北京四维图新科技股份有限公司 2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 1、本次股东大会未出现否决提案的情形。 证券代码：002405 证券简称：四维图新 公告编号：2025-066 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间： 现场会议：2025年10月15日（星期三）下午15:30； 通过深圳证券交易所互联网投票系统投票：2025年10月15日上午9:15至下午 15:00期间的任意时间； 通过深圳证券交易所交易系统进行网络投票：2025年10月15日9:15—9:25， 9:30—11:30和13:00—15:00。 2.现场会议召开地点：北京市海淀区永旭南路1号四维图新大厦A座1303会议室。 3.投票方式：本次会议采用现场投票与网络投票相结合的方式召开。 本次股东大会通过深圳证券交易所交易系统和互联网投票系统向全体股东提供 网络形式的投票平台。 4.会议召集人和主持人：公司第六届董事会召集，经过半数董事选举由董事姜 晓明先 ...

Core Points - The Xiaomi automotive concept sector rose by 2.68%, ranking fifth among concept sectors, with 101 stocks increasing in value, including Helit Technology, which hit the daily limit, and other notable gainers such as Kaiter Co., Fort Technology, and Zhenyu Technology, which rose by 13.14%, 12.27%, and 11.28% respectively [1] - The sector saw a net inflow of 274 million yuan from major funds, with 52 stocks receiving net inflows, and 10 stocks exceeding 50 million yuan in net inflows, led by CATL with a net inflow of 237 million yuan [2][3] Sector Performance - The Xiaomi automotive concept sector was among the top-performing sectors today, with a 2.68% increase, while other sectors like Tonghuashun Fruit Index and Cell Immunotherapy also performed well, rising by 3.40% and 3.18% respectively [2] - The sector's performance was contrasted by declines in sectors such as Military Equipment Restructuring and Transgenic, which fell by 1.88% and 1.07% respectively [2] Fund Flow Analysis - Leading stocks in terms of fund inflow ratio included Helit Technology, Matsui Co., and Pengling Co., with net inflow ratios of 20.38%, 14.26%, and 14.09% respectively [3] - The top stocks in the Xiaomi automotive concept fund inflow list included CATL, Siwei Tuxin, and Top Group, with respective net inflows of 237 million yuan, 133 million yuan, and 109 million yuan [3][4]

Market Overview - The low-altitude economy sector increased by 1.77% compared to the previous trading day, with Zhenyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Nongyu Technology (300953) with a closing price of 178.03, up 11.28% and a trading volume of 100,500 shares, totaling 1.716 billion yuan [1] - Guangdian Jigu (002967) closed at 20.97, up 10.02% with a trading volume of 256,900 shares, totaling 518 million yuan [1] - Huajian Group (600629) closed at 33.85, up 10.01% with a trading volume of 849,400 shares, totaling 2.737 billion yuan [1] - New Clean Energy (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares, totaling 3.651 billion yuan [1] Capital Flow - The low-altitude economy sector experienced a net outflow of 27.7962 million yuan from institutional investors, while retail investors saw a net inflow of 785 million yuan [2] - The capital flow for specific stocks showed: - Chang'an Automobile (000625) had a net inflow of 651 million yuan from institutional investors, while retail investors had a net outflow of 386 million yuan [3] - New Clean Energy (605111) had a net inflow of 650 million yuan from institutional investors, with retail investors experiencing a net outflow of 270 million yuan [3] - Siwei Tuxin (002405) had a net inflow of 158 million yuan from institutional investors, while retail investors had a net outflow of 983 million yuan [3]

