Group 1 - Lantu Automotive has made significant progress in the field of autonomous driving, having received a road testing license for intelligent connected vehicles from relevant authorities in Wuhan, and its L3 conditional autonomous driving is now in real vehicle testing [1] - The company has completed a total of 110,000 kilometers of actual road testing and 900,000 kilometers of simulation testing, marking a key step in the research and application of high-level autonomous driving technology [1] - This progress lays a solid foundation for Lantu to obtain L3 certification and achieve mass production of its projects in the future [1] Group 2 - The Lantu Taishan, equipped with Huawei's Qian Kun intelligent driving system featuring four laser solutions, was officially launched on November 18, 2025, achieving top industry standards in intelligent assisted driving capabilities with 34 redundant perception hardware [3] - Lantu Automotive is one of the earliest domestic companies to obtain intelligent connected testing licenses and has been committed to the research and implementation of high-level intelligent driving technology [5] - The company has successfully achieved mass production and application of L2 level combined driving assistance systems and has made long-term strategic plans for L3 conditional autonomous driving [5] Group 3 - In April of this year, Lantu officially released the world's first L3 intelligent architecture, integrating the Qingyun L3 intelligent safety driving platform and the Kunpeng L3 intelligent safety driving system, providing comprehensive technical support for the safe and reliable operation of high-level autonomous driving [5] - Lantu will continue systematic real-world testing of L3 conditional autonomous driving, which will provide valuable frontline data and practical evidence for the eventual implementation of national L3 autonomous driving regulations and standards [5] - These practices will further promote technological innovation and safety upgrades in the entire intelligent driving industry, creating a smarter, more convenient, and safer future travel experience for users [5]

此外，他还表示，岚图将打造世界级民族汽车品牌，推进全球化布局。"品牌的根基在于技术，唯有夯 实技术实力才能提升产品核心竞争力，而市场竞争的本质终究是产品力的较量。在海外市场布局上，我 们期待更多岚图产品走向国际。" 12月10日晚间，岚图追光L上市发布会在京举办。记者在现场获悉，岚图追光L正式上市，共推出2款版 型，售价分别为Max版27.99万元、Ultra版30.99万元。 据介绍，作为行业唯一同时拥有全域800V智能超混、5C超充与63kWh大容量电池的新能源旗舰轿车， 岚图追光L全系搭载最先进的"华为全家桶"智能生态——乾崑智驾ADS4与鸿蒙座舱5，拥有百万级底盘 配置，并标配智能四驱系统。 在此后的媒体群访中，岚图汽车董事长卢放表示，"作为央国企汽车品牌，我们肩负着攻克关键核心技 术的使命，同时带动国内汽车零部件企业协同发展，共同构建完整的中国汽车产业链。回顾过往，我们 已持续发挥作用：不仅培育并助力大批自主零部件企业发展壮大，更以此推动了整个中国汽车产业及新 能源汽车产业的升级。" 据公司方面介绍，岚图将技术创新放在首位，建立了完善的研发体系，进行核心技术攻关。目前，岚图 在800V高压平台、智能 ...

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Driving Solutions Key Points Financial Performance - **Q3 Revenue Decline**: Desay SV experienced a quarter-on-quarter revenue decline primarily due to changes in sales volume and vehicle value fluctuations. The adjustment in the OEM model and the revenue settlement cycle for R&D expenses also contributed to this decline. However, net profit did not significantly decrease, indicating that these changes are short-term fluctuations and do not affect the long-term business nature [2][3][13]. Customer Structure Optimization - **Risk Diversification**: The company has optimized its customer structure, ensuring that no single core customer accounts for more than 20% of total revenue. This strategy helps to mitigate risks while promoting new business developments in autonomous driving, cockpit integration, and other areas. Collaborations with Nvidia, Qualcomm, and domestic chip manufacturers are also underway, showing positive development trends [2][5]. Growth in Autonomous Delivery Vehicles - **Delivery Vehicle Orders**: The autonomous delivery vehicle business is rapidly developing, with a significant increase in intended orders. Desay SV is in discussions with major clients like Meituan, JD.com, and the postal service, expecting to deliver thousands of units by 2026, marking it as a crucial growth area for the future [2][6]. International Market Expansion - **Overseas Market Strategy**: Desay SV's international market strategy focuses on Europe, Japan, and Southeast Asia. The company is collaborating with Toyota on the Qualcomm 8,650 project and developing high-performance domain control systems for European luxury brands. The stability and production planning in overseas markets are considered stronger compared to domestic markets [2][9]. Future Profitability Outlook - **Profitability Influencers**: Future profitability will be influenced by the proportion of OEM business, sales scale of new force brands, and the development speed of traditional self-owned brands. A rapid increase in orders from traditional brands is expected in Q4, which will positively impact profitability due to higher demand for high-value products [2][11][12]. R&D Investment and Trends - **R&D Focus**: The company is expanding its R&D team, particularly in software and algorithms. The increase in R&D expense ratio in Q3 was partly due to stock incentive plans affecting core personnel. Overall, R&D levels are expected to remain stable [2][10]. Sensor and Cockpit Product Developments - **Product Upgrades**: Upgrades in cockpit products have significantly improved average selling prices (ASP) and gross margins. The demand for new configurations in collaboration with Toyota has doubled, and the next-generation AI cockpit chip's computing power has increased significantly [2][15]. Market Competition and Strategy - **Competitive Landscape**: The market is becoming increasingly competitive, with third-party manufacturers developing comprehensive solutions. Desay SV's strategy involves maintaining quality and supply assurance to navigate this competitive environment [2][32]. Future Market Trends - **Growth in Autonomous Driving Technology**: The demand for advanced autonomous driving technology is expected to grow, with traditional brands showing a rising need for high-value solutions. Desay SV has secured numerous orders from brands like Great Wall, Chery, and Changan, indicating a positive outlook for future growth [2][19]. Cost Management and Profit Margins - **Cost Structure**: The company aims to maintain a gross margin of around 20% in the future, with potential for improvement if competitive pressures ease. The actual gross margin in Q3 was similar to Q2, and adjustments for R&D and patent fees could lead to better margins [2][21][24]. Conclusion - Desay SV is strategically positioned to leverage its diversified customer base, innovative product offerings, and international market expansion to drive future growth and profitability in the automotive electronics sector. The focus on R&D and collaboration with key industry players will further enhance its competitive edge in the rapidly evolving landscape of intelligent driving solutions [2][34].