以下文章来源于创业邦 ，作者巴里 创业邦 . 创业邦，国际创新生态服务平台。我们致力于打造全球化的创业生态，深度服务创新经济及其推动者，并为创业者提供一站式解决方案。 导语：对高通芯片的深度依赖，使其命脉系于单一供应商。 在智能汽车浪潮中，如果说电池是心脏，那么智能座舱域控制器无疑是汽车的"大脑"。这个赛道正以惊人的速度膨胀，成为一个规模近千亿、年 复合增长率超过30%的黄金战场。 根据弗若斯特沙利文的资料，按收入计，2024年在中国智能座舱域控制器领域位居全国第二。同时截至今年上半年，其基于高通骁龙SA8155P 芯片的域控出货量位居全球第一，累计出货量超200万台。 这业绩的背后， 是由一位深耕汽车行业三十余年的"老炮"杨泓泽，带领团队用三次近乎"自杀式"的战略豪赌换来的。 支持车联天下的，则是多 家产业与地方投资机构， 不仅有北汽、奇瑞、 吉利和蔚来资本等整车厂的订单加资本，还有无锡国资关键时刻的雪中送炭。 然而，市场瞬息万变，创业是永远进行时。车联天下正被来自巨头和其他成长型科技公司的竞争压力所包围。这不再是一场简单的供应商竞赛， 而是一场关于技术路线、产业链话语权与未来生态主导权的全面之争。 断臂求 ...

中经记者 方超 石英婧 上海报道 在智能化席卷汽车行业的情形下，智能座舱企业今年以来也掀起IPO热潮。 进一步研究可发现，近期智能座舱企业密集掀起IPO热潮，除了车联天下外，博泰车联（02889.HK）、 斑马智行、镁佳科技、四维智联等企业皆在谋求上市或已实现上市，以博泰车联为例，今年9月30日， 其在香港联合交易所主板正式挂牌上市。 竞相赴港上市的背后，智能座舱企业却难逃"亏损魔咒"，如在2022— 2024年期间，车联天下分别产生 净亏损5.14亿元、2.01亿元、2.53亿元，也即三年时间亏损近10亿元。 "智能座舱行业技术迭代快，研发投入大，企业普遍处于亏损状态。"中国汽车流通协会专家委员会委员 章弘同时向记者表示，"亏损扩张"模式意味着行业已进入洗牌阶段。 密集赴港上市募资 随着智能座舱日益为消费者购车的核心考量之一，相关企业的资本市场动态也引发外界密切关注。 公开信息显示，智能座舱是汽车智能化的重要发展方向之一，其通过集成软、硬件技术，打造具备多模 态交互、个性化定制等特征的数字化车内空间。在汽车行业智能化潮流下，智能座舱行业迎来快速发 展。 盖世汽车研究院数据显示，2025年上半年，中国乘用车市 ...

Core Viewpoint - The company, Cheliantianxia, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to address funding bottlenecks while facing significant challenges related to its business model sustainability and high losses despite rapid revenue growth [1][7]. Group 1: Revenue Growth and Losses - Cheliantianxia's revenue surged from 369 million to 2.656 billion yuan from 2022 to 2024, marking a growth of over six times, with a notable 523.3% increase in 2023 due to the booming smart cockpit market [2][8]. - Despite high revenue growth, the company reported cumulative net losses of 968 million yuan, with losses in the first half of 2025 reaching 262 million yuan, exceeding the total losses of 2024 [2][8]. - The company's cash flow from operating activities has been negative, with net outflows increasing from 250 million yuan in 2022 to 1.011 billion yuan in 2024, indicating a lack of self-sustaining business capability [2][8]. Group 2: High R&D Costs and Low Profit Margins - The root cause of the losses is attributed to high R&D expenditures and low gross margins, with a gross margin of 16.2% in 2024, which, although improved from 9.5% in 2022, remains below industry averages [2][8]. - R&D expenses have consistently been high, while raw material costs increased by 17.5% in 2024 due to price hikes from suppliers like Bosch, further squeezing profit margins [2][8]. Group 3: Customer and Supply Chain Concentration Risks - The company faces significant risks due to extreme concentration in its customer base, with over 98% of revenue coming from the top five customers, and a single largest customer contributing nearly 60% [3][9]. - In 2024, revenue growth slowed to 15.6% due to weak sales from the largest customer, and revenue in the first half of 2025 declined by 0.7%, highlighting the adverse effects of customer concentration [3][9]. - The company's reliance on Bosch is critical, with 82.9% of purchases in 2023 and 80.3% in 2024 coming from them, which limits Cheliantianxia's bargaining power and supply chain autonomy [3][9]. Group 4: Industry Competition and IPO Challenges - Cheliantianxia operates in a highly competitive market, ranking second in China's smart cockpit domain, but faces challenges from competitors with stronger technological innovations [4][10]. - The IPO proceeds are intended for R&D and capacity enhancement, but the market is focused on whether the company can address three key challenges: profitability, customer structure optimization, and supply chain resilience [4][10]. - The company's debt ratio stands at 198.3%, with cumulative losses of 1.272 billion yuan, raising concerns about maintaining high valuations post-IPO if profitability is not quickly demonstrated [4][10]. Group 5: Conclusion on Value Reassessment - The IPO of Cheliantianxia represents a shift from scale expansion to quality survival in the smart automotive supply chain sector, revealing the real challenges faced by the industry after a period of enthusiasm [5][11].

