Core Viewpoint - The company plans to utilize part of its idle raised funds and self-owned funds for cash management, focusing on low-risk, high-liquidity principal-protected financial products, ensuring that this does not affect the normal operation and investment projects of the company [1][2][8]. Summary by Sections Investment Purpose - The cash management aims to enhance the efficiency of fund usage, ensure the safety of funds, and increase company revenue while protecting the interests of all shareholders [4][5]. Investment Amount and Duration - The company intends to use up to RMB 28 billion (including principal) of idle raised funds and up to RMB 20 billion (including principal) of idle self-owned funds for purchasing financial products, with individual investment periods not exceeding 12 months [1][4][6]. Types of Investments - The investments will be in principal-protected financial products with high safety and liquidity, including but not limited to structured deposits, agreed deposits, notice deposits, large certificates of deposit, and income certificates [1][5]. Source of Funds - The funds will come from temporarily idle raised funds (including over-raised funds) and idle self-owned funds [5][6]. Implementation Method - The board of directors will seek authorization from the shareholders' meeting to allow management to make investment decisions within the approved limits and duration [5][6]. Revenue Distribution - The income generated from the cash management of idle raised funds will be managed according to regulatory requirements, while the income from self-owned funds will belong to the company [5][6]. Risk Control Measures - The company will select financial institutions with strong capital safety guarantees and will maintain close contact with them to monitor the operation of the invested funds [7][8]. Impact on Daily Operations - The cash management will not affect the normal use of raised funds or the company's daily operations, and it aims to improve cash usage efficiency and increase company revenue [6][8]. Review Procedures - The proposal for cash management has been approved by the company's board and supervisory board and will be submitted for shareholder approval [2][8].

Group 1: Business Segments - The company primarily engages in three business segments: aerospace applications, automotive electronics, and the Internet of Things (IoT) [2][3] - Aerospace application products focus on inertial navigation accelerometers, precision manufacturing, testing and control equipment, and specialized power supplies [2][3] - The automotive electronics segment is divided into domestic and international markets, with domestic operations mainly targeting commercial vehicles [3][4] Group 2: Technological Advancements - The company’s inertial devices, such as accelerometers, are at the forefront of domestic technology and have been widely adopted in the aerospace sector [2][3] - The self-developed quartz flexible accelerometer is recognized for its high precision, reliability, compact size, and lightweight design, making it a preferred choice in various applications [2][3] - The AIRIOT IoT platform is a low-code solution that provides comprehensive IoT software services, currently applied in sectors like oil and gas, smart cities, and energy management [3][4] Group 3: Strategic Decisions - The sale of AC Company is part of the company's strategic plan to focus on core business areas and enhance resource utilization [3][4] - Post-sale, AC Company’s revenue and profits will no longer be included in the consolidated financial statements, allowing other business segments to continue stable operations [3][4] - The company anticipates a decline in overall revenue due to the sale of AC Company, but expects stable performance in other business areas [4] Group 4: Clientele and Market Position - Major clients in the aerospace application sector include the Third Academy of Aerospace Technology and other industries such as shipping and military [4] - In the automotive electronics sector, clients include global manufacturers like Hyundai, Volkswagen, Daimler, and domestic companies such as SAIC and Geely [4] - The company does not directly engage in commercial aerospace but has related business through client partnerships, which currently contribute a small percentage to overall revenue [4]

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. is pursuing an IPO in Hong Kong, facing challenges such as losses, high asset-liability ratio, and pressure from downstream clients for price reductions [1][5]. Group 1: Financial Performance - The main product, HUD solutions, has seen a continuous decline in average price from 974.31 RMB in 2022 to 865.47 RMB in 2024, while the gross margin has improved from 22.6% in 2022 to 27.3% in 2024 [2][3]. - The sales volume of HUD solutions increased significantly from approximately 17.57 thousand units in 2022 to 62.46 thousand units in 2024, representing a growth of 2.55 times [2][3]. - Despite the increase in sales volume, the company's labor costs decreased by 12.82% in 2024, amounting to 25.33 million RMB [3]. Group 2: Market Position - Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers as of 2024 [3]. - The revenue growth rate slowed significantly from 156.6% in 2023 to 5.1% in 2024, indicating potential market challenges [3][5]. Group 3: Client Dependency and Revenue Sources - The top five clients contributed a substantial portion of the company's revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024 [4]. - Revenue from the top five clients decreased by 9.13% in 2024, amounting to 468 million RMB compared to 515 million RMB in 2023 [5]. Group 4: Challenges Ahead - The company has not achieved profitability during the reporting period, with an asset-liability ratio of 215.6% and a current ratio of only 41.2% as of 2024 [6]. - Trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [6]. - The company may face ongoing pricing pressure from automotive manufacturers, which could adversely affect its business and financial performance [7].

