<p><em>这家智能汽车技术公司正在考虑收购 DreamSmart 的股份，后者拥有一个连接智能汽车、智能眼镜和智能手机的操作系统</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/10115404/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-4-2026_19533_thebambooworks.com_-1024x685.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/10115404/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-4-2026_19533_thebambooworks.com_-1024x685.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Ecarx 的董事会已授权公司寻求收购 DreamSmart 的少数股权，DreamSmart 的主要资产是 Meizu 品牌的智能手机</li>
<li>Ecarx 和 DreamSmart 均由吉利控股，吉利是中国最成功的私营汽车制造商之一</li>
</ul>
<p>成为大家庭的一员有其优缺点。优点是你可以利用不同家庭成员的所有资源，其中许多资源可能对普通人来说是不可得的，而且通常关系良好。缺点是，如果你成功，人们往往不会太认真地看待你，认为你是因为家庭关系而获得了不公平的优势。</p>
<p>在企业领域，<strong>Ecarx Holdings Inc.</strong> (NASDAQ: ECX) 就是这样一家公司。尽管其在智能汽车数字驾驶舱方面的业务相对成功，但该公司的估值倍数远低于许多同行，这似乎是与其被 <strong>吉利</strong>（0175.HK）控股相关的 “家庭折扣”。</p>
<p>这种投资者怀疑再次在周四表现出来，投资者对 Ecarx 可能进行的相对较大 新收购 的消息反应冷淡。公告后，股价最初略微上涨，并在交易日内上涨了 4.2%。但最终收盘下跌 1.8%，因为投资者仔细审视了这一投资，如果发生，也只是吉利大家族内部资产的再次调整。</p>
<p>Ecarx 表示，其董事会批准了 “一个初步计划，以寻求收购一家名为 <strong>DreamSmart Technology</strong> 的新加坡公司的少数股权”。它指出，DreamSmart 是一家关联公司，其潜在投资的主要兴趣在于 DreamSmart 的 FlyMe 操作系统（OS）。潜在交易可能会看到 Ecarx 提供现金和股票，但未给出具体价值。</p>
<p>DreamSmart 的主要资产之一是 Meizu，这个名字对中国科技老一辈来说耳熟能详，最初运营一款流行的 MP3 音频播放器，后来进入了相当受欢迎的智能手机市场。2015 年，阿里巴巴以 5.9 亿美元收购了该公司未披露的少数股权，当时这家电商巨头刚开始进行大规模收购。这使得 Meizu 当时的估值超过 10 亿美元。</p>
<p>但自那时以来，情况发生了很大变化，尤其是 Meizu 作为主要智能手机品牌的地位逐渐减弱。吉利在 2022 年收购了 Meizu 约 80% 的股份，并将其并入 DreamSmart。根据彭博社的报道，DreamSmart 在 2024 年聘请投资银行探索潜在的首次公开募股（IPO），该公司估值约为 20 亿美元。尽管该上市尚未发生，但这一估值意味着 Ecarx 可能需要支付至少 2 亿或 3 亿美元才能获得 DreamSmart 的有意义的少数股权。</p>
<p>这可能解释了 Ecarx 在 2 月份披露其接近获得 2 亿美元新资金的原因。不出所料，吉利是这笔资金的贡献者之一，还有纽约的投资公司 ATW Partners。Ecarx 可能需要这笔资金，因为截至去年年底，它的现金和短期投资仅约为 1.25 亿美元。</p>
<h4><strong>缺乏尊重</strong></h4>
<p>虽然收购 DreamSmart 的技术股份可能为 Ecarx 带来一个重要的新合作伙伴，但这只是吉利家族棋盘上的又一步棋，减少了任何潜在的兴奋感。FlyMe 操作系统似乎是 Ecarx 追求该交易的主要原因，有助于连接 Meizu 智能手机、智能眼镜和智能汽车。</p>
<p>这意味着 Ecarx 可能利用该系统帮助其主要客户的汽车制造商将智能手机和智能眼镜的互操作性整合到他们的产品中。这无疑是一个重要的卖点，因为 Ecarx 及其同行在智能汽车技术竞争激烈的领域中努力实现差异化。从投资者的角度来看，Ecarx 还有一个卖点，即在去年第三季度首次实现盈利，并在第四季度保持盈利。</p>
<p>然而，该公司的股票今年已损失超过三分之一的价值，其中大部分是在 2 月份报告最新季度业绩后发生的。在当前水平上，该股票的市销率（P/S）仅为 0.5。这远低于几乎所有同行，包括 <strong>Minieye</strong>（2431.HK）的 4.3 和 <strong>Mobileye</strong> (NASDAQ: MBLY）的 3.2，这正是你对具有巨大增长潜力的公司所期待的。</p>
<p>Ecarx 目前大部分收入来自吉利家族的其他成员，包括海外的沃尔沃、Polestar 和 Lotus，以及中国的吉利、极氪和领克等品牌。这些品牌帮助 Ecarx 在去年创造了近 8.5 亿美元的收入，同比增长 10%，其中核心智能驾驶舱的增长率达到 27%，占销售额的 80% 以上。</p>
<p>该公司的收入增长在年底时显示出加速的迹象，因为 Ecarx 获得了更多的市场份额。此外，分析师对该公司今年也寄予厚望，预测其收入将突破 10 亿美元，达到 11.5 亿美元，这将代表 33% 的同比增长。</p>
<p>推动这一增长的主要催化剂是德国汽车制造商大众汽车，这是迄今为止唯一一个未与吉利关联的主要全球品牌，尝试使用 Ecarx 的产品。Ecarx 此前披露，该合作关系最终将使其产品在印度和巴西的斯柯达和大众品牌下的 “相当数量的汽车” 中得到应用。最近，Ecarx 只提到了拉丁美洲，这表明早期的印度计划可能暂时搁置。</p>
<p>瑞银此前表示，大众汽车的合作关系可能在去年就开始带来可观的收入，尽管其他报告提到 2027 年更可能是实现这些收益的时间表。同时，Ecarx 还表示，2 亿美元的新融资将部分用于在德国建立研发和工程中心，以及在南美和东南亚的关键增长市场建设基础设施，这与大众汽车的合作关系大致相关。</p>
