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]

Core Viewpoint - Hesai Group is preparing for a potential listing on the Hong Kong Stock Exchange after its initial public offering (IPO) on NASDAQ in February 2023, where it achieved a market capitalization of approximately $3.414 billion as of August 29, 2025 [2]. Business Overview - Founded in 2014, Hesai Group is a global leader in three-dimensional LiDAR solutions, designing, developing, manufacturing, and selling advanced LiDAR products widely used in Advanced Driver Assistance Systems (ADAS) and robotics [4]. Market Position - In the ADAS sector, Hesai Group ranks third globally by revenue as of 2024, having secured mass production contracts with 22 major automotive manufacturers for 120 vehicle models by March 31, 2025 [5]. - The company has established itself as the first Chinese LiDAR supplier for global automotive platforms and has a long-term exclusive mass production agreement with a top European automaker [5]. - In the robotics market, Hesai Group holds a leading position, being the top supplier of LiDAR solutions for autonomous taxis, with a market share exceeding 55% from 2022 to 2024 [12]. Financial Performance - Hesai Group reported revenues of RMB 1.202 billion, RMB 1.877 billion, RMB 2.077 billion, and RMB 525 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively [15]. - The company achieved the highest gross margin and gross profit among global LiDAR companies in 2022, 2023, and 2024, and became the first to report annual net profit (non-GAAP) in 2024 [7]. Revenue Breakdown - Revenue is derived from product sales, primarily LiDAR products, and service income, which includes engineering design, development, and validation services [8][12]. Shareholder Structure - The company has a dual-class share structure, with A shares carrying ten votes each and B shares one vote each. The co-founders collectively hold approximately 20.42% of the shares but control about 71.84% of the voting rights [11]. Management Team - The board consists of seven directors, including four executive directors and three independent non-executive directors, with key positions held by the co-founders [14].