Core Viewpoint - The management of Youjia Innovation demonstrates confidence in the company's long-term growth potential through recent share purchases, signaling positive future prospects for the business [1][3]. Business Performance - Youjia Innovation reported a 46.1% year-on-year revenue growth in the first half of 2025, with its L4 new business achieving significant breakthroughs, generating revenue of over 10 million yuan within six months [1]. - The company has successfully mass-produced for 42 automotive manufacturers, including major domestic brands such as SAIC, Changan, and Chery, showcasing strong industry penetration and commercialization capabilities [1]. - The iPilot4Plus advanced driver assistance system has been selected for two models from leading autonomous brands, and the intelligent cockpit solution has also been chosen by a globally recognized joint venture and luxury brand [1]. Growth Opportunities - The L4 autonomous vehicle business is opening a second growth curve for the company, as it is one of the few in China to operate in both "smart mobility + smart logistics" sectors and successfully implement L4 in multiple scenarios [2]. - The self-developed autonomous minibus is currently in regular operation in cities like Suzhou, Shanghai, Heilongjiang, and Hangzhou, and has recently won significant project bids, demonstrating excellent engineering adaptability [2]. - The new unmanned logistics vehicle, Xiaozhu, has formed strategic partnerships with industry leaders and has validated operations in the express delivery sector, with over 1,400 cooperative projects disclosed in the past month, indicating rapid growth [2]. Market Position and Future Outlook - The proactive share purchase by management amidst market concerns reflects a long-term positive outlook and a commitment to sharing risks and growth with shareholders [3]. - With the continuous expansion of passenger vehicle business and the scaling of L4 operations for unmanned minibuses and logistics vehicles, Youjia Innovation is poised for breakthroughs in the new industrial cycle, transitioning from traditional Tier 1 to higher OEM levels, which may lead to a revaluation of its long-term value [3].

L4无人车业务更为公司打开第二增长曲线。佑驾创新是国内少数布局"智能出行+智慧物流"双赛道，并 跑通L4多场景落地的企业。目前，其全栈自研的无人小巴已在苏州、上海、黑龙江、杭州等地常态化 运营，并于近期中标千万元级重点项目，还成功切入机场接驳等高门槛场景，展现出卓越的工程化适配 能力。全新无人物流车产品——小竹无人车，上市3个月，不仅与深圳东部公交等行业龙头达成战略合 作，并在快递城配领域完成运营验证，近1个月已累计披露超1400台无人车合作项目，呈现"订单连续释 放、规模快速爬坡"的发展趋势。随着AI技术突破与更多规模化项目落地，L4业务预计将成为公司未来 数年的重要收入增量。 当前智驾正从"技术验证期"全面迈向"价值兑现期"。政策推动、主机厂智能化战略升级，共同推动产业 渗透率提升。而在"智能出行+智慧物流"融合趋势深化的背景下，具备前装规模化量产能力、AI算法积 累与L4落地经验的企业，或将迎来全新的结构性机遇。 面对科技板块整体回调以及市场短期担忧，佑驾创新管理层的主动增持，既是对公司的长期看好，也明 确传递与股东"共担风险、共享成长"的信号。市场人士分析，随着乘用车业务持续放量，以及无人小巴 与无人 ...

Summary of Key Points Core Viewpoint - As of November 26, a total of 39 stocks reached their 52-week highs, with notable performances from Fire Rock Holdings (02975), Crocodile Garments (02977), and Aisuo Holdings (08585) showing significant increases in their high rates [1]. 52-Week Highs - Fire Rock Holdings (02975) achieved a closing price of 0.114 with a peak of 0.231, marking a high rate of 285.00% - Crocodile Garments (02977) closed at 0.085, reaching a high of 0.189, reflecting a high rate of 170.00% - Aisuo Holdings (08585) closed at 0.021, with a peak of 0.040, resulting in a high rate of 110.53% - Other notable stocks include: - Fulltech Electric Group Holdings (01750) with a high rate of 23.64% - Century United Holdings (01959) at 22.05% - Cassava Resources (00841) at 20.19% [1]. 52-Week Lows - The stock with the largest decline was Jia Jin Investment International (00310), which closed at 0.141, reaching a low of 0.137, resulting in a decline rate of -25.95% - Crown Central Properties (00193) closed at 0.168, with a low of 0.141, reflecting a decline rate of -18.02% - Lion Holdings (02562) had a closing price of 4.710, with a low of 4.680, showing a decline rate of -9.48% - Other significant declines include: - Huading Holdings (03398) at -7.14% - XL Two South Strategy - U (09799) at -5.96% [2].