<p>所有这些看起来相对积极，包括对 DreamSmart 的潜在新投资，这可能帮助 Ecarx 使其产品与竞争对手区分开来。如果 Ecarx 能够继续减少对吉利家族的依赖，并展示出其独立运营的能力，这可能意味着股票有一定的上涨潜力。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

GELHY

吉利汽车(ADR)

吉利汽车

<p>Ecarx 正在考虑收购 DreamSmart 的少数股权，该公司与智能技术相关，由吉利控股。董事会已批准这一潜在投资的初步计划，可能涉及现金和股票。尽管 Ecarx 盈利能力强，但其股票表现不佳，市销率相较于同行处于低位。此次收购旨在利用 DreamSmart 的 FlyMe 操作系统来增强智能设备之间的互操作性，尽管由于与吉利的关系，投资者仍持怀疑态度</p>

<p><em>The smartcar technology company is considering buying a stake in DreamSmart, owner of an operating system linking smartcars, smart glasses and smartphones</em></p>
<div class="lb-trans"><p><em>这家智能汽车技术公司正在考虑收购 DreamSmart 的股份，后者拥有一个连接智能汽车、智能眼镜和智能手机的操作系统</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/10115404/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-4-2026_19533_thebambooworks.com_-1024x685.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/10115404/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-4-2026_19533_thebambooworks.com_-1024x685.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Ecarx's board has authorized the company to pursue a potential purchase of a minority stake in DreamSmart, whose main asset is the Meizu brand of smartphones</li>
<li>Both Ecarx and DreamSmart are controlled by Geely, one of China's most successful private carmakers</li>
</ul>
<div class="lb-trans"><ul>
<li>Ecarx 的董事会已授权公司寻求收购 DreamSmart 的少数股权，DreamSmart 的主要资产是 Meizu 品牌的智能手机</li>
<li>Ecarx 和 DreamSmart 均由吉利控股，吉利是中国最成功的私营汽车制造商之一</li>
</ul>
</div><p>Being a member of a big family has both its upsides and downsides. On the upside, you have access to all the resources of your different family members, many of which may not be available to ordinary people, and often on good terms. On the downside, if and when you succeed, people don't tend to take you too seriously, saying you have an unfair advantage from your family connections.</p>
<div class="lb-trans"><p>成为大家庭的一员有其优缺点。优点是你可以利用不同家庭成员的所有资源，其中许多资源可能对普通人来说是不可得的，而且通常关系良好。缺点是，如果你成功，人们往往不会太认真地看待你，认为你是因为家庭关系而获得了不公平的优势。</p>
</div><p>In the corporate realm, <strong>Ecarx Holdings Inc.</strong> (NASDAQ: ECX) is one such company. Despite its relatively successful business making digital cockpits for smart cars, the company trades at far lower valuation multiples than many of its peers, which appears to be a &#34;family discount&#34; tied to its ownership by <strong>Geely</strong> (0175.HK), one of China's most successful private carmakers.</p>
<div class="lb-trans"><p>在企业领域，<strong>Ecarx Holdings Inc.</strong> (NASDAQ: ECX) 就是这样一家公司。尽管其在智能汽车数字驾驶舱方面的业务相对成功，但该公司的估值倍数远低于许多同行，这似乎是与其被 <strong>吉利</strong>（0175.HK）控股相关的 “家庭折扣”。</p>
