[Company Information](index=2&type=section&id=Company%20Information) Botai Connected Vehicle Technology (Shanghai) Co., Ltd. listed on September 30, 2025, specializing in intelligent cockpit and connected services - Botai Connected Vehicle Technology (Shanghai) Co., Ltd. (Stock Code: 2889) was listed on the Main Board of the Stock Exchange on **September 30, 2025**[1](index=1&type=chunk)[5](index=5&type=chunk) - The company primarily engages in providing intelligent cockpit solutions and connected services[69](index=69&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company reported significant revenue and gross profit growth for H1 2025, despite a slight increase in net loss Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,086,303 | 860,713 | 26.2% | | Gross Profit | 156,099 | 112,897 | 38.3% | | Loss for the Period | (227,371) | (223,374) | 1.8% | | Loss Attributable to Owners of the Company | (227,179) | (223,459) | 1.7% | | Basic Loss Per Share (RMB) | (1.63) | (1.78) | (8.4%) | - Revenue and gross profit growth were primarily driven by increased shipments of intelligent cockpit domain controllers and a strategic shift towards high-end SoC domain controllers[9](index=9&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's operational performance, financial results, liquidity, and future strategic plans [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) The company achieved significant revenue and gross profit growth in H1 2025, driven by intelligent cockpit domain controller shipments and high-end SoC products, expanding market share and innovation [Overview](index=6&type=section&id=Overview) Botai is a leading intelligent cockpit solution provider in China, achieving substantial revenue growth in H1 2025 due to increased shipments and a shift to high-end SoC domain controllers - Botai is a leading intelligent cockpit solution provider in China, ranking as the **third-largest supplier** of intelligent cockpit domain controller solutions for passenger vehicles by 2024 shipment volume[9](index=9&type=chunk) - Revenue reached **RMB 1,086.3 million** in H1 2025 with a gross profit margin of **14.4%**, driven by increased intelligent cockpit domain controller shipments (from **0.3 million to 0.4 million units**) and a shift to high-end SoC domain controller production[9](index=9&type=chunk) [Commercialization Progress](index=6&type=section&id=Commercialization%20Progress) The company achieved a 28% increase in product deliveries in H1 2025, deepening collaboration with Qualcomm and expanding into overseas markets Product Delivery Volume in H1 2025 | Indicator | H1 2025 (thousand units) | YoY Growth | | :--- | :--- | :--- | | Product Delivery Volume | Approx. 370 | 28.0% | | High-end SoC Domain Controller Delivery Volume | 160 | Continuous Increase | - The company deepened its cooperation with Qualcomm, developing a new generation intelligent cockpit solution based on the Snapdragon® Cockpit Platform Premium 'QAM8397P' and securing a nomination from a renowned domestic new energy brand[12](index=12&type=chunk) - In overseas markets, collaboration expanded with a European global luxury automaker, securing a new nomination based on QAM8295P, with delivery expected in the Chinese market in 2026[12](index=12&type=chunk) [Connected Services](index=7&type=section&id=Connected%20Services) Connected services revenue grew by 37.9% in H1 2025, primarily due to new service projects for a prominent OEM Connected Services Revenue | Indicator | H1 2025 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Connected Services Revenue | 44.2 | 37.9% | - Connected services revenue growth was primarily due to new services provided for a renowned OEM, including user support and platform maintenance[13](index=13&type=chunk) [Research and Development and Innovation](index=8&type=section&id=Research%20and%20Development%20and%20Innovation) The company is collaborating with Qualcomm on next-gen intelligent cockpit solutions, integrating AI large language models, and holds a substantial portfolio of patents and intellectual property - The company is collaborating with Qualcomm to develop a new generation intelligent cockpit solution featuring QAM8397P, with prototypes demonstrating screen illumination, connected functions, audio debugging, and edge-side large models enabling personalized greetings and scenario-specific intelligent features[14](index=14&type=chunk) Patents and Intellectual Property as of June 30, 2025 | Indicator | Quantity | | :--- | :--- | | Granted Patents | 1,785 items (935 invention patents, 52.4%) | | Patent Applications | 6,088 items (5,026 invention patents, 82.6%) | | Trademarks | 639 items | | Registered Domains | 4 items | | Software Copyrights | 127 items | [Environmental, Social and Governance Aspects](index=8&type=section&id=Environmental%2C%20Social%20and%20Governance%20Aspects) The