证券代码：002970 证券简称：锐明技术 深圳市锐明技术股份有限公司 投资者关系活动记录表 编号：2026-001 在以"场景落地"为导向的商用车自动驾驶领域，公司拥有客户、技术、产 品等多方面的综合竞争优势。 4、人民币汇率升值对汇兑损益有什么影响？公司是否有措施管控或对冲汇 率风险？ 公司的海外业务在主营业务上销售占比较高，且主要以美元计价。公司长 期以来对外汇采取主动管理的策略，会基于公司的实际业务情况以及对外汇走 势的基本判断，择时、择机采取简单有效的外汇套保工具，积极对冲部分汇率 波动风险，以降低汇率变动对经营业绩的潜在影响。 5、当前存储芯片市场价格呈现上涨趋势，请问这一变化是否会对公司毛利 率产生显著影响？ 公司产品中存储芯片或模组占整体物料成本的比例较低。同时，由于公司 主要产品属于技术附加值较高的智能硬件品类，可以将存储类物料成本上升较 顺利地传导到产业链下游。因此，即使存储芯片价格持续上涨，也不会对公司 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □反路演 □其他 参与单位名 称 摩根士丹利基金、诺安基金、宝盈基金 ...

Core Insights - The commercial vehicle autonomous driving solutions are essential tools for addressing high operational intensity and low profit margins in the logistics and transportation industry, facilitating cost reduction and efficiency improvement [1][5] - The market for commercial vehicle autonomous driving solutions in China is projected to grow to 6 billion yuan by 2025, with closed-road solutions accounting for 2.1 billion yuan (35%) and open-road solutions for 3.9 billion yuan (65%) [1][5] - By 2026, the market is expected to exceed 10 billion yuan, with closed-road solutions at approximately 3.6 billion yuan (35.29%) and open-road solutions at about 6.6 billion yuan (64.71%) [1][5] Industry Definition - Commercial vehicle autonomous driving solutions are designed for trucks, buses, and specialized vehicles, integrating hardware and software systems for environment perception, decision-making, vehicle control, cloud scheduling, and fleet management [2] Industry Development Status - The industry is transitioning from closed scenarios to large-scale validation in open scenarios, with significant growth expected in the coming years [5] - The market is characterized by a high technical barrier, with commercial vehicle autonomous driving focusing on different priorities compared to passenger vehicles [4] Industry Chain - The upstream of the industry includes core hardware such as perception sensors, LiDAR, cameras, and chips, while the midstream involves system integration, and the downstream applies to various commercial vehicles in logistics, mining, and urban delivery [6] Market Competition Landscape - The global market for commercial vehicle autonomous driving solutions is fragmented, with a CR5 of 38.6% in 2024, while the logistics vehicle market is more concentrated with a CR5 of 56.7% [9] - Key players in the Chinese market include companies like Remote New Energy Commercial Vehicle Group, Xidi Intelligent Driving Technology Co., Ltd., and Shenzhen Ruiming Technology Co., Ltd. [9] Future Outlook - The trend towards high-level autonomous driving in commercial vehicles is accelerating, with expectations for a fully automated transportation network to emerge in the next five to ten years, integrating with smart logistics and smart cities [11]