</div><p>That investor skepticism was on display once more on Thursday, as investors greeted news of a potential relatively large new acquisition by Ecarx with a yawn. The stock initially opened slightly higher after the announcement, and rose as much as 4.2% during the trading day. But it ultimately closed down 1.8% as investors took a closer look at the investment that, if it happened, would be just another shuffling of assets within the extended Geely family.</p>
<div class="lb-trans"><p>这种投资者怀疑再次在周四表现出来，投资者对 Ecarx 可能进行的相对较大 新收购 的消息反应冷淡。公告后，股价最初略微上涨，并在交易日内上涨了 4.2%。但最终收盘下跌 1.8%，因为投资者仔细审视了这一投资，如果发生，也只是吉利大家族内部资产的再次调整。</p>
</div><p>Ecarx said its board approved a &#34;a preliminary plan to pursue the potential acquisition of a minority interest&#34; in a Singaporean company called <strong>DreamSmart Technology</strong>. It noted that DreamSmart is an affiliated company, and that its main interest in any potential investment would be DreamSmart's FlyMe operating system (OS). A potential deal could see Ecarx offer both cash and its stock, though no value was given.</p>
<div class="lb-trans"><p>Ecarx 表示，其董事会批准了 “一个初步计划，以寻求收购一家名为 <strong>DreamSmart Technology</strong> 的新加坡公司的少数股权”。它指出，DreamSmart 是一家关联公司，其潜在投资的主要兴趣在于 DreamSmart 的 FlyMe 操作系统（OS）。潜在交易可能会看到 Ecarx 提供现金和股票，但未给出具体价值。</p>
</div><p>One of DreamSmart's main assets is Meizu, a well-known name to China tech old-timers that started out operating a popular MP3 audio player, before getting into smartphones that were fairly well regarded. Meizu made headlines in 2015 when Alibaba paid $590 million for an unspecified minority stake in the company back when the e-commerce giant was just starting on a major acquisition binge. That would have valued Meizu at more than $1 billion at the time.</p>
<div class="lb-trans"><p>DreamSmart 的主要资产之一是 Meizu，这个名字对中国科技老一辈来说耳熟能详，最初运营一款流行的 MP3 音频播放器，后来进入了相当受欢迎的智能手机市场。2015 年，阿里巴巴以 5.9 亿美元收购了该公司未披露的少数股权，当时这家电商巨头刚开始进行大规模收购。这使得 Meizu 当时的估值超过 10 亿美元。</p>
</div><p>But much has changed since then, most notably Meizu's fading as a major smartphone brand. Geely bought about 80% of Meizu in 2022 and folded it into DreamSmart. In 2024, DreamSmart hired investment banks to explore a potential IPO that would have valued the company at around $2 billion, according to a Bloomberg report. While that listing has yet to happen, the valuation implies that Ecarx would probably need to pay at least $200 million or $300 million for a meaningful minority stake in DreamSmart.</p>
<div class="lb-trans"><p>但自那时以来，情况发生了很大变化，尤其是 Meizu 作为主要智能手机品牌的地位逐渐减弱。吉利在 2022 年收购了 Meizu 约 80% 的股份，并将其并入 DreamSmart。根据彭博社的报道，DreamSmart 在 2024 年聘请投资银行探索潜在的首次公开募股（IPO），该公司估值约为 20 亿美元。尽管该上市尚未发生，但这一估值意味着 Ecarx 可能需要支付至少 2 亿或 3 亿美元才能获得 DreamSmart 的有意义的少数股权。</p>
</div><p>That may explain Ecarx's disclosure in February that it was close to securing $200 million in new funds. Not surprisingly, Geely was one of the contributors to that funding, along with ATW Partners, a New York-based investment firm. Ecarx could use the money, since it only had about $125 million in cash and short-term investments at the end of last year.</p>
