经济观察网北京市经济和信息化局副局长苏国斌9月23日在2025世界智能网联汽车大会新闻发布会上介 绍，目前，汽车产业整体规模稳步提升，电动化、智能化、网联化加速转型。下一步，北京将继续坚定 落实发展智能网联汽车产业的国家战略，巩固智能网联汽车产业发展高地。一方面，持续高标准推 进"双智"城市建设，着力推动4.0阶段建设，持续推进"车路云一体化"基础设施在更大范围、更广区域 实现覆盖，支撑高级别自动驾驶车辆规模化运行，支持辅助驾驶联网车辆发展；另一方面，加强核心技 术攻关，聚焦车规级芯片、复杂环境感知、智能操作系统等智能网联汽车关键核心技术，持续开展创新 攻关，提升自主可控水平。 ...

近日，车规级芯片公司琻捷电子科技（江苏）股份有限公司（以下简称琻捷电子）向港交所递交招股书 （申请版本，下同），以上市规则第18C章项下特专科技公司身份寻求上市。 《每日经济新闻》记者注意到，报告期内（2022~2024年及2025年上半年，下同），作为琻捷电子股东 旗下附属公司的客户F，逐步成为琻捷电子第一大客户。2025年上半年，来自客户F的销售收入已占琻 捷电子总收入的20%以上，而且是琻捷电子前五大客户中唯一 一家直销商。 此外，琻捷电子在2022年以总价超1亿元收购聚洵半导体科技（上海）有限公司（以下简称聚洵半导 体）100%股权，转让方包括科隆股份（SZ300405，股价5.90元，市值16.78亿元）、张智才等。然而， 琻捷电子在2023年即对聚洵半导体计提商誉减值准备7610万元。 值得一提的是，在上述股权交易正式完成前的2022年4月、9月，张智才等交易对手正式成为琻捷电子的 间接股东。此外，2021年入股聚洵半导体的科隆股份，在2022年通过转让上述股权产生收益2307万元。 客户F是第一大客户 根据招股书，按2024年收入计，琻捷电子为全球第三大汽车无线传感SoC（系统级芯片）公司，也是 ...

Group 1 - The core point of the news is that Geely Galaxy announced the pre-sale of its new mid-size sedan, Galaxy Xingyao 6, which will start on September 26, featuring the new generation Raytheon AI Electric Hybrid 2.0 technology [1] Group 2 - The vehicle adopts a new design language with a shield-shaped front grille adorned with straight chrome strips and elongated front headlights [3] - The rear features a贯穿式 tail light group, enhancing the vehicle's recognition [3] - The interior follows the Galaxy family style, equipped with a flat-bottom dual-spoke multifunction steering wheel, a liquid crystal instrument panel, and a large suspended central control screen [3] Group 3 - The vehicle is equipped with Flyme Auto smart cockpit and supports HUAWEI HiCar and Carlink connectivity features [3] - It utilizes a self-developed 7nm Long Eagle No.1 automotive-grade chip for the vehicle's system [3] Group 4 - In terms of intelligent driving assistance, it features the Qianli Haohan H3 advanced driving assistance system, which includes 3 millimeter-wave radars, 11 internal and external cameras, 12 ultrasonic radars, and 128 Tops computing power [3] Group 5 - The new generation Raytheon EM-i super hybrid system has a maximum engine power of 82 kW [3] - It is equipped with a 17 kWh large-capacity battery pack, providing a pure electric range of up to 125 km [3]

技术壁垒方面，公司创造了多项行业"首个"： 中国首个实现 TPMS SoC 及 BLE TPMS SoC 量产的供应 商，且是国内唯一一家为汽车 OEM 提供该类产品的企业；同时，作为全球首家推出 BPS SoC 的公司， 其 2024 年 BPS SoC 产品收入位居全球第一，亦是中国目前唯一拥有车规级无线 BMS 能力的公司。 财务画像：高增长与亏损并存，研发投入持续加码 财务数据显示，琻捷电子2022-2024年营业收入从1.04亿元跃升至3.48亿元，复合增长率达83%，2025年 上半年营收1.57亿元，同比增长27%。然而，公司仍处于战略亏损期，同期净亏损分别为2.06亿、3.56 亿、3.51亿元，2025年上半年亏损为1.43亿元。 2025年9月5日，汽车无线传感SoC（系统级芯片）厂商琻捷电子科技（江苏）股份有限公司正式向港交 所递交招股书，中金公司、招银国际担任联席保荐人。这家由复旦校友李梦雄博士创立的科技企业，凭 借在车规级芯片领域的突破性技术，成为年内第二家按港交所18C章节特专科技规则申请上市的公司。 行业地位：全球第三、中国第一的隐形冠军 根据弗若斯特沙利文报告，按2024年收入 ...

