证监会同意瑞立科密深市主板IPO注册申请 智通财经6月6日电，证监会同意广州瑞立科密汽车电子股份有限公司首次公开发行股票并在深市主板上 市的注册申请。 ...

Core Viewpoint - The A-share IPO market is undergoing a significant transformation, with a notable decrease in the number of IPO terminations and an increase in the total financing amount, reflecting a shift from "quantity expansion" to "quality priority" in capital markets [2][4][5]. Group 1: IPO Termination Trends - As of June 4, 2025, 64 IPOs have been terminated this year, a decline of over 60% compared to 186 in the same period of 2024, with 58 of these being voluntary withdrawals [4][5]. - Monthly termination data shows a downward trend from January to May 2025, with 27, 14, 10, 5, and 8 terminations respectively [4]. - The reduction in IPO terminations is attributed to structural optimization in the market and regulatory policies, leading to an overall improvement in the quality of remaining IPO candidates [4][5]. Group 2: IPO Financing Growth - In 2025, 45 IPO companies have raised a total of 33.209 billion yuan, marking a year-on-year increase of 15.38% and 20.80% [6]. - The financing amounts from various stock exchanges include 13.555 billion yuan from the Shanghai Main Board, 3.12 billion yuan from the Shenzhen Main Board, 3.681 billion yuan from the Sci-Tech Innovation Board, 11.065 billion yuan from the Growth Enterprise Market, and 1.788 billion yuan from the Beijing Stock Exchange, with respective changes of 28.95%, 6.9%, -55.84%, 26.87%, and -10.87% [6]. - Eight companies raised over 1 billion yuan in their IPOs, with Zhongce Rubber leading at 4.066 billion yuan [6]. Group 3: Regulatory Environment - The new "National Nine Articles" has significantly raised the review standards, leading many companies with inadequate conditions to withdraw their applications voluntarily [5][8]. - The regulatory body has intensified accountability for companies attempting to bypass standards, as seen in recent disciplinary actions against companies like Zhongding Hengsheng and Fanyuan Technology for various compliance issues [9]. - Companies are advised to establish a comprehensive compliance system to adapt to the increasingly stringent IPO regulations and market conditions [9].

Core Viewpoint - The company, Tianyouwei, specializes in the research, design, production, and sales of automotive instruments and is expanding into the smart cockpit sector, with a focus on enhancing its global market presence and product offerings [1][2]. Group 1: Business Overview - Tianyouwei primarily engages in the development and production of electronic combination instruments, full LCD combination instruments, dual-screen instruments, and other automotive electronic products and services [1]. - The company has established long-term partnerships with numerous well-known automotive manufacturers and parts suppliers, including Hyundai Motor Group, BYD, Changan Automobile, and others [1]. Group 2: Market Expansion - The company aims to increase its overseas revenue share from 47.06% in 2022 to 53.60% by 2024, indicating a strategic push for global market expansion [2]. - Tianyouwei is actively developing new products such as curved screen instruments and ultra-thin navigation screens, leveraging its relationships with major automotive manufacturers to enhance its product offerings [2][3]. Group 3: Technological Innovation - The company's core technology, composite screen technology, innovatively combines segment code screens with TFT color screens to achieve near full-color display effects, providing a cost-effective alternative to traditional TFT screens [3]. - This technology allows for customized instrument shapes while maintaining high display quality, thus broadening the product range available to customers [3]. Group 4: International Operations - Tianyouwei's subsidiary in Mexico has generated revenue of 370 million yuan since its establishment in 2022, with plans for a modern, automated factory projected to cost 55 million USD [4]. - The new facility is expected to enhance service capabilities in the Americas and Europe, reduce delivery times, and lower transportation costs, thereby strengthening the company's competitive edge in the global automotive electronics market [4].

