Core Viewpoint - Huayi Technology has submitted an application for listing on the Hong Kong Stock Exchange, aiming for its third financing round within five years of its A-share listing, despite experiencing significant financial losses and declining profitability since its IPO [1][19]. Financial Performance - Huayi Technology's net profit figures from 2021 to 2025 are as follows: 0.58 billion, 0.36 billion, -0.16 billion, -0.47 billion, and a projected loss of between -0.535 billion to -0.640 billion [3][19]. - The company reported a dramatic increase in net profit prior to its IPO, with figures rising from 0.03 billion in 2017 to 0.42 billion in 2020, marking a tenfold increase over three years [20][22]. - The gross profit margin fluctuated significantly, peaking at 50.68% in 2021 before declining to 21.88% in the first three quarters of 2025 [24]. Accounts Receivable - Huayi Technology's accounts receivable have increased significantly, with values rising from 0.5 billion in 2018 to 5.66 billion in 2025, surpassing revenue figures in recent years [25][27]. - The accounts receivable turnover ratio has consistently declined, from 5.08 times in 2018 to 1.09 times in 2025, indicating slower collection of receivables [11][27]. Corporate Governance and Compliance - The company faced criticism for significant disclosure violations regarding its financial forecasts, leading to warnings from the stock exchange and regulatory bodies [12][28]. - Huayi Technology has not issued any cash dividends since its IPO, despite raising over 8 billion through its initial public offering and subsequent financing rounds [13][30]. Market Position - As of 2024, Huayi Technology is positioned as the largest domestic supplier of intelligent powertrain testing solutions for new energy vehicles in China, holding a market share of 7.9% [30][33]. - The company ranks as the third-largest player in this sector, following two foreign competitors [33].

Company Overview - Huayi Technology Group Co., Ltd. (referred to as Huayi Technology) has submitted a listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [1] - The company is a leading provider of intelligent powertrain testing solutions for new energy vehicles in China, holding a market share of 7.9% as of 2024 [4][20] Business Segments - Huayi Technology operates through three main business segments: powertrain testing services for new energy vehicles, intelligent driving, and intelligent testing equipment for powertrains [4] - The powertrain testing services cover the entire automotive value chain, providing integrated testing, engineering consulting, and technical development services [5] - The intelligent driving segment includes testing services and high-precision positioning products to support intelligent perception systems [7] - The company also offers intelligent end-of-line (EOL) testing equipment for core components such as engines and electric drive systems [6] Financial Performance - The company's revenue for the years ending September 30, 2023, 2024, and 2025 is projected to be approximately RMB 352 million, RMB 423 million, and RMB 386 million, respectively [9] - The company reported losses of RMB 15.91 million, RMB 45.75 million, and RMB 29.70 million for the same periods [10] - Gross profit margins are expected to decline from 39.5% in 2023 to 21.7% in 2025 [12] Market Overview - The global market for automotive powertrain intelligent testing solutions is projected to grow from approximately RMB 35.9 billion in 2020 to RMB 38.2 billion in 2024, with a compound annual growth rate (CAGR) of 1.6% [14] - In China, the market for automotive powertrain intelligent testing solutions is expected to increase from RMB 5.7 billion in 2020 to RMB 7.6 billion in 2024, with a CAGR of 7.5% [16] - The market for intelligent testing solutions for new energy vehicle powertrains in China is anticipated to grow significantly, from RMB 1.3 billion in 2020 to RMB 3.7 billion in 2024, reflecting a CAGR of 29.9% [18] Competitive Position - As of 2024, Huayi Technology ranks as the third-largest provider of intelligent testing solutions for new energy vehicle powertrains in China, with a market share of 7.9% [20][22] - The top five companies in this market collectively hold approximately 47.6% of the market share [22] Board of Directors - The board of directors will consist of nine members, including four executive directors, one non-executive director, and four independent non-executive directors [23]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai W-Ibeda High Tech. Group Co., Ltd. 上海華依科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求，僅為向香港公眾人士提供資料而刊發。 本申請版本為草擬本，當中所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家保薦人 – 整體協調人、整體 協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長 註冊前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據已向香港公司註冊處處長註冊的本公司招股章程作出投資決定， 招股章程的文本將於發售期 ...