Core Insights - The A-share market has seen a strong performance in domestic software stocks, with several companies experiencing significant price increases [1] Group 1: Stock Performance - Pinming Technology (品茗科技) rose by 15.52%, with a total market capitalization of 9.108 billion and a year-to-date increase of 380.60% [2] - Jiuxi Software (久其软件) increased by 10.03%, with a market cap of 6.337 billion and a year-to-date rise of 17.22% [2] - Geer Software (格尔软件) saw a 10.00% increase, with a market cap of 3.838 billion and a year-to-date increase of 27.67% [2] - Rongji Software (榕基软件) rose by 9.95%, with a market cap of 5.021 billion and a year-to-date increase of 34.72% [2] - Haocen Software (浩辰软件) increased by 9.87%, with a market cap of 3.960 billion and a year-to-date rise of 54.88% [2] - Guodun Quantum (国盾量子) rose by 8.36%, with a market cap of 44.3 billion and a year-to-date increase of 44.19% [2] - Other notable performers include Zhongchuang Co. (中创股份) up 6.48%, Fangzhi Technology (方直科技) up 5.95%, and Guozi Software (国子软件) up 5.93% [2] Group 2: Market Trends - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Core Insights - The automotive-grade MCU chip market in China is projected to reach 26.8 billion yuan in 2024, representing a growth of 3.47% from 2023, and is expected to grow to 29.4 billion yuan in 2025 [1][9] - The increasing intelligence of electric vehicles is driving the demand for MCUs, with smart cars requiring up to 300 MCUs per vehicle, compared to 70 for traditional fuel vehicles and 150 for luxury fuel vehicles [7][9] - The MCU market in China is expected to grow to 62.51 billion yuan in 2024, with a year-on-year increase of 49.7 million yuan, and is projected to reach 65.64 billion yuan in 2025 [5] Industry Definition and Classification - Automotive-grade MCU chips are defined as chips that meet automotive standards and are used for vehicle control [2][3] - MCUs are categorized into different grades: consumer, industrial, automotive, QJ, and GJ, with automotive-grade being one of the highest standards [2] Market Size and Growth - The automotive MCU chip market in China is expected to grow significantly, with a forecasted market size of 26.8 billion yuan in 2024 and 29.4 billion yuan in 2025 [1][9] - The overall MCU market in China is projected to reach 62.51 billion yuan in 2024 and 65.64 billion yuan in 2025 [5] Industry Chain - The upstream of the automotive MCU chip industry includes semiconductor equipment and materials, while the midstream involves design, wafer foundry, and packaging testing [11][12] - The downstream applications primarily involve automotive manufacturers such as BYD, Geely, and Tesla [11] Policy Environment - The automotive chip sector is crucial for the transformation and upgrading of the automotive industry, with various policies introduced to support the development and application of automotive chips [13][14] Competitive Landscape - The automotive MCU chip market in China is becoming increasingly competitive, with key players including Zhaoyi Innovation, Zhongying Electronics, and Guomin Technology [16] - Companies like Zhongwei Semiconductor and Zhaoyi Innovation are focusing on MCU chip development and have reported significant revenue from automotive electronic chips [17][18]

Core Insights - The autonomous driving industry is experiencing a significant surge in financing, with 11 funding events in the past month totaling over 29.2 billion yuan, bringing the total for the year to 36.7 billion yuan across 19 events [1][2][22] - This marks a stark contrast to the previous three years of capital winter, indicating a renewed confidence in the commercialization prospects of autonomous driving by 2025 [1][22] Financing Overview - The financing landscape is dominated by four main areas: L2-level assisted driving, L4-level niche applications, Robotaxi, and core sensors [3][11] - L2-level assisted driving saw six financing events this year, with notable funding including Horizon Robotics raising approximately 6.34 billion HKD (around 5.81 billion yuan) to expand overseas and support high-level assisted driving solutions [4][11] - The Robotaxi sector is particularly lucrative, with significant funding such as Didi Autonomous Driving's 2 billion yuan in Series D financing aimed at AI core algorithm development and L4 application deployment [11][16] - L4-level applications, focusing on closed or semi-closed environments, have attracted the most funding, with seven companies receiving investments, including a recent multi-million dollar round for Jiushi Intelligent [17][19] Market Dynamics - The capital market's enthusiasm for autonomous driving has markedly increased compared to the previous three years, which were characterized by a downturn in funding and operational challenges for major companies like Argo AI and Cruise [22][25] - The turning point in 2025 is attributed to a combination of technological advancements, market readiness, and supportive policies, with Tesla's launch of Robotaxi products serving as a strong market signal [25][27] - The investment focus has shifted towards companies with clear commercial applications, particularly in the Robotaxi and L4 niche sectors, reflecting a pragmatic approach to funding [27][30] Conclusion - The influx of capital is accelerating the commercialization of autonomous driving technologies, with companies that demonstrate viable applications receiving increased support [30] - The industry is poised for a transformative year in 2025, as the convergence of technology and investment is expected to turn autonomous driving from a vision into reality [30]

