作者：欧雪 展望下半年，瑞声科技管理层持乐观态度，预计公司收入将保持快速增长，下半年收入同比增速有望不 低于上半年的18.4%。整体来看，郭丹认为，手机和车载领域将是是瑞声科技后续增长的两大稳健支 柱。 手机方面，郭丹表示，尽管全球智能手机出货量较为稳定，但高价值产品价值在提升。一方面，折叠机 超薄趋势为声学、马达结构件等带来价值提升机会；另一方面，智能手机摄像功能和AI应用带来新需 求，推动MEMS麦克风、散热等需求大大增加。 今年上半年，瑞声科技散热业务同比增长超45%至2.21亿元，产品在全球头部客户旗舰机型上快速放 量。"我们是安卓手机主要供应商，去年散热销售额3亿多，今年预计翻三倍，且增长趋势将持续多年， 应用范围也将拓展。"郭丹称。 车载方面，随着公司此前并购PSS后，今年紧接着又收购了初光汽车。报告期内，瑞声科技持续导入新 客户以及新车型，进一步发挥集团与PSS的协同效应。定点国内某新能源品牌旗舰SUV项目，包含32扬 声器、40通道功放及软件调音的音响系统，打造超豪华车载声学体验。 编辑：彭孝秋 8月21日，瑞声科技（2018.HK）在新加坡发布2025年中期业绩报告，集团上半年收入为人民币1 ...

Core Viewpoint - The company Zebra, previously a subsidiary of Alibaba, is undergoing a spin-off and IPO to enhance its independent valuation and attract specific investors in the automotive system solutions sector [4][6]. Group 1: Company Overview - Zebra was established in 2015 through a joint investment by SAIC Motor and Alibaba, with both companies being the primary shareholders [4]. - As of the announcement date, Alibaba holds approximately 44.72% of Zebra's shares, and after the spin-off, it will retain over 30% [4]. Group 2: Business Development - Zebra specializes in software-based intelligent cockpit solutions, with a significant increase in the number of vehicles equipped with its solutions, growing from 835,000 in 2022 to 2,334,000 in 2024, representing a compound annual growth rate (CAGR) of 67.2% [7]. - Revenue from AI end-to-end solutions is projected to rise from 15.897 million yuan in 2022 to 54.61 million yuan in 2024, with a CAGR of 85.3% [7]. Group 3: Market Potential - The global smart vehicle sales are expected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a CAGR of 6.9% [7]. - The market size for intelligent cockpit solutions in China is projected to increase from 129 billion yuan to 327.4 billion yuan, with a CAGR of 16.8% [7]. Group 4: Financial Performance - Zebra's revenue for 2022, 2023, and 2024 is approximately 805 million yuan, 872 million yuan, and 824 million yuan, respectively [8]. - The total losses and comprehensive expenses for the same years are approximately 878 million yuan, 876 million yuan, and 847 million yuan [8]. - Research and development expenses for 2022, 2023, and 2024 are approximately 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan, respectively [8].

Core Insights - The company reported a revenue of 1.761 billion yuan for the first half of 2025, marking a year-on-year growth of 5.62% and a reduced net loss of 311 million yuan, which is a 12.68% improvement compared to the same period last year [1] - The company's core growth driver, the Zhiyun business, achieved a revenue of 1.265 billion yuan, reflecting a year-on-year increase of 24.42% [1] - The company is actively involved in the construction of high-level autonomous driving demonstration zones in Beijing and has successfully won the bid for the high-precision dynamic map construction project in Wuxi [1] Zhixin Business - The cumulative shipment of SoC chips has surpassed 90 million units, while MCU chips have exceeded 80 million units [2] - The new generation mid-to-high-end intelligent cockpit domain control chip AC8025 has been applied in multiple domestic and joint venture brand vehicles, receiving widespread attention [2] - The AC7870 MCU chip, based on the ARM Cortex-R52 core, supports ISO 26262 ASIL-D functional safety standards, with some models achieving mass production on domestic production lines [2] Intelligent Driving Business - The company launched an AI infrastructure service architecture that won orders from a leading joint venture car manufacturer, providing a full lifecycle closed-loop solution from data collection to model training [2] - This architecture integrates compliance, safety, and value capabilities, helping car manufacturers turn data security into a competitive advantage [2] - A standardized toolbox has been formed to flexibly adapt to the intelligent needs of different car manufacturers [2] Ecosystem Development and Strategic Cooperation - The company continues to deepen cooperation with partners such as Volcano Engine and Alibaba Cloud, accelerating the construction of a collaborative system integrating maps, data, hardware, algorithms, and cloud services [2] - With the rapid increase in smart vehicle penetration, the company has positioned itself as a comprehensive solution provider through its full-stack service capabilities [2]