Core Viewpoint - The company, Mainline Technology (Beijing) Co., Ltd., has submitted an application to the Hong Kong Stock Exchange for a public listing, with Guotai Junan as the sole sponsor. The company specializes in L4 autonomous driving trucks and solutions, creating a comprehensive product ecosystem for logistics transportation [1]. Company Overview - Mainline Technology is a provider of L4 level autonomous driving trucks and solutions, focusing on a self-developed autonomous driving system to create an integrated "vehicle-edge-cloud" ecosystem [1]. - The company's solutions include three core products: AiTruck (smart trucks), AiBox (smart terminals), and AiCloud (smart cloud services) [1]. - The product strategy is deployed across three main commercial scenarios: Trunk Port (logistics hubs), Trunk Pilot (highway logistics), and Trunk City (urban traffic), leveraging the strong technical reusability of the AiTrucker autonomous driving system [1]. Product Details - **AiTruck**: A smart truck product system developed in collaboration with mainstream commercial vehicle manufacturers, aimed at large-scale production and deployment of autonomous trucks. The product line includes T-Truck smart trucks and T-Mover smart transport robots [2]. - **AiBox**: A core smart terminal developed to build a "vehicle-road-cloud" intelligent collaborative system, providing high-performance computing, perception, control, and communication capabilities for the autonomous driving system and smart cloud services [3][4]. - **AiCloud**: A smart cloud service product series that supports large-scale autonomous fleet operations, algorithm iteration, and data feedback loops, offering unified command and scheduling, safety management, and data analysis capabilities [5]. Financial Performance - The company recorded revenues of RMB 112 million, RMB 134 million, RMB 254 million, and RMB 98.9 million for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [5]. - The net profit and total comprehensive income for the same periods were -RMB 278 million, -RMB 213 million, -RMB 187 million, and -RMB 96.4 million [6]. - Gross profit figures were RMB 4.16 million, RMB 16.4 million, RMB 57.6 million, and RMB 29.9 million, with corresponding gross profit margins of 3.7%, 12.2%, 22.7%, and 30.3% [8]. Market Overview - The market for autonomous driving solutions for commercial vehicles in China is expected to grow significantly, with the closed-road scenario market size projected to increase from RMB 400 million in 2021 to RMB 1.3 billion in 2024, reflecting a compound annual growth rate (CAGR) of 49.0% [9]. - The open-road scenario market is anticipated to grow from RMB 100 million in 2021 to RMB 2.3 billion in 2024, with a CAGR of 195.2%, driven by advancements in autonomous driving algorithms and government support [9]. - By 2030, the closed-road market is expected to reach RMB 26.2 billion, while the open-road market could reach RMB 160.6 billion, indicating a strong growth trajectory for the industry [9]. Competitive Landscape - In 2024, the market size for closed-road commercial vehicle autonomous driving solutions is projected to reach RMB 600 million, with the company achieving approximately RMB 180 million in revenue, capturing a market share of 31.8% [11].

Core Viewpoint - Xidi Zhijia Technology Co., Ltd. is aiming to become the first publicly listed company in Hong Kong focused on autonomous mining trucks, having submitted its prospectus for the second time to the Hong Kong Stock Exchange [1] Financial Performance - In 2024, Xidi Zhijia is projected to achieve revenue of 410 million yuan while incurring a loss of 581 million yuan [1] - Revenue is expected to grow from 31 million yuan in 2022 to 410 million yuan in 2024, with gross profit increasing from 27 million yuan in 2023 to 101 million yuan in 2024 [3][4] - Despite revenue growth, the company has not yet turned a profit, with losses of 263 million yuan in 2022, 255 million yuan in 2023, and 581 million yuan in 2024 [4] Business Model and Market Position - Xidi Zhijia focuses on product sales rather than fleet operations, having started mass production of autonomous mining trucks in 2022 [2][3] - The company holds a 16.8% market share in China's commercial vehicle autonomous driving sector, making it the largest player by product sales revenue in 2024 [3] - The revenue streams include autonomous driving technology, V2X products and solutions, and intelligent perception solutions [3] Technology and Development - The company emphasizes V2X technology, having begun mass production of V2X products in 2019 and successfully implementing smart mining truck projects [2] - The autonomous commercial vehicle market is categorized into three main scenarios: urban roads, intercity highways, and closed environments, with Xidi Zhijia focusing on closed environments like mines and logistics [1][2] Challenges and Future Outlook - High sales and research costs are significant contributors to ongoing losses, with sales costs reaching 309 million yuan in 2024, accounting for 75.3% of that year's revenue [4] - The company anticipates increased net losses by the end of 2025 due to ongoing high operational expenses as it transitions to larger-scale operations [4] - The recent reforms by the Hong Kong Stock Exchange allowing unprofitable tech companies to list may provide a potential pathway for Xidi Zhijia to secure funding [4]