Core Viewpoint - The smart transportation sector has seen a decline in capital events and investment, with major telecom operators increasing their market share, while the market for road information and intelligence remains underdeveloped [1][2]. Group 1: Investment and Market Dynamics - The smart transportation sector has experienced a decrease in investment, with a stable market structure dominated by three major telecom operators [1]. - Players in the road information and intelligence sector are primarily state-owned enterprises or quasi-listed companies, indicating a lack of competition and maturity in the market [1]. - Despite the overall decline, there are still capital movements, with companies like Guangxi Jiaokao Group and Zhongkong Information pursuing public listings [1][4]. Group 2: Guangxi Jiaokao Group - Guangxi Jiaokao Group, now renamed Beitou Technology, focuses on smart highway services, including toll collection, communication, monitoring systems, and tunnel electromechanical systems [2]. - The company reported a revenue of 3.19 billion yuan and total assets of 6.65 billion yuan in 2024, with performance commitments for net profits of at least 228 million yuan, 207 million yuan, and 150 million yuan for 2025, 2026, and 2027 respectively [2][3]. Group 3: Zhongkong Information - Zhongkong Information is a smart infrastructure service provider, focusing on urban transportation, rail transit, and environmental services, with a significant portion of its revenue coming from system integration [4][5]. - The company had revenues of 3.085 billion yuan, 3.325 billion yuan, and 3.185 billion yuan from 2021 to 2023, with net profits of 150 million yuan, 159 million yuan, and 146 million yuan respectively [5]. - Zhongkong Information's IPO application was accepted in June 2023 but was withdrawn in August 2024, halting its listing review [4][6].