Core Insights - The article highlights the successful growth strategies of companies like Xiaomi and Youjia Innovation, emphasizing their ability to diversify and innovate to navigate competitive landscapes [1][2][8] Company Growth and Financial Performance - Youjia Innovation reported a revenue of 346 million RMB in the first half of 2025, marking a 46.1% year-on-year increase, with a gross profit of 52 million RMB and a gross margin of 15%, up by 0.9 percentage points [3][4] - The company's core business segments, including intelligent driving solutions and intelligent cockpit solutions, achieved revenues of 241 million RMB and 61 million RMB, respectively, with year-on-year growth rates of 32.4% and 99% [3][4] - The L4 autonomous driving segment, represented by the iRobo solution, generated over 10 million RMB in revenue within six months, indicating significant commercial progress [5][10] Strategic Development and Market Position - Youjia Innovation has adopted a flexible strategy, expanding into intelligent cockpit and vehicle-road collaboration markets, which has led to a synergistic growth model similar to Xiaomi's [9][10] - The company has successfully entered international markets, with its solutions being adopted by various OEMs for export models, targeting regions such as the EU, Australia, and Mexico [6][7] Innovation and R&D Focus - Youjia Innovation increased its R&D expenditure by over 50% in the first half of the year, reflecting its commitment to advancing high-level assisted driving and L4 autonomous driving technologies [9][10] - The launch of new products, such as the iPilot 4 Plus and iPilot 4 Pro, has driven strong demand and project acquisition, showcasing the company's innovative capabilities [4][5] Future Growth Potential - The company is expected to accelerate growth in its L4 autonomous driving segment, with logistics vehicles nearing commercialization and anticipated deliveries in the fourth quarter of this year [10] - Analysts project that Youjia Innovation will significantly reduce losses in the coming year and achieve profitability by 2027, supported by a low debt ratio and sufficient cash reserves [10]

Core Insights - The article highlights the successful growth strategies of companies like Xiaomi and Youjia Innovation, emphasizing their ability to diversify and innovate to navigate competitive landscapes [1][2][8] - Youjia Innovation's recent financial performance indicates a strong revenue growth and the establishment of new business segments, particularly in intelligent driving and smart cockpit solutions [3][10] Financial Performance - In the first half of 2025, Youjia Innovation reported revenues of 346 million RMB, a 46.1% increase year-on-year, with a gross profit of 52 million RMB and a gross margin of 15% [3][4] - The intelligent driving solutions segment generated 241 million RMB, accounting for 69.8% of total revenue, while the smart cockpit solutions segment saw a remarkable 99% growth, reaching 61 million RMB [4][5] Business Segments - Youjia's core business segments include intelligent driving solutions, smart cockpit solutions, and vehicle-road collaboration, with significant revenue increases across all areas [3][4] - The L4 autonomous driving solutions, particularly the iRobo solution, have begun to commercialize, contributing over 10 million RMB in revenue within six months [5][10] Strategic Development - The company has adopted a flexible strategy, allowing it to pivot into new markets such as smart cockpits and vehicle-road collaboration, mirroring Xiaomi's approach [9][10] - Youjia Innovation's R&D expenses increased by over 50% in the first half of the year, indicating a strong commitment to innovation and development in high-end driving assistance and L4 autonomous driving technologies [9][10] Market Expansion - Youjia Innovation has successfully entered international markets, with its solutions being adopted by various OEMs for export models targeting regions like the EU, Australia, and Mexico [6][7] - The company has secured 18 new project contracts in the first half of the year, bringing the total to 42 OEMs for product delivery [7][10] Future Outlook - Analysts are optimistic about Youjia Innovation's potential to significantly reduce losses in the coming year and achieve profitability by 2027, supported by a low debt ratio and sufficient cash reserves [10]

Group 1: Financial Performance - The company reported a revenue of 346 million, representing a year-on-year increase of 46.07% [1] - The loss attributable to shareholders was 152 million, an increase of 40.16% year-on-year, with a loss per share of 0.38 [1] Group 2: Product Development - The company has been iterating its intelligent driving solutions, enhancing its product matrix [1] - In February 2025, the company launched the iPilot4Plus intelligent driving solution, which integrates multiple sensors and is designed for various driving scenarios [1] - In June 2025, the company introduced the iPilot4Pro solution, featuring higher computing power and improved performance in complex scenarios and extreme weather conditions [1] Group 3: Business Expansion - The company is building a progressive intelligent driving business from L0 to L4 levels, achieving significant progress in L4 autonomous driving with the iRobo project [2] - The L4 autonomous minibus business has successfully commercialized in Suzhou, marking a milestone for market validation [2] - The company has expanded its unmanned minibus operations to multiple cities, securing over 10 projects [2] Group 4: Market Opportunities - The company is capitalizing on new market opportunities in unmanned logistics and cargo scenarios, driven by supportive government policies and industry capital influx [2] - Recent regulations, such as the "Guangzhou Intelligent Connected Vehicle Innovation Development Regulations" and "Beijing Autonomous Driving Vehicle Regulations," provide clear compliance guidelines for the autonomous driving industry [2]

Core Viewpoint - The company demonstrates strong growth in revenue and profit, with significant advancements in its L4 autonomous driving business and international expansion efforts [2][4][21]. Financial Performance - Total revenue reached 3.46 billion RMB, reflecting a year-on-year increase of 46% [4]. - Gross profit increased by 54.8%, amounting to 0.52 billion RMB, with a gross margin of 15.0% [2][6]. - The asset-liability ratio stands at a low level of 35.7% [4]. Business Segments - The intelligent driving solutions segment generated revenue of 2.41 billion RMB, up 32.4% year-on-year [10]. - The intelligent cockpit solutions segment saw revenue of 0.61 billion RMB, marking a substantial growth of 99.0% [10]. - The vehicle-road collaboration segment reported revenue of 0.39 billion RMB, with a year-on-year increase of 63.4% [10]. Product Development - The company launched the iPilot 4 Plus and iPilot 4 Pro advanced driving solutions, achieving mass production for 42 automotive manufacturers [13]. - The iRobo solution generated over 10 million RMB in revenue in the first half of the year, contributing significantly to the L4 business [21]. - A new intelligent cockpit model, BamBam, and an integrated DMS machine, iCabin Lite, were introduced [15]. International Expansion - The company has successfully integrated its solutions into various export models, targeting markets in the EU, Australia, and Mexico [22]. - A subsidiary was established in Singapore to enhance international operations [24]. - Collaborations with international Tier 1 suppliers have been initiated to penetrate the global automotive supply chain [23].

