机构持仓方面，截止2025年9月30日，联合动力十大流通股东中，长城久嘉创新成长混合A（004666） 位居第八大流通股东，持股51.73万股，为新进股东。 责任编辑：小浪快报 融券方面，联合动力11月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，苏州汇川联合动力系统股份有限公司位于江苏省苏州市吴中区越溪天鹅荡路52号，成立日期 2016年9月30日，上市日期2025年9月25日，公司主营业务涉及公司致力于成为全球领先的智能电动汽车 部件及解决方案提供商,主要产品包括电驱系统(电控、电机、三合一/多合一驱动总成)和电源系统(车载 充电机、DC/DC转换器、二合一/三合一电源总成)等动力系统核心部件。主营业务收入构成为：电驱系 统86.85%，电源系统12.64%，其他(补充)0.43%，其他0.08%。 截至11月10日，联合动力股东户数7.08万，较上期减少3.89%；人均流通股2356股，较上期增加4.05%。 2025年1月-9月，联合动力实现营业收入145.25亿元，同比增长35.52%；归母净利润7.92亿元 ...

Core Viewpoint - The stock of United Power has experienced a decline of 8.22% year-to-date and 11.10% over the last five trading days, despite a recent increase of 2.05% on October 16, 2023, indicating potential volatility in the market [1]. Group 1: Company Overview - United Power, established on September 30, 2016, is located in Suzhou, Jiangsu Province, and aims to be a global leader in intelligent electric vehicle components and solutions [2]. - The company's main products include electric drive systems (controllers, motors, integrated drive assemblies) and power systems (on-board chargers, DC/DC converters) [2]. - Revenue composition shows that electric drive systems account for 86.85%, power systems for 12.64%, and other sources for 0.51% [2]. Group 2: Financial Performance - For the first half of 2025, United Power reported a revenue of 9.148 billion yuan, representing a year-on-year growth of 51.08% [2]. - The net profit attributable to shareholders for the same period was 549 million yuan, reflecting a significant year-on-year increase of 92.91% [2]. Group 3: Market Activity - As of October 16, 2023, United Power's stock price was 28.36 yuan per share, with a total market capitalization of 68.2 billion yuan [1]. - The stock has seen a net inflow of 1.4025 million yuan from main funds, with significant buying activity noted on September 25, 2023, when it reached a net purchase of 154 million yuan [1].

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (stock code: 301656) has officially listed on the Shenzhen Stock Exchange's ChiNext board, aiming to become a global leader in intelligent electric vehicle components and solutions [1] Industry Overview - The automotive industry is a key area in China's modernization efforts, with new energy vehicles (NEVs) being a strategic direction for development, enhancing manufacturing competitiveness and contributing to global green development [1][3] - Since the 18th National Congress, China has established a national strategy for NEV development, implementing over 70 supportive policies, leading to significant historical achievements in the industry [3] Company Development - United Power focuses on technological innovation in core components of NEVs, achieving self-research and large-scale application of key parts and software algorithms, thus enhancing the localization rate of upstream components [4][6] - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, holding 98 invention patents and 407 utility model patents, and has participated in numerous national-level research projects [7] Market Position - United Power has a strong market presence, with its electric control products holding approximately 10.1% market share, electric motor products at 11.3%, and drive assembly products at 7.1% in the Chinese NEV market [8] - The company has established deep cooperation with 8 out of the top 10 NEV manufacturers in China and is one of the earliest domestic suppliers to achieve large-scale exports to international mainstream automotive manufacturers [8][9] Financial Performance - From 2022 to 2024, United Power has developed hundreds of electric drive system solutions for over 40 customers, with cumulative shipments exceeding 7.7 million units, significantly outpacing industry growth [9] - The company plans to use IPO proceeds for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and support the growth of China's NEV industry [9] Future Outlook - United Power aims to continue focusing on core technological innovation and global development, contributing to high-quality development of China's NEV sector and supporting national energy security and carbon neutrality goals [9]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 25, marking a significant milestone in its development [1]. Company Overview - Established on September 30, 2016, the company focuses 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 [2]. - The company's product range includes core components of power systems such as electric drive systems (electric control, motors, integrated drive assemblies) and power supply systems (on-board chargers, DC/DC converters, integrated power assemblies) [2]. Leadership Statements - The Mayor of Suzhou, Wu Qingwen, delivered a speech during the listing ceremony [5]. - Chairman Li Jun Tian reflected on the company's nine-year development journey, highlighting its involvement in national key research and development programs and the establishment of over 20 national standards. He emphasized that the listing represents a new starting point for the company, which will focus on global and full industry chain development, new products, technologies, and processes to promote high-quality development of China's new energy vehicles and contribute to global carbon neutrality and national energy security goals [7].

