Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. is pursuing an IPO in Hong Kong, facing challenges such as losses, high asset-liability ratio, and pressure from downstream clients for price reductions [1][5]. Group 1: Financial Performance - The main product, HUD solutions, has seen a continuous decline in average price from 974.31 RMB in 2022 to 865.47 RMB in 2024, while the gross margin has improved from 22.6% in 2022 to 27.3% in 2024 [2][3]. - The sales volume of HUD solutions increased significantly from approximately 17.57 thousand units in 2022 to 62.46 thousand units in 2024, representing a growth of 2.55 times [2][3]. - Despite the increase in sales volume, the company's labor costs decreased by 12.82% in 2024, amounting to 25.33 million RMB [3]. Group 2: Market Position - Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers as of 2024 [3]. - The revenue growth rate slowed significantly from 156.6% in 2023 to 5.1% in 2024, indicating potential market challenges [3][5]. Group 3: Client Dependency and Revenue Sources - The top five clients contributed a substantial portion of the company's revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024 [4]. - Revenue from the top five clients decreased by 9.13% in 2024, amounting to 468 million RMB compared to 515 million RMB in 2023 [5]. Group 4: Challenges Ahead - The company has not achieved profitability during the reporting period, with an asset-liability ratio of 215.6% and a current ratio of only 41.2% as of 2024 [6]. - Trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [6]. - The company may face ongoing pricing pressure from automotive manufacturers, which could adversely affect its business and financial performance [7].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International and CITIC Securities as joint sponsors [1]. Company Overview - Zejing Electronics is a pioneer and leader in innovative smart cockpit visual and interaction solutions in China, primarily offering its self-developed HUD solutions, including CyberLens (W-HUD) and CyberVision (AR-HUD) [3]. - The company was the first in the Chinese market to launch self-developed HUD solutions and mass-produced AR-HUD based on Digital Light Processing (DLP) technology, ensuring stable and reliable performance against environmental interference [3]. Market Potential - According to Zhaoshang Consulting, the market size for automotive HUD solutions in China is expected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a compound annual growth rate (CAGR) of 41.2%. By 2029, it is projected to reach 12.7 million units, with a CAGR of 27.9% from 2025 to 2029 [5]. Financial Performance - In terms of revenue, Zejing Electronics reported approximately 214 million RMB, 549 million RMB, and 578 million RMB for the years 2022, 2023, and 2024, respectively. The company incurred losses of approximately 256 million RMB, 175 million RMB, and 138 million RMB during the same periods [9]. - The gross profit margin improved from 22.6% in 2022 to 27.3% in 2024, indicating a positive trend in profitability despite ongoing losses [10]. Future Challenges - The company has recorded net losses and cash outflows from operating activities during the reporting period, and its ability to achieve future profitability may be affected by various factors, including the expansion of its customer base, sales volume, and product offerings [9][11].

其中，泽景率先在中国市场推出自研HUD解决方案，并在中国率先推出了基于数字光处理(DLP)技术 的量产AR-HUD，其可通过抵抗环境干扰保障更稳定可靠的性能。通过创新解决方案，泽景积极推 动智能座舱视觉、人车交互系统由2D至3D、AR变革与市场渗透。 根据灼识咨询的资料， 泽景在中国市场首批推出了国产化HUD解决方案，获得 车型定点并率先实现量产；同时，泽景也是国内唯一拿到数个国际主流整车厂HUD订单且已经批量 交付的中国供应商 。 以2024年销量计算，泽景在中国HUD解决方案供应商中排名第二，市场份额为16.2%，亦为中国中 国唯一一家2024年HUD销量、W-HUD销量和高性能AR-HUD解決方案销量均排名市场前三名的公 司。 截至2024年12月31日，泽景拥有22个汽车主机厂客户。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，江苏泽景汽车电子股份有限公司（以下简称"泽景"）于2025年5月9日正式向港 交所递交招股说明书，拟主板挂牌上市，海通国际和中信证券担任联席保荐人。 成立于2015年的泽景作为一家创新智能座舱视觉、交互解决方案提 ...