Core Viewpoint - CarLink World has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for research and development in vehicle computing solutions and regional controllers, as well as to enhance its AI capabilities and international production capacity [1][3][6]. Financial Performance - CarLink World reported revenues of RMB 3.69 billion, RMB 22.98 billion, and RMB 26.56 billion for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of over 6 times in the past three years [8][14]. - In the first half of 2025, the company generated revenue of RMB 10.39 billion, which is roughly flat compared to RMB 10.47 billion in the first half of 2024, but it incurred a loss of RMB 2.62 billion, representing a year-on-year increase of approximately 334% compared to RMB 784 million in the same period of 2024 [11][14][47]. Product and Market Position - CarLink World is positioned as the second-largest player in the Chinese smart cockpit domain controller market by revenue in 2024, having provided solutions for 14 clients and secured over 100 model designations [6][28]. - The company’s product offerings include vehicle computing solutions and regional controller solutions, with a focus on smart cockpit domain controllers and integrated cockpit domain controllers [26][30]. Research and Development - The R&D expenditures for CarLink World were RMB 3.41 billion, RMB 4.07 billion, and RMB 3.68 billion for the years 2022, 2023, and 2024, respectively, accounting for 92.6%, 17.7%, and 13.8% of revenue [21][19]. - In the first half of 2025, R&D spending was RMB 1.42 billion, representing 13.7% of revenue [21]. Client and Supplier Relationships - CarLink World has established strategic partnerships with various domestic and international partners, including major automotive manufacturers such as Chery, GAC, and Geely, and has been involved in over 100 model production projects [35][36]. - The company’s top five clients accounted for 95.3%, 99.5%, 98.7%, and 99.2% of total revenue from 2022 to the first half of 2025 [36]. Shareholding Structure - The largest shareholder group includes Yang Hongze, who directly holds 12.75% of the company, along with other investors such as Bosch and NIO Capital [40][45].

Core Viewpoint - The company Cheliantianxia is applying for a listing on the Hong Kong Stock Exchange, aiming to raise capital despite ongoing losses and negative cash flow from operations [1][2]. Group 1: Company Overview - Cheliantianxia was established in 2014 and specializes in providing intelligent cockpit domain controllers, cockpit and driving integration domain controllers, and the Autosee OS software platform to automotive manufacturers [1]. - The company ranks second in China's intelligent cockpit domain controller market by revenue in 2024, according to Frost & Sullivan [1]. Group 2: Financial Performance - Cheliantianxia's revenue has increased sixfold over the past three years, from 369 million RMB in 2022 to 2.298 billion RMB in 2023, representing a year-on-year growth of 523.3%. The revenue is projected to reach 2.656 billion RMB in 2024, with a growth rate of 15.6% [1]. - However, the company has not achieved profitability, reporting net losses of 514 million RMB, 201 million RMB, and 253 million RMB for 2022, 2023, and 2024, respectively, totaling nearly 1 billion RMB in losses over three years [1]. - In the first half of 2025, the net loss significantly increased to 262 million RMB, compared to 78.4 million RMB in the same period last year [1]. Group 3: Cash Flow and Business Structure - The operating cash flow has been consistently negative, with net outflows of 250 million RMB, 697 million RMB, 1.011 billion RMB, and 335 million RMB for 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company attributes the negative cash flow to substantial investments in product development, technological innovation, and customer acquisition, with no assurance of generating positive cash flow from operations in the future [2]. - Cheliantianxia's product offerings primarily consist of in-vehicle computing solutions, with 100% of revenue in 2024 coming from this segment. The regional controller segment has not yet generated significant revenue, contributing only 227,700 RMB in 2025, accounting for 0.2% of total revenue [2]. Group 4: Customer and Supplier Concentration - The company has a high concentration of customers and suppliers, with the top five customers contributing over 95% of total revenue, and the largest customer accounting for more than 40% of revenue [2][3]. - Bosch, the largest supplier, accounts for approximately 80% of procurement expenses [2]. - Cheliantianxia's customer base includes major automotive manufacturers such as Geely, Chery, and GAC, with the number of customers increasing from 5 in 2022 to 14 in the first half of 2025 [3].

