Core Viewpoint - The company reported significant growth in Q1 2025, with a revenue increase of 106.26% year-on-year, achieving 2.254 billion yuan, and turning a profit with a net profit of 120 million yuan, compared to a loss in the previous year [1] Group 1: Financial Performance - The company achieved a revenue of 2.254 billion yuan in Q1 2025, marking a year-on-year increase of 106.26% [1] - The net profit attributable to shareholders was 120 million yuan, indicating a turnaround from a loss in the previous year [1] - The net profit excluding non-recurring items was 10 million yuan, also showing a recovery from a loss [1] Group 2: Business Development - The revenue growth was primarily driven by the completion and delivery of smart rail transit projects in cities such as Guangzhou, Chengdu, Dongguan, Wuhan, and Ningbo [1] - The company has established a comprehensive business layout across the entire industry chain, with smart rail transit products implemented in 46 cities, over 100 lines, and more than 2,200 metro stations, covering a service mileage of over 3,900 kilometers [1] Group 3: Product Innovation - The company launched several new products in 2025, including the AI Signal Control Intelligent Platform and the Cloud Hub Intelligent Networked Spatiotemporal Data Empowerment Platform [2] - The AI Signal Control Intelligent Platform utilizes spatiotemporal decision-making models for precise traffic indicator predictions, enhancing urban traffic signal control [2] - The "Traffic Jiahong" operating system, based on OpenHarmony and openEuler, addresses issues in urban traffic systems, enabling comprehensive connectivity and smart transformation in the transportation sector [3] Group 4: Technological Advancements - The company is focusing on the development of large model technologies, aiming to enhance training efficiency by over 150% compared to early 2024 [4] - The collaboration with DeepSeek is aimed at integrating large model applications in urban rail and police sectors, enhancing operational efficiency and innovation [3][4] - The company is committed to exploring new application opportunities for AI large model technologies in finance, transportation, and energy sectors to foster long-term growth [4]

Group 1 - Tianmai Technology announced that Suzhou Qichen plans to acquire 17.7567 million shares, representing 26.10% of the total share capital, for a consideration of 452 million yuan [1] - The acquiring party changed from Suzhou Qihan to Suzhou Qichen due to the acquisition method involving initial investment followed by fundraising [1] - After the transaction, the largest shareholder will be Suzhou Qichen, and the actual controller will change from Guo Jianguo and Tian Shufen to Kuang Ziping [1] Group 2 - Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching 9.5 billion USD, having invested in over 580 high-growth innovative companies [2] - Tianmai Technology specializes in providing comprehensive solutions for urban intelligent transportation based on technologies such as IoT, AI, big data, and cloud computing [2] - Tianmai Technology has reported continuous losses for four years, with revenues of 233 million yuan, 329 million yuan, 220 million yuan, and 164 million yuan from 2021 to 2024 [2] Group 3 - The original shareholders of Tianmai Technology made performance commitments, ensuring that the consolidated revenue for 2025 and 2026 will not be less than 100 million yuan, with specific net profit targets for those years [3]

Core Viewpoint - The acquisition of Tianmai Technology by Suzhou Qichen marks the first case of a pure merger and acquisition fund acquiring a listed company in China's A-share market since the implementation of the "924 New Policy" by the China Securities Regulatory Commission in September last year [2][4]. Group 1: Acquisition Details - On May 23, Tianmai Technology announced that Suzhou Qichen would acquire a total of 26.10% of the company's shares, making it the controlling shareholder [2][4]. - The acquisition price of 4.52 billion yuan corresponds to a market value of 17.32 billion yuan for Tianmai Technology, reflecting a discount of approximately 16% compared to the market value before the suspension of trading [4]. - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure audited revenue of no less than 1 billion yuan for 2025 and 2026, and a net profit of no less than -300 million yuan for 2025 [6]. Group 2: Key Individuals - Kwang Ziping, the actual controller of Suzhou Qichen and founder of Qiming Venture Partners, has over 25 years of experience in the technology investment sector [9][10]. - Kwang's investment philosophy focuses on long-term value creation and industrial integration, aligning well with Tianmai Technology's development needs in the smart transportation sector [11][12]. Group 3: Support and Partnerships - Suzhou Qichen's limited partners (LPs) include notable investment institutions and state-owned enterprises, providing strong financial backing and industry resources for the acquisition [14]. - The involvement of Yuanhe Dingsheng and Kunshan Chuangye Holdings reflects a commitment to supporting industrial upgrades and innovation development [14]. Group 4: Strategic Implications - The establishment and operation of Suzhou Qichen can be seen as an active exploration and strategic layout by Qiming Venture Partners in the private equity merger and acquisition sector [17]. - This acquisition allows Qiming to gain control over quality assets and leverage Tianmai Technology's foundation in the smart transportation field to expand its investment layout in related industries [17].

