Core Viewpoint - Tianlong Co., Ltd. (603266.SH) is acquiring Suzhou Haomibo Technology Co., Ltd., which has negative net assets and significant losses, raising concerns from the Shanghai Stock Exchange regarding the alignment with the interests of listed companies [1] Group 1: Acquisition Details - Suzhou Haomibo's net assets are reported at -19.57 million yuan, with a net profit of -43.59 million yuan for the first three quarters of 2025 [1] - Tianlong Co. emphasizes that the acquisition is a strategic move to expand into the automotive electronics sector, particularly in intelligent driving perception [1] Group 2: Technology and Market Position - Suzhou Haomibo is characterized as a growth-stage technology company with core technologies in 4D millimeter-wave radar and sensor fusion, holding 87 authorized patents, including 19 invention patents [1] - The company has secured project designations from major manufacturers such as Chery, GAC Toyota, and JAC, and has achieved large-scale production of 4D millimeter-wave radar for leading automotive manufacturers [1] Group 3: Financial Outlook - Despite current losses due to high R&D expenditures (34.06 million yuan in 2024), Tianlong Co. anticipates that performance will improve as production scales up and capacity utilization increases, with profitability expected by 2028 [1]

Core Insights - The event "Exploring Haon Automotive Electronics, Smart Future Path" was organized by Dongfang Caifu Securities to facilitate direct communication between investors and Haon Automotive Electronics [1] - The activity aimed to provide investors with a comprehensive understanding of Haon Automotive's business layout, technological strength, and development strategy through in-depth research [1] Company Overview - Haon Automotive Electronics is an innovative national high-tech enterprise focused on the research, design, manufacturing, and sales of automotive intelligent driving perception systems [4] - The company's "perception system + decision system" one-stop solution is leading in the industry, with the vehicle-mounted visual perception system accounting for approximately 65% of its main business revenue [4] Product and Technology Insights - The exhibition showcased Haon Automotive's technological development in intelligent driving perception, highlighting the transition from basic perception to integrated intelligence [2] - Products displayed included intelligent vision systems, ultrasonic radar systems, millimeter-wave radar systems, and AI algorithm-based integrated technology solutions, demonstrating their practical applications in driving scenarios [2] Strategic Communication - During the Q&A session, investors engaged with management regarding the company's business development and future strategies, particularly the application prospects of products in the robotics field [7] - The management emphasized that perception technology is a core requirement for various types of robots, with existing products covering both perception and decision-making aspects, and deep collaborations established with leading robotics companies [7] Investor Engagement - The event provided a unique immersive experience for investors to understand the company's value through direct interaction with management and exploration of the company's technological and strategic dimensions [7] - Dongfang Caifu Securities is committed to facilitating direct dialogue between investors and quality enterprises, planning to continue organizing similar in-depth research activities in the future [7]