证券代码：002405 证券简称：四维图新 公告编号：2025-075 北京四维图新科技股份有限公司 关于公司完成工商变更登记并换发《营业执照》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。 北京四维图新科技股份有限公司（以下简称"公司"）于2025 年5月19日召开2024年度股东大会，审议通过《关于修订<公司章程> 的议案》，同意对公司注册地址及注册资本相关条款进行修订。具 体内容详见公司刊登在中国证监会指定信息披露网站的相关公告。 4．住所：北京市北京经济技术开发区科谷一街10号院6号楼6层 606室 5．法定代表人：程鹏 6．注册资本：237064.8814万元 7．经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、 技术转让、技术推广；智能车载设备制造；智能车载设备销售；信息系统集成 服务；人工智能行业应用系统集成服务；导航终端制造；导航终端销售；电子 产品销售；汽车零配件零售；汽车零部件研发；汽车零部件及配件制造；卫星 遥感应用系统集成；卫星通信服务；卫星遥感数据处理；卫星导航多模增强应 用服务系统集成；卫星技术综合应用系统集成； ...

Core Viewpoint - The company Siwei Tuxin has reported a significant increase in the shipment volume of its intelligent chip products, driven by the rising level of automotive intelligence and the high performance and reliability of Jiefa Technology's automotive-grade electronic chip products [2] Group 1 - The increase in shipment volume is attributed to the enhancement of automotive intelligence [2] - The high performance and reliability of Jiefa Technology's products contribute to the company's growth in the intelligent chip sector [2]

证券代码：002405 证券简称：四维图新 公告编号：2025-075 北京四维图新科技股份有限公司 关于公司完成工商变更登记并换发《营业执照》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。 1．名称：北京四维图新科技股份有限公司 2．统一社会信用代码：91110000745467123H 3．类型：其他股份有限公司(上市) 4．住所：北京市北京经济技术开发区科谷一街10号院6号楼6层 606室 5．法定代表人：程鹏 6．注册资本：237064.8814 万元 7．经营范围：一般项目:技术服务、技术开发、技术咨询、技术交流、 技术转让、技术指广:智能车载设备制造;智能车载设备销售:信息系统集成服 务:人工智能行业应用系统集成服务导航终端制造:导航终端销售:电子产品销 售:汽车等配件零售:汽车等部件研发:汽车零部件及配件制造:卫星遥感应用系 线集成:卫星通信服务:卫星遥感数据处理:卫星导航多模增强应用服务系统集 成:卫星技术综合应用系统集成:卫星导航果务:地理遗感信息服务:人工智能基 础资源与技术平台:数字文化创意内容应用服务:数字内容制作服务(不含出版 ...

Market Overview - The software development sector experienced a decline of 1.58% on November 4, with Suochen Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Gainers in Software Development Sector - Keda Guochuang (300520) saw a closing price of 45.85, with an increase of 7.15% and a trading volume of 877,400 shares, amounting to 3.909 billion yuan [1] - Geer Software (603232) closed at 24.78, up 5.63%, with a trading volume of 658,300 shares, totaling 1.576 billion yuan [1] - Weston (301315) closed at 59.18, increasing by 4.56%, with a trading volume of 119,400 shares, amounting to 685 million yuan [1] Top Decliners in Software Development Sector - Suochen Technology (688507) closed at 97.02, down 7.34%, with a trading volume of 35,400 shares, totaling 350 million yuan [2] - Qilin Xinan (688152) closed at 46.66, decreasing by 7.03%, with a trading volume of 43,300 shares, amounting to 204 million yuan [2] - Xingxiu Technology (688031) closed at 68.13, down 6.23%, with a trading volume of 82,900 shares, totaling 572 million yuan [2] Capital Flow Analysis - The software development sector experienced a net outflow of 4.019 billion yuan from institutional investors, while retail investors saw a net inflow of 2.385 billion yuan [2] - The top stocks with significant net inflows from retail investors include Keda Guochuang (300520) with a net inflow of 1.33 billion yuan [3] - Geer Software (603232) had a net inflow of 443.38 million yuan from institutional investors, while experiencing a net outflow from retail investors [3]

