11月12日，江苏泽景汽车电子股份有限公司（下称"泽景电子"）向港交所提交上市申请，拟主板 IPO上市，海通国际与中信证券担任其联席保荐人。这是继其于2025年5月8日递表失效后的二次申请。 IPO日报注意到，中国HUD(抬头显示系统)解决方案"亚军"泽景电子近三年复合年均增长率高达 64.3%，吉利控股、顺为资本、一汽集团、北汽集团等知名投资方参股，但仍持续亏损。 累亏8.09亿元 据悉，泽景电子成立于2015年，专注于HUD研发，公司率先在中国市场推出自研HUD解决方案， 通过创新解决方案，推动智能座舱视觉、人车交互系统由2D至3D、AR变革及市场渗透。 根据咨询机构灼识咨询的资料，按2024年销量计算，泽景电子在中国HUD解决方案供货商中排名 第二，市场份额达16.2%。根据泽景电子招股书来推测，2024年以销量计，华阳集团（002906.SZ）在中 国车载HUD解决方案市场占比约23.3%，排名第一。 截至2025年5月31日，泽景电子合共服务了18家汽车主机厂客户，取得94个车型定点，涵盖多元化 且不断增长的车型管道，累计销量160万套。 需要指出的是，剔除权益股份的赎回负债公允价值亏损、股份支付开 ...

Core Viewpoint - Zhejing Electronics, a leading player in China's HUD (Head-Up Display) solutions, has submitted a second IPO application to the Hong Kong Stock Exchange after a previous attempt failed in May 2025. The company has shown significant growth but continues to incur losses [1][5]. Group 1: Company Overview - Zhejing Electronics was established in 2015 and focuses on the research and development of HUD solutions, being the first in China to launch self-developed HUD solutions [4]. - The company has achieved a compound annual growth rate (CAGR) of 64.3% over the past three years, with notable investors including Geely Holding, Shunwei Capital, and major automotive groups [1][5]. - As of May 31, 2025, Zhejing Electronics has served 18 automotive OEM clients and secured 94 model designations, with cumulative sales reaching 1.6 million units [5]. Group 2: Financial Performance - Zhejing Electronics reported revenues of 214 million yuan, 549 million yuan, 578 million yuan, and 262 million yuan for the years 2022 to 2024 and the first five months of 2025, respectively, with a CAGR of 64.3% during this period [5]. - The net losses for the same periods were 256 million yuan, 175 million yuan, 138 million yuan, and 240 million yuan, totaling a cumulative loss of 809 million yuan [3][5]. - Adjusted losses, excluding certain financial impacts, showed a narrowing trend, with figures of 79.1 million yuan, 13.3 million yuan, 7.1 million yuan, and 1.6 million yuan [5]. Group 3: Market Position and Growth Potential - According to market research, Zhejing Electronics holds a 16.2% market share in China's HUD solutions market, ranking second behind Huayang Group, which has a 23.3% share [4][7]. - The market for automotive HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [7]. - Globally, W-HUD remains the mainstream solution, while AR-HUD is expected to drive future growth, with sales projected to increase significantly from 200,000 units in 2024 to 760,000 units by 2029 [8]. Group 4: IPO and Future Plans - The upcoming IPO aims to raise funds for production line expansion, automation upgrades, and enhancing R&D capabilities, as well as potential strategic collaborations in related fields [8]. - The company plans to leverage its technological advantages to expand both domestically and internationally, targeting collaborations with local and overseas automotive manufacturers [8].

据港交所11月12日披露，江苏泽景汽车电子股份有限公司(下称：泽景电子)递表港交所主板，海通国际、中信证券为其联席保荐人。该公司曾于2025年5月9 日递表港交所。招股书显示，泽景电子致力于HUD解决方案的研发。 招股书提到，于往绩记录期间，泽景电子提供以挡风玻璃HUD(简称"W-HUD")解决方案CyberLens及增强现实HUD(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。公司在解决方案定义阶段与主机厂深度合作共创，带来人车交互与智能驾驶体验更 加深入的新车型。 泽景电子采取软硬一体的方式构建了一体化全流程自研技术架构，集光学设计、机械工程、电子设计、软件算法和人机界面(HMI)于一体，并经过严格测试 验证，涵盖了HUD解决方案的核心能力，具备创造可持续市场差异化的独特能力。 光学设计方面，泽景电子具备完善的光路布局与光学设计能力，通过自主开发的核心算法插件，实现了对光学系统的精准分析和优化。此外，该公司能够进 行动态畸变可视化、杂散光仿真和阳光倒灌仿真等复杂分析。 机械工程方面，泽景电子通过在车辆有限的空间内对各个系统结构的最佳 ...

