证券日报网12月15日讯菱电电控在12月12日回答调研者提问时表示，公司自上市以来坚持"客户乘用车 化、产品电动化"的发展战略；公司EMS产品先后供应理想、零跑、广汽等车企的混动车型，公司在积 极推动VCU、MCU/GCU、GECU等电动化产品在更多车型上的应用。 ...

Group 1 - The company, Shenzhen Huabao New Energy Co., Ltd., has signed a partnership agreement with Shenzhen Panorama Blueprint Capital Co., Ltd. to establish the Xiamen Panorama Blueprint Venture Capital Fund, with an investment of 30 million RMB as a limited partner [1][2][29] - The fund will specifically invest in Guangdong Zhengyang Sensor Technology Co., Ltd., which specializes in automotive components and has a global presence [7][8][29] - This investment aims to leverage Zhengyang Technology's customer channels and technological expertise to penetrate the trillion-yuan new energy vehicle market, enhancing the company's growth potential and global supply chain collaboration [8][29] Group 2 - The partnership with professional investment institutions is intended to enhance the company's competitive edge and achieve long-term investment returns [1][29] - The fund is structured as a limited partnership, with the company assuming limited liability and not affecting its normal operational activities [29][32] - The investment aligns with the company's strategic development goals and is expected to open a second growth curve without adversely impacting its financial status [29][32]

Core Viewpoint - Huabao New Energy has established a venture capital fund with Panoramic Blueprint Capital, marking its entry into the B-end market of the new energy vehicle sector, while maintaining its leading position in the C-end market [1][2] Group 1: Investment and Strategic Moves - The fund is set up with a capital of 30 million yuan, focusing on investments in leading automotive parts companies, specifically targeting Zhengyang Technology, a leader in the urea sensor field [1] - Zhengyang Technology has maintained over 50% market share in China for nine consecutive years and holds more than 400 effective patents [1][2] - The investment aligns with Huabao New Energy's strategy to extend its green energy solutions from consumer markets to commercial vehicles and engineering machinery, creating new growth opportunities [2] Group 2: Market Position and Opportunities - Zhengyang Technology has secured qualifications as a first-tier supplier for over 100 global OEMs, serving well-known companies such as Daimler and Volvo, with over 50% of its revenue coming from overseas [1] - The investment is seen as a strategic move to tap into the trillion-level market opportunities within the new energy vehicle industry, driven by the increasing demand for core components like sensors and thermal management systems [1][2] - Huabao New Energy aims to enhance its localized presence in Europe, North America, and Southeast Asia through Zhengyang Technology's overseas production bases and customer networks [2]

公告显示，正扬科技是全球化布局的汽车零部件及总成供应商，核心产品涵盖SCR后处理相关传感器、 尿素箱总成及VCU、PTC加热器等新能源产品，深耕汽车产业多年，拥有全球超100家主机厂一级供应 商资质，且在多国设有子公司或生产基地。公司与正扬科技已建立供应链合作基础，2025年起采购其通 讯线束等原材料，截至9月底采购金额累计132.72万元。 本次投资将助力公司借助正扬科技的客户渠道、技术积累及海外布局，切入新能源汽车万亿市场，拓展 B端应用场景，实现"C+B"双轮驱动，同时强化全球供应链协同，为公司开辟第二条增长曲线奠定基 础。 智通财经APP讯，华宝新能(301327.SZ)公告，公司近日与深圳市全景蓝图资本有限责任公司(简称"全景 蓝图资本")共同签署了《厦门全景蓝图创业投资基金合伙企业(有限合伙)有限合伙协议》，双方共同投 资设立厦门全景蓝图创业投资基金合伙企业(有限合伙)(简称"厦门全景蓝图创投基金")。其中，公司作 为有限合伙人，以自有资金认缴出资3000万元，以认缴出资额为限承担有限责任。基金合伙企业为专项 基金，基金备案成立后将专项投资于广东正扬传感科技股份有限公司(简称"正扬科技")。 ...

