这源于产品交付持续释放出的规模效应，受益大客户汽车销量强势增长，福瑞泰克2022-2025年6月30日累计交付解决 方案286万套。未来随着中高阶智驾市场渗透率提升，以及公司相关产品进入大规模量产阶段，福瑞泰克的产品结构 和盈利水平有望进一步优化。 根据港股IPO机制，拟上市公司的招股书有效期为6个月，继续推进上市即需要更新申报材料，所以多次递表属于常规 流程，并不影响企业上市和经营。 11月24日，福瑞泰克更新财务数据，2025年上半年营收9.3亿，同比增长198%，2022年-2024年实现营业收入年复合增 长率97.9%，业绩实现三连增；2025年上半年毛利润同比增长547%，对应的毛利率同比提升7.1个百分点。 福瑞泰克择时更新财务数据，对外展现其业绩成长性，或在于看重合适的上市时机窗口，以最大化内在价值，这使其 IPO颇为值得关注。 | | | | 截至12月31日止年度 | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | 2024年 ...

Core Viewpoint - Suzhou Tiantong Weishi Electronic Technology Co., Ltd. has submitted its main board listing application, despite expanding losses in the first half of the year and significant shareholder equity transfers occurring alongside new financing [1][5][11]. Group 1: Company Overview - Tiantong Weishi is a leading provider of software-centric intelligent driving solutions in mainland China, offering comprehensive solutions for L2-L2+ and L4 automation levels [4]. - The company expects to generate revenue of 243 million RMB from L4 solutions in 2024, accounting for over 50% of total revenue, with a total contract value of approximately 1 billion RMB for L4 solutions covering over 2,500 vehicles [4]. Group 2: Financial Performance - The company has experienced rapid revenue growth but remains in a continuous loss situation, with revenues of 172 million RMB, 200 million RMB, and 483 million RMB from 2022 to 2024, while losses were 325 million RMB, 241 million RMB, and 463 million RMB during the same period [5][7]. - In the first half of 2025, the company reported revenue of 157 million RMB, up from 55.77 million RMB in the same period last year, but losses increased to 193 million RMB from 125 million RMB [7]. Group 3: Profitability and Margin Fluctuations - The company's gross margin has shown significant volatility, with margins of 31.1%, 35.3%, 30.0%, and 32.4% from 2022 to the first half of 2025 [7]. - The fluctuations in gross margin are attributed to changes in the solution mix, with increased contributions from L4 solutions leading to lower margins due to higher software development costs [7][8]. Group 4: Financing and Shareholder Activity - Tiantong Weishi has completed multiple rounds of financing since its establishment, including a recent 1.37 billion RMB C+ round and a 4.48 billion RMB D round in 2025 [9][10]. - Several shareholders have transferred their equity in the company, with notable transactions occurring in 2025, including ZF Holdings transferring shares for 20 million RMB and other shareholders transferring shares for amounts ranging from 200,000 RMB to 8.15 million USD [11][12][13].

11月14日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月10日—2025年11月14日)》。 中国证监会国际司公示10家企业补充材料要求，其中，公示提到要求魔视智能补充说明发行人历史沿 革、境外生产经营的具体情况等。据港交所9月26日披露，魔视智能科技(上海)股份有限公司(简称"魔视 智能")向港交所主板递交上市申请书，国泰君安国际、国信证券(香港)为其联席保荐人。 中国证监会请魔视智能补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于发行人历史沿革：(1)请进一步说明发行人提交境外发行上市备案申请前12个月内新增股东所 涉股权转让定价依据、与同期增资定价差异原因及其合理性，以及上述股权转让环节相关转让方所得税 缴纳情况;(2)请就发行人设立及历次股权变动是否合法合规出具明确结论性意见。 六、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 二、发行人及下属公司经营范围包含"佣金代理(拍卖除外)""集成电路芯片及产品制造""集成电路制 造""雷达及配套设备制造"，请说明具体业务开展情况。 招股书显示，魔视智能是一家由人工智能创新驱动的智能驾驶解决方 ...

