Group 1 - The company, 4D Map, will disclose its Q3 financial report on October 29 [2] - The stock price has been declining despite a general market uptrend, raising concerns among investors about the company's performance [2] - Investors are advised to consider various factors affecting stock prices and to be aware of investment risks [2]

一、董事会会议召开情况 北京四维图新科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 16 日以电子邮件及电话通知的方式向公司全体董事、监事及有关人员 发出了《关于召开公司第六届董事会第十三次会议的通知》。2025 年 10 月 20 日公司第六届董事会第十三次会议（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 由公司董事长张鹏先生主持，监事、高级管理人员列席了本次会议。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 技股份有限公司章程》的有关规定，会议合法、有效。 证券代码：002405 证券简称：四维图新 公告编号：2025-068 北京四维图新科技股份有限公司 第六届董事会第十三次会议决议公告 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。 （主任委员、独立董事）、刘伯年先生组成第六届董事会审计委员会。任 期与第六届董事会任期一致。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 1、第六届董事会第十三次会议决议。 特此公告。 北京四维图新科技 ...

Core Viewpoint - The company has outlined its key investment projects and their development prospects in response to investor inquiries on an interactive platform [1] Group 1: Investment Projects - The company has invested in subsidiaries such as Youjia Innovation, Liufen Technology, and Siwei Zhilian, which cover various fields including intelligent driving and high-precision positioning [1]

Core Viewpoint - The 2025 World Intelligent Connected Vehicle Conference highlighted the transition of Siwei Map from a traditional mapping company to an autonomous driving solution provider, addressing the ongoing debate between "heavy map" and "light map" technologies and the challenges posed by the rapid deployment of urban Navigation Assisted Driving (NOA) [1][5]. Group 1: Technology and Business Model - The choice between "heavy" and "light" maps depends on the application scenario and the level of autonomous driving, with higher levels requiring more precise maps [5]. - Siwei Map is exploring various business models for high-precision maps, including one-time sales and annual service fees, with a potential shift towards a SaaS-like model based on usage or subscription [6]. - The traditional SD map licensing model has evolved from one-time fees per vehicle to monthly payments, with different pricing strategies observed in various countries [6]. Group 2: Challenges and Solutions - The rapid rollout of urban NOA demands high coverage, update frequency, and cost control for high-precision maps, which is a long-standing industry challenge [7]. - Siwei Map's solution involves collaborating with car manufacturers to use production vehicles as data collection units, allowing for real-time updates of maps based on road changes [7]. - The company currently faces limitations in data coverage due to the insufficient number of equipped vehicles, but expects improvements as higher-level autonomous vehicles become more common [7]. Group 3: Future of Autonomous Driving - The future of high-precision maps may involve them becoming a replaceable sensor, as vehicles increasingly rely on real-time sensor data and advanced algorithms rather than pre-defined map geometries [8]. - The transition to L3 and above levels of autonomous driving is seen as a necessary evolutionary step, with safety and user confidence being the primary barriers to widespread adoption [10]. - In the next 3-5 years, the industry may see the emergence of vehicles without traditional driving controls, particularly in specific applications like ride-hailing and logistics [11]. Group 4: Economic and Safety Considerations - The economic viability and safety of flying cars are viewed as critical factors for their large-scale adoption, similar to the challenges faced by autonomous vehicles [12][13]. - Current technological limitations, such as battery weight and safety standards, hinder the feasibility of flying cars, which may initially find applications in high-end markets before broader adoption [13].

Core Insights - The company, Siwei Tuxin, is making a significant investment of 1.8 billion yuan to become the largest shareholder of Jianzhih Robot, aiming to establish a new platform for advanced driver assistance systems (ADAS) [1] - The integration of the two companies is expected to enhance the AI capabilities of Siwei Tuxin, allowing for improved quality in high-level ADAS and AI-enabled products [1][2] - The CEO of Siwei Tuxin anticipates securing over one million high-level ADAS orders in the future, building on their existing 5 million mid-level orders [2] Investment and Strategic Moves - Siwei Tuxin plans to invest 2.5 billion yuan in cash and inject 15.5 billion yuan in assets to acquire a controlling stake in Jianzhih Robot, marking a significant move in the A-share market for smart driving mergers [1] - The combined R&D team will consist of around 700-800 personnel, focusing on developing low, mid, and high-level ADAS products [1][2] Market Position and Future Outlook - The company has already captured a substantial market share in low and mid-level ADAS and aims to expand into high-level systems post-acquisition [1] - The CEO expressed confidence in achieving high-level orders within 1.5 to 2 years, leveraging the combined strengths of both companies [2] Technological Innovations - The future of L3-level ADAS is constrained by regulatory and safety concerns, but advancements are expected to lead to vehicles without steering wheels or brakes in the next 3-5 years [3] - The concept of "VLA (Visual Language Action)" is introduced, indicating a shift towards real-time decision-making in driving without relying solely on high-definition maps [4] Challenges and Adaptations - The demand for high-definition maps is evolving, with a need for real-time updates to accommodate urban changes, which necessitates vehicle-to-infrastructure collaboration [5] - The company is exploring various monetization strategies for high-definition maps, including vehicle-based data collection to enhance map accuracy [4][5]