Core Viewpoint - The competition in the intelligent driving sector is intensifying, with Siwei Map's investment of 1.8 billion yuan in a loss-making algorithm company, Jianzhik Cayman, marking a significant strategic move to transform from a traditional map provider to an intelligent driving solution provider [1][2]. Financial Analysis - Jianzhik Cayman reported a revenue of only 599,400 yuan in 2024, with a net loss of 316 million yuan, and projected a revenue of 11.23 million yuan in the first half of 2025, still incurring a net loss of 164 million yuan [2]. - As of June 30, 2025, Jianzhik Cayman had a negative net asset of 821 million yuan, raising questions about its high valuation of 2.959 billion yuan prior to the cash injection [2]. - Siwei Map plans to invest 250 million yuan at a price of 1.8061 yuan per share for preferred shares, leading to a valuation of Jianzhik Cayman that many investors find perplexing given its financial state [2]. Strategic Intent - The transaction aims to create a "New Jianzhik" platform, integrating Siwei Map's engineering capabilities with Jianzhik Cayman's algorithm advantages to cover a full range of intelligent driving products [3]. - Siwei Map's strategic goal is to transition from a single product provider to a comprehensive solution provider, with plans to develop a full-stack service capability encompassing "Smart Cloud, Smart Driving, Smart Cabin, and Smart Core" [3]. Business Performance - In the first half of 2025, Siwei Map's intelligent driving segment saw a significant revenue decline of 37.89% year-on-year, attributed to delays in production schedules from some automotive clients [4]. - The intelligent cabin segment also experienced a 55.50% drop in revenue, influenced by business focus adjustments and the conclusion of certain project cycles [4]. - Despite growth in the intelligent cloud and intelligent core segments, the overall performance indicates challenges in the intelligent driving sector [4]. Market Context - The intelligent driving industry is at a critical turning point, with L3-level autonomous driving entering a commercial phase, and technology rapidly penetrating the mid-to-low-end market [6]. - Siwei Map aims to offer L2+ level assisted driving features in vehicles priced around 100,000 yuan, striving for a "high-end experience at an affordable price" [6]. Competitive Landscape - The intelligent driving sector is crowded with major players, including tech giants like Huawei and Baidu, as well as traditional Tier 1 suppliers and numerous startups [6]. - To maintain competitiveness, Siwei Map must quickly address its shortcomings in intelligent driving algorithms and software [6]. Integration Challenges - The merger of two loss-making entities raises concerns about whether the combined efforts will yield greater benefits, particularly in terms of technology integration and market positioning [7]. - The differing backgrounds and operational styles of Siwei Map and Jianzhik Cayman present potential challenges in aligning their teams and avoiding internal conflicts [7].

