近日，智能座舱和智能网联解决方案提供商博泰车联正式登陆港交所主板。据悉，博泰车联此次全球发 售1043.69万股H股，募资总额约10.67亿港元。根据招股书，募集资金将主要用于扩充产品组合、增强 技术、提高生产测试验证能力以及扩大销售和服务网络。 根据灼识咨询数据，中国乘用车智能座舱解决方案市场规模已从2020年的442亿元增至2024年的1290亿 元，复合年增长率达30.7%，预计2029年将达到2995亿元。作为智能座舱核心构件的域控制器，在乘用 车中的渗透率已从2020年的13.7%增长至2024年的44.1%，预计2029年将超过90%。 2025年上半年，博泰车联来自域控制器的收入为6亿元，占营收的比例为79.6%，出货量为26.6万件，平 均价格为2257元；来自座舱组件的收入为6153万元，占营收的比例为8.2%，出货量为18.3万件，平均价 格为337元。 网联服务作为补充业务，主要面向OEM（原始设备制造）客户提供联网支持服务与联网平台维护服 务：前者主要协助OEM向车主提供技术支援、道路救援及应急响应等服务；后者可提供基础设施维护 与服务应用程序维护。 然而，营收增长背后，汽车行业前期投 ...

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].

智通财经APP获悉，博泰车联(02889)午前涨超15%，高见177.6港元，较招股价102.23港元累涨近75%。 截至发稿，涨13.1%，报174.4港元，成交额3225.94万港元。 消息面上，9月28日，保时捷宣布，与博泰车联达成深度合作，携手开发专属中国市场的新一代车载信 息娱乐系统，将于2026年搭载于保时捷旗下多款车型。公开资料显示，博泰车联是中国智能座舱解决方 案的领先供应商。根据灼识咨询的资料，按2024年的出货量计，集团是中国乘用车智能座舱域控制器解 决方案的第三大供应商，市场份额7.3%，仅次于市场份额为21.7%及10.4%的参与者。 ...

Core Viewpoint - The successful IPO of Botai Che Lian marks a significant milestone, raising approximately HKD 919 million and achieving a market capitalization exceeding HKD 200 billion on its first trading day, despite concerns over its profitability and reliance on key clients [3][4][9]. Group 1: IPO Details - Botai Che Lian issued 10.4369 million shares at a price of HKD 102.23 per share, raising a net amount of approximately HKD 919 million [3]. - The company has attracted over 20 investors, including major players like Xiaomi Group and Dongfeng Group, with cornerstone investors subscribing for about HKD 466 million, representing 43.67% of the global offering [3]. - The public offering saw a subscription rate of 529.79 times, indicating strong market interest [3]. Group 2: Financial Performance - Botai Che Lian has reported cumulative net losses exceeding RMB 1.2 billion over the past three years, raising concerns about its long-term profitability [4][5]. - Revenue has grown significantly from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, with a further RMB 754 million recorded in the first five months of 2025 [5]. - Despite revenue growth, the company has not achieved annual profitability since its inception, with losses of RMB 452 million, RMB 284 million, and RMB 541 million in the last three years [5]. Group 3: Market Position and Strategy - Botai Che Lian's revenue is heavily reliant on smart cockpit solutions, which accounted for 95.5% of its revenue in 2024, with domain controllers contributing RMB 1.96 billion [4]. - The company ranks third in the Chinese smart cockpit domain controller market with a market share of 7.3% [4]. - The partnership with Porsche and collaboration with Qualcomm enhance its market position and product offerings, potentially increasing its valuation in the secondary market [7][8]. Group 4: Future Outlook - The funds raised from the IPO will be used to expand product offerings, enhance technology, and strengthen the company's capabilities in software, hardware, and cloud-based vehicle networking [9]. - The company aims to accelerate its global market presence and continue investing in cutting-edge technology to transition vehicles from mere transportation tools to intelligent mobile spaces [9]. - The success of the IPO is seen as a starting point, with the company's ability to convert resources into sustainable profitability and a strong market position being crucial for its future [9].

根据招股书披露，公司此次全球发售共发行1043.69万股股份，定价每股102.23港元，募资净额约9.19亿 港元。 博泰车联成立于2009年，自2015年以来已完成多轮融资，累计融资额超过45亿元，吸引了包括小米集 团、东风集团、一汽集团、苏宁控股、海尔资本在内的二十余家国有、产业及财务投资方注资。 本次IPO招股中，博泰车联还引入了三位基石投资者，包括智驾头部企业地平线旗下的Horizon Together、Huangshan SP及Smart Ventures Limited，三者合计认购约4.66亿港元，占全球发售的43.67%， 锁定期为6个月。 图片来源：AI生成 国庆长假前的最后一个交易日，博泰车联终于敲响了港交所的上市钟声。 博泰车联在香港公开发售部分认购倍数高达 529.79 倍，市场热情远超预期。港股开盘后，股价表现强 势，一度上涨超50%，最终收盘价157港元，总市值达235.49亿港元。 值得注意的是，博泰车联在最后一轮融资中的投后估值为88.72亿元，相较2015年的10.72亿元，增长逾7 倍。如今凭借首日收盘表现，公司市值已突破200亿，超出了业内此前的普遍预期。 营收猛增，盈利 ...

