9月30日，博泰车联网科技（上海）股份有限公司（股票代码：02889.HK，以下简称"博泰车联"）在港 交所挂牌上市。本次公开发行1043.69万股H股，发行价为每股102.23港元，开盘即大涨32.06%，市值突 破200亿港元。 敲锣庆祝博泰车联正式登陆港交所 作为中国高端智能座舱领域的"头号玩家"，博泰车联本次IPO的基石投资者阵容亮眼，包括中国智驾领 军企业地平线、黄山市开发投资集团等，合计认购4.659亿港元的发行股份，约占全球发售股份数4成以 上。这既是产业资本对公司长期价值的笃定，也折射出资本市场对智能座舱赛道的看好。 在汽车行业智能化转型的浪潮中，智能座舱已成为车企竞争的关键领域。博泰车联作为国内少数具 备"软硬件+云端"全栈能力的头部科技企业，凭借其在智能座舱域控制器解决方案中的领先地位，以及 在AI大模型、具身智能等领域的前瞻布局，正迎来前所未有的发展机遇。 博泰车联上市庆祝活动现场 立足高成长赛道，三年营收翻倍增长 当下，新能源汽车的竞争主战场正悄然转移至"智能化用户体验"。智能座舱作为汽车智能化发展的核心 载体，成为车企打造差异化优势、抢占用户心智的关键阵地，市场规模也在加速扩张。 根 ...

Core Viewpoint - PATEO Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first smart cockpit stock in Hong Kong, with a market capitalization exceeding 20 billion HKD and a strong revenue growth trajectory [2][15]. Company Overview - PATEO's revenue for the first five months of 2025 increased by 34.4% year-on-year, continuing a robust growth trend with a compound annual growth rate (CAGR) of 44.9% from 1.218 billion CNY in 2022 to 2.557 billion CNY in 2024 [2][15]. - The company has established itself as a leader in the smart cockpit sector, with its domain controller products accounting for 76.6% of total revenue by 2024, reflecting a CAGR of 70.5% over three years, significantly outpacing the industry average of 35% [4][16]. Industry Context - The smart cockpit industry in China is transitioning from hardware-centric competition to efficiency-driven competition, with a projected CAGR of 18.4% from 2024 to 2029 [2][16]. - PATEO's technology model, which integrates hardware and software with AI, is recognized as a significant signal of market acceptance in the automotive electronics sector [2][3]. Technological Advantages - PATEO's domain controller serves as the core of its hardware-software synergy, achieving both scale and quality improvements, with a market share of 7.3% in 2024 and cumulative shipments exceeding 3 million units [4][16]. - The company has deep partnerships with chip manufacturers, ranking first among domestic suppliers for its high-end cockpit solutions utilizing Qualcomm's Snapdragon 8295 chip, which supports advanced functionalities like AR-HUD and driver monitoring systems [4][10]. Strategic Collaborations - PATEO's collaboration with Porsche marks a new model for cross-border industrial cooperation, enhancing the integration of advanced technologies in the automotive sector [8][15]. - The company has established a joint venture with leading semiconductor firms to strengthen its technological barriers and transition from a solution provider to an industry ecosystem hub [8][9]. Market Positioning - PATEO's valuation appears misaligned with its fundamentals, with a price-to-sales (P/S) ratio of approximately 5.1, significantly lower than peers in the smart driving sector [15][16]. - The company is expected to improve its profitability as it scales, with a gross margin recovery to 13.09% in the first five months of 2025, reflecting a substantial improvement from 2024 [15][16]. Future Outlook - The integration of software, hardware, and cloud services positions PATEO for sustainable growth and cross-industry applications, particularly in robotics, where its AI capabilities can be adapted for various use cases [10][11]. - The company's ongoing development of advanced AI solutions in collaboration with Qualcomm is set to enhance its competitive edge in the smart cockpit market [10][15].