Zheng Quan Zhi Xing·2025-09-04 12:12Core Viewpoint - The report outlines the continuous supervision and compliance of Beijing Jingwei Hengrun Technology Co., Ltd. (the company) by CITIC Securities during its initial public offering and subsequent operations on the Sci-Tech Innovation Board, emphasizing the company's financial performance and operational risks [1][2][4]. Continuous Supervision Work - CITIC Securities has established a comprehensive and effective continuous supervision work system for the company, including signing a continuous supervision agreement and reporting to the Shanghai Stock Exchange [2]. - The company has not encountered any legal violations or breaches of commitments during the reporting period [2][3]. Financial Performance - For the first half of 2025, the company reported a net profit attributable to shareholders of -86.96 million yuan, a reduction in losses by 246.41 million yuan compared to the same period last year [4][9]. - The company's total revenue for the same period was approximately 2.91 billion yuan, representing a year-on-year increase of 43.48% [9]. Risks and Challenges - The company faces several risks, including significant performance declines or losses, core competitiveness risks due to rapid technological advancements in the automotive electronics market, and operational risks stemming from high customer concentration [4][5][6]. - The company’s inventory value at the end of the reporting period was approximately 176.07 million yuan, accounting for 18.61% of total assets, indicating potential risks related to inventory depreciation [6]. Research and Development - The company’s R&D expenditures decreased by 15.03% year-on-year, with total R&D investment amounting to approximately 538.62 million yuan, representing 18.52% of total revenue [15]. - The company is actively developing various projects, including advanced driving assistance systems and smart transportation solutions, to enhance its technological capabilities and market competitiveness [16][17]. Core Competitiveness - The company maintains a strong core competitiveness through a multi-business collaboration strategy, integrating various technological capabilities across its product offerings [10][11]. - The workforce is highly qualified, with 75% of employees in R&D and technical roles, and nearly 55% holding master's degrees or higher [11]. Industry Context - The automotive electronics market is experiencing rapid growth driven by the trends of electrification and intelligentization, which increases competition and demands for advanced technology [4][5]. - The company is positioned to leverage its comprehensive capabilities in electronic systems to meet the evolving needs of the automotive industry [12][14].