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IAT Automobile Technology Co., Ltd.(Stock Code: 300825) is China's first listed independent automotive design company, and also the only listed company in the A-share market in the independent automotive R&D design industry. The company was established in 2007, with headquarters in Beijing, and its predecessor was Beijing Jingwei Quanneng Technology Co., Ltd., founded in 2002. Main businesses cover full-process R&D of complete vehicles and platforms, new energy intelligent platform development, R&D and manufacturing of core components, and provide full-chain technical services including product planning, display car manufacturing, prototype manufacturing, simultaneous engineering, mold/jig design and manufacturing, complete vehicle and component testing, etc. The company possesses qualifications such as the first batch of national high-tech enterprises, MIIT certified industrial design center, and postdoctoral research workstation approved by the Ministry of Human Resources and Social Security, and is a leading independent automotive design company across Asia.
IAT's predecessor, Beijing Jingwei Quanneng Technology Co., Ltd., was founded by founder Xuan Qiwu after returning to China in 2002, mainly engaged in complete vehicle and component R&D. In 2005, its core team successfully developed China's first purely domestically produced car, the Chery QQ6. In 2007, under investment from Sequoia Capital, GSV Capital, etc., Arth company was officially established, and pioneered the independent automotive design company's vehicle R&D "turnkey" service and engine/powertrain R&D manufacturing.
The company's development experienced multiple milestone nodes: displayed the first pure electric vehicle models in 2009, participated in the 2010 Beijing Auto Show and launched three electric vehicles: "Zhu Feng", "Wu Feng", and "eTaxi Yidi"; successfully listed on the Shenzhen Stock Exchange ChiNext on March 27, 2020, becoming China's first stock of independent automotive design; established the AI Robot Division in March 2024, expanding new businesses in robot design and flying car R&D; released the vertical AI creation and drawing tool TAI in March 2025, marking the formal landing of AI empowerment applications in the automotive styling design vertical domain.
IAT's main business forms are "R&D Design Services" and "Core Component Manufacturing". In terms of design services, it provides full-process vehicle R&D services, covering eight major processes: product definition, styling design, complete vehicle engineering, simultaneous engineering, software development, performance development, complete vehicle prototyping, and test verification. Service delivery methods include entrusted design services (full-process turnkey mode) and technical support services (deploying engineers to participate in client projects) two modes.
In the core components field, products cover new energy powertrain, methanol range extender, reducer, electromagnetic clutch, high voltage electrical system, etc., achieving designated spots, verification and stable delivery. The company's intelligent manufacturing business is promoted collaboratively by subjects such as Sichuan Arth New Energy and Liuzhou Linte, forming a full-chain layout covering R&D, production, and delivery. Manufacturing business revenue in 2025 reached 61.5754 million yuan, with a year-on-year increase of 775.41%.
IAT has developed nearly 500 vehicle models for more than 80 clients domestically and abroad, covering A0 to C-class multi-level models and multiple categories such as sedans, SUVs, MPVs, and VANS. Representatively deep-participated models include: Li ONE, Dongfeng Honda e:NS1, GAC Honda e:NP1, FAW Hongqi H5, FAW Hongqi E-HS9, M-Hero 917, M-Hero M50, VOYAH FREE, VOYAH Dream, etc.
In 2025, IAT achieved operating revenue of RMB 975 million, a year-on-year increase of 0.43%, stabilizing the basic revenue platform during the period of deep industry adjustment. In the first quarter of 2026, operating revenue reached RMB 250 million, net profit attributable to parent company was RMB 14.9646 million, a year-on-year increase of 20.74%, with a clear profit repair trend. Affected by multiple factors such as intensified industry competition, concentrated R&D investment and transformation investment, the full-year net profit attributable to parent company in 2025 was RMB -263 million, but the company's business structure continues to optimize, with intelligent manufacturing business and overseas business achieving rapid breakthroughs.
In the intelligent manufacturing business sector, revenue reached RMB 61.5754 million in the full year of 2025, a year-on-year increase of 775.41%, mainly due to the mass production delivery of domestic and international intelligent manufacturing products. Core component revenue increased by 919.23% year-on-year. Overseas business achieved operating revenue of RMB 181 million, a year-on-year increase of 63.24%, with the proportion of annual revenue rising to 18.52%, with overseas markets becoming an important driver for company development.
IAT's core competitiveness is reflected in three areas: technology patent accumulation, full-stack development capabilities, and AI empowerment.