<div class="lb-trans"><p>这可能解释了 Ecarx 在 2 月份披露其接近获得 2 亿美元新资金的原因。不出所料，吉利是这笔资金的贡献者之一，还有纽约的投资公司 ATW Partners。Ecarx 可能需要这笔资金，因为截至去年年底，它的现金和短期投资仅约为 1.25 亿美元。</p>
</div><h4><strong>Lack of respect</strong></h4>
<div class="lb-trans"><h4><strong>缺乏尊重</strong></h4>
</div><p>While a DreamSmart technology stake purchase could bring an important new partnership for Ecarx, the fact that it's just another move on the Geely family chessboard takes away some of any potential excitement. The FlyMe OS that appears to be Ecarx's main reason for pursuing the deal helps to connect Meizu smartphones, smart glasses and smart vehicles.</p>
<div class="lb-trans"><p>虽然收购 DreamSmart 的技术股份可能为 Ecarx 带来一个重要的新合作伙伴，但这只是吉利家族棋盘上的又一步棋，减少了任何潜在的兴奋感。FlyMe 操作系统似乎是 Ecarx 追求该交易的主要原因，有助于连接 Meizu 智能手机、智能眼镜和智能汽车。</p>
</div><p>That means that Ecarx could potentially use the system to help the car makers that are its main customers to incorporate smartphone and smart glasses interoperability into their products. That certainly looks like an important selling point, as Ecarx and its peers try to differentiate themselves in a highly competitive field for smartcar technology. From an investor standpoint, Ecarx also has the selling point of becoming profitable for the first time in the third quarter of last year, and remaining profitable in the fourth quarter as well.</p>
<div class="lb-trans"><p>这意味着 Ecarx 可能利用该系统帮助其主要客户的汽车制造商将智能手机和智能眼镜的互操作性整合到他们的产品中。这无疑是一个重要的卖点，因为 Ecarx 及其同行在智能汽车技术竞争激烈的领域中努力实现差异化。从投资者的角度来看，Ecarx 还有一个卖点，即在去年第三季度首次实现盈利，并在第四季度保持盈利。</p>
</div><p>Yet the company's stock has lost more than a third of its value this year, most of that since it reported its most recent quarterly results in February. At its current level, the stock trades at a price-to-sales (P/S) ratio of just 0.5. That trails just about all of its peers, including much higher levels of 4.3 for <strong>Minieye</strong> (2431.HK) and 3.2 for <strong>Mobileye</strong> (NASDAQ: MBLY), which is what you would expect from companies with big growth potential.</p>
<div class="lb-trans"><p>然而，该公司的股票今年已损失超过三分之一的价值，其中大部分是在 2 月份报告最新季度业绩后发生的。在当前水平上，该股票的市销率（P/S）仅为 0.5。这远低于几乎所有同行，包括 <strong>Minieye</strong>（2431.HK）的 4.3 和 <strong>Mobileye</strong> (NASDAQ: MBLY）的 3.2，这正是你对具有巨大增长潜力的公司所期待的。</p>
</div><p>Ecarx currently derives the majority of its revenue from other members of the Geely family, which include names like Volvo, Polestar and Lotus overseas, as well as the Geely, Zeekr and Lynk &amp; Co. names in China. Those brands helped Ecarx to generate nearly $850 million in revenue last year, up 10% year-on-year, led by 27% growth for its core smart cockpits, which accounted for more than 80% of sales.</p>
