P, with delivery expected in the Chinese market in 2026[12] Connected Services Connected services revenue grew by 37.9% in H1 2025, primarily due to new service projects for a prominent OEM Connected Services Revenue | Indicator | H1 2025 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Connected Services Revenue | 44.2 | 37.9% | - Connected services revenue growth was primarily due to new services provided for a renowned OEM, including user support and platform maintenance[13] Research and Development and Innovation The company is collaborating with Qualcomm on next-gen intelligent cockpit solutions, integrating AI large language models, and holds a substantial portfolio of patents and intellectual property - The company is collaborating with Qualcomm to develop a new generation intelligent cockpit solution featuring QAM8397P, with prototypes demonstrating screen illumination, connected functions, audio debugging, and edge-side large models enabling personalized greetings and scenario-specific intelligent features[14] Patents and Intellectual Property as of June 30, 2025 | Indicator | Quantity | | :--- | :--- | | Granted Patents | 1,785 items (935 invention patents, 52.4%) | | Patent Applications | 6,088 items (5,026 invention patents, 82.6%) | | Trademarks | 639 items | | Registered Domains | 4 items | | Software Copyrights | 127 items | Environmental, Social and Governance Aspects The company adheres to ESG reporting guidelines, establishing an EHS committee and implementing mechanisms for environmental monitoring and social responsibility practices - The company adheres to the Stock Exchange's ESG Reporting Guide, establishing an EHS management committee responsible for EHS decision-making, personnel adjustments, duty revisions, and system establishment[15] - Environmentally, the company has established monitoring and improvement mechanisms for key indicators such as energy consumption, water resource utilization, waste management, and greenhouse gas emissions[16] - Regarding social responsibility, the company continuously practices its commitments in employee rights, production safety, occupational health, supplier ESG management, and privacy protection[16] Outlook and Plans The company plans to expand market share, particularly in new energy vehicles, enhance R&D in central computing platforms and AI, deepen overseas expansion, integrate industry resources, and improve operational efficiency - Strategic objectives include expanding market share (especially in new energy vehicle collaborations with Chinese OEMs), advancing the construction of the Ruian production base, and exploring new production base locations[17] - Continuous innovation to seize industry development opportunities, strengthening R&D in high-performance central computing platforms, and exploring the application of AI large language models in intelligent cockpit human-machine interaction, cockpit-cloud interaction, and autonomous driving technologies[18] - Deepening overseas expansion aims to strengthen strategic relationships with international automotive OEMs, expand intelligent cockpit business into mature markets like Europe, and establish overseas sales and R&D functions[19] - Integrating industry resources through collaboration with OEMs, SoC suppliers, operating system providers, and automotive intelligent component suppliers to accelerate product upgrades and iterations, while actively seeking investments or acquisitions of high-quality targets[20] - Improving operational efficiency by optimizing production management processes, investing in production automation, strengthening supply chain management, and deepening cooperation with existing suppliers while establishing new relationships[21] Financial Review The company's revenue and gross profit increased in the reporting period, driven by intelligent cockpit solutions and connected services, while net loss slightly rose due to various financial factors Revenue Total revenue increased by 26.2% year-on-year, primarily driven by growth in intelligent cockpit solutions and connected services Revenue Breakdown (For the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | % of Total Revenue | 2024 (RMB '000) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Cockpit Solutions | 1,039,574 | 95.7 | 825,891 | 96.0 | | Connected Services | 44,246 | 4.1 | 32,087 | 3.7 | | Others | 2,483 | 0.2 | 2,735 | 0.3 | | Total Revenue | 1,086,303 | 100.0 | 860,713 | 100.0 | - Total revenue increased by 26.2% year-on-year, primarily attributable to overall business scale growth, with intelligent cockpit solutions revenue growing by 25.9% and connected services revenue by 37.9%[23] Cost of Sales Cost of sales increased by 24.4% due to higher revenue, particularly from increased shipments of intelligent cockpit domain controllers and new connected service projects Cost of Sales (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 930,204 | 747,816 | 24.4% | | % of Total Revenue | 85.6% | - | - | - The increase in cost of sales was primarily due to revenue scale growth, particularly the increase in shipments of intelligent cockpit domain controllers, especially the sales volume and proportion of high-end main units[24] - Connected services cost of sales increased by 41.7%, mainly due to increased labor costs associated with the execution of new projects[24] [Gross Profit and Gross Profit Margin](index=12