Core Viewpoint - Huabao New Energy (301327.SZ) has signed a partnership agreement with Shenzhen Panorama Blueprint Capital to establish the Xiamen Panorama Blueprint Venture Capital Fund, which will specifically invest in Zhengyang Technology, a global automotive parts supplier [1] Investment Details - The company will invest 30 million yuan as a limited partner in the fund, assuming limited liability up to the amount of its investment [1] - The fund will focus on investing in Zhengyang Technology, which specializes in SCR post-processing sensors, urea tank assemblies, VCU, and PTC heaters for the new energy sector [1] Strategic Implications - Zhengyang Technology has over 100 first-tier supplier qualifications from global OEMs and has established a supply chain cooperation with the company, with cumulative procurement amounting to 1.3272 million yuan as of the end of September [1] - This investment is expected to help the company leverage Zhengyang Technology's customer channels, technological expertise, and overseas presence to penetrate the trillion-yuan new energy vehicle market, expanding B-end application scenarios and establishing a second growth curve [1]

Core Viewpoint - Company reported a significant increase in net profit and revenue for the first half of 2025, indicating a positive financial turnaround and growth in overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 4.153 billion yuan, a year-on-year increase of 4.06% [1][2]. - The net profit attributable to the parent company was 57 million yuan, marking a year-on-year increase of 449.23% [1][2]. - The overall gross margin improved to 12.37%, up 1.05 percentage points from the same period last year, with Q2 gross margin at 14.09%, a 3.47 percentage point increase from Q1 [2]. Revenue Breakdown - The company’s revenue from overseas markets accounted for 70% of total revenue, with a year-on-year increase of 49.56% [2]. - The main product lines contributing to revenue included PON products (1.748 billion yuan, 44% of total revenue), followed by AP (1.156 billion yuan), data communication (461 million yuan), and others [2]. Product Line Performance - The company has seen significant growth in its data communication, networking, automotive electronics, and EMS product lines [3][4]. - In the networking product line, XGS-PON products gained market share in North America, and the company successfully registered new projects [3]. - The automotive electronics segment reported sales of nearly 80 million yuan, with a steady increase in key product shipments [3]. EMS Business Growth - The EMS product line experienced rapid growth, with revenue nearing 70 million yuan, driven by partnerships with leading clients in the robotic sector [4]. - The company is exploring new business opportunities in various consumer product categories [4]. Future Outlook - The data communication business is expected to maintain high growth due to increased demand for computing power, while automotive electronics and EMS product lines are also projected to expand [4]. - Revenue forecasts for 2025-2027 are 9.670 billion yuan, 11.341 billion yuan, and 13.076 billion yuan, with net profits of 117 million yuan, 234 million yuan, and 316 million yuan respectively [4].

Core Viewpoint - Zhengyang Technology has voluntarily withdrawn its IPO application, leading to the termination of its listing on the Shenzhen Stock Exchange, with the underwriting firm being Huatai United Securities [1] Company Overview - Zhengyang Technology is a global automotive parts and assembly supplier focused on continuous innovation in automotive electronics and key components [1] - The company specializes in the research, production, and sales of various sensors related to SCR post-treatment, urea tank assemblies, and related components, boasting a vertically integrated product system [1] Financial Performance - Revenue from 2021 to the first half of 2024: 2.327 billion, 1.929 billion, 2.299 billion, and 1.175 billion CNY respectively [1] - Net profit for the same periods: 288 million, 187 million, 196 million, and 124 million CNY respectively [1] - As of June 30, 2024, total assets amounted to 2.690 billion CNY, with total liabilities at 35.39% of total assets [2] Shareholder Structure - The actual controllers, Gu Yixin and Tian Hong, hold a combined 90.21% of the company's shares through Western Commerce and Dongguan Zhengsheng [2] Leadership Background - Gu Yixin, the chairman and general manager, has extensive experience in the industry, having held various managerial positions since 2004 [3] - Tian Hong, the vice-chairman, has a background in finance and has been involved in the company since its early days [4][5]