Core Insights - The company reported a revenue of 346 million yuan for the six months ending June 30, 2025, representing a year-on-year increase of 46.07% [1] - The loss attributable to shareholders was 152 million yuan, an increase of 40.16% year-on-year, with a loss per share of 0.38 yuan [1] Group 1: Product Development - The company has been iterating its intelligent driving solutions, enhancing its product matrix [1] - In February 2025, the company launched the iPilot 4 Plus intelligent driving solution, which integrates multiple sensors and is designed for various driving scenarios [1] - A higher-performance version, the iPilot 4 Pro, was introduced in June 2025, featuring advanced chip technology for improved decision-making in complex environments [1] Group 2: Business Expansion - The company is building a progressive intelligent driving business from L0 to L4 levels, achieving significant progress in L4 autonomous driving with the iRobo project [2] - The L4 level unmanned minibus service was commercialized in Suzhou in February, marking a milestone for market validation of the technology [2] - The unmanned minibus business has expanded to multiple cities, securing over ten projects during the reporting period [2] Group 3: Market Opportunities - The company is capitalizing on new market opportunities in unmanned logistics, driven by supportive government policies and industry investments [2] - Recent regulations, such as the "Guangzhou Intelligent Connected Vehicle Innovation Development Regulations" and the "Beijing Autonomous Driving Vehicle Regulations," provide clear compliance guidelines for the autonomous driving industry [2] - The company is focusing on technology research and product development for unmanned logistics, actively exploring commercialization opportunities [2]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported increased revenue and gross profit in H1 2025, but also a widened operating and net loss due to strategic investments Financial Highlights (RMB thousands, except percentages) | Financial Highlights | 2025 (Unaudited) | 2024 (Audited) | | :--- | :--- | :--- | | Revenue | 345,719 | 236,675 | | Gross Profit | 51,751 | 33,421 | | Gross Margin | 15.0% | 14.1% | | Operating Loss | (162,389) | (109,935) | | Loss for the Period | (162,287) | (112,048) | | Loss for the Period Attributable to Owners of the Company | (151,558) | (108,135) | | Loss for the Period Attributable to Non-controlling Interests | (10,729) | (3,913) | [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) The company achieved strong growth in H1 2025, driven by policy and market demand, with significant product iterations and market expansion [Business Highlights](index=2&type=section&id=Business%20Highlights) In H1 2025, the company achieved strong business growth, particularly benefiting from policy-driven intelligent driving and smart cockpit market penetration - National policies are driving the development of the intelligent driving and smart cockpit industries, with AEBS mandatory installation expanding to passenger cars and light commercial vehicles, and DMS penetration expected to accelerate[4](index=4&type=chunk) Key Financial Indicators (RMB millions) | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Total Revenue | 345.7 | 236.7 | 46.1% | | Gross Profit | 51.8 | 33.4 | 54.8% | | Gross Margin | 15.0% | 14.1% | +0.9 percentage points | | Loss for the Period | (162.3) | (112.0) | 44.8% | | Adjusted Loss for the Period | (142.6) | (82.4) | 73.0% | [Intelligent Driving Product Iteration](index=3&type=section&id=Intelligent%20Driving%20Product%20Iteration) The company continuously iterates intelligent driving solutions, launching iPilot 4 Plus and iPilot 4 Pro, enhancing capabilities and securing OEM platform nominations - iPilot 4 Plus was launched in February 2025, based on Horizon Journey 6M chip, supporting multi-sensor fusion for full-scenario navigation assistance across urban, highway, and parking environments[6](index=6&type=chunk) - iPilot 4 Pro, launched in June 2025, utilizes a higher computing power chip (256 TOPS) to enhance decision-making in complex scenarios, extreme weather, and intricate intersections, securing OEM platform-level project nominations with mass production expected in H1 2026[6](index=6&type=chunk) [L4 Autonomous Driving Business Breakthrough](index=3&type=section&id=L4%20Autonomous%20Driving%20Business%20Breakthrough) L4 autonomous mini-bus operations achieved commercial deployment in Suzhou and are expanding, with unmanned logistics vehicles expected for Q4 delivery - L4 autonomous mini-bus business achieved commercial deployment in Suzhou in February 2025, and has expanded operations to multiple provinces and cities including Heilongjiang, Shanghai, and Hangzhou, securing over **10** project orders[7](index=7&type=chunk) - The company is actively exploring cargo scenarios such as unmanned logistics, with the first generation of unmanned logistics vehicles designed for **5.5 cubic meters** capacity and over **1 ton** maximum load, expected for formal delivery in Q4 2025[7](index=7&type=chunk) [Smart Cockpit Business Innovation](index=3&type=section&id=Smart%20Cockpit%20Business%20Innovation) Smart cockpit business achieved dual breakthroughs, launching a large model solution and a full-stack self-developed DMS all-in-one machine, aligning with integration trends - The new "Smart Butler BamBam" large model solution for cockpits was launched, deeply integrating multi-modal large model capabilities to enhance feature extraction and logical reasoning performance[8](index=8&type=chunk) - The full-stack self-developed iCabin Lite smart cockpit DMS all-in-one machine was released, highly integrating DMS cameras and controllers, meeting automakers' demands for development efficiency, cost control, and multi-model