（本文原标题为 国家市场监督管理总局缺陷产品召回技术中心正高级工程师董红磊：监管创新护航智能网联汽车安全） 在汽车产业向智能化、网联化深度转型的关键期，产品质量安全的内涵与边界正被重新定义。从传统机械故障到软件缺陷，从单一车辆失效到批量网 联风险，智能网联汽车的质量安全监管面临前所未有的挑战。 近日，在第二十届中国经济论坛平行论坛——"展望'十五五' 巩固车优势"现场，国家市场监督管理总局缺陷产品召回技术中心正高级工程师董红磊， 以召回制度为切入点，围绕消费端关切、风险特征演变及监管政策创新三大维度，系统阐述了我国智能网联汽车质量安全监管的思考与实践，力图为"十 五五"期间智能网联汽车产业高质量发展筑牢安全屏障。 以召回筑牢安全防线 随着人工智能、大数据等技术在汽车领域的深度应用，汽车产品正加速向移动智能终端转型，这一变革不仅重塑了产业价值创造模式，也对质量安全 监管提出了全新要求。 董红磊表示，当前汽车产品的价值创造已从传统链式结构转变为以用户为核心的网状结构，用户在产品全生命周期中的作用愈发凸显，企业与用户的 关系也升级为基于持续运营的价值共生关系。这意味着产品质量安全不再局限于生产端的符合型标准，更要延 ...

Core Viewpoint - The article highlights the rapid advancements in China's automotive industry, particularly in driving assistance systems, showcasing key players like Hesai Technology, Horizon Robotics, and Zhuoyue Technology, which are driving innovation and competition in this sector. Group 1: Hesai Technology - Hesai Technology showcased its latest lidar technology at the World Robot Conference, emphasizing the importance of lidar as the "eyes" of autonomous vehicles, which helps in accurately detecting surroundings, especially in low-light conditions [6][9]. - The company has made significant progress in the lidar market, reducing prices from approximately 200,000-300,000 RMB to the thousand-yuan level, achieving over 99% cost reduction, thus making lidar accessible to more consumers [8][9]. - Hesai has become the global leader in lidar shipments, collaborating with multiple domestic car models and a top European manufacturer, while also leading the development of domestic lidar technology standards [9]. Group 2: Horizon Robotics - Horizon Robotics focuses on developing specialized computing chips for driving assistance systems, positioning itself as a key player in the smart automotive sector [10][12]. - The company launched the "Journey 2" chip, marking a significant milestone as China's first mass-produced vehicle-mounted intelligent computing chip, which is crucial for the domestic autonomous driving ecosystem [13]. - Horizon has achieved substantial production milestones, with over 10 million units shipped and partnerships with more than 400 vehicle models, reflecting its rapid growth and commitment to R&D, with annual investments exceeding 3 billion RMB [14]. Group 3: Zhuoyue Technology - Zhuoyue Technology aims to provide advanced driving assistance systems for both fuel and electric vehicles, emphasizing that driving assistance should not be exclusive to electric vehicles [15][16]. - The company has developed a comprehensive driving assistance system through extensive parameter optimization and collaboration with component suppliers, resulting in partnerships with 10 car manufacturers and over 30 mass-produced models [16]. - Zhuoyue's approach focuses on "human-machine co-driving," ensuring that the driving assistance system enhances safety and comfort without fully replacing human drivers [18].