Core Viewpoint - Youjia Innovation (佑驾创新) is issuing up to 14.01 million new H-shares at a discount to raise approximately HKD 204 million, primarily for the development of L4 autonomous logistics vehicles and upgrading of foundational research platforms [1][2] Group 1: Fundraising and Allocation - The company plans to issue new H-shares at HKD 14.88 each, representing a discount of about 9.98% from the closing price of HKD 16.53 on November 25 [1] - Approximately 70% of the raised funds will be allocated to the development of L4 autonomous logistics vehicles, including next-generation product R&D, operational platform upgrades, and sales network expansion [1] - The remaining 30% will be used for upgrading foundational research platforms, focusing on enhancing the efficiency of data closed-loop systems and supporting the development of multiple product lines for L4 autonomous vehicles [1] Group 2: Strategic Partnerships and Market Position - Recently, Youjia Innovation signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di to jointly design, produce, and deliver 800 autonomous logistics vehicles that meet automotive standards [2] - This collaboration aims to leverage complementary advantages and create a new industry benchmark for smart logistics, validating Youjia Innovation's L4 technology and engineering capabilities [2] - The company’s self-developed Xiaozhu autonomous vehicle targets traditional logistics pain points with features such as multi-sensor fusion and a fully automotive-grade intelligent driving system, enabling stable operation in various scenarios [2] Group 3: Industry Trends and Future Outlook - The global logistics industry is accelerating its transition to smart solutions, with China's autonomous vehicle sector showing leading advantages [2] - Youjia Innovation aims to deepen collaboration with industry partners to expand the application boundaries of its technology and products, contributing to the construction of a safe, efficient, and intelligent future logistics system [2]

Core Viewpoint - The company, Youjia Innovation (02431.HK), plans to issue up to 14.01 million new H-shares, representing approximately 3.33% of the enlarged issued share capital after the placement, with the net proceeds expected to be around HKD 204 million, primarily for the development of L4 autonomous logistics vehicles and upgrading the foundational R&D platform [1][1][1] Summary by Relevant Categories Share Placement Details - The company has entered into a placement agreement with joint placement agents to issue up to 14.01 million new H-shares [1] - The placement price is set at HKD 14.88 per share, which is approximately 9.98% lower than the closing price of HKD 16.53 on November 25, 2025 [1][1] Financial Implications - The expected net proceeds from the placement, after deducting commissions and estimated expenses, are approximately HKD 204 million [1] - The funds raised will primarily be allocated towards the development of L4 autonomous logistics vehicles and the enhancement of the company's foundational R&D platform [1][1]

