智能驾驶赛道竞争日趋白热化的当下，四维图新18亿元加重筹码。 近期四维图新公告称，公司拟通过"2.5亿元现金增资与15.5亿元资产注入"的方式，换取大规模中高阶智驾量产软件算法公司鉴智开曼39.14%的股权，成为其 第一大股东（非控股股东）。由此，四维图新可以构建"新鉴智"平台，实现从传统图商向智能驾驶解决方案提供商的转型。此次交易也将成为A股市场第一 大智驾并购案例。 然而，这一复杂的资本运作，涉及两家处于亏损状态公司的整合，其效果仍有待观察。在技术飞速迭代、竞争异常激烈的智能驾驶赛道中，四维图新此次战 略投资仿若一次"豪赌"。 18亿押注负资产，高估值背后存疑 这笔交易最引人注目之处，在于交易双方均处于亏损状态。 四维图新成立于2002年，是传统数字地图提供商的龙头企业。但是随着智能驾驶的发展，公司转型在即。 四维图新在2025年半年报中表示，公司要形成以地图为底座、覆盖"智云、智驾、智舱、智芯"的全栈式解决方案服务能力，实现从单一产品提供商向综合解 决方案提供商的转型目标。 而从业务和产品线来看，2025年上半年，四维图新的智云和智芯业务收入增长。但是智驾板块收入较去年同期大幅下滑37.89%，公司称这 ...

Core Viewpoint - The article discusses the transformation of Qianli Technology under the leadership of CEO Yin Qi, focusing on the integration of AI and automotive technology, aiming to create a sustainable business model that emphasizes the importance of a commercial loop in the AI industry [4][22]. Group 1: Company Transformation - Yin Qi transitioned from the founder of Megvii to the chairman of Qianli Technology, which was previously known as Lifan Technology, with a strategic focus on "AI + Vehicle" [4][5]. - The restructuring aims to leverage existing partnerships with major stakeholders like Geely Group and local governments to enhance Qianli's position in the automotive intelligence supply chain [4][22]. - The company is shifting its focus from pure AI research to practical applications in robotics and automotive technology, emphasizing the need for a commercial model to support technological advancements [4][18]. Group 2: Market Dynamics - The AI industry is experiencing a shift where the focus is moving from pure technology development to creating practical applications that can generate revenue [4][14]. - Yin Qi believes that the future of AI lies in integrating large models with real-world applications, particularly in the automotive sector, where data-driven solutions will be crucial [14][38]. - The competitive landscape is expected to consolidate, with only a few key players emerging as leaders in the AI and automotive integration space [3][38]. Group 3: Strategic Insights - Yin Qi emphasizes the importance of a sustainable business model, stating that without a solid commercial loop, technological advancements cannot be maintained [18][17]. - The company aims to create a dual strategy focusing on both hardware and software integration, which is seen as essential for long-term success in the AI and automotive sectors [22][29]. - Yin Qi's experience highlights the necessity of adapting business strategies based on market conditions and the importance of maintaining a balance between innovation and practical application [4][31].