1月19日，杭州云动智能汽车技术股份有限公司(简称"云动智能")向港交所递交上市申请材料。 2025年前三季度，公司位于浙江省湖州市德清工厂的车载通信解决方案及紧急呼叫解决方案的产能利用 率约为75.8%，相比上年同期出现一定下滑。 存在依赖少数主要客户的情况 上市申请材料显示，2023年、2024年以及2025年前三季度，公司来自前五大客户的收入分别为2.01亿 元、3.85亿元及2.88亿元，分别占总收入的97.6%、96.7%及95.6%。来自最大客户的收入分别为1.49亿 元、3.62亿元及2.63亿元，分别占总收入的72.6%、90.8%及87.2%。 公司的收入结构显示，公司存在依赖少数主要客户的情况。公司承认过度依赖单一客户是关键的脆弱环 节，并致力于降低对单一客户的依赖度。此项工作已成为公司整体战略的核心。为实现这一目标，公司 正积极拓宽客户组合的多元化，着力开拓国内外市场的其他领先整车厂客户。 上市申请材料显示，云动智能是中国车载智能网联解决方案行业的领先国产供应商。凭借在车载通信解 决方案领域的整体优势，公司加快5G车载通信解决方案开发。 公司将复杂的客户需求分解为可管理、可互换并可根据每 ...

港交所1月19日披露，杭州云动智能汽车技术股份有限公司（简称：云动智能）向港交所主板递交上市申请书，中金公司（601995）为其独家保荐人。 根据弗若斯特沙利文报告，云动智能是中国车载智能网联解决方案行业的领先国产供货商。云动智能的解决方案对汽车行业向软件定义汽车的转型至关重 要，而该趋势正推动着4G、5G、卫星通信等先进通信技术的需求增长，同时车联网技术的应用亦日益普及。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | | % 人民幣千元 | | % 人民幣千元 | | % 人民幣千元 | % | | | | | | | (未經審核) | | | (未經審核) | | 收入 | 205,794 | 100.0 | 398,202 | 100.0 | 257,840 | 100.0 | 301,251 | 100.0 | | 销售成本 | (157, ...

Company Overview - Hangzhou Yundong Intelligent Automotive Technology Co., Ltd. (Yundong Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1] - According to a Frost & Sullivan report, Yundong Intelligent is the third-largest domestic supplier of automotive communication solutions in China, holding a market share of 7% [1][4] - Yundong Intelligent ranks first among domestic suppliers in terms of 4G in-vehicle networking control unit shipments, with a market share of 7.8% as of the fiscal year ending December 31, 2024 [1][4] Product and Market Position - Yundong Intelligent's solutions are crucial for the automotive industry's transition to software-defined vehicles, driving demand for advanced communication technologies such as 4G, 5G, and satellite communication [4] - The company has established a competitive advantage in the emergency call solution sector, ranking as the third-largest domestic supplier with a market share of 1.0% for the fiscal year ending December 31, 2024, and second place with a market share of 1.4% for the nine months ending September 30, 2025 [4] - The company has developed approximately 27,300 units of 5G in-vehicle communication solutions by the nine months ending September 30, 2025 [4] Financial Performance - Yundong Intelligent's revenue for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 205.79 million, RMB 398.20 million, and RMB 301.25 million, respectively [7] - The gross profit for the same periods is approximately RMB 48.36 million, RMB 108.95 million, and RMB 74.05 million, resulting in gross profit margins of 23.5%, 27.4%, and 24.6% respectively [6][10] - The total profit and comprehensive income for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 10.94 million, RMB 40.15 million, and RMB 22.98 million, respectively [8] Industry Overview - The automotive intelligent networking sector is expanding, with the global and Chinese market sizes expected to grow from RMB 527.4 billion and RMB 115.3 billion in 2024 to RMB 1,333.9 billion and RMB 444.9 billion by 2029 [11] - The demand for in-vehicle communication solutions is driven by the simultaneous rise in electrification, automation, and vehicle networking needs, with global and Chinese shipment volumes projected to increase significantly from 2020 to 2024 [14] - The 4G solutions currently dominate the market due to their established infrastructure and cost-effectiveness, while 5G solutions are expected to see rapid growth, with a compound annual growth rate of 81.0% globally and 70.4% in China from 2025 to 2029 [17]

Core Viewpoint - Hangzhou Yundong Intelligent Automotive Technology Co., Ltd. (Yundong Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor. The company is recognized as the third-largest domestic supplier of automotive communication solutions in China, holding a market share of 7% [1][4]. Company Overview - Yundong Intelligent is a leading domestic supplier in the automotive intelligent connected solutions industry in China, crucial for the transformation towards software-defined vehicles. This trend is driving the demand for advanced communication technologies such as 4G, 5G, and satellite communication [4]. - The company has a competitive advantage in emergency call solutions, ranking as the third-largest domestic supplier with a market share of 1.0% for emergency call terminal shipments as of the fiscal year ending December 31, 2024. By the nine months ending September 30, 2025, it is projected to rank second with a market share of 1.4% [4]. - Yundong Intelligent has established itself as one of the largest suppliers of automotive communication solutions in China, characterized by communication modules equipped with domestic chips [4]. Financial Data - The company's revenue for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 205.79 million, RMB 398.20 million, and RMB 301.25 million, respectively [6]. - The gross profit for the same periods is approximately RMB 48.36 million, RMB 108.95 million, and RMB 74.05 million, with corresponding gross profit margins of 23.5%, 27.4%, and 24.6% [6][9]. - The total comprehensive income for the years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, is approximately RMB 10.93 million, RMB 40.15 million, and RMB 22.98 million, respectively [7]. Industry Overview - The automotive intelligent connected solutions market is expanding, with the global and Chinese market sizes expected to grow from RMB 527.4 billion and RMB 115.3 billion in 2024 to RMB 1,333.9 billion and RMB 444.9 billion by 2029 [9]. - The demand for automotive communication solutions is driven by the simultaneous rise in electrification, automation, and connected vehicle needs. The global and Chinese shipment volumes are projected to increase significantly, with a compound annual growth rate (CAGR) of 6.0% and 8.7% from 2025 to 2029 [12]. - 4G solutions currently dominate the market due to their established infrastructure and lower costs, while 5G solutions are expected to grow rapidly, with a projected CAGR of 81.0% globally and 70.4% in China from 2025 to 2029 [15].