四维图新拟投资鉴智机器人，补上高阶智能驾驶拼图

Core Viewpoint - Four-dimensional Tushin (002405.SZ) plans to invest in PhiGent Robotics Limited to integrate their autonomous driving businesses, providing automotive companies with a comprehensive range of intelligent driving solutions based on Horizon and Qualcomm platforms [2][3]. Investment Details - The investment is in cash and asset form, and the transaction is currently in the due diligence, auditing, and evaluation phase, with a formal announcement expected soon [2]. - PhiGent Robotics Limited is the parent company of Beijing Jianzhizhi Technology Co., Ltd., which has several subsidiaries operating under the "Jianzhizhi Robot" brand [2]. Financial Context - Four-dimensional Tushin reported a revenue of 35.2 billion yuan and a loss of 10.9 billion yuan in 2024, with a revenue of 17.61 billion yuan and a net loss of 3.11 billion yuan in the first half of 2025, showing a year-on-year revenue growth of 5.62% and a reduction in losses by 12.68% [4]. - The investment in Jianzhizhi Robot allows Four-dimensional Tushin to collaborate closely without adding Jianzhizhi's losses to its financial statements [4]. Strategic Importance - The investment is a strategic move for Four-dimensional Tushin, which aims to transition from high-precision mapping to becoming a primary supplier of intelligent driving solutions [4][6]. - The integration of Jianzhizhi's high-level autonomous driving solutions with Four-dimensional Tushin's existing offerings will create a complete product matrix catering to various market demands [6]. Market Positioning - Four-dimensional Tushin's current focus is on a cost-effective approach using "lightweight maps + domestic chips," primarily offering lower-margin low-level assisted driving products, while lacking core algorithm capabilities in high-level autonomous driving [5]. - The collaboration with Jianzhizhi Robot will enhance Four-dimensional Tushin's capabilities in high-level autonomous driving, addressing the gaps in its product offerings [6]. Data Compliance and Future Prospects - Four-dimensional Tushin possesses strong data compliance management capabilities, which are increasingly important as autonomous vehicles collect more data, making it attractive to automotive companies, especially those looking to expand internationally [7]. - The company's data operation business saw a revenue increase of 24.42% year-on-year, reaching 12.65 billion yuan in the first half of the year [7].