Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (stock code: 301656) has officially listed on the Shenzhen Stock Exchange's ChiNext board, aiming to become a global leader in intelligent electric vehicle components and solutions [1] Industry Overview - The automotive industry is a key area in China's modernization efforts, with new energy vehicles (NEVs) being a strategic direction for development, enhancing manufacturing competitiveness and contributing to global green development [1][3] - Since the 18th National Congress, China has established a national strategy for NEV development, implementing over 70 supportive policies, leading to significant historical achievements in the industry [3] Company Development - United Power focuses on technological innovation in core components of NEVs, achieving self-research and large-scale application of key parts and software algorithms, thus enhancing the localization rate of upstream components [4][6] - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, holding 98 invention patents and 407 utility model patents, and has participated in numerous national-level research projects [7] Market Position - United Power has a strong market presence, with its electric control products holding approximately 10.1% market share, electric motor products at 11.3%, and drive assembly products at 7.1% in the Chinese NEV market [8] - The company has established deep cooperation with 8 out of the top 10 NEV manufacturers in China and is one of the earliest domestic suppliers to achieve large-scale exports to international mainstream automotive manufacturers [8][9] Financial Performance - From 2022 to 2024, United Power has developed hundreds of electric drive system solutions for over 40 customers, with cumulative shipments exceeding 7.7 million units, significantly outpacing industry growth [9] - The company plans to use IPO proceeds for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and support the growth of China's NEV industry [9] Future Outlook - United Power aims to continue focusing on core technological innovation and global development, contributing to high-quality development of China's NEV sector and supporting national energy security and carbon neutrality goals [9]

国泰海通证券股份有限公司党委书记、董事长朱健先生致辞 苏州市委副书记、市长吴庆文先生致辞 苏州汇川联合动力系统股份有限公司董事长李俊田先生致辞 联合动力董事长李俊田在致辞中回顾了公司九年来的发展历程，强调公司多次承担和参与国家重点研发计划和技术重大专项，主导或参与超过20项国家标 准制定，引领行业进行关键技术的攻关突破。他表示，上市是公司发展新起点，未来将以全球化、全产业链发展事业布局新产品、新技术、新工艺，促进 中国新能源汽车高质量发展，为更好地实现全球"双碳"与国家能源安全战略目标而奋斗。 9月25日，苏州汇川联合动力系统股份有限公司(股票简称：联合动力，股票代码：301656)正式在深圳证券交易所创业板挂牌上市。 苏州汇川联合动力系统股份有限公司成立于2016年9月30日，自设立以来持续专注于新能源汽车动力系统的研发、生产、销售及服务，始终致力于成为全 球领先的智能电动汽车部件及解决方案提供商，逐步实现了产品的全平台覆盖、集成化设计、高压化适配、全球化功能。其产品涵盖了电驱系统(电控、 电机、三合一/多合一驱动总成)和电源系统(车载充电机、DC/DC转换器、二合一/三合一电源总成)等动力系统核心部件。 ...

9月15日消息，交易所公告称，联合动力今日申购，申购代码：301656，发行价格：12.48元/股，顶格 申购需配市值40.00万元。昊创瑞通中签号出炉，网上发行中签号23124个。友升股份公布中签率，网上 发行最终中签率为0.0276%。 【今日申购】 联合动力今日申购 顶格申购需配市值40.00万元 交易所公告，联合动力申购，申购代码：301656，本次公开发行股份28857.49万股，发行价格：12.48 元/股，单一帐户申购上限4.00万股，顶格申购需配市值40.00万元。 公司简介： 2016年9月30日,公司前身苏州汇川联合动力系统有限公司成立。 2023年6月19日,公司名称 由"苏州汇川联合动力系统有限公司"更名为"苏州汇川联合动力系统股份有限公司"。 主营业务：公司致力于成为全球领先的智能电动汽车部件及解决方案提供商,主要产品包括电驱系统(电 控、电机、三合一/多合一驱动总成)和电源系统(车载充电机、DC/DC转换器、二合一/三合一电源总成) 等动力系统核心部件。 【中签号及缴款】 昊创瑞通中签号出炉 共计23124个 【中签率】 据交易所公告，昊创瑞通披露中签结果，中签号码共有23124个 ...

