在中国的公路上，传统柴油重卡曾是不可撼动的王者。它们吞吐着黑色的烟雾，轰鸣着驶过一个个服务区，构成 了中国经济血脉中最坚韧的毛细血管。而如今，一场静默的革命正在发生——这些"钢铁巨兽"正在被注入绿色的能量 和硅基的智慧，一场关于"铁与硅"的进化，正悄然开启物流运输的新纪元。 一、柴油时代的黄昏与第一缕电光 要理解未来的火热，必须先回顾过去的轰鸣。 在过去的二十年，中国的物流网络随着电商的爆发而极速膨胀。但繁荣的背后，是超过700万辆重型卡车带来的 沉重负担：它们消耗了中国近一半的柴油，是交通领域主要的碳排放源。对于物流公司而言，高昂的油价和不断上涨 的司机人力成本，早已成为利润表上最刺眼的数字。 变革的种子，最初埋在城市的角落里。人们最早看到的"新能源重卡"雏形，或许是街边无声清扫的电动环卫车， 或许是园区里定点穿梭的电动巴士。这些"小家伙"虽然其貌不扬，却完成了最初的技术试炼：磷酸铁锂电池如何在商 用车上保证安全与续航；大功率电机如何提供稳定的扭矩。比亚迪等先驱者在这一阶段的探索，为后来者铺平了道 路。 与此同时，一股智能化的潜流也在涌动。潍柴、一汽解放等传统重卡巨头，开始为他们的高端车型装上"眼 睛"和" ...

11月21日,《新华每日电讯》发表题为《无人快递车既要"严守规矩"，还要能"随机应变"》的评论。 《中国日报》报道，一辆无人快递车停在一处封闭道路前，对正在修路的工人重复说着"让一下"，工人 让其右转未果，感慨"听不懂人话"，受到大量关注。 "听得懂人话"不是一个技术层面的要求，是群众希望无人快递车不给交通"添堵"的朴素期盼。它的潜台 词是：无人快递车应该有沟通机制，能够对突发情况进行变通处置。 随着多地无人快递车上路，这种场景也越来越多，有的甚至潜藏安全隐患。比如，有的无人快递车突然 停在路中间或者逆行，把路堵得严严实实；还有的无人快递车遇到晾晒的粮食、倒地的电动车等异形障 碍物时不会避让，造成了轻微事故。南京市高淳区日前约谈两家重点快递企业，要求压实企业交通安全 主体责任，有效防范因无人驾驶快递车辆及从业人员交通违法引发的道路安全风险。 随着技术的发展，无人车等自动化交通参与者有望与传统道路系统更好融合。比如，基于算法的调度系 统能够为快递车队规划最优路径，避免车辆扎堆。通过车车通信技术，无人车之间可以"协商"，避免拥 堵。车辆还可以设置紧急通话系统，允许与后台对话，解决非常规状况。 当然，无人车变得更" ...

Core Viewpoint - The company is actively expanding its industrial layout and resource integration in line with its strategic development direction, particularly in the smart transportation sector [1] Group 1: Mergers and Acquisitions - The company completed the acquisition of 100% equity in Chelu Tong Technology (Chengdu) Co., Ltd. in April 2025, which will enhance its core technological capabilities and product integration in the smart transportation field [1] Group 2: Investment and Collaboration - In July 2025, the company established the Shenzhen ShenDan JinYi Venture Capital Partnership (Limited Partnership) in collaboration with professional investment institutions, focusing on cutting-edge areas such as intelligent connected vehicles, low-altitude economy, and smart terminals [1] - This investment and collaboration are crucial steps for the company to align with industry trends and integrate high-quality resources [1] Group 3: Strategic Development - By collaborating with professional institutions and technology companies, the company aims to expand its business boundaries in emerging fields such as vehicle-road collaboration and low-altitude economy [1] - The efforts are intended to build a more open and collaborative industrial ecosystem, enhancing the company's overall competitiveness and long-term development potential [1]

Core Viewpoint - The company, Jin Yi Technology, announced its capabilities in the fields of vehicle-road collaboration and smart transportation, highlighting its ability for large-scale implementation and practical experience [1] Group 1 - The company stated that it will disclose information regarding significant demonstration projects, strategic partnerships, and market share if they meet the standards for information disclosure [1]

