Core Viewpoint - Zhenqu Technology, established in 2017 and headquartered in Shanghai, is a technology-driven supplier of electric control solutions primarily for the new energy vehicle sector, with plans for expansion into emerging fields such as eVTOL and embodied intelligence [3]. Company Overview - Zhenqu Technology has secured 50 contracts from 13 OEMs, with its solutions applied in 82 vehicle models, 54 of which are in mass production as of September 30, 2025 [3]. - The company aims to use IPO proceeds to accelerate innovation and R&D of existing and new products, enhance domestic delivery capabilities, optimize intelligent systems, and expand internationally, particularly in Europe and Southeast Asia [3]. Product and Market Position - The company offers a layered solution portfolio that includes power modules, motor controllers, and power bricks, allowing customers to select solutions based on vehicle design and cost targets [4]. - For the period from January to September 2025, Zhenqu Technology reported revenues of 979 million RMB from motor controllers, 159 million RMB from power bricks, and 49.04 million RMB from power modules, representing 80.5%, 13.0%, and 4.0% of total revenue, respectively [6]. - According to Frost & Sullivan, Zhenqu Technology ranks eighth in the motor controller market, second in the main drive power brick market, and seventh in the power module market in China [6]. Financial Performance - Despite significant revenue growth, Zhenqu Technology has reported net losses, with revenues of 160 million RMB, 1.16 billion RMB, and 1.22 billion RMB for the years 2023, 2024, and the first nine months of 2025, respectively, alongside losses of 237 million RMB, 335 million RMB, and 257 million RMB during the same periods [7][8]. - The company attributes ongoing losses to its business expansion and continuous R&D investments, indicating that future revenue growth will depend on technology development, customer experience enhancement, and effective commercialization strategies [8]. Industry Outlook - The global electric control market is projected to grow from 383.1 billion RMB in 2020 to 446.3 billion RMB in 2024, with a compound annual growth rate (CAGR) of approximately 3.9%, and is expected to maintain a CAGR of about 5.3% from 2025 to 2030, reaching approximately 608.4 billion RMB by 2030 [9].