Core Viewpoint - Zhaojing Electronics has submitted a listing application to the Hong Kong Stock Exchange, aiming to innovate in the smart cockpit visual and human-vehicle interaction experience through HUD solutions [1] Company Overview - Zhaojing Electronics focuses on the research and sales of HUD solutions, offering products such as W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD) [1] - The company has developed an integrated self-research technology framework that includes optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface (HMI) design [1] Financial Performance - Revenue projections for Zhaojing Electronics from 2022 to 2024 are 214 million, 549 million, and 578 million yuan, respectively, with a compound annual growth rate (CAGR) of 64.3% [1] - Corresponding losses attributable to the parent company during the same period are 252 million, 182 million, and 143 million yuan [1] - In the first five months of this year, the company achieved revenue of 262 million yuan, representing a year-on-year growth of 17.9%, with a loss of 246 million yuan attributable to the parent company [1] - Cumulative losses over three years and five months amount to 823 million yuan [1]

Core Viewpoint - The company, Huazhong Xinchang, has sufficient order reserves and is progressing well with the construction of its intelligent manufacturing base in Nantong, indicating a positive outlook for future performance [1] Group 1: Order and Production - The company has a sufficient order backlog, which allows for effective production organization to meet market demand [1] - Some projects have begun mass production based on customer requirements, showcasing the company's responsiveness to market needs [1] Group 2: Manufacturing and Performance - The advantages of the company's integrated design and full-chain manufacturing will gradually become apparent as the intelligent cockpit terminal projects enter production [1] - The expected positive impact on the company's performance is linked to the gradual rollout of these projects [1] Group 3: Compliance and Disclosure - The company commits to strictly adhering to legal and regulatory requirements for information disclosure regarding future performance changes [1]

Group 1 - Jiangsu Zejing Automotive Electronics Co., Ltd. submitted its Hong Kong IPO prospectus on May 9, 2025, which became invalid after six months on November 9, 2025 [1] - Haitong International and CITIC Securities are the joint sponsors for the IPO [1] - Zejing Electronics is a pioneer and leader in China's innovative smart cockpit visual and interactive solutions, primarily offering its windshield HUD solution CyberLens and augmented reality HUD solution CyberVision, along with testing solutions and other innovative visual technology solutions [2]

自願性公告 有關公司新獲智能座艙項目定點的公告 本 公 告 乃 由 深 圳 佑 駕 創 新 科 技 股 份 有 限 公 司（「本公司」），連 同 其 附 屬 公 司 統 稱 「本集團」）自 願 刊 發。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Minieye Technology Co., Ltd （於中華人民共和國註冊成立的股份有限公司） 深圳佑駕創新科技股份有限公司 （股份代號： 2431） 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 集 團 近 期 新 獲 某 全 球 知 名 車 企 旗 下 的 合 資 品 牌、豪 華 品 牌（「1 該客戶」）提 供 的 項 目 定 點 通 知，連 同 本 年 度 的 項 目 定 點， 本 公 司 將 為 該 客 戶 開 發 並 提 供 一 系 列 先 進 的 智 能 座 艙 產 品，包 括DMS（駕 駛 員 監 測 系 統）、OMS（ ...

Core Viewpoint - Zebra Network, a joint venture between Alibaba and SAIC established in 2015, is progressing towards its IPO in Hong Kong, having received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, which requires clarification on seven key issues [1][2]. Group 1: Company Background and Ownership - Zebra Network is a global pioneer in intelligent cockpit solutions and will no longer be consolidated into Alibaba's financial statements starting December 27, 2024 [1]. - The major shareholders include Alibaba, holding approximately 44.72% of equity and 40.17% of voting rights, and SAIC, holding about 34.34% of equity and 37.16% of voting rights [8][9]. Group 2: Financial Performance - Zebra Network reported net losses of RMB 8.78 billion, RMB 8.76 billion, RMB 8.47 billion, and RMB 15.82 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively, totaling RMB 41.83 billion [3]. - The company's gross profit margins have declined from 53.9% in 2022 to 38.9% in 2024 [4]. - Research and development expenses amounted to RMB 34.10 billion over the same period, with specific annual figures of RMB 11.11 billion, RMB 11.23 billion, RMB 9.80 billion, and RMB 1.96 billion [5]. Group 3: Business Operations and Compliance - The CSRC has requested detailed explanations regarding the company's business operations, including its compliance with telecommunications regulations and the status of necessary licenses [2][3]. - Zebra Network's primary customer is SAIC, which accounted for 54.7%, 47.4%, 38.8%, and 47.8% of its revenue from 2022 to the first quarter of 2025 [10]. - Alibaba is the largest supplier, providing cloud and software services, with procurement amounts representing 53.5%, 58.4%, 50.5%, and 54.7% of total procurement during the same period [10]. Group 4: IPO and Future Plans - The IPO proceeds are intended to enhance technology research and development, increase market share in China, expand global operations, support strategic acquisitions, and supplement working capital [6]. - Zebra Network is currently in a "burning cash" phase, indicating a focus on growth despite ongoing losses [3].

