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]

Core Viewpoint - The legal opinion issued by Beijing Tianyuan Law Firm confirms that the second extraordinary general meeting of shareholders of Beijing Siwei Tuxin Technology Co., Ltd. was convened and conducted in compliance with relevant laws and regulations [2][3][4][6]. Group 1: Meeting Details - The second extraordinary general meeting of shareholders was held on June 25, 2025, at 15:30 in the conference room 1303 of Siwei Tuxin Building, Beijing [1][3]. - The meeting utilized a combination of on-site and online voting methods, with the on-site meeting presided over by a director due to the absence of the chairman and vice-chairman [3][4]. Group 2: Attendance and Voting - A total of 1,489 participants attended the meeting, holding 303,981,751 shares with voting rights, which represents 13.0052% of the total voting shares [4][5]. - The voting included 1,483 shareholders, representing 112,573,948 shares, or 4.8162% of the total voting shares [5]. Group 3: Voting Results - The proposal regarding the company's unremedied losses reaching one-third of the total paid-in capital was approved with 296,507,175 votes in favor, which is a significant majority [6]. - Among minority investors, 90.1829% voted in favor of the proposal, indicating strong support from this group [6]. Group 4: Legal Compliance - The legal opinion asserts that the convening and conducting of the meeting, as well as the qualifications of attendees and the voting procedures, were all in accordance with the law and the company's articles of association [3][6].

1 | 专利名称 | 专利号 | 专利申请日 | 专利类型 | 专利权人 | 专利简介 | | --- | --- | --- | --- | --- | --- | | 高精度的定位方法 | ZL202010748625.1 | 2020-07-30 | 授权发明 | 四维图新 | 本公开实施例涉及定位技术领域，尤其涉及一种高精度的定位方 | | 及产品 | | | | | 法及产品。 | | 图像边缘处理方法、 装置、电子设备及存 | ZL202010844093.1 | | | | 本申请提供一种图像边缘处理方法、装置、电子设备及存储介质。 | | | | 2020-08-20 | 授权发明 | 四维图新 | 实现了对图像的边缘像素点进行数据结构化，在根据融合数据确 定目标的边缘轮廓线时，对识别目标的类别不做要求，提高了通用 | | 储介质 | | | | | | | | | | | | 性、图像边缘处理效率及精确度。 | | 地图数据处理方法、 | | | | | 本申请提供一种地图数据处理方法、装置、电子设备及存储介质， | | 装置、电子设备及存 | ZL202110449122.9 | 2021 ...

北京市天元律师事务所 关于北京四维图新科技股份有限公司 2025 年第二次临时股东大会的法律意见 京天股字（2025）第 420 号 致：北京四维图新科技股份有限公司 公司第六届董事会于 2025 年 6 月 9 日召开第十次会议做出决议召集本次股东 大会，并于 2025 年 6 月 10 日通过指定信息披露媒体发出了《召开股东大会通知》。 该《召开股东大会通知》中载明了召开本次股东大会的时间、地点、审议事项、投 票方式和出席会议对象等内容。 本次股东大会采用现场投票和网络投票相结合的方式召开。本次股东大会现场 会议于2025年6月25日（星期三）15:30在北京市海淀区永旭南路1号四维图新大厦A 座1303会议室召开，公司董事长张鹏先生、副董事长程鹏先生因工作原因不能到会， 经过半数董事选举由董事姜晓明先生主持本次股东大会，完成了全部会议议程。本 次股东大会网络投票通过深交所股东大会网络投票系统进行，通过交易系统进行投 票的具体时间为股东大会召开当日的交易时间段，即9:15-9:25，9:30-11:30、13:00- 15:00；通过互联网投票系统进行投票的具体时间为股东大会召开当日9:15-15:00。 ...

证券代码：002405 证券简称：四维图新 公告编号：2025-040 北京四维图新科技股份有限公司 2025 年第二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。 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6月25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6月25日上午9:15至下午 15:00期间的任意时间； 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 晓明先生主持。 5.本次会议符合有关法律、行政法规、部门规章、规范性文件和公司章程的规 1 定。 （二）会议出席情况 通过现场投票和网络投票的股东1489人，代表公司有表决权股份303,981,751股， 占上市公司有表决权总股本的13.0052%。其中： 1.现场出席会议情况 通过深圳证券交易所交易系统进行网络投票：2025年6月25日9:15—9:25，9:30— 11: ...