证券代码：301488 证券简称：豪恩汽电 公告编号：2025-030 深圳市豪恩汽车电子装备股份有限公司 深圳市豪恩汽车电子装备股份有限公司（以下简称"公司"），2024年年度权 益分派方案已获2025年4月29日召开的2024年年度股东大会审议通过，现将权益分派 事宜公告如下： 一、股东大会审议通过的利润分配方案情况 元（含税），不送红股，不以资本公积转增股本。合计派发46,000,000元，公司剩 余未分配利润转结下一年度。 四、权益分派对象 本次分派对象为：截止2025年6月5日下午深圳证券交易所收市后，在中国证券 登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"）登记在册 的本公司全体股东。 五、权益分派方法 月6日通过股东托管证券公司（或其他托管机构）直接划入其资金账户。 六、调整相关参数 公司相关股东及董事、高级管理人员在《首次公开发行股票并在创业板上市之 上市公告书》中承诺：本人所持有的发行人股份在限售期届满后两年内减持的，本 人承诺股份减持的价格不低于发行人本次发行价。若在减持发行人股票前，发行人 已发生派发股利、送红股、资本公积转增股本等除息、除权事项的，则减持价格应 不低于 ...

Core Viewpoint - The company is positioned as a one-stop precision manufacturing solution provider for smart terminals, focusing on vertical integration and horizontal expansion in the industry chain [1] Group 1: Business Development - The company has expanded its product lines by establishing subsidiaries for new materials such as ceramics and sapphire, and has entered the smartphone mid-frame processing business through acquisitions [2] - The company has initiated a smart terminal assembly project, achieving a full industry chain layout from raw material production to complete assembly, which supports revenue growth [2] Group 2: Automotive Electronics - Since 2015, the company has been deeply involved in the new energy vehicle market, establishing long-term partnerships with major manufacturers like Tesla, BMW, and BYD [3] - The company produces a variety of automotive electronic products, including vehicle-mounted glass and components, which are expected to become a significant growth driver [3] Group 3: Emerging Businesses - The company has developed core manufacturing processes for foldable screens and supplies key components to major clients [4] - A strategic partnership with Rokid for AI/XR glasses has been established, covering the entire production chain from design to assembly [4] - The company has launched smart retail terminals in collaboration with Alipay, showcasing its rapid production capabilities [4] - The company has been involved in the robotics sector since 2016, successfully delivering humanoid robots in partnership with Zhiyuan Robotics [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 92.16 billion, 113.24 billion, and 132.63 billion yuan, with year-on-year growth rates of 31.85%, 22.88%, and 17.12% respectively [5] - Net profit forecasts for the same period are 5.03 billion, 6.40 billion, and 7.57 billion yuan, with growth rates of 38.91%, 27.05%, and 18.35% [5] - Earnings per share (EPS) are projected to be 1.01, 1.28, and 1.52 yuan for 2025, 2026, and 2027 respectively [5]

Group 1 - The company held its fourth board meeting on May 23, 2025, with all nine directors present, including two participating via communication methods [2][3][6] - The board approved the draft of the 2025 Employee Stock Ownership Plan and its management measures, which will be submitted for shareholder approval [3][8][19] - The board also approved the draft of the 2025 Stock Option Incentive Plan and its management measures, which aim to enhance the company's governance structure and motivate key personnel [19][23][28] Group 2 - The board proposed to hold the second extraordinary general meeting of shareholders on June 9, 2025, to review the approved proposals [32][52] - The board approved an increase in the estimated external guarantee limit for 2025 by RMB 35 million, bringing the total to RMB 300 million for subsidiaries [34][70][71] - The company confirmed that as of April 30, 2025, the total external guarantees amounted to RMB 1.385 billion, representing 14.19% of the latest audited net assets [77]