小摩相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市占率并驱动增长。此 外，机器人产品线可带来增量营收并支撑长期增长。该行预测公司2024至2027年营收复合年增长率达 56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 摩根大通发布研报称，启动覆盖地平线机器人-W(09660)，评级"增持"，目标价为13港元。地平线作为 领先的智能驾驶解决方案供应商，在2025年上半年于中国车企的ADAS解决方案市场占有率达46%。随 着中国智能驾驶渗透率加速提升，预期领先的技术供应商将显著受益。 ...

小摩相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市占率并驱动增长。此 外，机器人产品线可带来增量营收并支撑长期增长。 该行预测公司2024至2027年营收复合年增长率达 56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 智通财经APP获悉，摩根大通发布研报称，启动覆盖地平线机器人-W(09660)，评级"增持"，目标价为 13港元。地平线作为领先的智能驾驶解决方案供应商，在2025年上半年于中国车企的ADAS解决方案市 场占有率达46%。 随着中国智能驾驶渗透率加速提升，预期领先的技术供应商将显著受益。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - The company achieved a net profit of 410 million yuan in Q3 2025, representing a year-on-year increase of 35% [1][9]. - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit of 1.12 billion yuan, an increase of 18.98% year-on-year [1][9]. - The company has a robust order book, with new orders totaling approximately 40.2 billion yuan in Q3 2025 and 71.4 billion yuan for the first three quarters [2][36]. - The company is actively expanding its automotive electronics and robotics key component business, positioning itself as a "Tier 1" supplier in the automotive and robotics sectors [3][58]. Financial Performance - In Q3 2025, the company's revenue was 15.497 billion yuan, a 10.25% increase year-on-year, while the net profit was 4.13 billion yuan, up 35.40% year-on-year [1][9]. - The gross margin for Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year, while the net margin was 2.9%, a slight decrease of 0.1 percentage points year-on-year [1][11]. - The company’s operating expenses increased, with the four expense rates at 14.59% in Q3 2025, up 3.3 percentage points year-on-year [17]. Order and Business Development - The company secured new orders in the automotive safety and electronics sectors, with significant contributions from leading domestic brands and new energy vehicle manufacturers [2][36]. - The company is focusing on the development of automotive intelligent solutions, including central computing units and smart cockpit products, with expected lifecycle order values of approximately 150 billion yuan and 50 billion yuan, respectively [2][44]. Future Outlook - The report forecasts revenue for 2025-2027 to be 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan, respectively, with net profits projected at 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [4][70]. - The company is enhancing its technological capabilities in the fields of intelligent driving, smart cockpit, and new energy management systems, aiming to maintain a competitive edge in the market [40][47].

Core Insights - The adjustment of the vehicle purchase tax policy for new energy vehicles (NEVs) is aimed at ensuring that consumers do not incur additional costs due to tax changes when purchasing vehicles across the year [1] - The new policy, effective from January 1, 2026, will change the current exemption to a 50% reduction, with a maximum tax reduction of 15,000 yuan per vehicle [1] - This policy shift is seen as a recognition of the maturity of the NEV industry in China, which has grown from annual sales of 74,800 units in 2014 to over 11 million units in the first three quarters of 2025 [1] Industry Development - The NEV industry in China has experienced rapid growth, becoming the largest market globally, supported by the previous tax exemption policy that has been extended four times since its inception [1] - The adjustment is expected to enhance the industry's development quality rather than hinder its momentum, providing a buffer period for industry transformation [1] - The strong technological advantages of the Chinese NEV industry, including significant improvements in battery charging efficiency and leading electric motor technologies, underpin the policy change [2] Market Dynamics - The policy adjustment is anticipated to shift the industry from being policy-driven to market-driven, encouraging companies to rely on technological innovation and product quality [3] - Companies lacking core competitiveness may be eliminated from the market, while those with strong capabilities will thrive [3] - Increased market competition is expected to lead to better quality and cost-effective products for consumers in the long run [3] Future Outlook - The policy change is viewed as a new starting point for the Chinese automotive industry on the global stage, with expectations for a brighter future for the NEV sector [3] - Collaborative efforts among the government, enterprises, and consumers are believed to be crucial for the continued success and contribution of China's NEV industry to the global electric vehicle transition [3]

