Core Viewpoint - The company is actively transforming into a leading player in the intelligent driving sector, leveraging its data and technology advantages while adapting to market trends through precise product alignment [1][2]. Group 1: Company Developments - The company’s subsidiary, Siwei Zhili, has submitted an application for an H-share IPO, marking a significant step in its growth strategy [1]. - Siwei Zhili is primarily focused on smart cockpit software solutions and has a strong shareholder base, including major players like Didi and Tencent, which enhances its market position [1][4]. - As of June 20, 2025, Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware and software solutions [3]. Group 2: Market Position and Financials - Siwei Zhili ranks tenth among domestic primary smart cockpit solution providers, holding a market share of 0.1%, and ranks third globally among software-driven Chinese suppliers [3]. - Despite reporting losses of 203 million RMB, 265 million RMB, and 377 million RMB for the years ending December 31, 2022, 2023, and 2024 respectively, the company has shown stable revenue performance with total revenues of approximately 538.8 million RMB, 477.2 million RMB, and 478.8 million RMB for the same years [4]. - The company has a strong customer base, with revenue from its top five clients accounting for 85.9%, 96.2%, and 92.2% of total revenue over the past three years [4]. Group 3: Industry Trends and Future Outlook - The global smart cockpit market is projected to reach 774.6 billion RMB by 2029, with the Chinese market expected to exceed 300 billion RMB, indicating significant growth potential [2]. - The company is focusing on building a comprehensive ecosystem for intelligent driving, including partnerships with major cloud service providers like Alibaba Cloud and Huawei Cloud to enhance its technological capabilities [9]. - The management team is committed to staying updated on industry trends and competitor movements to maintain a competitive edge in the rapidly evolving automotive market [10].

北京四维图新科技股份有限公司（以下简称"公司"）于 2025 年 3 月 13 日召开的第六届董事会第八次会议、第六届监事会第六次会 议和于 2025 年 3 月 31 日召开的 2025 年第一次临时股东大会审议并 通过了《关于<公司 2025 年员工持股计划（草案）>及其摘要的议案》 及相关议案。公司2025年员工持股计划（以下简称"本员工持股计划"） 的具体内容详见公司刊载于《中国证券报》《证券时报》和巨潮资讯 网（http://www.cninfo.com.cn）上的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》等相关规定，现将本员工持股计划实施进展情况公告如下： 一、本员工持股计划的股票来源及数量 （一）本员工持股计划的股票来源 本员工持股计划的股票来源为公司回购专用证券账户内已回购 的股份。 公司于 2022 年 4 月 28 日召开第五届董事会第十五次会议审议 证券代码：002405 证券简称：四维图新 公告编号：2025-043 北京四维图新科技股份有限公司 关于 2025 年员工持股计划完成非交易过 ...

Core Viewpoint - Nanjing Zhilian's IPO application in Hong Kong faces regulatory challenges due to its parent company, Siwei Tuxin, having incurred significant losses over the past three years, which disqualifies it from the split listing requirements [1][9][10] Group 1: Company Structure and Financial Performance - Nanjing Zhilian is controlled by Siwei Tuxin, which holds 45.32% of the voting rights, but Siwei Tuxin has reported continuous losses, totaling over 2.7 billion RMB from 2022 to 2024 [1][9][10] - Nanjing Zhilian's revenue has shown a downward trend, with figures of approximately 539 million RMB, 477 million RMB, and 479 million RMB from 2022 to 2024, indicating an 11% decline from 2022 to 2024 [13] - The company has reported net losses of 203 million RMB, 265 million RMB, and 378 million RMB for the same years, highlighting a worsening financial situation [13] Group 2: Dependency on Parent Company - Nanjing Zhilian relies heavily on Siwei Tuxin, with about 62.6%, 46.5%, and 47.8% of its total revenue coming from Siwei Tuxin as its largest customer from 2022 to 2024 [13][15] - The company also sources a significant portion of its supplies from Siwei Tuxin, with procurement amounts increasing from 60 million RMB in 2022 to 109.6 million RMB in 2024, indicating a growing dependency [14][15] Group 3: Legal and Asset Concerns - Nanjing Zhilian faces a lawsuit from Baidu, which demands 90 million RMB in damages related to allegations of unfair competition [16] - The company has a high level of goodwill on its balance sheet, with goodwill accounting for over 40% of total assets, raising concerns about potential impairment risks if future performance does not meet expectations [16][17]

