Core Insights - The company, 瑞立科密 (001285), is focusing on the development and application of core technology in the intelligent driving sector, specifically the AEBS system, which has already achieved mass production [1] Product Features - The AEBS system includes functionalities such as Automatic Emergency Braking (AEBS), Forward Collision Warning (FCW), Pedestrian Collision Warning (PCW), and Lane Departure Warning (LDW) [1] - The system can be upgraded to include Level 2 ADAS features like Lane Keeping Assistance (LKA) and Adaptive Cruise Control (ACC) based on customer requirements [1] Current Applications - Currently, the company's products and technologies related to intelligent driving are primarily applied in driving scenarios and have not been utilized in robotic services [1]

Core Viewpoint - The company has established partnerships with various automotive and motorcycle clients, indicating a strong market presence and growth potential in both domestic and international markets [1] Group 1: Partnerships and Clientele - The company has formed collaborations with Chery, Geely, Leap Motor, Qianjiang Motorcycle, and Chunfeng Power, showcasing its engagement with key players in the automotive and motorcycle sectors [1] - The company is actively participating in overseas competition, with an expected overseas revenue share of 16.07% for the fiscal year 2024 [1] Group 2: Technological Focus - The company is deeply involved in two main areas: electronic control and precision die-casting [1] - In the electronic control sector, the company has significant technological accumulation in ECU, actuators, and sensors, which positions it well for potential technological expansion in execution and precision control [1] - In precision die-casting, the company focuses on lightweight product manufacturing and has the foundation to adapt products based on downstream demand [1]

格隆汇10月16日丨瑞立科密(001285.SZ)在互动平台表示，公司作为国内领先的主动安全系统供应商， 产品覆盖包括一汽解放、中国重汽、东风集团、北汽福田、陕汽集团等主流商用车整车企业。公司提供 的主动安全系统具有一定的通用性，其终端具体应用由客户根据自身需求决定。公司主营业务暂不涉及 军品的研发及生产。 ...

Core Insights - 瑞立科密's recent listing on the Shenzhen Stock Exchange marks a significant milestone in its development and strengthens the domestic automotive core component supply chain [1] - The company has achieved the highest market share in key products such as ABS, ESC, and EBS for several consecutive years, breaking the technological monopoly of multinational giants like ZF and Bosch [1][2] - 瑞立科密 has built a strong technological barrier through two decades of development, transitioning from "technology follower" to "industry leader" [2] Technology Development - The company has developed 22 core technologies, including electromechanical coupling dynamic coordination anti-lock control technology and high-safety multi-level heterogeneous redundancy distributed system architecture control technology [2] - 瑞立科密 has achieved 100% independent research and development of core components such as electronic control units (ECU), actuators, and sensors, establishing a fully controllable solution from hardware to software [2] - As of the end of 2024, the company has obtained 459 authorized patents, including 58 invention patents, and has received national recognition for its technological capabilities [2] Market Position - 瑞立科密 has solidified its leading position in the commercial vehicle active safety system sector, with its ABS product output and sales ranking first in the industry for ten consecutive years from 2014 to 2023 [5][6] - The company's market share in the commercial vehicle sector for ABS, ESC, and EBS products reached 24.00%, 23.72%, and 27.92% respectively, showing a year-on-year increase [5][6] - The company has established strong customer relationships with major domestic commercial vehicle manufacturers, which creates high switching costs for clients [6] International Expansion - 瑞立科密 has successfully expanded into international markets, with overseas revenue increasing from 65.74 million to 312 million yuan from 2022 to 2024, accounting for 16.07% of total revenue [8] - The company has diversified its business into the aluminum alloy precision die-casting sector, serving major global automotive supply chains [8] - Financial data indicates strong growth potential, with revenue rising from 1.326 billion to 1.977 billion yuan and net profit increasing from 96.96 million to 269 million yuan from 2022 to 2024 [8] Industry Outlook - The automotive industry's transition to electrification and intelligence presents a golden opportunity, with new regulations mandating the installation of ESC and EBS in commercial vehicles expected to create a market worth approximately 3 billion yuan [9] - The global linear control braking market is projected to reach 57.5 billion yuan by 2026, with a compound annual growth rate of 46%, indicating significant growth potential for the company [9] - With a domestic penetration rate of less than 10% in the ECAS field compared to 80% in Europe and the U.S., 瑞立科密 is well-positioned to benefit from both policy incentives and market demand [9]

Core Viewpoint - The company is focusing on the development and application of its core technology, the AEBS system, in the intelligent driving field, which has already achieved mass production [2]. Group 1: Technology and Applications - The AEBS system includes features such as Automatic Emergency Braking (AEBS), Forward Collision Warning (FCW), Pedestrian Collision Warning (PCW), and Lane Departure Warning (LDW) [2]. - The company can expand and upgrade its products to include Level 2 ADAS features like Lane Keeping Assistance (LKA) and Adaptive Cruise Control (ACC) based on customer needs [2]. - Currently, the company's products and technologies related to intelligent driving are primarily applied in driving scenarios and have not been utilized in robot services [2].