adaptation[9](index=9&type=chunk) [Driving-Cockpit Integration Strategy](index=4&type=section&id=Driving-Cockpit%20Integration%20Strategy) The company's core strategy is "driving-cockpit integration," building a unified technical architecture to connect intelligent driving and cockpit data chains for closed-loop synergy - The core strategy of "driving-cockpit integration" involves building an integrated technical architecture covering perception, decision-making, and interaction layers[10](index=10&type=chunk) - This strategy aims to establish a closed-loop collaborative capability from environmental perception to human-machine interaction by connecting the data links of intelligent driving and smart cockpit functions[10](index=10&type=chunk) [Customer Expansion and Platform Nominations](index=4&type=section&id=Customer%20Expansion%20and%20Platform%20Nominations) The company expanded its customer ecosystem, securing new nominations from global joint ventures, luxury brands, and NEV manufacturers, enhancing expected production scale - During the reporting period, new customer nominations were secured from a global renowned automaker's joint venture and luxury brand, and a new energy vehicle manufacturer[11](index=11&type=chunk) - As of June 30, 2025, the company has mass-produced for **42** automotive original equipment manufacturers (OEMs), with **18** new project nominations from OEMs and Tier-1 suppliers[11](index=11&type=chunk) - The company secured model platform nominations from Great Wall Motor and a global renowned automaker, totaling **6** model platform projects from **4** OEM customers, expected to lead to higher mass production scale and operational efficiency[11](index=11&type=chunk) [Overseas Development Strategy](index=4&type=section&id=Overseas%20Development%20Strategy) The company actively pursues overseas expansion, with products in multiple export models, collaborating with joint ventures and international Tier-1 suppliers, and establishing a Singapore subsidiary - Products have been applied in multiple export models, covering target markets including the EU, Australia, Singapore, Malaysia, India, South Korea, Dubai, Turkey, and Mexico[12](index=12&type=chunk) - The company has secured nomination collaborations with several joint venture automakers and entered the supply chains of international Tier-1 automotive parts enterprises through partnerships[12](index=12&type=chunk) - A subsidiary was established in Singapore, focusing on technical services and customer expansion, laying the foundation for broader overseas market cooperation[12](index=12&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) The company's H1 2025 performance shows significant revenue growth across intelligent driving, smart cockpit, and vehicle-road coordination solutions [I. Intelligent Driving Solutions](index=5&type=section&id=I.%20Intelligent%20Driving%20Solutions) Intelligent driving solutions revenue increased by **32.4%** to **RMB 241.4 million**, accounting for **69.8%** of total revenue, offering comprehensive L0 to L4 solutions Intelligent Driving Solutions Revenue (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | % of Total (2025) | % of Total (2024) | | :--- | :--- | :--- | :--- | :--- | | Intelligent Driving Solutions Revenue | 241,392 | 182,279 | 69.8% | 77.0% | | iSafety Solutions | 193,269 | 152,867 | 55.9% | 64.6% | | iPilot Solutions | 38,064 | 29,412 | 11.0% | 12.4% | | iRobo Solutions | 10,058 | – | 2.9% | – | - Intelligent driving solutions revenue increased by **32.4%** from **RMB 182.3 million** for the six months ended June 30, 2024, to **RMB 241.4 million** for the six months ended June 30, 2025[14](index=14&type=chunk)[25](index=25&type=chunk) [iSafety Solutions](index=5&type=section&id=iSafety%20Solutions) iSafety series offers L0 to L2 intelligent driving functions focused on enhancing vehicle safety, securing AEBS project nominations with expected mass production scale increase - iSafety solutions focus on L0 to L2 intelligent driving functions, highly compatible with mainstream single-chip system platforms, implementing functions based on low-computing power ECUs[15](index=15&type=chunk) - The company secured AEBS project nominations from multiple domestic mainstream commercial vehicle manufacturers, with mass production scale expected to further increase next year as new industry standards are implemented[15](index=15&type=chunk) [iPilot Solutions](index=6&type=section&id=iPilot%20Solutions) iPilot series focuses on L2+ functions like NOA and HAVP, experiencing rapid market growth, with 4 new advanced driving assistance project nominations - iPilot series focuses on L2+ functions, offering Navigation on Autopilot (NOA), Home Area View Parking (HAVP), and Automated Parking Assist (APA), with the market experiencing rapid growth driven by the "Intelligent Driving for All" strategy, and NOA pre-installation increasing by **134.68%** year-on-year[16](index=16&type=chunk) - **4** new advanced driving assistance project nominations were secured, covering multiple vehicle platforms from various OEMs, including **2** platform-level project nominations from Great Wall Motor[16](index=16&type=chunk) [iRobo Solutions](index=6&type=section&id=iRobo%20Solutions) iRobo L4 autonomous driving business achieved commercial deployment of unmanned mini-buses in Suzhou, securing over 10 project orders, and is actively exploring unmanned logistics - iRobo L4 autonomous driving business achieved its first commercial deployment of unmanned mini-buses in Suzhou in February 2025, accumulating over **10** project orders[17](index=17&type=chunk) - The company is actively exploring cargo scenarios such as unmanned logistics, with the first generation of unmanned logistics vehicles now in open road testing, expected for formal delivery in Q4 2025[17](index=17&type=chunk) [II. Smart Cockpit Solutions](index=7&type=section&id=II.