北京四维图新科技股份有限公司 关于第一期员工持股计划存续期再次展期的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京四维图新科技股份有限公司（以下简称"公司"或"本公司"） 于 2026 年 3 月 19 日召开第六届董事会第十八次会议，审议通过《关 于第一期员工持股计划存续期再次展期的议案》，同意将第一期员工 持股计划的存续期继续延长至 2026 年 9 月 23 日。现将相关情况公告 如下。 一、公司第一期员工持股计划的基本情况 证券代码：002405 证券简称：四维图新 公告编号：2026-009 第一期员工持股计划存续期为 48 个月，即自 2017 年 3 月 23 日 至 2021 年 3 月 23 日。公司于 2021 年 3 月 2 日召开第五届董事会第 五次会议，审议通过《关于公司第一期员工持股计划存续期展期的议 案》，同意将第一期员工持股计划的存续期延长至 2021 年 9 月 23 日； 公司于 2021 年 8 月 30 日召开第五届董事会第十一次会议，审议通过 《关于第一期员工持股计划存续期再次展期的议案》，同意将第一期 员 ...

证券代码：002405 证券简称：四维图新 公告编号：2026-010 北京四维图新科技股份有限公司 关于获得发明专利证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，北京四维图新科技股份有限公司（以下简称"公司"或"四 维图新"）及下属公司合肥杰发科技有限公司（以下简称"杰发科技"）、 西安四维图新信息技术有限公司（以下简称"西安四维"）、北京世纪 高通科技有限公司（以下简称"世纪高通"）、中寰卫星导航通信有限 公司（以下简称"中寰卫星"）获得中国国家知识产权局颁发的发明 专利证书，具体情况如下： 1 | 专利名称 | 专利号 | 专利申请日 | 专利类型 | 专利权人 | 专利简介 | | --- | --- | --- | --- | --- | --- | | 高精度定位信息确定 | | | | | 本说明书实施例公开了一种高精度定位信息确定方法、融合定 | | 方法、融合定位模块和 | ZL202310343325.9 | 2023-03-31 | 授权发明 | 四维图新 | 位模块和高精地图引擎。基于该方案，能够提高定位系统的精 | ...

证券代码：002405 证券简称：四维图新 公告编号：2026-008 北京四维图新科技股份有限公司 第六届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1 表决结果：同意 8 票，反对 0 票，弃权 0 票，回避 1 票。 详见同日刊登于《证券时报》、《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于第一期员工持股计划存续期再次展期的 公告》。 三、备查文件 第六届董事会第十八次会议决议。 特此公告。 北京四维图新科技股份有限公司（以下简称"公司"）已于 2026 年 3 月 3 日以电子邮件及电话通知的方式向公司全体董事及有关人员发出了 《关于召开公司第六届董事会第十八次会议的通知》。2026 年 3 月 19 日 公司第六届董事会第十八次会议（以下简称"本次会议"）以非现场会议 方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。会议由公司 董事长张盈女士主持，董事会秘书列席了本次会议。本次会议的召开符 合有关法律、行政法规、部门规章和《北京四维图新科技股份有限公司 章 ...

