虚拟现实全球智能制造基地项目 加速升级迭代，新型业态起势突破。搭建孵化培育、快速通关、展示展销三大平台，与山东大学共建全省首家跨境贸易研究院，eBay、亚马逊等头部企 业相继落户，"保税仓+海外仓"仓仓联动打通跨境贸易双向通道，潍坊进口商品购1万余种商品"嗨购全球"，跨境电商进出口额实现跨越式增长、2024年突 破180亿元，"跨境电商+产业带"出口规模全省第1，汇达供应链成为全国前3的汽配类产品"大卖家"，连续两年获评全省外贸新业态特色园区。 外贸综合服务专区 突出引育并重，主导产业乘势焕新。以歌尔电子为龙头的虚拟现实产业产值累计突破1000亿元，保税研发业务量全国第1，VR产品占全球中高端市场份额 80%以上；以美国500强德纳、行业"隐形冠军"佩特来为代表的汽车装备智能制造产业加速膨胀，发电机、起动机产品国内大型商用车市场占有率超 80%，新能源汽车电机产品80%以上远销欧美；圣和新材料主导制定国家行业标准，全区高新技术产业产值占比超90%，获评全省绿色工业园区，绿色低 碳高质量发展的底色更加鲜明。 齐鲁晚报·齐鲁壹点 王佳潼 王梦瑶 10月10日，潍坊市人民政府新闻办公室召开决胜"十四五" 谋篇"十五 ...

外贸综合服务专区 齐鲁晚报.齐鲁壹点王佳潼王梦瑶 10月10日，潍坊市人民政府新闻办公室召开决胜"十四五"谋篇"十五五"潍坊市推进高水平对外开放新闻发布会。记者在会上获悉，"十四五"以来，潍坊综 合保税区进出口额突破200亿元—800亿元7个百亿级关口，在全国综保区发展绩效评估中，2022—2024年连续3年居全国前10、全省第1，交出了一份质量 高、亮点多、成色足的"开放答卷"。 坚持创新驱动，外贸主业聚势跃升。国务院支持综保区"21条"、海关总署改革"23条"应落尽落，127项自贸区政策复制推广，活跃外贸企业数量突破400 家、实现翻番增长，进出口过亿元企业超120家，机电等高新技术产品进出口占比70%以上，2024年全区进出口额达856.9亿元，以不到全市1/1000的土地 面积贡献了1/4的进出口总量，高水平对外开放的动力活力更加强劲。 "潍坊进口商品购"展示展销中心 突出引育并重，主导产业乘势焕新。以歌尔电子为龙头的虚拟现实产业产值累计突破1000亿元，保税研发业务量全国第1，VR产品占全球中高端市场份额 80%以上；以美国500强德纳、行业"隐形冠军"佩特来为代表的汽车装备智能制造产业加速膨胀，发 ...

Core Insights - On August 16, 2023, Seres Group announced that its subsidiary, Seres Automotive, acquired a 48.54% stake in its subsidiary, Jinkang Power, from the minority shareholder, Science City Urban Operation Group, for 663 million yuan [2] - Following this transaction, Seres Automotive's ownership in Jinkang Power increased from 51.46% to 100% [2] - Jinkang Power, established on January 5, 2018, has a registered capital of 1.03 billion yuan and specializes in providing solutions for electric vehicle power systems, focusing on electric motors and electronic control systems [2] Company Overview - Jinkang Power has significant technological expertise and research capabilities in the core components of electric vehicles, with leading self-developed motor and electronic control technologies [2] - The company has established 22 production lines for motor manufacturing and 6 production lines for electronic control manufacturing, with an annual production capacity of 1 million complete vehicle powertrains [2] - For the fiscal year 2024, Jinkang Power's revenue is primarily expected to come from its subsidiary, Chongqing Wanjie Automotive Sales Co., Ltd., with projected sales of 40.871 billion yuan from complete vehicles and auto parts [2] Strategic Implications - The acquisition is expected to enhance the overall operational decision-making efficiency of the company and improve synergies between subsidiaries, maximizing operational effectiveness and shareholder value [2] - This transaction will strengthen the company's research and development capabilities in the electric vehicle sector, enhancing its competitive advantages and helping achieve overall business objectives [2]