%20Smart%20Cockpit%20Solutions) Smart cockpit solutions revenue increased by **99.0%** to **RMB 60.8 million**, representing **17.6%** of total revenue, with DMS projects achieving ASPICE V4.0 CL3 international assessment Smart Cockpit Solutions Revenue (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | % of Total (2025) | % of Total (2024) | | :--- | :--- | :--- | :--- | :--- | | Smart Cockpit Solutions Revenue | 60,784 | 30,540 | 17.6% | 12.9% | - Smart cockpit solutions revenue increased by **99.0%** from **RMB 30.5 million** for the six months ended June 30, 2024, to **RMB 60.8 million** for the six months ended June 30, 2025[18](index=18&type=chunk)[26](index=26&type=chunk) - The DMS driver monitoring project successfully passed the Automotive SPICE (ASPICE) V4.0 CL3 international assessment, marking the first domestic case to pass the in-vehicle machine learning model ML-SPICE assessment[19](index=19&type=chunk) - Products fully comply with EU ADDW (Advanced Driver Distraction Warning) and DDAW (Driver Drowsiness and Attention Warning System) regulations, contributing to OEMs achieving E-NCAP five-star ratings, demonstrating rich experience in overseas deployment[20](index=20&type=chunk) - EU GSR regulations mandate DDAW for all new passenger and commercial vehicles from July 2024, upgrading to ADDW by July 2026; domestic DMS installation rate is only **22.4%**, with policy implementation expected to accelerate market development[21](index=21&type=chunk) - During the reporting period, the company continued to secure multiple project nominations, covering domestic brands, joint venture brands, and international Tier-1 suppliers, spanning commercial to passenger vehicles[22](index=22&type=chunk) [III. Vehicle-Road Coordination](index=8&type=section&id=III.%20Vehicle-Road%20Coordination) Vehicle-road coordination revenue increased by **63.4%** to **RMB 38.6 million**, accounting for **11.2%** of total revenue, expanding application scenarios and enhancing traffic safety Vehicle-Road Coordination Revenue (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | % of Total (2025) | % of Total (2024) | | :--- | :--- | :--- | :--- | :--- | | Vehicle-Road Coordination Revenue | 38,599 | 23,626 | 11.2% | 10.0% | - Vehicle-road coordination revenue increased by **63.4%** from **RMB 23.6 million** for the six months ended June 30, 2024, to **RMB 38.6 million** for the six months ended June 30, 2025[23](index=23&type=chunk)[26](index=26&type=chunk) - Solutions integrate self-developed sensor equipment like radar and cameras, proprietary algorithms, and V2X technology, applied in highway and intersection traffic analysis, and industrial park access management[23](index=23&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) The company will focus on intelligent driving and smart cockpit as core businesses, emphasizing innovation, solution optimization, global market expansion, and strategic partnerships - The company will focus on intelligent driving and smart cockpit as core businesses, emphasizing technological innovation, solution optimization, global market expansion, and seeking cooperation opportunities to drive the development of the autonomous driving industry[24](index=24&type=chunk) - No material adverse changes in financial or trading position or prospects have occurred from June 30, 2025, to the date of this announcement[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) The company's H1 2025 financial performance shows significant revenue and gross profit growth, alongside increased losses due to strategic R&D investments [Financial Review](index=9&type=section&id=Financial%20Review) During the reporting period, total revenue increased by **46.1%** to **RMB 345.7 million**, gross profit grew by **54.8%**, but loss for the period expanded by **44.8%** Financial Performance Summary (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 345,719 | 236,675 | +109,044 | +46.1% | Increase in solution deliveries | | Cost of Sales | 293,968 | 203,254 | +90,714 | +44.6% | Increase in deliveries | | Gross Profit | 51,751 | 33,421 | +18,330 | +54.8% | Business growth and improved gross margin | | Gross Margin | 15.0% | 14.1% | +0.9% | - | Scale effect and increased iPilot revenue | | Selling Expenses | 53,382 | 32,015 | +21,367 | +66.7% | Consistent with revenue growth | | General and Administrative Expenses | 58,936 | 50,196 | +8,740 | +17.4% | Increase in management personnel salaries and recruitment | | Research and Development Expenses | 95,110 | 63,310 | +31,800 | +50.2% | Increase in R&D personnel and project investment | | Net Impairment Loss on Financial Assets | 9,936 | 6,595 | +3,341 | +50.7% | Increase in provisions for trade and other receivables | | Other Income | 8,362 | 6,259 | +2,103 | +33.6% | Amortization of deferred income and VAT refunds | | Other Gains/(Losses), Net | (5,138) | 2,501 | -7,639 | -305.4% | Foreign exchange loss due to HKD settlement increase | | Net Finance Costs | 102 | (2,113) | +2,215 | -104.8% | Increase in interest income from time deposits | | Loss for the Period | (162,287) | (112,048) | +50,239 | +44.8% | Increased investment in advanced assisted driving and L4 technologies | [Non-IFRS Measures](index=12&type=section&id=Non-IFRS%20Measures) The company uses adjusted net loss as a non-IFRS measure to exclude non-cash expenses, facilitating comparable operational performance analysis Reconciliation of Loss for the Period to Adjusted Net Loss (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (162,287) | (112,048) | | Add: Share-based Payment Expenses | 19,737 | 15,311 | | Add: Listing Expenses | – | 14,298 | | **Adjusted Net Loss** | **(142,550)** | **(82,439)** | [Liquidity and Capital Resources](index=12&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, total