11月26日早间，佑驾创新在港交所公告，于2025年11月26日（交易时段前），公司与联席配售代理订立 配售协议，据此，公司同意委任联席配售代理，而各联席配售代理同意作为公司的代理尽最大努力促使 不少于六名承配人按配售价每股配售股份14.88港元认购最多14,012,800股新H股。配售事项的所得款项 净额预期合共约为2.0443亿港元，将主要用于集团L4无人物流车的业务发展及基础研发平台的升级。 来源：智通财经 ...

Core Viewpoint - The company, Haomo Zhixing, is facing significant operational challenges, including a sudden suspension of work and potential financial instability, as indicated by the recent notice to employees and the freezing of accounts [1][4][5]. Company Situation - On November 22, Haomo Zhixing issued a notice for all employees to stop work starting November 24, 2025, which came as a surprise yet was somewhat expected by employees [1]. - The current number of employees has dropped to fewer than 300, a significant decrease from over 500 reported in September 2021 [1]. - Employees are concerned about unpaid wages and social security contributions, with reports indicating that the company has not paid salaries for October and there are fears about November payments [4][5]. Management Response - The management has remained silent following the suspension notice, with employees expressing a desire for clarity regarding their compensation and social security issues [1][4]. - There are indications that the company will not renew contracts for employees whose labor agreements are expiring [4]. Financial Background - Haomo Zhixing has undergone seven rounds of financing since its establishment in 2019, with a valuation exceeding $1 billion, and received significant investments from major firms including Great Wall Motors and Meituan [5][7]. - Despite its financial backing, the company has faced operational setbacks, particularly after losing orders and investments, leading to a growing sense of crisis within the organization [7]. Industry Context - The autonomous driving industry is experiencing a shift from rule-driven to intelligence-driven frameworks, creating a competitive environment where companies must innovate rapidly to avoid being left behind [8][9]. - The current market dynamics suggest that only a few players will survive in the autonomous driving sector, with predictions indicating that by 2026, the landscape will be dominated by only two to three companies in China and three to four globally [9].

Core Viewpoint - Youjia Innovation (02431) has announced a placement agreement to issue up to 14.0128 million new H-shares at a price of HKD 14.88 per share, representing a discount of approximately 9.98% from the closing price of HKD 16.53 on November 25, 2025. The net proceeds of approximately HKD 204.4 million will primarily be used for the development of the company's L4 autonomous logistics vehicles and the upgrade of its foundational R&D platform [1] Group 1 - The company plans to issue a maximum of 14.0128 million new H-shares [1] - The placement price is set at HKD 14.88 per share, reflecting a discount of about 9.98% from the previous closing price [1] - The expected net proceeds from the placement are approximately HKD 204.4 million [1] Group 2 - The funds raised will be primarily allocated to the development of L4 autonomous logistics vehicles [1] - The proceeds will also be used for upgrading the company's foundational R&D platform [1]

智通财经APP讯，佑驾创新(02431)公布，于2025年11月26日(交易时段前)，该公司与联席配售代理订立 配售协议，拟透过联席配售代理发行最多1401.28万股新H股，每股配售股份14.88港元，较股份于2025 年11月25日于联交所所报的收市价每股16.53港元折让约9.98%。假设所有配售股份获悉数配售予承配 人，净筹约2.044亿港元，将主要用于集团L4无人物流车的业务发展及基础研发平台的升级。 ...

Market Overview - On November 25, US stock indices opened mixed, with the Dow Jones Industrial Average up by 0.39%, the S&P 500 down by 0.06%, and the Nasdaq Composite down by 0.36% [1] Index Performance - Dow Jones Industrial Average: Current price at 46,627.40, up by 179.13 points, representing a 0.39% increase [2] - Nasdaq Index: Current price at 22,789.42, down by 82.59 points, representing a 0.36% decrease [2] - S&P 500: Current price at 6,700.93, down by 4.19 points, representing a 0.06% decrease [2] Sector Performance - Technology stocks showed mixed results, with Google up by 2.6%, reaching a new all-time high, and Broadcom rising over 2%. However, AMD fell by more than 6%, and Nvidia dropped over 4% [2] - Chinese concept stocks mostly rose, with Xiaoma Zhixing up over 5%, Hesai Technology up more than 4%, while NIO fell by over 2% [2]

Core Viewpoint - The company, Furuitek, has submitted its listing application to the Hong Kong Stock Exchange, focusing on R&D investment, capacity expansion, and sales network development as key areas for the next three years to enhance its capabilities in advanced intelligent driving [2] Group 1: Business Structure and Client Dependency - Furuitek's revenue is heavily reliant on Geely, with 76% of its income in the first half of 2025 coming from various Geely brands, and nearly half of its components sourced from Geely [6] - The company has limited penetration in high-end projects, as Geely is restructuring its advanced driving system through Qianli Technology, which may further restrict Furuitek's opportunities in high-end projects [6][7] Group 2: Competitive Landscape and Risks - The industry is witnessing a shift towards high-level NOA (Navigation on Autopilot), with major automakers increasingly focusing resources on internal teams for algorithm development and data integration, which may marginalize suppliers like Furuitek [7][8] - The case of Haomo Zhixing, a supplier that faced significant challenges due to its inability to adapt to strategic shifts by its main client, highlights the risks for suppliers overly dependent on a single automaker [7] Group 3: Management and Future Outlook - Furuitek's management team has a strong background in major automakers, which has facilitated its initial integration into Geely's supply chain, but the transition to high-level NOA raises questions about whether this experience will suffice for further advancement [8] - Successful listing could provide necessary funding for R&D and manufacturing capabilities, but the ability to secure high-end projects and diversify its client base will be critical for future growth [9]