Investment Rating - The report assigns an "Outperform" rating for the industry, with specific stock recommendations including "Buy" for Zhongke Chuangda, Desay SV, Xiaoma Zhixing, and others, and "Hold" for Siwei Tuxin [2]. Core Insights - The report highlights that high-level intelligent driving (AD) is expected to create an independent growth track in 2026, unaffected by the pressures on the automotive industry's sales. The technology is entering a stable mass production phase, supported by favorable policies, leading to a gradual improvement in the industry chain [3][6]. - The penetration rate of high-level intelligent driving is expected to increase significantly, with L2+ level solutions projected to reach a market size of over 150 billion yuan by 2029, growing at a CAGR of 33.7% from 2024 to 2029 [6][8]. - The report emphasizes the emergence of a "driving equality" era, where third-party intelligent driving system companies and those focusing on cost-effective solutions are likely to benefit [3][6]. Summary by Sections Industry Overview - The automotive industry is expected to face challenges in 2026, with a weak outlook due to reduced subsidies, increased competition, and rising costs. However, high-level intelligent driving is becoming a crucial growth point, transitioning from an "add-on" to a "must-have" feature [6][25]. - The penetration rate of L2 level driving assistance features is projected to exceed 70% in 2026, with the first licenses for L3 level vehicles issued, paving the way for further advancements [26]. Market Dynamics - The report notes that the intelligent driving market is evolving independently from traditional vehicle sales, with significant growth in commercial vehicles and specialized scenarios such as logistics and delivery [30][33]. - The global market for autonomous trucks is expected to grow from approximately 39.46 billion USD in 2024 to 86.78 billion USD by 2032, with a CAGR of 10.6% [32][35]. Technological Advancements - High-level intelligent driving is driving demand for core hardware, including lidar and high-performance chips, leading to a positive cycle of cost reduction and increased demand [38]. - The software monetization model for intelligent driving is evolving, allowing for ongoing revenue generation beyond initial vehicle sales, enhancing resilience against industry cycles [38]. Investment Recommendations - The report suggests that companies focusing on third-party intelligent driving solutions and those offering cost-effective strategies for mainstream vehicles are well-positioned to benefit from the ongoing trends in the industry [3][6].

Summary of the Conference Call for Siwei Tuxin Company Overview - **Company**: Siwei Tuxin - **Industry**: Automotive Technology, focusing on integrated software and hardware solutions for intelligent driving systems Key Points Strategic Transformation - The company is transitioning from a map provider to a Tier 1 supplier, focusing on integrated software and hardware solutions for intelligent driving, a process that has taken three years. By 2026, the company plans to officially mass-produce and deliver mid-to-high-end intelligent driving solutions, establishing a full-stack delivery capability for intelligent driving systems [2][3] Investment and Team Integration - The company invested 250 million CNY to acquire a 39% stake in Jianzhih Robot, becoming the largest shareholder. This integration merges the intelligent driving team with Jianzhih's algorithm team, creating a delivery team of 500-600 people responsible for the entire product line [2][5] Intelligent Driving Chip Collaboration - The company continues its collaboration with Horizon Robotics for intelligent driving chips while maintaining cross-platform capabilities to support both Horizon and Qualcomm solutions. Orders for mass production post-2026 will primarily focus on Horizon's full range of products [2][6] Customer Structure and Revenue Growth - The customer base for low-end products includes BYD, BAIC, and Great Wall. The company has integrated Didi's intelligent driving team to enhance its algorithm capabilities, adding Dongfeng as a new customer. Internationally, Guangfeng has become a major client, with plans to mass-produce the G6B model using Horizon chips in the first half of 2026 [2][7] - Revenue growth for intelligent driving in 2024-2025 will be influenced by the production schedules of individual automakers, with expectations of at least four automakers entering mass production cycles simultaneously in 2026 [2][8] SoC Business Expansion - The company is entering the two-wheeler market for System on Chip (SoC) products, benefiting from national requirements for upgrading two-wheeler instruments. It is expected that by 2026, the market penetration will increase to 50-60% [4][9] Data Compliance Business - The data compliance business has a first-mover advantage and is deeply involved in setting standards and technical solutions, with revenues exceeding 1 billion CNY in 2025. The growth is driven by the increasing penetration of L2 autonomous driving technology [4][14] Revenue Projections - The company anticipates that intelligent driving revenue will reach approximately 200 million CNY in 2025, with significant growth expected in 2026 as the customer base diversifies [2][8][21] Challenges and Market Dynamics - The company faces challenges in the MCU (Microcontroller Unit) market, where it has seen a 40% increase in shipments and nearly 60% revenue growth in 2025. However, price stabilization is crucial as the market is highly competitive [4][10] - The intelligent driving solutions are under pressure from price competition, particularly with BYD, which has led to significant losses in previous years. The company aims to recover by diversifying its client base and improving delivery quality [35][36] Future Outlook - The company is focused on becoming a top-tier player in the intelligent driving market within the next two to three years, competing with established players like Huawei and Momenta. The strategy emphasizes providing high-quality, cost-effective solutions to a broader market [16][21] Conclusion - Siwei Tuxin is undergoing a significant transformation to establish itself as a leading provider of intelligent driving solutions, with strategic investments, a diversified customer base, and a focus on data compliance and chip technology. The company is poised for growth, particularly in 2026, as it ramps up production and expands its market presence.