Group 1 - The core viewpoint is that the increasing cost pressures on automotive companies due to U.S. chip export restrictions and uncertain international trade environment are driving local companies to accelerate their layout in the third-generation semiconductor field and expedite the certification and integration of domestic chips [2] - The automotive chip industry in China is currently experiencing rapid development driven by both intelligence and domestic substitution [2] - The trend of "equalization of intelligent driving" is becoming significant, with mid-to-high-level assisted driving transitioning from a differentiated "value-added service" to a critical factor in capturing the mass market [2] Group 2 - The company emphasizes that for most automotive manufacturers, the path of full-stack control combined with ecological cooperation is more pragmatic and cost-effective, allowing for quicker mass production and better mastery of core technologies [2] - The company notes that the profitability of intelligent driving orders depends on various factors such as development costs, hardware-software ratios, procurement costs, and shipment volumes, with increasing collaboration among manufacturers driven by the need for scale effects [3] - The company has improved its operational efficiency significantly, with productivity per employee increasing from 780,000 to 1,680,000 over the past three years, which positively impacts profitability [3]

Group 1: Company Insights - Shenzhen Lingfeng Asset recently conducted research on the listed company Siwei Tuxin, highlighting the trend of intelligent driving equality becoming a key industry focus [1] - The company noted that mid-to-high-level assisted driving functions are gradually being integrated into lower-end models, establishing intelligent driving as a leading business segment [1] - Siwei Tuxin's data compliance business shows a clear growth trend, with AI-enhanced data loops aiding automakers in rapid algorithm iteration and optimization [1] Group 2: Product Development and Market Trends - The world model is being utilized for behavior prediction and trajectory generation, with productization aimed at OEMs and Tier 1 suppliers [1] - The company emphasized the need for intelligent driving orders to achieve certain sales volumes to realize economies of scale, alongside internal cost control and operational efficiency improvements positively impacting profitability [1] - The implementation of new national standards for two-wheeled vehicles is expected to create new market demands for Jiefa Technology's SoC cockpit products, aligning with leading automakers' overseas expansion needs [1] Group 3: Financial Projections and Growth - Jiefa Technology anticipates a revenue growth of over 12% in 2024, with an additional 3 million sets of basic driving point products and 600,000 sets of cockpit products expected to be secured by Q1 2025 [1] - The company is confident in achieving significant loss reduction by 2025, supported by the successful launch of its fifth-generation SoC product, the AC8025AE [1] - Jiefa Technology's automotive-grade MCU chip AC7870 has been successfully launched, meeting ISO 26262 ASIL-D functional safety standards, applicable across various scenarios [1]

Core Insights - The company Siwei Tuxin has achieved significant milestones in its semiconductor production, with a total of 90 million SoC chips shipped and over 70 million MCU chips shipped [1] Group 1: Product Lines and Certifications - Siwei Tuxin's subsidiary, Jiefa Technology, has successfully passed automotive-grade certification for its two main product lines, SoC and MCU, and has stabilized mass production across multiple generations [1] - The company is focusing on the AC780x, AC784x, AC787x series, and MCU+ product lines to meet diverse market demands [1] Group 2: Market Strategy and Ecosystem Development - Jiefa Technology has developed a complete product matrix for MCU chips across entry, mid, and high-end segments, continuously building a rich ecosystem [1] - The company is implementing a comprehensive domestic supply chain strategy to align with future trends in new E/E architecture development [1]

Industry Trends - The trend of "smart driving equality" is becoming crucial, with mid-to-high level assisted driving evolving from a "value-added service" to a "decisive factor" in the mass market [2] - Mid-level assisted driving features are expected to become standard in vehicles priced around 100,000 RMB, promoting the widespread adoption of assisted driving technology [2] - The automotive chip industry is rapidly developing under the dual drivers of smartization and domestic substitution, influenced by U.S. export restrictions and rising cost pressures [3] Business Performance - The compliance business achieved a growth rate of 150% in 2024, with Q1 2025 also exceeding 100% growth [3] - The revenue for the intelligent cloud segment is projected to reach 2.254 billion RMB in 2024, marking a year-on-year increase of 28.96% [3] - The company aims to significantly reduce losses in 2025 through cost control and operational efficiency improvements [11] Product Development - The company’s chip subsidiary, Jiefa Technology, has shipped 90 million SoC chips and over 70 million MCU chips, covering more than 95% of domestic automakers [8] - The latest SoC product, AC8025AE, offers a complete solution for parking and L2+ driving, enhancing integration and stability [8] - The new MCU chip, AC7870, meets high-level safety standards and is designed for various automotive applications [14] Regulatory Environment - Recent regulations from the Ministry of Industry and Information Technology aim to rectify disorder in the smart connected vehicle industry, promoting high-quality development [6] - The commitment from major automakers to limit payment terms to 60 days will enhance cash flow and reduce financial costs for the company [7] Future Outlook - The company anticipates a revenue growth of over 12% in 2024, with significant new product launches planned [11] - The introduction of new national standards for electric two-wheelers in 2024 is expected to create new market opportunities for Jiefa Technology [12]