Suddenly, the "Ning King" came out to make a splash again.

On the evening of July 24, CATL released two major documents simultaneously. One was the 2026 Interim Financial Report. Revenue in the first half was 276.91 billion yuan, a year-on-year increase of 54.80%. Net profit attributable to the parent company was 43.284 billion yuan, a year-on-year increase of 41.98%. Calculated, this means daily earnings of 240 million yuan.

The other was a buyback plan, proposing to use funds not less than 20 billion yuan and not more than 40 billion yuan to buy back A-share shares for cancellation, with a buyback price cap of 573 yuan per share, a premium of nearly 50% compared to the closing price of the day. This amount cap set a record high for single share buybacks in the history of A-shares.

At the same time, multiple new energy vehicle manufacturers successively released half-year profit forecasts, with many facing profit pressure. Industry chain profits are visibly concentrating on the battery segment, and this is indeed a major source of CATL's profits. However, if you turn to the details of CATL's financial report, you will find a fact overlooked by the outside world.

That is CATL's true growth engine is actually not just power batteries. Or rather, the game CATL is playing is far bigger than what the outside world sees.

Beyond Vehicle Power Batteries, Pulling Up a Second Growth Curve

In CATL's financial report, the most worth noting is its healthy revenue structure. In the first half, the power battery business contributed 192.125 billion yuan in revenue, accounting for 69.38%, remaining the absolute major portion. However, the performance of the other two businesses is also inescapable, showing a trend of accelerated growth.

First, energy storage battery business revenue was 53.261 billion yuan, accounting for 19.23%, a year-on-year increase of 87.54%. Battery materials and recycling, mineral resource business revenue was 18.811 billion yuan, a year-on-year increase of 67.23%.

More critically, power battery gross margin of 20.63% and energy storage battery 23.96% both saw year-on-year declines, while the gross margin of battery materials and recycling business reached 27.04%, an increase of 5.81 percentage points year-on-year.

That is to say, among the three major main businesses, the only one achieving gross margin improvement is the "recycling business" that outsiders ignore most easily.

Looking further down, CATL has also accumulated considerable capital in the ship power battery field.

Already cumulatively delivered over 900 ship batteries. The first all-electric inland container ship exported from China delivered in the first half of 2026, also equipped with CATL's battery energy storage system. In July, also acquired a stake in Jiangsu Kaiyang Shipbuilding Company, increasing investment in the technical development of ocean-going ship battery systems.

In the commercial vehicle field, sodium-ion batteries have gone into mass production installation, the Tianxing series covers multiple sub-scenarios from logistics vehicles to heavy trucks. In the battery recycling field, holding company Bangpu Recycling has built the nation's largest directional recycling base, with an annual retired battery processing capacity of 270,000 tons, and nickel, cobalt, and manganese recovery rate is as high as 99.6%. The team also won two honors at the European Patent Office's "2026 European Inventor Award" this year, becoming the first Chinese team to win dual awards since the award's inception.

These businesses together constitute CATL's second growth curve beyond power batteries.

When lithium battery scrap volume grows at a speed of more than 20% annually, when the commercialization window for electric ships opens gradually, and when AI computing power data centers begin to propose new structural demands on energy supply, CATL has already extended its tentacles into these tracks. Company executives also clearly stated at the performance exchange meeting that AIDC presents a clear structural market opportunity. CATL will not just provide single product supply, but wants to provide more comprehensive solutions around new energy scenarios.

Therefore, from the financial report it can be seen that CATL's high-speed profit growth in the first half, a large part comes from storage, from recycling, from overseas, rather than simply "earning one more cent" from vehicle manufacturers.

Of course, a fact must be admitted here. The gross margin of the power battery business is indeed declining, price competition pressure in the domestic market is real. Moreover, CATL also has its shortcomings.

The "poaching talent and stealing technology" publicly condemned by Zeng Yuqun previously, lost orders in the Middle East market, additional costs brought by consumption tax policies, these are challenges on the table. It's just that these challenges have not covered up the longer-term growth curve.

Earn Money from "Foreigners", Also Earn Money for the Future

If diversification is CATL's first line of defense against industry risk, then globalization is the second moat it built. From this point of view, CATL is also half a step ahead of current auto companies. The overseas dividends it received are exactly the "big results" that current auto companies are striving hard to layout overseas business to obtain.

In the first half, CATL overseas revenue reached 87.1 billion yuan, gross margin 29.97%, nearly 9 percentage points higher than domestic business gross margin. Overseas market share 33.7%, Hungary, US, Indonesia three overseas factories successively put into production, Volkswagen, BMW, Toyota and other global mainstream car companies lie in the customer list.

Morgan Stanley gave a judgment in the latest report. Diesel vehicle electrification, storage super cycle, sodium-ion battery product cycle, will jointly support CATL to continue strong growth in 2027.

The key point is, CATL overseas business gross margin is significantly higher than domestic. This means, its bargaining power in the global market is actually stronger than in domestic. This is somewhat different from the common perception that "Made in China conquers the world with low prices".

CATL management gave the explanation at the exchange meeting as "Competing on value, not price". This sounds a bit official, but combining with gross margin data, it indeed has its confidence.

Zeng Yuqun summarized CATL's current strategic positioning into one sentence: From "New Energy Industrialization" to "Industrial New Energyization". The first half is what CATL did in the past ten years, making the concept of new energy into a real industry. The second half is what it plans to do in the future, using new energy to transform more traditional industries.

Ships, commercial vehicles, computing power data centers, mineral resources, these are all the landing points of "Industrial New Energyization". Zeng Yuqun himself judged, the future downstream industry boundaries may reach over a thousand times the current level.

And if this judgment holds, then the 40 billion buyback big move is easy to understand.

The company's current stock price is undervalued, this is the core logic of the buyback. On the day the financial report was released, CATL A-share closing price was 383.01 yuan, while the 52-week high was 468.75 yuan. Performance hit a new high, but the stock price fell nearly 20% in half a year. CITIC Securities gave a target price of 490 yuan, UBS 600 yuan, Macquarie HK stock target price 700 HKD.

Under this premise, the real money 40 billion buyback is an attitude given by management to the market.

More importantly, the implementation, all bought-back shares are used for cancellation, not kept for equity incentives, nor placed in treasury stock accounts. This means total share capital decreases by about 69.8 million shares, rights allocated to each shareholder will rise.

Of course, this confidence also needs some question marks. Lithium prices recently showed a rebound, Yichun Jianxiwo lithium mine resumption approval may bring cost fluctuations, consumption tax phased collection from 2% to 4% test on downstream bargaining power, are realities CATL must face next.

However, compared to challenges, this financial report indeed let us see a strong resilience and strategic vision shown by an industry leader. From this point of view, CATL is still the undoubted leader of the new energy sector, without a doubt.

Apabila berlaku perselisihan, 'Raja Ning' muncul semula untuk mencetuskan heboh.

Malam 24 Julai, CATL secara serentak mengisytiharkan dua dokumen utama. Satu laporan kewangan separuh pertama 2026, hasil jualan separuh pertama 276.91 bilion yuan, pertumbuhan tahun-ke-tahun 54.80%, keuntungan bersih yang layak 43.284 bilion yuan, pertumbuhan tahun-ke-tahun 41.98%, jika diagihkan keuntungan harian 240 juta yuan.

Yang satu lagi ialah rancangan pembelian semula, cadangan membeli semula saham A dengan dana antara tidak kurang 20 bilion yuan sehingga tidak melebihi 40 bilion yuan untuk dibatalkan, had atas harga pembelian semula 573 yuan/saham, premium hampir 50% berbanding harga penutup pada hari tersebut. Jumlah had atas ini memecahkan rekod tertinggi pembelian semula tunggal dalam sejarah Saham A.

Pada tempoh yang sama, pelbagai perusahaan kenderaan utuh tenaga baharu telah menerbitkan prestasi separuh tahun, ramai yang tertekan dari segi keuntungan. Keuntungan dalam rantaian industri, kelihatan mata ke mata berpindah terkumpul pada peringkat bateri, dan ini memang sumber penting keuntungan CATL. Namun, jika membuka laporan kewangan CATL dan melihat di bahagian butiran, akan menemui satu fakta yang diabaikan oleh pihak luar.

Itu ialah enjin pertumbuhan sebenar CATL, sebenarnya bukan hanya bateri daya kenderaan. Atau dengan kata lain, catur yang sedang dimainkan CATL, jauh lebih besar daripada yang dilihat pihak luar.

