智能驾驶产业整合者四维图新（002405.SZ）的参股公司四维智联（南京）科技股份有限公司（以下简称"四 维智联"），继去年获得滴滴科技的额外战略投资后，今年正式向资本市场发起了冲刺。 前不久，四维智联递表了港交所。据招股书介绍，以2024年的情况来看，四维智联在所有国内一级智能座舱 解决方案供应商中排名第十，市占率0.1%，并在全球以软件为驱动的中国一级供应商中排名第三。此外，该 公司的舱泊一体解决方案的服务量在全国排名第二。自成立算起，四维智联已累计向客户交付了超过1590万 套智能座舱软件解决方案及超过155万套软硬一体化解决方案。截至6月20日，公司的智能座舱解决方案已被 国内约250家整车厂中的约20%采用。 在盈利方面四维智联亦存在较大改善空间，22-24年，该公司的毛利分别为1.63亿元、1.4亿元、1.4亿元，对应 毛利率30.2%、29.4%、29.2%。同时，四维智联的净亏损也还处于不断放大的趋势中，期内分别为-2.04亿 元、-2.65亿元、-3.78亿元，暂时仍看不到拐点出现的迹象。 港股上市以逐鹿汽车智能化浪潮？ 在技术进步的驱动下，全球智能座舱解决方案行业已从机械化阶段演进至电子化 ...

创投圈夫妻俩轮流 IPO 的一幕发生。 2019 年，网易有道在纽交所上市， CEO 周枫上市敲钟，其清华学霸妻子庄莉为丈夫站台引发关注。 而近日，庄莉的公司 —— 镁佳股份，揣着估值将近 10 亿美金（ 66 亿多人民币）的准独角兽也要去港交所上市了。这下轮 到周枫当家属去敲锣了。 五轮融资催生"准独角兽"。 作者丨 黎曼 来源丨 投中网 一旦上市成功，这对相继 IPO 的夫妻，称得上是中国科技界最强夫妻档。 将投中网设为"星标⭐"，第一时间收获最新推送 庄莉曾对媒体谈及多年夫妻关系时形容："我一直觉得比较健康的夫妻关系应该是在一起的时候天下无敌，分开的时候各自精 彩的平衡关系。" 且 "不会把生活和工作混在一起。有烦恼的时候，始终有一个人在听，而且他扛得住，还能帮你出点主 意。" 镁佳股份确实有着 令人惊叹的商业成绩： 2024 年，中国每十辆搭载智能座舱域控系统的新车中，就有一辆使用镁佳股份的 解决方案，装机量稳居行业第二。 四年本科学习后，庄莉以第一名成绩毕业，被称为清华女神。在获得计算机应用技术硕士学位后，庄莉与男友周枫一起选择远 赴加州大学伯克利分校计算机系读博，研究方向覆盖分布式系统、操作系统、 ...

每经记者｜蔡鼎 每经编辑｜杨夏 四维智联申请文件援引弗若斯特沙利文资料称，2024年，公司在所有国内一级智能座舱解决方案供应商 中排名第十，占市场份额的0.1%，并在全球以软件为驱动的中国一级供应商中排名第三，而公司的舱 泊一体解决方案的服务量在全国排名第二。 港交所官网7月10日显示，四维智联（南京）科技股份有限公司（以下简称"四维智联"）递交了修订后 的整体协调人公告，公司于当日在现有保荐人兼整体协调人中信里昂的基础上，进一步委任招银国际融 资有限公司及软库中华金融服务有限公司为其整体协调人。 《每日经济新闻》记者注意到，这是近期以来第二家内地拟赴港上市的智能座舱企业——就在6月30 日，镁佳股份也首次呈交了港股上市申请文件。 纵观四维智联申请文件，公司虽身处千亿级赛道，但只分到0.1%的份额，营收连续三年卡在5亿元关 口，且三年累计亏损了近8.5亿元。此外，虽有控股股东四维图新"输血"，但四维智联去年的研发支出 就"吃掉"了近半收入，芯片成本又居高不下，经调整净亏损三年增长约8.8倍。 四维智联成立于2018年，由A股上市公司四维图新智能网联业务分拆独立，主营智能座舱软硬件全栈解 决方案，涵盖AI（人工 ...

