Core Viewpoint - Goer Group's subsidiary, Goer Optical, has completed a significant capital increase of 277 million yuan to enhance its financial health and support long-term development in the consumer electronics market, which is showing signs of recovery [1][2]. Group 1: Capital Increase and Ownership Structure - Goer Optical's registered capital increased from 982 million yuan to 1.059 billion yuan after the capital increase [2]. - Following the capital increase, Goer Group's ownership in Goer Optical decreased from 61.1022% to 56.6560%, while still remaining the controlling shareholder [2]. - Key stakeholders, including the chairman and major shareholders, participated in the capital increase, maintaining significant ownership stakes [2]. Group 2: Production Capacity and Technological Development - The capital increase will fund the addition of two fully automated optical module production lines, expected to boost production capacity by 30% [2]. - Goer Group has established multiple optical research and development centers, creating a comprehensive technology layout covering XR optical components, micro-projection, and automotive HUDs [3]. - The company has made strategic acquisitions, such as the purchase of Yuguang Technology, to enhance its capabilities in micro-nano optical devices and overall solutions for smart devices [3]. Group 3: Financial Performance and R&D Investment - In 2024, Goer Group reported revenue of approximately 100.95 billion yuan, a year-on-year increase of 2.41%, and a net profit of about 2.665 billion yuan, up 144.93% [5]. - For Q1 2025, the company achieved revenue of 16.305 billion yuan and a net profit of 469 million yuan, reflecting a year-on-year growth of 23.53% [5]. - R&D expenses for Q1 2025 reached 1.096 billion yuan, marking a 32.83% increase compared to the previous year, positioning the company as a leader in R&D spending among consumer electronics firms [1][7].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Technology), a leading Chinese HUD manufacturer valued at 2.585 billion RMB, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting the growing demand for HUD solutions in the smart automotive sector [1][30]. Group 1: Company Overview - Zejing Technology has captured approximately 16.2% of the domestic HUD market, ranking second among solution providers [1][15]. - The company has established partnerships with major automotive manufacturers in China, including NIO, Li Auto, Xiaomi, BYD, Chery, Geely, FAW, GAC, BAIC, and Changan [1][12]. - Founded in 2015 by two brothers, Zejing Technology has rapidly grown to become a key player in the HUD industry, leveraging their extensive experience in automotive electronics [24][26]. Group 2: Product and Technology - The primary products offered by Zejing Technology include W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD), with the latter being the latest generation of HUD solutions [4][6]. - The company’s HUD solutions are designed to enhance driving safety and convenience by projecting critical information directly into the driver's line of sight [2][6]. - Zejing Technology's CyberLens and CyberVision products have been integrated into various vehicle models, showcasing their adaptability and technological advancements [8][10]. Group 3: Financial Performance - From 2022 to 2024, Zejing Technology's HUD solution sales are projected to grow from 175,700 units to 624,600 units, reflecting a significant increase in demand [13]. - The company's total revenue is expected to rise from 214 million RMB in 2022 to 578 million RMB in 2024, with a compound annual growth rate of 64.3% [15]. - The gross profit margin has improved from 22.6% in 2022 to 27.3% in 2024, driven by effective cost control and increased operational efficiency [20][18]. Group 4: Market Trends - The global automotive HUD market, particularly in China, is experiencing rapid growth, with the market size expected to increase from 1 million units in 2020 to 3.9 million units by 2024, representing a compound annual growth rate of 41.2% [31][32]. - Domestic manufacturers have significantly increased their market share from 16.7% in 2020 to 79.2% in 2024, indicating a shift in the competitive landscape [36]. - The top five suppliers in the Chinese HUD market collectively hold a 66.5% market share, with four of them being domestic companies [37].

