Financial Performance - Revenue for the reporting period was RMB 365.99 million, a decrease of 42.47% compared to the same period in 2024 [11]. - Gross profit was RMB 17.07 million, down 61.93% year-on-year, with a gross margin of 4.67% (2024: 7.05%) [11]. - Loss before tax increased by 80.39% to RMB 177.86 million, compared to RMB 98.60 million in 2024 [11]. - The loss attributable to equity holders of the company rose by 80.38% to RMB 177.88 million, compared to RMB 98.61 million in 2024 [11]. - Revenue for the reporting period was approximately RMB 365.99 million, a year-on-year decline of 42.47%, with gross profit recorded at RMB 17.07 million, down 61.93% [16]. - Revenue for the six months ended June 30, 2025, was RMB 365,993 thousand, a decrease of 42.5% compared to RMB 636,157 thousand for the same period in 2024 [91]. - Gross profit for the same period was RMB 17,074 thousand, down 62.0% from RMB 44,852 thousand in 2024 [91]. - The company reported a net loss of RMB 177,946 thousand for the six months ended June 30, 2025, compared to a net loss of RMB 98,629 thousand in 2024, indicating an increase of 80.5% in losses [91]. - Basic and diluted loss per share for the period was RMB 0.75, compared to RMB 0.44 in the same period of 2024, reflecting a deterioration in earnings per share [91]. Vehicle Production and Sales - The number of vehicles produced and sold in China reached 15.62 million and 15.65 million respectively, with year-on-year growth of 12.5% and 11.4% [12]. - Sales of new energy vehicles in China reached 6.97 million units, with a year-on-year increase of 41.4% [12]. - The market share of Chinese brand passenger cars increased by 6.5% to 68.4% of total passenger car sales [12]. Research and Development - Research and development expenses increased to RMB 156.53 million, up 57.18% from RMB 99.59 million in 2024, representing 42.77% of total revenue [37]. - The self-developed iDC series integrated driving assistance domain controller generated revenue of approximately RMB 74.38 million, reflecting a growth of 115.66% year-on-year [18]. - Revenue from intelligent driving-related R&D services increased to approximately RMB 25.79 million, up from RMB 19.61 million in the same period last year, representing a growth driven by new project acquisitions [21]. - R&D expenses surged from RMB 99,587,000 in 2024 to RMB 156,526,000 in 2025, reflecting increased investment in innovation [118]. Cash Flow and Liquidity - The net cash outflow from operating activities was RMB 97.51 million, a significant decrease from RMB 406.91 million in the same period of 2024 [42]. - The company generated a net cash inflow from investing activities of RMB 65,709 thousand, contrasting with a cash outflow of RMB (168,734) thousand in the same period of 2024 [97]. - Financing activities resulted in a net cash inflow of RMB 230,084 thousand, up from RMB 65,374 thousand in the previous year, indicating a 251% increase [97]. - Cash and cash equivalents increased to RMB 378,622 thousand from RMB 181,114 thousand at the end of 2024, showing a significant improvement in liquidity [93]. Strategic Initiatives - The company is focusing on the development of autonomous driving technologies in response to new regulatory frameworks introduced in 2025 [13]. - The company established a wholly-owned subsidiary, Aimo Star Robot, to focus on the commercialization of embodied intelligence technology, leveraging its existing technological foundation [26]. - The company is actively collaborating with leading embodied intelligence companies to develop a main controller for embodied intelligence, with product launches expected in the second half of 2025 [26]. - The company plans to deepen cooperation with existing customers and expand its OEM customer base, aiming to increase the scale of its sales and marketing teams [59]. - By 2025, the company aims to expand its products and solutions to North America, Korea, and Japan, establishing a global sales and service network [61]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [64]. - The company has confirmed compliance with the standard code of conduct for securities trading during the reporting period [65]. - The company’s governance structure includes significant oversight from the board and audit committee to ensure compliance and transparency [82]. Shareholder Information - As of June 30, 2025, the total number of issued shares is 241,947,540, with significant holdings by key individuals: Mr. Song Yang holds 30.29% (73,282,020 shares), Mr. Lu Yukun holds 6.02% (14,555,520 shares), and Mr. Li Shuang holds 5.88% (14,238,460 shares) [81]. - Major shareholders include Mixed Reform Fund and China Chengtong, each