Core Insights - The 2025 IAA MOBILITY in Munich showcased Horizon Robotics' latest global collaborations, particularly with Bosch, marking significant progress in their partnership [1] - Bosch's upgraded driving assistance system, based on Horizon's Journey 6 series, has achieved project designations from multiple major automakers, indicating a shift to large-scale production [3] Group 1: Partnership Developments - Horizon and Bosch's collaboration has led to the development of an upgraded driving assistance system with computing power reaching 80TOPS or 128TOPS, successfully securing project designations from five automakers for over ten vehicle models [3] - The fourth-generation multifunction camera developed by Bosch, based on Horizon's Journey 6B, has also received multiple project designations and is expected to begin deliveries in June 2026 [3] Group 2: Market Position and Achievements - Horizon's Journey family of chips has surpassed 10 million units in production, making it the first domestic autonomous driving technology company to achieve this milestone [4] - The company supports partners like Bosch in efficiently completing the entire process from chip adaptation to system integration, facilitating rapid large-scale production and delivery of advanced driving technologies [4] Group 3: Strategic Vision - Horizon aims to continue its open collaboration strategy to promote the large-scale implementation of intelligent driving technology globally, emphasizing its commitment to creating safer, smarter, and more comfortable travel experiences for users [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][42] Core Views - The company has shown a strong performance with a net profit of 180 million yuan in Q2 2025, representing a year-on-year growth of 19%. The first half of 2025 saw a revenue of 3.63 billion yuan, up 6.2% year-on-year, and a net profit of 276 million yuan, up 8.4% year-on-year [1][8] - The company is focusing on expanding its product lines in the drone and robotics sectors, which are expected to drive future growth [2][38] - The company is positioned as a leader in the automotive wiring harness industry, with a significant focus on new energy vehicle clients, which is anticipated to support revenue growth [3][42] Financial Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, a year-on-year increase of 10.71% and a quarter-on-quarter increase of 35.28%. The net profit for the same quarter was 183 million yuan, reflecting an 18.87% year-on-year increase and a 96.93% quarter-on-quarter increase [1][8] - The gross margin for Q2 2025 was 16.6%, up 0.4 percentage points year-on-year, while the net margin was 8.8%, up 0.6 percentage points year-on-year [2][16] - The company’s four expense ratios decreased by 1.2 percentage points year-on-year in Q2 2025, indicating improved operational efficiency [2][21] Revenue and Profit Forecast - The company is expected to generate revenues of 9.52 billion yuan, 12.16 billion yuan, and 14.35 billion yuan for the years 2025, 2026, and 2027 respectively. The projected net profits for the same years are 805 million yuan, 1.02 billion yuan, and 1.22 billion yuan [3][42] - The earnings per share (EPS) are forecasted to be 1.84 yuan, 2.34 yuan, and 2.79 yuan for 2025, 2026, and 2027 respectively [4][42] Market Position and Strategy - The company has diversified its customer base, reducing the revenue contribution from its top five clients from 99% in 2015 to 80.22% in 2024, with a focus on new energy vehicle manufacturers [2][30] - The company is actively pursuing technological innovation and expanding into new markets, including drone and robotics wiring harnesses, to enhance its product offerings and market presence [38][40]

人民财讯9月10日电，企查查APP显示，近日，通灵电器(海南)有限责任公司成立，经营范围包含：汽车 零部件及配件制造；集成电路芯片及产品制造；集成电路芯片设计及服务；智能无人飞行器制造；智能 无人飞行器销售等。企查查股权穿透显示，该公司由通灵股份（301168）全资持股。 ...