Core Viewpoint - The successful listing of Suzhou United Power System Co., Ltd. on the Shenzhen Stock Exchange's Growth Enterprise Market reflects strong market interest in leading companies within the new energy power system sector, with the stock price surging 174.04% on its debut [2]. Group 1: Company Overview - United Power was established on September 30, 2016, focusing on the research, production, sales, and service of new energy vehicle power systems, aiming to become a global leader in intelligent electric vehicle components and solutions [9]. - The company has achieved comprehensive product coverage, integrated design, high-voltage adaptation, and global functionality, with core components including electric drive systems and power systems [9]. Group 2: Financial Performance - United Power has demonstrated significant growth, with a compound annual growth rate (CAGR) of 80% in operating revenue over the past three years, and its main products hold a market share ranking in the top two of the industry [6]. Group 3: Strategic Vision - The company aims to leverage its listing as a new starting point for growth, focusing on global and full industry chain development, introducing new products, technologies, and processes to promote high-quality development in China's new energy vehicles [8]. - United Power is committed to contributing to global carbon neutrality and national energy security strategies through its innovations and industry leadership [8]. Group 4: Government Support - The Suzhou government emphasizes the importance of corporate listings as a key driver for high-quality economic development, with a total of 225 A-share listed companies in the city, ranking fifth nationwide [4].

Group 1 - The company aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components such as electric drive systems and power systems [2] - As of the signing date of the prospectus, Shenzhen Inovance Technology Co., Ltd. holds 94.51% of the company's shares, making it the controlling shareholder [2] - The company plans to raise approximately 485.71 million yuan for projects related to the production of core components for new energy vehicles, R&D center construction, digital system development, and working capital [3][4] Group 2 - The initial public offering (IPO) price is set at 12.48 yuan per share, with an expected total fundraising amount of approximately 360.14 million yuan, after deducting estimated issuance costs [3][4] - The actual net fundraising amount is expected to be around 353.21 million yuan after accounting for estimated issuance expenses [4]

资料显示，联合动力主要产品包括电驱系统（电控、电机、三合一/多合一驱动总成）和电源系统（车 载充电机、DC/DC转换器、二合一/三合一电源总成）等动力系统核心部件。若本次发行成功，预计公 司募集资金总额约为36.01亿元，扣除预计发行费用约6934.16万元（不含增值税）后，预计募集资金净 额约为35.32亿元。 据了解，联合动力发行价格12.48元/股，投资者顶格申购需配市值40万元，公司发行市盈率32.87倍、行 业市盈率29.08倍。 北京商报讯（记者 马换换 实习记者 李佳雪）根据安排，联合动力（301656）将于9月15日启动申购。 ...

