Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is set to go public on the Shanghai Stock Exchange, marking a significant milestone for the company and reflecting the growing competitiveness of Chinese precision manufacturing in the global new energy industry [1] Company Development Stages - **Stage 1 (2002-2009)**: The company was established as Jiangyin Huaxin Electric Co., Ltd., focusing on electromagnetic stamping parts, primarily producing EI cores for electrical equipment and expanding into micro-motor cores for home appliances [2] - **Stage 2 (2009-2018)**: The company diversified its product offerings to include automotive cores and made significant breakthroughs in the new energy vehicle (NEV) drive motor core market, establishing relationships with major international automotive parts manufacturers [3] - **Stage 3 (2018-Present)**: Huaxin Precision has become a mainstream supplier of NEV drive motor cores, achieving substantial growth in this segment, with sales of NEV drive motor cores increasing from 235 million yuan to 828 million yuan from 2021 to 2024, reflecting a compound annual growth rate (CAGR) of 52.1% [4] Financial Performance - The company's revenue is projected to grow from 1.192 billion yuan in 2022 to 1.421 billion yuan in 2024, with a CAGR of 9.2%, while net profit is expected to rise from 114 million yuan to 150 million yuan during the same period, with a CAGR of 14.7% [5] - In the first half of 2025, the company reported revenue of 752 million yuan, a year-on-year increase of 19.4%, and a net profit of 98 million yuan, up 13.5% year-on-year, indicating strong growth momentum [5] Technological Advancements - The company has developed 80 authorized patents, including 18 invention patents, and has established a product system covering various types of cores for NEV drive motors, micro-motors, and electrical equipment [5] - Huaxin Precision's proprietary "in-mold gluing technology" enhances the rigidity, electromagnetic performance, and efficiency of cores, successfully applied in BMW's fifth-generation drive motor production [6] Market Position and Strategy - The company holds a market share of approximately 8.12% in the global NEV drive motor core market and ranks among the top three domestic automotive parts manufacturers [6] - The upcoming IPO aims to raise funds for expanding production capacity and enhancing R&D capabilities, with 445 million yuan allocated for NEV drive motor core expansion and 67 million yuan for a precision stamping and mold R&D center [7][8] Global Expansion and Future Outlook - The company has established subsidiaries in Singapore and Mexico, aiming to deepen cooperation with international clients and enhance its global market share [9] - The global NEV sales are projected to grow from 6.7 million units in 2021 to 18.236 million units in 2024, with the drive motor core market expected to reach $4.678 billion by 2030, growing at a CAGR of approximately 11.85% [7][8]

Core Viewpoint - The company reported a revenue of 318 million yuan for the first half of 2025, reflecting a year-on-year growth of 12.41%, and a net profit attributable to shareholders of 82.78 million yuan, with a year-on-year increase of 4.88% [1] Financial Performance - Revenue for the first half of 2025 reached 318 million yuan, marking a 12.41% increase compared to the previous year [1] - Net profit attributable to shareholders was 82.78 million yuan, which is a 4.88% year-on-year growth [1] Dividend Distribution - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax) [1] Market Influence - The growth in the company's main business revenue is attributed to supportive policies in the new energy vehicle industry and a continuous rise in market prosperity [1]

Core Viewpoint - The rapid development of China's new energy vehicle (NEV) industry is a reflection of dynamic industrial governance, with government policies playing a crucial role in various stages of development [1][5][27]. Group 1: Industry Development Stages - In the new technology exploration stage, the central government broke the inertia of traditional fuel vehicle manufacturers by implementing major special projects to promote innovation and avoid past mistakes of lacking core technologies [1][7]. - During the industrialization breakthrough stage, the government adjusted entry restrictions to encourage social capital participation, leading to a surge of internet companies entering the NEV sector and revitalizing market dynamics [2][15]. - The current shift towards software-driven vehicles necessitates further adjustments in industrial policies, as the industry transitions into the era of "software-defined cars" [3][24]. Group 2: Policy Impact and Market Dynamics - The introduction of policies has significantly altered the competitive landscape, with traditional automakers and new entrants vying for market share, leading to a vibrant competition in the NEV sector [19][20]. - The government’s initial focus on creating a policy-driven market has evolved into a more competitive environment, with the gradual withdrawal of subsidies and the introduction of market-driven mechanisms [25][26]. - The NEV market has seen a dramatic increase in production and sales, with a reported growth of over 300% in production and sales in 2015, highlighting the effectiveness of government policies in stimulating market demand [18][21]. Group 3: Challenges and Future Directions - The NEV industry faces challenges such as local protectionism and fraudulent subsidy claims, which have prompted the government to tighten subsidy policies and encourage a more competitive market environment [21][22]. - As the industry moves towards a software-driven future, the integration of ICT companies into the NEV sector is expected to reshape production and operational models, enhancing competitiveness [24][28]. - The potential impact of international policies, such as those from the EU aimed at reducing the market share of Chinese brands, poses new challenges for the NEV export market [28].

Core Viewpoint - The company plans to use part of the raised funds amounting to 100 million yuan to increase capital in its subsidiary, Weidis Motor Technology (Shanghai) Co., Ltd., for the construction of a new project focused on the development of core components for new energy vehicles [6][8][16]. Group 1: Meeting Procedures - The meeting will be held on April 14, 2025, at 15:00 in the company's conference room [9]. - Shareholders must sign in at least half an hour before the meeting and present required documentation [2][3]. - The meeting will allow shareholders to speak and ask questions, with a limit of two times per shareholder [2][3]. Group 2: Fundraising and Investment - The company raised a total of 1,990.909 million yuan from its initial public offering, with a net amount of 1,844.400 million yuan after deducting issuance costs [8]. - The proposed investment project includes a total investment of 100 million yuan, with specific allocations for equipment, research and development, and preparatory expenses [9][10]. Group 3: Project Details - The project aims to establish a research and development center for core components of new energy vehicles, enhancing the company's market competitiveness and aligning with national strategic industry policies [10][11]. - The project will focus on developing integrated electric drive systems and power electronics assemblies for hybrid vehicles [10][11]. Group 4: Financial Impact and Approval - The project is expected to improve the company's profitability and risk resistance, thereby enhancing its market competitiveness [16]. - The board and supervisory committee have approved the use of raised funds for this project, which will be submitted for shareholder approval [17][18].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 从比亚迪，理解一代中国汽车企业的成长史。 文丨司雯雯 赵宇 李梓楠 编辑丨龚方毅 英特尔前董事长安迪·格鲁夫（Andy Grove）是位插混爱好者，他曾以顾问身份建议英特尔生产汽车动力电池，在实现业务 多元化并赢得丰厚利润的同时，填补美国在这方面的战略空白。 "发展国内汽车电池产业应成为企业和美国政府的重点。" 格鲁夫说，"我们可以创建一家由政府拥有的电池生产商，负责生 产最初的几百万块电池，直到电动车和电池行业达到关键规模。这家机构届时再将制造技术授权给私营公司，并退出市 场。" 在格鲁夫提出这一倡议的 2009 年，马斯克发布 Model S 的原型车，特斯拉的客户群主要是硅谷和好莱坞的富人。同年，中 国启动了 "十城千辆" 工程和新能源汽车专项规划，开始系统性地推动电动车产业的发展。 当时，比亚迪推出了首款纯电小轿车 F3e 但没有公开销售，因为出了公司就没有充电桩；曾毓群还在 ATL，他和松下、LG 化学等多数电池业的巨头一样，直到 2012 年特斯拉 Model S 上 ...