Group 1 - China Satcom (601698) is a key player in satellite communication, holding scarce orbital positions and spectrum resources, crucial for commercial space ventures. The demand for satellite communication and data services is rapidly increasing due to the acceleration of low-orbit satellite networks and mobile direct satellite connections [1][44] - The company has a complete ground station network and high-throughput satellite resources, deeply integrated with national satellite internet projects, ensuring stable and sustainable cash flow [1][45] - With the ongoing scale-up of commercial space, the demand for satellite operation, data distribution, and industry applications continues to grow, supported by favorable policies for satellite internet [1][45] Group 2 - China Satellite (600118) focuses on the entire satellite manufacturing and application chain, covering communication, navigation, and remote sensing, making it a core player in satellite manufacturing [2][46] - The demand for small satellite launches is surging as low-orbit satellite constellations reach their peak, leading to explosive growth in satellite assembly and core component supply [2][46] - The company leverages its technological and resource advantages from the Aerospace Science and Technology Corporation, participating in major national space projects and expanding its service offerings [2][46] Group 3 - Aerospace Electronics (600879) specializes in aerospace measurement and control, covering key areas such as rocket control and satellite attitude control, with a supply rate exceeding 90% [3][47] - The demand for aerospace measurement and satellite electronics is increasing due to the rise in commercial rocket launches and large-scale low-orbit satellite networks [3][47] - The company has a strong order backlog and is actively expanding into the commercial space market, providing services to private rocket and satellite companies [3][47] Group 4 - ZTE Corporation (000063) is a global leader in communication equipment, deeply involved in the ground core network and terminal equipment for satellite internet, making it a key participant in commercial space ground systems [4][48] - The demand for satellite communication ground stations, core network equipment, and terminal chips is surging due to the acceleration of low-orbit satellite construction [4][48] - The company is leveraging its 5G and communication technology expertise to quickly enter the satellite communication field, participating in national satellite network projects and expanding into overseas markets [4][48] Group 5 - AVIC Optoelectronics (002179) focuses on high-reliability connectors and cable components, widely used in rockets, satellites, and spacecraft, making it a core supplier in commercial aerospace connection systems [5][49] - The demand for high-reliability connectors is growing as the complexity and reliability requirements of commercial aerospace equipment increase [5][49] - The company is actively expanding into the private aerospace market, providing services to commercial rocket and satellite companies, enhancing its market share [5][49] Group 6 - Aerospace Development (000547) is the only publicly listed platform for commercial aerospace under the Aerospace Science and Industry Corporation, covering the entire satellite manufacturing, operation, and ground terminal chain [6][50] - The company has seen a significant increase in commercial aerospace orders, leveraging its military qualifications and resource advantages [6][50] - With the gradual establishment of the "Tianmu-1" low-orbit meteorological satellite constellation, the company is enhancing its satellite data service capabilities [6][50] Group 7 - Guangqi Technology (002625) specializes in metamaterials, widely used in aerospace equipment for stealth and structural enhancement, making it a core player in the new materials sector of commercial aerospace [7][51] - The demand for metamaterials is continuously increasing as commercial aerospace equipment requires lightweight, stealthy, and high-performance materials [7][51] - The company is actively expanding into the civilian commercial aerospace market, providing metamaterial solutions to private rocket and satellite companies [7][51] Group 8 - Chengchang Technology (001270) is a leading supplier of spaceborne T/R chips, with a market share exceeding 70%, making it a core supplier in the commercial aerospace RF chip sector [8][53] - The demand for spaceborne T/R chips is experiencing exponential growth due to the large-scale networking of low-orbit constellations [8][53] - The company is expanding into overseas markets and entering the global commercial satellite supply chain, further enhancing its market share [8][53] Group 9 - Tianyin Electromechanical (300342) specializes in satellite attitude control star sensors, holding a market share exceeding 60%, making it a leading enterprise in core components for commercial aerospace satellites [9][54] - The demand for star sensors is robust, with each satellite requiring one, and the company is seeing significant growth in order volume due to the batch launch of low-orbit satellites [9][54] - The company is actively expanding its product layout to include other core satellite components, further enhancing its market share [9][54]

