Summary of the Conference Call for Siwei Tuxin Company Overview - **Company**: Siwei Tuxin - **Period**: First half of 2025 - **Revenue**: 1.76 billion CNY, a year-on-year increase of approximately 6% [2][5][14] - **Net Profit**: Loss of 310 million CNY, but continuous reduction in losses and optimization of operational quality [5][14] Key Business Segments Intelligent Cloud Segment - **Revenue**: 1.265 billion CNY, a year-on-year increase of nearly 25% [2][5] - **Drivers**: Growth driven by the large-scale implementation of high-level intelligent driving, leading to an exponential increase in data volume [2][6] Mapping Business - **Performance**: Critical role in intelligent driving, effectively addressing complex navigation challenges [7] - **Strategy**: Introduction of diversified high-precision data sources to reduce costs and enhance product competitiveness [7] Intelligent Cockpit Business - **Progress**: Clear technological path from basic driving solutions to integrated cockpit solutions [8] - **Products**: Launched L2 basic driving solutions for Great Wall Motors and received orders for integrated solutions based on Qualcomm 8,155 chips [8] Industry Trends - **Intelligent Driving**: Rapid development with L3 level automation entering commercialization, with several automakers launching mass-produced models [4] - **Market Penetration**: L2+ intelligent driving penetration in mid-to-low-end models increased from 14% to nearly 30% [4] - **Technological Drivers**: AI large models are key to upgrading intelligent driving capabilities, enhancing performance in complex scenarios [4] Technological Innovations - **User Needs**: Innovations such as parking memory functions and natural language vehicle control systems to enhance customer experience [9] - **New Solutions**: Introduction of a new generation of parking solutions based on Horizon Gou6B chips, expected to enter mass production in 2026 [9] Chip Development - **SoC and MCU Progress**: Significant advancements in SoC and MCU chip fields, with cumulative shipments of SoC chips reaching 90 million sets [12] - **Market Position**: SoC chips dominate the domestic market with over 95% coverage [12] Strategic Partnerships - **Collaborations**: Strategic agreement with Alibaba Cloud to build data closed loops in assisted driving and other fields [3][13] - **Industry Synergy**: Strengthened collaboration with companies like Volcano Engine and DJI to enhance industrial synergy [3][13] Financial Performance and Challenges - **Revenue Growth**: Intelligent cloud segment grew by 24%, while chip business saw a 2% increase [14] - **Cost Management**: Implemented cost reduction strategies to improve operational efficiency amid increasing market competition [15] Future Outlook - **Market Dynamics**: Anticipated that the current price decline in the industry will not last long, with many companies expected to exit the market due to unsustainable operations [20] - **Data Compliance Growth**: Data compliance business has seen significant growth due to the rapid adoption of intelligent driving, with a shift towards vehicle-end SDK software sales [23] Conclusion - **Investment Potential**: Siwei Tuxin is positioned to leverage its technological advancements and strategic partnerships to navigate market challenges and capitalize on growth opportunities in the intelligent driving and chip sectors.

Summary of Conference Call on Intelligent Driving Industry Industry Overview - The intelligent driving industry is experiencing rapid penetration, expected to rise from 10% to 50% due to decreasing costs of key components like LiDAR and chips, along with regulatory relaxations [1][2] Core Insights and Arguments - **Consumer Demand**: Research indicates that intelligent features are becoming a crucial factor in vehicle purchasing decisions. For instance, the XPeng Mona M03 Max model has maintained over 80% sales share in its segment since launch, highlighting strong consumer demand for advanced driving features [3] - **Technological Evolution**: The industry is transitioning from L2 functionalities to end-to-end large models, focusing on algorithms, computing power, and data to enhance generalization and automation levels [1][5] - **Computing Power and Data**: Companies need to enhance onboard computing capabilities (e.g., XPeng exceeding 2000 TOPS, Li Auto over 700 TOPS) and accumulate large datasets (e.g., Huawei with 11 Flops, XPeng aiming for over 100 million Clip data) to train superior models [1][8] Key Developments in Major Companies - **XPeng Motors**: Leading in urban OA (automated driving) with a pure vision solution that has reduced BOM costs by 50%. The XPeng Mona M03 Max, priced at 129,800 yuan, is noted for its strong intelligent driving capabilities [4][12] - **BYD**: Plans to introduce high-speed NOA features in models priced below 100,000 yuan starting February 2025, aiming for a penetration rate exceeding 30% by year-end [4][13] - **Market Acceleration**: Major automakers like BYD, Geely, and Changan are set to launch more intelligent driving models in the latter half of 2025, with expectations of over 2 million high-speed NOA vehicles by year-end [15] Important but Overlooked Content - **Development Path of Intelligent Driving**: The evolution from basic L2 functions to complex urban NOA and nationwide no-map capabilities is crucial for understanding the industry's trajectory [5] - **End-to-End Large Models**: These models offer superior generalization compared to traditional rule-based algorithms, making them more effective in complex driving scenarios [6] - **Sensor Fusion vs. Pure Vision**: The distinction between pure vision solutions (used by Tesla and XPeng) and multi-sensor fusion approaches (adopted by many domestic automakers) is significant for understanding different technological strategies [7] - **Component Suppliers**: Key suppliers to watch include SUTENG and Hesai in the LiDAR space, Horizon Robotics in chips, and Desay SV in domain controllers, indicating a robust supply chain supporting the intelligent driving ecosystem [14]

