Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd. (referred to as United Power), has successfully broken through foreign brand technology barriers and achieved full-chain autonomy in the power system for electric vehicles, positioning itself as a leading independent third-party automotive powertrain supplier in China [1]. Group 1: Company Overview - United Power was established in September 2016 and has focused on the research, production, sales, and service of power systems for electric vehicles, aiming to become a global leader in intelligent electric vehicle components and solutions [2]. - The company emphasizes a customer-first approach and has participated deeply in the rapid development of China's electric vehicle industry since 2014, showcasing the transformation of the automotive supply chain from an "assembly factory" model to a "core technology output" model [2]. Group 2: Research and Development - United Power has invested heavily in R&D, with over 1,800 R&D personnel, more than 50% of whom hold master's or doctoral degrees, and has established multiple R&D centers in cities like Shenzhen and Suzhou [2]. - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, leading trends in high efficiency, high power density, and low noise in electric vehicle power systems, aligning its performance metrics with international standards [3]. Group 3: Market Position and Performance - In the first half of 2025, United Power is projected to hold approximately 10.1% market share in electric control products, 11.3% in motors, 7.1% in drive assemblies, and 5.1% in onboard chargers, ranking first among third-party suppliers in several categories [4]. - The company has established a diverse customer base, including domestic brands like Li Auto and Xiaomi, as well as international brands like Volvo and Audi, reflecting its strong product capabilities [4]. Group 4: Financial Performance - From 2021 to 2024, United Power's revenue has shown significant growth, increasing from 2.903 billion to 16.178 billion yuan, with a year-on-year revenue growth of 35.52% and a net profit growth of 38.38% in the first three quarters of this year [6]. - The company plans to use the funds raised from its IPO for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and sustainable growth [6]. Group 5: Strategic Vision - The listing of United Power marks the beginning of a new development phase, providing a model for other industry players to follow by leveraging independent innovation and capital market support to gain a competitive edge in the global market [7]. - The company aims to accelerate its growth and become a leading provider of intelligent electric vehicle components and solutions, contributing significantly to the development of China's electric vehicle industry [7].

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has successfully overcome foreign brand technology barriers and achieved full autonomy in the power system supply chain, positioning itself as a leading independent third-party automotive powertrain supplier in China, with aspirations to become a global leader in intelligent electric vehicle components and solutions [2][3]. Group 1: Company Overview - United Power was established in September 2016 and has focused on the research, production, sales, and service of power systems for new energy vehicles, aiming to become a global leader in intelligent electric vehicle components and solutions [3]. - The company has built a robust research and development (R&D) team of over 1,800 personnel, with more than 50% holding master's or doctoral degrees, and has established R&D centers in multiple locations including Shenzhen and Suzhou [3][4]. Group 2: Technological Advancements - United Power has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, leading the trends of "high efficiency, high voltage, high power density, and high compatibility" in the new energy vehicle power system sector [4]. - The company has achieved significant market share in the new energy vehicle sector, with approximately 10.1% in electric control products, 11.3% in motors, 7.1% in drive assemblies, and 5.1% in onboard chargers, ranking first among third-party suppliers in several categories [6]. Group 3: Financial Performance - From 2021 to 2024, United Power's revenue has shown exponential growth, reaching 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion respectively, with a year-on-year revenue increase of 35.52% in the first three quarters of this year [7]. Group 4: Capital Market Engagement - The company's recent IPO on the ChiNext board marks the beginning of a new development phase, with plans to raise funds for core component production, R&D center construction, and digital system projects, enhancing its competitive edge [8]. - The listing process has been supported by a transparent and efficient regulatory environment, which has facilitated the company's growth and governance [8].

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]