以下文章来源于创业邦 ，作者巴里 创业邦 . 创业邦，国际创新生态服务平台。我们致力于打造全球化的创业生态，深度服务创新经济及其推动者，并为创业者提供一站式解决方案。 导语：对高通芯片的深度依赖，使其命脉系于单一供应商。 在智能汽车浪潮中，如果说电池是心脏，那么智能座舱域控制器无疑是汽车的"大脑"。这个赛道正以惊人的速度膨胀，成为一个规模近千亿、年 复合增长率超过30%的黄金战场。 根据弗若斯特沙利文的资料，按收入计，2024年在中国智能座舱域控制器领域位居全国第二。同时截至今年上半年，其基于高通骁龙SA8155P 芯片的域控出货量位居全球第一，累计出货量超200万台。 这业绩的背后， 是由一位深耕汽车行业三十余年的"老炮"杨泓泽，带领团队用三次近乎"自杀式"的战略豪赌换来的。 支持车联天下的，则是多 家产业与地方投资机构， 不仅有北汽、奇瑞、 吉利和蔚来资本等整车厂的订单加资本，还有无锡国资关键时刻的雪中送炭。 然而，市场瞬息万变，创业是永远进行时。车联天下正被来自巨头和其他成长型科技公司的竞争压力所包围。这不再是一场简单的供应商竞赛， 而是一场关于技术路线、产业链话语权与未来生态主导权的全面之争。 断臂求 ...

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源丨Midjourney 在智能汽车浪潮中，如果说电池是心脏，那么智能座舱域控制器无疑是汽车的"大脑"。这个赛道正以 惊人的速度膨胀，成为一个规模近千亿、年复合增长率超过30%的黄金战场。 一家名为" 车联天下 "的中国公司，正以其研发的"智能座舱域控制器"，悄然改变着产业格局。 日前，无锡车联天下智能科技股份有限公司（下称"车联天下"）向港交所提交上市申请，拟在主板上 市，展示了一份营收三年 增长超七倍的成绩单。 与许多技术出身的硬科技创业者不同，他是一位典型的"销售老兵"和"管理悍将"。他对汽车的热爱仿 佛是天生的，用他自己的话说："这辈子就跟汽车'干上了'，我就得是'吃这碗饭'的人。" 他的 职业生涯起步于物流和汽车零部件领域。这段经历让他对产业的底层运转有了最初的理解。 1999年，他加入北汽福田，亲身经历了公司销量从10万台向50万台的狂飙。2005年，他转战奇瑞汽 车担任销售公司副总经理，再次见证了又一个品牌从10万到 ...

Core Viewpoint - The successful IPO of Botai Che Lian marks a significant milestone, raising approximately HKD 919 million and achieving a market capitalization exceeding HKD 200 billion on its first trading day, despite concerns over its profitability and reliance on key clients [3][4][9]. Group 1: IPO Details - Botai Che Lian issued 10.4369 million shares at a price of HKD 102.23 per share, raising a net amount of approximately HKD 919 million [3]. - The company has attracted over 20 investors, including major players like Xiaomi Group and Dongfeng Group, with cornerstone investors subscribing for about HKD 466 million, representing 43.67% of the global offering [3]. - The public offering saw a subscription rate of 529.79 times, indicating strong market interest [3]. Group 2: Financial Performance - Botai Che Lian has reported cumulative net losses exceeding RMB 1.2 billion over the past three years, raising concerns about its long-term profitability [4][5]. - Revenue has grown significantly from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, with a further RMB 754 million recorded in the first five months of 2025 [5]. - Despite revenue growth, the company has not achieved annual profitability since its inception, with losses of RMB 452 million, RMB 284 million, and RMB 541 million in the last three years [5]. Group 3: Market Position and Strategy - Botai Che Lian's revenue is heavily reliant on smart cockpit solutions, which accounted for 95.5% of its revenue in 2024, with domain controllers contributing RMB 1.96 billion [4]. - The company ranks third in the Chinese smart cockpit domain controller market with a market share of 7.3% [4]. - The partnership with Porsche and collaboration with Qualcomm enhance its market position and product offerings, potentially increasing its valuation in the secondary market [7][8]. Group 4: Future Outlook - The funds raised from the IPO will be used to expand product offerings, enhance technology, and strengthen the company's capabilities in software, hardware, and cloud-based vehicle networking [9]. - The company aims to accelerate its global market presence and continue investing in cutting-edge technology to transition vehicles from mere transportation tools to intelligent mobile spaces [9]. - The success of the IPO is seen as a starting point, with the company's ability to convert resources into sustainable profitability and a strong market position being crucial for its future [9].

Core Viewpoint - The company, Botai Che Lian, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 919 million through the issuance of 10.4369 million shares at HKD 102.23 per share, with strong market demand reflected in a subscription multiple of 529.79 times for the public offering [2][3]. Group 1: Financial Performance - Botai Che Lian has accumulated a net loss of over CNY 1.2 billion in the past three years, raising concerns about its long-term profitability despite a revenue increase from CNY 1.218 billion in 2022 to CNY 2.557 billion in 2024 [3][4]. - The company's gross margin improved slightly from 11.8% in 2024 to 13.1% in the first five months of 2025, but remains low, leading to skepticism about sustaining a market valuation above HKD 20 billion [3][4]. Group 2: Market Position and Growth - The company is heavily reliant on smart cockpit solutions, with revenue from this segment accounting for 95.5% of total income in 2024, indicating a concentrated business model [3][4]. - Botai Che Lian's shipment volume for domain controllers is projected to grow from 488,000 units in 2022 to 915,000 units in 2024, reflecting a compound annual growth rate of 36.9% [4]. Group 3: Strategic Partnerships and Future Outlook - The company has established significant partnerships, including a collaboration with Porsche to develop a new in-car infotainment system, which is expected to enhance its market presence and attract investor interest [5][6]. - The IPO proceeds will be used to expand product offerings, enhance technology capabilities, and strengthen the company's global market presence, indicating a strategic focus on innovation and market expansion [7].

Group 1 - The 22nd Changchun International Automobile Expo opened with a focus on "new technologies, new products, and new trends" in the automotive industry, under the theme "New Quality Leading the Future" [1] - BYD and DJI showcased a jointly developed onboard drone system that assists drivers in predicting traffic conditions and enhances outdoor driving safety by surveying complex terrains [1] - The "Parking Valet" feature from Hongmeng Zhixing has evolved to allow vehicles to autonomously find parking spaces in enclosed areas, significantly simplifying the parking process [1] Group 2 - XPeng Motors presented an intelligent driving assistance system that utilizes self-developed chips and AI technology, providing reliable service even in areas without network coverage [2] - The "Instant Sense Canopy" system from Zhiji Auto uses advanced nano materials to block 99% of UV rays, allowing users to switch between shading and sun protection modes [2] - The automotive industry is increasingly transforming into intelligent mobile spaces, with innovations enhancing daily travel experiences and contributing to smart mobility solutions [2]