Di luar Bateri Daya Kenderaan, Membina Lengkungan Pertumbuhan Kedua

Dalam laporan kewangan CATL, struktur pendapatan yang sihat adalah yang paling menarik perhatian. Pada separuh pertama, bisnes bateri daya menyumbang 192.125 bilion yuan hasil jualan, mengambil 69.38%, masih kekal menjadi bahagian terbesar mutlak. Namun, prestasi dua bisnes yang lain juga tidak boleh diabaikan, dan menunjukkan corak pertumbuhan pesat.

Pertama, bisnes bateri penyimpanan tenaga hasil jualan 53.261 bilion yuan, mengambil 19.23%, pertumbuhan tahun-ke-tahun 87.54%. Bisnes bahan bateri dan kitar semula, serta sumber mineral hasil jualan 18.811 bilion yuan, pertumbuhan tahun-ke-tahun 67.23%.

Lebih penting lagi, margin kasar bateri daya 20.63%, bateri penyimpanan 23.96% sama-sama menurun secara tahunan, namun margin kasar bisnes bahan bateri dan kitar semula mencapai 27.04%, naik 5.81 peratusan mata pada kadar sama tahun.

Itu bermakna, dalam tiga bisnes utama, satu-satunya yang mencapai peningkatan margin kasar, ialah bisnes 'kitar semula' yang paling mudah diabaikan oleh pihak luar.

Lihat ke bawah lagi, CATL juga telah mengumpulkan banyak modal dalam bidang bateri daya untuk kapal.

Sudah dikumpulkan lebih 900 bateri kapal, separuh pertama 2026 yang diserahkan kapal kontena sungai dalam bersih penuh terbitan pertama yang dieksport dari negara kita, juga diperlengkapi dengan sistem penyimpanan bateri CATL. Julai juga mengetuk saham syarikat kapal Jiangsu Kaiyang, menambah pelaburan dalam pembangunan teknologi sistem bateri kapal jauh.

Dalam bidang kenderaan komersial, bateri natrium ion sudah dihasilkan jisim dipasang ke kenderaan, Siri Tianxing merangkumi dari lori logistik hingga trak berat pelbagai skenario khusus. Dalam bidang kitar semula bateri, anak syarikat terkemuka BangPu Cycle telah membina pangkalan kitar semula terarah terbesar di seluruh negara, keupayaan memproses bateri bersara 270,000 tan setahun, kadar kitar semula Nikel, Koblak dan Mangan mencecah 99.6%. Pasukan pada tahun ini juga telah menerima dua anugerah 'Anugerah Penemu Eropah 2026' dari Biro Paten Eropah, menjadi pasukan China pertama dalam sejarah anugerah ini yang menerima dua anugerah.

Bergabung bersama semua bisnes ini, membentuk lengkungan pertumbuhan kedua CATL di luar bateri daya kenderaan.

Apabila jumlah bateri litium dibuang meningkat pada kadar lebih 20% setahun, apabila tingkap komersial kapal elektrik semakin terbuka, apabila pusat data keupayaan pengiraan AI mula menimbulkan permintaan struktur baharu bagi bekalan tenaga, CATL telah merebak ke litar-litar ini. Eksekutif syarikat juga dengan jelas menyatakan dalam persidangan prestasi, terdapat peluang struktur pasaran yang jelas dalam AIDC, CATL tidak akan hanya membekal produk tunggal, tetapi ingin memberi penyelesaian lebih komprehensif di sekitar skenario tenaga baharu.

Oleh itu, daripada laporan kewangan dapat dilihat, pertumbuhan tinggi keuntungan CATL pada separuh pertama, sebahagian besarnya datang dari penyimpanan tenaga, dari kitar semula, dari luar negara, bukan sekadar 'dapat satu sen lebih' dari pembuat kenderaan.

Tentu saja, di sini mesti mengakui satu fakta. Margin kasar bisnes bateri daya memang menurun, tekanan persaingan harga pasaran dalam negara wujud secara nyata. Dan CATL bukan tidak mempunyai kelemahan.

Zeng Yuqun sebelum ini secara terbuka menyerang 'mencuri pekerja teknologi', kehilangan tempahan di pasaran Timur Tengah, kos baharu yang dibawa dasar cukai penggunaan, semua ini adalah cabaran yang diletakkan di atas meja. Cuma, cabaran ini tidak menutup lengkungan pertumbuhan jangka panjang.

Dapatkan Wang dari 'Orang Asing', Juga Dapat Wang Masa Depan

Jika pelbagai produk ialah pertahanan pertama CATL untuk mengimbangi risiko industri, maka globalisasi ialah parit pertahanan kedua yang ia bina. Dari titik ini, CATL juga 0.5 tahap lebih laju daripada pembuat kenderaan masa kini, manfaat luar negara yang ia terima, merupakan 'hasil besar' yang pembuat kenderaan masa kini sedang berusaha merancang di luar negara untuk capai.

Sepanjang separuh pertama, hasil jualan luar negara CATL mencapai 87.1 bilion yuan, margin kasar 29.97%, hampir 9 peratus mata lebih tinggi daripada margin kasar bisnes dalam negara. Bahagian pasaran luar negara 33.7%, Hungary, Amerika Syarikat, Indonesia tiga kilang luar negara secara siri dimulakan, senarai pelanggan terkandung Volkswagen, BMW, Toyota antara pembuat kenderaan utama dunia.

Morgan Stanley dalam laporan terbaru memberi penilaian, elektifikasi kenderaan diesel, kitar super penyimpanan tenaga, kitar produk bateri natrium ion, akan bersama-sama sokong CATL untuk kekal mengekalkan pertumbuhan kukuh pada 2027.

Fokus utama, margin kasar bisnes luar negara CATL jauh lebih tinggi daripada dalam negara. Ini bermakna, keupayaan rundingan harga dalam pasaran global, sebenarnya lebih kuat daripada di dalam negara. Ini tidak sama dengan tanggapan umum pihak luar 'Buatan China berjaya dengan harga murah'.

Pengurusan CATL dalam persidangan memberikan penjelasan 'tidak bersaing dari segi harga tetapi bersaing dari segi nilai', kata-kata ini terdengar agak rasmi, tetapi jika dikaitkan dengan data margin kasar, memang ada dasar yang kukuh.

Zeng Yuqun meringkaskan satu strategi posisisan semasa CATL sebagai satu ayat, dari 'pengindustrian tenaga baharu' ke 'elektifikasi industri tenaga baharu'. Bahagian pertama adalah apa yang CATL buat dalam sepuluh tahun lepas, buat satu konsep tenaga baharu menjadi industri sebenar. Bahagian kedua adalah apa yang ia akan buat masa depan, guna tenaga baharu ubah lebih banyak industri tradisional.

Kapal, kenderaan komersial, pusat data keupayaan pengiraan, sumber mineral, semua ini ialah titik tumpuan 'elektifikasi industri tenaga baharu'. Zeng Yuqun sendiri menilai, had industri bahagian hulu masa depan mungkin mencapai seribu kali ganda sekarang.

Dan penilaian ini jika menjadi, maka 40 bilion pembelian semula yang besar juga boleh difahami.

Nilai saham semasa syarikat wujud keadaan terlalu rendah, ini adalah logik teras pembelian semula. Hari laporan kewangan dikeluarkan, harga penutup Saham A CATL 383.01 yuan, titik tinggi 52 minggu 468.75 yuan. Prestasi mencipta rekod tinggi, harga saham dalam setengah tahun turun hampir dua puluh peratus. CICC beri harga sasaran 490 yuan, UBS 600 yuan, Macquarie harga sasaran saham HK 700 dolar Hong Kong.

Dalam keadaan ini, pembelian semula 40 bilion wang sebenar, adalah satu sikap yang diberikan pengurusan kepada pasaran.

Pentingnya pelaksanaan, saham pembelian semula semua digunakan untuk pembatalan, bukan disimpan sebagai insentif ekuiti pekerja, bukan diletakkan dalam akaun saham simpanan. Ini bermakna jumlah saham tertakrul berkurang kira-kira 69.8 juta saham, diagihkan ke setiap hak pemegang saham akan meningkat.

Tentu saja, dasar kukuh ini juga perlu diberi tanda tanya. Harga lithium baru-baru ini muncul semula, tambang lithium Jingxiwo, Yichun pemulihan pengeluaran diluluskan kemungkinan dibawa fluktuasi kos, cukai penggunaan dari 2% ke 4% penghutang secara berperingkat ujian ke atas keupayaan rundingan pelanggan bahagian hulu, semua ini adalah realiti yang CATL harus hadapi seterusnya.

