1月19日，杭州云动智能汽车技术股份有限公司(简称"云动智能")向港交所递交上市申请材料。 2025年前三季度，公司位于浙江省湖州市德清工厂的车载通信解决方案及紧急呼叫解决方案的产能利用 率约为75.8%，相比上年同期出现一定下滑。 存在依赖少数主要客户的情况 上市申请材料显示，2023年、2024年以及2025年前三季度，公司来自前五大客户的收入分别为2.01亿 元、3.85亿元及2.88亿元，分别占总收入的97.6%、96.7%及95.6%。来自最大客户的收入分别为1.49亿 元、3.62亿元及2.63亿元，分别占总收入的72.6%、90.8%及87.2%。 公司的收入结构显示，公司存在依赖少数主要客户的情况。公司承认过度依赖单一客户是关键的脆弱环 节，并致力于降低对单一客户的依赖度。此项工作已成为公司整体战略的核心。为实现这一目标，公司 正积极拓宽客户组合的多元化，着力开拓国内外市场的其他领先整车厂客户。 上市申请材料显示，云动智能是中国车载智能网联解决方案行业的领先国产供应商。凭借在车载通信解 决方案领域的整体优势，公司加快5G车载通信解决方案开发。 公司将复杂的客户需求分解为可管理、可互换并可根据每 ...

云动智能加快了5G车载通信解决方案的开发，截至2025年9月30日的九个月，出货量达约2.73万台。其 解决方案以配备国产芯片的通信模块为特色，并结合了AUTOSAR框架与模块化开发策略。关键产品包 括车载联网控制单元(T-Box)、紧急呼叫终端、中央网关(CGW)以及数字钥匙。 公司已与2024年中国前十大整车厂中的六家以及中国前三大国产汽车品牌中的两家建立合作关系。 云动智能已向香港交易所主板递交上市申请，中金公司（601995）担任独家保荐人。根据弗若斯特沙利 文报告，云动智能是中国第三大国产车载通信解决方案供货商，市场份额为7%。 按截至2024年12月31日的年度4G车载联网控制单元出货量计，云动智能的4G车载通信解决方案在所有 国产供货商中居市场首位，市场份额为7.8%。 该公司在紧急呼叫解决方案领域具竞争优势，按2024年紧急呼叫终端出货量计为第三大国产供货商 (1.0%)，至2025年9月30日的九个月已升至第二位(1.4%)。 车载智能网联解决方案市场规模预计将大幅增长，中国市场将由2024年的人民币1153亿元增长至2029年 的人民币4449亿元，5G解决方案正以显著高于4G的速度增长。 ...

Core Viewpoint - Hangzhou Yundong Intelligent Automotive Technology Co., Ltd. (Yundong Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor. The company is recognized as the third-largest domestic supplier of automotive communication solutions in China, holding a market share of 7% [1][4]. Company Overview - Yundong Intelligent is a leading domestic supplier in the automotive intelligent connected solutions industry in China, crucial for the transformation towards software-defined vehicles. This trend is driving the demand for advanced communication technologies such as 4G, 5G, and satellite communication [4]. - The company has a competitive advantage in emergency call solutions, ranking as the third-largest domestic supplier with a market share of 1.0% for emergency call terminal shipments as of the fiscal year ending December 31, 2024. By the nine months ending September 30, 2025, it is projected to rank second with a market share of 1.4% [4]. - Yundong Intelligent has established itself as one of the largest suppliers of automotive communication solutions in China, characterized by communication modules equipped with domestic chips [4]. Financial Data - The company's revenue for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 205.79 million, RMB 398.20 million, and RMB 301.25 million, respectively [6]. - The gross profit for the same periods is approximately RMB 48.36 million, RMB 108.95 million, and RMB 74.05 million, with corresponding gross profit margins of 23.5%, 27.4%, and 24.6% [6][9]. - The total comprehensive income for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 10.93 million, RMB 40.15 million, and RMB 22.98 million, respectively [7]. Industry Overview - The automotive intelligent connected solutions market is expanding, with the global and Chinese market sizes expected to grow from RMB 527.4 billion and RMB 115.3 billion in 2024 to RMB 1,333.9 billion and RMB 444.9 billion by 2029 [9]. - The demand for automotive communication solutions is driven by the simultaneous rise in electrification, automation, and connected vehicle needs. The global and Chinese shipment volumes are projected to increase significantly, with a compound annual growth rate (CAGR) of 6.0% and 8.7% from 2025 to 2029 [12]. - 4G solutions currently dominate the market due to their established infrastructure and lower costs, while 5G solutions are expected to grow rapidly, with a projected CAGR of 81.0% globally and 70.4% in China from 2025 to 2029 [15].