holding 7.61% (18,412,760 shares), and Small and Medium Fund holding 6.38% (15,440,480 shares) [84]. - The company has not purchased or redeemed any of its listed securities during the reporting period, except for a purchase of HKD 29.52 million for H shares [77]. Market Trends - The penetration rate of smart driving vehicles is expected to increase significantly in the coming years, with a notable rise in demand for smart driving features, especially in new energy vehicles [55]. - The penetration rate of integrated driving assistance systems continues to rise, with significant adoption among major Chinese automakers like BYD and Changan, particularly in models priced below RMB 200,000 [14]. Capital Expenditure - The capital expenditure for the reporting period was RMB 124.43 million, a significant increase of 51.29% from RMB 82.28 million in the same period of 2024, mainly due to payments for new factory construction and equipment purchases [49].

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Core Viewpoint - Zhixing Technology (01274) has seen a stock increase of over 5%, currently up 5.37% at HKD 8.04, with a trading volume of HKD 24.97 million [1] Group 1: Company Developments - Recently, Zhixing Technology showcased its advanced driver assistance and embodied intelligence solutions at the 2025 IAA MOBILITY in Germany [1] - The company presented an integrated "Driving-Parking-Charging" solution that combines driver assistance and embodied intelligence [1] - In the first half of this year, Zhixing Technology delivered 116,000 sets of combined driving assistance solutions and products, representing a year-on-year growth of 20.8% [1] Group 2: Project Acquisitions - As of the end of August, Zhixing Technology secured 31 project designations from leading domestic brands such as Chery and Geely, with most models expected to be produced in 2025 and 2026 [1] Group 3: Research and Development Progress - According to recent research from Caitong Securities (601108), the company has made rapid progress in R&D and is actively expanding its embodied intelligence business [1] - The company has officially mass-produced its self-developed iDC500 combined driving domain controller, which is expected to be integrated into multiple key models from major Chinese automotive groups in the second half of the year [1] - In the field of embodied intelligence, the company established Aimo Star Robotics, focusing on the R&D and commercialization of embodied intelligence technology, and signed a framework agreement for equity transfer with "Little Craftsman" to quickly lay out key components for embodied intelligence [1]

Core Insights - The report highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, with notable increases and decreases in ownership percentages [1][2]. Group 1: Companies with Increased Holdings - China Merchants Energy (中远海能, 01138) saw the largest increase in holdings, up by 3.98% to a total holding of 64.59% [2]. - Country Garden (碧桂园, 02007) experienced a 1.24% increase, bringing its holding to 11.93% [2]. - Chifeng Jilong Gold Mining (赤峰黄金, 06693) increased by 1.09%, with a current holding of 45.70% [2]. - Other notable increases include Zhongxin Innovation (中创新航, 03931) at +1.07% and Horizon Robotics (地平线机器人-W, 09660) at +0.96% [2]. Group 2: Companies with Decreased Holdings - Yisou Technology (宜搜科技, 02550) experienced the largest decrease, down by 5.42% to a holding of 41.47% [2]. - Zhixing Technology (知行科技, 01274) saw a reduction of 3.19%, now holding 25.37% [2]. - Meizhong Jiahe (美中嘉和, 02453) decreased by 3.07%, with a current holding of 35.63% [2]. - Other significant decreases include Haotian International Construction Investment (昊天国际建投, 01341) at -2.57% and Guancheng Watch Jewelry (冠城鐘錶珠宝, 00256) at -2.04% [2]. Group 3: Five-Day Changes - Over the last five trading days, China Merchants Energy (中远海能, 01138) had the highest increase of 6.88%, reaching a holding of 64.59% [3]. - Yangtze Optical Fibre and Cable (长飞光纤光缆, 06869) increased by 6.31%, now at 61.31% [3]. - Ganfeng Lithium (赣锋鋰业, 01772) rose by 3.49%, with a holding of 36.23% [3]. - Significant decreases included Yisou Technology (宜搜科技, 02550) at -6.57% and Longpan Technology (龙蟠科技, 02465) at -4.63% [3]. Group 4: Twenty-Day Changes - In the last twenty days, Anjuke Food (安井食品, 02648) saw the largest increase of 12.18%, with a holding of 19.34% [4]. - Bluefocus Communication Group (蓝思科技, 06613) increased by 10.54%, now holding 14.86% [4]. - Longfly Optical Fibre and Cable (长飞光纤光缆, 06869) rose by 7.52%, reaching a holding of 61.31% [4]. - The largest decrease was seen in Hong Kong Broadband (香港宽频, 01310) at -9.74%, with a holding of 0.33% [4].