该技术已在多个城市关键场景形成示范效应：在深圳机荷高速改扩建工程中，通过动态仿真评估实现方 案持续优化，显著提升路网通行效率；构建全国首个城市级"道路—轨道"实时仿真系统，实现多模式交 通网络协同管控；打造省级高速公路实时推演平台，为区域路网运行提供秒级响应决策支持，有效破解 重大工程评估、综合交通协同、路网智能调度等城市治理难题。 目前，技术成果已在广东全省实现规模化应用，并成功落地重庆、武汉、苏州等国内核心城市，同步推 广至新加坡、阿布扎比等国际城市，累计服务全球近300个城市建设项目，显著提升城市交通运行效率 和治理水平。 日内瓦国际发明展是全球历史最悠久、规模最大的发明展之一，由瑞士政府与世界知识产权组织联合主 办，因其评选严格、标准专业著称，被列为"世界三大发明展"之首。此次获奖，彰显了深城交在智慧交 通领域的技术引领地位，为我国交通科技创新赢得国际声誉。 （文章来源：深圳商报） 【深圳商报讯】（记者肖晗）近日，第50届日内瓦国际发明展传来捷报，深圳市城市交通规划设计研究 中心股份有限公司（以下简称"深城交"）自主研发的"城市交通多模式网络演化计算关键技术及应用"凭 借其突出的创新性与广泛的应用场景 ...

法拉第未来： 将寻求在智能交通生态系统内进行有针对性的收购 。 ...

Group 1 - The 27th China Beijing International Science and Technology Industry Expo is being held, showcasing the integration of vocational education and technology industries [1] - The theme "Technology Leads, New Vocational Education" is highlighted through physical displays, graphic introductions, and on-site experiences, covering fields such as robotics, unmanned vehicles, and cultural relic restoration [1] - The Beijing Vocational University and other institutions are exhibiting their technological achievements and collaborations with enterprises, emphasizing the deep integration of vocational education and industry innovation [2] Group 2 - The "0306 Little Giant" robot, recently showcased at the world's first humanoid robot half-marathon, demonstrates advanced motion control and intelligent perception technology [2] - The Beijing Transportation Vocational College features a national-level intelligent vehicle-road technology virtual simulation training base, allowing immersive experiences in smart transportation scenarios [2] - The Beijing City College presents a "mobile museum" that combines traditional craftsmanship with modern design, showcasing the technological precision in cultural relic restoration [3] Group 3 - The Beijing Xueda Information Technology Group focuses on the construction of vertical AIGC education models, demonstrating how AI is reshaping educational interaction [4] - The exhibition highlights the collaboration between educational institutions and enterprises in talent cultivation, showcasing advancements in robotics, intelligent transportation, and cultural relic restoration [4] - The Beijing Huahang Weishi Robot Technology Co., Ltd. presents a technology matrix that integrates AI training platforms, illustrating the transition of AI technology from laboratories to industry applications [4]

Core Viewpoint - The launch of the Traffic Jiahong Operating System by Jiadu Technology marks a significant advancement in the integration of open-source HarmonyOS with smart transportation, aiming to enhance operational efficiency and improve user experience in the transportation sector [1][2]. Group 1: Product Launch and Features - Jiadu Technology officially released the Traffic Jiahong Operating System, which is based on open-source HarmonyOS technology, facilitating deep integration with smart transportation [1]. - The system aims to create a unified distributed data bus and device discovery mechanism, enabling seamless interconnectivity among devices from different manufacturers and subsystems [1]. - By defining standardized device models, communication interfaces, and data structures embedded within the operating system kernel, the system significantly enhances data transmission efficiency and real-time performance [1]. Group 2: Industry Impact and Collaborations - The Traffic Jiahong Operating System is expected to drive the digital transformation of the transportation industry, improving operational efficiency and enhancing the travel experience for users [1][2]. - Jiadu Technology has over 10 years of experience in the smart transportation sector, having developed proprietary technologies and secured multiple subway business orders in cities like Chongqing, Shenzhen, Dongguan, and Changsha [2]. - Strategic partnerships have been established with industry leaders such as Huawei and China Mobile to deepen collaboration in the ecosystem [2]. Group 3: Broader Ecosystem Development - Several A-share listed companies are actively participating in the construction of the open-source HarmonyOS ecosystem, contributing to its application across various industries including finance, healthcare, and energy [3]. - The open-source HarmonyOS ecosystem has expanded its boundaries, with over 70 community-building units and more than 10 billion devices deployed across sectors like energy, finance, and education [3]. - The open-source nature and robust technical architecture of HarmonyOS provide significant growth potential, with expectations for rapid ecosystem expansion in the next 2 to 3 years [4].