Core Viewpoint - Daming Electronics Co., Ltd. is set to officially list on the Shanghai Stock Exchange on November 6, marking a significant step in its IPO process and reflecting its strong position in the automotive electronics sector [1] Company Overview - Daming Electronics has over 30 years of experience in the automotive electronics components field, serving major Chinese electric vehicle manufacturers such as Changan Automobile, BYD, SAIC, and FAW [1][2] - The company has evolved into a comprehensive solution provider for automotive body electronic control systems, with core products spanning five categories: driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2] Market Position and Competitive Advantage - Daming Electronics has established a robust customer base that includes nearly all major domestic automotive manufacturers and has successfully entered the supply chains of international brands like Ford and Toyota [3] - The company has accumulated 166 patents and invests 4% of its annual revenue in R&D, showcasing its commitment to innovation and quality [3] Financial Performance - From 2022 to the first half of 2025, Daming Electronics has shown continuous revenue growth, with revenues of 1.713 billion, 2.147 billion, 2.727 billion, and 1.297 billion respectively [5] - The company’s net profit has also increased, with figures of 143 million, 196 million, 279 million, and 112 million for the same periods [5] - In the first half of this year, the main business revenue grew by 11.24%, with a gross margin of 18.16%, comparable to industry averages [5] Product Segmentation - The revenue breakdown shows that driving assistance systems account for 28.3% of total revenue, followed by window control systems at 24.62%, and intelligent optoelectronic systems at 19.9% [5] - The cockpit central control system has the highest gross margin at 27.49%, while the driving assistance system follows with a gross margin of 22.86% [6] IPO and Fundraising - The IPO aims to raise approximately 400 million yuan, primarily for the construction of a new factory in Chongqing and to supplement working capital, addressing capacity constraints [7][8] - The company plans to optimize its asset structure and enhance its market share and technological advantages through the implementation of the fundraising projects [9] Future Development - Daming Electronics aims to deepen its operational framework in Wenzhou and Chongqing, leveraging regional automotive industry resources to meet future order demands [9] - The company’s evolution from a single product provider to a comprehensive solution supplier reflects the broader trend of domestic automotive parts localization in China [9]

Core Insights - C Daming (603376) experienced a significant increase of 413.55% on its first trading day, with a turnover rate of 83.68% and a transaction volume of 1.694 billion yuan [1] - The stock's first-day margin trading saw a buy amount of 56.8582 million yuan, accounting for 3.36% of the total trading volume, with a latest margin balance of 52.8289 million yuan, representing 2.64% of the circulating market value [1] - The company specializes in automotive electronic components, focusing on the design, development, production, and sales of automotive body electronic control systems, aiming to become a leading provider in the industry with world-class competitiveness [1] Financial Performance - On its debut, C Daming attracted a net inflow of 531 million yuan from major funds, with large orders contributing 227 million yuan and 305 million yuan respectively [1] - The top five trading departments on the stock's first day had a combined transaction volume of 212 million yuan, with a net buying amount of 1.1181 million yuan [1] Recent IPO Trends - The recent IPOs have shown varying first-day performance, with notable increases in stock prices for companies like C Daming and others, indicating a strong market interest in new listings [2]

Core Viewpoint - Daming Electronics successfully listed on the Shanghai Stock Exchange, marking a significant milestone in its development and a new starting point towards becoming a global leader in automotive electronic control systems [3][8]. Company Overview - Daming Electronics specializes in automotive electronic components, focusing on the design, development, production, and sales of body electronic control systems [3]. - The company has achieved full series product design autonomy and diversification in its offerings, establishing core production processes and industrialization [3]. Stock Market Performance - On its first trading day, Daming Electronics opened at 61.10 CNY per share, a 386.85% increase from the issue price of 12.55 CNY per share [3]. - The stock reached a peak of 75.80 CNY per share during the day, representing a 503.98% increase, and closed at 64.45 CNY per share, up 413.55% [3]. - The company's market capitalization exceeded 30 billion CNY at one point during its debut [3]. Product and Innovation - Daming Electronics' main products include driver assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [5]. - As of the signing date of the prospectus, the company and its subsidiaries held 166 patents, including 16 invention patents [5][6]. Partnerships and Market Position - The company has established stable partnerships with major domestic automotive manufacturers such as Changan Automobile, SAIC Group, FAW Group, BYD, and Geely, as well as foreign brands like Ford and Toyota [6]. - Daming Electronics has been recognized as a "specialized, refined, and innovative small giant" enterprise at the national level and has received various honors for its R&D capabilities [6]. Future Outlook - The chairman of Daming Electronics, Zhou Mingming, emphasized the company's commitment to strengthening R&D and optimizing product layout post-listing, aiming to enhance its core competitiveness [6][8]. - The company aspires to leverage the capital market to accelerate its growth and establish itself as a leading enterprise in the automotive electronic control field globally [6].