Core Viewpoint - CheLink Tianxia has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and Guotai Junan acting as joint sponsors [1] Company Overview - CheLink Tianxia is a pioneer and promoter in the evolution of automotive E/E architecture, offering a product portfolio that includes in-vehicle computing solutions and regional controller solutions [1] - The company provides intelligent cockpit domain controllers, cockpit and driving integration domain controllers, and the AutoseeOS software platform under its in-vehicle computing solutions [1] Market Position - According to Frost & Sullivan, CheLink Tianxia ranks second in the Chinese intelligent cockpit domain controller market by revenue in 2024 [1]

Group 1: Company Listings - Zhuochuang Information has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its global strategy and international influence as a leading provider of commodity information services in China, holding a market share of 10.6% in the industry [1] - Cheliantianxia has also filed for a listing on the Hong Kong Stock Exchange, positioning itself as a leader in automotive E/E architecture with a second-place ranking in the smart cockpit domain in China, which will support its technology iteration and customer expansion [2] - Longfeng Group has submitted its application to the Hong Kong Stock Exchange, recognized as the largest pharmaceutical retailer in Hong Kong with a market share of 5.2%, aiming to capitalize on the recovery of tourism retail in the region [3] - Qingsong Health has passed the listing hearing on the Hong Kong Stock Exchange and is preparing for its IPO, focusing on AI-driven health management tools, which aligns with the digital health trend [4] Group 2: Market Performance - The Hang Seng Index closed at 25,858.89, down by 0.34% on November 28 [5] - The Hang Seng Tech Index saw a slight increase of 0.02%, closing at 5,599.11 [5] - The National Enterprises Index decreased by 0.38%, ending at 9,130.18 [5]

Core Viewpoint - Wuxi CheLianTianXia Intelligent Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, indicating its position as a leader in the automotive E/E architecture evolution [1] Company Overview - CheLianTianXia is recognized as a pioneer, leader, and promoter in the automotive E/E architecture evolution [1] - The company's product portfolio includes in-vehicle computing solutions and regional controller solutions [1] Product Offerings - In the in-vehicle computing solutions segment, the company provides various options such as intelligent cockpit domain controllers, cockpit and driving integration domain controllers, and the AutoseeOS software platform [1] - According to Frost & Sullivan, the company ranks second in revenue in the Chinese intelligent cockpit domain controller market for 2024 [1]

Group 1 - The core viewpoint of the article is that Wuxi Autolink Intelligence Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, indicating its position as a leader in the automotive E/E architecture evolution [1] - The company is recognized as a pioneer and leader in the automotive E/E architecture, with a product portfolio that includes in-vehicle computing solutions and regional controller solutions [1] - According to Frost & Sullivan, the company ranks second in the Chinese smart cockpit domain by revenue in 2024 [1] Group 2 - The joint sponsors for the listing are CICC and Guotai Junan [3] - The details regarding the number of shares and pricing for the H shares are subject to adjustment based on the exercise of options [3] - The face value of each H share is denominated in Renminbi [3]

Core Viewpoint - CarLink World has submitted its listing application to the Hong Kong Stock Exchange, focusing on the automotive E/E architecture industry and providing comprehensive solutions for smart vehicles [2] Group 1: Business Development - CarLink World emphasizes hardware integration to simplify complexity by consolidating multiple ECUs into fewer high-performance platforms [2] - The company adopts a decoupled software and hardware approach to enhance efficiency, enabling continuous upgrades through OTA [2] - The user-centric design leverages AI technology to create proactive travel companions [2] Group 2: Product Matrix - The product offerings include in-vehicle computing solutions and regional controller solutions, with the intelligent cockpit domain controller being a key component [3] - According to Frost & Sullivan, CarLink World ranks second in revenue in China's intelligent cockpit domain controller market in 2024 [3] - The company achieved global firsts in launching and mass-producing intelligent cockpit domain controllers based on Qualcomm's Snapdragon platforms in 2021 and 2025 [3] Group 3: Customer and Ecosystem - CarLink World has established strategic partnerships with major companies like Bosch and Qualcomm, focusing on developing products compatible with mainstream SoC ecosystems [5] - As of June 30, 2025, the company has secured over 100 mass production projects for intelligent cockpit domain controllers across various vehicle models [5] - The number of customers served increased from 5 in 2022 to 14 in the first half of 2025, with over 2 million in-vehicle computing solutions delivered [5] Group 4: Financial Performance - The company's revenue grew from 369 million yuan in 2022 to 2.656 billion yuan in 2024, while gross profit increased from 35 million yuan to 430 million yuan in the same period [5] - Customer concentration remains high, with the top five customers accounting for 95.3% to 99.5% of revenue from 2022 to the first half of 2025 [5] - The procurement share from the top five suppliers ranged from 82.6% to 89.2%, indicating stable supply chain collaboration [5]