Group 1 - The company achieved operating revenue of 1.761 billion yuan in the first half of 2025, a year-on-year increase of 5.62%, while the net profit attributable to shareholders narrowed to a loss of 311 million yuan, reducing losses by 12.68% compared to the same period last year, indicating continuous improvement in operational quality [1] - The core growth engine, the Zhiyun business, generated revenue of 1.265 billion yuan, a year-on-year increase of 24.42%, and the company participated deeply in the construction of the Beijing high-level autonomous driving demonstration zone 3.0 phase [1] - The company won the bid for the "Wuxi City Vehicle-Road-Cloud Integration Application Pilot Project" for high-precision dynamic map construction, and the data compliance business revenue significantly increased, effectively supporting the leading position of the Zhiyun business in the industry [1] Group 2 - The company’s Zhixin business saw cumulative shipments of SoC chips exceed 90 million units and MCU chips surpass 80 million units, with the new generation mid-to-high-end intelligent cockpit domain control chip AC8025 being applied in multiple domestic and joint venture brand models [1] - The AC8025AE cockpit parking integrated single-chip solution has gained widespread attention from customers, while the AC7870 MCU chip, based on the ARM Cortex-R52 core, supports ISO 26262 ASIL-D functional safety standards, enhancing supply chain resilience [1] - In the intelligent driving business sector, the company launched an AI new infrastructure service architecture that won orders from a leading joint venture car manufacturer, providing a full lifecycle closed-loop solution from data collection to model training [2] Group 3 - The architecture integrates compliance, safety, and value capabilities, helping car manufacturers turn data security into a competitive advantage, and has formed a standardized toolbox adaptable to different automotive intelligent needs [2] - The company continues to deepen strategic cooperation with partners such as Volcano Engine and Alibaba Cloud, accelerating the construction of a "map + data + hardware + algorithm + cloud" industry collaboration system [2] - With the rapid increase in smart car penetration, the company, leveraging its full-stack solution service capability, has become a comprehensive solution provider [2]