Core Viewpoint - The adjustment of the new energy vehicle (NEV) purchase tax policy reflects the maturity of the industry and aims to transition from a policy-driven to a market-driven model, promoting higher quality development in the sector [1][3]. Group 1: Policy Changes - Several car manufacturers, including Chery, NIO, Zeekr, and Li Auto, have announced subsidies to offset the impact of the new purchase tax policy, ensuring that users do not incur additional costs due to the timing of invoices [1]. - The Ministry of Industry and Information Technology announced that starting January 1, 2026, the NEV purchase tax will shift from "exemption" to "50% reduction," with a maximum tax reduction of 15,000 yuan per vehicle [1]. - Since the implementation of the NEV purchase tax exemption policy in 2014, the policy has undergone four extensions, significantly supporting the rapid development of the NEV market [1]. Group 2: Industry Development - The NEV industry in China has experienced remarkable growth, with annual sales increasing from 74,800 units in 2014 to over 11 million units in the first three quarters of 2025, establishing China as the largest NEV market globally [1][2]. - The adjustment in the purchase tax policy is expected to enhance the industry's development momentum and push it towards higher quality, avoiding abrupt policy shifts that could disrupt the market [1][3]. Group 3: Technological Advancements - The strong technological advantages of China's NEV industry support the policy adjustment, with significant improvements in battery charging efficiency and leading positions in electric motors and control systems during the 14th Five-Year Plan [2]. - Chinese companies have transitioned from following to leading in core technology areas, exemplified by BYD's blade battery, CATL's Kirin battery, and Huawei's intelligent driving solutions [2]. Group 4: Market Dynamics - The policy change will encourage a shift from reliance on subsidies to a focus on technological innovation and product quality, leading to a natural selection process where only competitive companies will thrive [3]. - Although the adjustment may increase initial purchase costs for consumers, intensified market competition is expected to yield higher quality and cost-effective products in the long run [3]. - The policy adjustment marks a new starting point for the Chinese automotive industry on the global stage, with expectations for significant contributions to the electrification of the global automotive sector [3].

Group 1: Recent IPOs - Minglue Technology, a data intelligence application software company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.018 billion with a market capitalization of HKD 31.301 billion [1] - Seres, a new energy vehicle brand, completed its IPO on the Hong Kong Stock Exchange, raising around HKD 14.283 billion and achieving a market capitalization of HKD 247.6 billion [2] - Joyson Electronics, a provider of automotive technology solutions, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.412 billion with a market capitalization of HKD 31.388 billion [3] - Wangshan Wangshui, a biopharmaceutical company, completed its IPO on the Hong Kong Stock Exchange, raising about HKD 0.587 billion and achieving a market capitalization of HKD 13.743 billion [4] - WeRide, an L4 autonomous driving technology company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.392 billion with a market capitalization of HKD 25.049 billion [5] Group 2: Companies Filing for IPO - Xinde Semiconductor, a semiconductor packaging and testing solutions provider, filed for an IPO on the Hong Kong Stock Exchange [6] - Haiguangxin, a provider of optical interconnect products, submitted an IPO application to the Hong Kong Stock Exchange, ranking 10th globally in professional optical module providers by revenue for 2024 [8] - Dingtai Pharmaceutical, a contract research organization, filed for an IPO on the Hong Kong Stock Exchange, offering integrated solutions for pharmaceutical companies and research institutions [9] - Haote Energy, an energy management solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, focusing on data center energy management [10] - Guoxia Technology, a renewable energy solutions provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy storage systems [11] - Tiantong Vision, an L4 solution provider, submitted an IPO application to the Hong Kong Stock Exchange, offering comprehensive intelligent driving solutions [12] - Lupeng Pharmaceutical, a platform-based pharmaceutical company, filed for an IPO on the Hong Kong Stock Exchange, focusing on high bioavailability oral drugs [13][14] - Libang Pharmaceutical, a biopharmaceutical company specializing in kidney disease, submitted an IPO application to the Hong Kong Stock Exchange [15] - FSTech, a provider of electric drive solutions, filed for an IPO on the Hong Kong Stock Exchange, ranking second in China's industrial control sector by revenue for 2024 [16] - Ketao Co., a smart parking space operator, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [17] - Zhihui Interconnect, an AI company, submitted an IPO application to the Hong Kong Stock Exchange, focusing on urban traffic management solutions [18] - Taotao Vehicle, an electric mobility company, filed for an IPO on the Hong Kong Stock Exchange, ranking second globally in the electric low-speed vehicle industry by revenue for 2024 [19] - Nanhua Futures, a financial services provider, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [20] Group 3: Companies Passing Hearings - Haiwei Electronics, a capacitor film manufacturer, passed the listing hearing on the Hong Kong Stock Exchange, ranking second in China by capacitor film sales volume for 2024 [21] Group 4: Companies Approved for Filing - Xidi Zhijia received approval for overseas issuance and "full circulation" of unlisted shares from the China Securities Regulatory Commission [22]