company adheres to ESG reporting guidelines, establishing an EHS committee and implementing mechanisms for environmental monitoring and social responsibility practices - The company adheres to the Stock Exchange's ESG Reporting Guide, establishing an EHS management committee responsible for EHS decision-making, personnel adjustments, duty revisions, and system establishment[15](index=15&type=chunk) - Environmentally, the company has established monitoring and improvement mechanisms for key indicators such as energy consumption, water resource utilization, waste management, and greenhouse gas emissions[16](index=16&type=chunk) - Regarding social responsibility, the company continuously practices its commitments in employee rights, production safety, occupational health, supplier ESG management, and privacy protection[16](index=16&type=chunk) [Outlook and Plans](index=9&type=section&id=Outlook%20and%20Plans) The company plans to expand market share, particularly in new energy vehicles, enhance R&D in central computing platforms and AI, deepen overseas expansion, integrate industry resources, and improve operational efficiency - Strategic objectives include expanding market share (especially in new energy vehicle collaborations with Chinese OEMs), advancing the construction of the Ruian production base, and exploring new production base locations[17](index=17&type=chunk) - Continuous innovation to seize industry development opportunities, strengthening R&D in high-performance central computing platforms, and exploring the application of AI large language models in intelligent cockpit human-machine interaction, cockpit-cloud interaction, and autonomous driving technologies[18](index=18&type=chunk) - Deepening overseas expansion aims to strengthen strategic relationships with international automotive OEMs, expand intelligent cockpit business into mature markets like Europe, and establish overseas sales and R&D functions[19](index=19&type=chunk) - Integrating industry resources through collaboration with OEMs, SoC suppliers, operating system providers, and automotive intelligent component suppliers to accelerate product upgrades and iterations, while actively seeking investments or acquisitions of high-quality targets[20](index=20&type=chunk) - Improving operational efficiency by optimizing production management processes, investing in production automation, strengthening supply chain management, and deepening cooperation with existing suppliers while establishing new relationships[21](index=21&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) The company's revenue and gross profit increased in the reporting period, driven by intelligent cockpit solutions and connected services, while net loss slightly rose due to various financial factors [Revenue](index=11&type=section&id=Revenue) Total revenue increased by 26.2% year-on-year, primarily driven by growth in intelligent cockpit solutions and connected services Revenue Breakdown (For the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | % of Total Revenue | 2024 (RMB '000) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Cockpit Solutions | 1,039,574 | 95.7 | 825,891 | 96.0 | | Connected Services | 44,246 | 4.1 | 32,087 | 3.7 | | Others | 2,483 | 0.2 | 2,735 | 0.3 | | **Total Revenue** | **1,086,303** | **100.0** | **860,713** | **100.0** | - Total revenue increased by **26.2%** year-on-year, primarily attributable to overall business scale growth, with intelligent cockpit solutions revenue growing by **25.9%** and connected services revenue by **37.9%**[23](index=23&type=chunk) [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) Cost of sales increased by 24.4% due to higher revenue, particularly from increased shipments of intelligent cockpit domain controllers and new connected service projects Cost of Sales (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 930,204 | 747,816 | 24.4% | | % of Total Revenue | 85.6% | - | - | - The increase in cost of sales was primarily due to revenue scale growth, particularly the increase in shipments of intelligent cockpit domain controllers, especially the sales volume and proportion of high-end main units[24](index=24&type=chunk) - Connected services cost of sales increased by **41.7%**, mainly due to increased labor costs associated with the execution of new projects[24](index=24&type=chunk) [Gross Profit and Gross Profit Margin](index=12