Group 1: Guangdong Zhengyang Sensor Technology Co., Ltd. IPO - The IPO application for Guangdong Zhengyang was terminated due to the withdrawal of the application by both the issuer and the sponsor [1][3] - The company focuses on the research, production, and sales of various sensors and components related to SCR post-treatment systems, with a comprehensive product system [5][6] - The actual controllers of the company are Taiwanese nationals, holding 94.88% of the voting rights [7] - The company reported a net profit of 1.236 billion yuan in the first half of 2024, with a projected revenue of 2.009 billion to 2.456 billion yuan for the full year [8][9] - The company plans to raise 1.2 billion yuan through the IPO, with significant investments in technology upgrades and new energy product development [13] Group 2: Guizhou Duocai New Media Co., Ltd. IPO - Guizhou Duocai's IPO application was also terminated after the issuer and sponsor withdrew the application, despite having received approval in March 2023 [1][14] - The company operates IPTV integrated broadcasting services under the exclusive authorization of Guizhou Radio and Television Station, which is also its controlling shareholder [16][18] - The company reported a net profit of over 200 million yuan in 2022, with a steady increase in revenue over the years [19][21] - The company has a high customer concentration, primarily serving three major telecom operators, which poses potential risks [23][24] - The planned fundraising amount for the IPO is approximately 897.68 million yuan, aimed at enhancing research and development capabilities [25]

Core Viewpoint - The IPO application of Guangdong Zhengyang Sensor Technology Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor [1][4]. Company Overview - Guangdong Zhengyang Sensor Technology Co., Ltd. focuses on innovation in the automotive electronics and key components sector, participating in global market competition as a supplier of automotive parts and assemblies [2]. - The company specializes in the research, production, and sales of various sensors related to SCR post-treatment, urea tank assemblies, and related components, boasting a vertically integrated product system [2][3]. Market Position - Zhengyang Technology's main products are widely used in road vehicles, non-road mobile machinery, and marine applications, with over 100 major global OEMs as clients, including Daimler, Volvo, and Caterpillar [3]. - The company has established production bases or subsidiaries in China, the USA, Mexico, the Netherlands, India, and Thailand, enabling localized service for major regional customers [3]. - Zhengyang Technology holds a leading market position in the SCR post-treatment sector, with a domestic market share exceeding 50% for its core product, urea sensors, for nine consecutive years from 2015 to 2023 [3]. Financial Performance - The company reported revenues of 1.929 billion yuan, 2.299 billion yuan, and 1.673 billion yuan for the years 2022, 2023, and the first three quarters of 2024, respectively, with net profits of 187 million yuan, 196 million yuan, and 157 million yuan [4]. - Zhengyang Technology faces risks of declining operating performance due to factors such as the early depletion of demand for heavy trucks, negative growth in domestic freight volume, and fluctuations in raw material prices [4]. IPO Process - The IPO application was accepted on June 28, 2023, with an initial fundraising target of 1.2 billion yuan for various projects, including relocation, technological upgrades, and working capital [4]. - The company underwent two rounds of inquiries from the review process but ultimately withdrew its application without disclosing responses to the second round of inquiries [4].

Core Insights - The company Jingwei Hengrun has reported continuous growth in the shipment of its physical area controller ZCU products since mass production began in partnership with Xiaomi Automotive last year, contributing significantly to revenue and securing multiple model project allocations from a leading client [2] - The central computing platform CCP products, which support XPeng, have also seen a steady increase in shipments; additionally, the company's body domain controller has successfully assisted Foton's Biaoqiao light truck NP6 in passing the latest European information security regulations and achieving mass production, marking the official launch of commercial vehicle domain control products in Europe [2] R&D Investment and Achievements - The company's R&D investments focus on intelligent driving, body domain control, new energy and power, chassis control, AR HUD, and self-developed software tools, with notable achievements as follows: - In intelligent driving, the company has launched a new generation of ADAS products utilizing 8-megapixel cameras, with shipments expected to exceed 1 million sets in 2024 [2] - In body domain control, the ZCU and CCP products have seen continuous shipment increases, becoming significant sources of revenue growth for the company [2] - In new energy and power, the multi-in-one controller XCU has successfully entered mass production in partnership with Geely's Xingyuan; BMS product revenue continues to grow with overseas client allocations; Stellantis VCU product project shipments are also on the rise [2] - In chassis control, the company's chassis domain controller products are supporting Changan's Avita and are gradually ramping up production; rear-wheel steering products are set to enter mass production this year for a high-end smart brand [2] AR HUD and Self-Developed Software - In the AR HUD sector, the company has recently secured multiple model project allocations that will enter mass production, with this product being one of the higher value offerings per vehicle [3] - In the self-developed software domain, the main software series products INTEWORK, ModelBase, and OrienLink have expanded their customer base and applications, covering clients such as Hongqi, BYD, NIO, Changan, Heavy Truck, Leap Motor, Baidu Apollo, Zeekr, GAC, Seres, and Bosch [3]