Core Insights - The company, Haomo Zhixing, has announced a suspension of work and leave for all employees starting November 24, 2025, which has raised concerns among staff regarding unpaid wages and social security contributions [1][3] - The number of employees has significantly decreased from over 500 in September 2021 to less than 300 currently, indicating a substantial reduction in workforce [1] - Haomo Zhixing has faced operational challenges, including a freeze on its accounts and concerns about the company's ability to pay salaries for October and November [3][5] Company Overview - Founded in 2019, Haomo Zhixing has undergone seven rounds of financing, achieving a valuation exceeding $1 billion, with significant investments from companies like Great Wall Motors and Meituan [5] - The company has relocated its office four times in less than six years, with its latest location in Beijing [2] Operational Challenges - The company has previously initiated layoffs and has not renewed contracts for employees whose contracts are expiring, indicating a shift in operational strategy [3][7] - Following a loss of orders and investment, there has been a noticeable increase in internal crisis awareness among employees [7] Industry Context - The autonomous driving industry is experiencing a significant shift from rule-driven to intelligence-driven frameworks, with a focus on technological breakthroughs [8][9] - The competitive landscape is tightening, with a clear divide emerging between leading suppliers and those in the second tier, as evidenced by the struggles of companies like Hedo Technology and Qizhou Zhihang [9]

"突然来了个停工通知，此前没有任何说辞。"毫末智行一位员工向南都·湾财社记者描述这两天的状 态，"同事们没办法，依然正常到岗。但早上还能正常打卡，现在发现已经无效了。但公司里不乏孕 妇、背负房贷车贷的员工。公司账户冻结得很突然，停工通知同样突然，高管至今没有发声。" 2025年11月24日，曾估值超10亿美元的自动驾驶独角兽企业——毫末智行科技有限公司（简称"毫末智 行"），被曝陷入全面停摆。多位公司内部人士向南都·湾财社证实，公司于11月22日下午通过内部群组 发布了"停工放假通知"，宣布自11月24日起，北京、上海、深圳、保定四地所有在职员工停工放假，复 工时间另行通知。 一纸通知突袭全员，300名员工陷入困局 "通知是突然发的，没有任何预兆。"一位毫末智行员工向南都记者透露，通知内容极为简短，仅称"基 于公司经营现状"，决定全员停工放假，但对停工期限、薪资发放、社保公积金缴纳以及赔偿方式等关 键问题只字未提，而公司核心管理层也集体沉默，只留下"复工待通知"的模糊表述。 "据传公司控制权早就在长城了，高管也无能为力。"一位公司内部人士透露，"极小部分员工收到了长 城的工作邀约，但此外没有看到任何引荐或者员 ...

| | | 最至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 人民警元 | ﻬﯽ | 人民警元 | 是 | 人民梦元 | કુ | 人民营元 | tos | 人居露元 | है | | | | | | (以于計:百分比蒙外) | | | | | | | 139.330 | 42.5 | 173.531 | 19.1 | 110.744 | 8.6 | 50.589 | 16.2 | 59.366 | 6.4 | | 138,040 | 42.1 | 290,398 | 32.0 | 558.117 | 43.5 | 168.903 | 54.1 | 333.020 | રેરે તે | | 50.352 | 15.4 | 443,703 | 48.9 | 614,405 | 47.9 | 92.472 | 29.7 | 535.852 | 57.7 ...

Core Insights - The Guangzhou Auto Show 2023 showcased 1,085 vehicles, with 629 new energy vehicles, indicating a 58% representation, highlighting the completion of China's automotive industry's electrification [1] - Major automakers emphasized "AI cars" and intelligent driving technologies, with a consensus on advancing smart assisted driving [1] - Horizon's HSD (Horizon SuperDrive) has rapidly integrated into multiple production models, demonstrating a significant leap in China's smart driving capabilities [2][4] Group 1: Industry Trends - The trend of smart assisted driving technology is evolving both upwards towards higher levels of safety and adaptability, and downwards to more vehicle models [1] - Most automakers are opting for third-party solutions from companies like Horizon, DJI, and Huawei, rather than developing in-house technologies [2][8] - Horizon's HSD has been adopted by over 10 automakers and is expected to achieve a production target of 10 million units in the next 3-5 years [6][24] Group 2: Technological Advancements - Horizon's HSD is designed with a true end-to-end architecture, providing seamless control and enhanced user experience [12][20] - The system's low latency and high computational power enable it to handle complex driving scenarios effectively, improving safety and efficiency [17][26] - The collaboration between Horizon and automakers allows for customization without compromising their technological strategies [25] Group 3: Competitive Landscape - Horizon's HSD positions itself as a viable alternative for automakers to compete with Tesla's FSD, offering a unique value proposition in the market [8][22] - The automotive industry is shifting from price wars to technology-driven competition, with Horizon's HSD facilitating this transition [26][27] - The integration of Horizon's technology allows Chinese automakers to enhance their global competitiveness by focusing on differentiation rather than cost-cutting [27][29]