Core Viewpoint - The company, Shanzi High-Tech Co., Ltd. (山子高科), is undergoing a strategic shift by selling 80% of its subsidiary, Yunfeng Automobile Co., Ltd. (云枫汽车), for 24.6 million yuan to focus on enhancing its core business and improving operational efficiency [2][5]. Group 1: Company Overview - Shanzi High-Tech, formerly known as Yinyi Co., Ltd., has transitioned from a real estate focus to a concentration on vehicle manufacturing, including both traditional and new energy vehicles [3]. - The company has established a comprehensive manufacturing ecosystem that includes high-end components, vehicle manufacturing, and semiconductor materials [6]. Group 2: Financial Performance - In 2024, Yunfeng Automobile generated revenue of 513 million yuan, contributing 10.20% to Shanzi High-Tech's total revenue, but reported a net loss of 75.71 million yuan [4]. - For the first quarter of 2025, Yunfeng's revenue was 127 million yuan, continuing to incur a net loss of 30.80 million yuan [4]. - Shanzi High-Tech's overall revenue for 2024 was 4.97 billion yuan, with a net profit loss of 1.73 billion yuan, marking a 6.85% decline in revenue year-on-year [7]. Group 3: Strategic Decisions - The decision to sell Yunfeng Automobile is aimed at reallocating resources to enhance the development of new vehicle models, thereby improving the company's competitive edge [5]. - Despite the strategic rationale, there was dissent from a board member regarding the potential legal risks and the alignment of this sale with the company's previous plans [5]. Group 4: Market Position and Future Outlook - The automotive industry in China has shown growth, with production and sales reaching 31.28 million and 31.43 million units respectively in 2024, reflecting a year-on-year increase of 3.7% and 4.5% [6]. - Shanzi High-Tech's vehicle production in 2024 included 8,970 passenger vehicles, with significant exports to countries along the Belt and Road Initiative [7]. - The company is also focusing on high-end manufacturing, with its subsidiary, Belgium's Bongi, making strides in the global market for automotive transmissions [8].

Group 1 - The dimensions of a vehicle, including length, width, and height, are typically measured in millimeters (mm) [3] - The wheelbase is the distance between the center points of the front and rear wheels, also measured in millimeters (mm), and is crucial for determining interior space [4] - Ground clearance refers to the minimum distance between the vehicle's lowest point and the ground, measured in millimeters (mm), affecting the vehicle's off-road capability [5] Group 2 - The approach angle indicates the maximum angle at which a vehicle can approach an obstacle without colliding, measured in degrees [7] - The departure angle measures the maximum angle at which a vehicle can leave an obstacle without colliding, also measured in degrees [7] - The breakover angle is the angle formed by the vehicle's front and rear wheels when crossing an obstacle, indicating the vehicle's ability to navigate uneven terrain [7] Group 3 - Floating calipers have a single-sided piston structure, allowing the caliper body to move during braking, which enhances braking efficiency [10] - Fixed calipers have identical pistons on both sides of the brake disc, providing immediate braking response without lateral movement [12] Group 4 - The wind resistance coefficient describes the aerodynamic drag a vehicle experiences while in motion, with a lower coefficient indicating better aerodynamic efficiency [16] - The turning radius is the radius of the outer wheel's path when the steering wheel is turned to its limit, measured in meters (m), indicating the vehicle's maneuverability [17] Group 5 - Engine displacement refers to the total volume of all cylinders in an engine, typically measured in liters, with larger displacements generally providing better power but higher fuel consumption [19] - Torque is the average rotational force output from the engine, influencing acceleration and towing capacity [25] - The compression ratio indicates the degree to which the air-fuel mixture is compressed in the engine, with higher ratios generally leading to better performance [26]