Core Viewpoint - The winter tourism industry in Hulunbuir, Inner Mongolia, is thriving, transforming the region's economy and lifestyle, with significant increases in tourist numbers and local income during the winter season [1][4][8]. Group 1: Winter Tourism Growth - The Ice and Snow Nadam Festival in Hulunbuir attracted approximately 600,000 visitors and generated a total expenditure of 170 million yuan during its event period from December 20 to 24, 2025 [1]. - The "Cold Extreme Village" in Genhe City successfully draws tens of thousands of tourists each winter, showcasing unique experiences such as "water splashing into ice" and traditional winter activities [2][4]. - A single-day peak visitor flow of over 60,000 was recorded during an offline ice and snow food carnival, significantly boosting related consumption [4]. Group 2: Economic Impact on Locals - Local residents have shifted from traditional livestock farming to becoming "ice and snow service providers," with some earning tens of thousands of yuan from winter tourism activities [4]. - Over 300 local households are now engaged in winter tourism, transforming the winter season from a "production off-season" to a "peak income season" [8]. - The winter tourism boom has led to the creation of a comprehensive industry chain, including testing, maintenance, and logistics for over 50 car companies, generating several hundred million yuan in output value [7]. Group 3: Youth Engagement and Future Prospects - The growth of the ice and snow economy has attracted many young people back to their hometowns, changing their career choices and contributing to local vitality [8]. - The past five years have seen a rapid increase in winter tourism reception and income, providing job opportunities for thousands and altering the prospects for local youth [8].

Group 1 - The core viewpoint of the article is that Zhejiang Hexia Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange's Growth Enterprise Market, with Jinhui Capital as its sole sponsor [1] - The company has developed into a leading automotive testing solution provider in Zhejiang Province since its establishment and has collaborated with numerous leading domestic and international automotive and component manufacturers during the track record period [1] Group 2 - The company's automotive testing solutions include (i) automotive testing, (ii) testing system integration, and (iii) automotive component sales [3] - Since 2022, the company has expanded its automotive testing services to include ADAS testing, which integrates precision electronic systems in vehicles to enhance driving safety and comfort through the use of numerous sensors and camera technologies [3]

Core Viewpoint - Zhejiang Hexia Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange's Growth Enterprise Market, with Jinhui Capital as its sole sponsor, indicating its ambition to expand in the automotive testing solutions sector [1]. Group 1: Company Overview - Zhejiang Hexia Technology has developed into a leading automotive testing solutions provider in Zhejiang Province since its establishment [1]. - The company has collaborated with numerous leading domestic and international automotive and component manufacturers during its track record period [1]. Group 2: Business Segments - The company's automotive testing solutions include (i) automotive testing, (ii) testing system integration, and (iii) automotive component sales [3]. - Since 2022, the company has expanded its automotive testing services to include ADAS testing, which integrates precision electronic systems in vehicles to enhance driving safety and comfort through the use of numerous sensors and camera technologies [3].

Group 1 - The core viewpoint of the news is that Huayi Technology has seen a significant increase in its stock price, rising by 5.28% to reach 41.68 yuan per share, with a trading volume of 1.89 billion yuan and a turnover rate of 5.49%, resulting in a total market capitalization of 35.34 billion yuan [1] - Huayi Technology, established on November 28, 1998, and listed on July 29, 2021, is a high-tech enterprise focused on the development of intelligent testing technology for automotive powertrains, primarily engaged in the R&D, design, manufacturing, sales of intelligent testing equipment, and related testing services [1] - The main revenue composition of Huayi Technology includes 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other supplementary services [1] Group 2 - From the perspective of Huayi Technology's top circulating shareholders, a fund under Southern Fund ranks among the top shareholders, with the Southern Sci-Tech Innovation 3-Year Open Mixed Fund (506000) increasing its holdings by 17,300 shares to a total of 2.1612 million shares, representing 2.55% of the circulating shares [2] - The Southern Sci-Tech Innovation 3-Year Open Mixed Fund (506000) was established on July 28, 2020, with a latest scale of 2.307 billion yuan, achieving a year-to-date return of 10.5%, ranking 1325 out of 8880 in its category, and a one-year return of 42.95%, ranking 2185 out of 8127 [2] - The fund manager of the Southern Sci-Tech Innovation 3-Year Open Mixed Fund is Zheng Xiaoxi, who has a cumulative tenure of 6 years and 239 days, with the fund's total asset scale at 6.898 billion yuan, achieving the best return of 227.57% and the worst return of -33.69% during his tenure [3]

