Core Viewpoint - The company has established itself as a leading enterprise in the commercial vehicle active safety system sector, integrating research and development, production, sales, and service [1] Group 1: Company Performance - From 2014 to 2023, the company's production and sales of pneumatic electronic control braking products, including Anti-lock Braking System (ABS), have ranked first in the industry for ten consecutive years [1] - The company's market share for pneumatic electronic control braking system products has consistently ranked first in the industry from 2021 to 2023, as certified by the China Association of Automobile Manufacturers [1]

Core Viewpoint - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., has received approval for its initial public offering (IPO) of A-shares, with a total of 45.044546 million shares to be issued, representing 25% of the post-issue total share capital [1] Pricing and Valuation - The IPO price is set at 42.28 yuan per share, resulting in a diluted price-to-earnings (P/E) ratio of 29.64 times based on the lower of the net profit attributable to the parent company for 2024, excluding non-recurring gains and losses [2][10] - This P/E ratio is significantly lower than the average static P/E ratio of 54.54 times for the "Computer, Communication and Other Electronic Equipment Manufacturing" industry as of September 15, 2025 [2][11] - The average static P/E ratio for comparable listed companies, after excluding extreme values, is 34.27 times [10] Issuance Process - The issuance will combine strategic placement to select investors, offline inquiries to qualified investors, and online offerings to the public [3] - The strategic placement will involve a special asset management plan for the company's senior management and core employees, with a final allocation of 3.547776 million shares, accounting for 7.88% of the total issuance [5] Market Position and Competitive Advantages - The company emphasizes its technological and research advantages, having developed proprietary technologies in active safety systems for vehicles, contributing to the localization of automotive electronic control systems in China [11][12] - The company has received multiple awards for its technological advancements and has a strong patent portfolio, including 459 authorized patents [11][12] - The brand "Kormee" has established itself as a leading name in the commercial vehicle active safety system market, with a consistent market share ranking first in the industry for several years [13]