Core Viewpoint - Zhejing Electronics is seeking to go public on the Hong Kong Stock Exchange, focusing on smart cockpit visual and interaction solutions, despite facing continuous losses and high debt levels [2][3]. Group 1: Company Overview - Zhejing Electronics specializes in HUD (Head-Up Display) solutions, including CyberLens and CyberVision, providing comprehensive solutions to automotive manufacturers [2]. - The company has seen revenue growth from 214 million yuan in 2022 to 578 million yuan in 2024, but has incurred cumulative net losses of 577 million yuan over three years [5][11]. Group 2: Financial Performance - The company reported revenues of 214 million yuan, 549 million yuan, and 578 million yuan for the years 2022, 2023, and 2024, respectively, while losses were approximately 256 million yuan, 175 million yuan, and 138 million yuan [5][11]. - Zhejing Electronics' asset-liability ratio was high, recorded at 246%, 213.8%, and 215.6% for the respective years, with total liabilities increasing from 820 million yuan to 1.674 billion yuan [6][11]. Group 3: Market Position - Zhejing Electronics ranked second in the Chinese HUD solution market in 2024, holding a market share of 16.2%, with notable clients including Li Auto, NIO, BYD, Xiaomi, Chery, and Geely [3][5]. - The market for vehicle HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units in 2024, with a compound annual growth rate of 41.2% [5]. Group 4: Investment and Valuation - The company's valuation has increased significantly from 60 million yuan in 2017 to 2.585 billion yuan in 2024, marking a nearly 42-fold increase [8]. - Zhejing Electronics has attracted investments from notable entities, including Lei Jun's Shunwei Capital, and has a history of multiple funding rounds [10]. Group 5: Risks and Challenges - The company faces high customer concentration risk, with the top five clients accounting for over 90% of total revenue during the reporting period [11]. - Zhejing Electronics has experienced increasing trade receivables, with turnover days extending from 102.2 days in 2022 to 140.5 days in 2024 [11].

星标 ★ IPO日报 精彩文章第一时间推送 靠着兄弟齐心，仅仅十年，就把一个企业做到赴港股上市，更是吸引一汽投资、长江投资等知名机构不顾企业尚未盈利也要参股，企业最新一轮融 资的估值超过25亿元。 江苏泽景汽车电子股份有限公司（下称"泽景电子"）就是这样一家企业——哥哥张涛在汽车电子行业深耕20年，弟弟张波在电子科技及管理方面拥 有逾20年经验，强强联合进军人车交互与智能驾驶领域，2024年实现5.78亿元收入。它的客户包揽蔚来、奇瑞、小米汽车、北汽等知名车企，是 中国第二大 车载HUD（Head-up-Display，意为抬头显示系统） 解决方案供应商。 近日，泽景电子趁着智驾的东风，向资本市场又迈出了一步——向港交所提交上市申请，拟香港主板上市，海通国际、中信证券为其联席保荐人。 IPO日报注意到，泽景电子近三年连续亏损，累计亏损5.77亿元，负债总额同样接连走高，两年增长一倍多， 2024年资产负债率高达215.6%，充 满想象力的未来仍然面临着盈利问题的重压。 制图：佘诗婕 两兄弟"强强联手" 资料显示，泽景电子成立于2015年，彼时，泽景电子第一台HUD原型机经过四年研发即将问世，第一款HUD样件也 ...

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源丨Midjourney 江苏扬州仪征市（扬州市代管县级市），正冲出一家IPO。 2024年，以销售量计，这家公司是中国第二大车载HUD（抬头显示）解决方案供应商，客户涵盖了蔚 来、小米、理想、吉利、北汽、奇瑞、一汽、长安、比亚迪、丰田等几乎市面上的主流品牌，不仅如 此，上汽、一汽、北汽、吉利等还是其投资方，可谓是汽车厂商们联手捧出了一个IPO。 其创始人是两兄弟，联手创业了10年，如今终于走到了IPO的大门前。 兄弟俩创业押中风口 干出全国第二 张波此前曾对创业邦讲述过他的创业经历。其背后，是一对兄弟联手创业的故事。 弟弟张波毕业于西安邮电学院计算机软件专业，2007年辞去微软的技术支持工程师职位，踏上创业之 路。期间，做过软件，也涉足过专用电子产品，效果不尽如人意。不过，凭借技术背景的优势，张波毅 然决定深耕研发，通过打磨差异化产品，逐步构建起技术护城河。 哥哥张涛毕业于西安交通大学工业自动化专业，职业履历十分亮眼。他曾在上汽 ...

