Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. has officially submitted its listing application, marking a significant milestone in its development and reflecting the rise of the domestic new energy vehicle core component industry [1] Group 1: Company Overview - Zhenqu Technology focuses on breakthroughs in core segments of the new energy vehicle (NEV) control solutions, with its control systems acting as the "brain" and "nervous system" of vehicles, directly influencing performance, range, and safety [3] - The company has established a comprehensive product system that includes high-power density motor controllers for various applications, successfully implemented in multiple passenger and commercial vehicles in China and Germany [3] Group 2: Global Expansion - The company has a significant advantage in its global layout, with subsidiaries in key domestic industrial clusters and overseas production and R&D bases in Germany and Japan, enhancing its competitive edge in international markets [5] - As of Q3 2025, Zhenqu Technology has secured 50 design wins with 13 major manufacturers, with applications in 82 vehicle models, 54 of which are in mass production, and a cumulative shipment of 2.7 million power modules [5] Group 3: Technological Innovation - Zhenqu Technology's core competitiveness lies in its technological innovation, with a highly qualified R&D team holding over 50 international patents and extensive experience in next-generation wide bandgap materials [6] - The company's third-generation dual-motor controller achieves a power density of 61.5 kW/L, significantly exceeding industry averages, and its OreoPACK power module is notably compact and efficient [6] Group 4: Market Trends and Opportunities - In 2024, China's NEV sales surpassed 10 million units, with a penetration rate exceeding 35%, driving the motor control system market to approximately 120 billion yuan, expected to exceed 150 billion yuan by 2025 [7] - The listing on the Hong Kong market will broaden Zhenqu Technology's financing channels, supporting ongoing R&D, capacity expansion, and global layout [7] - Despite increasing competition and challenges in the core component industry, Zhenqu Technology is well-positioned to leverage its technological foundation and global presence for further breakthroughs [7]