Core Viewpoint - Jin Yi Technology announced its competitive advantages in the rapidly developing smart transportation and vehicle-road collaboration market, leveraging its "Transportation + IT" dual-genetic drive and full-stack technical service capabilities [1] Group 1: Smart Highway Tolling - The company maintains its technological leadership in the smart highway tolling sector through the integration of "ETC + AI + Edge Computing," achieving large-scale implementation of unmanned toll stations [1] Group 2: Urban Digital Transportation - Jin Yi Technology has established a "Vehicle-Energy-Road-Cloud-Park" closed-loop capability in urban digital transportation, actively participating in the construction of several national-level intelligent connected demonstration zones [1] Group 3: Vehicle-Road Collaboration - As the leading unit of the Ministry of Transport's key technology research center for intelligent vehicle-road collaboration, the company has developed a comprehensive "Vehicle-Road-Cloud Integration" solution covering the entire technology chain of DSRC/4G/5G-V2X and is involved in multiple national pilot projects [1] Group 4: Automotive Electronics - The company has established targeted collaborations with dozens of OEMs, serving both new energy and traditional automotive enterprises [1] Group 5: Future Strategies - In 2024, the company successfully completed the C-V2X "Four Cross" practical verification, further solidifying its experience in intelligent connected infrastructure construction [1] - By 2025, the company aims to accelerate the development of core product lines around the "Sensing, Control, and Integration" strategy, actively building a comprehensive ecosystem for smart transportation [1] Group 6: Competitive Barriers - To build differentiated competitive barriers, the company relies on its full-stack technical capabilities, deepening the "Vehicle-Road-Cloud + ETC" integration innovation model and adopting an "F + EPC + O" integrated business model [1] - The company continues to enhance its brand influence and market position through leading industry standard formulation, maintaining a first-mover advantage in V2X technology, and deepening strategic cooperation with OEMs and government platforms [1]

Core Insights - The company, Jin Yi Technology, has established itself as a leader in the intelligent vehicle-road collaboration sector, spearheading the development of key technologies and equipment for the Ministry of Transport [1] - The company has developed a comprehensive self-research system covering V2X communication modules, terminal products, application platforms, algorithms, and protocol stacks, with significant advancements in DSRC-V2X, 4G-V2X, and 5G-V2X technologies [1] - Jin Yi Technology is actively involved in the 2024 C-V2X pilot application practices, having completed testing and verification in both closed and open road environments, and has achieved C-V2X consistency certification [1] Company Developments - The company's vehicle-road collaboration business has expanded to cover numerous intelligent connected demonstration zones across the country, providing complete solutions for scenarios such as autonomous ride-hailing and smart parks [1] - In the smart highway sector, the company has launched a full suite of ETC2.0 products and multi-beam intelligent roadside antennas, successfully applying its ETC vehicle-road collaboration solutions in the "Traffic Guardian" program [1] - The company continues to optimize new toll collection systems, achieving technological breakthroughs in scenarios like pre-transaction at highway ramps and mobile emergency toll collection, with related products already promoted in multiple provinces [1] Technological Innovations - The company has developed a voice-interactive OBU device for the Traffic Guardian initiative, significantly enhancing vehicle-road collaboration interaction capabilities in smart highway scenarios [1] - As a pioneer in the Internet of Things and intelligent transportation sectors, the company has built a complete "vehicle-road-cloud" collaborative ecosystem through products like V2X intelligent connected OBU and automotive electronic identification [1] - The company leverages its self-developed vehicle-road collaboration algorithms and protocol stacks to achieve real-time data processing and decision support in complex traffic environments through edge computing [1]

投资者关系活动记录表 证券代码： 002869 证券简称：金溢科技 深圳市金溢科技股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 电话会议 √ 2025 年度深圳辖区上市公司投资者网上集体接待日活动 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开 上市公司接待人 员姓名 1、董事长、总经理 罗瑞发 2、独立董事 陈君柱 3、副总经理、财务总监 李锋龙 4、董事会秘书 张晓城 1、请问公司在车路协同、智慧高速、物联网、边缘计算等前沿 技术领域的研发取得了哪些突破性进展？ 回复：公司作为交通运输部智能车路协同关键技术及装备行 业研发中心牵头单位，已构建了涵盖 V2X 底层通信模组、终端 产品、应用平台、算法及协议栈的全链条自主研发体系，在 DSRC-V2X、4G-V2X 和 5G-V2X 技 ...