Walau bagaimanapun, berbanding cabaran, laporan kewangan ini memang membolehkan kita melihat ketahanan dan visi strategik yang diperlihatkan oleh ketua industri. Dari titik ini, CATL masih menjadi ketua sektor tenaga baharu yang wajar, tiada siapa-siapa lain.

July 16, Geely Galaxy unveiled the "Thunder 16-in-1 Smart Electric Drive" at a press conference named "Star Drive Era" to the world.

This not only announces that electric drive technology has officially entered a new era of high integration, but also pushes a company established only 5 years ago—Xingqu Technology—from behind the scenes to the center of the spotlight.

As the core ace of Geely's electric drive technology, Xingqu Technology uses its all-stack self-research hard power to connect the complete chain of electric drive technology. Although it is the first formal public debut, the market dominance of this young enterprise is already impossible to ignore: 2026 revenue is expected to exceed 20 billion yuan, firmly staying in the top tier of domestic electric drives.

As early as its inception, the goal of Xingqu Technology was clear: to set a technical benchmark for global electric drives and make electric drive solutions of "Made in China" the world standard.

Although the press conference has concluded, a judgment has become clearer: on the electric drive track, Xingqu Technology has the strength to become the next "CATL".

How deep has Xingqu dug this technological moat?

At this press conference, Geely Galaxy TT made its debut. Relying on extreme energy efficiency and handling performance, this coupe set two Guinness World Records: "Lowest energy consumption for driving a mass-produced pure electric sedan around Qinghai Lake" and "Longest continuous dual-car drift on wet roads".

Low energy consumption and strong handling are often difficult to achieve simultaneously in the electric vehicle era, why can Galaxy TT achieve it?

The answer lies in its "power heart".

Providing core power for Geely Galaxy TT is exactly the protagonist of this press conference: Thunder 16-in-1 Smart Electric Drive. This system achieves deep cross-domain integration of 16 core hardware and functions such as motors, motor controllers, gearboxes, etc., and the whole system weighs only 75kg.

Behind the successful mass production and release of the Thunder 16-in-1 Smart Electric Drive is the deep technical accumulation of Geely's core ecosystem partner—Xingqu Technology—and the strength of the global industrial system.

As the electric drive technology ace of Geely, Xingqu Technology has been redefining the boundaries of electric drive technology:

In 2021, it pioneered self-developed 400V silicon carbide electric drive, equipped on Zeekr 001, and remains a classic benchmark for electric drive efficiency and performance; In 2024, it was the industry's first to launch ultra-high integrated 11-in-1 smart electric drive, becoming the lightest weight, smallest volume, and highest comprehensive efficiency electric drive product in the industry at that time; In 2025, it released the world's first 900V high-performance magnesium alloy coaxial dual electric drive, setting records for the highest power density and highest torque density of mass-produced magnesium alloy dual electric drive assemblies in the industry.

Xingqu Technology defining a new benchmark for global electric drive technology is not just a slogan, but a systemic capability based on a full-stack technical moat where "mass production + pre-research" advance in tandem.

At the mass production level, 900V high-voltage magnesium aluminum alloy electric drive assemblies, all-series silicon carbide motor controllers, and X-pin platform motors have been mass-produced, proving reliability and advancement in large-scale market verification; At the pre-research level, next-generation technologies such as amorphous alloy motors, three-level motor controllers, and embedded motor controllers have completed reserves, leaving sufficient "technical margin" for subsequent product iterations.

In addition, Xingqu Technology has also extended its technical map to the fields of intelligent driving and energy replenishment—the 1400 TOPS computing power ADCU Ultra intelligent driving super brain, and the HPC V4.0 liquid-cooled supercharging equipment capable of achieving 5-minute rapid energy replenishment, are providing comprehensive empowerment for the next generation of intelligent travel experiences.

Overall, Xingqu Technology's business segments cover the full-chain development from underlying software to hardware integration, deeply cultivating the new energy core power field, mainly operating pure electric and hybrid system electric drives, power supplies, and electronic products, and proactively planning multi-power scenarios such as intelligent driving, charging and energy replenishment, battery management, AI power, and low-altitude flight.

Revenue to exceed 20 billion, what supports it?

The thickness of technology must ultimately be measured by the speed of the market.

Xingqu Technology used a set of numbers to outline a growth curve that is steep to the point of being unbelievable:

2022 revenue 40 million, 2023 leaped to 600 million, 2024 broke through 1.7 billion, 2025 reached 14.8 billion directly. From 1.7 billion to breaking 10 billion, it took only 1 year, nearly 6 times annual growth, which is rare in the auto parts industry. According to predictions, in 2026, Xingqu Technology revenue will exceed 20 billion yuan.

What justifies such speed?

The first keyword is manufacturing implementation capability.

Xingqu Technology has deployed five major intelligent manufacturing bases in Wuxi, Jiaxing, Hangzhou, Ningbo, and Quzhou, adopting highly automated production lines leading both domestically and internationally, with core assembly process precision controlled at ±25 microns.

Even more amazing is its factory construction speed. Signed in Wuxi in 2022, achieving signing, breaking ground, topping out, production, and invoicing throughout the entire process in that year, running the industry record of "signing in the year, production in the year" in 352 days; 2025 Phase III project, signed in August, topped out in November, taking only 90 days.

This replicable ultra-fast implementation capability is the hardest bottom-line support for "Xingqu Speed".

In the first half of this year, the installation volume of Xingqu Technology's motor and electronic control firmly stays in the industry top 3, and technical strength ranks in the world's first echelon.

The second keyword is the full industry chain layout.

It is reported that Xingqu Technology covers the full-chain development from underlying software to hardware integration: at the core component level, motors, electronic controls, and gearboxes are all independently developed; at the assembly system level, it has the ability to integrate the full value chain of multi-in-one electric drive assemblies.

On the software side, the dual motor controller software development process has met ASPICE L3 certification, and functional safety reaches ASIL D level; On the hardware side, self-built shaft gear machining lines, SMT surface mount lines, stator-rotor lines, assembly lines and other automated production lines, realizing the self-research and self-production of key components such as shaft gears and PCBA boards.

From chips to electronic control, from software algorithms to hardware assemblies—Xingqu Technology has built a complete and independently controllable technical closed loop.

Behind this, Xingqu Technology's supply chain system also provided key support. It is reported that Xingqu Technology takes "ecosystem synergy" as its core strategy, and has built a deep cooperation network with global and local partners. Not only has it established deep cooperation with global top semiconductor and energy giants such as Infineon, Onsemi, Shell, but it has also actively built a localized supply chain ecosystem.

Global customers, why do they all stick with Xingqu?

If doing it, do global electric drive technology! This is the creed Xingqu Technology has set since its inception, and also the most concise footnote to its globalization strategy.

Speaking with hard-core technology, dealing with the world with a global layout, Xingqu Technology is turning ambition into reality.

Starting from all Geely brands, Xingqu Technology quickly opened the situation and has become the electric drive partner chosen and recognized by global top automakers together.

So, why do global customers choose Xingqu Technology one after another? The answer is simple: it can withstand the strictest tests.

Such capabilities have been repeatedly proven in cooperation with global top clients time and again.

This year, Xingqu Technology won an order from a European luxury brand client. The counterpart set out over 9,000 test indicators, among which one was particularly harsh: requiring a large SUV to achieve 107% gradeability—calculated down, the grade angle is about 47 degrees. As a reference, ordinary family sedan gradeability is usually between 15 to 20 degrees, professional off-road vehicles between 30 to 40 degrees, and mass-produced models that can reach 45 degrees are extremely rare.

Xingqu Technology achieved it.

It is precisely this ability to "dare to take the hardest questions and submit the best answer sheets" that made Xingqu Technology gain the trust of global top automakers within a few short years.

Currently, Xingqu has smoothly entered the supply chain system of Volvo, Polestar, Renault, Jaguar Land Rover and other global well-known vehicle plants, and multiple deep cooperation projects are being steadily promoted. It is understood that Xingqu Technology has signed 30 billion overseas orders, and the export in 2026 is expected to increase by 100%.

Behind the orders is a global layout map that is becoming more and more perfect. Currently, Xingqu Technology has established R&D and after-sales service centers in Gothenburg, Sweden and many places around the world, with Chinese and European teams relaying cooperation, possessing the ability to respond in time serving global clients 24 hours.

As early as its inception, Xingqu Technology has established a top-notch R&D and project management team in Europe, and the current scale has approached nearly 100 people.

