1月2日，臻驱科技向港交所递交招股书，拟在港上市。 招股书显示，公司成立于2017年，是一家技术驱动的电控解决方案供应商，主要面向新能源汽车领域。 目前，臻驱科技整体仍处于亏损状态。2023年、2024年及2025年前9月，分别亏损2.37亿元、3.35亿元、 2.57亿元。 此外，值得注意的是，臻驱科技来自最大客户的收入占比从2023年的30%升至2025年前9月的63.1%，客 户集中度较高。 2025年前9月亏损2.57亿元 招股书显示，臻驱科技主要聚焦新能源汽车提供电控解决方案。根据弗若斯特沙利文数据，按装机量计 算，臻驱科技的相关解决方案装机量在中国市场排名居前。2025年前9月，公司在电机控制器领域排名 第八、主驱功率砖领域排名第二、功率模块领域排名第七。 在汽车领域，公司电控解决方案主要应用于乘用车并已拓展至商用车领域。截至2025年9月末，臻驱科 技已直接或通过一级供应商赢得13家主机厂的50个定点，解决方案应用于82款车型，其中54款已进入量 产阶段。 财务方面，臻驱科技2023年、2024年、2025年前9月营收分别为1.6亿元、11.59亿元、12.17亿元，呈增 长趋势。其中，2025 ...

Core Viewpoint - Zhenqu Technology, established in 2017 and headquartered in Shanghai, is a technology-driven supplier of electric control solutions primarily for the new energy vehicle sector, with plans for expansion into emerging fields such as eVTOL and embodied intelligence [3]. Company Overview - Zhenqu Technology has secured 50 contracts from 13 OEMs, with its solutions applied in 82 vehicle models, 54 of which are in mass production as of September 30, 2025 [3]. - The company aims to use IPO proceeds to accelerate innovation and R&D of existing and new products, enhance domestic delivery capabilities, optimize intelligent systems, and expand internationally, particularly in Europe and Southeast Asia [3]. Product and Market Position - The company offers a layered solution portfolio that includes power modules, motor controllers, and power bricks, allowing customers to select solutions based on vehicle design and cost targets [4]. - For the period from January to September 2025, Zhenqu Technology reported revenues of 979 million RMB from motor controllers, 159 million RMB from power bricks, and 49.04 million RMB from power modules, representing 80.5%, 13.0%, and 4.0% of total revenue, respectively [6]. - According to Frost & Sullivan, Zhenqu Technology ranks eighth in the motor controller market, second in the main drive power brick market, and seventh in the power module market in China [6]. Financial Performance - Despite significant revenue growth, Zhenqu Technology has reported net losses, with revenues of 160 million RMB, 1.16 billion RMB, and 1.22 billion RMB for the years 2023, 2024, and the first nine months of 2025, respectively, alongside losses of 237 million RMB, 335 million RMB, and 257 million RMB during the same periods [7][8]. - The company attributes ongoing losses to its business expansion and continuous R&D investments, indicating that future revenue growth will depend on technology development, customer experience enhancement, and effective commercialization strategies [8]. Industry Outlook - The global electric control market is projected to grow from 383.1 billion RMB in 2020 to 446.3 billion RMB in 2024, with a compound annual growth rate (CAGR) of approximately 3.9%, and is expected to maintain a CAGR of about 5.3% from 2025 to 2030, reaching approximately 608.4 billion RMB by 2030 [9].

Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, focusing on electric control solutions for the electric vehicle sector, with significant growth in overseas business and innovative product offerings [3][7]. Financial Performance - In 2023 and 2024, Zhenqu Technology's revenue reached 160 million yuan and 1.159 billion yuan, respectively, marking a year-on-year growth of 625.1%. For the first three quarters of 2025, revenue increased by 85.1% to 1.217 billion yuan, surpassing the total revenue for 2024, with overseas business revenue growing by 329.5% [7][8]. Market Position - As of September 30, 2025, Zhenqu Technology secured 50 contracts with 13 OEMs, including 4 foreign manufacturers. Its solutions are applied in 82 vehicle models, with 54 models in mass production. The company ranks 11th and 8th in China's motor controller installation volume for 2024 and the first three quarters of 2025, respectively [5][6]. Industry Growth - The global electric control market for electric vehicles has grown from 21.6 billion yuan in 2020 to an estimated 116.6 billion yuan by 2024, with a projected compound annual growth rate (CAGR) of approximately 12.1% reaching 231.2 billion yuan by 2030 [5][6]. Strategic Expansion - Zhenqu Technology aims to expand its customer base globally, leveraging China's position as the largest automobile exporter. The company is also extending its core motor control technology into high-growth adjacent applications, enhancing its long-term growth potential [6][8]. IPO and Funding - Following the last round of financing before the IPO, Zhenqu Technology's valuation stands at 4.28 billion yuan. The funds raised from the IPO will be used to accelerate product innovation, enhance R&D capabilities, improve domestic delivery, and support international expansion [8].

