Core Viewpoint - The company believes that the smart driving sector is a "long slope with thick snow," indicating that while competition is fierce, the market is far from reaching its conclusion. The ability to deeply bind technology, products, and customers is key to ultimate success [1] Market Perspective - The entire smart driving market is rapidly expanding, with increasing penetration rates and a swift evolution of functionalities from L2 to L2+ and L3, creating significant incremental space [1] Customer Strategy - The company is committed to strategic cooperation with leading automotive manufacturers to achieve deep binding relationships [1] Technological Development - The company has laid out a multi-dimensional perception product strategy, including camera perception systems, ultrasonic radar systems, and millimeter-wave radar systems, while also making forward-looking investments in perception fusion algorithms to build technological barriers [1] - The company insists on core technology being self-controllable and provides higher performance and lower-cost solutions through integrated hardware and software [1]

Group 1: Customer Structure and Revenue - In the first half of 2025, the top five customers accounted for approximately 70% of revenue, with the new energy business contributing around 50% [1] - The company has established partnerships with global clients such as Volkswagen, Toyota, and Ford, enhancing its industry recognition [1] Group 2: Cost Control and R&D Investment - The company aims for maximum sales and minimal expenses, with a focus on increasing automation to enhance efficiency [1] - R&D investment reached 103 million CNY in the first half of 2025, representing 12.85% of revenue, driven by strategic initiatives to secure technological leadership [3] Group 3: Corporate Culture and Strategic Goals - The company emphasizes a culture of excellence, aiming for top-tier clients, technology, products, and personnel, incentivized through a reward system based on contributions [2] Group 4: Market Competition and Future Outlook - The intelligent driving market is rapidly expanding, with increasing penetration and evolving functionalities, presenting significant growth opportunities [5] - The company views the robotics sector as a strategic growth area, leveraging its expertise in intelligent driving technology to capitalize on market demand [5] Group 5: Collaboration and Development - The partnership with NVIDIA focuses on developing a comprehensive robotic brain control system, currently in the development phase without revenue generation [4] - The company has not considered convertible bonds yet, but plans to explore this option based on future development needs [4]