Company Overview - Hangzhou Yundong Intelligent Automotive Technology Co., Ltd. (Yundong Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1] - According to a Frost & Sullivan report, Yundong Intelligent is the third-largest domestic supplier of automotive communication solutions in China, holding a market share of 7% [1][4] - Yundong Intelligent ranks first among domestic suppliers in terms of 4G in-vehicle networking control unit shipments, with a market share of 7.8% as of the fiscal year ending December 31, 2024 [1][4] Product and Market Position - Yundong Intelligent's solutions are crucial for the automotive industry's transition to software-defined vehicles, driving demand for advanced communication technologies such as 4G, 5G, and satellite communication [4] - The company has established a competitive advantage in the emergency call solution sector, ranking as the third-largest domestic supplier with a market share of 1.0% for the fiscal year ending December 31, 2024, and second place with a market share of 1.4% for the nine months ending September 30, 2025 [4] - The company has developed approximately 27,300 units of 5G in-vehicle communication solutions by the nine months ending September 30, 2025 [4] Financial Performance - Yundong Intelligent's revenue for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 205.79 million, RMB 398.20 million, and RMB 301.25 million, respectively [7] - The gross profit for the same periods is approximately RMB 48.36 million, RMB 108.95 million, and RMB 74.05 million, resulting in gross profit margins of 23.5%, 27.4%, and 24.6% respectively [6][10] - The total profit and comprehensive income for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 10.94 million, RMB 40.15 million, and RMB 22.98 million, respectively [8] Industry Overview - The automotive intelligent networking sector is expanding, with the global and Chinese market sizes expected to grow from RMB 527.4 billion and RMB 115.3 billion in 2024 to RMB 1,333.9 billion and RMB 444.9 billion by 2029 [11] - The demand for in-vehicle communication solutions is driven by the simultaneous rise in electrification, automation, and vehicle networking needs, with global and Chinese shipment volumes projected to increase significantly from 2020 to 2024 [14] - The 4G solutions currently dominate the market due to their established infrastructure and cost-effectiveness, while 5G solutions are expected to see rapid growth, with a compound annual growth rate of 81.0% globally and 70.4% in China from 2025 to 2029 [17]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Hangzhou Yodosmart Automotive Technology Co., Ltd. 杭州雲動智能汽車技術股份有限公司 (the "Company") (a joint stock company incorpor ...

（文/观察者网 张家栋 编辑/高莘） 在朴珉宇进入现代之前，该部门上一任负责人宋昌铉刚刚于去年12月因下一代汽车技术缺乏进展而突然 辞职。 朴珉宇 现代汽车集团官网 宋昌铉的辞职被业内普遍认为是因其在集团内自动驾驶技术领域进展有限而承担责任，因为尽管现代汽 车在自动驾驶汽车部门进行了大量投资，但与竞争对手相比，现代汽车的表现仍未达到预期。 现代集团表示，此次任命完善了集团未来出行技术研发的核心领导架构。作为集团先进车辆平台 （AVP）部门的新负责人，朴珉宇将领导集团加强车辆软件技术的开发和商业化，并同时担任现代汽车 软件研发部门42dot的首席执行官。 1月13日，现代汽车集团发布官方信息表示，已任命英伟达公司前副总裁朴珉宇领导该集团的自动驾驶 项目，以应对SDV（软件定义汽车）领域日益激烈的竞争。 现代集团AVP部门前负责人宋昌铉 现代汽车集团官网 该集团则通过本次任命加速车载软件技术在SDV和自动驾驶领域的研发和商业应用。 公开资料显示，朴珉宇曾担任英伟达副总裁，负责构建自动驾驶感知技术的开发框架，并领导公司自动 驾驶软件平台的量产和商业化。他曾主导多个面向全球汽车制造商的重要车辆集成项目，协调感知、传 ...

