香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Minieye Technology Co., Ltd （股份代號： 2431） （於中華人民共和國註冊成立的股份有限公司） 深圳佑駕創新科技股份有限公司 自願性公告 擬 與NEUEHCT LIMITED共同投資設立公司 本 公 告 乃 由 深 圳 佑 駕 創 新 科 技 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）自 願 刊 發。 本 次 共 同 投 資 佈 局 移 動 機 器 人 業 務，尤 其 是 無 人 物 流 車，對 本 集 團 深 化 智 慧 物 流 業 務 佈 局、拓 展 海 外 市 場 版 圖、加 速 技 術 成 果 商 業 化 落 地 具 有 重 要 戰 略 意 義，有 助 於 提 升 本 集 團 在 全 球 智 能 駕 駛 及 智 慧 物 流 領 域 的 市 場 競 爭 力，符 合 本 集 ...

Core Viewpoint - GAC Aion and New Stone Technology have signed a strategic cooperation agreement to collaborate in the field of unmanned logistics vehicles, aiming to enhance technology, manufacturing, and market expansion in this sector [1][3]. Group 1: Strategic Cooperation Details - The cooperation will involve comprehensive collaboration on the production of New Stone's existing unmanned vehicle products and the joint development of next-generation fully vehicle-grade unmanned logistics vehicles [2][3]. - Both companies will explore innovative business models and market expansion paths to accelerate the deployment of unmanned vehicles in various scenarios, while also promoting industry standards and ecosystem development for high-quality growth [3]. Group 2: Company Profiles and Market Position - New Stone Technology is a leading player in the unmanned logistics vehicle industry, focusing on L4-level autonomous vehicle development, manufacturing, and services, with over 16,000 unmanned vehicles deployed globally across 15 countries and more than 300 cities [5]. - The company has achieved a cumulative driving distance of over 100 million kilometers with L4 autonomous vehicles and operates the world's largest L4-level unmanned delivery fleet in Qingdao [5]. - GAC Aion serves as the core platform for GAC Group in the new energy commercial vehicle sector, with strong manufacturing capabilities and a comprehensive R&D system, particularly in smart vehicle hardware development [5]. Group 3: Market Outlook and Future Prospects - The unmanned logistics vehicle industry is entering a new development phase, with the market expected to reach 150,000 units by 2026 and potentially form a trillion-yuan market by 2030 [7]. - The collaboration aims to leverage each company's strengths in industry resources, manufacturing capabilities, and operational systems to create competitive unmanned logistics vehicle products and accelerate their deployment in the Guangdong-Hong Kong-Macao Greater Bay Area and nationwide [7]. - This strategic partnership signifies a significant step towards the commercialization of autonomous vehicles, transitioning from demonstration applications to large-scale commercial use, thereby contributing to the development of smart transportation systems [7].