Core Insights - Xidi Intelligent Driving has submitted its prospectus to the Hong Kong Stock Exchange for the third time, indicating resilience in the intelligent driving sector [2] - In the first half of 2025, the company reported revenue of 402 million RMB, a 56% increase year-on-year, but its net loss expanded to 455 million RMB, nearly four times the loss of 122 million RMB in the same period of 2024 [2][4] - The company has delivered 304 autonomous mining trucks and has received over 600 equipment order intentions, ranking sixth in China's intelligent driving commercial vehicle market with a 5.2% market share [4] Financial Performance - Revenue for 2025 is projected at 408 million RMB, with a significant increase in sales costs leading to a gross loss of 69.7 million RMB [3] - Research and development expenses accounted for over 37.1% of total expenditures in the first half of 2025, while general and administrative expenses reached 200 million RMB, consuming nearly 48.9% of the company's revenue [6][7] - The company has faced a cash flow crisis, with the last financing round occurring in February 2024, raising 24 million RMB, and a significant gap since then raises concerns about liquidity [4][7] Market Position and Challenges - Xidi Intelligent Driving operates primarily in closed environments, such as mining and ports, which limits market capacity and is dominated by state-owned enterprises, leading to slow project cycles and payment processes [5] - The company's strategy of focusing on closed environments was initially seen as a way to avoid competition in the passenger vehicle sector, but this approach is now revealing limitations as market growth slows [6] - The company’s comprehensive product offerings in intelligent transportation systems may dilute focus during the commercialization phase, posing a challenge for sustainable growth [7]

Core Insights - The company reported a loss of 47.09 million, yet its gross margin increased significantly to 44.55%, a year-on-year growth of 14.85%, which is considered top-tier in the communication equipment sector [2][3] - Cash received from sales reached 961 million, exceeding the operating revenue of 846 million by 115 million, indicating strong cash flow management [3][4] Financial Performance Indicators - The net profit margin was -5.57%, while the gross profit margin was 44.55% [3] - The return on equity was -2.95%, reflecting the company's current financial challenges [3] Cash Flow Analysis - Cash received from sales decreased by 18.69% to 961 million, while tax refunds increased by 113.93% to 22.46 million [4] - The company reported a significant improvement in bad debt losses, which decreased by 293% to 20.29 million, indicating better customer quality and shorter collection cycles [4][8] Business Structure and Strategy - The company has a diversified business structure, with transmission equipment contributing 1.9 billion in revenue (35.29%), while software products, with a gross margin of 98.20%, contributed 36.77% to profits, indicating a shift towards software-defined hardware [7] - The company is strategically positioned in three key areas: optical networks, intelligent computing, and smart transportation, enhancing its competitive edge [9][10][11] Market Position and Future Outlook - The company is involved in significant projects, such as the global first OSE+OSU integrated technology cloud network, which enhances operational efficiency for operators [9] - The company is also collaborating with major players in the intelligent computing sector, showcasing its technological capabilities [10] Investment Perspective - The company exhibits characteristics of a "turnaround" opportunity, with improving gross margins, better cash collection, and narrowing losses [14] - The strategic positioning in high-growth sectors aligns with national strategies, suggesting potential for future growth [14]

Core Insights - The article discusses the rise of Xidi Intelligent Driving, a company that has rapidly grown in the commercial vehicle autonomous driving sector, contrasting its journey with that of Tesla's Semi truck, which faced significant delays and challenges [4][26]. Group 1: Company Background and Development - Xidi Intelligent Driving was founded in December 2017 in Changsha, China, by Dr. Ma Wei and Professor Li Zexiang, leveraging China's robust infrastructure and talent pool [4][6]. - The company initially focused on vehicle-to-everything (V2X) technology, which is crucial for autonomous driving, but faced challenges due to the COVID-19 pandemic affecting infrastructure development [9][10]. Group 2: Market Strategy and Product Focus - Xidi chose to enter the heavy-duty commercial vehicle market, specifically targeting unmanned mining trucks, due to the high demand for safety and efficiency in hazardous environments [10][11]. - The company successfully implemented its first unmanned mining truck project in 2019, leading to significant operational efficiency improvements and cost reductions [11][13]. Group 3: Technological Innovation and R&D - Xidi emphasizes a strong focus on technology as its competitive advantage, with over 50% of its team dedicated to research and development [17][19]. - The company employs a unique iterative methodology in its R&D process, allowing for flexibility and timely adjustments based on market needs [19][20]. Group 4: Global Expansion and Market Opportunities - Xidi is expanding its operations internationally, particularly targeting the Middle East, where infrastructure development and mining opportunities are abundant [22][25]. - The company has signed strategic partnerships to introduce its intelligent driving technology in the Middle East, aligning with local development goals [24][25]. Group 5: Future Outlook - The article concludes that Xidi Intelligent Driving is poised to become a leading player in the intelligent driving sector, focusing on enhancing productivity through its innovative solutions [26][27].