赛力斯（601127）（601127）发布公告称，控股子公司赛力斯汽车有限公司（赛力斯汽车）以公开摘牌 方式收购其控股子公司重庆金康动力新能源有限公司（金康动力）少数股东重庆科学城城市运营集团有 限公司持有的48.54%股权，交易价格为66345万元。本次交易完成后，赛力斯汽车持有金康动力股权由 51.46%，增加至100%。 据悉，金康动力主营产品为新能源汽车电机、电控系统。2024年，金康动力营业收入主要源于其旗下重 庆问界汽车销售有限公司及其子公司的汽车整车、汽车零部件销售收入408.71亿元。 公司表示，本次交易有助于提高上市公司整体经营决策效率，提升子公司之间的协同效应，实现经营效 益最大化。 ...

Group 1 - The company held its 23rd meeting of the 5th Board of Directors on August 14, 2025, with all 12 directors present, confirming the legality and validity of the meeting procedures [2][3] - The Board approved the proposal to acquire 48.54% equity of its subsidiary, Chongqing Jinkang Power New Energy Co., Ltd., from a minority shareholder for a price of RMB 66,345 million [6][8] - The acquisition will increase the company's ownership in Jinkang Power from 51.46% to 100%, enhancing operational efficiency and synergy among subsidiaries [8][25] Group 2 - The transaction does not constitute a related party transaction or a major asset restructuring, and it does not require approval from the shareholders' meeting [7][10] - The transaction is expected to improve the company's decision-making efficiency and maximize operational benefits, contributing to shareholder value [25] - Jinkang Power specializes in the research, production, supply, and sales of new energy vehicle power systems, holding 401 domestic patents, including 128 invention patents [14]

Transaction Overview - The company is acquiring 48.54% equity of Chongqing Jinkang Power New Energy Co., Ltd. from its minority shareholder, Chongqing Science City Urban Operation Group Co., Ltd., for a total price of RMB 66,345 million [1][2] - This transaction aims to enhance operational decision-making efficiency and improve synergy among subsidiaries, maximizing overall business effectiveness [2][15] - After the transaction, the company's subsidiary, Seres Automotive, will hold 100% equity in Jinkang Power, with no changes to the consolidated financial reporting scope [1][15] Board Approval - The transaction was approved by the company's board during the 23rd meeting of the fifth board on August 14, 2025, with unanimous support (12 votes in favor, 0 against, 0 abstentions) [3][4] Payment Arrangement - The payment will be made in full, with an initial deposit of RMB 19,903.5 million, followed by the remaining amount of RMB 46,441.5 million to be paid within five working days after the contract becomes effective [12][14] Seller Information - The seller, Chongqing Science City Urban Operation Group Co., Ltd., was established on January 29, 2021, and is wholly owned by Chongqing High-tech Development and Construction Investment Group Co., Ltd. [7][9] Target Company Overview - Jinkang Power specializes in the research, production, supply, and sales of new energy vehicle power systems, holding 401 domestic patents and 74 overseas patents as of June 30, 2025 [10][11] - The company has a production capacity of 1 million complete vehicle powertrains annually, with advanced manufacturing capabilities recognized as "Chongqing Digital Workshop" [10][11] Financial Impact - The acquisition is expected to enhance the company's research and development capabilities in the new energy vehicle sector, contributing to the overall strategic goals and shareholder value [15]

