<blockquote>
<p>曹原 发自 副驾寺</p>
<p>智能车参考 | 公众号 AI4Auto</p>
</blockquote>
<p>李书福，又带出一个独角兽。</p>
<p>沈子瑜和李书福共同创办的<strong>亿咖通科技</strong>，和特殊目的公司 COVA 合并后，借壳在美上市。</p>
<p>公司股权估值约为 38.2 亿美元（约合人民币 266.5 亿），此次交易所得金额将用于技术研发、推出新产品等方面。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f2e4ddb76f5b46b8a664b8bef9baf9c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUdHUWJDYWVqM2ZQUDI2SWhyMldlNjZCeFMrTT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="675" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f2e4ddb76f5b46b8a664b8bef9baf9c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUdHUWJDYWVqM2ZQUDI2SWhyMldlNjZCeFMrTT0"/></div>
<p>亿咖通为吉利旗下多个品牌供应车机系统，致力于打造全栈式汽车计算平台，技术已经应用于<strong>320 多万辆汽车</strong>，服务<strong>超 12 个品牌</strong>和<strong>8 家一级供应商</strong>，而这些品牌多少都和吉利带点关系。</p>
<p>仅靠吉利输血，亿咖通就能赴美上市？这家公司，到底什么来头？</p>
<h1>亿咖通的产品</h1>
<p>亿咖通科技 2017 年成立，产品包括信息娱乐系统、数字智能座舱、SoC 核心模块、操作系统和软件堆栈。</p>
<p>2019 年以前，亿咖通的产品面向安卓系统，以信息娱乐为主，包括首款车载信息娱乐系统（IHU）、自研 SoC 芯片模组 E01 以及第二代 E02。</p>
<p>从 2019 年开始，亿咖通开始研发数字智能座舱，为吉利旗下车型开发出 GKUI 吉客智能生态系统。这一步 SoC 亿咖通选择的是<strong>高通 8155</strong>，支持系统也扩大到安卓、Linux 和 RTOS。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/5b8c2afd5b784f769a3e3213369860b0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPStpNDJZTEFzcUdIR2JKVzdqQVlOR0dhYittWT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="617" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/5b8c2afd5b784f769a3e3213369860b0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPStpNDJZTEFzcUdIR2JKVzdqQVlOR0dhYittWT0"/><span class="pgc-img-caption">四个发展节点：信息娱乐、数字座舱、汽车中央计算平台、下一代产品</span></div>
<p>但亿咖通没有停止研发芯片。2018 年，亿咖通和 ARM 中国等公司联合成立<strong>芯擎科技</strong>。2021 年推出了中国第一颗 7nm 车规级 SoC 芯片<strong>SE1000</strong>，即 “龍鹰一号”，<strong>对标高通 8155</strong>，预计今年量产装车。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d0e9176039ed40ada05f5411203b5244~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUtnUkYxRlo4SkMvTWkzMEFDNWxhS1JTekxHdz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="698" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d0e9176039ed40ada05f5411203b5244~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUtnUkYxRlo4SkMvTWkzMEFDNWxhS1JTekxHdz0"/></div>
<p>接下来，亿咖通会持续发力。</p>
<p>除了正在研发的<strong>第一代中央计算平台</strong>，亿咖通还会开发 ADAS 系统、高速公路上的辅助驾驶功能，以及计划今年年底发布的 “龍鹰二号”，据说拥有 L2+ 级别的辅助驾驶能力。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/578d07b062f9467889ffbb26f6f9f9f9~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVFZd0NJWitFc2xISDZMZUkvL0NGS2E5OGdWTT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="614" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/578d07b062f9467889ffbb26f6f9f9f9~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVFZd0NJWitFc2xISDZMZUkvL0NGS2E5OGdWTT0"/><span class="pgc-img-caption">△亿咖通 SoC 推出计划</span></div>
<p>此次上市交易获得的资金也将用于技术研发和推出新产品。据悉，亿咖通在全球拥有 10 个分支机构和研发中心，包括 2000 多名员工，其中<strong>研发部门</strong>就有<strong>约 1400 人</strong>。</p>
<h1>亿咖通营收、研发情况</h1>
<p>从营收来看，亿咖通 2020 年总收入 22.41 亿元，2021 年总收入 27.79 亿元，同比增长 24%。2022 上半年总收入 13.12 亿元，呈现<strong>上涨</strong>趋势。亿咖通收入约 70% 来自产品销售。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/e63a58984401420a9c82b2130fa01cb4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXpjZGRuUTFzWHU5cTVNR0x0aHJCNVBIeXFrMD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/e63a58984401420a9c82b2130fa01cb4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXpjZGRuUTFzWHU5cTVNR0x0aHJCNVBIeXFrMD0"/></div>
<p>但，亿咖通未能盈利，<strong>一直在亏损</strong>。2020 年亏损 4.4 亿元，2021 年亏损 11.85 亿，同比增长 169%。2022 上半年，也亏损了 5.71 亿。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/edf3a177ef3e4381815f314eb5b574c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJKY0hFb3ZOUkpvSkFhbFExR2FUdU5kTHFFZz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/edf3a177ef3e4381815f314eb5b574c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJKY0hFb3ZOUkpvSkFhbFExR2FUdU5kTHFFZz0"/></div>
<p>在上市路演 PPT 中亿咖通也表示，“将在 2024 年实现盈亏平衡。”</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/ba2a3ffc257c4d6e8f4f2d84e0779555~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVBDRE0xeDE4Ynp4K3AyQytvWGFtUXNQRGN3az0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="590" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/ba2a3ffc257c4d6e8f4f2d84e0779555~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVBDRE0xeDE4Ynp4K3AyQytvWGFtUXNQRGN3az0"/><span class="pgc-img-caption">注：通过推出新产品和发展客户多样性带动毛利率增长，在 2024 年底前达到盈亏平衡。</span></div>