Group 1 - The core viewpoint is that Siwei Zhiliang, a subsidiary of Siwei Tuxin, has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to raise funds to establish independent production capacity and enhance R&D capabilities [2] - Siwei Zhiliang was established in 2018 and specializes in providing full-stack solutions for intelligent cockpit software and hardware, including AI assistants and interactive systems [2] - The company ranks tenth among domestic first-tier suppliers in 2024 with a market share of 0.1%, while its integrated cockpit solution service volume ranks second nationwide [2] Group 2 - Siwei Zhiliang's financial performance has been under pressure, with revenues of 539 million yuan, 477 million yuan, and 479 million yuan from 2022 to 2024, accumulating losses of 847 million yuan over three years [2] - The net loss is expected to widen to 378 million yuan in 2024, primarily due to an increase in R&D expenditure from 21% to 43.8% and high outsourcing costs for hardware [2] - The top five customers contributed 92.2% of Siwei Zhiliang's revenue in 2024, with Siwei Tuxin and Didi being the largest contributors [2] Group 3 - Industry analysts believe that Siwei Zhiliang is facing three pressures: ongoing operational losses, upstream chip monopolies, and excessive reliance on major customers [3] - Balancing high R&D investment with the exploration of profitable pathways is seen as crucial for Siwei Zhiliang's potential success in its IPO [3]

6月末，智能座舱企业四维智联向港交所递交上市申请。 这家公司的招股书呈现出一种冰火两重天的局面，一面是成功打入主流车企供应链的市场存在感： 成立七年，头顶"行业前十"光环，名字出现在中国前十大车企、2024年12款最畅销车型的供应商名单中； 另一面则是份额过小、收入停滞、亏损扩大以及对股东客户的深度依赖： 文 | 定焦One 金玙璠 编辑 | 魏佳 它在千亿级市场中只分到0.1%的份额，营收连续三年卡在5亿关口；股东"输血"虽然稳住了订单，但研发投入"吃掉"了 近半收入，芯片成本又居高不下，经调整净亏损三年涨了超十倍。 作为智能座舱供应商，四维智联的处境本质上是因为它处于产业链的"夹心层"：下游车企压价步步紧逼，利润越摊越 薄；上游芯片受制于人，高端方案依赖外部采购；中游玩家深陷同质化红海，不但有德赛西威等巨头的降维打击，更有 数百家同行的价格厮杀。 这个市场没有绝对的赢家，"几百家智能座舱供应商混战，没有一家的份额超过6%"，一位投资人如此评价这个高度碎 片化的市场。 此时冲击港股的四维智联，押注软件和自建工厂，以强化成本控制。但当行业洗牌加速，对于所有座舱企业来说，"上 车"比短期赚钱更重要。 对于四维智 ...

Core Viewpoint - Four-dimensional Zhihui, a subsidiary of Four-dimensional Tuxin, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to navigate the reshuffling in the intelligent connected vehicle industry while facing significant financial challenges [2]. Group 1: Company Overview - Four-dimensional Zhihui, established in 2018, focuses on providing comprehensive software and hardware solutions for intelligent cockpits, including AI assistants and navigation systems [3]. - The company ranks tenth among domestic primary intelligent cockpit solution providers, with a market share of only 0.1% [2]. Group 2: Financial Performance - From 2022 to 2024, Four-dimensional Zhihui is projected to incur cumulative losses of 847 million yuan, averaging annual losses of 280 million yuan, with an operating cash flow of only 89.88 million yuan in 2024 [2][4]. - Revenue figures for Four-dimensional Zhihui from 2022 to 2024 are 539 million yuan, 477 million yuan, and 479 million yuan, respectively, while losses increased from 203 million yuan to 378 million yuan during the same period [4]. Group 3: Customer Dependency - The company has a high customer concentration, with the top five clients contributing to 92.2% of revenue by 2024, including major shareholders like Four-dimensional Tuxin and Didi [4]. - Didi alone contributed approximately 1.726 billion yuan to Four-dimensional Zhihui's revenue in 2024, accounting for 37.2% of total revenue [4]. Group 4: Research and Development - Four-dimensional Zhihui's R&D expenditures from 2022 to 2024 were 113.1 million yuan, 103.4 million yuan, and 209.6 million yuan, with R&D spending as a percentage of revenue rising from 21% to 43.8% [5]. - The company is focusing on solutions based on computing power chips, indicating a commitment to maintaining high R&D investments amid increasing competition in the intelligent cockpit sector [5]. Group 5: Supply Chain and Production - Four-dimensional Zhihui relies heavily on external suppliers for hardware production, which affects its profitability and production quality [6]. - The company aims to establish its own assembly factory to enhance control over production processes and reduce dependency on external suppliers, thereby lowering production costs and supply chain risks [7].

