锐明技术冲刺H股：商用车AI解决方案龙头，募资加注高阶智能驾驶

Core Viewpoint - Shenzhen Ruiming Technology Co., Ltd. is set to launch an H-share listing in Hong Kong, marking a significant step in its capital strategy to enhance global brand influence and optimize capital structure after six years of A-share listing [1] Group 1: Company Overview - Ruiming Technology, established in 2002, has evolved from a video surveillance technology provider to a leading global supplier of visual AI solutions and video equipment for commercial vehicles [1] - The company has over 20 years of industry experience, integrating cutting-edge AI technology to create a diverse product matrix addressing safety and efficiency needs [1] Group 2: Market Position and Financial Performance - In 2024, Ruiming Technology ranks first in the global commercial vehicle video equipment market and fourth in the global commercial vehicle visual AI solutions market [2] - The company has shown rapid growth, with revenue from continuing operations increasing from 1.4 billion RMB in 2022 to 2.8 billion RMB in 2024, representing a compound annual growth rate of 42% [2] - Net profit improved significantly from a loss of 167 million RMB in 2022 to a profit of 294 million RMB in 2024 [2] - The overseas market revenue share reached 46.38% in 2024 and further increased to 66.51% in the first half of 2025, with a gross margin consistently above 50% [2] Group 3: Industry Trends and Regulatory Environment - Global regulations on commercial vehicle safety are becoming stricter, with mandates for new vehicles to be equipped with advanced safety systems like AEBS and DMS, creating a growth opportunity for Ruiming Technology [3] - The company is proactively advancing in high-level intelligent driving, having launched the Xbus autonomous bus and signed agreements with partners in Guangzhou and Saudi Arabia [3] Group 4: Funding and Future Plans - The net proceeds from the H-share listing will primarily be allocated as follows: approximately 60% for R&D in advanced intelligent driving and AI model systems, about 20% to expand production capacity in Vietnam, and the remainder for brand promotion and working capital [3] - Analysts note that the timing of the Hong Kong listing aligns with a critical phase of technological upgrades and global expansion for the company [4]