Summary of Conference Call for Desay SV Automotive Company Overview - Desay SV Automotive focuses on intelligent cockpit and driving solutions, with significant growth in smart driving and cockpit businesses in 2025 [2][3]. Key Financial Performance - **Revenue**: Achieved approximately 32.6 billion yuan in 2025, a year-on-year increase of about 18% [3]. - **Net Profit Margin**: 7.6%, up by 0.3 percentage points from the previous year, driven by reduced impairment losses [3]. - **Gross Margin**: No growth in gross margin; however, profit margin improvement was attributed to a decrease in credit impairment losses [3][8]. Business Segmentation - **Smart Cockpit**: Contributed approximately 65% of total revenue, with domain controller products increasing from 19% to 24% of this segment [3]. - **Smart Driving**: Revenue share increased from 26% to 33%, with sensors contributing significantly to this growth [3]. New Orders and Growth Prospects - **New Orders**: Over 35 billion yuan in new orders for 2025, exceeding current revenue levels [4]. - **Future Growth**: Expected growth driven by multiple segments, including smart driving and AI technologies, with significant orders anticipated in 2026 [4][5]. International Expansion - **Overseas Orders**: Approximately several billion yuan in new overseas orders, with expectations for a doubling of production orders in 2026 [6]. - **Profitability**: Overseas products typically have gross margins 7-10 percentage points higher than domestic counterparts [6]. Product Development and Innovation - **AI Cockpit**: Transitioning to higher computing power, with expectations for AI cockpit computing power to increase from tens of TOPS to over 300 TOPS by 2026 [2][4]. - **New Products**: Introduction of AI Cube robot domain controllers and unmanned logistics vehicles, with production targets set for 2026 [2][4]. Cost and Margin Considerations - **Management Expenses**: Increased significantly in Q4 2025 due to stock incentive expenses [7]. - **Gross Margin Outlook**: Expected downward pressure on gross margin in 2026 due to rising costs of storage chips and changes in product mix [8][18]. Client Contributions and Market Dynamics - **Key Clients**: Major contributions from clients like Li Auto, Chery, and Xiaomi, with a balanced client structure where top clients each account for nearly 15% of revenue [2][3]. - **Market Trends**: Anticipated growth in traditional automotive brands deploying high-performance configurations, which will support revenue growth in 2026 [12]. Strategic Initiatives - **Hong Kong Listing**: The company has initiated the process for a Hong Kong listing to support long-term business expansion [17]. - **Supply Chain Advantages**: The company holds a strong position in the supply chain, which is expected to enhance its market share amid rising material costs [18]. Conclusion - Desay SV Automotive is positioned for robust growth in the coming years, driven by innovative product offerings, a balanced client portfolio, and strategic international expansion. The company is navigating challenges related to cost pressures while maintaining a focus on enhancing profitability and market presence.

Group 1 - The second "Starting Point Lithium Battery Cylindrical Battery Technology Forum" will be held on April 10, 2026, in Shenzhen, focusing on advancements in all-tab technology and the leadership of the large cylindrical battery market [1] - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute (SPIR), with sponsorship from various companies including Penghui Energy and Dofluorid [1] - The countdown to the event is 33 days, indicating a significant upcoming industry gathering [1] Group 2 - Youjia Innovation has signed a strategic cooperation agreement with a subsidiary of CATL, aiming to integrate core capabilities in smart driving, chassis, and battery technology to create competitive solutions in the global market [2] - Additionally, Youjia Innovation has formed partnerships with Di Shang Tie Green Technology and Shenzhen Wall Gecko New Energy Technology to develop unmanned logistics vehicles, addressing market gaps through resource integration [2][3] - The collaboration focuses on a full-chain cooperative system from technology research and development to mass production and market implementation, emphasizing the urgent need for efficient and cost-effective logistics solutions [3] Group 3 - The logistics industry is increasingly demanding efficiency and cost control, with unmanned logistics vehicles offering advantages such as 24/7 operation and reduced labor costs, making them a key solution to industry challenges [3] - Current market offerings lack mature, scalable, and vehicle-grade products, and the new partnerships aim to fill this gap and create significant scale effects [3] Group 4 - Previous reports indicate that Penghui Energy expects to ship nearly 400 million cylindrical batteries in 2025, with full production and sales of small cylindrical batteries [4] - Noda Wisdom anticipates shipping 300 million multi-tab cylindrical batteries in 2025, also achieving full production and sales [4] - Bluejing New Energy plans to reach a production capacity of 5 GWh in 2026, with mass shipments of all-tab and stacked large cylindrical batteries [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The unmanned logistics vehicle market is gaining attention due to advancements in L4 autonomous driving technology and its application in logistics, with significant policy support and market demand driving commercialization efforts [3][4][5] Summary by Sections 1. Unmanned Logistics Vehicles - Unmanned logistics vehicles are based on L4 autonomous driving technology and are designed for logistics applications, capable of operating in both closed and urban road environments [3] - As of June 2025, 103 cities in China have opened road rights for unmanned logistics vehicles, covering over 80% of major logistics node cities [4] 2. Market Dynamics - The logistics demand is increasing, with China's total social logistics amount growing from 298 trillion yuan in 2019 to 361 trillion yuan in 2024, a 21% increase [5] - Major logistics companies are investing in unmanned vehicles, with Zhongtong deploying around 1,000 unmanned vehicles and SF Express planning to expand its fleet to 8,000 vehicles by 2025 [5][6] 3. Cost Efficiency - The cost of unmanned logistics vehicles is decreasing due to scale production, with prices dropping from over 1 million yuan to below 100,000 yuan, and some models priced as low as 20,000 yuan [6] - Monthly operational costs for unmanned vehicles are approximately 4,000 yuan, significantly lower than traditional human driver services [6] 4. Competitive Landscape - The market features four main player categories: startup tech companies, internet firms, logistics companies, and traditional automakers [14] - Leading companies include New Stone and NineSight, both having delivered over 10,000 unmanned logistics vehicles [16][17] 5. Future Trends - The industry is evolving towards "light mapping, strong perception, and vehicle-road-cloud collaboration" [28] - The business model is shifting from hardware sales to a combination of hardware pricing and software subscriptions, enhancing revenue stability [28] - The market is expected to expand beyond last-mile delivery into broader urban logistics applications, with over 50% of New Stone's orders already coming from non-express scenarios [30]

