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].

Core Viewpoint - Zhaojing Electronics has submitted a listing application to the Hong Kong Stock Exchange, aiming to innovate in the smart cockpit visual and human-vehicle interaction experience through HUD solutions [1] Company Overview - Zhaojing Electronics focuses on the research and sales of HUD solutions, offering products such as W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD) [1] - The company has developed an integrated self-research technology framework that includes optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface (HMI) design [1] Financial Performance - Revenue projections for Zhaojing Electronics from 2022 to 2024 are 214 million, 549 million, and 578 million yuan, respectively, with a compound annual growth rate (CAGR) of 64.3% [1] - Corresponding losses attributable to the parent company during the same period are 252 million, 182 million, and 143 million yuan [1] - In the first five months of this year, the company achieved revenue of 262 million yuan, representing a year-on-year growth of 17.9%, with a loss of 246 million yuan attributable to the parent company [1] - Cumulative losses over three years and five months amount to 823 million yuan [1]

Group 1 - Changan Automobile Group Chairman Zhu Huarong visited Huawei's founder Ren Zhengfei to discuss industry competition and future market dynamics, receiving targeted guidance for Changan and Avita brands [2][5][8] - Avita Technology, co-owned by Changan and CATL, reported a significant sales increase of 178% year-on-year in July, with over 10,000 units sold for five consecutive months [5][7] - Changan plans to break traditional boundaries of automotive manufacturing, aiming to build an ecosystem with user engagement and scenario integration capabilities [7][8] Group 2 - Other automotive companies, including Dongfeng Motor, are also deepening their collaboration with Huawei, focusing on technology integration and market expansion [9][11] - Dongfeng's new company, Dongfeng Yipai Automotive Technology, is entering a deeper collaboration phase with Huawei, integrating their teams for comprehensive cooperation from R&D to market [11] - Industry experts note that collaboration with giants like Huawei and CATL is becoming essential for automotive companies amid the transition to electrification and smart technology [12]