Core Viewpoint - The company acknowledges the rapid growth of the overseas market for mapping services and emphasizes its support for Chinese automotive enterprises expanding internationally [1] Group 1: Company Response - The company responded to an investor inquiry regarding the overseas market demand for mapping services, highlighting the increasing need for such services [1] - The company is actively supporting Chinese automotive enterprises in various sectors, including intelligent driving, smart cockpit, global data compliance, and automotive-grade chips [1] - The company is positioned to benefit from the trend of Chinese automotive companies expanding into international markets [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.00 yuan [5]. Core Insights - The company reported a total revenue of 2.66 billion yuan for the first nine months of 2025, representing a year-on-year growth of 5.20%. However, the net profit attributable to shareholders was a loss of 708 million yuan, showing a decline compared to the previous year [1]. - In Q3 2025, the company achieved a revenue of 899 million yuan, a 4.40% increase year-on-year, but the net profit attributable to shareholders was a loss of 398 million yuan, also reflecting a decline [1]. - The company is actively investing in its intelligent driving business, which is expected to accelerate its development in the long term despite short-term performance pressures [1][2]. Summary by Sections Financial Performance - For the first nine months of 2025, the company reported total revenue of 2.66 billion yuan, with a net profit loss of 708 million yuan. R&D expenses reached 950 million yuan during the same period [1]. - The Q3 2025 results showed a revenue of 899 million yuan, with a net profit loss of 398 million yuan [1]. Business Development - The establishment of a new platform for intelligent driving business is anticipated to open long-term growth opportunities. The company has invested in PhiGent Robotics Limited, becoming its largest shareholder with a 39.14% stake [2]. - The new platform will offer a comprehensive range of software and hardware products for intelligent driving, with significant orders already secured from major automotive manufacturers [2]. Future Projections - The company is expected to see revenues of 4.06 billion yuan in 2025, 5.33 billion yuan in 2026, and 6.99 billion yuan in 2027, with corresponding price-to-sales ratios of 5, 4, and 3 respectively [4]. - The net profit attributable to shareholders is projected to improve from a loss of 535 million yuan in 2025 to a profit of 324 million yuan in 2027 [4].

New Car Launches - The new Zeekr 7X has been launched with a price range of 229,800 to 269,800 CNY, featuring three models and significant upgrades in design and technology [2][3][11] - The new Avita 12 Four Laser Edition is priced between 269,900 and 429,900 CNY, offering both range-extended and pure electric versions with advanced driving assistance systems [14][20][22] - Smart's new model, the Smart 5 EHD, is priced from 189,900 to 239,900 CNY, featuring a hybrid system and a luxurious interior [23][30] - The new Denza N8L is launched at a price of 299,800 to 329,800 CNY, showcasing a modern design and advanced technology features [4][38] - Beijing Hyundai's EO model is available for pre-sale at 119,800 to 149,800 CNY, targeting the compact SUV market with competitive features [5][47] - Chery's new model, the Wind Cloud T11, is priced between 189,900 and 249,900 CNY, boasting high-end configurations and a spacious interior [6][54] - The Galaxy Star 6 has been launched with a price range of 74,800 to 105,800 CNY, featuring a new design and advanced technology [7][58] - The Deep Blue L06 has opened for pre-sale with a price range of 139,900 to 161,900 CNY, featuring a sporty design and advanced driving assistance [8][67] Company Dynamics - Horizon Robotics has partnered with ZF to develop a city navigation assistance system, set to be mass-produced by 2026 [70][75] - Xiaopeng Motors is establishing the first low-altitude flying car "6S" store in Guangzhou, aiming to integrate various flying services [76][79] - 4D Map has rebranded to SEEWAY.AI, focusing on AI strategies and expanding into autonomous driving technologies [81][84] - SAIC Group reported a growth in both sales and revenue in Q3, driven by strong performance in the electric vehicle segment [87][90] - BYD's Q3 revenue decreased by 3.05% to 194.99 billion CNY, with net profit down 32.6% due to competitive pressures [91][92] - Seres reported a 15.75% increase in revenue to 48.13 billion CNY, while net profit slightly declined [94][95] Sales Performance - BYD's October passenger car sales reached 436,856 units, maintaining a leading position in the electric vehicle market [100][104] - SAIC Group sold 207,000 new energy vehicles in October, leading the industry in total sales [106] - Geely's October new energy vehicle sales were 177,882 units, with significant contributions from its Galaxy brand [107][110] - Chery's new energy vehicle sales reached 110,346 units in October, marking a significant milestone [111][112] - Chang'an's new energy vehicle sales were 119,000 units, with strong performance from its Deep Blue brand [119] - Great Wall Motors sold 46,155 new energy vehicles in October, reflecting its ongoing transition to electric vehicles [120][121] - Leap Motor delivered 70,289 units in October, showcasing its strong market presence [122] - Hongmeng Zhixing delivered 68,216 units in October, benefiting from increased production capacity [125][127] - Xiaopeng Motors delivered 42,013 units in October, with new models contributing to sales growth [128][130] - NIO delivered 40,397 units in October, reflecting a successful year for the brand [131][133] - Xiaomi's vehicle deliveries exceeded 40,000 units in October, supported by favorable market conditions [134][136] - FAW delivered 38,900 new energy vehicles in October, marking a significant achievement [137][138] - Li Auto delivered 31,767 units in October, facing competitive pressures in the market [143][144] - Dongfeng Yipai Technology delivered 31,107 units in October, showing steady growth [146][148] - BAIC New Energy sold 30,542 units in October, driven by new model launches [149][152] - Lantu delivered 17,218 units in October, continuing its upward trajectory [153][155] - Jishi delivered 1,426 units in October, with plans for future expansion [156][159]