To overcome the natural barriers of time difference, language, and culture, Xingqu Technology independently developed the "World Tree" cloud collaborative development platform, through which Chinese and European teams completed the deep collaborative development of software, hardware, and algorithms in the cloud.

It is worth noting that the globalization of Xingqu Technology is also accelerating. According to public reports, Xingqu Technology's first overseas factory located in Malaysia will be put into production in 2026, becoming a bridgehead radiating the Southeast Asian market.

Conclusion:

In the new energy vehicle era, the power core has switched from internal combustion engines to electric drives, and in this global competition, China is already running at the very front.

The original industrial logic is being rewritten by enterprises such as Xingqu Technology.

When a Chinese electric drive enterprise established only 5 years ago, uses a combination punch of technical depth, manufacturing speed, and global vision, to complete the road of traditional giants for decades, it proves one thing: the power structure of the global automotive supply chain is being reshaped.

On the electric drive track, as the invisible champion of the Chinese automotive industry chain breaking out upward, Xingqu Technology has the strength to become the next "CATL".

(All images in this article are from Geely)

16 Julai, Geely Galaxy melancarkan 'Pemacu Elektrik Pintar Thunder 16-in-1' dalam satu pelancaran yang dinamakan 'Era Star Drive'.

Ini bukan sahaja menandakan teknologi pemacu elektrik telah memasuki era baharu yang sangat berintegrasi, malah mendorong syarikat yang baru ditubuhkan selama 5 tahun — Teknologi Star Drive — dari tabir ke tengah sorotan.

Sebagai kad teras dalam teknologi pemacu elektrik Geely, Teknologi Star Drive telah membuka rantaian lengkap teknologi pemacu elektrik dengan kekuatan teras penyelidikan dan pembangunan bertahap penuh. Walaupun ia kali pertama tampil secara rasmi kepada awam, kekuatan penguasaan pasaran oleh syarikat muda ini sudah tidak boleh dipandang ringan: Pendapatan pada tahun 2026 dijangka memecahkan 20 bilion Yuan, menempati kedudukan kukuh dalam barisan hadapan industri pemacu elektrik dalam negara.

Sejak awal penubuhan, matlamat Teknologi Star Drive sudah jelas: menjadi contoh teknologi pemacu elektrik global, menjadikan penyelesaian pemacu elektrik 'Reka Cipta Cina' sebagai piawaian dunia.

Meskipun pelancaran telah tamat, satu kesimpulan menjadi semakin jelas: di litar ini, Teknologi Star Drive mempunyai kekuatan untuk menjadi 'CATL' seterusnya.

Berapa dalam parit pertahanan teknologi yang digali oleh Star Drive?

Dalam pelancaran ini, Geely Galaxy TT membuat penampilan sulung. Kereta coupé ini berjaya mencatat dua Rekor Dunia Guinness berdasarkan prestasi tenaga kecekapan optimum dan pengendalian: 'Penggunaan tenaga terendah memandu sedan elektrik terhasil mengelilingi Tasik Qinghai' dan 'Drift dua kereta secara bersambung terpanjang di jalan basah'.

Penggunaan tenaga rendah dan pengendalian kuat sering sukar digabungkan dalam era kenderaan elektrik, mengapa Galaxy TT mampu melakukannya?

Jawapannya, tersembunyi di dalam 'Jantung Kuasa'nya.

Yang menyediakan kuasa teras untuk Geely Galaxy TT adalah protagonis pelancaran kali ini: Pemacu Elektrik Pintar Thunder 16-in-1. Sistem ini mencapai integrasi mendalam merentas domain bagi 16 perkakas teras dan fungsi seperti motor, kawalan elektrik, dan pemecut, dengan berat keseluruhan sistem hanya 75kg.

Dibalik pelancaran dan pengeluaran besar-besaran Pemacu Elektrik Pintar Thunder 16-in-1 yang berjaya, terdapat tunjuk kekuatan pengumpulan teknologi yang mendalam dan sistem industri global daripada rakan kongsi ekosistem inti Geely — Teknologi Star Drive.

Sebagai kad teras dalam teknologi pemacu elektrik Geely, Teknologi Star Drive sentiasa mendefinisikan semula sempadan teknologi pemacu elektrik:

Tahun 2021, ciptaan pertama pemacu elektrik silikon karbida 400V penyelidikan sendiri, dipasang pada Zeekr 001, sehingga kini masih menjadi contoh klasik yang menggabungkan kecekapan dan prestasi pemacu elektrik; Tahun 2024, pelancaran pertama industri pemacu elektrik pintar 11-in-1 integrasi tinggi, menjadi produk pemacu elektrik dengan berat paling ringan, saiz paling kecil dan kecekapan komprehensif tertinggi pada masa itu; Tahun 2025, pelancaran pemacu elektrik rangkap paksi pertama 900V prestasi tinggi aloi magnesium di dunia, merekodkan ketumpatan kuasa dan ketumpatan tork tertinggi untuk jumlah pemacu elektrik aloi magnesium terhasil industri.

Mendefinisikan semula contoh teknologi pemacu elektrik global oleh Teknologi Star Drive, bukanlah sekadar satu slogan, tetapi keupayaan sistemik yang berlandaskan 'parit pertahanan teknologi bertahap penuh' yang menggabungkan 'pengeluaran + penyelidikan awal' secara serentak.

Dari segi pengeluaran, pemacu elektrik aloi magnesium 900V tegangan tinggi, kawalan elektrik silicon karbida seluruh siri, dan motor platform X-pin telah dipasang secara berskala, membuktikan kebolehpercayaan dan kemajuan dalam pengesahan pasaran besar; Dari segi penyelidikan awal, teknologi generasi seterusnya seperti motor aloi bukan kristal, pembolehubah motor pengawal tiga tahap, dan pembolehubah motor tertanam telah siap disiapkan, meninggalkan cukup 'ruang teknologi' untuk iterasi produk seterusnya.

Selain itu, Teknologi Star Drive juga telah meluaskan peta teknologi ke bidang pemanduan pintar dan pengisian semula tenaga — Otak super pemanduan pintar ADCU Ultra dengan kuasa pengiraan sehingga 1400 TOPS, dan peralatan super pengecasan cecair pendingin HPC V4.0 yang boleh menghidupkan semula tenaga dalam 5 minit, sedang memberi keupayaan komprehensif untuk pengalaman pengangkutan pintar generasi seterusnya.

Secara keseluruhannya, sektor perniagaan Teknologi Star Drive merangkumi pembangunan rantai penuh dari perisian asas hingga integrasi perkakasan, mendalam dalam bidang kuasa teras tenaga baharu, terutamanya pemacu sistem pemacu elektrik sepenuhnya dan hibrid, bekalan kuasa dan perkakasan elektronik, serta merancang ke hadapan skenario kuasa pelbagai seperti pemanduan pintar, pengisian semula, pengurusan bateri, bekalan kuasa AI dan penerbangan udara rendah.

Pendapatan akan memecahkan 20 bilion, apa yang menyokongnya?

Ketebalan teknologi akhirnya diukur oleh kelajuan pasaran.

Teknologi Star Drive menggunakan satu set nombor untuk menggambarkan lengkung pertumbuhan yang curam hampir mustahil:

Pendapatan 2022 40 juta, 2023 melompat ke 600 juta, 2024 memecahkan 1.7 bilion, 2025 terus ke 14.8 bilion. Dari 1.7 bilion ke lebih 10 bilion, hanya mengambil masa 1 tahun, pertumbuhan tahunan hampir 6 kali, dalam industri komponen kenderaan adalah luar biasa. Menurut ramalan, 2026, pendapatan Teknologi Star Drive akan melebihi 20 bilion Yuan.

Kelajuan seperti ini, atas apa asasnya?

Kata kunci pertama, adalah keupayaan pelaksanaan pembuatan.

Teknologi Star Drive telah melancarkan lima pangkalan pembuatan pintar di Wuxi, Jiaxing, Hangzhou, Ningbo, dan Quzhou, menggunakan garis pengeluaran automasi tinggi yang terkemuka dalam dan luar negara, dengan ketepatan prosedur pemasangan teras dikawal pada ±25 mikron.

Yang lebih memukau adalah kelajuan pembinaan kilangnya. Pada 2022, ditandatangani di Wuxi, pada tahun yang sama tercapai penandatanganan, permulaan kerja, penyelesaian bumbung, pengeluaran, dan pembenihan pengendalian, 352 hari menyelesaikan rekod industri 'ditandatangani pada tahun yang sama, ditamatkan pada tahun yang sama'; Projek Fasa Ketiga 2025, ditandatangani bulan Ogos, penyelesaian bumbung bulan November, hanya mengambil 90 hari.