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1274） 完成註冊地址變更 茲提述知行汽車科技（蘇州）股份有限公司（「本公司」）日期為2025年5月29日的通 函，內容有關（其中包括）變更本公司註冊地址。 本公司已於2025年9月8日取得蘇州市市場監督管理局換發的更新營業執照，及本 公司的註冊地址已由「蘇州工業園區金雞湖大道88號G2-190119022002」正式變更 為「蘇州工業園區迎前路28號」。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 iMotion Automotive Technology (Suzhou) Co., Ltd. 知行汽車科技（蘇州）股份有限公司 香港，2025年9月8日 於本公告日期，董事會包括董事長兼執行董事宋陽先生；執行董事盧玉坤先生、 李雙江先生、蔣京芳女士及劉芳女士；以及獨立非執行董事張為公博士、劉勇先 生及薛睿女士。 承董事會命 知行汽車科技（蘇州）股份有限公司 董事長兼執行董事 宋陽 ...

Core Viewpoint - The company reported a revenue of 366 million yuan for the first half of 2025, a year-on-year decline of 42.47%, and a net profit attributable to shareholders of -178 million yuan, compared to a profit of 98.61 million yuan in the same period last year [1] Financial Performance - The gross margin for the first half of the year was 4.7%, a decrease of 2.4 percentage points year-on-year [1] - The selling expense ratio increased to 2.9%, up 1.0 percentage points year-on-year [1] - The management expense ratio rose to 8.6%, an increase of 4.9 percentage points year-on-year [1] - The R&D expense ratio was 42.8%, up 27.1 percentage points year-on-year [1] R&D and Business Development - The company made significant progress in R&D and is actively expanding its embodied intelligence business [1] - The self-developed iDC500 combination auxiliary domain driving controller has officially entered mass production [1] - The company’s combination driving auxiliary domain controller, equipped with Horizon Journey 6 series, is expected to achieve mass production in multiple leading Chinese automotive groups' main models in the second half of the year [1] - The company established Aimo Star Robotics, focusing on the R&D and commercialization of embodied intelligence technology [1] - A share transfer framework agreement was signed with "Little Craftsman" to quickly layout key components in the embodied intelligence field [1] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of -158 million yuan, 63 million yuan, and 163 million yuan for 2025-2027 [1] - The corresponding price-to-earnings ratios for 2026 and 2027 are projected to be 47.59 times and 18.52 times, respectively [1] - The investment rating is maintained at "Accumulate" [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant decline in revenue for the first half of 2025, with a revenue of 366 million yuan, down 42.47% year-on-year, and a net profit attributable to shareholders of -178 million yuan, compared to a profit of 98.61 million yuan in the same period last year [8] - The gross margin decreased year-on-year, while the expense ratios increased, with a gross margin of 4.7%, down 2.4 percentage points, and an increase in sales expense ratio to 2.9%, up 1.0 percentage points [8] - The company is making rapid progress in research and development, particularly in embodied intelligence, with the launch of the iDC500 combination auxiliary domain driving controller and plans for mass production in collaboration with major Chinese automotive groups [8] - The company expects to achieve net profits of -158 million yuan, 63 million yuan, and 163 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 47.59 and 18.52 for 2026 and 2027 [8] Financial Performance Summary - The company’s revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 1,216 million, 1,248 million, 1,710 million, 2,439 million, and 3,369 million yuan respectively, with growth rates of -8.27%, 2.58%, 37.02%, 