Market Overview - The Hang Seng Index closed at 27,081.91, up 2.53% with a year-to-date increase of 5.66% [5] - The Hang Seng Technology Index rose by 3.34% to 5,385.35, but has a year-to-date decline of 2.37% [5] - The Hang Seng China Enterprises Index increased by 2.65% to 9,197.38, with a year-to-date rise of 3.18% [5] - The total market turnover was HKD 173 billion, indicating strong trading activity [5] Sector Performance - The materials sector saw a significant increase of 4.27%, with companies like Ganfeng Lithium rising over 8% and Zijin Mining up nearly 7% [3] - The local real estate, software, and 5G sectors experienced declines, while gold stocks performed well amid rising gold prices [3][10] - The energy sector also showed strong performance, with a year-to-date increase of 19.1% [5] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market [3] - Companies in the AI and semiconductor sectors are expected to benefit from government policies aimed at enhancing domestic capabilities [3] - The report suggests focusing on sectors supported by domestic consumption policies, such as sports apparel and non-essential services [3] Notable Company Performances - NIO and BYD, key players in the new energy vehicle sector, saw stock increases of nearly 6% and 5% respectively [3] - Zijin Mining's stock rose by 5.2% due to increased prices of core products like copper and gold, which are expected to enhance profitability [10] - The report highlights the contrasting fortunes of AI companies, with some like Zhiyuan facing challenges while others like Youjia Innovation are advancing in commercial applications [11]

Group 1 - The core viewpoint of the news is the strategic partnership formed between Youjia Innovation, Dizhantian Green Technology, and Bihuo Technology to develop and deliver 3,000 autonomous logistics vehicles that meet automotive-grade standards [2][3] - The collaboration aims to leverage each company's strengths in operational management, research and development, and L4 autonomous driving technology to enhance the efficiency and cost-effectiveness of logistics operations [2][3] - Youjia Innovation will lead the integration of the intelligent driving system and chassis system, ensuring compliance with national and industry certification standards for the autonomous logistics vehicles [2][3] Group 2 - Dizhantian will contribute its deep understanding of logistics scenarios to define the product, providing insights on functionality, performance metrics, design, and cost control [3] - Bihuo Technology will focus on the development of the chassis system, managing the entire process from component selection to performance validation and production [2][3] - The partnership aims for large-scale deployment of autonomous logistics vehicles across various scenarios, enhancing logistics efficiency and creating a replicable model for cost reduction and efficiency improvement in the industry [3]