Core Viewpoint - Recently, Siwei Tuxin announced plans to invest in Jianzhihui Robot through a combination of cash capital increase and the transfer of 100% equity of Tuxin Intelligent Driving, with a total transaction amount of 1.8 billion RMB, making it the largest shareholder with a 39.14% stake [1] Group 1: Transaction Structure - The investment employs a "cash + asset" dual-track model, where Siwei Tuxin subscribes to 138 million C+ class preferred shares at a price of 0.2538 USD (approximately 1.8061 RMB) per share, while injecting 1.55 billion RMB for the 100% equity of its wholly-owned subsidiary [2] - Jianzhihui Robot's revenue for the first half of 2025 is projected to reach 11.2291 million RMB, a significant increase from 599,400 RMB in 2024, although it remains in a loss phase with a net loss of 165 million RMB for the same period [2] - Siwei Tuxin reported a loss of 310 million RMB in the first half of 2025, with intelligent driving business revenue accounting for 4.38%, indicating strong market expansion capabilities with 3.6 million new intelligent driving units [2] Group 2: Technical Synergy - The autonomous driving sector is accelerating towards a "light map" or "map-less" technology route, significantly impacting Siwei Tuxin's core map product business [3] - Despite the intelligent cloud business contributing 71.84% of revenue, the intelligent driving solutions have not yet formed a scale advantage [3] - Through this strategic acquisition, Siwei Tuxin aims to leverage Jianzhihui Robot's advanced algorithm capabilities to enhance its technological accumulation in the mid-to-high-end intelligent driving sector, moving towards becoming a complete solution Tier 1 supplier [3] Group 3: Strategic Implications - Notably, Siwei Tuxin, while becoming the largest shareholder, does not seek a controlling position, holding only 2 out of 5 board seats at Jianzhihui Robot [4] - This "strategic investment without control" model preserves the entrepreneurial team's innovative vitality while accelerating the commercialization of technology through resource integration [4] - With an investment of 1.8 billion RMB, Siwei Tuxin is leveraging capital to facilitate its strategic transformation from a map supplier to a full-stack Tier 1 player in the intelligent driving sector, potentially witnessing the emergence of a new star in China's intelligent driving industry [4]

Core Viewpoint - The company Siwei Tuxin is advancing a significant acquisition in the intelligent driving sector by investing 1.8 billion yuan in PhiGent Robotics Limited, becoming its largest shareholder with a 39.14% stake, which is expected to reshape the domestic intelligent driving market landscape [1][2][6]. Group 1: Transaction Details - The total transaction amount is 1.8 billion yuan, marking it as the largest intelligent driving acquisition case in the A-share market [2]. - The investment will be executed in two steps: a cash increase of 250 million yuan and an asset injection involving the transfer of 100% equity of Tuxin Intelligent Driving Technology [5][6]. - The cash increase will involve subscribing to approximately 138 million C+ class preferred shares at a price of 0.2538 USD per share, translating to approximately 1.8061 yuan per share [5]. Group 2: Financial Impact - The acquisition is projected to bring about 1.5 billion yuan in investment income, significantly improving the company's operating performance [2][9]. - The company reported a loss of 311 million yuan in the first half of 2025, but the acquisition is expected to help turn around its financial situation by potentially achieving profitability for the entire year [9][10]. Group 3: Market Position and Competition - The acquisition is anticipated to intensify competition in the intelligent driving market, which is currently dominated by companies like Baidu, Huawei, and BYD [2][8]. - The newly formed entity "New Jian Zhi" will focus on high-performance intelligent driving software algorithms, enhancing the company's core competitiveness in the sector [8]. Group 4: R&D Investment - The company has been actively investing in research and development, with an expenditure of 655 million yuan in the first half of 2025, accounting for 37.19% of its operating revenue [3].

Core Viewpoint - The company Siwei Tuxin has confirmed its capabilities in high-precision mapping and data compliance, which are applicable in various unmanned scenarios such as Robotaxi and unmanned logistics vehicles [2] Group 1: Company Developments - Siwei Tuxin has engaged in partnerships with leading companies in the unmanned logistics sector, including Xiaoma Zhixing [2] - The company's high-precision positioning technology, developed in collaboration with Six Points Technology, enhances its offerings in the autonomous vehicle market [2] Group 2: Industry Applications - The high-precision maps and data compliance solutions provided by Siwei Tuxin are crucial for the deployment of unmanned vehicles in logistics and transportation [2] - The collaboration with top startups in the unmanned logistics field indicates a growing trend towards automation in the industry [2]