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. is pursuing an IPO in Hong Kong, facing challenges such as losses, high asset-liability ratio, and pressure from downstream clients for price reductions [1][5]. Group 1: Financial Performance - The main product, HUD solutions, has seen a continuous decline in average price from 974.31 RMB in 2022 to 865.47 RMB in 2024, while the gross margin has improved from 22.6% in 2022 to 27.3% in 2024 [2][3]. - The sales volume of HUD solutions increased significantly from approximately 17.57 thousand units in 2022 to 62.46 thousand units in 2024, representing a growth of 2.55 times [2][3]. - Despite the increase in sales volume, the company's labor costs decreased by 12.82% in 2024, amounting to 25.33 million RMB [3]. Group 2: Market Position - Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers as of 2024 [3]. - The revenue growth rate slowed significantly from 156.6% in 2023 to 5.1% in 2024, indicating potential market challenges [3][5]. Group 3: Client Dependency and Revenue Sources - The top five clients contributed a substantial portion of the company's revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024 [4]. - Revenue from the top five clients decreased by 9.13% in 2024, amounting to 468 million RMB compared to 515 million RMB in 2023 [5]. Group 4: Challenges Ahead - The company has not achieved profitability during the reporting period, with an asset-liability ratio of 215.6% and a current ratio of only 41.2% as of 2024 [6]. - Trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [6]. - The company may face ongoing pricing pressure from automotive manufacturers, which could adversely affect its business and financial performance [7].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (hereinafter referred to as Zejing Electronics) is pursuing an IPO in Hong Kong, facing challenges such as continuous price declines in its main product, HUD solutions, while managing to improve its gross margin during the same period [1][3]. Group 1: Financial Performance - From 2022 to 2024, the sales revenue from HUD solutions is the primary income source for Zejing Electronics, with gross margins increasing from 22.6% in 2022 to 27.3% in 2024 [3][4]. - The average price of HUD solutions decreased from 974.31 RMB per unit in 2022 to 865.47 RMB in 2024, despite an increase in sales volume [6][7]. - The company achieved a significant increase in HUD solution sales volume, growing from approximately 175,700 units in 2022 to 624,600 units in 2024, representing a growth of 2.55 times [6][7]. Group 2: Cost Management - Despite the decline in average selling prices, Zejing Electronics managed to improve its gross margin through effective cost control and economies of scale, with raw material costs increasing at a slower rate than sales volume [7][8]. - In 2024, the company's labor costs decreased by 12.82% year-on-year, amounting to 25.33 million RMB, while sales volume of HUD solutions increased by 16.84% [8][9]. Group 3: Market Position and Challenges - As of 2024, Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers [9]. - The company's revenue growth rate significantly slowed from 156.6% in 2023 to 5.1% in 2024, attributed to a more cautious approach in securing long-term contracts and adjustments in client production plans [9][10]. - The top five customers contributed a substantial portion of Zejing Electronics' revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024, with a decline in sales revenue from these customers in 2024 [9][10]. Group 4: Financial Health - Zejing Electronics has not achieved profitability during the reporting period, with a debt-to-asset ratio of 215.6% and a current ratio of only 41.2% as of the end of 2024 [13][14]. - The company's trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [13][15].

Summary of Key Points Core Viewpoint The Hong Kong IPO market has seen significant activity from May 5 to May 11, with 8 companies submitting applications, 3 companies passing hearings, 1 company going public, and 3 companies listing. Group 1: IPO Applications - A total of 8 companies submitted IPO applications, including Zhongqi Yunlian, MIRXES, YS Intelligent, Xidi Zhijia, Tong Shifu, Zhejing Electronics, Zhongding Integration, and Fuyou Payment [2][3] - Zhongqi Yunlian, established in 2015, is a leading independent digital financial platform in China, with a projected revenue of 6.52 billion RMB in 2022, increasing to 9.91 billion RMB by 2024 [3] - MIRXES, founded in 2014, specializes in miRNA technology for disease screening, with projected revenues of approximately 177.59 million USD in 2022, growing to 202.83 million USD by 2024 [4][5] - YS Intelligent, focusing on AI-driven pharmaceutical solutions, has raised over 500 million USD from notable investors and has a post-money valuation of 1.33 billion USD [6] - Xidi Zhijia, a provider of autonomous driving solutions, reported revenues of 310.56 million RMB in 2022, expected to reach 410 million RMB by 2024 [7] - Tong Shifu, established in 2013, leads the copper cultural products market in China with a 35% market share, projecting revenues of 503 million RMB in 2022 [8] - Zhejing Electronics, a pioneer in smart cockpit solutions, reported revenues of approximately 214 million RMB in 2022, with expectations of growth [9] - Zhongding Integration, a provider of smart logistics solutions, reported revenues of approximately 1.643 billion RMB in 2022, with a projected increase [11] - Fuyou Payment, a digital payment technology platform, reported revenues of approximately 1.142 billion RMB in 2022, with growth anticipated [12] Group 2: Companies Passing Hearings - Heng Rui Pharmaceutical, a leading innovative pharmaceutical company, reported revenues of 21.275 billion RMB in 2022, expected to grow to 27.985 billion RMB by 2024 [13][14] - Ningde Times, a leader in battery manufacturing, is expected to raise between 4 billion to 5 billion USD in its IPO, with a market share of 37.9% in the global battery market by 2024 [15][16] - Jihong Co., a dual-driven company in cross-border e-commerce and paper packaging, reported revenues of 5.376 billion RMB in 2022, with growth expected [17] Group 3: IPO and Listings - Green Tea Group is set to launch its IPO, offering 168 million shares at a price of 7.19 HKD per share, with significant interest from cornerstone investors [18] - Boleton, listed on May 7, priced at 18 HKD per share, saw a closing price of 24.9 HKD, reflecting a 38% increase [19] - Hu Shang Ayi, listed on May 8, had an opening price of 190.6 HKD, closing at 158.4 HKD, a 40.03% increase from its issue price [20] - Jun Da Co., also listed on May 8, opened at 22.2 HKD and closed at 26.6 HKD, marking a 20.09% increase [20] Group 4: Market Developments - The Hong Kong Stock Exchange has launched a "Tech Company Fast Track" to facilitate IPO applications for technology and biotech companies, allowing for confidential submissions [21]