Core Viewpoint - Zhejiang Huayuan (301535.SZ) is currently focused on the automotive sector as a supplier of auto parts while also exploring opportunities in emerging technologies such as robotics [1] Group 1: Business Focus - The company specializes in automotive components and is closely monitoring developments in the robotics sector [1] - There is a potential for the company to expand into the humanoid robotics field due to the technical similarities with its existing product technologies, such as precision fasteners, sensor bases, and high-precision machined parts [1] Group 2: Future Potential - The company has a strong technical foundation that positions it well for future expansion into related fields [1] - As of now, the company's products have not yet achieved mass production application in humanoid robotics [1] Group 3: Collaboration and Development - Any new collaborations in emerging fields will require strict technical adaptation verification and commercial processes [1] - The company is actively assessing opportunities that are beneficial for business development and will disclose any substantial progress in accordance with regulations [1]

Group 1 - The company Shenzhen Huaqiang (000062.SZ) is providing electronic components for the digital key of the car brand AITO [1]

Group 1 - The company, Victory Precision (002426.SZ), primarily operates in the consumer electronics and automotive parts sectors [1] - It provides precision structural components and modules for 3C consumer electronics industry clients [1] - The company also supplies in-car central control screens and structural components for both new energy vehicle manufacturers and traditional automotive companies [1] - Currently, the company does not engage in any chip-related business [1]

Group 1 - The company, Victory Precision (002426.SZ), primarily operates in the consumer electronics and automotive parts sectors [1] - It provides precision structural components and modules for 3C consumer electronics industry clients [1] - The company also supplies in-car central control screens and structural components to both new energy vehicle manufacturers and traditional automotive companies [1] - Currently, the company does not engage in any chip-related business [1]

Group 1 - Zhejiang Liming (603048.SH) experienced a decline of over 5%, trading at 20.54 yuan, with a total market capitalization of 3.017 billion yuan [1] - The controlling shareholder's concerted action partner, Zhoushan Yifan Equity Investment Partnership (Limited Partnership), reduced its stake in the company by 2.88 million shares, accounting for 1.96% of the total share capital from September 5 to September 9, 2025 [1] - Following this equity change, the combined shareholding of the controlling shareholder, Zhejiang Free Trade Zone Liming Investment Co., Ltd., and its concerted action partners decreased from 73.74% to 71.78%, triggering a change that touches the 1% threshold [1]

中国经济网北京9月10日讯雷迪克（300652）(300652.SZ)昨日披露公告，公司收到中益仁添益1号私募证券投资基金(以下简称"添益1号")的基金管理人日照 中益仁私募基金管理有限公司出具的《股份减持计划告知函》。 2025年上半年，雷迪克实现营业收入4.96亿元，同比增长54.04%；归属于上市公司股东的净利润8814.69万元，同比增长50.04%；归属于上市公司股东的扣 非净利润7983.46万元，同比增长53.45%；经营活动产生的现金流量净额为-4372.09万元，上年同期为-2484.69万元。 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | 营业收入(元) | 496. 466. 477. 07 | 322, 291, 379. 71 | | | 归属于上市公司股东的净利 | 88, 146, 929, 80 | 58, 750, 555. 71 | | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 79,834,625.20 | 52.026.481.96 | | | (元) | ...

Core Insights - AAC Technologies (瑞声科技) reported a record revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year growth [1] - The automotive acoustics segment generated RMB 1.74 billion in revenue, with a year-on-year increase of 14.2% and a gross margin of 23.9% [1] Group 1: Automotive Business Expansion - The company is extending its system integration capabilities from the mobile phone sector to the automotive industry, aiming to establish automotive acoustics as a significant growth driver [3] - Following the acquisition of PSS in 2024, AAC Technologies announced the acquisition of Hebei Chuguang Automotive Parts Co., which specializes in smart microphones and sensors, achieving over 55% market share in the domestic market and over 26% globally [3] - The automotive acoustics business now accounts for over 13% of the company's total revenue, with plans to expand from components to brand system products [3] Group 2: Strategic Partnerships and Product Development - AAC Technologies is collaborating with various automotive brands, including Zeekr and Xiaomi, to develop high-end in-car audio systems [1][3] - The company will showcase its full-stack automotive acoustic systems and other technologies at the upcoming Munich Auto Show, highlighting its commitment to innovation in the automotive sector [3] - Management indicated that through acquisitions, the company has quickly integrated into leading OEMs in Europe and China, becoming a Tier 1 supplier with stable revenue and gross margin growth [3]