Keupayaan pelaksanaan pantas yang boleh ditiru ini adalah sokongan teras paling kukuh bagi 'Kecepatan Star Drive'.

Setengah tahun pertama tahun ini, jumlah pemasangan motor dan kawalan elektrik Teknologi Star Drive menduduki tempat teratas 3 industri, kekuatan teknologi berada di barisan hadapan global.

Kata kunci kedua, adalah perancangan keseluruhan rantai industri.

Dikatakan, Teknologi Star Drive merangkumi pembangunan rantai penuh dari perisian asas hingga integrasi perkakasan: dari segi komponen teras, motor, kawalan elektrik, dan pemecut semua penyelidikan dan pembangunan sendiri; dari segi sistem lengkap, mempunyai keupayaan integrasi nilai penuh untuk jumlah pemacu elektrik pelbagai dalam satu.

Sedangkan di sisi perisian, proses pembangunan perisian kawalan ganda motor telah memenuhi pensijilan ASPICE L3, keselamatan fungsi mencapai tahap ASIL D; di sisi perkakasan, sendiri membina garis pemprosesan gigi paksi, garis pelekat SMT, garis statoren-rotor, garis pemasangan sistem, dan banyak lagi garis pengeluaran automasi, mencapai penyelidikan dan pembuatan sendiri komponen teras seperti gigi paksi, papan PCBA, dan lain-lain.

Dari cip hingga kawalan elektrik, dari algoritma perisian hingga sistem perkakasan lengkap — Teknologi Star Drive telah membina satu kitaran teknologi lengkap dan terkawal sendiri.

Dibalik ini, rangkaian rantai bekalan Teknologi Star Drive juga memberi sokongan kritikal. Dikatakan, Teknologi Star Drive menjadikan 'kolaborasi ekosistem' sebagai strategi teras, membina rangkaian kerjasama mendalam dengan rakan global dan tempatan, bukan sahaja membina kerjasama mendalam dengan raksasa semikonduktor dan tenaga global terkemuka seperti Infineon, Onsemi, Shell, tetapi juga secara aktif membina ekosistem rantai bekalan setempat.

Pelanggan global, mengapa semua mempercayai Star Drive?

Jika mahu buat, buatlah teknologi pemacu elektrik global! Ini adalah kepercayaan yang ditubuhkan oleh Teknologi Star Drive sejak awal penubuhan, juga catatan paling ringkas bagi strategi globalisasinya.

Berbicara dengan teknologi teras, berinteraksi dengan dunia dengan pelan global, Teknologi Star Drive sedang memulihkan ambisi menjadi kenyataan.

Mulai dari semua jenama Geely, Teknologi Star Drive dengan cepat membuka pasaran, telah menjadi rakan kongsi pemacu elektrik yang dipilih dan diakui secara bersama oleh syarikat automotif teratas global.

Maka, mengapa pelanggan global memilih Teknologi Star Drive? Jawapannya mudah: ia boleh tahan dengan ujian yang paling ketat.

Kemampuan seperti ini, dalam kerjasama berulang kali dengan pelanggan teratas global, telah berulang kali dibuktikan.

Tahun ini, Teknologi Star Drive mendapat pesanan dari pelanggan jenama mewah Eropah. Pihaknya membuka lebih 9000 indikator ujian, satu daripadanya sangat ketat: meminta satu SUV besar mencapai keupayaan tanjakan 107% — dianggarkan, sudut tanjakan sekitar 47 darjah. Sebagai rujukan, keupayaan tanjakan kereta keluarga biasa biasanya dalam lingkungan 15 hingga 20 darjah, kereta off-road profesional dalam 30 hingga 40 darjah, dan model terhasil yang mampu mencapai 45 darjah adalah sangat jarang.

Teknologi Star Drive telah mencapainya.

Tepatnya kemampuan 'berani menerima soalan paling sukar, boleh menghantar kertas kerja terbaik' ini, membuatkan Teknologi Star Drive memenangi kepercayaan syarikat automotif teratas global dalam masa beberapa tahun sahaja.

Sekarang, Star Drive telah berjaya masuk ke dalam sistem rantai bekalan pelbagai syarikat automotif terkenal global seperti Volvo, Polestar, Renault, Jaguar Land Rover, dan banyak lagi, beberapa projek kerjasama mendalam sedang berjalan dengan kukuh. Menurut pengetahuan, Teknologi Star Drive telah menandatangani pesanan luar negara bernilai 30 bilion Yuan, kenaikan eksport pada 2026 dijangka 100%.

Dibalik pesanan, adalah peta pelan global yang semakin sempurna. Sekarang, Teknologi Star Drive telah menubuhkan pusat penyelidikan dan perkhidmatan selepas penjualan di Gothenburg, Sweden dan banyak lokasi global, pasukan Eropah-Tiongkok bekerjasama secara bergilir-gilir, mempunyai keupayaan tindak balas tepat masa 24 jam untuk melayani pelanggan global.

Sejak awal penubuhan, Teknologi Star Drive telah membina sebuah pasukan penyelidikan dan pengurusan projek teratas di Eropah, saiznya sekarang hampir seratus orang.

Untuk mengatasi halangan semula jadi perbezaan masa, bahasa dan budaya, Teknologi Star Drive penyelidikan sendiri membangunkan platform pembangunan kolaboratif awan 'Pohon Dunia', pasukan Eropah-Tiongkok menggunakan ini untuk menyelesaikan pembangunan kolaboratif mendalam perisian, perkakasan dan algoritma di awan.

Yang perlu diambil perhatian, globalisasi Teknologi Star Drive juga sedang mempercepat. Menurut laporan terbuka, kilang luar negara pertama Teknologi Star Drive di Malaysia akan ditamatkan pengeluaran pada 2026, menjadi kubu permulaan yang memancarkan pasaran Asia Tenggara.

Akhir kata：

Dalam era kenderaan tenaga baharu, kuasa teras telah beralih dari enjin pembakaran dalaman ke pemacu elektrik, dan dalam pertandingan global ini, China telah berlari di paling depan.

Logik industri asal, sedang ditulis semula oleh syarikat seperti Teknologi Star Drive.

Bila sebuah syarikat pemacu elektrik China yang baru ditubuhkan 5 tahun, dengan gaya gabungan kedalaman teknologi, kelajuan pembuatan dan wawasan global, selesai perjalanan puluhan tahun rakan besar tradisional, ia membuktikan satu perkara: struktur kuasa rantaian bekalan automotif global, sedang dibentuk semula.

Dalam litar pemacu elektrik ini, sebagai juara tersamar peluasan industri automobil China ke atas, Teknologi Star Drive mempunyai kekuatan untuk menjadi 'CATL' seterusnya.

(Semua imej artikel ini berasal daripada Geely)

Author ｜ Janson

Editor ｜ Zhihao

Raised 3 billion RMB over three years, another mining autonomous driving enterprise is set to list on the Hong Kong Stock Exchange.

Che Dongxi reported on June 25, recently, Yikong Zhijia Technology Co., Ltd. (hereinafter referred to as "Yikong Zhijia") updated its post-prospectus with the HKEX, meaning this mine autonomous driving solutions company has passed the HKEX hearing and is one step closer to listing on the Hong Kong stock market.

▲ Yikong Zhijia Post-Prospectus

Founded in 2018, Yikong Zhijia focuses on the commercial deployment of autonomous driving solutions in mining areas. Core businesses include closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks. In a single mine where its solutions operate, the scale of the autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

▲ Yikong Zhijia Core Businesses

From a financial data perspective, Yikong Zhijia realized revenue of 1.435 billion yuan in 2025, a year-on-year increase of 45.5%, representing a growth of approximately 4.3 times compared to 271 million yuan in 2023.

However, Yikong Zhijia remained in a loss-making state for the past three years. In 2023, 2024, and 2025, its net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively, with a cumulative loss of approximately 1.239 billion yuan over the three years. During the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

▲ Yikong Zhijia Financial Highlights

Overall, Yikong Zhijia has moved from the early verification stage of mine autonomous driving to the stage of scale deployment with hundreds of units or even hundreds of vehicles.

However, beyond rapid expansion, how to continue improving cash flow, increase gross margin, and move towards profitability remains the core issue Yikong Zhijia needs to answer after listing.

I. 2025 Revenue 1.435 Billion Yuan, Gross Margin Increased to 10.1%

The post-prospectus shows that in 2023, 2024, and 2025, Yikong Zhijia's revenue was 271 million yuan, 986 million yuan, and 1.435 billion yuan respectively.