Core Viewpoint - Zhejing Electronics is seeking to go public on the Hong Kong Stock Exchange, focusing on smart cockpit visual and interaction solutions, despite facing continuous losses and high debt levels [2][3]. Group 1: Company Overview - Zhejing Electronics specializes in HUD (Head-Up Display) solutions, including CyberLens and CyberVision, providing comprehensive solutions to automotive manufacturers [2]. - The company has seen revenue growth from 214 million yuan in 2022 to 578 million yuan in 2024, but has incurred cumulative net losses of 577 million yuan over three years [5][11]. Group 2: Financial Performance - The company reported revenues of 214 million yuan, 549 million yuan, and 578 million yuan for the years 2022, 2023, and 2024, respectively, while losses were approximately 256 million yuan, 175 million yuan, and 138 million yuan [5][11]. - Zhejing Electronics' asset-liability ratio was high, recorded at 246%, 213.8%, and 215.6% for the respective years, with total liabilities increasing from 820 million yuan to 1.674 billion yuan [6][11]. Group 3: Market Position - Zhejing Electronics ranked second in the Chinese HUD solution market in 2024, holding a market share of 16.2%, with notable clients including Li Auto, NIO, BYD, Xiaomi, Chery, and Geely [3][5]. - The market for vehicle HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units in 2024, with a compound annual growth rate of 41.2% [5]. Group 4: Investment and Valuation - The company's valuation has increased significantly from 60 million yuan in 2017 to 2.585 billion yuan in 2024, marking a nearly 42-fold increase [8]. - Zhejing Electronics has attracted investments from notable entities, including Lei Jun's Shunwei Capital, and has a history of multiple funding rounds [10]. Group 5: Risks and Challenges - The company faces high customer concentration risk, with the top five clients accounting for over 90% of total revenue during the reporting period [11]. - Zhejing Electronics has experienced increasing trade receivables, with turnover days extending from 102.2 days in 2022 to 140.5 days in 2024 [11].

证券代码：832978 证券简称：开特股份 公告编号：2025-051 | | | 是否为 | | 本 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 本次解 | | | | | | | 董事、监 次 | 控股股 | | | | 本次变 | | | | | | | | 本次解 | | | | | | | 除限售 | | | | | | 股东姓 事、高级 解 | 东、实 | | | | | 更限售 | 变更后 | | | 尚未解除 | | 序 | 除限售 | | | | | | | 股数占 | | | | | | 名或名 管理人 限 | 际控制 | | | | 类型登 | | 限售类 | | | 限售的股 | | 号 | 登记股 | | | | | | | 公司总 | | | | | | 称 员任职 售 | 人或其 | | | | 记股票 | | 型 | | 票数量 | | | | 票数量 | | | | | | | 股本比 | | | | | | ...

在智能汽车飞速发展的过程中，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。 江苏泽景汽车电子股份有限公司（以下简称"泽景电子"）正是这个领域的佼佼者之一，凭借其在智能座舱视觉、交互解决方案上的积累，5月9日向港交所 递交了上市招股书，正式冲刺IPO。 图 / 泽景电子官网 张波先后在西安长远电子工程有限责任公司、微软（中国）有限公司、西安睿维电子科技有限公司做过技术和管理工作。 创业之初，公司仅有150多万启动资金以及6名研发员工，但在2015年就推出了第一台HUD原型机。 更为神奇的是，公司成立仅1年左右，还没有量产能力时，就拿下了蔚来汽车首款量产车型ES8的HUD解决方案订单。据报道，泽景电子在与国外供应商 竞争中取胜的原因是报价低，并且愿意贴合蔚来的需求进行定制化设计和生产。 不过，从招股书的财务数据来看，泽景电子上市之路将面临诸多挑战，比如：如公司过去3年累计亏损5.69亿元，客户高度集中的问题，资产负债率突破 200%， ...

文 | 银行螺丝钉 （转载请注明出处） 基金2025年的1季报更新 完毕， 螺丝钉也梳理了一下投顾组合基金经理池中，主动基金经理的 1 季报 。 包括基金经理的观点，以及基金的一些数据信息。 基金经理观点怎么看 基金经理在季报中会有两个主要的内容。 • 一个是回顾过去一段时间的投资； • 另一个是对未来市场的观点。 后者会更重要一些。 不同基金经理，对待这一部分的态度也不同。 • 有的基金经理会很详细的写很多 ，例如景顺长城的杨锐文，就以报告观点详细著称。 • 有的基金经理写的不多（可能投资做的不错，但在报告里不怎么解释）。 并且，基金经理因为投资风格不同，每个人的偏好自然会有区别。 例如： • 价值风格的基金经理，偏向于低估值的品种一些。 • 成长风格的基金经理会更看重品种的增长速度。 所以，对基金经理的观点，也要辩证看待～ 我们把基金经理分成了几组。 • 2016-2017年表现不错； • 2019-2020年跑输市场； • 2021 -2024年跑赢市场。 报告期内,本基金持仓基本不变,基 金业绩基本跑平市场,考虑到当前持 仓公司的基本面，我们对未来的信心 还是比较强的。 展望以后，我们认为影响市场的因 ...