Core Viewpoint - Beijing Siwei Tuxin Technology Co., Ltd. has successfully won a bid for a digital grid construction project with Southern Power Grid, marking a deepening of their previous collaboration [1] Group 1: Project Details - The project focuses on three main areas: enhancing map timeliness, integrating real-time traffic information, and unifying spatial foundations [1] - Siwei Tuxin will provide comprehensive geographic information data services to support Southern Power Grid in key business scenarios such as planning design, operation inspection, and dispatch command [1] Group 2: Technological and Strategic Implications - The collaboration aims to help Southern Power Grid achieve cost reduction and efficiency improvement while enhancing safety management [1] - Siwei Tuxin emphasizes the empowering value of AI in the digital transformation of the energy sector [1] Group 3: Company Background - Siwei Tuxin, established in 2002, is a leading provider of intelligent travel technology and geographic information services in China, focusing on intelligent driving assistance and covering various automotive intelligent solutions [1] - The recent bid win reflects Southern Power Grid's ongoing recognition of Siwei Tuxin's technological strength and service quality [1]

Summary of Key Points Core Viewpoint - On February 25, 2026, Siwei Tuxin executed a block trade of 871,800 shares at a price of 10.14 yuan, which represents a discount of 7.99% compared to the market closing price of 11.02 yuan, with a total transaction value of 8.84 million yuan [1][2]. Group 1: Transaction Details - The block trade involved a total of 871,800 shares of Siwei Tuxin [1]. - The transaction price was set at 10.14 yuan per share [1][2]. - The total transaction amount reached 8.84 million yuan, accounting for 0.78% of the total trading volume on that day [1]. Group 2: Trading Parties - The buyer of the block trade was Guosen Securities Co., Ltd. [2]. - The seller was Shenwan Hongyuan Securities Co., Ltd. [2].

Group 1 - The core viewpoint of the article highlights the positive developments in the commercial space sector, particularly in China, with Blue Arrow Aerospace planning to conduct a recovery test of its reusable rocket Zhuque-3 in the second quarter of this year, which could accelerate the maturity of reusable rocket systems and set a new milestone for China's commercial space industry [1] - SpaceX CEO Elon Musk envisions using electromagnetic catapults on the Moon to support AI and high-performance computing needs, indicating a forward-looking approach in the global space industry [1] - Open Source Securities emphasizes the accelerated development of satellite internet in China, suggesting investment opportunities across various segments of the industry, including satellite manufacturing, launching, ground equipment, and satellite operations [1] Group 2 - In the satellite manufacturing segment, companies that supply satellite payloads and platform components are expected to benefit from increased demand for satellite launches [1] - The satellite launch segment is advised to focus on resource allocation, launch cadence, and technological advancements that could catalyze the industry [1] - The ground equipment segment should pay attention to the construction of high-value core networks and the terminal market, while the satellite operation segment is highlighted by the rapid development of satellite networks led by companies like Xingwang and Yanjin [1] Group 3 - As of February 25, 2026, the Zhongzheng Satellite Industry Index (931594) has risen by 3.21%, with notable increases in stocks such as Aerospace Electronics (up 6.65%), Xinle Energy (up 5.37%), and Aerospace Universe (up 4.91%) [1] - The Satellite ETF Penghua (563790) has increased by 2.87%, with the latest price reported at 1.18 yuan [1] - The Zhongzheng Satellite Industry Index tracks 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [2]

Group 1 - The core viewpoint of the article is that Siwei Tuxin (四维图新) positions itself as a leading Tier 1 system provider focusing on intelligent driving and offering high cost-performance integrated software and hardware solutions [1] - The company emphasizes its commitment to the core track of automotive intelligence [1]