Summary of Automotive Electronics Architecture Conference Call Industry Overview - The automotive electronics architecture is transitioning from domain controllers to regional computing platforms, integrating central computing platforms with varying degrees of integration, including chassis functions [1][2] - Communication methods are evolving from traditional CAN bus to Ethernet, with companies like Xiaopeng Motors supporting Ethernet communication, while Geely's BEI3.0 domain controller does not [1][3] Key Developments in Automotive Electronics - The distribution method in automotive electronics has shifted from traditional relay-based systems to lightweight ECU-based vehicle mode management, optimizing energy consumption and improving efficiency and reliability [1][4] - Manufacturers are reducing the use of traditional microcontrollers (MCUs); for instance, Lingpao Motors uses only 28 MCUs in its latest model, compared to the typical 40-50 in other vehicles [1][5] - Some features, such as seat heating and massage functions, are not integrated into the domain control unit (DCU) to accommodate different model configurations and reduce costs [1][6] - The integration of more functions into domain controllers allows manufacturers to simplify production processes and reduce costs, with the cost of Lynk & Co's 3.5 generation products decreasing by 30%-40% compared to the previous generation [1][8] Software-Defined Vehicles (SDV) - Software-defined vehicles (SDV) abstract vehicle capabilities and simplify update processes through service-oriented architecture (SOA), enhancing flexibility and efficiency [1][9] - SDV enables the implementation of personalized features, such as electric doors, by abstracting sensor and actuator capabilities [1][10] Changes in Electronic and Electrical Architecture - The current electronic and electrical architecture is characterized by a central plus regional controller structure and SOA, with potential future integration of cockpit, body, gateway, and connectivity modules [1][11] - Integration can potentially eliminate the need for traditional ECUs, significantly reducing hardware costs [1][12] Industry Trends and Challenges - Major companies in the industry are pursuing integration, though the degree of integration varies [1][13] - Traditional fuel vehicles are less likely to adopt advanced electronic architectures due to cost and feasibility concerns [1][14] - New architectures offer significant cost savings and maintenance advantages, enhancing competitiveness against foreign fuel vehicles [1][15][16] Chassis Control Systems - The trend in chassis control systems is towards integration, with many manufacturers moving towards a larger chassis domain controller [1][19] - Challenges in integrating chassis systems include meeting safety requirements, as the integration must satisfy higher safety standards [1][18] Cost Reduction and Market Position - The optimization of electronic architecture and reduction in ECU numbers have led to significant hardware cost reductions, contributing to lower vehicle prices while maintaining competitiveness [1][24] - Domestic companies have made notable progress in automotive electronics architecture, although they still rely on international suppliers for MCU chips [1][25] Domestic Chip Development - Domestic companies are beginning to explore the use of local chips in vehicle computing units, but high-end models remain hesitant due to performance concerns [1][26] - Current integrated structures in vehicle computing units are limited to physical integration rather than full functional integration due to insufficient chip capabilities [1][27] Future Prospects - The application of domestic chips in the automotive industry is gradually increasing, but significant gaps in performance compared to leading manufacturers like NVIDIA and Qualcomm remain [1][29]

Core Viewpoint - Jiangsu listed companies have actively announced share buybacks and increases in shareholding to stabilize the market amid global market turmoil caused by U.S. tariffs, showcasing the strength and responsibility of the "Jiangsu Legion" in the A-share market [1] Group 1: Market Stability and Company Actions - Nearly 30 listed companies in Jiangsu announced buyback and increase plans within two days, demonstrating a commitment to market stability [1] - Jiangsu's capital market has a solid foundation with over 700 listed companies, leading the nation in the number of companies on the Sci-Tech Innovation Board and the Beijing Stock Exchange [1][3] Group 2: Industry Development and Innovation - Jiangsu aims to cultivate "unicorns," "gazelles," and specialized "little giant" companies, focusing on high-end equipment, biomedicine, and integrated circuits to support regional economic development [2] - The manufacturing sector in Jiangsu is robust, with a high-quality development index ranking first nationally for four consecutive years, and the province leads in the number of national-level specialized "little giant" companies [3][4] Group 3: Future Growth and Strategic Goals - By the end of 2025, Jiangsu aims to have around 150 listed companies with a market value exceeding 10 billion yuan and 15 companies exceeding 100 billion yuan, with a total of over 250 billion yuan in mergers and acquisitions [8] - Jiangsu is focused on enhancing the core competitiveness of listed companies and promoting mergers and acquisitions to strengthen the modern industrial system [12][13] Group 4: Financial Support and Ecosystem - Jiangsu is building a comprehensive financial service system to support the entire lifecycle of technology-based enterprises, ensuring that innovative companies receive tailored financial solutions [10] - The province's financial institutions have seen a loan growth rate of 10.1%, significantly higher than the national average, indicating strong financial support for local businesses [10] Group 5: Regional Disparities and Development Initiatives - Jiangsu is addressing regional imbalances in company listings, with efforts to increase the number of listed companies in underrepresented areas [7] - The province has established a service mechanism for the precise cultivation of technology enterprises, ensuring a steady supply of high-quality companies to the capital market [4][12]