Core Viewpoint - The successful debut of Daming Electronics on the Shanghai Stock Exchange highlights the growing recognition of high-quality domestic automotive electronics suppliers, with a significant stock price increase of 413.5% on the first day of trading [1][2]. Company Overview - Daming Electronics, established in 1988, specializes in the research, development, production, and sales of automotive body electronic control systems, becoming one of the few companies in China with such expertise [1]. - The company's product line includes advanced driving assistance systems, cockpit control systems, intelligent optical systems, window control systems, and seat adjustment systems, forming a crucial part of modern automotive intelligence [1]. Client Network - Daming Electronics boasts a strong client base, including prestigious brands such as Mercedes-Benz, Volkswagen, Jaguar Land Rover, and General Motors, as well as major domestic brands like Changan, SAIC, BYD, Great Wall, and Geely [1]. - The company has successfully positioned itself within the supply chain of popular new energy vehicles, with its products featured in models from BYD, SAIC, FAW, and several other leading manufacturers [1]. Financial Performance - From 2022 to the first half of 2025, Daming Electronics reported revenues of 1.713 billion yuan, 2.147 billion yuan, 2.727 billion yuan, and 1.297 billion yuan, with corresponding net profits of 151 million yuan, 205 million yuan, 282 million yuan, and 114 million yuan [2]. - For the first three quarters of the current year, the company anticipates revenues of 2.147 billion yuan, reflecting a year-on-year growth of 19.73%, and a net profit of 203 million yuan, indicating a growth of 5.68% compared to the previous year [2]. Market Recognition - The impressive market performance of Daming Electronics upon its listing is a testament to the capital market's recognition of the value of domestic automotive electronics suppliers, supported by over thirty years of technological accumulation and a robust client network [2]. - The ongoing advancement of the automotive "new four modernizations" presents significant future growth opportunities for Daming Electronics as it continues to navigate the evolving landscape of the automotive industry [2].

Core Viewpoint - Daming Electronics Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a significant opening price increase and high trading volume, indicating strong market interest and investor confidence in the company’s automotive electronic components business [1] Company Overview - Daming Electronics specializes in automotive electronic components, providing comprehensive solutions for vehicle body electronic control systems, including products like driver assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [1] Shareholding Structure - The controlling shareholder of Daming Electronics is Daming Technology Co., Ltd., which holds 135.90 million shares, accounting for 37.75% of the total share capital before issuance. The actual controllers are Zhou Mingming, Wu Xianwei, and Zhou Yuan, who collectively control 83.50% of the company’s shares through direct and indirect holdings [2] IPO Details - Daming Electronics issued 40.01 million new shares at an initial price of 12.55 yuan per share, raising a total of 502.01 million yuan, with a net amount of 423.82 million yuan after deducting issuance costs. The funds will be used for the construction of a new plant project and to supplement working capital [4][5] Financial Performance - The company reported revenue and net profit figures for the years 2022 to 2024, showing a steady increase in revenue from 1.71 billion yuan in 2022 to 2.73 billion yuan in 2024, and net profit rising from 150.66 million yuan to 282.10 million yuan during the same period. The net profit attributable to the parent company also showed growth, indicating a positive financial trajectory [5][6] - For the first nine months of 2025, Daming Electronics achieved a revenue of 2.07 billion yuan, a year-on-year increase of 15.57%, with a net profit attributable to the parent company of 192.84 million yuan, reflecting a slight increase of 0.32% compared to the previous year [9] Cash Flow and Dividends - The company’s cash flow from operating activities has shown improvement, with net cash flow increasing from 59.35 million yuan in 2022 to 146.60 million yuan in 2024. The company has also consistently paid dividends, with total cash dividends amounting to approximately 288 million yuan from 2019 to 2022 [6][8]