Group 1 - The core point of the news is the announcement of the public offering of United Power, with a subscription code of 301656 and an issue price of 12.48 yuan per share, requiring a minimum market value of 400,000 yuan for top-tier subscriptions [1][2] - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components of power systems such as electric drive systems and power supply systems [2] - The total number of shares offered in this public issuance is 28,857.49 million shares, with a maximum subscription limit of 40,000 shares per individual account [2] Group 2 - The lottery results for Haocreative Ruitong have been released, with a total of 23,124 winning numbers, each allowing the subscription of 500 shares [3][4] - The final subscription rate for YouSheng Co., Ltd. in the online issuance is 0.0276%, with a total of 12,885,319 valid subscription accounts and 11,592,606.65 million shares subscribed [5]

Core Viewpoint - The successful listing of Suzhou United Power System Co., Ltd. on the Shenzhen Stock Exchange's Growth Enterprise Market reflects strong market interest in leading companies within the new energy power system sector, with the stock price surging 174.04% on its debut [2]. Group 1: Company Overview - United Power was established on September 30, 2016, focusing on the research, production, sales, and service of new energy vehicle power systems, aiming to become a global leader in intelligent electric vehicle components and solutions [9]. - The company has achieved comprehensive product coverage, integrated design, high-voltage adaptation, and global functionality, with core components including electric drive systems and power systems [9]. Group 2: Financial Performance - United Power has demonstrated significant growth, with a compound annual growth rate (CAGR) of 80% in operating revenue over the past three years, and its main products hold a market share ranking in the top two of the industry [6]. Group 3: Strategic Vision - The company aims to leverage its listing as a new starting point for growth, focusing on global and full industry chain development, introducing new products, technologies, and processes to promote high-quality development in China's new energy vehicles [8]. - United Power is committed to contributing to global carbon neutrality and national energy security strategies through its innovations and industry leadership [8]. Group 4: Government Support - The Suzhou government emphasizes the importance of corporate listings as a key driver for high-quality economic development, with a total of 225 A-share listed companies in the city, ranking fifth nationwide [4].

Core Insights - The successful listing of Suzhou Huichuan United Power System Co., Ltd. marks a new chapter in the company's development and highlights its recognition in the electric vehicle power system sector [1][6] - The company aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components of power systems [1][3] Company Overview - Established in 2016, the company specializes in electric drive systems and power systems, including vehicle charging machines and DC/DC converters [1] - It is recognized as a leading independent supplier of power systems for new energy vehicles in China, contributing to the electrification of traditional automotive industries [1][4] Technological Innovation - The company has a dedicated R&D team of over 1,800 personnel, with more than 50% holding master's or doctoral degrees, and has invested a total of 2.106 billion yuan in R&D from 2022 to 2024 [3] - It has achieved 98 invention patents and 407 utility model patents, with its products meeting international advanced standards in efficiency and power density [3] Industry Impact - The company plays a crucial role in the technological advancement and industrialization of electric motors and controls, serving numerous domestic and international automotive brands [4][5] - Its overseas revenue has seen a compound annual growth rate of nearly 450% over the past three years, indicating strong international market penetration [4] Market Performance - From 2021 to 2024, the company has developed hundreds of electric drive system solutions for over 170 commercial vehicle models, with cumulative shipments exceeding 8 million units since 2021 [5] - The company's growth rate significantly outpaces the industry average, contributing to the broader adoption of new energy vehicles in China [5] Future Outlook - The successful IPO is seen as a reflection of the broader growth potential in China's new energy vehicle industry, driven by policy support, market demand, and technological innovation [6] - Leading companies like Huichuan United Power will continue to play a pivotal role in advancing the new energy vehicle sector and contributing to global green development [6]

