这家公司估值上涨42倍！负债率超200%！兄弟联手冲刺上市！

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as "Zejing Electronics") has achieved significant growth in the automotive electronics sector, attracting investments from notable institutions despite not yet being profitable, with a recent valuation exceeding 2.5 billion RMB [1][2]. Company Overview - Zejing Electronics was founded in 2015 and has become the second-largest supplier of vehicle HUD solutions in China, with a market share of approximately 16.2% [15][16]. - The company specializes in innovative smart cockpit visual and interaction solutions, primarily focusing on HUD technologies [15]. Financial Performance - Over the past three years, Zejing Electronics has reported cumulative losses of approximately 577 million RMB, with total liabilities increasing significantly [2][14][17]. - The company's revenue for 2022, 2023, and 2024 was 214 million RMB, 549 million RMB, and 578 million RMB, respectively, while losses for the same periods were 256 million RMB, 175 million RMB, and 138 million RMB [16][17]. - The asset-liability ratio reached 215.6% in 2024, indicating a high level of debt relative to assets [17]. Investment and Growth - Zejing Electronics has undergone multiple financing rounds since its inception, with the latest E-round valuation reaching 2.585 billion RMB, marking a 42-fold increase over seven years [11][12]. - The company plans to use funds from its upcoming IPO for production line expansion, automation upgrades, and enhancing research and development capabilities [19]. Leadership Background - The co-founders, Zhang Tao and Zhang Bo, bring over 20 years of experience in the automotive and electronics sectors, respectively, which has contributed to the company's strategic positioning [5][8].