Core Viewpoint - The successful approval of the stock issuance and listing of Suzhou Huichuan United Power Co., Ltd. marks a significant event in the "A拆A" (A-share split listing) landscape, indicating a shift in regulatory signals that "strict" does not equate to "halt" [1][2] Company Overview - Huichuan Technology, a leading player in the industrial control sector, has a robust technical foundation, brand advantage, and financial strength, with a reported revenue of 37.041 billion yuan in 2024, reflecting a year-on-year growth of 21.77% [4][10] - United Power, established in 2016, focuses on electric drive systems and power systems for electric vehicles, showcasing strong business independence and a distinct operational focus compared to Huichuan Technology [3][10] Financial Performance - United Power's revenue projections from 2022 to 2024 are 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan, with a compound annual growth rate of approximately 79.39%, significantly exceeding industry averages [3][4] - The company has achieved a net profit turnaround, moving from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [3] Regulatory Environment - The new "National Nine Articles" policy has introduced stricter standards for split listings, emphasizing compliance and quality, which United Power successfully met through its independent operational structure and technological innovation [2][7] - The approval process for United Power involved rigorous scrutiny from regulatory bodies, focusing on financial independence, asset integrity, and strategic necessity [7][8] Industry Context - The electric vehicle sector is a strategic emerging industry in China, with United Power positioned at the core of the supply chain, contributing to the integration and upgrading of the automotive industry [5][6][11] - The successful split listing of United Power is expected to enhance the visibility and valuation of both the parent company and the subsidiary, fostering a clearer focus on their respective core businesses [4][10] Innovation and Growth - United Power has developed 26 core product technologies and holds 98 invention patents, demonstrating its commitment to technological leadership in the electric vehicle sector [3][5] - The company serves over 40 automotive manufacturers and 170 vehicle models, indicating its significant role in the industry and potential for future growth [11]