均胜电子，拟港股上市

Core Viewpoint - Company is seeking to go public in Hong Kong to align with its global positioning and operational status, with a focus on improving profit margins and operational metrics [1] Group 1: Financial Performance - In 2022, 2023, 2024, and the first four months of 2025, the company achieved revenues of 49.793 billion, 55.728 billion, 55.864 billion, and 19.707 billion respectively, with net profits of 0.233 billion, 1.24 billion, 1.326 billion, and 0.491 billion [2] - Revenue from automotive safety solutions accounted for 69.1%, 69.2%, 69.2%, and 62.6% of total revenue in the same periods [2] - Interest expenses on interest-bearing liabilities were 0.932 billion, 1.121 billion, 1.13 billion, and 0.399 billion for the respective years [2] Group 2: Debt and Liabilities - Total liabilities at the end of 2022, 2023, 2024, and by April 30, 2025, were 36.41 billion, 37.76 billion, 44.32 billion, and 46.8 billion respectively, with debt ratios of 67.3%, 66.4%, 69.1%, and 69.8% [3] - The increase in debt ratio from 69.1% at the end of 2024 to 69.8% by April 2025 is attributed to increased loans and borrowings to enhance liquidity and support business needs [3] Group 3: R&D and Market Position - R&D expenditures for 2022, 2023, 2024, and the first four months of 2025 were 3.034 billion, 3.648 billion, 3.686 billion, and 1.574 billion respectively [4] - The automotive industry is characterized by intense competition and high concentration, prompting the company to enhance its R&D capabilities to meet evolving customer demands [4] - Revenue from the top five customers represented 48.6%, 50.1%, 47.6%, and 47.1% of total revenue in the respective years [4]