Core Viewpoint - The company is focusing on the development and application of its core technology, the AEBS system, in the intelligent driving sector, which has already achieved mass production [1] Group 1: Product Features - The AEBS system includes functionalities such as Automatic Emergency Braking (AEBS), Forward Collision Warning (FCW), Pedestrian Collision Warning (PCW), and Lane Departure Warning (LDW) [1] - The system can be upgraded to include Level 2 ADAS features like Lane Keeping Assistance (LKA) and Adaptive Cruise Control (ACC) based on customer requirements [1] Group 2: Current Applications - Currently, the company's intelligent driving products and technologies are primarily applied in driving scenarios and have not been utilized in robotic services [1]

Fundraising Overview - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., has successfully completed its initial public offering (IPO) of 45,044,546 shares at a price of 42.28 RMB per share, raising a total of 1,904.48 million RMB, with a net amount of 1,755.98 million RMB after deducting issuance costs of 148.50 million RMB [1][2] Fund Utilization and Management - As of September 25, 2025, all raised funds have been deposited, and the accounting firm Zhonghui has verified the fund's arrival, issuing a verification report [2] - The company has established special accounts for the raised funds in several banks, including Guangzhou Bank, Bank of China, and China Minsheng Bank, among others [2][3] Regulatory Compliance - The company has signed a tripartite supervision agreement regarding the management of the raised funds, involving the company, its sponsor CITIC Securities, and the banks holding the special accounts [3][4] - The agreement stipulates that the funds in the special accounts can only be used for designated projects and cannot be used for other purposes [4][5] Monitoring and Reporting - The sponsor is responsible for ongoing supervision of the fund's storage, management, and usage, with the right to conduct on-site inspections and inquiries [5][6] - Monthly account statements must be provided by the banks to both the company and the sponsor, ensuring transparency in fund management [6][7] Agreement Validity - The tripartite agreement will remain effective until all funds have been fully utilized and the sponsor's supervision period has ended [7][8]

证券代码：001285 证券简称：瑞立科密 公告编号：2025-002 广州瑞立科密汽车电子股份有限公司 关于签订募集资金专户监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广州瑞立科密汽车电子股份有限公司 首次公开发行股票注册的批复》（证监许可[2025]1170 号）同意注册，广州瑞立 科密汽车电子股份有限公司（以下简称"公司"或"瑞立科密"）首次公开发行 人民币普通股（A 股）股票 4,504.4546 万股，每股面值 1 元，每股发行价格为 42.28 元，募集资金总额为人民币 190,448.34 万元，扣除发行费用 14,850.39 万元 （不含增值税）后，募集资金净额为人民币 175,597.95 万元。 上述募集资金已于 2025 年 9 月 25 日全部到位，中汇会计师事务所（特殊普 通合伙）已对本次发行募集资金到位情况进了审验，并出具了中汇会验 [2025]10935 号验资报告。公司在本次募集资金验资结束后，已按照《广州瑞立 科密汽车电子股份有限公司首次公开发行股票 ...

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first listing day, ignoring lock-up restrictions. As of October 10, 2025, the IPO yield for a Class A account with a scale of 2 billion is 2.34%, while for a Class B account of the same scale, it is 2.10%. For accounts with a scale of 10 billion, the yield is 0.74% for Class A and 0.67% for Class B[10][11][12] - The report provides a rolling tracking of the average first-day increase in stock prices for 20 newly listed stocks. The average increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 244.28%[15][16][22] - The report calculates the theoretical IPO yield for different account scales using the average winning rate of Class A accounts. The formula for calculating the full subscription yield is: $ Full\ subscription\ quantity = Maximum\ subscription\ limit \times Average\ winning\ rate $ $ Full\ subscription\ yield = (First\ board\ price - Initial\ price) \times Full\ subscription\ quantity $ The yield for most stocks ranges between 5 to 20 thousand yuan, with the highest being United Power (50.81 thousand yuan), Guangdong Jianke (17.63 thousand yuan), and Jianda Zhixin (12.58 thousand yuan)[35][36][38] - The report estimates monthly IPO yields for Class A accounts of different scales, assuming all stock quotes are shortlisted, with a 90% fund utilization rate. For a 2 billion Class A account, the cumulative yield since 2024 is 6.07%, and since 2025, it is 2.34%[39][40][41] - Similarly, the report estimates monthly IPO yields for Class B accounts of different scales. For a 2 billion Class B account, the cumulative yield since 2024 is 5.02%, and since 2025, it is 2.10%[44][45][46]

Core Viewpoint - The company is actively engaged in the advanced driving assistance systems (ADAS) sector, with its automatic emergency braking system (AEBS) being a key product that has entered mass production and sales [2]. Group 1: Company Developments - The AEBS product primarily serves commercial vehicle customers, indicating a focus on enhancing safety in this segment [2]. - Currently, there is no substantial business collaboration between the company and the automotive brand Seres (赛力斯问界) [2]. Group 2: Industry Context - The company's initiatives in the ADAS field reflect a broader trend in the automotive industry towards improving vehicle safety through advanced technology [2].