Market Overview - The shared economy sector experienced a decline of 3.23% on October 17, with Jinbei Electric leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Haiqi Group (603069) closed at 24.30, up 1.17% with a trading volume of 265,700 shares and a transaction value of 652 million [1] - Jinbei Electric (002533) saw a significant drop of 7.51%, closing at 11.82 with a trading volume of 448,300 shares and a transaction value of 544 million [2] - Other notable declines include Chang'an Automobile (000625) down 6.38% and Wan'an Technology (002590) down 6.47% [2] Capital Flow Analysis - The shared economy sector saw a net outflow of 3.955 billion in main funds, while retail investors contributed a net inflow of 2.72 billion [2][3] - The table of capital flow indicates that Siwei Tuxin (002405) had a main fund net inflow of 51.2572 million, while Haiqi Group (603069) experienced a net outflow of 12.71 million [3]

Core Viewpoint - Four-dimensional Tushin (002405) is actively engaging in the embodied intelligence sector through its subsidiary, Liufen Technology, which has launched the Embodied Intelligence Brain - Space X Motion Capability Solution [1] Group 1 - Liufen Technology has signed a strategic cooperation agreement with Zhishen Technology, a provider of embodied intelligence solutions, to collaborate on the full-chain technology upgrade of embodied intelligence, focusing on the "perception-decision-execution" process [1]

Core Insights - On October 16, 2023, Siwei Tuxin's stock fell by 1.22% with a trading volume of 991 million yuan, indicating a slight decline in market performance [1] - The company reported a net financing purchase of 42.27 million yuan on the same day, with a total financing and securities balance of 1.3 billion yuan, reflecting a relatively high financing level compared to the past year [1][2] Financing Overview - On October 16, Siwei Tuxin had a financing purchase of 125 million yuan, with a current financing balance of 1.298 billion yuan, accounting for 5.63% of its market capitalization [1] - The financing balance is above the 50th percentile level over the past year, indicating a strong interest from investors [1] - The company also experienced a securities lending activity with 141,500 shares repaid and 153,600 shares sold, resulting in a selling amount of approximately 1.49 million yuan [1] Business Performance - As of June 30, 2023, Siwei Tuxin reported a revenue of 1.761 billion yuan for the first half of 2023, representing a year-on-year growth of 5.62% [2] - The company recorded a net profit attributable to shareholders of -311 million yuan, which is a 12.68% increase compared to the previous period, indicating improved performance despite a loss [2] - The main business revenue composition includes 71.84% from intelligent cloud services, 14.73% from intelligent chip services, 6.70% from intelligent cockpit services, and 4.38% from intelligent driving services [1] Shareholder Structure - As of June 30, 2023, the number of shareholders decreased by 5.25% to 206,800, while the average circulating shares per person increased by 5.56% to 11,391 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 31.20 million shares, an increase of 14.99 million shares from the previous period [2]

Group 1 - The core viewpoint of the article is that the investment in Zhihui Robot by the company is a long-term strategic investment aimed at achieving long-term value growth through technological and market synergies between the two parties [1] - The company emphasizes that it will strictly adhere to relevant laws and regulations regarding information disclosure in the future [1]

Group 1 - The company announced a share repurchase and cancellation of remaining restricted stocks due to the departure of three individuals who no longer meet incentive conditions [2] - A total of 813,000 restricted shares (81.3 million shares) will be repurchased and canceled [2] - Following the repurchase, the total share capital will decrease from 2,370,648,814 shares (23.71 billion shares) to 2,369,835,814 shares (23.70 billion shares) [3] Group 2 - The registered capital will change from RMB 2,370,648,814 to RMB 2,369,835,814 after the repurchase [3] - The company will notify creditors about the capital reduction, allowing them 45 days to claim debts or request guarantees [4] - If creditors do not exercise their rights within the specified period, their claims will remain valid, and the company will continue to fulfill its obligations as per the original debt documents [4]