□ 南京日报/紫金山新闻记者 6月4日，埃斯顿发布公告，拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市，引起行 业广泛关注。当月27日，埃斯顿又在港交所递交了上市申请。 曹丽珍 今年以来，一股赴港上市浪潮正在全国范围内持续奔涌。 相关数据显示，今年前三季度，中国企业境外首次公开募股（IPO）的活跃度大幅回升。在上市数量方 面，累计有60家企业选择在港交所主板上市；在境内外上市企业融资额方面，港交所主板占比高达 58.9%，近六成。 这股强劲的浪潮中，南京企业正在成为不可忽视的力量。 今年前三季度，南京4家企业成功上市。其中，药捷安康（南京）科技股份有限公司和南京维立志博生 物科技股份有限公司先后在港交所敲锣上市。目前，13家来自不同行业的南京企业已选择向港交所递交 上市申请，"排队"上市。 13家交表宁企正"排队"赴港上市 今年以来，中国工业机器人产业蓬勃发展，竞争力不断提升。其中，工业机器人龙头企业南京埃斯顿自 动化股份有限公司功不可没。埃斯顿持续位列中国机器人市场第一，截至今年上半年，市场份额达 10.5%，推动中国工业机器人市场国产化率提升至55.3%。 如何助力企业进一步提升市场竞争力？今 ...

今年以来南京有2家企业在港交所敲锣上市另有13家企业 已交表、"排队"上市 "去香港上市" 成了2025年南京企业的热词 今年前三季度，南京4家企业成功上市。其中，药捷安康（南京）科技股份有限公司和南京维立志博生物科技股份有限公司先后在港交所敲锣上市；目 前，13家来自不同行业的南京企业已选择向港交所递交上市申请，"排队"上市。 一股强劲的赴港上市热潮 正在南京这片创新创业热土上 埃斯顿持续位列 中国机器人市场第一 截至今年上半年 市场份额达10.5% 推动中国工业机器人市场国产化率 奔涌、激荡…… 13家交表宁企正"排队"赴港上市 今年以来，中国工业机器人产业蓬勃发展，竞争力不断提升。其中，作为工业机器人龙头企业，南京埃斯顿自动化股份有限公司功不可没。 提升至55.3% 如何助力企业进一步提升市场竞争力？ 今年6月初 埃斯顿给出了"链接全球资本"的响亮回答 6月4日，埃斯顿发布公告，拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市，引起行业广泛关注。 事实证明，这一公告的发布，是企业精心筹划后的从容且关键一步，因为就在20多天后的27日，埃斯顿就在港交所递交了上市申请。 公开信息显示，埃斯顿于20 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional compliance information from Siwei Zhihui (Nanjing) Technology Co., Ltd. regarding its equity incentive plan and other matters as part of its listing application on the Hong Kong Stock Exchange [1] Group 1: Listing Application and Compliance Requirements - Siwei Zhihui submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025, with CITIC Securities as the sole sponsor [2] - The CSRC has requested a legal opinion on the compliance of the company's advertising and internet service operations, including necessary qualifications and adherence to the 2024 Negative List for Foreign Investment [2] - The CSRC requires clarification on the reasonableness of the share prices for new shareholders over the past 12 months and whether there are any issues of interest transfer [2] - The company must provide details on the compliance of its implemented equity incentive plan, including participant relationships and decision-making processes [2] - The CSRC has asked for information on whether the shares of shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [2] Group 2: Financial Performance - From 2022 to 2024, Siwei Zhihui's revenue stagnated at 539 million yuan, 477 million yuan, and 479 million yuan, with 2023 and 2024 revenues falling short of 2022 levels [3] - The company's revenue primarily comes from smart cockpit software solutions and integrated hardware-software solutions, with software revenue growing by 49% to 243 million yuan, but gross margin declining from 63% to 46% [3] - Revenue from integrated hardware-software solutions decreased from 374 million yuan to 235 million yuan, a decline of 37%, with gross margin dropping below 12% [3] - The company's net profit attributable to shareholders has worsened, with losses of approximately 203 million yuan, 265 million yuan, and 378 million yuan from 2022 to 2024, totaling 847 million yuan in losses over three years [3] Group 3: Customer Dependency - From 2022 to 2024, revenue from the top five customers was 463 million yuan, 459 million yuan, and 442 million yuan, accounting for 85.9%, 96.2%, and 92.2% of total revenue, respectively [4] - The controlling shareholder, Siwei Tuxin, is also the company's largest customer and core supplier, being the top supplier in 2022 and 2024, and the second-largest in 2023 [3]