格隆汇8月21日丨协和电子(605258.SH)公布半年度报告，报告期内，公司实现营业收入45,058.72万元， 同比增长12.13%，实现归属于母公司股东的净利润为2,895.92万元，同比降低8.31%，产品综合毛利率 有所下降。公司自上市以来，一直围绕汽车电子和高频通讯领域开展业务，开发积累了东风科技、星宇 股份等众多客户。随着新能源汽车和智能汽车的兴起与逐步渗透，以及5G等高频通讯的大规模应用， PCB需求进一步增加。报告期内，公司一方面凭借现有客户资源和优势，积极参与客户招投标工作，深 度挖掘新项目合作机会，另一方面利用自身行业优势，积极参加各类行业展会，持续做好客户开发及深 耕工作。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 88.93 HKD [7][8] Core Insights - The company achieved record sales and reported its first half-year profit, with H1 2025 revenue reaching 24.25 billion HKD, a year-on-year increase of 174.15%, and a net profit of 0.33 billion HKD, marking a turnaround from losses [1][2] - The company is expected to maintain high revenue growth from 2025 to 2027, driven by strong sales momentum, competitive models across four major platforms, accelerated overseas market expansion, and strategic partnerships [1][5] Revenue Performance - In Q2 2025, the company sold 134,000 vehicles, a year-on-year increase of 152% and a quarter-on-quarter increase of 53%, with July sales exceeding 50,000 units [2] - The sales structure is improving, with B/C platform vehicles accounting for 57.6% and 24.4% of sales in Q2 2025, while the lower-priced T03 model's share decreased to 18.0% [2] Profitability - The company achieved a gross margin of 14.1% in H1 2025, a year-on-year increase of 13.0 percentage points, and a net profit margin of 1.1% in Q2 2025, reflecting improved cost management and sales structure [3][4] - The report anticipates stable gross margins moving forward, with Q2 2025 net profit expected to continue its upward trend [3] Future Outlook - A strong new vehicle cycle is anticipated in 2025-2026, with multiple new models set to launch across various platforms [4] - The company is expanding its domestic and international presence, with plans to increase its store coverage and accelerate localization efforts in overseas markets [4] - Strategic collaborations and self-manufactured core components are expected to enhance revenue and profitability [4] Earnings Forecast and Valuation - The earnings forecast has been revised upward, with projected sales of 640,000, 1,030,000, and 1,416,000 vehicles for 2025, 2026, and 2027 respectively, reflecting growth rates of 6.69%, 28.75%, and 37.16% [5][12] - Revenue projections for 2025, 2026, and 2027 are set at 74.53 billion, 128.73 billion, and 170.75 billion HKD, with corresponding net profits expected to reach 1.13 billion, 5.24 billion, and 8.25 billion HKD [5][15]

Company Overview - Zebra Zhixing submitted its IPO application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - Established in November 2015, Zebra Zhixing is a leading provider of software-centric intelligent cockpit solutions in China, backed by Alibaba and SAIC Group [4][5] Financial Performance - Revenue for Zebra Zhixing from 2022 to 2024 was reported as 805 million RMB, 872 million RMB, and 824 million RMB respectively, while total losses and comprehensive expenses were 878 million RMB, 876 million RMB, and 847 million RMB [5][6] - The company’s R&D expenses for the same period were 1.111 billion RMB, 1.123 billion RMB, and 979 million RMB [5][6] - The largest customer for Zebra Zhixing from 2022 to 2024 was SAIC Group, contributing 54.7%, 47.4%, and 38.8% of total revenue [7] Market Position and Growth Potential - According to data from Zhaoshang Consulting, Zebra Zhixing is the largest software-centric intelligent cockpit solution provider in China, with the highest solution deployment ranking [4] - The global smart vehicle sales are projected to grow from 58 million units to 86.5 million units from 2024 to 2030, with a compound annual growth rate (CAGR) of 6.9% [12] - The market size for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [12] IPO Fund Utilization - The IPO proceeds will be allocated to R&D to strengthen technological leadership in the intelligent cockpit solutions market [10] - Funds will also be used to enhance market share in China, consolidate leadership, and expand into global markets [11] - Additional capital will support business acquisitions, expansion plans, and working capital needs [12]

