Amid the accelerating intelligent transformation of the automotive industry and the continued migration of ADAS and smart cockpit functions from high-end models to the mass market, the intelligent driving solution sector is experiencing rapid expansion. Data from Frost & Sullivan shows that China's intelligent driving solution market has grown from 45.7 billion yuan in 2021 to 197.3 billion yuan in 2025, with a compound annual growth rate of 44.1%, and is expected to reach 553 billion yuan by 2030. The smart cockpit market grew from 68.6 billion yuan to 173.6 billion yuan over the same period, while cockpit visual safety products also expanded from 2 billion yuan to 11.8 billion yuan. Against this backdrop of strong industry momentum, companies across the supply chain are accelerating their capital market activities. According to a disclosure by the Hong Kong Stock Exchange on September 27, Shanghai Yinjia Electronic Technology Co., Ltd. (hereinafter referred to as "Yinjia Technology") has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Guotai Junan Financing Limited as the sole sponsor. The company focuses on intelligent driving, smart cockpit, and general-purpose robotics solutions and products. By revenue in 2025, it ranks ninth among intelligent driving and visual safety solution providers in China and fifth among domestic suppliers. Its products have been applied to models from all top ten Chinese OEMs and seven of the world's top ten OEMs.

Scale Effects Begin to Show, Losses Narrow, Profitability Turning Point Anticipated

Amid the industry tailwinds of accelerating intelligent transformation in the automotive sector and the continued penetration of intelligent driving into mass-market vehicles, Yinjia Technology has delivered a performance report showing explosive growth. The company's revenue scale is in a period of rapid expansion, with revenue jumping from 111 million yuan in 2023 to 229 million yuan in 2024, and further doubling to 481 million yuan in 2025. In the first half of 2026, revenue reached 336 million yuan, representing a explosive year-over-year increase of 164% compared to 127 million yuan in the same period of 2025. This growth rate far exceeds the industry average, confirming that the company's products are in a phase of large-scale mass production and delivery. With a high-quality customer matrix covering China's top ten and the world's top seven OEMs, its order conversion capability is accelerating.

However, behind the high revenue growth, the volatility of profitability is a focal point for the market. The company's gross margin shows a "U-shaped" trend, dropping sharply from 20.3% in 2023 to 10.0% in 2024, reflecting the squeeze on upstream suppliers' profits from the intense "price war" in the automotive industry, as well as the company's early strategy of "trading price for volume" to seize market share. However, as revenue scale expanded and scale effects emerged, combined with an increased proportion of high-margin products, the gross margin recovered to 12.3% in 2025 and further recovered to 17.8% in the first half of 2026. This indicates that the company's product pricing power has strengthened. Although the company is not yet profitable, the loss margin is significantly improving. The loss for the period narrowed from a peak of 108 million yuan in 2024 to 95.76 million yuan in 2025, and the loss in the first half of 2026 was 35.09 million yuan, a substantial narrowing of approximately 26.5% compared to 47.73 million yuan in the same period of 2025. With revenue doubling while losses conversely narrowing, it means the company's operating leverage is coming into play, and it is getting closer to the break-even point.

Looking further at the expense structure, Yinjia Technology has maintained high-intensity research and development investment, with R&D expenses increasing from 27.85 million yuan in 2023 to 48.72 million yuan in 2025. R&D expenses in the first half of 2026 were 25.04 million yuan, with the proportion of revenue dropping from 25.2% in 2023 to 7.4%. However, selling and administrative expenses surged significantly in 2024, and administrative expenses in the first half of 2026 remained as high as 34.08 million yuan, a substantial year-over-year increase. In addition, high financial costs are also an important factor eroding profits. In 2025, financial costs and financial costs on redeemable financial liabilities totaled 35.69 million yuan, and in the first half of 2026, the total reached 22.44 million yuan. Overall, Yinjia Technology's current financial condition presents a coexistence of high growth, high investment, and narrowing losses. Against the backdrop of continued expansion in the intelligent driving and smart cockpit markets, the company has built a solid revenue foundation through cross-domain technology and penetration into leading OEM customers. Whether it can smoothly achieve profitability in the future requires long-term observation.

Two Major Businesses Take Turns Driving Volume and Price Growth, Progress Is Well Underway

According to observations by Zhitong Finance APP, Yinjia Technology is undergoing a positive transformation from "scale expansion" to "volume and price growth with structural optimization." The explosive expansion of the customer matrix on the operational side has directly reshaped the company's revenue structure. The number of customers for intelligent driving solutions rapidly climbed from 16 in 2023 to 45 in 2025, driving sales volume from 130,000 units to 416,000 units. Smart cockpit customers also rapidly expanded from an initial one to 41. This large-scale customer penetration is directly reflected in the evolution of business revenue proportions: in 2024, smart cockpit revenue once surpassed intelligent driving business with a 51.1% share, while in 2025 and the first half of 2026, the intelligent driving business, driven by large-scale mass production of high-level functions, quickly recovered and significantly increased its revenue share to 74.9%. This is not a case of one rising as the other falls, but rather the relay explosion of the two major businesses at different stages of their life cycles, demonstrating the company's strong cross-domain solution delivery capability and customer conversion efficiency.

More notably, the "volume and price growth" on the operational side has completely reversed the early profit dilemma of "trading price for volume." Combining the average selling price (ASP) in operational data with the gross margin in business data, the ASP of the smart cockpit business steadily climbed from 273.4 yuan in 2024 to 367.0 yuan in the first half of 2026, driven by the volume ramp-up of its high-value-added multimodal interaction products. The ASP of the intelligent driving business also rebounded strongly after a brief dip in 2024, reaching 889.5 yuan in the first half of 2026, confirming the upgrade of the product structure toward higher-level intelligent driving. The recovery in unit prices on the operational side directly drove the "U-shaped" repair of gross margins on the business side: smart cockpit gross margin recovered significantly from a trough of 9.8% in 2024 to 25.8% in the first half of 2026, and intelligent driving gross margin also steadily increased to 15.2%. The simultaneous recovery in profitability of the two core businesses confirms that after weathering the industry price war, the company's scale effects have emerged, and both product pricing power and cost control capabilities have been substantially enhanced.

This solid operational foundation also provides strong support for the company's future performance visibility and second growth curve. The automotive industry has a characteristic lag period from designation to mass production. In 2025, the intelligent driving and cockpit businesses added 8 and 17 designations respectively, and in the first half of 2026, they added another 9 and 11 designations. The ample designation reserves lock in sales growth space for the next one to two years. In summary, Yinjia Technology is positioned in the golden track of rapid expansion in intelligent driving and smart cockpits and has initially completed the switch from "trading price for volume" to "volume and price growth." As scale effects increase, the company's operating leverage is gradually being released, and the expectation of a profitability turning point is strengthening.