Core Viewpoint - The article highlights the positive signal released by the management's share buyback, indicating confidence in the company's fundamentals and long-term growth potential [2][3]. Business Performance - Youjia Innovation's revenue grew by 46.1% year-on-year, with the L4 new business achieving significant breakthroughs, generating revenue of over 10 million yuan within six months [3]. - As of June 30, 2025, Youjia Innovation has mass-produced for 42 automotive manufacturers, including major domestic brands like SAIC, Changan, and Chery, showcasing strong industry penetration and commercialization capabilities [3]. L4 Business Development - The L4 autonomous vehicle business is opening a second growth curve for Youjia Innovation, which is one of the few companies in China to operate in both "smart mobility and smart logistics" sectors and successfully implement L4 in multiple scenarios [4]. - The company’s fully self-developed autonomous minibus is operational in cities like Suzhou, Shanghai, and Hangzhou, and has recently won significant projects, demonstrating excellent engineering adaptability [5]. Market Trends and Future Outlook - The transition from the "technology validation phase" to the "value realization phase" in intelligent driving is being driven by policy support and the upgrade of OEMs' smart strategies, leading to increased industry penetration [5]. - Youjia Innovation's proactive share buyback reflects management's long-term optimism and a commitment to sharing risks and growth with shareholders, positioning the company for breakthroughs in the new industrial cycle [5].

Core Viewpoint - The management of Youjia Innovation demonstrates confidence in the company's long-term growth potential through recent share purchases, signaling positive future prospects for the business [1][3]. Group 1: Business Performance - Youjia Innovation reported a 46.1% year-on-year revenue growth in the first half of 2025, with its L4 new business achieving significant breakthroughs, generating revenue of over 10 million yuan within six months [1]. - The company has successfully mass-produced for 42 automotive manufacturers, including major domestic brands such as SAIC, Changan, and Chery, showcasing strong industry penetration and commercialization capabilities [1]. - The iPilot 4 Plus advanced driver assistance system has been selected for two models from leading autonomous brands, and the intelligent cockpit solution has also been adopted by a well-known global automotive joint venture and luxury brand [1]. Group 2: Growth Opportunities - The L4 autonomous vehicle business is opening a second growth curve for the company, as it is one of the few in China to operate in both "smart mobility + smart logistics" sectors and successfully implement L4 in multiple scenarios [2]. - The self-developed autonomous minibus is now operating regularly in cities like Suzhou, Shanghai, Heilongjiang, and Hangzhou, and has recently won significant contracts, demonstrating excellent engineering adaptability [2]. - The new unmanned logistics vehicle, Xiaozhu, has formed strategic partnerships with industry leaders and has validated operations in the express delivery sector, with over 1,400 cooperative projects disclosed in the past month, indicating rapid growth [2]. Group 3: Market Context - The proactive share purchase by Youjia Innovation's management reflects a long-term positive outlook amidst overall market corrections and short-term concerns in the tech sector, signaling a commitment to share risks and growth with shareholders [3]. - With the continuous expansion of passenger vehicle business and the scaling of L4 operations for unmanned minibuses and logistics vehicles, Youjia Innovation is expected to achieve breakthroughs in the new industrial cycle, transitioning from traditional Tier 1 suppliers to higher OEM levels [3].

Group 1 - The core viewpoint is that Youjia Innovation (02431) has made significant breakthroughs in its L4 autonomous vehicle business by launching two unmanned logistics vehicle products, T5 and T8, expanding its operations from passenger transport to cargo scenarios [1][2] - The newly launched unmanned logistics brand "Xiaozhu Unmanned Vehicle" includes T5 and T8, which feature 100% automotive-grade core components and a multi-sensor fusion approach, enabling 360° blind-spot-free vision and precise road condition recognition [2] - T5 has a cargo space of 5.5m, a maximum load of 1000kg, and a range of 180km, while T8 offers a volume of 8.5m, a maximum load of 1700kg, and a range of 240km, catering to various logistics needs [2] Group 2 - The company plans to deliver 10,000 unmanned logistics vehicles by 2026, utilizing direct sales, leasing, and customized solutions to meet diverse customer demands in key cities such as Shenzhen, Chengdu, Xi'an, and Jiangyin [3] - A new national standard for intelligent connected vehicles was proposed, which clarifies technical requirements and testing specifications for L2 systems, potentially benefiting Youjia Innovation by increasing order opportunities as a smart driving solution provider [4]