Among them, Yikong Zhijia's revenue grew by 264.0% in 2024, and further grew by 45.5% in 2025, with revenue scale continuing to expand.

▲ Yikong Zhijia Main Financial Information

From the revenue structure perspective, closed-environment autonomous mining truck products and solutions are Yikong Zhijia's absolute core business.

In 2025, revenue from closed-environment autonomous mining truck products and solutions for Yikong Zhijia was 1.428 billion yuan, accounting for 99.5% of total revenue. Among them, revenue from the customer-provided fleet model was 815 million yuan, accounting for 56.8%; revenue from the company-provided fleet model was 613 million yuan, accounting for 42.7%.

▲ Yikong Zhijia Revenue Composition

From the perspective of business model changes, Yikong Zhijia is transitioning from the capital-intensive company-provided fleet model to the asset-light customer-provided fleet model.

Under the customer-provided fleet model, customers purchase or lease mining trucks, and Yikong Zhijia mainly provides autonomous driving technology, software support, and related services; under the company-provided fleet model, Yikong Zhijia needs to provide vehicles and full lifecycle services, bearing more responsibilities for vehicle management, maintenance, and repairs.

This change also brought gross margin improvements.

In 2023, Yikong Zhijia recorded a gross loss of 50.46 million yuan, with a gross loss rate of 18.6%; in 2024, it realized a gross profit of 74.71 million yuan, with gross margin turning positive to 7.6%; in 2025, gross profit further increased to 145 million yuan, with gross margin increasing to 10.1%.

▲ Yikong Zhijia Gross Profit

Among them, the gross margin for the customer-provided fleet model is significantly higher. In 2025, the gross margin for this model reached 16.0%; during the same period, the gross margin for the company-provided fleet model was only 1.5%.

Regarding losses, in 2023, 2024, and 2025, Yikong Zhijia's net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively; during the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan. Adjusted net losses during the same period were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

Regarding cash flow, Yikong Zhijia's operating cash outflow in 2025 was 394 million yuan, narrower than the 713 million yuan outflow in 2024, but operating cash flow has not yet turned positive.

Regarding R&D investment, in 2023, 2024, and 2025, Yikong Zhijia's R&D expenses were 177 million yuan, 208 million yuan, and 271 million yuan respectively; due to revenue growth, the proportion of R&D expenses to revenue decreased from 65.4% in 2023 to 18.8% in 2025.

II. 2,580 Active Autonomous Mining Trucks, Over 500 Trucks Deployed per Mine

From the perspective of commercialization progress, Yikong Zhijia has entered the stage of scale deployment of mine autonomous driving.

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks.

▲ Overview of Yikong Zhijia Autonomous Mining Trucks

In terms of penetration into large open-pit coal mines, by the end of 2025, Yikong Zhijia's solutions have been deployed in 19 of 41 open-pit coal mines with an annual verified capacity of over 10 million tons in China, and 7 of the 12 largest open-pit coal mines calculated by annual verified capacity.

Based on 2025 revenue, Yikong Zhijia ranks first in the Chinese commercial vehicle intelligent driving solutions market, with a market share of approximately 10.2%.

▲ Yikong Zhijia Industry Ranking (By Revenue)

In the Chinese mine autonomous driving solutions market, it accounts for approximately 37.6% of the market share by revenue, and 55.5% by the number of active autonomous mining trucks, also ranking first.

▲ Yikong Zhijia Industry Ranking (By Vehicles)

What is more worth attention is that mine autonomous driving is moving from single vehicle and small fleet pilots to the deployment stage of hundreds of vehicles per mine or even hundreds of vehicles.

As of December 31, 2025, there were 11 mine autonomous driving projects nationwide with autonomous mining truck fleets of over 100 per single mine, of which 9 deployed Yikong Zhijia's solutions.

In a single mine where Yikong Zhijia's solutions operate, the deployed autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

Regarding customers, Yikong Zhijia mainly serves mining companies and their contractors. In 2023, 2024, and 2025, Yikong Zhijia served 13, 24, and 52 customers respectively, with a 100% retention rate among all terminal customer groups over the three years.

Its customers and partners include large mining and industrial groups such as China Energy, Zijin Mining, Shougang Group, and Baowu Group.

However, the customer concentration of Yikong Zhijia remains high.

▲ Yikong Zhijia Top Five Customers Composition

In 2023, 2024, and 2025, revenue from the top five customers for Yikong Zhijia was 256 million yuan, 825 million yuan, and 950 million yuan respectively, accounting for 94.4%, 83.7%, and 66.3% of total revenue respectively. During the same period, revenue share of the largest customer was 41.7%, 54.5%, and 35.7% respectively.

It can be seen that although Yikong Zhijia's customer concentration is decreasing, its revenue still relies significantly on top mining customers and large projects.

III. "ZhuShan + MuYe" Two Major Product Lines, Supporting Adaptation of Over 70 Car Models

From the business structure perspective, Yikong Zhijia mainly has two core solutions: closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

▲ Yikong Zhijia Two Major Solutions

Among them, "ZhuShan" is Yikong Zhijia's current core business, mainly targeting large open-pit mines, providing autonomous driving systems, remote driving assistance, autonomous driving dispatch, remote technical support, continuous software updates, and other capabilities for mining trucks.

▲ Yikong Zhijia "ZhuShan" Solution

According to the ownership of fleet assets and service content, "ZhuShan" is divided into customer-provided fleet models and company-provided fleet models.

Under the customer-provided fleet model, Yikong Zhijia mainly provides hardware and software products and technical services; under the company-provided fleet model, Yikong Zhijia also needs to provide autonomous mining trucks and be responsible for daily vehicle maintenance, repair, and other full lifecycle services.

"MuYe" is a mine digital solution, mainly through data analysis, IoT integration, and real-time monitoring technology to improve mine production and operation efficiency, covering links such as intelligent fleet management and predictive maintenance.

Technologically, Yikong Zhijia emphasizes independent full-stack R&D capabilities. Its system can support the adaptation of over 70 car models and can complete new mine deployment within three days.

As of 2025, Yikong Zhijia's R&D team exceeds 400 people, with a cumulative 242 Chinese patents and 43 PCT applications.

The prospectus also mentions that Yikong Zhijia has participated in formulating 17 national and industry standards and leads the open-pit mine autonomous driving standardization working group.

IV. Completed Over 3 Billion RMB Financing in 3 Years, CATL, Zijin Mining as Shareholders

Regarding financing, the post-prospectus shows that Yikong Zhijia has completed multiple financing rounds before listing, with investors including Minxi Xinghang, Shanghai Chentao, Zijin Mining, Sidao Capital, Nio Capital, Xihe Investment, Wuxi Xingqi, Zhengzhou High-Tech Fund, Puquan Fund, CATL, Yankuang Capital, Tonli Shares, Desay SV, Gaocheng Capital, and Hony Investment.

Regarding financing cash flow, in 2023, 2024, and 2025, the net cash inflow from financing activities for Yikong Zhijia was 579 million yuan, 1.165 billion yuan, and 1.323 billion yuan respectively, with a total financing cash inflow of approximately 3.066 billion yuan over three years.

▲ Yikong Zhijia Partial Pre-IPO Equity Share

Regarding equity structure, before listing, Lanshuisheng, Zhang Lei, Liu Dongmei, Jiaxing Zhitao, Ningbo Yuying, and Ningbo Zhongying jointly constitute a controlling shareholder group, holding 42.75% equity of Yikong Zhijia.

Among them, Lanshuisheng is the co-chairman, executive director, general manager, and CEO of Yikong Zhijia; Zhang Lei is the chairman and executive director.

Lanshuisheng has started businesses multiple times, focusing on the commercial application of mine autonomous driving technology, and participated in multiple stages of Yikong Zhijia's development.

▲ Zhang Lei, Chairman and Co-Founder of Yikong Zhijia

Chairman and co-founder Zhang Lei has over ten years of experience in autonomous vehicle R&D and has long engaged in mine autonomous driving and commercial vehicle platform-related work.

▲ Yikong Zhijia Pre-IPO Equity Distribution

From the equity structure perspective, since Yikong Zhijia's equity structure will change after issuance, the shareholding ratio of controlling shareholders such as Lanshuisheng and Zhang Lei may be correspondingly diluted.

Information shows that Yikong Zhijia plans to use funds raised from the listing for software R&D, hardware R&D, IT development, overseas business expansion, talent development, strategic investment, and working capital.