<div class="lb-trans"><p>Ecarx 目前大部分收入来自吉利家族的其他成员，包括海外的沃尔沃、Polestar 和 Lotus，以及中国的吉利、极氪和领克等品牌。这些品牌帮助 Ecarx 在去年创造了近 8.5 亿美元的收入，同比增长 10%，其中核心智能驾驶舱的增长率达到 27%，占销售额的 80% 以上。</p>
</div><p>The company's revenue growth showed signs of accelerating towards the end of the year as Ecarx gains traction. What's more, analysts also hold out big hopes for the company this year, forecasting its revenue will cross the $1 billion mark to reach $1.15 billion, which would represent 33% year-on-year growth.</p>
<div class="lb-trans"><p>该公司的收入增长在年底时显示出加速的迹象，因为 Ecarx 获得了更多的市场份额。此外，分析师对该公司今年也寄予厚望，预测其收入将突破 10 亿美元，达到 11.5 亿美元，这将代表 33% 的同比增长。</p>
</div><p>The big catalyst for that growth is German carmaker Volkswagen, which is the only major global brand not connected to Geely so far to try out Ecarx's products. Ecarx previously disclosed that partnership will eventually see its products used in a &#34;significant number of cars&#34; under both the Skoda and Volkswagen brands initially in India and Brazil. More recently Ecarx has only been talking about Latin America, suggesting the earlier India plans may be on hold for now.</p>
<div class="lb-trans"><p>推动这一增长的主要催化剂是德国汽车制造商大众汽车，这是迄今为止唯一一个未与吉利关联的主要全球品牌，尝试使用 Ecarx 的产品。Ecarx 此前披露，该合作关系最终将使其产品在印度和巴西的斯柯达和大众品牌下的 “相当数量的汽车” 中得到应用。最近，Ecarx 只提到了拉丁美洲，这表明早期的印度计划可能暂时搁置。</p>
</div><p>UBS previously said the VW partnership could start delivering meaningful revenue as early as last year, though other reports mention 2027 as a more likely timeline for such gains. Meantime, Ecarx has also said the $200 million in new fundraising will be used partly to build out an R&amp;D and engineering hub in Germany and infrastructure across key growth markets in South America and Southeast Asia, which looks mostly related to the Volkswagen tie-up.</p>
<div class="lb-trans"><p>瑞银此前表示，大众汽车的合作关系可能在去年就开始带来可观的收入，尽管其他报告提到 2027 年更可能是实现这些收益的时间表。同时，Ecarx 还表示，2 亿美元的新融资将部分用于在德国建立研发和工程中心，以及在南美和东南亚的关键增长市场建设基础设施，这与大众汽车的合作关系大致相关。</p>
</div><p>All of that looks relatively positive, including the potential new investment in DreamSmart that could help Ecarx differentiate its products from its rivals. That could imply some potential upside for the stock if Ecarx can continue to lessen its reliance on the Geely family and show it's a company capable of standing on its own.</p>
<div class="lb-trans"><p>所有这些看起来相对积极，包括对 DreamSmart 的潜在新投资，这可能帮助 Ecarx 使其产品与竞争对手区分开来。如果 Ecarx 能够继续减少对吉利家族的依赖，并展示出其独立运营的能力，这可能意味着股票有一定的上涨潜力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Ecarx Considers Minor Stake In DreamSmart - Another Geely-Controlled Company

- Ecarx 正在考虑收购 DreamSmart 的部分股份，扩大其智能汽车技术。  
- DreamSmart 拥有的 Meizu 品牌和 FlyMe 操作系统被视为主要资产。  
- 该交易可能帮助 Ecarx 提高与大品牌的兼容性，推动未来增长。

ECARX 考虑在 DreamSmart 中持有少量股份 - 另一家由吉利控制的公司