A loss of 1.2 billion yuan and the prospectus is about to expire: The darkest hour of Chelian Tianxia outweighs its glorious moments.
The rise of the new energy vehicle industry has activated the huge demand in the intelligent cockpit field. Consumers' demand for cars has gone beyond the basic transportation function and shifted towards a more intelligent cockpit experience, driving the upgrade of cockpit functions from basic audio - visual entertainment to diversified scenarios such as multi - screen interconnection, voice interaction, and cabin - driving coordination. However, after the improvement of functional integration, a reliable control system is urgently needed for overall coordination to avoid potential safety hazards. This is also the core background for the rise of the intelligent cockpit control system track.
For this reason, Chelian Tianxia, which focuses on intelligent cockpit domain controllers and full - stack solutions for the Internet of Vehicles, has accurately caught the industry trend. With its leading technology implementation ability and mass - production advantages, it has become a favorite in the industry, winning the favor of automobile manufacturers and capital. It has not only obtained orders for more than 100 vehicle models but also completed financing of nearly 2 billion yuan.
On November 28, 2025, Chelian Tianxia submitted its prospectus to the Hong Kong Stock Exchange. Behind the seemingly bright prospects, the listing prospectus submitted by Chelian Tianxia to the Hong Kong Stock Exchange may expire because it has not passed the hearing for more than six months. If it fails to complete the listing as scheduled, Chelian Tianxia will fall into a more passive capital dilemma.
Leading the industry in technology but difficult to break through the profit dilemma
Founded in 2014, Chelian Tianxia focuses on the core components of intelligent vehicles and has grown into a domestic provider of intelligent cockpit domain controllers and full - stack solutions for the Internet of Vehicles, positioning itself as a core supplier for the upgrade of automotive electronic and electrical architectures. Different from some enterprises that focus on laboratory research and development, Chelian Tianxia adheres to the concept of "technology - based and application - oriented", focusing on the mass production and implementation of technology. Its products include intelligent cockpits and cabin - driving fusion domain controllers.
In terms of technology layout, Chelian Tianxia keeps up with the industry's cutting - edge trends, deploying intelligent agents and AI large - model in - vehicle applications. Relying on its self - developed Autosee OS in - vehicle operating system, it realizes multi - chip adaptation and multi - domain fusion, supporting complex tasks such as end - side AI large models and visual recognition, and launching AI Box products to upgrade the intelligent functions of existing vehicles.
Meanwhile, it has a deep cooperation with Qualcomm and was the first to achieve mass production of high - end chip domain control products such as Qualcomm Snapdragon SA8155P and SA8775P. Among them, the AL - A1 cabin - driving fusion domain controller based on SA8775P was globally launched for the first time and is applied to two models of BAIC ARCFOX, promoting the transformation of fusion technology from concept to implementation.
Meeting the market demand, Chelian Tianxia has also shown strong explosive power in revenue. Its revenue was 369 million yuan in 2022, soared to 2.298 billion yuan in 2023, a year - on - year increase of 522.76%; reached 2.656 billion yuan in 2024, a year - on - year increase of 15.58%; and the revenue in the first half of 2025 decreased by 0.76% year - on - year. Although the growth momentum slowed down, the overall revenue still reached 1.039 billion yuan, and Chelian Tianxia's market position has been initially confirmed.
According to the report of Frost & Sullivan, as of June 30, 2025, in terms of shipment volume, Chelian Tianxia ranked first in the global intelligent cockpit domain controllers based on the Qualcomm Snapdragon SA8155P platform.
The business structure is highly concentrated, and the in - vehicle computing solution is the absolute core. In 2024, it accounted for 100% of the revenue. Among them, the intelligent cockpit domain controller based on SA8155P has the highest cumulative shipments globally; the Autosee OS software is only matched with hardware and has not achieved independent commercialization. The regional controller business has not yet been scaled up. The revenue in the first half of 2025 was 2.277 million yuan, accounting for only 0.2%.
Behind the remarkable revenue is continuous huge losses. From 2022 to the first half of 2025, Chelian Tianxia accumulated losses of more than 1.2 billion yuan; the net loss was 514 million yuan in 2022, narrowed to 201 million yuan in 2023, expanded to 253 million yuan in 2024, and soared to 262 million yuan in the first half of 2025, a year - on - year increase of 235.36%.
From 2022 to the first half of 2025, the gross profit margins of Chelian Tianxia were 9.5%, 17.5%, 16.2%, and 16.3% respectively. The relatively low gross profit margin naturally makes it difficult for Chelian Tianxia to make a profit, which also reflects the lack of control over the supply chain.
At the supply chain level, Chelian Tianxia highly depends on Bosch. During the prospectus period, the procurement of PCBA and related services accounted for 79.1%, 82.9%, 80.3%, and 75.4% of the total procurement amount respectively. Relying on a single supplier makes Chelian Tianxia passive in price negotiation. In 2024, Bosch raised the price, which increased the raw material cost. And Chelian Tianxia lacks alternative suppliers, highlighting the vulnerability of the supply chain.
While the supply chain is single, the high concentration of Chelian Tianxia's customers is another major risk. During the prospectus period, the top five customers contributed 95.3%, 99.5%, 98.7%, and 99.2% of the revenue respectively; among them, the largest customer accounted for about 40.1%, 59.0%, 58.7%, and 42.7%.
High R & D investment is the support for technological leadership and also an important reason for losses. The R & D investment was 368 million yuan in 2024 and 142 million yuan in the first half of 2025, focusing on fields such as intelligent cockpits and cabin - driving fusion to ensure product competitiveness. Thanks to continuous investment, in 2024, Chelian Tianxia ranked second in the domestic cockpit domain control industry in terms of revenue, and the cumulative shipments of SA8155P ranked first globally. However, the continuous high R & D investment while being restricted by the supply chain deserves high attention.