暗盘资金一眼洞悉庄家意图>> 智能交通板块上扬，大众交通（600611）、兴民智通（002355）双双涨停，华铭智能（300462）、中电 鑫龙（002298）、佳缘科技（301117）、锦江在线（600650）跟涨。 ...

北京千方科技股份有限公司投资者关系活动记录表 编号：CTFO20250428 | 投资者 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | 关系活 | □媒体采访 | █业绩说明会 | | | 动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | | 东方证券 兴业证券 | | 同泰基金 粤佛私募基金 | | | 华安证券 | | 北汽产业投资 | | | 华创证券 | | 湖南迪策投资 | | | 国元证券 | | 鸿运私募基金 | | | 东兴证券 | | 建投华文投资 | | | 方正证券 | | 国寿安保基金 | | | 长城证券 | | 建信金融资产 | | | 华泰证券 | | 厦门中恒嘉富 | | | 瑞银集团 | | 上海昭云投资 | | | 平安证券 | | 深圳创富兆业金融 | | | 德邦证券 | | AmXyy Capital | | | 浙商证券 | | 南华基金 | | | 东吴证券 | | 深圳市尚诚资产 | | 活动参 | 国海证券 | | ...

Summary of Qianfang Technology Conference Call Company Overview - **Company**: Qianfang Technology - **Date**: April 28, 2025 Key Industry and Company Insights - **Business Structure Adjustment**: Qianfang Technology is proactively adjusting its business structure by reducing low-margin integrated projects and halting electronic projects starting in 2024 to address market competition and government financial pressures. The focus will shift towards transportation big data and new energy businesses [2][4][5] - **Core Business Goals for 2025**: The primary goal for 2025 is to enhance the operational quality of core businesses, cultivate new growth points in intelligent driving, big data application optimization, and overseas expansion, while achieving business transformation through cost reduction and efficiency improvement [2][5] - **International Market Expansion**: The company is actively expanding into overseas markets, promoting the large-scale modeling of IoT equipment, and maintaining its smart transportation business abroad. It has developed multiple contingency plans to adapt to complex economic and trade conditions [2][7] Financial Performance - **Q1 2025 Financial Results**: In the first quarter of 2025, Qianfang Technology achieved revenue of 1.6 billion yuan, a year-on-year increase of 1.8%, with a gross margin close to 30%. Overall profit reached 220 million yuan, primarily benefiting from the rise in the stock price of Hongquan IoT [2][8] Technological Innovations - **AI Utilization**: The company is leveraging AI technology to optimize transportation and logistics systems, exploring new models for intelligent driving in highway logistics. Plans include recruiting core talents in AI, new energy, and autonomous driving [2][9][10] - **Future of Highway Logistics**: Qianfang Technology anticipates significant changes in highway logistics over the next decade, focusing on safety, new energy, and efficiency improvements. The company is exploring intelligent driving solutions and dedicated service area renovations for freight [3][11][12] Strategic Focus Areas - **Shift from Infrastructure to Operations**: The company believes the smart transportation industry is transitioning from a large infrastructure phase to a large operations phase, with a focus on safety, efficiency, and new energy [4][11] - **Digital Transformation Projects**: Qianfang Technology is involved in digital transformation projects in various provinces, including Jilin, Heilongjiang, Shandong, and Gansu, and aims to replicate successful models nationwide [10][12] Challenges and Adaptations - **Impact of Local Special Bonds**: The loosening of local special bonds and the promotion of collaborative projects in the vehicle-road-cloud integration are seen as new opportunities for industry development. The company has prepared a range of projects to capitalize on these developments [10][11] - **Response to External Challenges**: The company has faced challenges due to being placed on the U.S. entity list and changes in U.S. tariff policies. It has adopted strategies to navigate these challenges, including diversifying manufacturing locations and exploring new market entry methods [17][18] Future Directions - **Overall Development Strategy**: The future direction includes cost reduction, improving operational quality, and focusing on cash flow management. The company will strengthen its efforts in the new energy sector and the integration of AI with transportation and logistics [20]