Group 1 - The core viewpoint of the article is that Wanma Technology's subsidiary, Youka Technology, focuses on providing products and services related to vehicle networking, platform operation, and autonomous driving toolchains, but does not currently engage in the development of automotive-grade chips [1] Group 2 - Youka Technology is a wholly-owned subsidiary of Wanma Technology [1] - The company primarily serves automotive manufacturers [1] - The services offered include vehicle networking connection management and platform operation [1]

来源：市场资讯 （来源：V观财报） 近日，琻捷电子科技（江苏）股份有限公司（下称琻捷电子）在港交所递交招股书。 招股书显示，琻捷电子致力于提供创新的传感芯片。据弗若斯特沙利文报告，按2024年收入计，琻捷电 子为全球第三大汽车无线传感SoC（系统级芯片）公司及中国最大汽车无线传感SoC公司，中国2024年 销量前十大汽车OEM（整车制造商）均已采用该公司产品。 IPO前，李梦雄及李曙光彼此一致行动并共同控制琻捷电子。李梦雄及李曙光直接及间接通过上海创英 锐、上海锐芯创、上海曜骏及共青城琻捷共同控制公司约32.25%的已发行股本总额。 在组建了核心研发团队后，李梦雄进军芯片领域，主要目光放在车规级芯片上。招股书显示，琻捷电子 主营业务是设计、研究、开发及销售芯片产品，在2018年大规模生产用于汽车OEM的首款国产TPMS SoC（智能轮胎感测的核心产品），2024年汽车级芯片年出货量达到7000万颗。 2022年至2024年，琻捷电子营收逐年递增，分别为1.04亿元、2.23亿元、3.48亿元。2025年上半年，琻 捷电子营收为1.57亿元，毛利为0.43亿元，同比均呈现不同幅度增长趋势。 目前，琻捷电子尚未实 ...

Core Viewpoint - The Beijing Municipal Science and Technology Commission, along with the Zhongguancun Management Committee, has launched a project to solicit research and development projects for automotive-grade chips, focusing on innovation and collaboration in the smart city and intelligent connected vehicle sectors [1]. Group 1: Chip Categories - The project includes two categories of automotive-grade chips: 1. Storage chips, specifically a high-bandwidth, low-power LPDDR5x dynamic random-access memory chip with various advanced features such as automatic refresh and ECC support [2]. 2. SOC chips, which are high-performance digital signal processors designed for audio data processing, featuring multiple interfaces and capabilities for audio enhancement and noise reduction [2]. Group 2: Project Evaluation and Funding - After the project solicitation, experts will evaluate submissions based on factors like technological maturity, innovation, and production feasibility, with a maximum funding of 30 million yuan for each chip category [3]. - There are no entry barriers for project leaders or participating units, and the project will include strict performance assessments and accountability measures, including potential financial penalties for failure to meet objectives [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a turnaround in net profit in Q2 2025, with a revenue of 1.58 billion yuan, marking a 38.90% increase quarter-on-quarter and an 18.98% increase year-on-year [7] - The company is diversifying its business, with significant growth in electronic products and new client acquisitions [7] - The company is in a critical phase of performance release, with multiple high-investment projects beginning to contribute to revenue [7] Financial Summary - Total revenue for 2023 is projected at 4.678 billion yuan, with a year-on-year growth of 16.30% [1] - The company expects to achieve a total revenue of 7.149 billion yuan in 2025, representing a year-on-year increase of 29.02% [1] - The net profit for 2025 is forecasted to be 22.84 million yuan, a significant recovery from previous losses [1] - The earnings per share (EPS) is expected to be 0.19 yuan in 2025, with a projected P/E ratio of 617.51 [1] - The company’s R&D expenses have decreased significantly, indicating improved cost management [7] - The company has established strategic partnerships to enhance its technological capabilities and product offerings [7]