Core Viewpoint - The recent surge in Hong Kong's stock market for autonomous driving companies includes the listing application of Suzhou Tiantong Weishi Electronic Technology Co., Ltd. (hereinafter referred to as "Tiantong Weishi") on October 31, 2023, marking its entry into the market alongside other notable players [1][2]. Group 1: Company Overview - Tiantong Weishi, established in 2016, provides a full range of autonomous driving solutions from L2-L2+ to L4 levels, focusing on high-level autonomous driving through software [2][3]. - The company claims to be the second-largest provider of L2-L2+ solutions and the third-largest provider of Driver Monitoring Systems (DMS) based on installation volume in 2024 [2]. Group 2: Financial Performance - Tiantong Weishi's revenue for 2022, 2023, and 2024 is projected to be 172 million, 203 million, and 482 million RMB, respectively, with corresponding losses of 324 million, 231 million, and 462 million RMB [3]. - In the first half of 2025, the company expects to generate revenue of 157 million RMB with a loss of 192 million RMB [3]. Group 3: Business Development - The company has established L2-L2+ solutions for 144 vehicle models, with 50% of its revenue in 2024 expected to come from L4-level autonomous driving solutions, which have a compound annual growth rate of 82% from 2022 to 2024 [3]. - Tiantong Weishi has secured intention orders for L4 solutions covering over 2,500 vehicles, with a total contract value of approximately 1 billion RMB, expected to be delivered within three to five years [3]. Group 4: International Expansion - Tiantong Weishi has served 34 countries and regions, collaborating with international automotive giant ZF since 2021 to develop ADAS solutions, and has achieved EU DDAW certification for its CalmCockpit solution [4]. - The company has delivered autonomous driving solutions for VinFast vehicles in 2023 and deployed solutions for a premium electric vehicle brand in Sweden in 2024, marking its entry into the European market ahead of its Chinese counterparts [4][5]. Group 5: Strategic Partnerships - The company has a notable shareholder lineup, including SAIC Group, BAIC Group, and ZF, alongside strategic cooperation with Horizon Robotics, forming a close ecological alliance [5][6]. - Tiantong Weishi's recent shift to a "one-stage" architecture for autonomous driving has enhanced its capabilities, allowing it to collaborate with several leading automotive companies [7]. Group 6: Market Position and Future Potential - The autonomous driving industry is witnessing a consolidation of players, with Tiantong Weishi potentially benefiting from its latecomer advantage as it enhances its technology and market presence [6][7]. - The company's ability to leverage its partnerships and technological advancements raises questions about its potential to outperform established competitors in the market [8].