Core Insights - The company, 四维图新, has achieved significant milestones in the automotive chip sector, with global shipments of automotive-grade chips exceeding 300 million and SoC chip shipments surpassing 100 million, marking it as a key player in the industry [1][3][19] - The company is transitioning from a mapping service provider to a mainstream player in automotive intelligence, leveraging its unique competitive edge as a new Tier 1 supplier [1][3] Chip Shipment and Market Position - 四维图新 has established itself as a leader in the automotive chip market, with its SoC and MCU chip shipments both exceeding 100 million, showcasing a substantial breakthrough for Chinese enterprises in this field [3][19] - The AC8015 chip, recognized as a "go-global" product, has been adopted in over 100 mass-produced models, with more than 50% of its shipments going overseas, indicating strong international market acceptance [3][19] Business Strategy and Financial Goals - The company is actively working on order fulfillment and implementing cost-reduction measures, aiming for significant loss reduction by 2025 and profitability by 2026 as part of its equity incentive plan [5] - 四维图新 is focusing on a full-stack solution for automotive intelligence, emphasizing cost efficiency, scalable production capabilities, and technological innovation as key drivers for long-term growth [7][18] Intelligent Driving and Cabin Solutions - In the intelligent driving sector, 四维图新 has secured nearly 6 million new units for mainstream automakers in 2024, covering over 20 major car manufacturers and 100 models [9] - The company’s integrated cabin solutions, such as the SA8155P & SA8255P, are designed for cost reduction and enhanced user experience, incorporating advanced features like 3D rendering and multi-screen interaction [11] Global Expansion and Compliance - 四维图新 is adopting a new paradigm for international expansion, focusing on "hardware compatibility globally + localized experience," which has proven effective in gaining recognition in overseas markets [16][18] - The company collaborates with major cloud service providers to offer localized compliance solutions for automakers, enhancing its global service capabilities [18] Revenue and Growth Potential - The intelligent cloud business has become a cornerstone of 四维图新’s revenue, accounting for 71.85% of total revenue in the first half of 2025, with a year-on-year growth of 24.42% [15] - The company’s strategic focus on automotive intelligence and its competitive pricing model are expected to lead to a significant performance turnaround, potentially achieving profitability by 2025 [18]

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]