Pateo Connect+ Reports 37% Revenue Growth in 2025

[Company Financial Report] Pateo Connect+ achieved revenue of RMB 3.51 billion in 2025, an increase of 37.26% year-over-year, with total orders exceeding RMB 21 billion.

Core Developments: Dual Engines of Smart Cockpit and AI Business

Deliveries of smart cockpit domain controllers reached 1.3 million units, up over 40% year-over-year; related revenue amounted to RMB 3.41 billion, accounting for more than 90% of total revenue. Revenue from the AI business approached RMB 100 million, surging 210% year-over-year, validating the company's commercialization capabilities in automotive AI.

Key Metrics: High Growth Accompanied by Profitability Improvement

Gross margin improved to 12.4% (+0.6 percentage points), and adjusted net loss narrowed by over 30%. R&D investment reached RMB 379 million, a significant 83% year-over-year increase, primarily focused on advancing mass production of the Qualcomm QAM8295P/QAM8397P platforms.

Strategic Foundation: Premiumization and Globalization Enter Harvest Phase

Cornerstone investors Horizon Robotics and Huangshan SP have extended their share lock-up periods. CMB International has set a target price of HKD 200, implying a market capitalization of approximately HKD 30 billion, reflecting strong long-term confidence.