Company Overview - Rui Li Ke Mi officially listed on the Shenzhen Stock Exchange on September 30, with an opening stock price reaching 79.8 yuan per share, reflecting a 65.4% increase from the issue price, resulting in a total market capitalization of 12.6 billion yuan [2] - The company specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, including ABS, ESC, EBS, EPB, and ECAS [3][4] Market Position - Rui Li Ke Mi has become a leading enterprise in the domestic commercial vehicle active safety system market, providing high-cost performance products and services to vehicle manufacturers [4] - The company has developed a range of core technologies that were previously dominated by multinational giants, thus contributing to the independent development of China's automotive industry [5] Technological Advancements - The company has achieved significant breakthroughs in various core technologies, including dynamic coordination control technology for anti-lock braking, multi-level heterogeneous redundant distributed system architecture control technology, and intelligent fusion braking control technology [5] - Rui Li Ke Mi has successfully developed an active safety system with completely independent intellectual property rights, enhancing the localization process of China's automotive electronic control braking industry [5]

Core Insights - The automotive industry is entering an era of electrification and intelligence, with active safety systems being a crucial component for achieving high-level autonomous driving and a competitive arena for global automotive manufacturers [1][3] - Ruijili Kemi (瑞立科密) is set to list on the Shenzhen Stock Exchange on September 30, 2023, and is one of the few domestic companies capable of developing various active safety systems, maintaining a leading market share in the industry [1][2] Company Overview - Ruijili Kemi's core products include pneumatic and hydraulic braking systems, as well as electronic and line control braking systems, widely used in commercial vehicles, passenger cars, and motorcycles [2] - The brand "Kormee" has become a top-tier brand in the industry, with ABS production and sales ranking first in the industry for ten consecutive years from 2014 to 2023 [2] - The company has maintained a market share of 24.00%, 23.72%, and 27.92% for ABS, ESC, and EBS products in the commercial vehicle sector over the past three years, respectively [2] Research and Development - Ruijili Kemi is one of the early companies to focus on the development of ECAS for commercial vehicles, having developed key components and an electronic control unit (ECU) for ECAS, along with proprietary control strategies and software [2] - The company has invested significantly in R&D, with expenditures of approximately 93.73 million, 96.79 million, and 115.83 million yuan from 2022 to 2024, respectively [3] Market Opportunities - The increasing market share of domestic brands in the automotive sector is driving demand for local suppliers, presenting a significant growth opportunity for Ruijili Kemi [3] - The expansion of the Advanced Driver Assistance Systems (ADAS) market is expected to further promote the development of active safety systems, with a transition from electronic to line control braking systems anticipated as automation levels increase [3] Fundraising and Strategic Goals - The funds raised from the stock issuance will be used for projects related to the company's main business, including the establishment of a R&D headquarters and center in the Greater Bay Area, enhancing production capacity and efficiency [4][5] - The information technology upgrades will improve the company's overall operational management and system security, contributing to its competitive edge in the active safety systems industry [4][5]