Core Viewpoint - Zhejing Electronics, a leading player in China's HUD (Head-Up Display) solutions, has submitted a second IPO application to the Hong Kong Stock Exchange after a previous attempt failed in May 2025. The company has shown significant growth but continues to incur losses [1][5]. Group 1: Company Overview - Zhejing Electronics was established in 2015 and focuses on the research and development of HUD solutions, being the first in China to launch self-developed HUD solutions [4]. - The company has achieved a compound annual growth rate (CAGR) of 64.3% over the past three years, with notable investors including Geely Holding, Shunwei Capital, and major automotive groups [1][5]. - As of May 31, 2025, Zhejing Electronics has served 18 automotive OEM clients and secured 94 model designations, with cumulative sales reaching 1.6 million units [5]. Group 2: Financial Performance - Zhejing Electronics reported revenues of 214 million yuan, 549 million yuan, 578 million yuan, and 262 million yuan for the years 2022 to 2024 and the first five months of 2025, respectively, with a CAGR of 64.3% during this period [5]. - The net losses for the same periods were 256 million yuan, 175 million yuan, 138 million yuan, and 240 million yuan, totaling a cumulative loss of 809 million yuan [3][5]. - Adjusted losses, excluding certain financial impacts, showed a narrowing trend, with figures of 79.1 million yuan, 13.3 million yuan, 7.1 million yuan, and 1.6 million yuan [5]. Group 3: Market Position and Growth Potential - According to market research, Zhejing Electronics holds a 16.2% market share in China's HUD solutions market, ranking second behind Huayang Group, which has a 23.3% share [4][7]. - The market for automotive HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [7]. - Globally, W-HUD remains the mainstream solution, while AR-HUD is expected to drive future growth, with sales projected to increase significantly from 200,000 units in 2024 to 760,000 units by 2029 [8]. Group 4: IPO and Future Plans - The upcoming IPO aims to raise funds for production line expansion, automation upgrades, and enhancing R&D capabilities, as well as potential strategic collaborations in related fields [8]. - The company plans to leverage its technological advantages to expand both domestically and internationally, targeting collaborations with local and overseas automotive manufacturers [8].