Core Viewpoint - The company Siwei Zhihui, linked closely with Siwei Tuxin and backed by investors like Didi and Tencent, is expected to perform well despite its financial struggles, as indicated in its recent IPO filing. Group 1: Financial Performance - Siwei Zhihui's revenue from 2022 to 2024 shows a decline, with figures of 539 million, 477 million, and 479 million yuan respectively, and a net loss increasing from 13.59 million to 133 million yuan [1][3] - The revenue contribution from its largest customer, Siwei Tuxin Beijing, accounted for 62.6%, 46.5%, and 47.8% of total revenue from 2022 to 2024 [3][4] - The revenue from the smart cockpit software solutions increased from 163 million to 243 million yuan, while the revenue from integrated hardware and software solutions decreased from 374 million to 235 million yuan [6][8] Group 2: Customer Base and Relationships - The majority of Siwei Zhihui's revenue comes from a limited number of clients, with the top five clients contributing 85.9%, 96.2%, and 92.2% of total revenue from 2022 to 2024 [4] - The company has a significant dependency on its major shareholders, with Siwei Tuxin holding 27.02% and Didi holding 16.46% of shares [3][4] Group 3: Market Position and Growth Potential - The smart cockpit solutions market in China is projected to grow from 57.3 billion to 132.2 billion yuan from 2020 to 2024, with a compound annual growth rate of 23.3% [9] - Siwei Zhihui ranks tenth among domestic primary smart cockpit solution providers, holding a market share of 0.1% [6][9] Group 4: Cost Structure and Investment - The company's research and development expenses are significantly high, with a notable increase in technical outsourcing fees from 12.62 million to 43.01 million yuan, marking a 240.8% increase [7][8] - The sales cost as a percentage of revenue has remained consistent, at approximately 70% over the years [7]

Core Viewpoint - Huazhong Xinchang has secured a significant project for the development and supply of multimedia display systems for eVTOL aircraft, marking a strategic entry into the burgeoning low-altitude economy sector [1][2]. Group 1: Project Announcement - The company received a project confirmation from a leading domestic eVTOL manufacturer, with expectations to complete the first generation of products by the end of 2026 [1]. - This project signifies Huazhong Xinchang's continued commitment to the low-altitude economy, following its previous collaboration with Xiaopeng Huitian [1]. Group 2: Market Potential - The global urban air mobility (UAM) market is projected to exceed $1.5 trillion by 2040, with eVTOL expected to capture over 60% of this market share [1]. - Domestic policies are increasingly supportive of low-altitude economic development, with pilot projects already initiated in 15 cities [1]. Group 3: Technical Capabilities - The eVTOL display systems require advanced integration of flight data monitoring, weather alerts, and navigation, necessitating high reliability, lightweight, and low power consumption [2]. - Huazhong Xinchang has developed a multimedia display terminal that combines both hardware and software tailored for the complex conditions of eVTOL operations [2]. Group 4: Competitive Advantage - The company has transitioned to a tier 1 supplier status and has established a complete supply chain for display systems, enhancing its ability to provide customized solutions for eVTOL manufacturers [3]. - Huazhong Xinchang is constructing its own production capacity at the Nantong smart manufacturing base, which is expected to further strengthen its competitive edge in the smart cockpit product market [3]. Group 5: Future Outlook - Successful conversion of project orders is anticipated to have a positive and profound impact on the company's future performance [4]. - With the eVTOL market on the brink of mass production, the company aims to leverage its automotive electronics expertise and early mover advantage in the low-altitude economy to create long-term value for shareholders [4].

华安鑫创（300928）公告，公司收到国内某头部eVTOL主机厂的重要项目定点通知，确认公司获得其 电动垂直起降飞行器智能座舱多媒体显示系统项目的开发与供货资格。客户预计将在2026年底完成第一 代产品的研发，并开启城市间点对点的固定飞行线路商业化试运营。此次项目定点，是客户对公司技术 研发、产品质量、生产能力以及产品价格等综合因素的全方位认可，也是公司在战略性新兴产业开拓中 的重要突破。项目实际供货量需以正式销售订单为准，对本年度经营业绩的影响暂不确定。 ...

Core Viewpoint - The announcement of the listing application by Siwei Zhili (Nanjing) Technology Co., Ltd. reflects its strength and potential in the smart cockpit sector, as well as Siwei Tuxin's deepening layout in the smart automotive industry chain [2][3] Group 1: Company Overview - Siwei Tuxin holds a 45.32% voting power in Siwei Zhili, which specializes in smart cockpit software solutions and integrated hardware-software solutions [2] - Siwei Zhili is recognized as a leading provider of smart cockpit solutions in China, known for its innovative software development capabilities and comprehensive product coverage from edge to cloud [3][4] Group 2: Market Position and Performance - According to Frost & Sullivan, Siwei Zhili ranked tenth among domestic first-tier smart cockpit solution providers in 2024, with a market share of 0.1%, and ranked third among software-driven first-tier suppliers globally [3] - Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware-software solutions since its establishment [4] Group 3: Research and Development - Siwei Zhili invests significantly in R&D to enhance its competitive advantage in smart cockpit solutions, with R&D expenditures of 113.1 million, 103.4 million, and 209.6 million for the years ending December 31, 2022, 2023, and 2024, respectively [5] - The R&D team consists of 377 members, and the company holds 107 patents, including 41 invention patents, 30 utility model patents, and 36 design patents [5]