Core Viewpoint - Siwei Zhihui has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, marking its entry into the smart cockpit sector as a new player [1][2]. Group 1: Company Overview - Siwei Zhihui is a subsidiary of the well-known mapping company, Siwei Tuxin, which holds a 27% stake, making it the largest shareholder [1]. - Other significant shareholders include Didi Chuxing, MediaTek, and Tencent, holding 16.46%, 15.83%, and 4.13% respectively, creating a strong resource network in the automotive sector [1][2]. - The company ranks as the tenth largest primary smart cockpit solution provider in China, with a market share of 0.1% and is the third largest globally among software-driven Chinese suppliers [2]. Group 2: Financial Performance - Revenue from smart cockpit solutions for 2022, 2023, and 2024 is projected to be 163.4 million, 164.4 million, and 243.4 million RMB respectively, while integrated solutions are expected to generate 373.6 million, 312.4 million, and 234.7 million RMB [2][3]. - Despite increasing revenues, the company has reported net losses of 203 million, 265 million, and 378 million RMB for the years 2022, 2023, and 2024 respectively, indicating challenges in covering R&D costs [3]. Group 3: Strategic Partnerships - Didi Chuxing's investment in Siwei Zhihui through a combination of cash and equity has strengthened collaboration in the smart driving and ride-hailing sectors [4][5]. - The partnership aims to enhance Didi's presence in the automotive upstream, focusing on electric vehicles and smart driving solutions [5][6]. - Siwei Zhihui has established connections with major automotive brands, covering 12 out of the 15 best-selling car models in China, and has a significant relationship with a major client, servicing 27 out of 50 models launched between 2022 and 2024 [3]. Group 4: Industry Context - The pace of IPOs for smart driving and cockpit companies in Hong Kong has accelerated, with several firms having submitted applications recently [8]. - Siwei Zhihui stands out as a unique player in the market, focusing on "vehicle-road-cloud" integrated solutions, although it faces competition from similar companies like Taibo Car Networking [9].

Group 1 - Taotao Automotive expects a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [1] - The company specializes in the research, production, and sales of all-terrain vehicles, electric golf carts, electric scooters, electric balance bikes, electric bicycles, and their accessories [1] - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan, with a maximum repurchase price of 13.58 yuan per share [1][2] Group 2 - Annoqi's subsidiary received a government subsidy of 1.65 million yuan, accounting for 34.77% of the company's latest audited net profit [2] - Annoqi focuses on the research, production, and sales of mid-to-high-end differentiated dyes [3] - Minfeng Special Paper announced the complete shutdown of its Nanhu plant, as its Haiyan plant is now capable of handling the production capacity [4] Group 3 - Aoto Electronics received a trademark registration certificate from Saudi Arabia, covering various electronic products [5] - Landi Group plans to acquire up to 20.1667% of the shares of Jujia Technology for a total price not exceeding 121 million yuan [6][7] - Lifan Pharmaceutical's Danpi phenol raw material drug has been approved for market launch, utilizing a new process that enhances efficiency and meets market demand [8] Group 4 - Shanghai Construction received a total of 548 million yuan in government subsidies, which accounts for 22.79% of the company's latest audited net profit [8] - Wanbangde's subsidiary received ethical approval for a key clinical trial of a new drug for Alzheimer's disease [8] - Prolo Pharmaceutical's subsidiary received approval for the market launch of a new raw material drug for liver cancer treatment [9] Group 5 - Chenguang New Materials received a government subsidy of 26 million yuan, representing 62.86% of the company's latest audited net profit [10] - Sanyou Medical's subsidiary received a government subsidy of 331,000 yuan, accounting for 28.86% of the company's latest audited net profit [11] - Weichai Heavy Machinery expects a net profit of 132 million to 151 million yuan for the first half of 2025, reflecting a year-on-year increase of 40% to 60% [12] Group 6 - Guanhao Biological announced the termination of its application for a specific stock issuance [13] - China Film plans to use up to 1.5 billion yuan of idle funds for cash management [14] - Aotai Biological intends to use up to 480 million yuan of idle raised funds for cash management [15] Group 7 - Helin Micro-Nano is planning to issue overseas shares and list on the Hong Kong Stock Exchange [17] - Jinpan Technology's vice president resigned due to personal health reasons [18] - Tongyi Zhong's chairman and general manager plan to reduce their shareholdings in the company [19] Group 8 - Naipu Mining signed an overseas contract worth 18.85 million USD [21] - Zhengye Technology completed an asset sale transaction worth 178 million yuan [23] - Lianxin Equipment won a bid for a project worth 157 million yuan from BOE [24] Group 9 - Smart Control plans to apply for a comprehensive credit line of up to 260 million yuan from banks [25] - Keyuan Pharmaceutical's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [27] - Meige Intelligent's H-share listing application materials have been received by the China Securities Regulatory Commission [29] Group 10 - Siwei Tuxin's subsidiary submitted an H-share listing application [32] - Metro Design's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [32] - Aeston submitted an application for H-share listing [34] Group 11 - Jiu Ri New Materials' shareholders plan to reduce their holdings by a total of 98,900 shares [34] - Yihua Tong's shareholder plans to reduce their holdings by up to 700,000 shares [35] - Xishanghai plans to distribute a cash dividend of 0.08 yuan per share [36] Group 12 - Zhejiang Natural plans to distribute a cash dividend of 1.97 yuan for every 10 shares [37] - Kouzi Jiao plans to distribute a cash dividend of 1.30 yuan per share [38] - Huitong Group plans to distribute a cash dividend of 0.023 yuan per share [40] Group 13 - Tongyong Co. plans to reduce its holdings by up to 0.31% of the company's shares [41] - China Shenhua plans to distribute a cash dividend of 2.26 yuan for every 10 shares [43] - Huangting International's executive director resigned due to personal reasons [45] Group 14 - Jinkai New Energy plans to distribute a cash dividend of 1 yuan for every 10 shares [46] - Heimu Dan plans to distribute a cash dividend of 0.041 yuan per share [47] - Feiyada plans to acquire all or part of the controlling stake in Chang Kong Gear [48]