在新能源汽车渗透率持续攀升、智能化竞争加速演进的背景下，寒区测试不再只是"冬季例行项目"，而 成为验证整车可靠性、热管理策略、补能效率乃至智能系统稳定性的关键环节。 当前，正值寒区试车季，黑龙江红河谷汽车测试股份有限公司（以下简称"红河谷"）总经理赵鑫宏在接 受《证券日报》记者专访时，回溯了我国高寒期测试从"公共道路试车"到专业化试验场体系的转变，并 结合红河谷的能力建设和产业观察，剖析寒区试车的比较优势、行业瓶颈，以及企业下一步"由试车向 智车"的转型路径。 构建专业化体系 红河谷位于黑龙江省边境城市黑河市，主要开展汽车测试与培训业务。该公司于2016年12月份在新三板 挂牌，是当地唯一一家新三板挂牌企业。依托黑河独特的低温、雪质和测试窗口期，公司重点布局寒区 试车场地测试体系。目前，已建成并投入使用12座寒区汽车测试基地，还布局了吐鲁番高温基地、格尔 木高原基地以及海南三亚、琼海智能网联测试基地，形成了覆盖寒区、高温、高原及智能网联等多维度 环境的验证网络。 "我国真正的高寒期测试始于上世纪70年代末。"赵鑫宏回忆道，最初以商用车试验为起点，随后乘用车 测试逐步展开。但在较长一段时间内，行业缺乏对外开放的 ...

本报记者 刘钊 马宇薇 在东北黑龙江边，气温已降至零下三十多摄氏度，雾气被寒风吹成细碎的冰晶，落地后附着在路面上。 路的尽头，一辆问界测试车缓缓加速，随后紧急变线；不远处的331国道上，东风奕境疾驰而过，工程 师紧盯数据曲线，验证结冰路面四驱系统的扭矩分配与牵引控制；另一边的吉利黑河高寒试验基地内， 底盘标定车辆在不同路谱间来回切换，轮胎卷起的雪粉像白烟般贴地散开，仪器箱里不断跳动的温度、 电流、转角信号，将"冷"具象化为一串串可追溯的参数…… 这一幕幕极端环境下的车辆测试场景，是中国汽车产业向新能源化、智能网联化加速转型背景下，车企 提升安全性和竞争力的关键环节。 "近年来，黑河始终深耕不辍寒区测试产业，冰雪经济基础不断夯实。"黑龙江省黑河市委副书记、市长 秦波表示，"地面+空中"的全场景测试覆盖，冰雪产业营收稳步增长，"试车+文旅+赛事"融合业态蓬勃 发展，为深化冰雪领域合作创造了有利条件、提供了广阔空间。 寒区试车成车企必选项 政策引导是推动生态产品价值实现和区域特色优势转化的关键前提。《中共中央关于制定国民经济和社 会发展第十五个五年规划的建议》提出，"因地制宜拓展生态产品价值实现渠道"。这意味着，寒 ...

Group 1 - The core point of the news is that Huayi Technology's stock price dropped by 5.1% to 37.44 CNY per share, with a trading volume of 147 million CNY and a turnover rate of 4.50%, resulting in a total market capitalization of 3.175 billion CNY [1] - Huayi Technology, established on November 28, 1998, and listed on July 29, 2021, is a high-tech enterprise focused on the development of intelligent testing technology for automotive powertrains [1] - The main business revenue composition of Huayi Technology includes 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] Group 2 - Among the top circulating shareholders of Huayi Technology, a fund under Southern Fund has increased its holdings by 17,300 shares, totaling 2.1612 million shares, which represents 2.55% of the circulating shares [2] - The Southern Science and Technology Innovation Board 3-Year Open Mixed Fund (506000) has a current scale of 2.307 billion CNY and has achieved a year-to-date return of 17.23%, ranking 369 out of 9000 in its category [2] - The fund manager, Zheng Xiaoxi, has a tenure of 6 years and 231 days, with the best fund return during this period being 244.45% and the worst being -33.69% [2]