Core Viewpoint - The article discusses the potential acquisition of intelligent driving company JianZhi Robotics by the domestic digital map provider Siwei Tuxin, highlighting the strategic alignment and complementary strengths between the two companies in the intelligent driving sector [2][3]. Group 1: Acquisition Details - Siwei Tuxin is nearing completion of its acquisition of JianZhi Robotics, which is expected to enhance its capabilities in the intelligent driving market [3]. - Siwei Tuxin has been increasing its investment in intelligent driving ADAS (Advanced Driver Assistance Systems) since 2021 and aims to transform into a Tier 1 supplier in the intelligent driving sector by 2023 [3][5]. Group 2: Company Developments - In August of last year, Siwei Tuxin invested 100 million yuan into its subsidiary Nanjing Siwei Zhihui, which absorbed nearly 300 employees from Didi's smart transportation team to develop integrated driving solutions [5]. - Siwei Tuxin has made progress in both basic driving products and integrated driving solutions, but advancements in high-level intelligent driving solutions remain limited [5]. Group 3: JianZhi Robotics Capabilities - Established in 2021, JianZhi Robotics possesses the necessary R&D capabilities for mid-to-high-level intelligent driving, with a focus on mass production solutions based on Horizon J6E/M platforms [6]. - JianZhi Robotics has expanded its product line to include high-performance urban navigation assistance systems, in addition to its original low-computing power visual solutions [6]. Group 4: Market Context - The number of available intelligent driving companies for Siwei Tuxin to consider is limited, and JianZhi Robotics has not yet formed deep partnerships with any major automotive manufacturers [7]. - JianZhi Robotics has completed seven rounds of financing, with its latest funding round of several million dollars announced in April this year, involving various investment firms [7].

行业研究丨深度报告丨软件与服务 [Table_Title] AI 沉思录(一)：从智驾看 AI Agent 落地范式 %% %% %% %% research.95579.com 1 丨证券研究报告丨 软件与服务 cjzqdt11111 报告要点 [Table_Summary] 本篇报告以当前行业的几个非共识观点引入，通过梳理复盘最先以 AI Agent 模式落地的智驾场 景在不同阶段下产业发生的变化，进一步来探讨，当前如何观察研判 AI Agent 在不同阶段、不 同行业的落地拐点，以及如何把握不同阶段下的投资机会。本轮技术周期下的应用爆发将逐步 拉开序幕，我们认为当前阶段应当关注数据、推理云/芯片和算力优化加速方向的"铲子股"， 以及具有明确产品思路+能够保障投入的玩家，下一阶段寻找率先兑现 ROI 或流程替代方向的 公司，长期来看更加关注自身护城河的构建。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 [Table_Title2 ...

Core Viewpoint - The departure of key personnel from a leading new force car company's intelligent driving team may significantly impact its research and development progress, team stability, and sales momentum in the second half of the year [1][2][3]. Group 1: Company Developments - The intelligent driving team of the new force car company has experienced significant turnover, with a reported attrition rate exceeding 50% in some teams this year [1]. - The company has initiated a full-scale non-compete agreement to retain talent, even requiring recent graduates to sign such agreements [1]. - The departure of the R&D head, who was a core member of the team, raises concerns about the company's ability to achieve its ambitious goals for 2024 [2]. Group 2: Industry Trends - The movement of core intelligent driving talent across the industry may present new opportunities for technological advancements [3]. - The intelligent driving landscape is evolving, with a trend towards convergence in technology routes driven by competitive pricing strategies [3]. - The departure of key figures from various intelligent driving teams, including those from Xiaopeng and NIO, indicates a broader industry shift and a new cycle of updates within the intelligent driving teams [3]. Group 3: Strategic Implications - The company is expected to launch a new paradigm of intelligent driving, which could significantly influence the sales of new models [2]. - The loss of three high-level executives responsible for critical aspects of intelligent driving may disrupt the company's overall R&D timeline and stability [2].

