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 ...

Core Insights - The article highlights the emergence of Suzhou Huichuan United Power System Co., Ltd. as a key player in the Chinese electric vehicle (EV) industry, preparing for its IPO on the ChiNext board in 2025, showcasing the transformation of China's automotive industry from assembly to core technology output [1][13] - The shift in government policy in 2014 marked a turning point for the EV market, leading to significant growth in sales and establishing a new phase for Chinese manufacturing [2][3] - United Power's strategic focus on high-end technology and partnerships with major automotive brands has positioned it as a leader in the industry, despite challenges from price wars and competition [8][11] Industry Development - The Chinese EV market faced initial challenges post-2008 Olympics due to high costs and inadequate infrastructure, but government initiatives in 2014 catalyzed a rapid increase in EV sales, surpassing one million units within five years [2][3] - The supply chain has evolved, with leading companies like CATL and Tianqi Lithium emerging in upstream sectors, while midstream firms like Huichuan Technology and United Power penetrate the EV market [3][4] Company Strategy - United Power has chosen to focus on the mainstream MEB platform, avoiding low-end markets, which reflects its commitment to high-quality technology and collaboration with domestic automakers [3][4] - The company has invested significantly in R&D, totaling 2.106 billion yuan, resulting in numerous patents and participation in national standards, establishing itself as a benchmark in the industry [5][6] Financial Performance - United Power has demonstrated a remarkable financial turnaround, moving from a loss of 179 million yuan in 2022 to a net profit of 936 million yuan in 2024, with revenues soaring from 5.027 billion yuan to 16.178 billion yuan [11][12] - The company's gross margins for its power and drive systems are significantly higher than the industry average, indicating strong profitability despite competitive pressures [7][11] Market Position - United Power's client roster includes major players in the EV sector, such as Li Auto and Xiaomi, which underscores its strong market presence and brand credibility [8][9] - The company holds leading market shares in various product categories, including 10.7% in electric control products and 10.5% in motors among third-party suppliers [11][12] Future Outlook - The upcoming IPO is seen as a validation of United Power's brand influence and scale effects, which are expected to drive further growth and innovation in the EV supply chain [13] - The company is well-positioned to capitalize on the increasing demand for EVs and the need for flexible, high-quality supply chain solutions amid rising competition [12][13]