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 0.87% to close at 26,855.56 points, and a total trading volume of HKD 314.93 billion [1] - The Hang Seng Index increased by 7.09% for the month, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 6.79% and 13.95%, respectively [1] Investment Insights - According to China Merchants Securities International, the short-term volatility in the Hong Kong market is expected, but the long-term upward trend remains intact, with a focus on AI technology and non-ferrous metals as key investment themes [1] - Everbright Securities noted that despite the continuous rise in the Hong Kong market over recent months, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [1] Blue-Chip Performance - Kuaishou Technology (01024) reached a three-year high, closing up 7.22% at HKD 84.6, contributing 26.93 points to the Hang Seng Index [2] - WuXi AppTec (02359) rose by 8.11% to HKD 118.7, contributing 6.26 points, while Sunny Optical Technology (02382) increased by 5.6% to HKD 90.45, contributing 5.37 points [2] Sector Performance - Technology stocks saw a collective rise, with Kuaishou up over 7%, Bilibili up over 6%, and Alibaba and NetEase both up over 2% [3] - Semiconductor stocks performed strongly, with Hua Hong Semiconductor rising nearly 11% to HKD 80 [3] - The pharmaceutical sector continued its upward trend, with WuXi AppTec up over 8% [3] AI and Technology Developments - DeepSeek announced the release of its new language model, DeepSeek-V3.2-Exp, which significantly reduces service costs by over 50% for developers [4][5] - The AI application sector is gaining traction, with companies like Huya Technology (01860) rising by 10.25% [4] Pharmaceutical Sector Insights - The pharmaceutical sector remains strong, with WuXi AppTec and other companies like HAPO (02142) and Zai Lab (09688) showing significant gains [5] - The impact of potential tariffs on patented drugs by the U.S. is considered limited for China's innovative drug industry [6] Non-Ferrous Metals Sector - The non-ferrous metals sector is active, with Jiangxi Copper (00358) rising by 8.85% to HKD 30.5, and Ganfeng Lithium (01772) up by 8.66% to HKD 43.14 [5] - The Ministry of Industry and Information Technology's plan for the non-ferrous metals industry aims for an average annual growth of around 5% from 2025 to 2026 [7] Airline Sector Performance - Major airlines saw collective gains, with China Eastern Airlines (00670) up 6.73% to HKD 3.33 [7] - The domestic flight ticket bookings for the upcoming National Day and Mid-Autumn Festival have surpassed 10.19 million, indicating strong demand [8] Notable Stock Movements - MicroPort Medical (00853) rose by 5.27% following the announcement of a restructuring in its cardiac management business [9] - Sanhua Intelligent Controls (02050) increased by 6.62% as Tesla plans to expand its humanoid robot production [10] - UBTECH Robotics (09880) saw an 8.98% rise, attributed to significant new orders and a positive outlook from Morgan Stanley [11] New IPO Highlights - Xipuni (02583) surged by 258.11% on its debut, closing at HKD 106, focusing on gold watch design and manufacturing [12] - Zijin Gold International (02259) rose by 68.46% to HKD 120.6, marking the second-largest IPO in Hong Kong this year [14]

Core Viewpoint - 博泰车联网科技在港交所上市，开盘价为135港元，收盘价为157港元，涨幅为53.58% [1] Group 1: IPO Details - 博泰车联发售股份数目为10,436,900股，其中香港公开发售1,043,700股，国际发售9,393,200股 [1] - 最终发售价为102.23港元，所得款项总额为1,066.96百万港元，净额为919.12百万港元 [1] Group 2: Key Investors and Use of Proceeds - 基石投资者包括Horizon Together Holding Ltd.、JSC International Investment Fund SPC、Smart Ventures Limited等 [2] - 募集资金将用于扩大产品组合、增强技术、提高生产能力、扩大销售网络、战略性投资及营运资金 [2] Group 3: Financial Performance - 博泰车联在2022年至2024年累计亏损超过12亿元，2022年、2023年、2024年及2025年前5月的收入分别为12.18亿元、14.96亿元、25.57亿元、7.54亿元 [2] - 经营现金流出净额在2022年、2023年及2024年分别为463.7百万、270.6百万及705.8百万，2025年前5月的经营现金流入净额为90.4百万 [3]

Core Viewpoint - 博泰车联网科技(上海)股份有限公司 (博泰车联) has successfully listed on the Hong Kong Stock Exchange, with its share price increasing by 53.58% by the end of the trading day, indicating strong market interest and investor confidence in the company [1]. Group 1: IPO Details - 博泰车联 issued a total of 10,436,900 shares, with 1,043,700 shares available for public offering in Hong Kong and 9,393,200 shares for international offering [2]. - The final offer price was set at 102.23 HKD per share, raising a total of 1,066.96 million HKD, with net proceeds amounting to 919.12 million HKD after deducting estimated listing expenses of 147.85 million HKD [4][5]. Group 2: Financial Performance - 博泰车联 has reported cumulative losses exceeding 1.2 billion RMB over the past three years, with revenues for 2022, 2023, 2024, and the first five months of 2025 being 1.218 billion RMB, 1.496 billion RMB, 2.557 billion RMB, and 753.6 million RMB respectively [7][8]. - The company experienced losses of 452.15 million RMB in 2022, 283.76 million RMB in 2023, 540.82 million RMB in 2024, and 219.92 million RMB in the first five months of 2025 [8][9]. Group 3: Use of Proceeds - The funds raised from the IPO are intended to expand the product portfolio and solutions, enhance technology capabilities, improve production and testing capabilities, and increase the sales and service network to boost brand awareness [7].