Core Viewpoint - Four-dimensional Zhihui (Nanjing) Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange after receiving strategic investment from Didi Technology last year, despite facing challenges in revenue stability and increasing net losses [1][2]. Company Overview - Four-dimensional Zhihui was established in 2020, evolving from a previous entity and has strategic backing from major shareholders including Didi Technology, MTK, Tencent Mobility, and NIO Capital [2]. - The company has delivered over 15.9 million intelligent cockpit software solutions and over 1.55 million integrated solutions to approximately 20% of domestic vehicle manufacturers [1]. Financial Performance - Revenue projections for Four-dimensional Zhihui from 2022 to 2024 are 539 million RMB, 477 million RMB, and 479 million RMB respectively, with a significant portion of revenue coming from integrated solutions, which is currently in decline [3][4]. - The company's gross profit for the same period is 163 million RMB, 140 million RMB, and 140 million RMB, with net losses increasing from 204 million RMB to 378 million RMB [4][9]. Market Position - In 2024, Four-dimensional Zhihui ranks tenth among domestic primary intelligent cockpit solution providers with a market share of 0.1%, and third among global software-driven Chinese suppliers [1]. - The intelligent cockpit solutions market in China is projected to reach 132.2 billion RMB by 2024, with a compound annual growth rate of 23.3% from 2020 to 2024 [6][8]. Competitive Landscape - The competitive landscape in the intelligent cockpit solutions industry remains fragmented, with the top ten suppliers holding less than 15% of the market share, indicating opportunities for growth and market positioning for Four-dimensional Zhihui [8]. - The company has increased its R&D spending significantly, from 21% of revenue in 2022 to 43.8% in 2024, focusing on enhancing its integrated solutions and intelligent cockpit experiences [9][10].

Core Viewpoint - Four-dimensional Intelligent Connectivity (Nanjing) Technology Co., Ltd. is preparing for an IPO in Hong Kong, despite facing significant financial challenges, including continuous losses and a low market share in the intelligent cockpit sector [1][5]. Company Overview - Four-dimensional Intelligent Connectivity was established in 2018 as a spin-off from the A-share listed company Four-dimensional Tushin, focusing on providing comprehensive software and hardware solutions for intelligent cockpits, including AI assistants and interactive systems [1][2]. - The company ranks tenth among domestic primary intelligent cockpit solution providers with a market share of 0.1% and is the third largest software-driven supplier globally [2]. Financial Performance - The company has reported revenues of 5.39 billion yuan in 2022, 4.77 billion yuan in 2023, and an estimated 4.79 billion yuan in 2024, indicating a decline in total revenue [5][6]. - Net losses have increased from 2.04 billion yuan in 2022 to an estimated 3.78 billion yuan in 2024, with cumulative losses reaching approximately 8.47 billion yuan over three years [5][6]. - Adjusted net losses have surged approximately 8.8 times, from 13.59 million yuan in 2022 to 133 million yuan in 2024 [5][6]. Revenue Sources - The company heavily relies on a limited number of clients for revenue, with the top five clients contributing 85.9%, 96.2%, and 92.2% of total revenue from 2022 to 2024 [5][6]. - The largest client, Four-dimensional Tushin Beijing, accounted for nearly half of the company's revenue in the previous year [6]. R&D Investment - R&D expenditures have been significant, with amounts of 1.13 billion yuan, 1.03 billion yuan, and 2.1 billion yuan over the past three years, representing 21%, 21.7%, and 43.8% of revenue, respectively [6][7]. - The company has established a research team of 377 employees, making up 83% of its total workforce, indicating a strong focus on R&D despite financial losses [6][7]. Market Position and Challenges - The company faces challenges in achieving profitability, with a low market share and high dependency on a few major clients for revenue [5][6][7]. - Despite having prominent investors such as Tencent and Didi, the company has struggled to turn a profit, raising concerns about its long-term sustainability [5][6].