cash and equivalents decreased, with increased net cash outflow from operations and higher total borrowings due to business expansion Liquidity and Capital Resources (RMB millions) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents, Restricted Cash, and Time Deposits | 635.3 | 798.8 | -163.5 | | Net Cash Outflow from Operating Activities | 159.3 | 84.6 | +74.7 | | Total Borrowings | 289.2 | 191.5 | +97.7 | | Total Lease Liabilities | 13.7 | 21.0 | -7.3 | - The current ratio decreased from **3.14 times** at year-end 2024 to **2.9 times** as of June 30, 2025, and the debt-to-asset ratio decreased from **3.14 times** to **2.8 times**, primarily due to reduced cash and increased bank borrowings[42](index=42&type=chunk) [Pledged Assets](index=13&type=section&id=Pledged%20Assets) As of June 30, 2025, the company secured **RMB 30.0 million** in loans by pledging certain non-core patents - As of June 30, 2025, the company obtained **RMB 30.0 million** in loans by pledging certain non-core patents[43](index=43&type=chunk) [Capital Expenditure and Commitments](index=13&type=section&id=Capital%20Expenditure%20and%20Commitments) Capital expenditure decreased to **RMB 24.0 million**, while capital commitments, mainly for property, plant, and equipment, increased to **RMB 14.9 million** Capital Expenditure and Commitments (RMB millions) | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Capital Expenditure | 24.0 | 59.7 | -35.7 | | Capital Commitments | 14.9 (June 30, 2025) | 3.5 (Dec 31, 2024) | +11.4 | [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - As of June 30, 2025, the company had no significant contingent liabilities[45](index=45&type=chunk) [Financial Risk Management](index=14&type=section&id=Financial%20Risk%20Management) The company's finance department manages market, credit, and liquidity risks according to board-approved policies to identify, assess, and hedge financial risks - Business activities are exposed to market risks (including foreign exchange risk, cash flow and fair value interest rate risk, and price risk), credit risk, and liquidity risk[46](index=46&type=chunk) - Risk management is primarily controlled by the finance department in accordance with policies approved by the Board, covering foreign exchange risk, interest rate risk, and credit risk[46](index=46&type=chunk) [Significant Investments and Acquisitions/Disposals of Subsidiaries, Associates, and Joint Ventures](index=14&type=section&id=Significant%20Investments%20and%20Acquisitions%2FDisposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the company had no significant investments or major acquisitions/disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the company had no significant investments and/or major acquisitions or disposals of subsidiaries, associates, and joint ventures[47](index=47&type=chunk) [Human Resources](index=14&type=section&id=Human%20Resources) As of June 30, 2025, the company had 686 full-time employees, offering competitive compensation, long-term incentive plans, and prioritizing staff training and development - As of June 30, 2025, the company had **686** full-time employees, all located in China[48](index=48&type=chunk) - The company offers competitive compensation packages, including performance-based bonuses, long-term incentive plans (e.g., employee incentive plans for selected managers, high-potential talents, and key technical professionals), and employee benefit programs[48](index=48&type=chunk) - The company emphasizes employee training and development, providing onboarding training for new employees and tailored continuous training courses to enhance their skills[49](index=49&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated financial statements, including the statement of comprehensive loss and statement of financial position [Condensed Consolidated Statement of Comprehensive Loss](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Loss) For the six months ended June 30, 2025, the company's loss for the period expanded to **RMB 162,287 thousand**, primarily due to increased operating expenses Condensed Consolidated Statement of Comprehensive Loss (RMB thousands) | Indicator (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Revenue | 345,719 | 236,675 | | Cost of Sales | (293,968) | (203,254) | | Gross Profit | 51,751 | 33,421 | | Operating Loss | (162,389) | (109,935) | | Net Finance Costs | 102 | (2,113) | | Loss for the Period | (162,287) | (112,048) | | Loss for the Period Attributable to Owners of the Company | (151,558) | (108,135) | | Basic and Diluted Loss Per Share (RMB yuan) | (0.38) | (0.31) | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets decreased to **RMB 1,578,619 thousand**, while total liabilities increased to **RMB 563,953 thousand** Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 141,097 | 139,193 | | Current Assets | 1,437,522 | 1,539,097 | | **Total Assets** | **1,578,619** | **1,678,290** | | **Equity** | | | | Equity Attributable to Owners of the Company | 1,014,645 | 1,134,802 | | Non-controlling Interests | 21 | 8,323 | | **Total Equity** | **1,014,666** | **1,143,125** | | **Liabilities** | | | | Non-current Liabilities | 69,374 | 45,359 | | Current Liabilities | 494,579 | 489,806 | | **Total Liabilities** | **563,953** | **535,165** | | **Total Equity and Liabilities** | **1,578,619** | **1,678,290** | [Notes to the Financial Statements](index=19&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, and specific financial line items [1. General Information](index=19&type=section&id=1.