Domestic News - The National Development and Reform Commission (NDRC) is set to introduce a comprehensive management approach for the recycling of new energy vehicle batteries, clarifying the responsibilities of government and enterprises [2] - Shanghai has announced measures to optimize the car loan process, including relaxing application conditions and reasonably determining loan issuance ratios, terms, and interest rates [3] - Jiangsu Province is advancing the integration of intelligent connected vehicles with road and cloud systems, focusing on the development of algorithms for autonomous driving and smart cockpit technologies [4] Market Data - In December 2025, the national used car market recorded a transaction volume of 1.8711 million vehicles, a month-on-month increase of 7.15%, while the total transaction amount reached 120.672 billion yuan [5] International News - Hyundai Motor Group has appointed Minwoo Park, a former executive from Nvidia and Tesla, to lead its advanced vehicle platform department, aiming to enhance competitiveness in software-defined vehicles and accelerate product development [6] - The Indian government's electric passenger vehicle manufacturing promotion plan has stalled, with no automakers applying for tax incentives under the program [7] - Volkswagen Group reported a slight decline of 0.55% in global vehicle deliveries for 2025, with over 8.98 million vehicles sold, while deliveries in the Chinese market fell by 8.0% [8] Corporate News - XPeng Motors plans to establish a localized supply chain team in Europe and Southeast Asia by 2026 to enhance supply chain responsiveness and support local production [9] - The AITO brand aims to achieve an average annual sales target of 500,000 vehicles over the next two years [10] - Dongfeng Group has received approval for its privatization plan, which involves merging with Lantu and delisting from the stock exchange [11] - Zhao Changjiang has joined Zhijie Automotive as Executive Director and Executive Vice President, focusing on creating a user-centered global smart brand [12] - 22 individuals from BAIC Blue Valley plan to increase their holdings in the company by no less than 14.5 million yuan [13] - ECARX has secured a strategic investment of $45.6 million from Geely Holding Group to accelerate the development of advanced automotive intelligent solutions [14]

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with 983,100 of those being pure electric vehicles, marking a 32% year-on-year increase and accounting for 10.9% of total deliveries [1] - In China, the group delivered over 2.69 million vehicles, successfully achieving its annual target and maintaining its leading position among foreign car manufacturers [1] Group 1 - The company emphasized a "value first" approach amidst intense price competition in the Chinese automotive market, focusing on profitability rather than merely increasing market share [1] - In the fuel vehicle segment, Volkswagen Group plans to deliver over 2.57 million fuel vehicles in China by 2025, capturing over 22% of the Chinese fuel vehicle market [1] - The Volkswagen brand, including Jetta, leads the Chinese fuel vehicle market, with models like Passat, Lavida, and Sagitar performing strongly in their respective segments [1] Group 2 - The group is accelerating its "In China, for China" strategy, with significant advancements in electrification and intelligent transformation [2] - By 2025, the group will enter a strategic "delivery model," launching new electric intelligent models like the Audi Q6L e-tron and Audi E5 Sportback, which have received positive market feedback [2] - Volkswagen Group has invested over €3.5 billion in Hefei to establish an intelligent connected vehicle innovation center, aiming to create a comprehensive end-to-end R&D system by the end of 2025 [2] Group 3 - The company plans to launch over 20 new energy models in China by 2026, including pure electric, plug-in hybrid, and range-extended vehicles, equipped with advanced intelligent connected technology and L2++ level driving assistance [3] - By 2027, the group aims to introduce over 30 electrified models in China, with projections reaching around 50 models by 2030 [3] - Volkswagen Group officially commenced vehicle export operations in 2025, successfully exporting its first batch of vehicles to the Middle East, with plans to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [3]

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with electric vehicle deliveries reaching 983,100 units, a 32% year-on-year increase, making up 10.9% of total sales, up 2.7 percentage points from the previous year [1] - In China, Volkswagen achieved over 2.69 million vehicle deliveries, maintaining its position as the top foreign carmaker in the market, while emphasizing a strategy focused on profitability rather than market share [1] - The company plans to launch over 20 new electric and hybrid models in China by 2026, enhancing its product offerings with advanced driving assistance systems [3][4] Group 1 - Volkswagen Group's electric vehicle sales in 2025 accounted for 10.9% of total sales, reflecting a significant growth in the electric vehicle segment [1] - The company delivered over 2.57 million fuel vehicles in China, capturing more than 22% of the fuel vehicle market, with its brands leading in various segments [1] - Volkswagen's strategy emphasizes "value first," focusing on profitability and preparing for the launch of new energy models [1] Group 2 - The "In China, For China" strategy has entered a delivery phase, with new electric and intelligent connected models receiving positive market feedback [2] - Volkswagen's export strategy commenced in 2025, with initial vehicles successfully exported to the Middle East, and plans to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [2] - The company aims to strengthen local R&D capabilities, having invested over €3.5 billion in Hefei since 2023 to establish an innovation center for intelligent connected vehicles [4] Group 3 - By 2027, Volkswagen plans to introduce over 30 electric models in China, increasing to approximately 50 by 2030, with around 30 being fully electric [4] - The development cycle for new vehicles has been shortened by about 30%, with costs optimized by approximately 40% through a "software-defined vehicle" approach [5] - Volkswagen is enhancing its local capabilities in advanced driving assistance systems through partnerships and plans to design and develop system-level chips in China [5] Group 4 - The competitive landscape in the Chinese automotive market is shifting towards technology, experience, and efficiency, necessitating foreign carmakers to maintain profitability in fuel vehicles while advancing in new energy and intelligent technology [6] - Volkswagen's disclosed sales data and product plans reflect a strategy of stabilizing cash flow, accelerating new technology delivery, and strengthening local R&D [6] - The upcoming launch of over 20 new energy models in 2026 will be critical for validating Volkswagen's competitiveness in the Chinese market [6]

