Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]

Core Viewpoint - Chery Automobile, a well-established traditional car manufacturer, is preparing for an IPO in Hong Kong, attracting significant market attention due to its historical success and growth potential [1][3]. Financial Performance - Chery's revenue for the years 2022, 2023, and the first nine months of 2024 reached 92.618 billion, 163.205 billion, and 182.154 billion RMB respectively, with net profits of 5.806 billion, 10.444 billion, and 11.312 billion RMB during the same periods [2][7]. - In 2024, Chery's global sales exceeded 2.6 million units, marking a year-on-year increase of 38.4%, with electric vehicle sales reaching 583,600 units, up 232.7% [4]. IPO Details - Chery has submitted its IPO application to the Hong Kong Stock Exchange, with CICC, Huatai, and GF Securities acting as joint sponsors. The specific number of shares to be issued and the fundraising amount have not been disclosed [2][5]. - The IPO is expected to be one of the largest in the Hong Kong market for car manufacturers in recent years, given Chery's scale [5]. Fundraising Purpose - The funds raised from the IPO will be allocated to five main areas: 1. Research and development of various passenger car models to expand the product portfolio [6][7]. 2. Development of next-generation automotive technologies, including battery technology and autonomous driving algorithms [7]. 3. Expansion into overseas markets to enhance global market share [7]. 4. Upgrading production facilities in Wuhu, Anhui, to improve efficiency and product quality [7]. 5. Supplementing operational funds to support daily operations and future business development [7]. Brand Strategy - Chery employs a multi-brand strategy, with a diverse product matrix that includes both fuel and electric vehicles. The main brands include Chery, Jetour, Exeed, iCAR, and the newly launched Zhijie brand in collaboration with Huawei [3][4].

撰 文 / 洪晗琪 设 计 / 师 超 起亚汽车上一次出圈，是对席卷全行业的"价格战"公开唱反调。 "起亚不打算打价格战"，比起以低价换市场份额，起亚更关心如何在提升工人福利、保证产业链健 康的情况下涨销量。相比简单粗暴的"价格战"，起亚更想打一场由技术创新与产品升级驱动的"价 值战"。 这年3月，起亚中国发布新能源战略，计划在2023年-2027年期间，在中国市场推出6款电动车： EV6 GT、EV5、EV9、入门级SUV、基于新一代电动车专用平台开发的高端电动车、中型SUV。同 年，EV6 GT、EV5分别以进口、国产的方式快速导入国内市场。 市场的确朝着这个方向变化。根据乘联会数据，2024年1-10月，新能源乘用车L2级及以上的辅助驾 驶功能装车率达67.1%。过去一年，支持城区/高速自动驾驶辅助功能的车型，在20万元级市场广泛 中国之行坚定了起亚高层此前的判断：中国汽车市场的消费偏好已经与欧美地区截然不同。前者更 注重智能化、车联网及娱乐系统，后者则倾向于驾驶性能和品质 ——这更符合燃油车的产品开发 逻辑。 当竞争对手们为"流量"各显身手时，起亚更是表现佛系，发布会不对标"别人家的孩子"、不造概 念 ...

嗷 创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 保荐人（主承销商） （申报稿） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 据。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 据。 保荐人（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退 市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披 露的风险因素，审慎作出投资决定。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 据。 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 保荐人（主承销商） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出 ...