Group 1 - The core viewpoint of the article is that Botai Car Networking Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "smart cockpit" sector in the Hong Kong market [1][3] - The company issued 10.43 million shares, raising approximately 1.067 billion HKD, and attracted three cornerstone investors including Huangshan Development Investment Group, Horizon Robotics, and Smart Ventures [3] - Botai Car Networking is recognized as a leading supplier of smart cockpit solutions in China and one of the earliest developers in this field, providing services to over 50 automotive brands and more than 200 vehicle models as of May 31, 2025 [3] Group 2 - The company has been recognized as a "National Enterprise Technology Center" by the National Development and Reform Commission and other departments in 2023, with two core technologies acknowledged as reaching international advanced levels by the National New Energy Vehicle Technology Innovation Center [3] - During the Hong Kong visit, the president of Huangshan Development Investment Group engaged in discussions with the chairman and co-president of Botai Car Networking, and conducted an on-site inspection of the company's Hong Kong operations [3]

博泰车联网科技（上海）股份有限公司（简称"博泰车联"）9月30日登陆港交所，成为"智能座舱第一 股"。 博泰车联全球发售1043.69万股H股，招股价为102.23港元/股；所募资金净额将用于扩大产品组合与解决 方案、提升技术水平、提高生产测试及验证能力、扩大销售和服务网络等。博泰车联称，赴港上市有望 进一步巩固其高端市场优势并拓展海外业务。 近期多家智能座舱企业密集冲刺资本市场，新京报贝壳财经记者不完全统计发现，除博泰车联外，斑马 智行、四维智联、镁佳科技、泽景电子也都在推进上市。集中上市背后，智能座舱企业仍普遍面临亏损 困局。 融资迫切 除博泰车联外，近期多家智能座舱企业都在冲刺资本市场，智能座舱领域涌现"上市潮"。新京报贝壳财 经记者不完全统计发现，8月底阿里巴巴公告称拟分拆斑马智行并在香港联合交易所主板独立上市；此 外，四维智联、镁佳科技、泽景电子等智能座舱企业也已向港交所递交招股书。 缓解压力，集体冲刺上市 对于智能座舱领域企业而言，上市融资或是跳过"生死线"的关键。 新京报贝壳财经记者梳理上述企业的招股书发现，即便市场规模持续扩大，但包括智能座舱解决方案搭 载量排名第一的斑马智行在内的上述企业都仍 ...

博泰车联网科技（上海）股份有限公司（简称"博泰车联"）9月30日登陆港交所，成为"智能座舱第一 股"。 博泰车联全球发售1043.69万股H股，招股价为102.23港元/股；所募资金净额将用于扩大产品组合与解决 方案、提升技术水平、提高生产测试及验证能力、扩大销售和服务网络等。博泰车联称，赴港上市有望 进一步巩固其高端市场优势并拓展海外业务。 近期多家智能座舱企业密集冲刺资本市场，新京报贝壳财经记者不完全统计发现，除博泰车联外，斑马 智行、四维智联、镁佳科技、泽景电子也都在推进上市。集中上市背后，智能座舱企业仍普遍面临亏损 困局。 融资迫切 从招股书披露的信息来看，按照2024年出货量计算，博泰车联是中国乘用车智能座舱域控制器解决方案 的第三大供应商，市场份额为7.3%。2022年至2024年，博泰车联的营收分别约为12.18亿元、14.96亿元 和25.57亿元，三年实现翻倍增长。 缓解压力，集体冲刺上市 对于智能座舱领域企业而言，上市融资或是跳过"生死线"的关键。 新京报贝壳财经记者梳理上述企业的招股书发现，即便市场规模持续扩大，但包括智能座舱解决方案搭 载量排名第一的斑马智行在内的上述企业都仍处于亏损状 ...

中国经济网北京9月30日讯 博泰车联网科技(上海)股份有限公司（简称：博泰车联，02889.HK）今日在 港交所上市，开盘报135港元。截至今日收盘，博泰车联报157港元，涨幅53.58%。 配发结果公告显示，博泰车联发售股份数目10,436,900股，其中，香港公开发售的发售股份数目 1,043,700股，国际发售的发售股份数目9,393,200股。 博泰车联的联席保荐人、整体协调人、 保荐人兼整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人是中金公司（601995）、国泰君安国际、招银国际、华泰国际、中信证券，联席账簿管理 人及联席牵头经办人是中银国际、农银国际、利弗莫尔证券、老虎证券。 博泰车联的最终发售价为102.23港元，所得款项总额为1,066.96百万港元，按最终发售价计算的估计应 付上市开支147.85百万港元，所得款项净额为919.12百万港元。 博泰车联的基石投资者为Horizon Together Holding Ltd.、JSC International InvestmentFund SPC（为及代 表Huangshan SP行事）、Smart Ventures Limi ...

Core Viewpoint - 博泰车联网科技(上海)股份有限公司 (博泰车联) has successfully listed on the Hong Kong Stock Exchange, with its share price increasing by 53.58% by the end of the trading day, indicating strong market interest and investor confidence in the company [1]. Group 1: IPO Details - 博泰车联 issued a total of 10,436,900 shares, with 1,043,700 shares available for public offering in Hong Kong and 9,393,200 shares for international offering [2]. - The final offer price was set at 102.23 HKD per share, raising a total of 1,066.96 million HKD, with net proceeds amounting to 919.12 million HKD after deducting estimated listing expenses of 147.85 million HKD [4][5]. Group 2: Financial Performance - 博泰车联 has reported cumulative losses exceeding 1.2 billion RMB over the past three years, with revenues for 2022, 2023, 2024, and the first five months of 2025 being 1.218 billion RMB, 1.496 billion RMB, 2.557 billion RMB, and 753.6 million RMB respectively [7][8]. - The company experienced losses of 452.15 million RMB in 2022, 283.76 million RMB in 2023, 540.82 million RMB in 2024, and 219.92 million RMB in the first five months of 2025 [8][9]. Group 3: Use of Proceeds - The funds raised from the IPO are intended to expand the product portfolio and solutions, enhance technology capabilities, improve production and testing capabilities, and increase the sales and service network to boost brand awareness [7].