Core Viewpoint - The upcoming IPO of Suzhou Huichuan United Power System Co., Ltd. marks the entry of a leading enterprise in the global competitive landscape of the new energy vehicle power system sector into the A-share market [1] Group 1: Industry Overview - The new energy vehicle industry is experiencing a global historical opportunity, driven by "dual carbon" goals and increasing consumer acceptance, leading to a rapid rise in electric vehicle penetration [2] - From 2022 to 2024, the compound annual growth rate (CAGR) of China's new energy vehicle production and sales is expected to exceed 35%, with the CAGR for new energy passenger vehicle drive assembly installation reaching 47.73% [2] - The power system, as the "heart" of new energy vehicles, significantly impacts vehicle performance, safety, and efficiency, with increasing demands for product performance and reliability from manufacturers [2] Group 2: Company Performance - United Power's revenue is projected to grow from 5.027 billion yuan in 2022 to 16.178 billion yuan in 2024, achieving a threefold increase, while net profit is expected to turn from a loss to a profit of 936 million yuan [2] - For the first nine months of 2025, the company anticipates revenue between 1.4 billion yuan and 1.55 billion yuan, reflecting a year-on-year change of 30.62% to 44.61% [3] Group 3: Market Position - In the first half of 2025, United Power is expected to hold approximately 10.1% market share in electric control products, 11.3% in motors, and 7.1% in drive assemblies among third-party suppliers [4] - The company has entered the supply chains of over 40 vehicle manufacturers, covering more than 170 models, including major brands like Li Auto, Xiaomi, GAC, Chery, and Geely [4] Group 4: Competitive Advantages - United Power has invested over 2.1 billion yuan in R&D over the past three years, establishing multiple R&D centers and employing over 1,800 technical personnel [5] - The company has achieved significant technological milestones, including 98 invention patents and 407 utility model patents, and has participated in over 20 national standard formulations [6] - United Power's production strategy emphasizes "sales-driven production" and integrates modular and digital concepts, enhancing efficiency and flexibility [6] Group 5: Global Strategy - The company reported overseas revenue of 769 million yuan in 2024, marking significant growth, with products exported to Europe and Southeast Asia [6] - United Power has established subsidiaries or production bases in Hungary, Germany, and Thailand, forming a preliminary global supply capability [6] Group 6: Conclusion - The IPO of United Power on the ChiNext board exemplifies high-quality development in China's core components industry for new energy vehicles, driven by high growth, strong technology, and a global perspective [8]

Group 1 - The company aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components such as electric drive systems and power systems [2] - As of the signing date of the prospectus, Shenzhen Inovance Technology Co., Ltd. holds 94.51% of the company's shares, making it the controlling shareholder [2] - The company plans to raise approximately 485.71 million yuan for projects related to the production of core components for new energy vehicles, R&D center construction, digital system development, and working capital [3][4] Group 2 - The initial public offering (IPO) price is set at 12.48 yuan per share, with an expected total fundraising amount of approximately 360.14 million yuan, after deducting estimated issuance costs [3][4] - The actual net fundraising amount is expected to be around 353.21 million yuan after accounting for estimated issuance expenses [4]

Group 1 - The core viewpoint of the article is that United Power (301656) will initiate its subscription on September 15, with an issue price of 12.48 yuan per share and a market capitalization requirement of 400,000 yuan for maximum subscription [1] - The company has an issuance price-to-earnings (P/E) ratio of 32.87 times, compared to the industry average P/E ratio of 29.08 times [1] - If the issuance is successful, the total funds raised are expected to be approximately 3.601 billion yuan, with a net amount of about 3.532 billion yuan after deducting estimated issuance costs of approximately 69.34 million yuan (excluding VAT) [1] Group 2 - United Power's main products include electric drive systems (electric control, motors, and integrated drive assemblies) and power systems (on-board chargers, DC/DC converters, and integrated power assemblies) [1]