Core Insights - Volkswagen Group plans to launch over 20 models of pure electric, plug-in hybrid, and range-extended vehicles in the Chinese market by 2026, featuring advanced electric and intelligent network technologies, including L2++ driver assistance systems [1][4] Group 1: Sales Performance - In 2025, Volkswagen Group delivered over 8.98 million vehicles globally, with pure electric vehicle deliveries reaching 983,100 units, a year-on-year increase of 32% [1] - The share of pure electric vehicles in the group's global sales reached 10.9%, up by 2.7 percentage points year-on-year [1] - In China, Volkswagen Group delivered over 2.69 million vehicles, maintaining its position as the top foreign carmaker in the market [1] Group 2: Market Strategy - Volkswagen Group emphasized a "value first" approach amidst intense price competition, focusing on profitability rather than merely increasing market share [1] - In 2025, the group sold over 2.57 million fuel vehicles in China, capturing over 22% of the fuel vehicle market, further solidifying its leading position [1][2] Group 3: Product Development and Innovation - 2025 marked a year of accelerated implementation of the "In China, For China" strategy, with new electric and intelligent connected models being launched, including the Audi Q6L e-tron and Audi E5 Sportback [3] - The group developed a local electronic architecture (CEA) and a vehicle platform (CMP) tailored to the Chinese market, reducing new vehicle development cycles by approximately 30% and optimizing costs by about 40% [3] - Volkswagen Group's export strategy commenced in 2025, with the first batch of vehicles successfully exported to the Middle East, aiming to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [3] Group 4: Future Outlook - Looking ahead to 2026, Volkswagen Group aims to enhance product and technology delivery in China, with plans to increase the share of new energy vehicles in overall sales [4]

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with electric vehicle deliveries reaching 983,100 units, a 32% year-on-year increase, accounting for 10.9% of total sales, up 2.7 percentage points from the previous year [1] Group 1: Global Performance - Volkswagen Group's global vehicle deliveries exceeded 8.98 million units in 2025 [1] - The electric vehicle segment saw deliveries of 983,100 units, marking a 32% increase year-on-year [1] - Electric vehicles represented 10.9% of the group's total sales, an increase of 2.7 percentage points compared to the previous year [1] Group 2: Performance in China - In China, Volkswagen Group delivered over 2.69 million vehicles in 2025, achieving its annual target and maintaining its position as the top foreign carmaker in the market [2] - The group delivered over 2.57 million fuel vehicles in China, capturing over 22% of the fuel vehicle market share [4] - Volkswagen brand (including Jetta) ranked first in China's fuel vehicle market, with models like Passat leading the B-class segment and Audi returning to the top of the luxury fuel vehicle market [4] Group 3: Strategic Focus - Volkswagen Group emphasized "value first" amidst intense price competition, focusing on profitability rather than merely increasing market share [4] - The group is preparing to launch a new batch of locally developed electric models in China, including the Audi Q6L e-tron and Audi E5 Sportback, which have received positive market feedback [4] - The "In China, For China" strategy has been implemented since 2022, aligning with the rapid innovation and electrification trends in the Chinese automotive market [7] Group 4: Future Plans and Innovations - By 2026, Volkswagen Group plans to accelerate product launches in China, introducing over 20 new energy models, including the first range-extended model, the SAIC Volkswagen ID. ERA 9X [7] - The group aims to launch over 30 electric models in China by 2027, expanding to approximately 50 by 2030, with around 30 being fully electric [8] - Volkswagen Group has invested over €3.5 billion in Hefei since 2023 to establish a smart connected vehicle innovation center, enhancing its local R&D capabilities [8] Group 5: Technological Advancements - The group has developed a local electronic architecture (CEA) and a vehicle platform (CMP) tailored for the Chinese market, optimizing development cycles by approximately 30% and costs by about 40% [10] - Volkswagen Group's software company CARIAD China has established a joint venture to enhance local capabilities in advanced driver assistance systems, with the first self-developed system delivered in 2025 [10] - The group plans to design and develop system-level chips in China for models equipped with L3 and above autonomous driving features, strengthening its local autonomous driving capabilities [10] Group 6: Market Leadership Goals - Volkswagen Group aims to maintain its position as the leading foreign carmaker in China and continue to play a leading role in the smart connected vehicle era [12] - The group plans to launch over 20 new energy models in China by 2026, featuring advanced electric and intelligent technologies, including L2++ driver assistance capabilities [12] - Volkswagen Group is focused on increasing the share of new energy vehicles in its overall sales, striving to become a leader in the new energy vehicle market [12]