Core Viewpoint - The company Siwei Zhiliang is facing a dual situation of market presence and financial struggles, having established itself as a supplier for major automotive manufacturers while simultaneously experiencing stagnant revenue, increasing losses, and a heavy reliance on shareholder support [1][4]. Market Position - Siwei Zhiliang has successfully entered the supply chains of major automotive companies, being listed among the top ten suppliers in China and having its products featured in 12 of the best-selling models in 2024 [1][5]. - Despite this, the company holds only a 0.1% market share in the 130 billion RMB smart cockpit market, with its revenue stagnating around 500 million RMB for three consecutive years [7][8]. Revenue Composition - The company's revenue is primarily derived from two segments: smart cockpit software solutions and integrated hardware-software solutions, with the former showing a 49% growth over three years, while the latter has declined by 37% [12][14]. - The software solutions have seen a decrease in gross margin from 63% to 46%, attributed to lower profit margins from new customer projects [12][14]. Financial Performance - Siwei Zhiliang has accumulated losses of 847 million RMB over three years, with a single-year loss of 378 million RMB in 2024 [14][16]. - The adjusted net loss has increased over tenfold from 13.59 million RMB in 2022 to 133 million RMB in 2024, indicating worsening financial health [14][16]. Cost Structure - The company's R&D expenses have significantly outpaced sales and administrative costs, reaching 209 million RMB in 2024, which constitutes 43.8% of its revenue [16][18]. - High procurement costs, particularly for automotive-grade chips, have further strained profitability, with raw material costs reaching 182 million RMB in 2024 [19][20]. Competitive Landscape - The smart cockpit market is highly fragmented, with no single supplier holding more than 6% market share, leading to intense price competition among hundreds of suppliers [4][26]. - Major clients contribute significantly to Siwei Zhiliang's revenue, with over 92% of its income coming from the top five clients, including a substantial portion from its controlling shareholder [26][28]. Strategic Challenges - The company is heavily reliant on a few major clients, raising concerns about its core competitiveness and the sustainability of its revenue model [28][29]. - Siwei Zhiliang's strategy to build its own factory aims to regain cost control and create differentiation in a competitive market, but this comes with significant financial risks given its current debt levels [22][29].

Core Viewpoint - The company Siwei Zhihui, linked closely with Siwei Tuxin and backed by investors like Didi and Tencent, is expected to perform well despite its financial struggles, as indicated in its recent IPO filing. Group 1: Financial Performance - Siwei Zhihui's revenue from 2022 to 2024 shows a decline, with figures of 539 million, 477 million, and 479 million yuan respectively, and a net loss increasing from 13.59 million to 133 million yuan [1][3] - The revenue contribution from its largest customer, Siwei Tuxin Beijing, accounted for 62.6%, 46.5%, and 47.8% of total revenue from 2022 to 2024 [3][4] - The revenue from the smart cockpit software solutions increased from 163 million to 243 million yuan, while the revenue from integrated hardware and software solutions decreased from 374 million to 235 million yuan [6][8] Group 2: Customer Base and Relationships - The majority of Siwei Zhihui's revenue comes from a limited number of clients, with the top five clients contributing 85.9%, 96.2%, and 92.2% of total revenue from 2022 to 2024 [4] - The company has a significant dependency on its major shareholders, with Siwei Tuxin holding 27.02% and Didi holding 16.46% of shares [3][4] Group 3: Market Position and Growth Potential - The smart cockpit solutions market in China is projected to grow from 57.3 billion to 132.2 billion yuan from 2020 to 2024, with a compound annual growth rate of 23.3% [9] - Siwei Zhihui ranks tenth among domestic primary smart cockpit solution providers, holding a market share of 0.1% [6][9] Group 4: Cost Structure and Investment - The company's research and development expenses are significantly high, with a notable increase in technical outsourcing fees from 12.62 million to 43.01 million yuan, marking a 240.8% increase [7][8] - The sales cost as a percentage of revenue has remained consistent, at approximately 70% over the years [7]

