Core Viewpoint - The narrative of foreign capital collectively withdrawing from China is misleading, as official data reveals a more nuanced situation with structural differentiation in foreign investment trends [1][3]. Investment Trends - From January to October 2025, the actual use of foreign capital in China amounted to 621.93 billion RMB, a year-on-year decrease of 10.3%, while the number of newly established foreign-invested enterprises reached 53,782, marking a 14.7% increase [3]. - The decline in foreign investment is primarily attributed to the phased exit of foreign capital from traditional manufacturing sectors, particularly labor-intensive industries like textiles and electronics, which are relocating production lines to Southeast Asia due to rising costs and capacity optimization [6]. Sector Analysis - High-tech industries have become the main attraction for foreign investment, with actual foreign capital usage in this sector reaching 192.52 billion RMB from January to October 2025. Notable growth was seen in e-commerce services (173.1%), medical instruments (41.4%), and aerospace manufacturing (40.6%) [9]. - Major projects like ExxonMobil's ethylene project in Huizhou, which utilizes green technology to reduce nitrogen oxide emissions by 50%, exemplify the shift towards high-value chemical production [9][14]. Regional Development - The regional coordination development strategy has expanded the layout space for foreign investment, with platforms like the Yangtze River Delta attracting comprehensive industrial parks, while central and western regions leverage resource advantages for new energy and materials projects [18]. Long-term Confidence - The phenomenon of "profit reinvestment" among foreign companies highlights their long-term confidence in the Chinese market, as seen with companies like Germany's Fawork and Sweden's Alfa Laval, which have significantly increased their investments in China [20]. Policy Environment - China's continuous optimization of the institutional environment and long-term strategic layout has facilitated foreign investment, with reduced entry barriers and enhanced intellectual property protection leading to a 18% year-on-year increase in patent applications by foreign enterprises [22][24]. Global Context - In the context of a declining global FDI environment, with a 58% drop in European FDI, China's adjustments in foreign investment align with international investment trends, solidifying its position as a global investment hub [28]. Conclusion - The ongoing investment in high-end manufacturing, green energy, and digital economy sectors by foreign capital indicates a sustained integration into China's industrial system, supporting the dual circulation strategy and achieving mutual benefits for foreign investment and national development [31].

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd. (referred to as United Power), has successfully broken through foreign brand technology barriers and achieved full-chain autonomy in the power system for electric vehicles, positioning itself as a leading independent third-party automotive powertrain supplier in China [1]. Group 1: Company Overview - United Power was established in September 2016 and has focused on the research, production, sales, and service of power systems for electric vehicles, aiming to become a global leader in intelligent electric vehicle components and solutions [2]. - The company emphasizes a customer-first approach and has participated deeply in the rapid development of China's electric vehicle industry since 2014, showcasing the transformation of the automotive supply chain from an "assembly factory" model to a "core technology output" model [2]. Group 2: Research and Development - United Power has invested heavily in R&D, with over 1,800 R&D personnel, more than 50% of whom hold master's or doctoral degrees, and has established multiple R&D centers in cities like Shenzhen and Suzhou [2]. - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, leading trends in high efficiency, high power density, and low noise in electric vehicle power systems, aligning its performance metrics with international standards [3]. Group 3: Market Position and Performance - In the first half of 2025, United Power is projected to hold approximately 10.1% market share in electric control products, 11.3% in motors, 7.1% in drive assemblies, and 5.1% in onboard chargers, ranking first among third-party suppliers in several categories [4]. - The company has established a diverse customer base, including domestic brands like Li Auto and Xiaomi, as well as international brands like Volvo and Audi, reflecting its strong product capabilities [4]. Group 4: Financial Performance - From 2021 to 2024, United Power's revenue has shown significant growth, increasing from 2.903 billion to 16.178 billion yuan, with a year-on-year revenue growth of 35.52% and a net profit growth of 38.38% in the first three quarters of this year [6]. - The company plans to use the funds raised from its IPO for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and sustainable growth [6]. Group 5: Strategic Vision - The listing of United Power marks the beginning of a new development phase, providing a model for other industry players to follow by leveraging independent innovation and capital market support to gain a competitive edge in the global market [7]. - The company aims to accelerate its growth and become a leading provider of intelligent electric vehicle components and solutions, contributing significantly to the development of China's electric vehicle industry [7].