Market Performance - A-shares experienced a steady rise during the week of August 18-22, with the Shanghai Composite Index increasing by 3.49% to close at 3825.76 points, marking a 10-year high [1] - The Shenzhen Component Index rose by 4.57%, and the ChiNext Index increased by 5.85% [1] - All primary sectors reported positive returns, with electronics, computers, and beauty care sectors leading with gains exceeding 5% [1] Industry Highlights - The electronic sector's market capitalization reached 11.54 trillion yuan, surpassing the banking sector for the first time [1] - Active themes included servers, GPUs, optical modules (CPO), and rare earths [1] Institutional Research - A total of 169 listed companies disclosed investor research summaries, with over 70% of the companies achieving positive returns [1] - Tianrongxin had the highest increase among researched stocks, with a cumulative rise of 27.19% [1] - Other notable stocks included Weicai Technology, Cambridge Technology, and Ruoyu Chen, all exceeding 20% gains [1] Company-Specific Developments - Desay SV, a key player in smart cockpits, hosted 228 institutional investors and reported a 25.25% year-on-year increase in total revenue to 14.644 billion yuan for the first half of 2025 [2] - The company also achieved a 45.82% increase in net profit attributable to shareholders, amounting to 1.223 billion yuan [2] - Desay SV's new project orders have an annualized sales value exceeding 18 billion yuan, driven by growth in smart driving and smart cockpit businesses [2] Regulatory Impact - New regulations for smart driving impose higher requirements, emphasizing user education on the limitations of auxiliary systems and the need for improved safety and reliability [3] - Desay SV's management supports the new standards and is developing products to meet these requirements [3] Management Changes - Crystal Optoelectronics welcomed 224 institutional investors and announced a management change, with founder Lin Min stepping down as chairman [4] - New chairman Li Xiayun aims to focus on strategic planning and global project execution [4] - The company is advancing its collaboration with North American clients, expecting deeper partnerships over the next five years [4] Financial Performance - Kaili Medical, a representative of domestic endoscope companies, received attention from 185 investors, reporting a decline in gross margin due to the increased proportion of new product lines [5] - The company anticipates stabilization of gross margins as product structure adjusts and new product output increases [5] - Kaili Medical is also making progress in AI technology for endoscopes, which is expected to enhance clinical value and competitiveness [5]

Core Viewpoint - The company anticipates revenue exceeding RMB 250 million for the six months ending June 30, 2025, representing a growth of over 38% compared to the same period in 2024, but expects a net loss not exceeding RMB 800 million during this period due to various factors [1] Financial Performance - Expected revenue for the upcoming period is over RMB 250 million, which is an increase of more than 38% year-on-year [1] - Projected net loss is capped at RMB 800 million for the same period [1] Cost Drivers - The anticipated loss is primarily attributed to: - Share-based compensation expenses of no less than RMB 200 million due to employee awards [1] - Significant expenditures related to the research and development of advanced driver assistance systems and solutions [1] - Decreased fair value gains on financial instruments issued to investors, linked to the conversion of preferred shares to common shares following the company's listing on the Hong Kong Stock Exchange [1]

Group 1: Financial Performance - The company reported a revenue of 346 million, representing a year-on-year increase of 46.07% [1] - The loss attributable to shareholders was 152 million, an increase of 40.16% year-on-year, with a loss per share of 0.38 [1] Group 2: Product Development - The company has been iterating its intelligent driving solutions, enhancing its product matrix [1] - In February 2025, the company launched the iPilot4Plus intelligent driving solution, which integrates multiple sensors and is designed for various driving scenarios [1] - In June 2025, the company introduced the iPilot4Pro solution, featuring higher computing power and improved performance in complex scenarios and extreme weather conditions [1] Group 3: Business Expansion - The company is building a progressive intelligent driving business from L0 to L4 levels, achieving significant progress in L4 autonomous driving with the iRobo project [2] - The L4 autonomous minibus business has successfully commercialized in Suzhou, marking a milestone for market validation [2] - The company has expanded its unmanned minibus operations to multiple cities, securing over 10 projects [2] Group 4: Market Opportunities - The company is capitalizing on new market opportunities in unmanned logistics and cargo scenarios, driven by supportive government policies and industry capital influx [2] - Recent regulations, such as the "Guangzhou Intelligent Connected Vehicle Innovation Development Regulations" and "Beijing Autonomous Driving Vehicle Regulations," provide clear compliance guidelines for the autonomous driving industry [2]

Group 1 - Horizon has collaborated with over 40 automotive brands, producing more than 310 designated mass production models and over 200 models that have been launched, serving over 5 million users [4] - The Horizon Journey family has introduced several advanced intelligent driving solutions, including the Journey 2, Journey 3, Journey 5, and Journey 6 series, each with specific mass production models [4] - The HSD (Horizon SuperDrive) system is one of Horizon's key solutions for mainstream to advanced autonomous driving, utilizing the latest Journey 6 hardware to enhance driving capabilities in complex road conditions [5] Group 2 - The HSD system is designed to transition from usable to user-friendly autonomous driving, marking a significant step in the evolution of intelligent driving technology [4] - The HSD system, supported by the BEV Transformer end-to-end perception architecture, overcomes high-precision map limitations, enhancing the vehicle's learning and autonomous driving capabilities [5]

智通财经APP讯，黑芝麻智能(02533)发布公告，尽管预期集团将于截至2025年6月30日止六个月录得收 益超过人民币2.5亿元(较2024年同期增长超过38%)，但集团预期于该期间录得亏损净额不超过人民币8 亿元，主要归因于(i)因集团雇员授出奖励而产生的不低于人民币2亿元的以股份为基础的薪酬开支;(ii)集 团于高阶辅助驾驶及解决方案的研发方面所付出的努力及产生的开支;及(iii) 向投资者发行的金融工具 的公允价值收益减少，原因是于公司股份在香港联合交易所有限公司上市后，优先股已转换为普通股。 ...