%20General%20Information) Shenzhen iDriverPlus Technology Co., Ltd., established in 2014 and listed on the HKEX in 2024, primarily develops, manufactures, and sells intelligent driving solutions in China - The company was incorporated in Shenzhen on December 10, 2014, and restructured into a joint stock company on June 7, 2023[54](index=54&type=chunk) - The company successfully listed on the Main Board of the Stock Exchange of Hong Kong on December 27, 2024[55](index=55&type=chunk) - The Group is primarily engaged in the development, manufacturing, and sale of intelligent driving products and solutions in China[54](index=54&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies](index=19&type=section&id=2.%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The condensed consolidated interim financial information is prepared under IAS 34, with no significant impact from new or amended standards adopted during the period - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[58](index=58&type=chunk) - New and amended standards adopted during the reporting period (e.g., amendments to IAS 21) had no significant impact on the Group's financial position or operating results[60](index=60&type=chunk) - New or amended accounting standards issued but not yet effective (e.g., IFRS 18, IFRS 19) are not expected to have a significant impact on the Group's financial performance and position[60](index=60&type=chunk) [5. Revenue and Segment Information](index=21&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group operates as a single segment, primarily generating revenue from product sales (**RMB 225,195 thousand**) and service/vehicle-road coordination (**RMB 115,580 thousand**) in China - The Group considers its business as a single operating segment, with its primary market and revenue sources originating from mainland China[61](index=61&type=chunk)[62](index=62&type=chunk) Revenue by Type (RMB thousands) | Revenue Type (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Product Sales | 225,195 | 199,958 | | Services and Vehicle-Road Coordination | 115,580 | 36,487 | | Others | 4,944 | 230 | | **Total** | **345,719** | **236,675** | [4. Expenses by Nature](index=22&type=section&id=4.%20Expenses%20by%20Nature) Total expenses increased to **RMB 501,396 thousand**, driven by higher raw materials, employee benefits, service fees, and share-based payment expenses Expenses by Nature (RMB thousands) | Expense Type (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Raw Materials and Consumables Used | 261,441 | 160,660 | | Employee Benefit Expenses | 111,818 | 86,751 | | Service Fees | 53,248 | 18,940 | | Share-based Payment Expenses | 19,737 | 15,311 | | Office and Travel Expenses | 13,108 | 7,562 | | Depreciation and Amortization | 8,387 | 7,121 | | Advertising and Promotion Expenses | 5,379 | 1,029 | | Inventory Impairment Provision | 2,247 | 9,119 | | Listing Expenses | – | 14,298 | | **Total** | **501,396** | **348,775** | [5. Other Income](index=22&type=section&id=5.%20Other%20Income) Other income, primarily government grants and VAT refunds, totaled **RMB 8,362 thousand** during the period, representing a **33.6%** year-on-year increase Other Income (RMB thousands) | Income Type (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Government Grants | 4,729 | 3,214 | | VAT Refunds | 3,633 | 3,045 | | **Total** | **8,362** | **6,259** | [6. Other (Losses) / Gains, Net](index=23&type=section&id=6.%20Other%20(Losses)%20%2F%20Gains%2C%20Net) Other gains, net, shifted from a **RMB 2,501 thousand** gain in the prior year to a **RMB 5,138 thousand** loss, primarily due to a significant increase in net foreign exchange losses Other (Losses) / Gains, Net (RMB thousands) | Indicator (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Net Fair Value Gains on Financial Assets | 3,545 | 2,385 | | Net Foreign Exchange Losses | (6,300) | (204) | | **Total** | **(5,138)** | **2,501** | [7. Net Finance Costs](index=23&type=section&id=7.%20Net%20Finance%20Costs) Net finance costs shifted from a **RMB 2,113 thousand** loss in the prior year to a **RMB 102 thousand** gain, primarily driven by a significant increase in interest income from bank deposits Net Finance Costs (RMB thousands) | Indicator (RMB thousands) | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 5,092 | 1,606 | | Interest Expense on Bank Borrowings | (4,568) | (3,039) | | Interest Expense on Lease Liabilities | (422) | (743) | | **Net Finance Costs** | **102** | **(2,113)** | [8. Income Tax Expense](index=23&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense for the period was zero, benefiting from preferential tax rates for high-tech and small low-profit enterprises, and R&D expense super deduction policies - Income tax expense for the reporting period was zero[69](index=69&type=chunk) - The company and its subsidiaries, such as Nanjing iDriverPlus Technology, have obtained High-Tech Enterprise qualifications, enjoying a preferential income tax rate of **15%**[70](index=70&type=chunk) - Certain mainland China subsidiaries qualify as "small low-profit enterprises," enjoying a preferential income tax rate of **20%** and benefiting from R&D expense super deduction policies[71](index=71&type=chunk) [9. Loss Per Share](index=24&type=section&id=9.%20Loss%20Per%20Share) Basic and diluted loss per share expanded to **RMB 0.38** from **RMB 0.31** in the prior year, with potential ordinary shares having an anti-dilutive effect due to the loss Loss Per Share (RMB yuan) | Indicator | H1 2025 (Unaudited) | H1 2024 (Audited) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (RMB thousands) | (151,558) | (108,135) | | Weighted Average Number of Ordinary Shares in Issue (thousands) | 399,858 | 351,277 | | **Basic and Diluted Loss Per Share (RMB yuan)** | **(0.38)** | **(0.31)** | - As the Group incurred losses for the six months ended June 30, 2025, and 2024, the inclusion of any potential ordinary shares in the calculation of diluted loss per share would have an anti-dilutive effect; therefore, diluted loss per share is the same as basic loss per share for each period[74](index=74&type=chunk) [10. Inventories](index=25&type=section&id=10.