Core Insights - Shenzhen Youjia Innovation Technology Co., Ltd. is actively advancing in the unmanned logistics sector through strategic partnerships and capital financing initiatives [2][3] - The company has formed a strategic collaboration with Zhejiang Xinjiao Automobile Co., Ltd. and Zhejiang Biying Huodi Technology Service Co., Ltd. to develop 800 vehicle-grade unmanned logistics vehicles [2][3] - Youjia Innovation plans to raise approximately HKD 204 million through a new H-share placement, aimed at enhancing its L4 unmanned logistics vehicle business and upgrading its foundational R&D platform [2][4] Strategic Collaboration - The collaboration focuses on "strategic cooperation, complementary advantages, and win-win creation," targeting the R&D, manufacturing, and commercialization of unmanned logistics vehicles [2][3] - Youjia Innovation will handle the R&D upgrades for the complete vehicle and autonomous driving technology, as well as the development and maintenance of the vehicle management platform and operational software [2][3] - Xinjiao Automobile will produce core components such as hardware maintenance and chassis assembly according to Youjia Innovation's technical standards [2][3] - Biying Huodi will act as the sales and operations agent, responsible for vehicle sales, leasing, and after-sales support [2][3] Market Positioning - The goal is to achieve the mass deployment of 800 unmanned logistics vehicles that meet vehicle-grade standards across multiple scenarios, establishing a leading product and brand position in the industry [3] - Xinjiao Automobile is recognized as the first new energy commercial vehicle enterprise in Zhejiang with dual qualifications, possessing a complete production system and global operational experience [3] - Biying Huodi has a mature urban delivery network and intelligent operation and maintenance platform, which will effectively promote the large-scale application of autonomous driving technology in urban logistics [3] Capital Financing - The placement agreement involves issuing up to 14.01 million new H-shares at a price of HKD 14.88 per share, representing approximately 3.45% of the current issued shares [3] - The placement price reflects a discount of about 9.98% compared to the closing price of HKD 16.53 on November 25, and a discount of approximately 13.99% compared to the average closing price of HKD 17.30 over the last five trading days [3] - The raised funds will be allocated with approximately 70% for the development of L4 unmanned logistics vehicles and 30% for upgrading the foundational R&D platform [4]

Core Viewpoint - The company, Youjia Innovation (02431.HK), has announced a placement agreement to issue new H-shares at a price of HKD 14.88 per share, aiming to raise approximately HKD 208.5 million [1][2] Group 1: Placement Details - The company will issue up to 14.0128 million new H-shares, representing about 3.45% of the current issued shares and approximately 3.33% after the placement [1] - The placement is facilitated by joint placement agents including CITIC Securities, Guotai Junan International, and Softbank China, with a commitment to find at least six independent third-party subscribers [1] Group 2: Use of Proceeds - The total expected proceeds from the placement are approximately HKD 208.5 million, with a net amount of about HKD 204.4 million after expenses [2] - The company plans to allocate around 70% of the net proceeds for the development of its L4 autonomous logistics vehicle business, including next-generation product R&D, operational platform upgrades, and sales network expansion [2] - Approximately 30% of the net proceeds will be used for upgrading the foundational R&D platform, focusing on enhancing the efficiency of the data closed-loop system and empowering the development of multiple product lines for L4 autonomous vehicles [2]

佑驾创新(02431)公布，于2025年11月26日(交易时段前)，该公司与联席配售代理订立配售协议，拟透过 联席配售代理发行最多1401.28万股新H股，每股配售股份14.88港元，较股份于2025年11月25日于联交 所所报的收市价每股16.53港元折让约9.98%。假设所有配售股份获悉数配售予承配人，净筹约2.044亿 港元，将主要用于集团L4无人物流车的业务发展及基础研发平台的升级。 ...

智通财经APP讯，佑驾创新(02431)公布，于2025年11月26日(交易时段前)，该公司与联席配售代理订立 配售协议，拟透过联席配售代理发行最多1401.28万股新H股，每股配售股份14.88港元，较股份于2025 年11月25日于联交所所报的收市价每股16.53港元折让约9.98%。假设所有配售股份获悉数配售予承配 人，净筹约2.044亿港元，将主要用于集团L4无人物流车的业务发展及基础研发平台的升级。 ...

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 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 證 券 的 要 約 邀 請 或 招 攬，或 訂 立 協 議 以 進 行 任 何 該 等 事 宜 的 邀 請，亦 非 旨 在 邀 請 收 購、購 買 或 認 購 任 何 證 券 的 任 何 要 約。 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國 派 發。本 公 告 不 構 成 亦 不 屬 於 在 美 國 境 內 或有關要約屬違法的任何其他司法管轄區出售證券的任何要約或招攬購買或 認 購 證 券 的 一 部 分。本 公 告 所 述 證 券 並 無 亦 不 會 根 據 經 不 時 修 訂 的1933年美國 證 券 法 或 美 國 任 何 州 的 證 券 法 登 記，且 不 得 於 美 國 境 內 提 呈 發 售 或 出 售，除 非 已 登 記 或 符 合 適 用 的 登 ...