Core Viewpoint - N Daming (603376) debuted today with a significant opening increase of 386.85%, which further expanded to 433.15% by midday, indicating strong market interest and investor confidence in the company's potential [2] Company Overview - N Daming specializes in the automotive electronic components sector, focusing on the design, development, production, and sales of automotive body electronic control systems [2] - The company's main products include driver assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2] - N Daming aims to become a leading provider in the industry with world-class competitiveness in automotive body electronic control system solutions [2] Financial Highlights - The total number of shares issued in this IPO was 40.01 million, with an online issuance of 22.40 million shares at a price of 12.55 yuan per share [2] - The issuance price corresponds to a price-to-earnings ratio of 17.97, compared to the industry average of 30.42 [2] - The final online subscription rate was 0.02516657%, and the total fundraising amount was 502 million yuan, primarily allocated to the new factory project (Phase II) of Daming Electronics (Chongqing) Co., Ltd. and to supplement working capital [2]

Core Viewpoint - Daming Electronics Co., Ltd. has officially listed on the Shanghai Stock Exchange, showcasing strong growth in the automotive electronics sector with a compound annual growth rate (CAGR) of 27.04% in revenue and 37% in net profit from 2022 to 2024 [1][2]. Group 1: Company Overview - Established in 1989, Daming Electronics specializes in automotive electronic components, providing comprehensive solutions in design, development, production, and sales [2]. - The company’s main products include driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems, which contribute significantly to revenue and profit [2][3]. Group 2: Client Relationships - Daming Electronics has established stable partnerships with major domestic automotive manufacturers such as Changan Automobile, SAIC Motor, FAW Group, BYD, and others, with sales to the top five clients accounting for over 58% of total sales during the reporting period [3]. - The company’s reliance on a single major client has decreased, indicating a more balanced customer structure [3]. Group 3: Financial Performance - Revenue figures for 2022, 2023, and 2024 were reported at 1.713 billion, 2.147 billion, and 2.727 billion yuan, respectively, with year-on-year growth rates of 15.59%, 25.32%, and 26.99% [3]. - Net profit for the same years was 151 million, 205 million, and 282 million yuan, with growth rates of 51.77%, 36.38%, and 37.29% [3]. Group 4: Future Growth Strategies - The company plans to expand production capacity to meet increasing demand, with 3 billion yuan of the IPO proceeds allocated for capacity construction [4]. - Daming Electronics is actively entering the new energy vehicle sector, enhancing product value and profitability through advanced technology applications [5]. - The establishment of overseas subsidiaries in Hong Kong and Thailand indicates potential for international revenue growth [5]. Group 5: Operational Efficiency - Daming Electronics has consistently outperformed peers in return on assets (ROA), with figures of 10.85%, 12.45%, and 13.99% from 2022 to 2024, surpassing the industry average [6][8]. - The company maintains a lower sales expense ratio and management expense ratio compared to competitors, contributing to its profitability [14][17].

Core Viewpoint - N Daming has been listed today with an opening price of 61.10 yuan, representing an increase of 386.85% from its issue price of 12.55 yuan [2] Company Overview - N Daming specializes in the automotive electronic components sector, focusing on the design, development, production, and sales of automotive body electronic control systems [2] - The company's main products include driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2] - N Daming aims to become a leading provider in the industry with world-class competitiveness in automotive body electronic control system solutions [2] Financial Highlights - The total number of shares issued by N Daming is 40.01 million, with 22.40 million shares offered online [2] - The issuance price was set at 12.55 yuan per share, with an issuance price-to-earnings ratio of 17.97, compared to the industry average of 30.42 [2] - The total funds raised from the initial public offering (IPO) amount to 502 million yuan, primarily allocated to the new factory project of Daming Electronics (Chongqing) Co., Ltd. (Phase II) and to supplement working capital [2] Recent IPO Performance - N Daming's first-day performance is notable, with a significant increase compared to other recent IPOs in various sectors, such as C Fengbei and Danna Biology, which had first-day increases of 169.50% and 447.95%, respectively [2][3]