四维图新18亿战略投资鉴智机器人，智驾赛道开启全栈化竞争新格局

Core Viewpoint - Recently, Siwei Tuxin announced plans to invest in Jianzhihui Robot through a combination of cash capital increase and the transfer of 100% equity of Tuxin Intelligent Driving, with a total transaction amount of 1.8 billion RMB, making it the largest shareholder with a 39.14% stake [1] Group 1: Transaction Structure - The investment employs a "cash + asset" dual-track model, where Siwei Tuxin subscribes to 138 million C+ class preferred shares at a price of 0.2538 USD (approximately 1.8061 RMB) per share, while injecting 1.55 billion RMB for the 100% equity of its wholly-owned subsidiary [2] - Jianzhihui Robot's revenue for the first half of 2025 is projected to reach 11.2291 million RMB, a significant increase from 599,400 RMB in 2024, although it remains in a loss phase with a net loss of 165 million RMB for the same period [2] - Siwei Tuxin reported a loss of 310 million RMB in the first half of 2025, with intelligent driving business revenue accounting for 4.38%, indicating strong market expansion capabilities with 3.6 million new intelligent driving units [2] Group 2: Technical Synergy - The autonomous driving sector is accelerating towards a "light map" or "map-less" technology route, significantly impacting Siwei Tuxin's core map product business [3] - Despite the intelligent cloud business contributing 71.84% of revenue, the intelligent driving solutions have not yet formed a scale advantage [3] - Through this strategic acquisition, Siwei Tuxin aims to leverage Jianzhihui Robot's advanced algorithm capabilities to enhance its technological accumulation in the mid-to-high-end intelligent driving sector, moving towards becoming a complete solution Tier 1 supplier [3] Group 3: Strategic Implications - Notably, Siwei Tuxin, while becoming the largest shareholder, does not seek a controlling position, holding only 2 out of 5 board seats at Jianzhihui Robot [4] - This "strategic investment without control" model preserves the entrepreneurial team's innovative vitality while accelerating the commercialization of technology through resource integration [4] - With an investment of 1.8 billion RMB, Siwei Tuxin is leveraging capital to facilitate its strategic transformation from a map supplier to a full-stack Tier 1 player in the intelligent driving sector, potentially witnessing the emergence of a new star in China's intelligent driving industry [4]