<p>未能盈利的首要原因，是<strong>研发投入</strong>一直在<strong>增加</strong>。</p>
<p>研发费用从 2020 年的 7.06 亿元上涨到 2021 年的 12.09 亿元，同比增长 71.2%。截至 2022 上半年，研发支出为 5.96 亿元。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/0034651a14a04368ad203056f83f3843~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTd2MUdWbHFlMy81ZzBsSTU5MkR6ZVNVQThDOD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/0034651a14a04368ad203056f83f3843~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTd2MUdWbHFlMy81ZzBsSTU5MkR6ZVNVQThDOD0"/></div>
<p>除此之外，还有更重要的因素。</p>
<h1>亿咖通需要破局</h1>
<p>亿咖通最大的问题是<strong>现有产品不占优势</strong>。</p>
<p>亿咖通背靠吉利，为吉利多个品牌车型定制车机系统，这一步只要能做好，可以说是躺着赚钱的生意。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/fce5d18d54954d8ca4891a9ec16f7ac5~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPW8vaU5wVlBpQnJDZHpvbkJKT2h0c2Y4T1VsMD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1027" height="690" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/fce5d18d54954d8ca4891a9ec16f7ac5~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPW8vaU5wVlBpQnJDZHpvbkJKT2h0c2Y4T1VsMD0"/><span class="pgc-img-caption">△亿咖通服务的品牌</span></div>
<p>但是随便搜一搜就会发现，吉利旗下很少有品牌和亿咖通展开合作。极氪、路特斯等都或多或少表示过<strong>要自研智能座舱</strong>。极氪 001 和 009 芯片都用的是高通 8155，智能驾驶方案则来自 Mobileye。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/b80456f478374a01861b435881f2496e~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJza1M4VnBTOTdqOXNTa1k2OE14dERqRDQ4WT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="397" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/b80456f478374a01861b435881f2496e~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJza1M4VnBTOTdqOXNTa1k2OE14dERqRDQ4WT0"/></div>
<p>而上文中提到的<strong>GKUI 吉客智能生态系统</strong>曾收到过多起投诉，许多车主吐槽亿咖通的智能座舱存在<strong>系统卡顿</strong>、<strong>死机</strong>、<strong>影音系统故障</strong>等问题。即使不用亿咖通自研芯片，配有高通 8155 的吉利车型也遇到了车机卡顿的情况。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f3d798795cab4e8eb12c7d2ef4a698af~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVNBdUhMYXlwSUE2VjNjL0xoZXFDbCtSNWx1ND0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="727" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f3d798795cab4e8eb12c7d2ef4a698af~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVNBdUhMYXlwSUE2VjNjL0xoZXFDbCtSNWx1ND0"/></div>
<p>亿咖通的另一个问题是，<strong>企业定位不明确</strong>导致入局太晚，起了个大早赶了个晚集。</p>
<p>亿咖通从研发车载娱乐信息系统起步，逐步扩大到数字智能座舱、自研芯片，后来又和激光雷达公司 Luminar 达成合作关系，还投资过沃尔沃的自动驾驶公司 Zenseact。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/7c72c0f88a09407c872468f6ecc5c5d4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXdIWnhaNFFKRDBFdEZESThKa1J1Um1NMmJ0Zz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1074" height="784" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/7c72c0f88a09407c872468f6ecc5c5d4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXdIWnhaNFFKRDBFdEZESThKa1J1Um1NMmJ0Zz0"/></div>
<p>从车机系统、智能座舱、再到芯片、自动驾驶，亿咖通在智能化方面业务广泛。但贪多嚼不烂。</p>
<p>一边是车机系统、智能座舱还没有真正的 “招牌产品”，“龍鹰一号” 还未量产装车；一边是自动驾驶持续烧钱，无法保证短时间盈利。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/3db728c4c1464cb7b0963afb9d203e20~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUZpTnB2NXRUby80U0FXUWhOcnNIOU94Y0Y5ST0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="547" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/3db728c4c1464cb7b0963afb9d203e20~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUZpTnB2NXRUby80U0FXUWhOcnNIOU94Y0Y5ST0"/></div>
<p>所以在上市之前，亿咖通不得不做出业务调整，原自动驾驶部门许多员工岗位发生变动。自动驾驶，或者说 L2 和 L2+ 级辅助驾驶功能研发，将由亿咖通和吉利合作成立的新公司<strong>吉咖</strong>负责。</p>
<p>而今年，亿咖通才决定开发 ADAS 和高速 NOA ，这个进度已经落后大多数公司一大截。据说能实现 L2+ 级辅助驾驶功能的 “龍鹰二号” 原定今年年底发布，但现在也没剩几天了。</p>
<p>再加上此前吉利收购魅族，有可能是为了研发车机系统。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/12562d37d6054b30a109b02d4ce9ae42~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTBScmk5Si9jbitYYnc3WnpuVjl2eWg1aEEvRT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="517" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/12562d37d6054b30a109b02d4ce9ae42~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTBScmk5Si9jbitYYnc3WnpuVjl2eWg1aEEvRT0"/><span class="pgc-img-caption">亿咖通收入目标构成，橙色为吉利汽车品牌，浅灰色为吉利生态伙伴品牌，灰色为其他品牌</span></div>
<p>对于吉利系的内部，亿咖通不仅没有优势，位置还有点尴尬，但目前亿咖通的资源主要靠吉利牵线；对于吉利系以外，亿咖通似乎也不占优势。</p>
<p>而此次上市吸金，能否让亿咖通打破僵局？</p>

李书福旗下公司在美 IPO！造芯做系统，作价 266 亿，今年首个智能车中概股