电控下半场：三年营收翻七倍的臻驱赴港IPO，但资本要的不止是规模增速

Core Viewpoint - The article discusses the competitive landscape of the electric vehicle (EV) industry, highlighting the transition from battery competition to electric control and intelligence, with a focus on the recent IPO application of Zhenjue Technology, a differentiated electric control system supplier leveraging a "Power Brick" architecture [1][2]. Group 1: Company Overview - Zhenjue Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its rapid production capabilities and market position in the EV sector [1]. - The company has established a differentiated electric control system based on the "Power Brick" architecture, which integrates power modules, control logic, and thermal management to simplify assembly and enhance cross-platform reuse [2][3]. Group 2: Market Position and Product Development - Zhenjue Technology has secured contracts with 13 automakers and 50 vehicle models, indicating strong market acceptance of its products, which are used in popular models like the AITO M7 and Changan Deep Blue [3][4]. - The company has achieved significant production milestones, with its Chongqing factory producing over 100,000 units within five months of operation, demonstrating its manufacturing agility [1][6]. Group 3: Financial Performance - Zhenjue Technology's revenue surged from 160 million yuan in 2023 to 1.159 billion yuan in 2024, marking a growth of over six times, with further revenue of 1.217 billion yuan in the first nine months of 2025 [6]. - Despite revenue growth, the company continues to face losses, with figures of 237 million yuan, 335 million yuan, and 257 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [6][7]. Group 4: Strategic Initiatives - The company is expanding its business into international markets, with plans to deliver products to over 30 countries and aims for batch shipments to North America by Q3 2025 [8]. - Zhenjue Technology's strategy includes enhancing its global market presence and improving its profitability model through international sales, which typically offer higher margins [8][9]. Group 5: Competitive Landscape - The competitive environment is intensifying, with major players like BYD, Tesla, and others advancing their integrated solutions, posing challenges for Zhenjue Technology [4][9]. - Zhenjue Technology differentiates itself by focusing on system-level integration and standardization of its Power Brick architecture, positioning itself as a hybrid of an independent Tier-1 supplier and power semiconductor capabilities [10].