Core Viewpoint - Alibaba plans to spin off its subsidiary, Zhibo Technology Co., Ltd. (Zhibo Zhixing), for a public listing in Hong Kong, marking a significant move in the domestic smart cockpit solution market [2][4]. Group 1: Company Overview - Zhibo Zhixing was established through an investment from Alibaba and SAIC Group, becoming one of the leading software-centric smart cockpit solution providers in China [6]. - The company will no longer be included in Alibaba's consolidated financial statements starting December 27, 2024, and will transition to a joint-stock company on March 3, 2025 [8]. Group 2: Financial Performance - Zhibo Zhixing's revenue from 2022 to 2024 is projected to be 805 million RMB, 872 million RMB, and 824 million RMB, respectively, while total losses and comprehensive expenses are expected to be 878 million RMB, 876 million RMB, and 847 million RMB [8]. - Research and development expenses for the same period are forecasted at 1.111 billion RMB, 1.123 billion RMB, and 980 million RMB [8]. Group 3: Client and Supplier Relationships - From 2022 to 2024, SAIC Group is the largest client, contributing 54.7%, 47.4%, and 38.8% of Zhibo Zhixing's revenue [12]. - Alibaba is the largest supplier, with procurement amounts accounting for 53.5%, 58.4%, and 50.5% of total purchases during the same period [13]. Group 4: IPO and Future Plans - The IPO fundraising will focus on R&D, market expansion, capital operations, and working capital supplementation [15]. - The smart cockpit solution market is at a turning point, driven by supportive government policies, rapid growth in the passenger vehicle market, improved chip performance, breakthroughs in large language models, and the evolution of integrated AI technologies [16]. - Global smart vehicle sales are expected to grow from 58 million units to 86.5 million units from 2024 to 2030, with a compound annual growth rate of 6.9%, while the market size for smart cockpit solutions in China is projected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [16].

Core Viewpoint - Alibaba Group announced the spin-off of its subsidiary, Zhaoma Network Technology Co., Ltd., aiming for an independent listing on the Hong Kong Stock Exchange, with Alibaba retaining over 30% ownership post-spin-off [1][4]. Company Overview - Zhaoma Network was established in November 2015 through a joint investment by Alibaba and SAIC Group, focusing on the development of intelligent automotive operating systems and solutions [3]. - The company provides three core solutions: system-level OS solutions based on self-developed AliOS, AI end-to-end solutions including voice interaction and visual perception, and in-car platform services integrating payment, navigation, and application ecosystem [3]. - According to Zhaoma Consulting, Zhaoma Network is the largest software-centric intelligent cockpit solution provider in China by projected 2024 revenue and also ranks first in solution deployment [3]. Strategic Considerations and Market Outlook - The spin-off will allow Zhaoma to reflect an independent valuation, enabling investors to assess the performance and potential of both Zhaoma and Alibaba separately [4]. - The intelligent cockpit market is expected to grow rapidly, with projections indicating that the market size for intelligent cockpit solutions in China will reach 327.4 billion RMB by 2030, particularly for software-based solutions [4]. - Zhaoma Network will leverage Alibaba Group's technological and ecological advantages across various fields, including voice, vision, chips, IoT, cloud computing, maps, payments, and e-commerce [4]. - Deutsche Bank, CICC, and Guotai Junan International are acting as joint sponsors for the upcoming listing, which still requires approval from the Hong Kong Stock Exchange and relevant filings with the China Securities Regulatory Commission [4].

Core Viewpoint - Alibaba Group announced the proposed spin-off of Zhaoma Network Technology Co., Ltd. (Zhaoma Zhixing) for independent listing on the Hong Kong Stock Exchange, with Alibaba retaining over 30% ownership post-spin-off [2][4]. Company Overview - Zhaoma Zhixing was established in 2015 through a joint investment by SAIC Motor Corporation and Alibaba, focusing on providing intelligent automotive operating systems and solutions [4][8]. - As of the announcement date, Alibaba holds approximately 44.72% of Zhaoma Zhixing's shares, making it the largest shareholder [2][6]. Financial Performance - Zhaoma Zhixing reported revenues of approximately RMB 805.43 million, RMB 871.89 million, and RMB 823.79 million for the fiscal years 2022, 2023, and 2024, respectively [7]. - The company incurred total losses of RMB 878.19 million, RMB 876.16 million, and RMB 847.40 million during the same periods [7]. Market Position - Zhaoma Zhixing is recognized as the largest software-centric intelligent cockpit solution provider in China, with a compound annual growth rate of 67.2% in the deployment of its intelligent cockpit solutions from 2022 to 2024 [8]. - The company's intelligent cockpit solutions have been installed in over 8 million vehicles across more than 14 countries, making it a key player in the automotive technology sector [8].