IPO Review and Registration Progress - 11 new IPO applications were accepted last week, including companies like Baifei Dairy, Huikang Technology, and Shanghai Super Silicon [2][3] - Baifei Dairy plans to raise 497 million yuan on the Shanghai main board, with a revenue of 1.423 billion yuan in 2024, up 32.33% year-on-year [2] - Huikang Technology aims to raise 1.794 billion yuan, reporting a revenue of 3.204 billion yuan in 2024, a 28.49% increase [3] - Shanghai Super Silicon, a leading manufacturer of semiconductor silicon wafers, reported a revenue of 1.327 billion yuan but has not yet achieved profitability [3] - The North Exchange has accelerated its IPO acceptance pace, with 6 new companies accepted last week, many of which have shifted from other exchanges [3] New Stock Listings and Subscription Dynamics - Three new stocks were listed last week, with significant price increases, including Ying Shi Innovation, which saw a 274.44% rise on its first day [11] - Ying Shi Innovation's market capitalization exceeded 70 billion yuan, with a global market share of 67.2% in the consumer-grade smart imaging device sector [11] - This week, two new stocks are scheduled for subscription, including Guangxin Technology, which plans to raise 200 million yuan [12] Policy and Regulatory Trends - The Ministry of Industry and Information Technology supports qualified metrology institutions in listing and financing, encouraging early-stage investments in manufacturing metrology technology [13] - The China Securities Association plans to evaluate the capabilities of securities firms in supporting listed companies' mergers and acquisitions for 2025 [15]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") is experiencing rapid growth in the capital market, driven by its association with major clients like Li Auto and Xiaomi, despite showing signs of financial weaknesses as it prepares for its IPO [2][6]. Company Overview - United Power was established in 2016, spun off from the industrial control leader Huichuan Technology, and focuses on the development, production, and sales of electric motors, electronic controls, power supplies, and powertrains for electric vehicles [6]. - The company reported revenues of 50.27 billion, 93.65 billion, and 161.78 billion yuan for the years 2022, 2023, and 2024, respectively, with an average annual growth rate of nearly 80% [6]. Financial Performance - In 2023, United Power achieved a net profit of 1.86 billion yuan, a year-on-year increase of 203.19%, and is projected to reach 9.36 billion yuan in net profit for 2024, representing a growth of 403.55% [6]. - The company's revenue heavily relies on its top five clients, which accounted for 71.73%, 76.03%, and 67.81% of total revenue during the reporting period [6]. Client Dependency - Li Auto contributed nearly 50% of the revenue from the top five clients, while Xiaomi accounted for 7.94% [6]. - As of 2024, United Power's accounts receivable balance was 56.84 billion yuan, a year-on-year increase of 57.83%, which is lower than the revenue growth rate for the same period [6]. Cash Flow Concerns - The high accounts receivable levels indicate potential collection risks, as seen in the case of former key client WM Motor, which faced bankruptcy and left United Power with 215 million yuan in bad debt [10]. - Prior to its IPO application, United Power's operating cash flow was negative until it turned positive just before the filing [11]. Sales Trends - Sales data for Li Auto and Xiaomi in the first five months of 2025 showed a decline, raising concerns about the impact on United Power's cash flow and overall performance [11]. - In the first quarter of 2025, United Power's revenue and net profit growth rates were 49.81% and 91.04%, respectively, both significantly lower than the previous year's figures [11].

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Group 1 - The core viewpoint is that rare earths, a strategic resource for China, are becoming increasingly important in international competition, especially after China's recent export controls on heavy rare earth elements [2][3]. - China's export control on seven categories of heavy rare earth elements is a strategic move aimed at countering external pressures, particularly affecting the U.S. military's reliance on Chinese rare earths for high-end equipment [2][3]. - The global market for heavy rare earths is characterized by a 90% share, with limited alternatives, indicating a significant shift in pricing logic and supply-demand dynamics [3]. Group 2 - Market reactions to the rare earth sector have been slow, with many investors remaining cautious due to past volatility and perceived speculative nature of the market [4]. - The current market logic has shifted from short-term speculation to recognizing the long-term strategic value of rare earths, driven by export controls and intensified international competition [4]. - Institutional investors have already begun to act in the rare earth sector, indicating that while retail investors hesitate, significant capital is being deployed in anticipation of future price increases [6][8]. Group 3 - To navigate the market effectively, it is crucial to focus on institutional behavior rather than being swayed by price fluctuations, as these may present opportunities rather than risks [12]. - Understanding the true intentions of institutional investors through data analysis is more important than speculating on price movements, especially as the rare earth narrative evolves towards long-term strategic value [12].