Core Viewpoint - The company is undergoing a brand strategy upgrade to SEEWAY.AI, aiming to transition from a mapping provider to a new type of Tier 1 automotive supplier, focusing on AI-driven solutions for the automotive industry [2] Financial Performance - The company aims to significantly reduce losses this year, with a target to achieve profitability around 2027 [2] - For the first three quarters of this year, the company reported revenue of 2.66 billion yuan, a year-on-year increase of 5.20%, and a net loss of 708 million yuan, a decrease of 45.55% year-on-year [6] - The gross margin was 28.28%, down 6.41% year-on-year, while the net margin was -26.90%, a decline of 7.42% year-on-year [6] Business Segments - The company is focusing on three main business areas: intelligent driving, chips, and cloud services, with intelligent driving expected to account for 60% of total revenue by 2025-2026 [3] - The chip business is projected to grow to 30% of total revenue, with an expected revenue of 566 million yuan in 2024, a year-on-year increase of 10.92% [3] - The cloud services segment achieved revenue of 1.265 billion yuan in the first half of this year, a year-on-year increase of 24.42% [4] Strategic Developments - The company is expanding its two-wheeler business, which offers significant scale advantages compared to the automotive sector [4] - The company is optimizing its personnel structure, particularly in its subsidiary New Jian Zhi, which will involve reducing around 100 positions [6] - The company is also focusing on external investments, with 19 companies under management, which are expected to contribute to visible investment returns [5] Future Outlook - The company acknowledges that the path to automotive intelligence is long and that significant future investments will be necessary to balance input and output [7] - The company is considering strategies for future financing and external investments to support its growth [7]

Core Insights - The company has officially upgraded its brand to SEEWAY.AI, marking a transition from being a "map provider" to an "AI-driven" entity in the intelligent driving sector [1][5] - The CEO emphasized the importance of high cost-performance, compliance with national standards, and meeting advanced user demands in the intelligent driving industry [3] - The company aims to leverage its full-stack capabilities to promote the globalization of Chinese smart vehicles [3][4] Product Development - The company has achieved a significant milestone with 5.85 million new intelligent driving solutions set to be delivered to over 20 mainstream automakers by mid-2025 [3] - The AI-powered cockpit solutions have been deployed in over 100 countries, with the AC8015 chip being used in more than 100 mass-produced models, totaling 5 million units shipped, over 50% of which are for international markets [3][4] - The company has developed a complete soft-hard integration production capability, supported by chips like AC8015 and AC8025, with cumulative shipments of SoC and MCU exceeding 100 million units [4] Global Strategy - The company has established a comprehensive compliance business with over 100 ongoing projects, serving more than 30 mainstream automakers [4] - The high-precision positioning solutions have achieved a positioning error of ≤2‰ in obstructed scenarios, utilizing lightweight terminals and low-power designs as alternatives to laser radar [4] - The brand upgrade to SEEWAY.AI signifies a new phase focused on AI-centric, one-stop solutions for cockpit and driving collaboration [5]

Core Insights - The automotive industry is shifting from "horsepower" competition to "computing power" competition, prompting traditional mapping companies to adapt their strategies towards AI and data-driven solutions [1] - The CEO of the company, Cheng Peng, emphasized that AI should not only enhance technology but also serve as the core engine for reconstructing product logic, moving from functionality to emotional value [1][5] Industry Trends - By 2025, the automotive intelligence sector is expected to witness four major trends, with a focus on balancing regulation and efficiency [1] - The implementation of mandatory standards for assisted driving will lead to a more regulated development phase, moving away from exaggerated marketing claims [1] Cost Reduction in Assisted Driving - The company has successfully reduced the cost of assisted driving solutions to the thousand-yuan level, down from 5000 yuan five years ago, due to technological innovations [2] - Cheng Peng predicts that the timeline for achieving point-to-point, end-to-end intelligent driving has been shortened from 10 years to 5 years, thanks to advancements in large models, computing power, and data [2] Global Expansion and Data Governance - Data compliance is crucial for global expansion, with the company providing a full-process data closed-loop service covering 160 countries and regions [3] - This capability is seen as essential for supporting the globalization of Chinese automotive products [3] Business Structure and Strategic Investments - The company is restructuring its business model to create a diversified business matrix, including a strategic investment in Jianzhih Robot, which will operate as an independent platform for intelligent driving [3] - The company has also submitted a listing application for its smart cockpit business, indicating a potential new ecosystem in the capital market [3] Financial Performance and Future Outlook - Despite a net loss of 708 million yuan in the first three quarters of 2025, the company anticipates a significant improvement in financial performance by 2027 [4] - The introduction of an employee stock ownership plan is seen as a sign of internal confidence in the transformation strategy [4] Transformation and Market Acceptance - The company is transitioning from a traditional mapping provider to an AI-driven mobility technology service provider, aiming to leverage safety compliance as a competitive advantage [4] - The success of this transformation and the market's acceptance of the new mobility experience will be critical tests for the company's strategic shift [5]