Core Viewpoint - 博泰车联网科技在香港成功上市，标志着其在中国汽车智能化领域的领导地位，吸引了机构投资者的关注和信任 [1][2] Company Overview - 博泰车联自2009年成立以来专注于汽车智能化，成为智能座舱解决方案的早期开发者之一 [1] - 公司在智能汽车领域的竞争优势体现在其"软件+硬件+云端服务"的一体化模式 [3][4] Financial Highlights - 博泰车联此次港股IPO全球发售1043.69万股H股，发售价为每股102.23港元，上市首日开盘价为135港元，市值达到210.59亿港元 [1] - 公司在过去十年累计融资超过45亿元，股东阵容包括小米、东风汽车等产业巨头 [5] Market Position and Growth - 博泰车联在智能座舱市场中排名第一，特别是在高端市场，预计到2024年底将继续保持领先地位 [3] - 公司营收从2022年的12.18亿元增至2024年的25.57亿元，复合年增长率达44.9% [7] Technological Advancements - 博泰车联在AI和具身智能领域的布局使其具备向更广泛机器人领域延伸的基础，推动智能座舱向更高价值的转型 [6][7] - 公司自主研发的擎感大模型将成为下一代智能汽车的AI内核，展现出与特斯拉理念的相似性 [6] Strategic Initiatives - 上市募资将用于扩大产品组合、增强技术能力和提高生产能力，体现了公司在技术创新和市场开拓上的协同推进 [8] - 博泰车联正从智能座舱供应商向"汽车机器人"生态定义者转型，抓住智能化和网联化的发展脉搏 [8]

Core Viewpoint - Botai Car Networking Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising significant capital and achieving a market valuation exceeding HKD 20 billion, reflecting strong investor confidence in the smart cockpit sector [1][3][14]. Company Overview - Botai Car Networking is recognized as a leading player in the high-end smart cockpit sector in China, with a robust base of cornerstone investors including major industry players, indicating strong long-term value and market optimism [3][13]. - The company has established itself as one of the few technology firms with comprehensive "software + hardware + cloud" capabilities, positioning it well in the competitive landscape of automotive intelligence [11]. Financial Performance - The company has demonstrated impressive financial growth, with revenue projected to double from CNY 1.218 billion in 2022 to CNY 2.557 billion in 2024, achieving a compound annual growth rate (CAGR) of 44.9%, surpassing the industry average [7][9]. - Revenue from the domain controller segment, a key driver of growth, is expected to increase from CNY 674 million in 2022 to CNY 1.959 billion in 2024, with a CAGR of 70.5% [9]. Market Potential - The market for smart cockpit solutions in China is projected to grow from CNY 129 billion in 2024 to CNY 299.5 billion by 2029, with a CAGR of 18.4%, highlighting the expanding opportunities in this sector [6]. - The penetration rate of domain controllers is expected to rise significantly, from 13.7% in 2020 to over 90% by 2029, indicating strong demand for smart cockpit technologies [6]. Technological Advancements - Botai Car Networking has invested heavily in research and development, with cumulative R&D expenditures of approximately CNY 719 million from 2022 to 2024, leading to a strong portfolio of patents and technological innovations [10]. - The company has developed a comprehensive technology platform that integrates chips, systems, and vehicles, enhancing its competitive edge in the smart cockpit market [10][11]. Strategic Partnerships - The company has formed strategic partnerships with key suppliers such as Qualcomm and BlackBerry, enhancing its product offerings and market reach [11]. - Botai Car Networking's collaboration with leading automotive manufacturers further solidifies its position as a pivotal player in the smart automotive ecosystem [11]. Investment and Valuation - The company's IPO attracted significant investment, with cornerstone investors subscribing to approximately HKD 465.9 million worth of shares, reflecting high confidence in its growth trajectory [13]. - Following the IPO, the company's market valuation is estimated at approximately HKD 153.34 billion, with a price-to-sales (P/S) ratio of about 5.48, which is notably lower than its peers, suggesting potential for long-term investment value [14].