Core Viewpoint - 博泰车联 is experiencing a nearly 5% increase in stock price following the announcement of strategic partnerships aimed at enhancing its position in the smart connected vehicle market [1] Group 1: Company Developments - 博泰车联's stock rose by 4.88% to 178.3 HKD, with a trading volume of 13.22 million HKD [1] - The company signed a cooperation framework agreement with SenseTime on October 7 to promote the integration and application of artificial intelligence in smart connected vehicles [1] - On September 28, Porsche announced a deep collaboration with 博泰车联 to develop a new generation of in-car infotainment systems specifically for the Chinese market, set to launch in multiple Porsche models by 2026 [1] Group 2: Market Position - 博泰车联 is recognized as a leading supplier of smart cockpit solutions in China [1] - According to Frost & Sullivan, 博泰车联 ranks as the third-largest supplier of domain controller solutions for smart cockpits in China's passenger vehicle market, holding a market share of 7.3% as of 2024 [1] - The company differentiates itself by offering integrated smart cockpit solutions that combine software, hardware, and cloud services, catering to diverse customer needs, unlike competitors who primarily focus on hardware [1]

Company Insights - Apple's stock price surged nearly 4%, reaching a historical high, driven by the strong sales of the iPhone 17 series, which saw a 14% increase in sales compared to the previous generation within the first 10 days of launch in China and the US [1] - Contemporary Amperex Technology Co., Ltd. (CATL) reported a Q3 revenue of 104.186 billion, a year-on-year increase of 12.9%, and a net profit of 18.549 billion, up 41.21% year-on-year, with high capacity utilization and strong demand in both domestic and international markets [2] - iFlytek announced a net profit growth of 202.4% year-on-year for Q3 [14] - China Shipbuilding Industry Corporation expects a net profit increase of 104.30%-126.39% year-on-year for the first three quarters [14] - Alloy Investment reported a staggering net profit growth of 4985% year-on-year for Q3 [14] Industry Insights - The Ministry of Industry and Information Technology emphasized the need for key enterprises in the cement industry to strictly implement capacity replacement policies and to develop plans for excess capacity by the end of 2025 [3] - The human-shaped robot industry is expected to enter mass production next year, driven by leading domestic and international companies, with a focus on component manufacturers benefiting from this trend [10] - The automotive sector is seeing increased demand for smart electric vehicles, with a significant market growth potential for in-car displays as part of smart cockpit configurations [11] - Baidu is set to launch AI glasses next month, with expectations of global shipments reaching 5.5 million units by 2025 and a compound annual growth rate of 144% from 2024 to 2027 [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Zebra Network Technology Co., Ltd. (Zebra Smart Travel) regarding its overseas listing, focusing on equity changes, business operations, and compliance with regulations [1][2][3]. Group 1: Equity Changes - The CSRC requires Zebra Smart Travel to clarify the pricing basis for past capital increases and equity transfers, ensuring fairness and compliance with capital contribution obligations [1]. - The company must also provide updates on its directed capital reduction and increase registered with the industrial and commercial authorities, including compliance with procedures and tax payments [1]. Group 2: Business Operations - Zebra Smart Travel is asked to detail its business scope, including value-added telecommunications services and advertising, confirming whether it has the necessary licenses and if it collaborates with third parties [2]. - The company needs to explain the progress of its subsidiary's telecommunications business license and its specific business plans [2]. - A clear description of the business model involving large language models is required, along with confirmation of any necessary registrations [2]. Group 3: Compliance and Legal Matters - The company must confirm whether it has any pending lawsuits or arbitration cases that could hinder its overseas listing [2]. - It is also required to ensure compliance with the regulations governing overseas securities issuance and listing [3]. Group 4: Financial Performance - Zebra Smart Travel reported revenues of RMB 8.05 billion, RMB 8.72 billion, RMB 8.24 billion, and RMB 1.36 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively, with annual losses of RMB 8.78 billion, RMB 8.76 billion, RMB 8.47 billion, and RMB 15.82 billion [6][7]. - The adjusted net losses for the same periods were RMB 7.26 billion, RMB 7.92 billion, RMB 7.57 billion, and RMB 2.01 billion [6][7]. Group 5: Market Position and Challenges - Zebra Smart Travel's number of designated points, which are critical for future business growth, decreased from 37 to 30 in the first quarter of 2025 due to delays in internal approvals and contract signings from major clients [8].