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has gained significant market attention following its successful IPO approval on the ChiNext board, marking a benchmark for spin-off listings in the A-share market due to its clear independent main business and leading market position [1] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates electric drive and power systems for new energy vehicles, showcasing a complete and independent product development, production, and sales system [3][4] - The company has achieved rapid revenue growth, with revenues of 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion from 2021 to 2024, reflecting a compound annual growth rate of approximately 79.39% [4][8] - As of May 2025, United Power has an order backlog of 78.59 billion, indicating strong short-term performance support [4] Group 2: Market Position - United Power holds a leading position in the new energy vehicle core component market, with a market share of approximately 10.7% for electric control products, 10.5% for motors, 6.3% for drive assemblies, and 4.5% for on-board chargers [5] - The company is recognized as the largest independent third-party power system supplier in China, which is a core support for its successful IPO [4][5] Group 3: Technological Leadership - United Power has invested heavily in R&D, with expenditures of 57.18 million, 62.56 million, and 90.84 million over the past three years, totaling 210.58 million [8] - The company has established a robust R&D team of over 1,800 personnel, with more than half holding master's or doctoral degrees, focusing on high-power density, high efficiency, and low noise technologies [8] - United Power has developed 26 core product technologies and 6 platform technologies, holding 98 invention patents and 407 utility model patents, achieving breakthroughs in key technologies such as IGBT/SiC power modules [8][9] Group 4: Industry Impact - The successful listing of United Power is expected to significantly influence the development of China's new energy vehicle industry chain, enhancing the domestic supply chain and promoting technological upgrades [9] - The company’s expansion and technological advancements are anticipated to stimulate regional economic growth and support the transformation of traditional industries [9]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has passed the initial public offering (IPO) review by the Shenzhen Stock Exchange, marking it as the 24th company approved for listing this year, with a focus on becoming a leading provider of intelligent electric vehicle components and solutions [1][2] Company Overview - The company primarily produces core components for power systems, including electric drive systems (electric control, motors, integrated drive assemblies) and power systems (on-board chargers, DC/DC converters, integrated power assemblies) [1] - As of the signing date of the prospectus, Huichuan Technology directly holds 94.51% of United Power, making it the controlling shareholder [1][2] IPO Details - United Power plans to publicly issue no more than 70,540,533 shares on the Shenzhen Stock Exchange, representing no less than 10% and no more than 25% of the total share capital post-issue [2] - The company aims to raise approximately 485.71 million yuan for projects related to the production of core components for new energy vehicles, research and development center construction, digital system development, and working capital [2] Market and Industry Context - The IPO review committee raised questions regarding the sustainability of United Power's revenue growth, considering the domestic new energy vehicle industry's development trends, policy changes, and the performance of its top five customers [3][4] - The company is expected to provide insights into its R&D expenditure and its ability to support future growth, especially in comparison to industry peers [3]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has successfully passed the IPO review on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 4.857 billion yuan to enhance its position as a leading provider of intelligent electric vehicle components and solutions [1] Group 1: Company Overview - The company focuses on electric drive systems and power systems, including core components such as electric control, motors, and onboard chargers [1] - United Power is a leader in the new energy vehicle power system industry, providing solutions to over 40 vehicle manufacturers and more than 170 vehicle models [1] - The company plans to deliver over 4.5 million power system products in 2024, participating in the entire lifecycle of new energy vehicles [1] Group 2: Market Position - In the passenger vehicle sector, the company holds approximately 10.7% market share in electric control products, ranking first among third-party suppliers [2] - The company also has a 10.5% market share in motors, ranking first among third-party suppliers, and a 6.3% share in drive assemblies, ranking fourth [2] Group 3: Financial Information - The company reported revenues of approximately 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were -180 million yuan, 186 million yuan, and 936 million yuan, indicating a significant turnaround in profitability [3] - As of the end of 2024, total assets are projected to be approximately 18.072 billion yuan, with equity attributable to shareholders at around 4.836 billion yuan [4]

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its IPO application on the ChiNext board, indicating a significant step towards public listing and capital raising for its operations in the electric vehicle components sector [1]. Group 1: Company Overview - The company specializes in providing intelligent electric vehicle components and solutions, including core power system components such as electric drive systems and power systems [4]. - The company was established in September 2016 and transitioned to a joint-stock company in June 2023, with a total share capital of 2,116,216,000 shares before the issuance [4]. - As of the end of 2024, the company employs a total of 8,366 people and has multiple subsidiaries both domestically and internationally [4]. Group 2: Shareholding Structure - Huichuan Technology directly holds 94.51% of the company's shares, making it the controlling shareholder [5]. - Mr. Zhu Xingming is the actual controller of the company through his control of Huichuan Technology, which indirectly controls 94.51% of the company's shares [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 502,703.07 million yuan, 936,540.28 million yuan, and 1,617,753.13 million yuan, showing a significant growth trend [7]. - The net profit attributable to the parent company for the same period was -18,823.32 million yuan, 15,819.36 million yuan, and 91,313.91 million yuan, indicating a turnaround from a loss to profitability [7]. Group 4: Key Questions from the Listing Committee - The listing committee raised questions regarding the impact of domestic new energy vehicle industry trends, policy changes, major customer performance, and supply chain developments on the company's revenue, gross margin, and net profit sustainability [8]. - There were inquiries about the company's R&D expenditure and its adequacy to support future growth, as well as comparisons with industry peers regarding product performance and pricing [8].