Group 1 - The core viewpoint of the article highlights the successful debut of Baotai Vehicle Networking Technology (Shanghai) Co., Ltd. on the Hong Kong Stock Exchange, with shares rising 32% on the first day of trading [1] - The company issued 10,436,900 H-shares at a price of HKD 102.23 per share, with the public offering being oversubscribed by nearly 529 times and international placement oversubscribed by 2.7 times, raising a net amount of HKD 919 million [1] - The proceeds from the fundraising will be allocated as follows: 30% for expanding product offerings and solutions, 30% for enhancing production, testing, and validation capabilities, approximately 20% for expanding sales and service networks, 10% for strategic acquisitions, and the remaining 10% for general working capital [1] Group 2 - The stock price reached HKD 142.8 at midday, reflecting a 40% increase from the initial offering price [1] - The company aims to strengthen its comprehensive capabilities in software, hardware, and cloud-based vehicle networking [1] - The strategic acquisition plan is intended to integrate industry resources effectively [1]

Core Viewpoint - The successful IPO of Botai Carlink, known as the "first stock of smart cockpits in Hong Kong," saw its stock price surge over 30% on the first day of trading, reflecting strong market interest and confidence in the company's growth potential [1][3]. Company Overview - Botai Carlink officially launched its IPO on September 22, 2023, offering a total of 10.4369 million H-shares at an issue price of 102.23 HKD per share, aiming to raise up to approximately 1.067 billion HKD (about 970 million RMB) [3][6]. - The company was founded in 2009 and is one of the earliest developers of smart cockpit solutions in China, providing integrated solutions that encompass software, hardware, and cloud services [6][10]. - As of 2024, Botai Carlink has served over 200 models across more than 50 automotive brands, with three of the top five automotive manufacturers in China utilizing its smart cockpit solutions [6][10]. Financial Performance - Botai Carlink reported revenues of 1.218 billion RMB, 1.496 billion RMB, 2.557 billion RMB, and 754 million RMB for the years 2022, 2023, 2024, and the first five months of 2024, respectively. The corresponding net losses were 452 million RMB, 284 million RMB, 541 million RMB, and 220 million RMB [10]. - The company has raised over 4.5 billion RMB in funding over the past decade, with significant investments from major industry players such as Suning, Dongfeng, Xiaomi, and Haier [10]. Market Position and Growth Potential - Botai Carlink is the second-largest supplier of smart cockpit domain controllers for locally produced new energy vehicles in China, holding a market share of 11.9% based on 2024 shipment volume [7]. - The company has established a strong partnership with Qualcomm, utilizing high-end chips like the Snapdragon 8295 in its smart cockpit solutions, and is actively developing new solutions with the Snapdragon 8397 chip [7]. - The market for smart cockpit solutions in China's passenger vehicle sector is projected to grow from 129 billion RMB in 2024 to 299.5 billion RMB by 2029, with a compound annual growth rate of 18.4% from 2024 to 2029 [10].