近日，臻驱科技（上海）股份有限公司（下称："臻驱科技"）正式向港交所递交招股书，计划在香港主板上市，联席 保荐人为中信证券、海通国际。 招股书显示，在电动化与智能化持续深化的驱动下，新能源汽车行业的结构转型重塑了主机厂对电控系统的要求，其 核心诉求已聚焦于具备易于集成、可跨平台复用且能够支撑整车开发周期缩短的解决方案。臻驱科技构建了分层解决 方案组合，涵盖功率模块、电机控制器及功率砖。 根据弗若斯特沙利文的资料，按装机量计，截至2025年三季度，该公司在国内电机控制器供应商中排名第三；就主驱 功率砖而言，排名国内第一；功率模块排名国内第七。 据介绍，臻驱科技总部位于上海浦东，在广西柳州、浙江平湖、安徽芜湖、重庆、上海临港、浙江杭州及德国亚琛 （Aachen）、日本等地设有子公司，并在中国香港设有营业地点。 招股书显示，截至2025年第三季度，臻驱科技直接或通过一级供应商获得13家主机厂的50个定点，且解决方案已应用 于82款车型，其中54款车型已进入量产阶段。截至2025年9月底，臻驱科技功率模块累计出货量达270万台，电机控制 器和功率砖累计总出货量达100万台。 研发团队方面，截至2025年9月底，臻驱科 ...

Core Viewpoint - Zhenqu Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors. The company focuses on electric vehicle (EV) control solutions and has developed a layered solution set that includes power modules, motor controllers, and power bricks, allowing customers to choose different levels of system integration [1] Group 1: Company Overview - Zhenqu Technology pioneered the concept of "power brick" and achieved mass production of the main drive power brick in 2021, significantly simplifying the assembly of control systems, enhancing platform reusability, and shortening development cycles [1] - The company has expanded its offerings to low-power controllers and domain controllers in the power domain and chassis domain [1] Group 2: Market Position and Achievements - As of September 30, 2025, the company has secured 50 design wins from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [1] - According to Frost & Sullivan, the company's rankings in the Chinese market by installation volume are as follows: - Motor controllers ranked 11th in 2024 and 8th in the first nine months of 2025 - Dual motor controllers ranked 3rd in the first nine months of 2025 - Main drive power bricks ranked 1st in 2024 and 2nd in the first nine months of 2025 - Power bricks installed in dual motor controllers ranked 1st in the first nine months of 2025 - Power modules ranked 8th in 2024 and 7th in the first nine months of 2025 [1] Group 3: Business Expansion - The company has leveraged its core technology to expand its business into emerging fields such as electric vertical takeoff and landing vehicles (eVTOL) and embodied intelligence [1]

Core Viewpoint - The article discusses the competitive landscape of the electric vehicle (EV) industry, highlighting the transition from battery competition to electric control and intelligence, with a focus on the recent IPO application of Zhenjue Technology, a differentiated electric control system supplier leveraging a "Power Brick" architecture [1][2]. Group 1: Company Overview - Zhenjue Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its rapid production capabilities and market position in the EV sector [1]. - The company has established a differentiated electric control system based on the "Power Brick" architecture, which integrates power modules, control logic, and thermal management to simplify assembly and enhance cross-platform reuse [2][3]. Group 2: Market Position and Product Development - Zhenjue Technology has secured contracts with 13 automakers and 50 vehicle models, indicating strong market acceptance of its products, which are used in popular models like the AITO M7 and Changan Deep Blue [3][4]. - The company has achieved significant production milestones, with its Chongqing factory producing over 100,000 units within five months of operation, demonstrating its manufacturing agility [1][6]. Group 3: Financial Performance - Zhenjue Technology's revenue surged from 160 million yuan in 2023 to 1.159 billion yuan in 2024, marking a growth of over six times, with further revenue of 1.217 billion yuan in the first nine months of 2025 [6]. - Despite revenue growth, the company continues to face losses, with figures of 237 million yuan, 335 million yuan, and 257 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [6][7]. Group 4: Strategic Initiatives - The company is expanding its business into international markets, with plans to deliver products to over 30 countries and aims for batch shipments to North America by Q3 2025 [8]. - Zhenjue Technology's strategy includes enhancing its global market presence and improving its profitability model through international sales, which typically offer higher margins [8][9]. Group 5: Competitive Landscape - The competitive environment is intensifying, with major players like BYD, Tesla, and others advancing their integrated solutions, posing challenges for Zhenjue Technology [4][9]. - Zhenjue Technology differentiates itself by focusing on system-level integration and standardization of its Power Brick architecture, positioning itself as a hybrid of an independent Tier-1 supplier and power semiconductor capabilities [10].

Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. has submitted its listing application, with significant revenue growth but increasing losses and soaring interest expenses [1][6][8]. Group 1: Company Overview - Zhenqu Technology is a technology-driven supplier of electric control solutions primarily targeting the new energy vehicle sector [3]. - The company ranks eighth in motor controllers, third in dual motor controllers, second in main drive power bricks, and first in dual motor controller power bricks based on installation volume as of the first three quarters of 2025 [5]. Group 2: Financial Performance - Revenue for the years 2023, 2024, and the first three quarters of 2025 was RMB 160 million, RMB 1.159 billion, and RMB 1.217 billion, respectively, while losses were RMB 237 million, RMB 335 million, and RMB 257 million [6][8]. - Revenue increased by 85% year-on-year in the first three quarters of 2025, but losses also rose by 20% during the same period [8]. Group 3: Cost Structure - The financial costs have shown a significant upward trend, with total financial costs of RMB 5.46 million, RMB 16.48 million, and RMB 37.88 million during the respective reporting periods [8][9]. - Interest expenses on bank loans surged from RMB 8.35 million to RMB 32.01 million in the first three quarters of 2025 compared to the previous year [8][9]. Group 4: Customer and Supplier Dynamics - The company derives over 90% of its revenue from its top five customers, with the largest customer contributing 63.1% of revenue in the first three quarters of 2025 [10][11]. - The company has a significant reliance on a few key suppliers, with the top five suppliers accounting for 66.2%, 59.2%, and 48.5% of total purchases in the respective reporting periods [12]. Group 5: Production and Inventory Management - A substantial portion of production relies on third-party manufacturers, which poses risks related to quality standards and delivery timelines [14]. - Inventory levels were reported at RMB 191 million, RMB 471 million, and RMB 494 million during the respective reporting periods, indicating a need for accurate demand forecasting to avoid imbalances [14].

智通财经APP获悉，据港交所1月2日披露，臻驱科技(上海)股份有限公司(简称：臻驱科技)向港交所主板递交上市申请，中信证券、国泰海通为联席保荐 人。 功率模块：2024年及截至2025年9月30日止九个月，该公司分别排名第八及第七。 除汽车应用外，依托相同的核心技术基础，该公司已将技术拓展至新兴领域，例如电动垂直起降飞行器(eVTOL)和具身智能。这使该公司的解决方案组合能 够支持新一代飞行器与机器人系统，进而拓展了该公司的目标市场。 财务资料 公司简介 据招股书，该公司是一家技术驱动的电控解决方案供应商，主要面向新能源汽车领域。电控作为电驱动或电源系统的核心子系统，通过将电能转化为可控功 率输出，实现对电机或电源的精准调控，从而保障高效、可靠的车辆性能表现。 该公司构建了分层解决方案组合，涵盖功率模块、电机控制器及功率砖。与传统供应商提供的独立功率模块或电机控制器不同，该公司的组合使客户能够根 据车辆设计、成本目标及工程要求，选择具备相应系统集成度的解决方案。根据弗若斯特沙利文的资料，基于对行业趋势的前瞻和精准把握，该公司率先提 出了功率砖概念，并在2021年实现了主驱功率砖的量产，此举确立了行业未来发展方 ...

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。 Leadrive Technology (SHANGHAI) Co., Ltd. 臻 驅 科 技（ 上 海 ）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） 的申請版本 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 而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即表示閣下知 悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 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登記前，不 會向香港公眾人士提出要約或邀請。倘在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 據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊 發。 ...

Group 1 - The core point of the article is that Zhenjue Technology has completed a second phase of E-round financing, raising over 600 million yuan in total, with significant participation from various investment firms [1] - The funds from this financing round will primarily be used to accelerate the mass production of next-generation power modules, power bricks, and electronic control products, as well as to enhance domestic business layout and global market expansion [1][3] - Zhenjue Technology, established in 2017, focuses on providing high-performance domestic power semiconductors and electric vehicle drive solutions, with its headquarters located in Shanghai [3] Group 2 - In July, Zhenjue Technology secured a mass production project with a well-known German automotive company through collaboration with Schaeffler, marking it as the first Chinese domestic company to achieve this milestone [3] - In August, a joint laboratory established with Japan's Rohm Semiconductor became operational, successfully completing the iterative development of several silicon carbide (SiC) modules, enhancing product performance and reliability [3] - The company has established deep collaborations with several top international automakers and Tier 1 suppliers, achieving exports of module products and ensuring high-quality stable supply [3]