In addition, the overseas market is also one of the key directions for Yikong Zhijia in the future.

Yikong Zhijia established Australia and Singapore subsidiaries in 2023 and established cooperation with overseas mining service providers such as Thiess and MACA, planning to expand into mine markets in Australia, Canada, Chile, Mongolia, Middle East, and Africa in the future.

Conclusion: Mine Autonomous Driving Enters Scale Competition

From the industry background perspective, mine autonomous driving has become one of the scenarios where autonomous driving technology commercializes more quickly.

Open-pit mines have characteristics such as relatively fixed routes, closed operation environments, high transportation intensity, and high safety risks, giving autonomous mining trucks relatively clear commercial value.

Data from Frost & Sullivan shows that the Chinese mine autonomous driving solutions market is entering a rapid scale stage, with the penetration rate of autonomous mining trucks expected to increase from about 12% in 2025 to over 50% in 2030.

For Yikong Zhijia, passing the Hong Kong Stock Exchange hearing means entering a new capitalization stage.

On the one hand, Yikong Zhijia has secured industry-leading deployment scale and verified scale implementation capabilities in projects with over 100 units per mine and over 500 units.

On the other hand, Yikong Zhijia still faces challenges such as continued losses, operating cash flow not yet turning positive, and high customer concentration.

Next, whether Yikong Zhijia can continue to increase the proportion of asset-light model income, improve gross margin and cash flow while expanding deployment scale will become the focus of public attention.

With the comprehensive deepening of electrification and intelligence, mainstream automotive supply chain companies are beginning to step from behind the scenes to the forefront, achieving role transition in the process of major changes in the automotive industry and reconstruction of the automotive ecosystem, rather than being limited to suppliers of car companies in the past. The underlying logic of their "rise" is to leverage the new tracks of electrification and intelligence to achieve a paradigm shift in technology, reach a technology premium, become joint definers and equal participants of the underlying technology stack of new cars with automakers, and thus achieve a brand premium, with influence directly reaching the consumer end. Automotive supply chain companies are welcoming a strategic development opportunity for comprehensive advancement.

Aiming at the advancement of supply chain companies, "Auto Panorama" specially produced this issue's "Cover Story" special report.

Currently, the new energy industry stands at a new historical node. In this historical process where the energy revolution and the technological revolution intersect, and reality and the future overlap, CATL has always been answering a question with action: How to build deterministic long-term value in an uncertain world?

CATL's financial report shows that its revenue in 2025 reached a high of 423.702 billion yuan, with net profit of 72.201 billion yuan, and global market share reached 39.2%. It has ranked first globally in power battery usage for 9 consecutive years. Of note, this supply chain company located upstream of vehicle manufacturing saw its net profit last year exceed the total profit of 13 mainstream listed automakers. The joke that "car companies work for King Ning" seems to have come into reality.

Behind this phenomenon lies CATL's influence on mainstream automakers globally. And the starting point of all this is the core status of power batteries in the new energy vehicle industry—power batteries account for about 40% of the cost of the entire vehicle and are undoubtedly the "heart" of new energy vehicles. For automakers, stable and reliable battery supply has long evolved from a basic guaranteed demand into a core strategic demand concerning product competitiveness and long-term development; for CATL, how to transform "top customers" into "strategic allies" is also a key issue determining the ceiling of its business landscape.

So, how did CATL "bind" nearly half of the automotive industry single-handedly? The reason lies in the fact that from a power battery supplier to a full-domain energy ecosystem service provider, CATL has built a deep binding system covering capital, production capacity, R&D, supply guarantee, ecosystem, and more over more than ten years. It is this system that firmly incorporates mainstream global automakers into its own industrial landscape, realizing a leap from "selling batteries" to "setting standards, building ecosystems," and thoroughly reshaping the relationship between supply chain companies and automakers.

Capital Binding

In the wave of electrification reconstructing the automotive industry, CATL jumped out of the traditional supplier's single model of "supply and collect money," using diverse capital means such as direct investment, strategic equity participation, and joint venture holding to deeply penetrate the equity structure of automakers, upgrading the supply-demand relationship into a community of interest and a strategic symbiosis, achieving all-round binding from the levels of funds, discourse power, and resources, and solidifying the foundation of industrial discourse power.

According to incomplete statistics, as of the end of May 2026, the number of new energy automakers invested in by CATL through direct or indirect means has exceeded 10. The latest move was on May 25, 2026, when Seres Group announced that its subsidiary Chongqing Luedian Technology Co., Ltd. received capital increase totaling 6.671 billion yuan from five investors. In the investor list, Ningbo Meishan Bonded Port Area Wending Investment Co., Ltd. (hereinafter referred to as "Wending Investment") ranked third with an investment amount of 984 million yuan and a shareholding ratio of 9.878%. This Wending Investment is a subsidiary wholly held by CATL.

Earlier, on May 12, 2026, the high-end intelligent new energy vehicle brand Qijing Auto jointly created by GAC Group and Huawei Qiankun announced that it had completed a strategic capital increase of more than 1 billion yuan, invested by CATL, investment platforms under Bosch, and capital of state-owned enterprises and central SOEs. It is understood that CATL's investment this time was also realized through paid-in capital of 300 million yuan via the wholly held Wending Investment, making it the single largest investor.

In fact, CATL's investment landscape extends far beyond these. In the new energy circle, "King Ning" is not just a battery seller, but more like a super player holding a capital map and "setting up circles" everywhere. In 2021, CATL invested heavily 770 million yuan to become the second largest shareholder of Avatr with a shareholding ratio of 23.99%, forming the unique CHN (Changan + Huawei + CATL) model at the time. As a return, Avatr not only featured CATL batteries as standard across all models but also globally launched CATL's Pangshi skateboard chassis for the first time.

In addition, CATL is also an early investor of Zeekr Auto, participating in Zeekr's Pre-A financing round. CATL not only holds about 2.97% of Chery through Wending Investment, but both sides also established the "Times Chery" joint venture company with a registered capital of 2 billion yuan. SAIC and CATL have actually been old partners for a long time. CATL holds about 0.48% of IM Motors, which is under SAIC. In BAIC Motor's financing of more than 8 billion yuan at the end of 2024, CATL invested 200 million yuan to become a shareholder.

In the commercial vehicle sector, in March 2026, Puquan Capital under CATL led the investment of 1.2 billion yuan in Lingyi Auto. In November 2025, FAW Jiefang announced a capital increase of 191 million yuan for the joint venture "Jiefang Times," and CATL invested simultaneously. The three parties invested a total of 412 million yuan. This joint venture company, established in 2023 with 50% shareholding each by FAW Jiefang and CATL, is just a microcosm of CATL's deep binding of automakers through capital ties in recent years.

In overseas markets, CATL also adopts the joint venture participation logic. On December 10, 2024, CATL and Stellantis each hold 50%, investing 4.1 billion euros to build a large-scale Lithium Iron Phosphate battery factory in Zaragoza, Spain. Products are exclusively for Stellantis' European models. Capital binding helps CATL deeply penetrate mainstream overseas automakers.

Of course, CATL has also hit snags when investing in automakers. For example, CATL once held about 2.67% of Neta Auto shares and invested in Aiways Auto early on. However, looking at the current situation, these two EV startups have basically exited the market.

CATL's capital binding is by no means simple financial investment, but a strategic layout to reconstruct the OEM-Supplier relationship and control industrial discourse power. This capital network model allows CATL to upgrade from a simple battery supplier to a strategic partner and community of interest for automakers, firmly grasping industrial leadership in the electrification wave, laying a solid capital foundation for all-round binding in technology, capacity, ecosystem, and other fields.

Production Capacity Lock-in

If capital is the skeleton of ties, then capacity is the flesh and blood. In the industry environment of cyclical tightness in battery supply and demand and intensified raw material price volatility, stable capacity is core competitiveness. CATL's capacity binding strategy can be summarized in one sentence: Build battery capacity where it is most needed—super factories next to automakers, or even directly built in customers' workshops. CATL provides deterministic capacity guarantees for cooperating automakers through three models: exclusive production lines, factory-in-factory, and regional bases, achieving deep binding through "capacity lock-in."

On June 30, 2025, CATL's two CTP 2.0 high-end battery pack production lines officially went into production at Seres Super Factory. This is the first time CATL cooperated with an automaker using the "Factory within a Factory" model to supply battery systems for local production of the AITO series models. The "Factory within a Factory" model is an innovative supply chain synergy model. CATL directly built battery production lines inside Seres Super Factory, achieving efficient closed-loop management from battery production to vehicle assembly. Batteries achieve "produce and install immediately," saving intermediate links such as packaging, transportation, and warehousing, shortening supply chain response speed to the 20-minute level.