Core Viewpoint - PATEO Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first smart cockpit stock in Hong Kong, with a market capitalization exceeding 20 billion HKD and a strong revenue growth trajectory [2][15]. Company Overview - PATEO's revenue for the first five months of 2025 increased by 34.4% year-on-year, continuing a robust growth trend with a compound annual growth rate (CAGR) of 44.9% from 1.218 billion CNY in 2022 to 2.557 billion CNY in 2024 [2][15]. - The company has established itself as a leader in the smart cockpit sector, with its domain controller products accounting for 76.6% of total revenue by 2024, reflecting a CAGR of 70.5% over three years, significantly outpacing the industry average of 35% [4][16]. Industry Context - The smart cockpit industry in China is transitioning from hardware-centric competition to efficiency-driven competition, with a projected CAGR of 18.4% from 2024 to 2029 [2][16]. - PATEO's technology model, which integrates hardware and software with AI, is recognized as a significant signal of market acceptance in the automotive electronics sector [2][3]. Technological Advantages - PATEO's domain controller serves as the core of its hardware-software synergy, achieving both scale and quality improvements, with a market share of 7.3% in 2024 and cumulative shipments exceeding 3 million units [4][16]. - The company has deep partnerships with chip manufacturers, ranking first among domestic suppliers for its high-end cockpit solutions utilizing Qualcomm's Snapdragon 8295 chip, which supports advanced functionalities like AR-HUD and driver monitoring systems [4][10]. Strategic Collaborations - PATEO's collaboration with Porsche marks a new model for cross-border industrial cooperation, enhancing the integration of advanced technologies in the automotive sector [8][15]. - The company has established a joint venture with leading semiconductor firms to strengthen its technological barriers and transition from a solution provider to an industry ecosystem hub [8][9]. Market Positioning - PATEO's valuation appears misaligned with its fundamentals, with a price-to-sales (P/S) ratio of approximately 5.1, significantly lower than peers in the smart driving sector [15][16]. - The company is expected to improve its profitability as it scales, with a gross margin recovery to 13.09% in the first five months of 2025, reflecting a substantial improvement from 2024 [15][16]. Future Outlook - The integration of software, hardware, and cloud services positions PATEO for sustainable growth and cross-industry applications, particularly in robotics, where its AI capabilities can be adapted for various use cases [10][11]. - The company's ongoing development of advanced AI solutions in collaboration with Qualcomm is set to enhance its competitive edge in the smart cockpit market [10][15].

Core Viewpoint - The listing of Botai Vehicle Networking Technology (Shanghai) Co., Ltd. on the Hong Kong Stock Exchange marks a significant milestone in the booming electric vehicle industry, reflecting the vitality of the domestic smart automotive supply chain [1][9]. Company Overview - Botai Vehicle Networking was founded in 2009, initially focusing on the development of vehicle networking systems, and launched China's first 3G vehicle networking system in 2010 [4]. - The company shifted its focus in 2018 to integrated software, hardware, and cloud services for smart cockpit solutions [4]. - As of 2024, Botai is the third-largest supplier of smart cockpit domain controller solutions in China, with a market share of 7.3% [4]. Financial Performance - Botai's revenue for 2022, 2023, and 2024 is projected to be 1.218 billion, 1.496 billion, and 2.557 billion RMB respectively, with corresponding gross profits of 171 million, 231 million, and 300 million RMB [4][7]. - The gross margins for these years are 14.1%, 15.4%, and 11.8%, while the company reported losses of 452 million, 284 million, and 541 million RMB [4]. - In the first five months of 2025, Botai achieved revenue of 753.6 million RMB, a 34.2% increase from the previous year, with a gross profit of 98.66 million RMB [4]. Business Segments - The main business segments of Botai are smart cockpit solutions and connected services, with smart cockpit solutions being the core revenue source [7]. - The smart cockpit domain controller developed by Botai interacts with other domain controllers and displays relevant information on the cockpit screen [7]. Shareholder Structure - Botai has a strong shareholder base, including major industry players such as FAW Group, Dongfeng Motor, and Xiaomi, which provides substantial financial support and unique industry resources [7]. - Prior to the IPO, the founder held 23.14% of the shares, with employee incentive platforms holding 11%, and Xiaomi and Dongfeng holding 5.56% and 2.6% respectively [7]. Industry Trends - The global and Chinese markets are accelerating the smartization of passenger vehicles, driven by expanding market demand, technological innovations, and government policy support [8]. - The market size for smart solutions in China's passenger vehicle sector is expected to reach 252.4 billion RMB in 2024, growing at a compound annual growth rate of 18.4% to 587.6 billion RMB by 2029 [8]. Future Outlook - Despite current losses, Botai is expected to strengthen its position in the smart cockpit and connected vehicle sectors, contributing to the domestic automotive smart upgrade and providing long-term value returns for investors like Xiaomi [9].