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has successfully overcome foreign brand technology barriers and achieved full autonomy in the power system supply chain, positioning itself as a leading independent third-party automotive powertrain supplier in China, with aspirations to become a global leader in intelligent electric vehicle components and solutions [2][3]. Group 1: Company Overview - United Power was established in September 2016 and has focused on the research, production, sales, and service of power systems for new energy vehicles, aiming to become a global leader in intelligent electric vehicle components and solutions [3]. - The company has built a robust research and development (R&D) team of over 1,800 personnel, with more than 50% holding master's or doctoral degrees, and has established R&D centers in multiple locations including Shenzhen and Suzhou [3][4]. Group 2: Technological Advancements - United Power has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, leading the trends of "high efficiency, high voltage, high power density, and high compatibility" in the new energy vehicle power system sector [4]. - The company has achieved significant market share in the new energy vehicle sector, with approximately 10.1% in electric control products, 11.3% in motors, 7.1% in drive assemblies, and 5.1% in onboard chargers, ranking first among third-party suppliers in several categories [6]. Group 3: Financial Performance - From 2021 to 2024, United Power's revenue has shown exponential growth, reaching 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion respectively, with a year-on-year revenue increase of 35.52% in the first three quarters of this year [7]. Group 4: Capital Market Engagement - The company's recent IPO on the ChiNext board marks the beginning of a new development phase, with plans to raise funds for core component production, R&D center construction, and digital system projects, enhancing its competitive edge [8]. - The listing process has been supported by a transparent and efficient regulatory environment, which has facilitated the company's growth and governance [8].

Group 1 - The company signed a strategic cooperation framework agreement with Niunai Robotics (Hangzhou) Co., Ltd. on October 16, 2025, aiming to leverage each other's strengths for multi-faceted collaboration in talent, technology, and industry [1] - The company is actively promoting the expansion and deepening of its electric control-related business, with its electric control products currently achieving small batch supply [1]

苏州汇川联合动力系统股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰海通证券股份有限公司 一、上市概况 4、首次公开发行股票数量：28,857.4910万股，占发行后公司总股本的比例 为12.00%，本次公开发行全部为新股，无老股转让。 1 1、股票简称：联合动力 2、股票代码：301656 3、首次公开发行后总股本：240,479.0910万股 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 险。创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，苏州汇川联合动力系统股份有限公司（以下简 称"发行人"或"本公司"）发行的人民币普通股股票将于2025年9月25日在深 圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创业板上市 的招股说明书全文披露于中国证券监督管理委员会指定的信息披露 ...

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]

Group 1: Company Overview - Zhejiang Zhaofeng Electromechanical Co., Ltd. reported a revenue of approximately 3.44 billion yuan for the first half of 2025, representing a growth of 5.88% [2] - The net profit attributable to shareholders increased by 7.18%, with a net profit margin of 28.34% [2] Group 2: Core Competitiveness - The company has a strong technical innovation capability, with over 100 effective patents and participation in the formulation of national and industry standards [4] - The production line has been optimized for both small-batch and large-scale production, with a project to build an intelligent factory capable of producing 30 million automotive wheel hub bearing units annually [4] Group 3: Product Development and Market Position - The company has developed nearly 5,500 types of bearing products, enhancing product value through differentiated design and lifecycle services [5] - The main business revenue from original equipment manufacturing (OEM) is currently 35%, with an expected growth of approximately 40% in 2025 [10] Group 4: Strategic Initiatives - The company is advancing its "machine-to-electric" strategy, integrating electric control products into its offerings, and has begun small-scale supply of these products [6] - Collaboration with industry partners and research institutions is ongoing to enhance R&D capabilities and product innovation [7] Group 5: Technological Advancements - The company has implemented "AI + new manufacturing" strategies, including the use of robotics in production and the development of digital factories [7] - Progress has been made in the development of humanoid robot screw rods, with multiple designs completed and product testing underway [8]

