Core Viewpoint - Xiangshan Co., Ltd. plans to raise up to 812 million yuan through a private placement to its controlling shareholder, Ningbo Joyson Electronic Corp., to enhance its capital strength and support the development of core businesses such as smart cockpits and new energy charging and distribution systems [1][4]. Group 1: Company Overview - Xiangshan Co., Ltd. is a national high-tech enterprise focused on automotive smart cockpit components and new energy charging and distribution systems, with R&D centers in China, Germany, and North America, and 15 global production bases [2]. - The company serves as a global tier-one supplier for leading automotive brands including Mercedes-Benz, BMW, BYD, Geely, Chery, Changan, NIO, Xpeng, Li Auto, and others, holding the largest market share in smart cockpit air management systems in China and globally [2]. Group 2: Private Placement Highlights - The private placement will be conducted at an issuance price of 24.69 yuan per share, with a lock-up period of 36 months, increasing Joyson's shareholding from 29.9992% to 43.95%, thereby consolidating control over the company [3]. - The significant increase in shareholding by the controlling shareholder reflects confidence in the company's technological capabilities, business prospects, and management team, aiming to deepen strategic collaboration and resource integration [3]. Group 3: Fund Utilization and Strategic Impact - The funds raised will be fully allocated to enhance working capital, aligning with the company's strategic needs, and is expected to positively impact operations, finance, profitability, and cash flow [4]. - The capital injection will strengthen the company's operational capabilities, support R&D and market expansion in core businesses, and enhance global production capacity, thereby solidifying its industry-leading position [4]. - Although short-term share dilution may occur, the long-term expansion of business scale and technological upgrades are anticipated to translate into clear profit growth [4].