Core Viewpoint - The listing of Botai Carlink on the Hong Kong Stock Exchange represents a significant step in the capitalization process of automotive smart supply chain enterprises, with the company raising approximately HKD 1.067 billion through the issuance of 10.4369 million H-shares [2][3]. Group 1: Company Overview - Botai Carlink is the third-largest supplier in China's smart cockpit domain controller market, with a market share of 7.3% as of 2024 [5]. - The company has seen a steady increase in revenue, with projected revenues of CNY 12.18 billion, CNY 14.96 billion, and CNY 25.57 billion from 2022 to 2024, and CNY 7.54 billion in the first five months of 2025 [3][4]. - The main revenue sources for Botai Carlink are smart cockpit solutions and connected services, with domain controllers being the core revenue driver [3]. Group 2: Market Dynamics - The market for smart cockpit solutions in China is rapidly growing, with a projected compound annual growth rate (CAGR) of 30.7%, increasing from CNY 442 billion in 2020 to CNY 1.29 trillion by 2024 [4]. - The penetration rate of domain controllers in passenger vehicles is expected to rise from 13.7% in 2020 to over 90% by 2029 [4]. Group 3: Financial Performance - Despite revenue growth, Botai Carlink has not yet achieved self-sustainability, as costs continue to exceed income [5]. - The gross margin for domain controllers has improved to 10% in the first half of 2025, influenced by the termination of several loss-making projects [7]. Group 4: Strategic Initiatives - To mitigate customer concentration risk, Botai Carlink is diversifying its product offerings and aims to provide customized smart cockpit solutions for various market segments [6][7]. - The company is also focusing on expanding its customer base beyond its top five clients, which accounted for 49.8% of total revenue in the first five months of 2025 [6]. Group 5: Competitive Landscape - The automotive industry is experiencing a "Matthew Effect," where market resources are increasingly concentrated among leading firms, posing challenges for smaller suppliers like Botai Carlink [7]. - As automakers increasingly develop their own smart cockpit systems, third-party suppliers must establish their unique value propositions to remain competitive [7].

Core Viewpoint - The recent listing of Botai Carlink on the Hong Kong Stock Exchange marks a significant step in the capitalization of automotive smart supply chain enterprises, reflecting the rapid growth of the smart cockpit and connected solutions market in China [1][2]. Group 1: Company Overview - Botai Carlink raised approximately HKD 1.067 billion by issuing 10.4369 million H-shares, with funds primarily allocated for product expansion, technology enhancement, production testing, and sales network expansion [1]. - The company reported revenues of CNY 1.218 billion, CNY 1.496 billion, and CNY 2.557 billion for the years 2022, 2023, and 2024 respectively, with CNY 0.754 billion in the first five months of 2025 [2]. - Botai Carlink is the third-largest supplier in China's smart cockpit domain controller market, with a market share of 7.3% as of 2024 [3][4]. Group 2: Business Segments - The main revenue sources for Botai Carlink are smart cockpit solutions and connected services, with domain controllers being the highest contributor to revenue [2]. - The revenue from domain controllers increased from CNY 0.674 billion in 2022 to CNY 1.959 billion in 2024, representing a rise in its share of total revenue from 55.4% to 76.6% [2]. - The market for smart cockpit solutions in China is projected to grow from CNY 44.2 billion in 2020 to CNY 129 billion by 2024, with a compound annual growth rate of 30.7% [2]. Group 3: Market Dynamics - The penetration rate of domain controllers in passenger vehicles is expected to rise from 13.7% in 2020 to 44.1% in 2024, and is projected to exceed 90% by 2029 [2]. - Botai Carlink's reliance on a few major clients is significant, with the top five clients contributing 83.6%, 64.6%, and 74.4% of total revenue from 2022 to 2024, and this concentration increased to 49.8% in the first five months of 2025 [4]. - The automotive industry is experiencing a "Matthew Effect," where market resources are increasingly concentrated among leading firms, posing challenges for smaller players like Botai Carlink [5][6]. Group 4: Strategic Initiatives - To mitigate client concentration risks, Botai Carlink is expanding its product range to offer customized smart cockpit solutions for various market segments [4]. - The company is also focusing on enhancing its client base while maintaining strong relationships with existing clients, such as Changan Avita and Dongfeng Lantu [4]. - Botai Carlink's unique position as a provider of smart cockpit solutions based on the Kirin 9610A processor and HarmonyOS has attracted significant interest from institutional investors [3][4].