Group 1 - The core viewpoint of the article is that Huichuan Technology (300124) has established a significant scale in its new energy vehicle business, with a current market share of approximately 10% in electric control products and aims to increase this to 20% in the future [1] Group 2 - The company announced on August 28 that it is responding to inquiries from researchers regarding its business developments [1] - The focus on increasing market share indicates a strategic growth plan within the new energy vehicle sector [1]

Group 1 - A series of significant foreign investment projects are progressing, including the launch of the Nidec Qingdao Industrial Park and the commencement of the Weidmann (Wuhan) insulation materials production project [1][2] - The Nidec Qingdao Industrial Park, a key project in Shandong, aims to produce 18 million motors and 20 million electronic control products annually, reflecting the company's confidence in the Chinese market [2] - The Weidmann (Wuhan) project, with a total investment of $91 million, will produce 13,000 tons of high-performance insulation materials annually, generating an estimated annual output value of 300 million yuan upon completion in 2027 [2] Group 2 - In the first half of the year, 30,014 new foreign-invested enterprises were established in China, marking an 11.7% year-on-year increase, with a total of 229,000 new foreign enterprises established during the "14th Five-Year Plan" period [3] - The structure of foreign investment has significantly improved, with high-tech industries attracting 127.87 billion yuan in actual foreign investment in the first half of the year, with notable growth in e-commerce services, chemical manufacturing, aerospace, and medical equipment sectors [4] - Foreign companies are transitioning from merely manufacturing in China to co-creating with China, highlighting the importance of foreign investment in technology transfer and global market connectivity [4] Group 3 - The Chinese government has signaled stronger efforts to stabilize foreign investment, including expanding pilot programs in telecommunications and healthcare, and optimizing drug procurement processes [5][6] - Future policies will focus on attracting foreign investment in advanced manufacturing, modern services, high-tech, and environmental protection sectors, particularly in central and northeastern regions [6]

Group 1 - Recent foreign investment projects in China are progressing steadily, with significant projects like the Nidec Qingdao Industrial Park commencing operations and the Weidmann (Wuhan) insulation materials production project starting construction [1][2] - The Nidec Qingdao Industrial Park, a key project in Shandong, aims to produce 18 million motors and 20 million electronic control products annually, reflecting the company's confidence in the Chinese market [1] - The Weidmann project in Wuhan, with a total investment of $91 million, will produce 13,000 tons of high-performance insulation materials annually, contributing approximately 300 million yuan in annual output value [2] Group 2 - In the first half of the year, China saw the establishment of 30,014 new foreign-invested enterprises, a year-on-year increase of 11.7%, indicating a significant improvement in foreign investment structure [2] - High-tech industries attracted 127.87 billion yuan in actual foreign investment, with notable growth in sectors such as e-commerce services (127.1%), chemical pharmaceuticals (53%), and aerospace manufacturing (36.2%) [2] - A report from the Ministry of Commerce indicates that from 2013 to 2023, R&D expenditure by multinational companies in China increased by 86.5%, highlighting a shift towards innovation-driven investment [3] Group 3 - The Chinese government is implementing measures to stabilize and enhance foreign investment, including the introduction of a new version of the "Encouraging Foreign Investment Industry Catalog" to attract investments in advanced manufacturing and high-tech sectors [4] - The government aims to create a favorable environment for foreign enterprises by facilitating project implementation and expanding pilot programs in telecommunications and healthcare [4] - The focus is on maintaining existing foreign investment while promoting new investments and improving quality, with a commitment to creating a "green channel" for project acceleration [4]