Core Viewpoint - The strategic partnership between Youjia Innovation, Di Shang Tie Green Technology, and Bihu Technology aims to develop and deliver 3,000 vehicle-grade unmanned logistics vehicles, addressing market gaps and enhancing market share in the unmanned logistics sector [1][2]. Group 1: Strategic Partnership Details - The collaboration focuses on resource integration to meet core demands in the unmanned logistics market, establishing a comprehensive collaborative system from technology R&D to mass production and market implementation [1]. - Youjia Innovation will ensure compliance with national and industry vehicle-grade certification standards, taking responsibility for the core technology of unmanned logistics vehicles [1]. - Bihu Technology will lead the development of the chassis system for unmanned logistics vehicles, providing essential hardware support for vehicle performance [1]. - Di Shang Tie will leverage its market resources and operational experience to contribute to product definition, offering practical suggestions on functionality, performance, appearance, and cost control [1]. Group 2: Market Context and Impact - The logistics industry increasingly demands efficiency improvements and cost control, with unmanned logistics vehicles offering continuous operation and labor cost savings as key solutions [2]. - The current market lacks mature, scalable, vehicle-grade products, and this partnership aims to fill that gap, creating significant scale effects [2]. - The Xiaozhu unmanned vehicle has successfully completed practical application verification in various complex scenarios, demonstrating its versatility and reliability [2]. - Xiaozhu unmanned vehicles have secured multiple bulk orders, including 500 units from Master and 800 units from New Ji'ao, indicating rising market recognition [2]. - This strategic collaboration marks a significant breakthrough for Youjia Innovation in the large-scale application of unmanned logistics, further enhancing its market influence in the sector [2].

Group 1 - The core viewpoint of the article is that Youjia Innovation has officially reached a strategic cooperation agreement with Di Shang Tie Green Technology (Shenzhen) Co., Ltd. and Shenzhen Wall Gecko New Energy Vehicle Technology Co., Ltd. [1] - The three parties will integrate their core capabilities in operational management, research and development, and L4 autonomous driving technology to establish a comprehensive strategic partnership [1] - The collaboration aims to design, produce, and deliver 3,000 units of driverless logistics vehicles that meet automotive-grade standards and are competitive in the market [1] Group 2 - The strategic partnership is intended to create economies of scale, fill market gaps, and aggressively capture market share [1] - The goal is to establish leading product and brand positions within the industry [1]

Core Viewpoint - The strategic cooperation agreement among Youjia Innovation, Dizhantian Green Technology, and Wall Gecko Technology aims to develop and deliver 3,000 autonomous logistics vehicles that meet automotive standards, enhancing market competitiveness and establishing a leading industry position [1][2]. Group 1: Cooperation Framework - The collaboration focuses on the research, manufacturing, and commercialization of autonomous logistics vehicles, emphasizing "complementary advantages, collaborative development, and win-win creation" [1][2]. - Youjia Innovation will ensure compliance with national and industry automotive certification standards, focusing on core technical indicators for the autonomous logistics vehicles [1][2]. - Wall Gecko Technology will lead the development of the vehicle chassis system, managing the entire process from component selection to performance validation and multi-scenario testing [2]. - Dizhantian will contribute to product definition, leveraging its understanding of logistics scenarios to provide practical suggestions for product features, performance metrics, and cost control [2]. Group 2: Market Deployment and Impact - The parties agree to scale deployment by integrating manufacturing systems and operational resources, aiming for mass implementation of autonomous logistics vehicles across various scenarios to enhance logistics efficiency and cost-effectiveness [2]. - The collaboration is expected to break traditional industry barriers and promote the large-scale application of autonomous driving technology in urban logistics [2]. - The long-term prospects for the L4 autonomous logistics vehicle business are positive, with significant progress since its launch, including multiple orders exceeding 100 units and successful product deliveries in various cities [3].