%20Inventories) Total inventories amounted to **RMB 140,666 thousand**, with a net value of **RMB 121,913 thousand** after inventory provision, a slight decrease from year-end 2024 Inventories (RMB thousands) | Inventory Type (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Raw Materials | 54,685 | 62,364 | | Work-in-Progress | 13,275 | 9,990 | | Finished Goods | 45,924 | 45,508 | | Contract Fulfillment Costs | 26,782 | 22,936 | | **Total** | **140,666** | **140,798** | | Less: Provision for Inventories | (18,753) | (16,637) | | **Net Value** | **121,913** | **124,161** | [11. Trade and Bills Receivables](index=25&type=section&id=11.%20Trade%20and%20Bills%20Receivables) Net trade and bills receivables totaled **RMB 505,177 thousand**, largely consistent with year-end 2024, including **RMB 517,027 thousand** due from third parties Trade and Bills Receivables (RMB thousands) | Indicator (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Bills Receivable | 22,867 | 49,681 | | Trade Receivables (Due from Third Parties) | 517,027 | 489,779 | | Less: Provision for Credit Losses | (34,717) | (32,970) | | **Net Amount** | **505,177** | **506,490** | Ageing Analysis of Trade Receivables (RMB thousands) | Ageing (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 434,145 | 459,444 | | 1 to 2 years | 66,113 | 65,479 | | 2 to 3 years | 20,893 | 9,109 | | Over 3 years | 18,743 | 5,428 | | **Total** | **539,894** | **539,460** | [12. Borrowings](index=26&type=section&id=12.%20Borrowings) Total borrowings significantly increased to **RMB 289,154 thousand** (non-current **RMB 64,100 thousand**, current **RMB 225,054 thousand**) from **RMB 191,508 thousand** at year-end 2024, primarily for business expansion Borrowings (RMB thousands) | Borrowing Type (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Liabilities** | | | | Bank Borrowings (Unsecured and Unguaranteed) | 68,100 | 53,500 | | Bank Borrowings (Unsecured but Guaranteed) | 33,362 | 39,796 | | Less: Long-term Borrowings Due Within One Year | (37,362) | (61,196) | | **Total Non-current Borrowings** | **64,100** | **32,100** | | **Current Liabilities** | | | | Long-term Borrowings Due Within One Year (Unsecured and Unguaranteed) | 4,000 | 21,400 | | Long-term Borrowings Due Within One Year (Unsecured but Guaranteed) | 33,362 | 39,796 | | Bank Borrowings (Unsecured and Unguaranteed) | 157,692 | 78,212 | | Bank Borrowings (Unsecured but Pledged) | 30,000 | 20,000 | | **Total Current Borrowings** | **225,054** | **159,408** | | **Total Borrowings** | **289,154** | **191,508** | - As of June 30, 2025, the effective annual interest rate for guaranteed long-term loans ranged from **3.45%** to **3.5%**, and the annualized interest rate for short-term loans was **3.9%**, secured by certain non-core patents[76](index=76&type=chunk) [13. Trade Payables](index=27&type=section&id=13.%20Trade%20Payables) Trade payables amounted to **RMB 186,775 thousand**, primarily for raw material purchases, representing a decrease from year-end 2024 Trade Payables Ageing Analysis (RMB thousands) | Ageing (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 159,426 | 181,829 | | 1 to 2 years | 7,636 | 23,787 | | Over 2 years | 19,713 | 20,725 | | **Total** | **186,775** | **226,341** | [14. Other Payables and Accruals](index=27&type=section&id=14.%20Other%20Payables%20and%20Accruals) Total other payables and accruals were **RMB 68,359 thousand**, mainly comprising wages and welfare payables, warranty provisions, and payables for long-term assets Other Payables and Accruals (RMB thousands) | Type (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Wages and Welfare Payables | 23,541 | 22,860 | | Warranty Provisions | 15,480 | 13,292 | | Accrued Listing Expenses | – | 16,654 | | Payables for Long-term Assets | 9,246 | 10,801 | | **Total** | **68,359** | **80,854** | [15. Dividends](index=27&type=section&id=15.%20Dividends) For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends, and the Board does not recommend an interim dividend - For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends[79](index=79&type=chunk)[81](index=81&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) Key events after the reporting period include a share placement agreement with CITIC CLSA and resolutions passed at an EGM regarding auditor appointment and charter amendments - On July 2, 2025, the company entered into a placing agreement with CITIC CLSA to place up to **6,800,000** new shares at **HKD 23.26** per share, representing approximately **1.67%** of the enlarged issued shares[83](index=83&type=chunk) - On August 13, 2025, the company held an extraordinary general meeting, passing resolutions to appoint Rongcheng (Hong Kong) Certified Public Accountants as auditor and to amend the company's articles of association[84](index=84&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The company adheres to corporate governance principles, including compliance with the Corporate Governance Code and Model Code for securities transactions [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with all applicable Corporate Governance Code provisions, with the Chairman and CEO roles concurrently held by Dr. Liu Guoqing, an arrangement deemed beneficial - The company has adopted corporate governance practices based on the principles and code provisions set out in the Corporate Governance Code and complied with all applicable code provisions during the reporting period[85](index=85&type=chunk) - The roles of Chairman and Chief Executive Officer are concurrently held by Dr. Liu Guoqing, deviating from Code Provision C.2.1, an arrangement the Board considers appropriate and beneficial to the company's business development and prospects[86](index=86&type=chunk) [Compliance with Model Code](index=30&type=section&id=Compliance%20with%20Model%20Code) The