Chelian Tianxia's long - term goal is cabin - driving fusion, which is also the industry trend. According to Frost & Sullivan, in China, the installation volume of passenger cars is expected to increase from 200,000 units in 2024 to 500,000 units in 2025 and reach about 7.6 million units by 2029, with a compound annual growth rate of 107.0% during the same period. However, this cannot solve Chelian Tianxia's immediate problems. In addition, the current intelligent driving route with a single chip is still under exploration, and the commercial implementation is slow. The intelligent driving technology is not yet mature, and cabin - driving fusion needs to solve complex problems such as computing power allocation and functional safety. The risk of technology adaptation may affect development.
Overall, Chelian Tianxia has caught the industry trend, but continuous losses, double concentration, and a single profit model are still the core risks. It is difficult to make a profit in the short term, and its long - term development depends on the implementation of fusion technology and software commercialization.
The prospectus is about to expire, and the capital gambling crisis is prominent
The intelligent cockpit track is highly competitive, and Chelian Tianxia is squeezed by both domestic and foreign competitors. In China, Desay SV leads the way, and Huayang Group and Joyson Electronics compete for the mid - and low - end markets and penetrate into the high - end market; overseas, there are giants such as Bosch and Continental, which have obvious advantages in high - end cabin - driving fusion and central computing fields. It is extremely difficult for Chelian Tianxia to break into the high - end market.
Relying on its first - mover advantage, Chelian Tianxia is still a high - tech enterprise with the highest global shipment volume of cockpit domain controllers and the second - highest domestic revenue. Its core competitiveness lies in technology implementation ability and customer resources. It was the first to mass - produce multiple high - end chip domain control products of Qualcomm, has its self - developed Autosee OS, and has in - depth cooperation with Qualcomm and Bosch, integrating the entire chain of R & D, adaptation, and mass production; its customers cover mainstream automobile manufacturers such as Geely and Chery, and it has obtained orders for more than 100 vehicle models, supporting revenue growth.
For this reason, Chelian Tianxia has attracted much attention in the primary capital market. According to the prospectus, since it completed a 35 - million - yuan Series A financing in 2016, it has entered the fast lane of capital. As of November 27, 2025, it has completed 14 rounds of financing, with a total financing of nearly 2 billion yuan. It has attracted the participation of industrial giants such as NIO Capital Fund and NavInfo, listed companies such as Weifu High - tech and Wenta Technology, and well - known institutions such as investment platforms under the Wuxi State - owned Assets Supervision and Administration Commission and China Life Chengda. After multiple rounds of financing and equity adjustments, Yang Hongze and the entities he controls, as well as other persons acting in concert, hold a total of 30.76% of the shares, making them the single largest shareholder group.
Especially the industrial investment from Bosch has brought not only funds but also a first - mover advantage in the supply chain to Chelian Tianxia. However, due to its excessive dependence on Bosch, Chelian Tianxia has fallen into the dilemma of a single supply chain.
In the first half of 2025, the net cash flow from operating activities of Chelian Tianxia was - 335 million yuan, the net cash flow from investing activities was 36.444 million yuan, and the net cash flow from financing activities was 263 million yuan. Even with the infusion of capital from the primary capital market, the cash and cash equivalents of Chelian Tianxia still decreased by 35.836 million yuan, and the ending cash and cash equivalents also dropped to 150 million yuan.
As of 2022, 2023, and 2024, and for the six - month period ended June 30, 2025, the total remuneration of the directors of Chelian Tianxia was approximately 2.3 million yuan, 4.1 million yuan, 3.7 million yuan, and 1.1 million yuan respectively. For the year ended December 31, 2025, the total remuneration expected to be paid to the directors is approximately 3.9 million yuan. It can be seen that although Chelian Tianxia has been in continuous losses, the company's remuneration is relatively stable.
Meanwhile, from 2022 to 2024, among the five employees with the highest salaries in Chelian Tianxia, the number of non - director employees was 4, 3, and 3 respectively, which means that 1 to 2 directors have long - term leading salary treatment in Chelian Tianxia during the reporting period and have not adjusted according to the company's performance.
Chelian Tianxia, deeply trapped in losses and cash - flow tension, urgently needs capital inflow but is facing the dilemma of the prospectus about to expire. The listing application submitted to the Hong Kong Stock Exchange in November 2025 is valid for six months. If it fails to complete the listing process as scheduled, the prospectus will expire, and the listing process will be interrupted. According to Tianyancha data, since submitting the prospectus, Chelian Tianxia has failed to obtain new financing. This is even worse for Chelian Tianxia, which is eager to raise funds to relieve cash - flow pressure and achieve shareholder exit. Re - applying will consume a lot of time and energy and may miss the best opportunity.
More importantly, Chelian Tianxia signed performance and listing gambling clauses with investors in multiple rounds of financing. The performance gambling requires the cumulative net profit from 2023 to 2025 to be higher than 210 million yuan. In fact, the cumulative losses in the three years are definitely negative, which may trigger compensation.
The listing gambling requires Chelian Tianxia to complete an IPO on the Hong Kong Stock Exchange before December 31, 2026; otherwise, it needs to repurchase the preferred shares at an annualized return of 8% of the principal. As of 2025, the total current liabilities of Chelian Tianxia reached 4.309 billion yuan, a 49.00% increase compared with the end of 2024. Among them, the paid - in capital with priority rights reached 1.933 billion yuan. If it fails to list successfully, the current liabilities will far exceed the current cash - flow carrying capacity, which may crush Chelian Tianxia and damage the shareholders' rights and interests.