以下文章来源于东四十条资本 ，作者黎曼 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 投后估值超25亿元。 作者丨 黎曼 来源丨东四十条资本 2021 年夏，小米产业园办公室内，雷军饶有兴致地打量眼前一对兄弟， " 为什么张波是创始人，董事长却是张涛？ " 技术出身的张波与拥有 20 年整车厂管理经验的张涛相视一笑。这对兄弟执掌的泽景汽车电子（下称泽景电子）来自江苏扬 州，正是打破国际巨头 HUD 垄断的中国黑马。 在智能汽车产业革新浪潮中，车载抬头显示（ HUD ）技术正逐渐成为提升驾驶体验的关键配置之一。 HUD 技术是指利用光 学成像技术将驾驶信息显示在驾驶员前方，或采用 AR 算法将虚拟信息与真实道路场景动态叠加，为驾驶员提供更直观的驾驶 体验，同时也可以提升交通安全性。 从微软工程师到国产HUD拓荒人 又是一个国产替代的故事。 2015 年，当张波离开微软中国技术岗位创业时，挡风玻璃上那方寸投影天地还被博世、日本精机等国际巨头牢牢掌控。这位 西安邮电学院计算机软件专业的毕业生，带着 6 ...

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Technology), a leading Chinese HUD manufacturer valued at 2.585 billion RMB, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting the growing demand for HUD solutions in the smart automotive sector [1][30]. Group 1: Company Overview - Zejing Technology has captured approximately 16.2% of the domestic HUD market, ranking second among solution providers [1][15]. - The company has established partnerships with major automotive manufacturers in China, including NIO, Li Auto, Xiaomi, BYD, Chery, Geely, FAW, GAC, BAIC, and Changan [1][12]. - Founded in 2015 by two brothers, Zejing Technology has rapidly grown to become a key player in the HUD industry, leveraging their extensive experience in automotive electronics [24][26]. Group 2: Product and Technology - The primary products offered by Zejing Technology include W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD), with the latter being the latest generation of HUD solutions [4][6]. - The company’s HUD solutions are designed to enhance driving safety and convenience by projecting critical information directly into the driver's line of sight [2][6]. - Zejing Technology's CyberLens and CyberVision products have been integrated into various vehicle models, showcasing their adaptability and technological advancements [8][10]. Group 3: Financial Performance - From 2022 to 2024, Zejing Technology's HUD solution sales are projected to grow from 175,700 units to 624,600 units, reflecting a significant increase in demand [13]. - The company's total revenue is expected to rise from 214 million RMB in 2022 to 578 million RMB in 2024, with a compound annual growth rate of 64.3% [15]. - The gross profit margin has improved from 22.6% in 2022 to 27.3% in 2024, driven by effective cost control and increased operational efficiency [20][18]. Group 4: Market Trends - The global automotive HUD market, particularly in China, is experiencing rapid growth, with the market size expected to increase from 1 million units in 2020 to 3.9 million units by 2024, representing a compound annual growth rate of 41.2% [31][32]. - Domestic manufacturers have significantly increased their market share from 16.7% in 2020 to 79.2% in 2024, indicating a shift in the competitive landscape [36]. - The top five suppliers in the Chinese HUD market collectively hold a 66.5% market share, with four of them being domestic companies [37].