company adopted the Model Code for securities transactions by directors, supervisors, and employees with inside information, with all confirming compliance during the period - The company has adopted the Model Code as a code of conduct for securities transactions by its directors, supervisors, and employees with inside information regarding the Group or the company's securities[87](index=87&type=chunk) - All directors and supervisors confirmed that they have complied with the provisions of the Model Code during the reporting period[87](index=87&type=chunk) [Review of Interim Financial Information](index=30&type=section&id=Review%20of%20Interim%20Financial%20Information) The Group's unaudited condensed consolidated interim financial statements for H1 2025 have been reviewed by the company's Audit Committee - The Group's condensed consolidated interim financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the company's Audit Committee[88](index=88&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial statements and deemed them compliant with applicable standards - The Audit Committee currently comprises Dr. Xiang Yang, Mr. Tan Kaiguo, and Dr. Tan Mingkui, all independent non-executive directors, with Mr. Tan Kaiguo serving as Chairman of the Audit Committee[89](index=89&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed interim consolidated financial statements for the reporting period and considers them to be prepared in accordance with applicable accounting standards, rules, and regulations, with appropriate disclosures made[89](index=89&type=chunk) [Publication of Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Report) This interim results announcement has been published on the HKEX and the company's website, with the interim report to be published in due course - This interim results announcement has been published on the HKEX website and the company's website[90](index=90&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be published on the HKEX and the company's aforementioned website in due course[90](index=90&type=chunk) [Definitions](index=31&type=section&id=Definitions) This section provides definitions for key terms used throughout the report, including "the Group," "H Shares," "AI," "Board," and "IFRS" - This section provides definitions for key terms used in the report, including "the Group," "H Shares," "Artificial Intelligence," "Board," and "International Financial Reporting Standards"[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)

Core Viewpoint - Youjia Innovation (02431.HK) has announced a strategic partnership with Proton Motors to empower a greener and smarter new energy commercial vehicle industry [1][2]. Group 1: Strategic Cooperation - The cooperation aims to reshape the operational model and value chain of new energy commercial vehicles by sharing resources in industrial clusters, technological innovation, and product solutions [1][2]. - The collaboration includes the development of commercial vehicle advanced driver assistance systems (AEB products, high-level assistance driving products), autonomous driving product research (unmanned freight scenarios), and the construction of a data closed-loop system [1][2]. - The partnership covers the development and iteration of L1-L4 autonomous driving technologies, as well as the data platform support required for the "intelligent" and "connected" aspects of new energy commercial vehicles [1][2]. Group 2: Industry Context - Traditional commercial vehicles have long been criticized for high energy consumption, low comfort, and weak safety, while facing challenges such as labor shortages [1][2]. - According to the China Association of Automobile Manufacturers, the domestic sales of new energy commercial vehicles are expected to reach 532,000 units in 2024, representing a year-on-year growth of 28.9% and accounting for 17.9% of total commercial vehicle sales [2]. - The strategic cooperation between Youjia Innovation and Proton Motors aligns with the increasing regulatory standards for the commercial vehicle industry, indicating a clear future for greener and smarter commercial vehicles [2]. Group 3: Company Background - Youjia Innovation, established in 2014, is a leading provider of intelligent driving and smart cockpit solutions in China, having formed production cooperation with 35 automakers by the end of 2024 [3]. - Proton Motors, founded in April 2022, has received accolades such as potential unicorn status and has proprietary technologies in hydrogen fuel cell systems, electronic architecture, solid-state chassis, intelligent driving, and new materials [3]. - Proton Motors is set to deliver 300 hydrogen-powered heavy trucks by November 2024, marking the largest order for operational hydrogen heavy trucks in China [3].

深圳佑駕創新科技股份有限公司 公司章程 （經 修 訂 並 於2025 年8月1 3日 舉 行 的2025 年 第 二 次臨時股東大會生 效） – 1 – 目 錄 | 第一章 | 1 | 總 則 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | 2 | 經營宗旨及範圍 | | | | | | | | | | | | 第三章 | 3 | 股 資 和 | 份、註 冊 | 本 | 股 | 份 | 轉 | 讓 | | | | | | 第一節 | 3 | | 股份發行 | | | | | | | | | | | 第二節 | 8 | 股份增減和回購 | | | | | | | | | | | | 第三節 | 9 | | 股份轉讓 | | | | | | | | | | | 第四章 | 10 | 股東和股東會 | | | | | | | | | | | | 第一節 | 10 | 股 | 東 | | | | | | | | | | | 第二節 | 14 | 股 ...

2025年第二次臨時股東大會的投票表決結果 香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 香 港 中 央 結 算 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Minieye Technology Co., Ltd 深圳佑駕創新科技股份有限公司 （股份代號： 2431） （於中華人民共和國註冊成立的股份有限公司） 於2025年8月13日舉行的 由於上文所載第1項普通決議案獲超過50%投 票 贊 成，故 該 決 議 案 獲 正 式 通 過 為 普 通 決 議 案。 及 修訂公司章程 茲提述本公司日期為2025年7月25日 的 通 函（「通 函」），當 中 載 有 有 關 本 公 司 將 於 2025年8月13日（星 期 三）舉 行2025年 第 二 次 臨 時 股 東 大 會（「臨時股東大會」）的 ...

格隆汇8月12日丨佑驾创新(02431.HK)公告，董事会会议将于2025年8月22日(星期五)举行，藉以(其中包 括)考虑及批准公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩及其发布，以及考虑 建议派发中期股息(如有)，以及处理其他事项。 ...