Summary of Top Group's Conference Call Company Overview - **Company**: Top Group - **Industry**: Automotive Parts and Technology Key Points and Arguments 1. **Profit Decline and Recovery**: Top Group reported an 11% decline in profits for the first half of 2025, but showed signs of recovery in Q2. The company expects double-digit growth starting from Q3 2025 through 2030, driven by domestic and international market expansion, particularly in the electric vehicle sector with major automakers like BBA and Volkswagen [1][2][5]. 2. **Robotic Actuator Business**: The company is the exclusive supplier for a well-known client in the robotic actuator business, focusing on technology iteration. Despite potential dual-supplier scenarios in the future, Top Group is optimistic about long-term growth, anticipating mass production by 2026 [1][4]. 3. **Liquid Cooling Business**: This new growth area has secured an initial order of 1.7 billion yuan. The company aims to become a D-class supplier for major clients like NVIDIA, leveraging automotive thermal management experience [1][11]. 4. **Electronic Expansion Valve Production**: After launching its electronic expansion valve business, Top Group can deliver 500,000 units per production line, achieving 100% self-sufficiency in thermal management system products [1][8][9]. 5. **Sales and Revenue Goals**: The company targets 30 billion yuan in sales for 2025, with at least a 20% increase in 2026, driven by various business segments including electric drive joints and liquid cooling systems [1][17]. 6. **Market Expansion**: Top Group is actively expanding its client base in both domestic and international markets, with significant partnerships established with major automotive manufacturers [2][10]. 7. **Financial Management**: The company maintains a management fee rate of 2.5% and a sales fee rate of 1%, indicating efficient operational management compared to industry peers [2][3]. 8. **Future Product Development**: Top Group plans to enter the automotive-grade chip sector to enhance its competitive edge, which may require substantial R&D investment [2][26][27]. 9. **Self-Sufficiency in Components**: The company has achieved 100% self-sufficiency in key components of its thermal management systems, with no expected competition in the next five years [9][21]. 10. **Collaboration with Major Clients**: Top Group has established strong partnerships with companies like Huawei and is exploring opportunities in the automotive-grade chip market to further enhance its product offerings [25][26]. Additional Important Information - **Production Capacity and Challenges**: The company is cautious about its production capacity due to past delays and is currently ramping up production in new facilities in Poland and Thailand [18][24]. - **Market Trends**: The liquid cooling technology is expected to have higher profit margins compared to traditional automotive businesses, reflecting the growing demand for energy-efficient solutions [12][28]. - **Investment in R&D**: Top Group invests approximately 100 million yuan annually in R&D, focusing on robotics and liquid cooling technologies, which are anticipated to drive future growth [22][29]. This summary encapsulates the essential insights from Top Group's conference call, highlighting the company's strategic direction, market positioning, and financial outlook.

Financial Performance - The company reported a revenue of 5.218 billion yuan for the first half of 2025, representing a year-on-year increase of 9.62% [2] - The net profit attributable to shareholders was 339 million yuan, up 20.85% year-on-year, while the net profit excluding non-recurring items decreased by 3.95% to 273 million yuan [2] - The gross margin for the first half of 2025 was 25.65%, a decrease of 0.75 percentage points year-on-year, while the net profit margin increased by 0.62 percentage points to 5.35% [2] R&D and Innovation - The company invested 548 million yuan in R&D during the first half of 2025, accounting for 10.50% of its revenue [3] - Significant technological breakthroughs include the completion of the first-generation automotive-grade planar gate high-performance SiC MOSFET products and the successful development of MEMS high-end three-layer structure silicon microphone sensors [3] - The company's self-developed "Buck LED Constant Current Driver QPT4115" won the "2025 Automotive Electronics Golden Chip Award" [3] Market Position and Strategy - The global power semiconductor market is experiencing steady growth, with China holding a 38.6% market share valued at 29.1 billion USD [3] - The company is deepening its AI full-scenario layout, focusing on consumer electronics and automotive smart transformation, as well as cloud AI solutions [4] - The company is accelerating its layout in automotive-grade chips, achieving full-scene coverage in cockpit, body, and autonomous driving applications [4] Production Capacity and Product Development - The company’s 12-inch power device wafer production line in Chongqing has reached full production capacity of 30,000 wafers per month [5] - The Shenzhen 12-inch specialty analog integrated circuit production line is ramping up, with multiple products in mass production on the 90nm platform [5] - Sales revenue from third-generation semiconductor SiC and GaN products has seen rapid growth, with a focus on applications in new energy vehicles, charging piles, and data center power supplies [5]