Patents and Technology Barriers: As of the end of 2025, the company possesses 1,987 patents and 79 copyrights, covering multiple technical fields such as automotive design, lightweight structure, intelligent connectivity, and new energy three-electric systems. The company has more than 20 years of industry accumulation, with rich vehicle model data and regulation and standard databases, with multiple key technologies at the industry leading level.
Full-Stack Development Capability: The company is the pioneer of independent complete vehicle R&D "turnkey" services, covering the full industry chain from product definition to test verification, with a development cycle generally ranging from 1.5 to 2 years. The company has established five major R&D centers in the USA, Japan, Italy, Beijing, and Shanghai, and subsidiaries in 11 provinces and cities domestically and abroad, signed dozens of globally renowned designers, with R&D technical personnel close to 2,000.
AI Empowerment for Automotive Design: The company has successfully developed multiple vertical AI products, including AI drawing tool TAI, AI aerodynamic agent "Yufeng", R&D knowledge large model "Yuanchuang", and AI+DMU verification analysis tool "Fangcun", and is advancing the Omniverse simulation platform construction, integrating AI technology into the full-process R&D links such as styling design, engineering analysis, simulation modeling, performance development, and test testing. The company has been designated as a core unit to deeply participate in the construction of China's AI Application Pilot Base.
Digital-Intelligent Automotive R&D System: In recent years, focusing on the intelligent connectivity field, solidifying the core technology foundation, gradually establishing a digital-intelligent automotive R&D platform covering the full R&D process. The company has accumulated rich data and model assets in digital fields such as CAE simulation, environmental chamber simulation, and wind tunnel testing.
Since 2023, IAT has comprehensively promoted the "Technology + Supply Chain" going global strategy, gradually shifting the focus of customer expansion to overseas markets. Branch offices have been established in multiple global regional markets such as Japan, Southeast Asia, North America, and Europe, forming a layout of five overseas R&D centers. Overseas business covers multiple models such as complete vehicle design, component matching, gasoline to electric conversion, ODM OEM, and complete vehicle export.
In terms of specific projects, the gasoline-to-electric conversion has become the strategic pivot for the overseas strategy: 1.5T to 2.5T light truck electrification transformation has obtained Japanese mass production certification and completed delivery, and has subsequently obtained heavy truck gasoline to electric conversion orders. In the ODM field, the overseas key model AIM EVM has achieved first batch delivery, and will subsequently expand the product matrix for scenarios such as logistics and commercial. In June 2025, IAT signed a new energy vehicle complete vehicle development contract with a globally renowned customer Z, with the project R&D expense tax-exclusive amount of approximately RMB 214 million. In May 2025, the company signed an agreement with Future Energy under DOSHIN, undertaking a large heavy truck EV kit development and procurement contract, with an amount of 6.8 billion yen.
At the strategic level, the company has clarified the future implementation of the "R&D, Intelligent Manufacturing, ODM" Three Wheels Drive going global strategy, and will deeply cultivate emerging market country business layouts. Overseas business revenue is expected to continue to increase its proportion in the coming years.
IAT has formulated three strategic transformation directions: "Internationalization, Technology, Digitalization".
In terms of Internationalization, in 2026, it will continue to deepen the "R&D + Intelligent Manufacturing + ODM" going global strategy, consolidate existing market foundations in East Asia and Southeast Asia, and key development will be carried out in emerging markets such as the Middle East and Eastern Europe; continue to advance deep cooperation with core clients such as Honda, Nissan, and Toyota, and expand European client resources.
In terms of Technology, taking technology innovation as the engine, focusing on AI applications, continuing to iterate vertical products such as AI drawing tools, AI aerodynamic agents, and R&D knowledge large models, deepening AI application in the full R&D process; at the same time, focusing on intelligent connectivity key fields, advancing the implementation of R&D projects and patent applications, exploring the establishment of a digital-intelligent complete vehicle R&D platform and intelligent simulation tools, striving to make AI and digital capabilities become the core pivot for company transformation and upgrading.
In terms of Digitalization and Management, promoting full-process digital transformation, building a unified management platform, continuously improving operational efficiency and collaboration quality; optimizing talent structure and organizational efficiency, strictly controlling project delivery quality and cost, promoting intelligent manufacturing business mass production breakthrough and commercial operation improvement, achieving high-quality and sustainable development of the company.
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