随着座舱视觉交互场景逐渐智能化，HUD作为智能驾驶第一屏，可谓在高端、中低端市场实现多维扩容——即车载HUD 在高端汽车市场逐步标配化，同时亦加速渗透中低端汽车市场。 在此背景下，国内车载HUD解决方案龙头之一的泽景汽车电子股份有限公司(以下简称"泽景汽车电子")于5月9日也正式向 港交所主板提交上市申请，海通国际、中信证券为其联席保荐人。 该公司是中国创新智能座舱视觉、交互解决方案的先行者和领导者，提供以公司的挡风玻璃HUD(以下简称"W-HUD")解决 方案CyberLens及公司的增强现实HUD(以下简称"AR-HUD")解决方案CyberVision为主，以测试解决方案和其他创新视觉技 术解决方案为辅的综合解决方案。 据悉，泽景汽车电子一旦成功上市，将有望成为继华阳集团之后二级市场上又一家以高清抬头显示为主营业务的智能座舱 企业。 随着消费者对智能汽车配置和体验的需求快速提升，泽景汽车电子作为国内创新智能座舱视觉、交互解决方案的一大佼佼 者，业务规模自然也"水涨船高"。 据招股书披露，近年来泽景汽车电子已实现强劲收入增长，收入由2022年的2.14亿元增至2023年的5.49亿元，再到2024年 的5 ...

北京园区选址在顺义区李遂镇，总占地面积约2500亩，聚焦"汽车电子、汽车智能、汽车品质"三大细分 领域，建设核心零部件厂房、综合服务中心、展览展示中心、检验检测中心等产业空间，拓展智慧物 流、自动驾驶等应用场景，打造集研发、生产、测试、生活于一体的全产业链生态。生态港顺义园首期 建设的汽车核心零部件标准厂房项目和研发服务中心项目已于3月15日开工。 截至目前，生态港顺义园重点推进项目20余个，主线科技、孔辉科技、泽景电子、芯合电子、元橡科技 等9个项目完成签约，涵盖智能驾驶、空气悬架、线控底盘、车载HUD、汽车芯片、车载双目模组等核 心零部件领域。此外，京津冀国家技术创新中心智能网联新能源汽车创新中心已在顺义挂牌成立，并启 动全国颠覆性技术创新大赛智能网联新能源汽车锦标赛。 京津冀智能网联新能源汽车科技生态港是落实京津冀协同发展国家战略，加快推进"六链五群"产业协同 发展，促进产业结构优化调整，保障供应链韧性和安全水平的重点项目。京津冀三地按照"统一规划、 协同招商、同步建设"工作思路，规划建设汽车零部件产业集中承载空间，分别建设一个园区。 新京报讯 据"北京顺义"微信公众号消息，5月12日，京津冀三地党政主 ...

2024 年收入增长23.7%，归母净利润增长71.6%。公司发布2024 年年报，2024年营业收入62.78 亿元 (YoY 23.67%)，收入规模再创历史新高，产品和市场结构不断优化；归母净利润10.30 亿元(YoY 71.57%)，扣非归母净利润9.55亿元(YoY 82.84%)，毛利率31.09%(YoY 3.28pct)，净利润大幅增长，盈利 能力持续增强。对应公司4Q24 营业收入15.68 亿元(YoY 2.70%)，归母净利润1.68 亿元(YoY 3.63%)，扣 非归母净利润1.25 亿元(YoY -20.64%)，毛利率29.65%(YoY -0.05pct)。 2025 年一季度收入增长10.2%，归母净利润增长23.7%。1Q25 公司营业收入14.82 亿元(YoY 10.20%， QoQ -5.46%)，归母净利润2.21 亿元(YoY 23.67%，QoQ 31.22%)，扣非归母净利润2.07 亿元(YoY 22.17%，QoQ 66.06%)；毛利率27.95%(YoY 3.95pct，QoQ -1.70pct)。 光学元器件加大产品开发力度，携手大客户创新升级。2 ...