Core Viewpoint - The announcement of the listing application by Siwei Zhili (Nanjing) Technology Co., Ltd. reflects its strength and potential in the smart cockpit sector, as well as Siwei Tuxin's deepening layout in the smart automotive industry chain [2][3] Group 1: Company Overview - Siwei Tuxin holds a 45.32% voting power in Siwei Zhili, which specializes in smart cockpit software solutions and integrated hardware-software solutions [2] - Siwei Zhili is recognized as a leading provider of smart cockpit solutions in China, known for its innovative software development capabilities and comprehensive product coverage from edge to cloud [3][4] Group 2: Market Position and Performance - According to Frost & Sullivan, Siwei Zhili ranked tenth among domestic first-tier smart cockpit solution providers in 2024, with a market share of 0.1%, and ranked third among software-driven first-tier suppliers globally [3] - Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware-software solutions since its establishment [4] Group 3: Research and Development - Siwei Zhili invests significantly in R&D to enhance its competitive advantage in smart cockpit solutions, with R&D expenditures of 113.1 million, 103.4 million, and 209.6 million for the years ending December 31, 2022, 2023, and 2024, respectively [5] - The R&D team consists of 377 members, and the company holds 107 patents, including 41 invention patents, 30 utility model patents, and 36 design patents [5]

Group 1 - Siwei Tuxin (002405) has submitted an application for the initial public offering of overseas listed shares (H shares) to the Hong Kong Stock Exchange on June 27, 2025, and published the application materials on the same day [1] - The company holds 45.32% of the voting rights in Siwei Zhilian [1] - Megmeet Smart (002881) has had its application materials for the issuance of overseas listed shares (H shares) accepted by the China Securities Regulatory Commission [1] - Keyuan Pharmaceutical (301281) has had its application documents for issuing shares to purchase assets and raising supporting funds accepted by the Shenzhen Stock Exchange [1]