Core Viewpoint - The company is actively transforming into a leading player in the intelligent driving sector, leveraging its data and technology advantages while adapting to market trends through precise product alignment [1][2]. Group 1: Company Developments - The company’s subsidiary, Siwei Zhili, has submitted an application for an H-share IPO, marking a significant step in its growth strategy [1]. - Siwei Zhili is primarily focused on smart cockpit software solutions and has a strong shareholder base, including major players like Didi and Tencent, which enhances its market position [1][4]. - As of June 20, 2025, Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware and software solutions [3]. Group 2: Market Position and Financials - Siwei Zhili ranks tenth among domestic primary smart cockpit solution providers, holding a market share of 0.1%, and ranks third globally among software-driven Chinese suppliers [3]. - Despite reporting losses of 203 million RMB, 265 million RMB, and 377 million RMB for the years ending December 31, 2022, 2023, and 2024 respectively, the company has shown stable revenue performance with total revenues of approximately 538.8 million RMB, 477.2 million RMB, and 478.8 million RMB for the same years [4]. - The company has a strong customer base, with revenue from its top five clients accounting for 85.9%, 96.2%, and 92.2% of total revenue over the past three years [4]. Group 3: Industry Trends and Future Outlook - The global smart cockpit market is projected to reach 774.6 billion RMB by 2029, with the Chinese market expected to exceed 300 billion RMB, indicating significant growth potential [2]. - The company is focusing on building a comprehensive ecosystem for intelligent driving, including partnerships with major cloud service providers like Alibaba Cloud and Huawei Cloud to enhance its technological capabilities [9]. - The management team is committed to staying updated on industry trends and competitor movements to maintain a competitive edge in the rapidly evolving automotive market [10].

Core Viewpoint - Nanjing Zhilian's IPO application in Hong Kong faces regulatory challenges due to its parent company, Siwei Tuxin, having incurred significant losses over the past three years, which disqualifies it from the split listing requirements [1][9][10] Group 1: Company Structure and Financial Performance - Nanjing Zhilian is controlled by Siwei Tuxin, which holds 45.32% of the voting rights, but Siwei Tuxin has reported continuous losses, totaling over 2.7 billion RMB from 2022 to 2024 [1][9][10] - Nanjing Zhilian's revenue has shown a downward trend, with figures of approximately 539 million RMB, 477 million RMB, and 479 million RMB from 2022 to 2024, indicating an 11% decline from 2022 to 2024 [13] - The company has reported net losses of 203 million RMB, 265 million RMB, and 378 million RMB for the same years, highlighting a worsening financial situation [13] Group 2: Dependency on Parent Company - Nanjing Zhilian relies heavily on Siwei Tuxin, with about 62.6%, 46.5%, and 47.8% of its total revenue coming from Siwei Tuxin as its largest customer from 2022 to 2024 [13][15] - The company also sources a significant portion of its supplies from Siwei Tuxin, with procurement amounts increasing from 60 million RMB in 2022 to 109.6 million RMB in 2024, indicating a growing dependency [14][15] Group 3: Legal and Asset Concerns - Nanjing Zhilian faces a lawsuit from Baidu, which demands 90 million RMB in damages related to allegations of unfair competition [16] - The company has a high level of goodwill on its balance sheet, with goodwill accounting for over 40% of total assets, raising concerns about potential impairment risks if future performance does not meet expectations [16][17]

Core Viewpoint - The announcement of the listing application by Siwei Zhili (Nanjing) Technology Co., Ltd. reflects its strength and potential in the smart cockpit sector, as well as Siwei Tuxin's deepening layout in the smart automotive industry chain [2][3] Group 1: Company Overview - Siwei Tuxin holds a 45.32% voting power in Siwei Zhili, which specializes in smart cockpit software solutions and integrated hardware-software solutions [2] - Siwei Zhili is recognized as a leading provider of smart cockpit solutions in China, known for its innovative software development capabilities and comprehensive product coverage from edge to cloud [3][4] Group 2: Market Position and Performance - According to Frost & Sullivan, Siwei Zhili ranked tenth among domestic first-tier smart cockpit solution providers in 2024, with a market share of 0.1%, and ranked third among software-driven first-tier suppliers globally [3] - Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware-software solutions since its establishment [4] Group 3: Research and Development - Siwei Zhili invests significantly in R&D to enhance its competitive advantage in smart cockpit solutions, with R&D expenditures of 113.1 million, 103.4 million, and 209.6 million for the years ending December 31, 2022, 2023, and 2024, respectively [5] - The R&D team consists of 377 members, and the company holds 107 patents, including 41 invention patents, 30 utility model patents, and 36 design patents [5]