42.68%, and 38.12% [7] - The net profit attributable to shareholders is forecasted to be -195 million, -288 million, -158 million, 63 million, and 163 million yuan for the same years, with a significant growth rate of 156.92% in 2027 [7] - The company’s cash flow from operating activities is projected to improve from -262 million yuan in 2023A to 249 million yuan in 2027E [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01274 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 257,442,540 | RMB | | 1 | RMB | | 257,442,540 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 257,442,540 | RMB | | 1 | RMB | | 257,442,540 | 本月底法定/註冊股本總額： RMB 257,442,540 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及 ...

Core Viewpoint - The performance report for the first half of 2025 indicates a significant decline in revenue and profit for the company, with a notable increase in pre-tax losses compared to the same period in 2024 [2][3]. Financial Performance - Revenue for the first half of 2025 was 365.99 million RMB, a decrease of 42.47% compared to 636.16 million RMB in the same period of 2024 [2][3]. - Gross profit was 17.07 million RMB, down 61.93% from 44.85 million RMB in 2024, resulting in a gross margin of 4.67% compared to 7.05% in 2024 [2][3]. - Pre-tax losses increased by 80.39% to 177.86 million RMB, up from 98.60 million RMB in 2024 [2][3]. - The company's net loss attributable to equity holders rose by 80.38% to 177.88 million RMB from 98.61 million RMB in the previous year [2][3]. Inventory and Costs - The cost of sales for the first half of 2025 was approximately 348.92 million RMB, compared to 591.31 million RMB in 2024 [3]. - Inventory impairment provisions were approximately 4.05 million RMB for 2025, compared to 0.27 million RMB in 2024 [2][3]. Business Operations - The company delivered over 116,000 sets of integrated driving assistance solutions and products, representing a 20.8% increase year-on-year [4]. - The majority of revenue came from sales of integrated driving assistance solutions and products to OEMs, totaling approximately 327.5 million RMB, a decline of 46.6% from 613.26 million RMB in 2024 [4]. - Revenue from the sales of integrated driving assistance domain controllers was approximately 294.40 million RMB, down 50.76% from 597.94 million RMB in 2024, primarily due to a significant drop in Supervision orders from customers [4]. Growth in Self-Developed Products - Revenue from the self-developed iDC series integrated driving assistance domain controllers was approximately 74.38 million RMB, an increase of 115.66% from 34.49 million RMB in 2024 [5]. - Revenue from sales of intelligent front-view cameras was approximately 33.09 million RMB, up 115.99% from 15.32 million RMB in 2024, driven by new customer models entering mass production [5].

Core Viewpoint - Zhixing Technology reported a significant decline in revenue and profit margins for the first half of 2025, indicating financial challenges and increased losses compared to the previous year [1] Financial Performance - The company recorded revenue of RMB 365.99 million, a year-on-year decrease of 42.47% [1] - Gross profit was RMB 17.07 million, down 61.93% year-on-year [1] - Gross margin fell to 4.67%, compared to 7.05% in the same period of 2024 [1] Losses - The pre-tax loss increased by 80.39% to RMB 177.86 million year-on-year [1] - The loss attributable to equity holders of the company also rose by 80.38% to RMB 177.88 million [1]