证券代码：002405 证券简称：四维图新 公告编号：2025-042 北京四维图新科技股份有限公司 关于参股公司向香港联交所递交上市申请的公告 四维智联本次发行 H 股及上市尚需取得中国证券监督管理委 员会、香港证券及期货事务监察委员会和香港联交所等相关监管机构、 证券交易所的批准、核准或备案，该事项仍存在不确定性。公司将根 据该事项的进展情况及时履行信息披露义务，敬请广大投资者谨慎决 1 策，注意投资风险。 特此公告。 北京四维图新科技股份有限公司董事会 二〇二五年六月三十日 2 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从参股公司四维智联（南京）科 技股份有限公司（以下简称"四维智联"）处获悉，其已于 2025 年 6 月 27 日向香港联合交易所有限公司（以下简称"香港联交所"）递交 了首次公开发行境外上市股份（H 股）并在香港联交所主板上市（以 下简称"本次发行"）的申请，并于同日在香港联交所网站刊登了本 次发行的申请资料。 四维智联主营业务为智能座舱软件解决方案、智能座舱软硬一体 化解决方案及其他配件，截至本公告披 ...

Core Viewpoint - Siwei Zhihui (Nanjing) Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with major shareholders including Siwei Tuxin, Didi, and Tencent [1][3]. Company Background - Siwei Zhihui's history dates back to 2015 when Siwei Tuxin acquired 51% of its shares. In 2018, a business restructuring led to the spin-off of its intelligent network business [3][4]. - The company was previously known as Beijing Tuwu Xian Technology Co., Ltd. and was renamed in April 2018 [4]. Financial Performance - Siwei Zhihui reported revenues of approximately RMB 470 million in 2023, with a net loss of about RMB 327 million. For the first half of 2024, revenues were around RMB 222 million, with a net loss of approximately RMB 38 million [10][11]. - The company's revenues for 2022, 2023, and 2024 were approximately RMB 539 million, RMB 477 million, and RMB 479 million, respectively, with net losses of RMB 204 million, RMB 265 million, and RMB 379 million [12][16]. Revenue Breakdown - The revenue from integrated hardware and software solutions decreased by 16.4% in 2023 to about RMB 312 million, with a further decline of 24.9% expected in 2024 [12][14]. - In contrast, revenue from intelligent cockpit software solutions showed growth, increasing from RMB 163 million in 2022 to RMB 164 million in 2023, and projected to reach RMB 243 million in 2024 [14]. Shareholding Structure - Following a strategic capital increase in August 2024, Siwei Tuxin's direct shareholding in Siwei Zhihui decreased from 30.29% to 27.01%, while Didi's shareholding increased to approximately 20.6% [8][9]. - As of October 2024, Siwei Tuxin Hong Kong acquired additional shares from Toyota, increasing its stake in Siwei Zhihui [10]. Customer Concentration - The company has a high customer concentration, with revenues from the top five customers accounting for approximately 85.9%, 96.2%, and 92.2% of total revenues in the respective years [16][17]. - The largest customer, which is also the controlling shareholder, contributed revenues of approximately RMB 337 million, RMB 222 million, and RMB 229 million, representing significant portions of total revenue [17].

Domestic News - China and Hungary signed a cooperation document to enhance collaboration in the automotive industry, focusing on autonomous driving technology and charging infrastructure [2] - Beijing will allocate 10,000 oil vehicle quotas for the car license plate lottery on June 26, with a total of 2,563,334 valid applications for family cars and 2,568,088 for personal cars [3] - Guangzhou implemented a policy allowing applicants who have not won the lottery for a long time to directly receive license plates, aiming to ease car purchase restrictions [4] - From June 1 to June 22, the national retail sales of passenger cars reached 1.269 million units, a year-on-year increase of 24%, with new energy vehicles accounting for 690,000 units sold [5] International News - In May, European car sales reached 1.11 million units, showing a year-on-year growth of 1.9%, while Tesla's new car registrations in the EU fell by 40.5% [6] Corporate News - Bosch plans to invest over €2.5 billion in artificial intelligence by the end of 2027 [9] - Nissan expects an operating loss of ¥200 billion (approximately RMB 9.9 billion) for Q2 2025, following a significant restructuring plan [10] - GAC Group applied for a patent to improve vehicle communication stability with parking lots [11] - Seres Automotive completed a strategic capital increase of RMB 5 billion, bringing in strategic investors without affecting its status as a subsidiary [12] - XPeng Motors aims for half of its sales to come from overseas markets by 2027, planning to enter over 60 countries [13] - Tesla's first grid-side energy storage project in mainland China is expected to be operational this year, with a storage capacity of 300 MWh [14] - Four-dimensional Map's SoC chip shipments have reached 90 million units, with MCU chip shipments exceeding 70 million units [15]