Summary of Key Points from the Conference Call Industry Overview - The automotive smart cockpit sector is rapidly developing, with increasing penetration of technologies such as DMS (Driver Monitoring System), OMS (Occupant Monitoring System), and HUD (Head-Up Display) [1][3] - Leading domestic automotive TIER one manufacturers are accelerating market share concentration, with top companies outperforming the average market growth [1][3] Core Insights and Arguments - **Virtual Panoramic Display (VPD)**: This innovative technology offers richer information presentation and has the potential to expand imaging space and projection size, possibly replacing existing display solutions in the long term [1][4] - **HUD Market Growth**: The penetration rate of HUD products is rapidly increasing, with an expected 3.56 million units of HUD installed in new domestic passenger cars in 2024, representing a penetration rate of 16%, up from 11% in 2023 [1][6] - **Market Share of Domestic Manufacturers**: By 2024, domestic manufacturers are projected to capture 57% of the HUD market, with Huayang leading at a 22% market share [1][9] - **Challenges in VPD Technology**: The technology faces challenges such as optical design, heat management, and mass production consistency, which are critical for its successful implementation [2][14][15] Competitive Landscape - **Leading Companies**: Huayang Group is positioned as a leader in the VPD field, with rapid sales growth in cockpit domain control products, expecting a net profit of 857 million yuan in 2025 [1][18][20] - **Supplier Advantages**: Suppliers with comprehensive in-car display capabilities, including optical design and mass production experience, are expected to have a competitive edge [2][7][17] - **Emerging Trends**: The market is witnessing a shift towards more integrated display solutions, with companies like Xiaomi showcasing innovative VPD systems that enhance user experience [5][8] Financial Projections - **Huayang Group's Financial Outlook**: The company anticipates a net profit of 857 million yuan in 2025 and 1.076 billion yuan in 2026, indicating a significant growth trajectory [20] - **Market Valuation**: Current stock prices suggest that Huayang Group is undervalued compared to historical valuations and other smart automotive electronic companies, with a PE ratio of 20x for 2025 and 16x for 2026 [20] Additional Important Insights - **Technological Advantages of VPD**: VPD systems can project a wide range of information simultaneously, improving the user experience by reducing the need for frequent screen switching [12][13] - **Collaboration and Client Expansion**: Huayang is actively expanding its client base, collaborating with joint ventures and securing projects with major automotive brands [19] This summary encapsulates the key points discussed in the conference call, highlighting the advancements and challenges within the automotive smart cockpit industry, particularly focusing on virtual panoramic display technology and its market implications.

Group 1 - Star Stone Investment recently conducted research on a listed company, specifically focusing on Jingwei Hengrun, which has a dedicated institution for robot research and is advancing smart robots and smart warehousing [1] - Jingwei Hengrun is collaborating with Baixiniu on Robovan to promote the commercial rollout of unmanned vehicles for last-mile logistics [1] - The company has initiated L4 level fully unmanned driving operations at ports and plans to expand to public road scenarios, including point-to-point unmanned cargo transportation and Robobus microcirculation [1] - The decline in overall gross margin is primarily due to the rapid growth of the automotive electronics business, with new products being mass-produced for companies like Xiaomi, Xpeng, and Geely, driven by trends in the automotive industry [1] Group 2 - Star Stone Investment, established in 2007, is one of the top private equity fund management companies in China and a pioneer in the private equity sector [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long/short equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach for comprehensive industry coverage [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The firm emphasizes compliance and risk control, establishing a rigorous compliance framework that integrates risk management throughout the investment research process [2]

Core Viewpoint - *ST Weidi announced that its stock will be suspended for one day on June 3, 2025, and will resume trading on June 4, 2025, with the removal of the delisting risk warning and a change in its stock name from "*ST Weidi" to "Weidi Co., Ltd." The stock code remains "603023," and the daily price fluctuation limit will increase from 5% to 10% [3][4]. Group 1 - The company reported a turnaround in its performance for 2024, achieving a revenue of 65.2357 million yuan, a year-on-year increase of 23.1%, and a net profit attributable to shareholders of 5.0555 million yuan [4]. - The company completed a significant strategic acquisition in December 2024 by acquiring 51% of Alpha Silicon, becoming its controlling shareholder, marking its entry into the passenger vehicle electronics sector [4][5]. - *ST Weidi is a domestic supplier of automotive electronic control products, producing various electronic components such as automotive combination instruments, CAN bus control systems, smart cockpit systems, and more [5]. Group 2 - The company’s stock was placed under delisting risk warning on May 6, 2024, due to negative net profits and insufficient revenue from core business activities [3]. - The audit reports for 2024 from Lixin Zhonglian Accounting Firm provided standard unqualified opinions on both the internal control report and the financial report, supporting the company's application to remove the delisting risk warning [3]. - The Shanghai Stock Exchange approved the company's application to lift the delisting risk warning on May 30, 2025, confirming that the conditions for removal were met [3].