Group 1 - Qualcomm and Volkswagen Group have signed a long-term supply letter, making Qualcomm the core technology supplier for Volkswagen's software-defined vehicle (SDV) architecture starting in 2027 [2] - The collaboration will focus on providing high-performance in-car infotainment system chips, enhancing both companies' integration in semiconductor and artificial intelligence technology [2] - Qualcomm's Snapdragon 8155 automotive-grade chip has already been used in Volkswagen models, establishing a solid practical foundation for this long-term partnership [2] Group 2 - The partnership aims to enhance in-car entertainment and connectivity, leveraging Qualcomm's Snapdragon cockpit platform for smoother multi-screen interaction, precise voice control, and a richer in-car entertainment ecosystem [2] - Volkswagen's deep integration with Qualcomm will strengthen its core component procurement capabilities and improve semiconductor technology integration, providing stable hardware support for smart upgrades in its vehicles [2] - Qualcomm is expected to expand its automotive chip installation scale through Volkswagen's global market influence, solidifying its leading position in the smart cockpit chip sector, with a projected 55% global market share in automotive chips by 2025 and a 77% installation rate for smart cockpit chips [2] Group 3 - The automotive industry's shift towards intelligence and connectivity has made in-car infotainment systems a key competitive arena, and this collaboration is a significant strategic move for both companies [3] - The partnership may lead to further collaboration in broader areas such as the integration of smart cockpits and advanced driver assistance systems, driving the evolution of automotive intelligent experiences [3]

Core Insights - The article discusses the significant advancements in the automotive industry showcased at CES 2026, focusing on the integration of AI, software-defined vehicles, and advanced driver-assistance systems (ADAS) [5][6][7]. Group 1: NVIDIA and AI Developments - NVIDIA launched Alpamayo, an open-source AI model and tools aimed at accelerating the development of safe, inference-based autonomous driving systems. The model features a Vision-Language-Action architecture with 10 billion parameters, enhancing decision-making capabilities to resemble human reasoning [4][5]. - NVIDIA also introduced AlphaSim, an end-to-end open-source simulation framework for validating autonomous driving systems, along with over 1,700 hours of real driving data [5]. Group 2: Collaborations and New Technologies - ZF and Qualcomm announced a partnership to develop a scalable ADAS platform integrating the ZF ProAI supercomputer and Snapdragon Ride platform, enabling up to Level 3 autonomous driving capabilities with 1,500 TOPS of computing power [6][7]. - Aptiv showcased its next-generation AI driving system capable of L2++ level autonomous driving, expanding its technology from automotive to robotics [9][11]. Group 3: Automotive Innovations - BMW introduced the iX3, featuring a new AI-driven personal assistant and the sixth-generation eDrive technology, which supports a range of advanced functionalities including fast charging and a WLTP range of up to 805 kilometers [13]. - Sony Honda Mobility unveiled the Afeela 1 electric vehicle, equipped with a dual-motor system and a 91 kWh battery, featuring AI-driven voice and infotainment capabilities [15][16]. Group 4: Battery Technology and Connectivity - Donut Lab launched the world's first mass-produced solid-state battery, achieving a high energy density of 400 Wh/kg and rapid charging capabilities, set to be used in the 2026 Verge electric motorcycle [30]. - Quectel introduced the 5G-Advanced AR588MA module, enhancing vehicle safety and connectivity with dual SIM support and satellite communication features [32]. Group 5: Mapping and Navigation - HERE Technologies presented AI maps integrated with the Snapdragon Ride platform, enhancing L2 and L2+ level ADAS capabilities and expanding its navigation services in over 100 countries by 2026 [25].