If the "Factory within a Factory" is just a trial run of an innovative model, then the power battery joint venture companies widely established by CATL with mainstream automakers such as SAIC, GAC, FAW, Dongfeng, Geely, and Changan, such as Times SAIC, Times GAC, Times Geely, and Times Changan, usually hold controlling rights with 51% shareholding. As early as 2017, CATL cooperated with SAIC Group to establish "Times SAIC Power Battery Co., Ltd.," with a total investment of more than 10 billion yuan. This forward-looking layout allowed SAIC to fully reap dividends in the subsequent new energy transformation wave. When other competitors were queuing in front of CATL's headquarters to grab batteries, SAIC could steadily obtain battery packs meeting their customized needs through the exclusive production line of Times SAIC.

On February 13, 2026, Times Chery (Hefei) New Energy Technology Co., Ltd. was officially established, with registered capital of up to 2 billion yuan, held by CATL, Chery Automobile, and Chery Commercial Vehicle (Anhui) Co., Ltd. CATL holds 51%, while the latter two hold 49% in total. According to the agreement, Chery will obtain supply rights for CATL's core products such as Qilin Batteries and Sodium-ion Batteries first, while CATL will promote the application of innovative technologies such as semi-solid-state batteries and battery swap models in Chery's high-end models through technology licensing and joint R&D.

In factories laid out in Germany, Hungary, Indonesia, and other overseas locations, CATL has also achieved "wherever the vehicle is, the battery capacity is there." For international automakers such as Tesla, Volkswagen, and BMW, the European base is configured nearby; for automakers going global like Chery, Geely, and Leapmotor, the Southeast Asian base follows synchronously. Regional capacity layout effectively avoids trade barriers, logistics risks, and exchange rate fluctuations, ensuring automakers always have stable battery guarantees in global market expansion.

The underlying logic of capacity lock-in is using deterministic supply to counter uncertain cycles. For automakers, CATL's capacity guarantee means new cars do not get "choked" at launch, peak season delivery does not run out of stock, and overseas expansion has no worries; for CATL, locking capacity means locking sales, improving capacity utilization, dampening investment costs, and forming scale effects and cost advantages.

R&D Front-loading

If capacity lock-in binds the present, then R&D front-loading binds the future. Traditional battery supply follows a posterior adaptation mode of "automaker raises demand, battery factory makes products," while CATL has completely front-loaded R&D, achieving synchronized development, joint definition, and joint testing of vehicles and batteries, shifting from passive adaptation to active co-creation, realizing binding through deep technology embedding.

On December 17, 2025, CATL signed a 10-year deepened cooperation agreement with Voyah Auto. According to the agreement, CATL will actively cooperate with Voyah's new model development, prioritize providing leading battery technology, and comprehensively promote the scale application of benchmark battery brands such as Qilin, Shenxing, and Xiaoyao on Voyah models. This means Voyah's product planning will stay synchronized with cutting-edge innovation in the battery field. The cooperation vision between the two parties has expanded from a single power unit to new fields such as battery swap models, CIIC Intelligent Chassis Integration, Pangshi Chassis, and V2G representing future mobility ecosystems.

Of course, CATL's R&D front-loading logic is not limited to just this automaker. On November 11, 2025, CATL signed a 10-year comprehensive strategic cooperation agreement with GAC Group. Both sides will carry out joint R&D in cutting-edge fields such as intelligent chassis and battery swap ecosystems, and based on CATL's deep accumulation in power batteries, energy storage systems, and energy service fields, jointly create new energy vehicles with stronger market competitiveness. Regarding GAC Trumpchi's model planning, both sides are actively promoting the application of Pangshi Chassis technology.

Since 2025, CATL has reached cooperation with many automakers—not only GAC Group and JAC Group, but also core customers like Li Auto and Seres. Battery manufacturers and automakers are stepping over traditional buying and selling games towards a new stage of deep binding and value co-creation. CATL's R&D system has thereby become more "forward-looking": When the next generation of battery technology is still iterating in the laboratory, CATL has already been planning future vehicle platform architectures with partners.

The deep significance of R&D front-loading lies in making CATL transform from a supplier passively responding to demand into a standard setter proactively defining future technology routes. The Qilin Condensed Battery released by CATL on February 26, 2026, with an energy density of 500Wh/kg, is planned to be equipped for the first batch on NIO ET9 and Zeekr 001 FR at the end of the year. These technology explorations, which are still among the forefront in the industry, are becoming the strongest glue for CATL to bind high-end customers.

Ecosystem Co-construction

In fact, CATL's business field extends far beyond batteries. It is extending electrification goals to broader fields such as low-altitude aviation, ships, and data centers, rapidly expanding battery swap networks and services, promoting zero-carbon ecosystem construction, improving the industrial ecosystem, and extending the value chain. Around automakers, CATL is building an all-domain ecosystem of battery swaps, energy storage, charging, green power, and recycling, achieving irreplaceable binding through ecological barriers.

In the battery swap field, CATL takes Chocolate Battery Swap and Qiji Heavy Truck Battery Swap as the core, working with Changan, Chery, GAC, Seres, SAIC-GM-Wuling, BAIC, and others to form a Super Swap Shared Network, jointly building swap stations, sharing swap blocks, and unifying interface standards. On April 25, 2026, Chery Automobile, Chery Green Energy, CATL, and Times Energy Service signed a strategic cooperation agreement. All parties will focus on the layout of "Super Charging + Battery Swap" shared networks and green energy ecosystem co-construction. Chery Automobile will comprehensively import the Chocolate Battery Swap system of CATL and Times Energy Service. CATL's cooperation with GAC Group is even more all-round. It covers not only key fields such as intelligent chassis application, joint R&D of battery technology, battery swap ecosystem co-construction, and electrified platform innovation, but will also carry out long-term deep cooperation in business fields such as battery leasing and joint station building.

Zero Carbon Parks are projects CATL is vigorously promoting. Currently, zero carbon parks have been laid out in Dongying, Shandong, Xiamen, Fujian, Datong, Shanxi, Yancheng, Jiangsu, Hainan, and other places. They create green smart manufacturing bases through 100% green power direct connection and Source-Grid-Load-Storage integration technology. On July 26, 2025, the first national 100% green power direct-connected zero carbon industrial park led by CATL started construction in Dongying, Shandong. The total investment exceeds 10 billion yuan. The project adopts "Wind-Solar Coupling + Grid-forming Technology" to build an independent energy system, directly connecting wind power, photovoltaic generation, and energy storage systems to the factory. CATL's ultimate goal is to create a panoramic, integrated zero-carbon solution including green power direct supply, zero carbon parks, source-grid-load-storage, and grid-forming energy storage.

Used battery recycling is the last puzzle piece to achieve closed-loop management of the battery full lifecycle. Through recycling methods, CATL processes, purifies, and synthesizes metal materials such as nickel, cobalt, and manganese in used batteries, and recycles collected metal materials such as copper and aluminum through third-party recycling, realizing effective circular utilization of key metal resources needed for battery production. CATL has built a complete closed loop of "Production - Use - Cascade - Recycling," providing battery recycling, cascade utilization, and recycled material closed-loop services for cooperating automakers. Through scaled recycling and regeneration, raw material costs are reduced, feeding back into the price competitiveness of vehicle batteries, forming full-chain value sharing.

In addition, in overseas markets, CATL promotes vehicle-battery integration joint global expansion with Chery, Yutong, Geely, Dongfeng, etc. Overseas battery bases follow the rhythm of vehicle global expansion, providing global warranty, local services, supply chain support, and other services. Automakers going global no longer face battery adaptation, certification, and supply difficulties. CATL expands its global share following automakers going global, forming a globalized ecosystem binding.

The strategic significance of ecosystem co-construction far exceeds commercial cooperation itself. When CATL not only masters battery manufacturing but also controls battery swap networks, Battery Passport data (CATL cooperated with BMW in February 2026 to carry out an EU "Battery Passport" cross-border data pilot), and battery recycling full lifecycle management, it changes from a supplier simply providing parts into an infrastructure platform for the entire new energy mobility ecosystem. Automakers still play the role of building cars in this ecosystem, but key dimensions such as energy replenishment solutions, battery management, data services, and even user travel experience will be included in CATL's ecosystem system. This ecological-level binding far exceeds the product and price levels, forming a true "community of shared future."