Group 1: Regulatory Impact and Business Growth - The recent draft of the mandatory national standard for Automatic Emergency Braking Systems (AEBS) is expected to expand its applicability, which will directly stimulate the demand for testing and certification services from OEMs and parts manufacturers [2][3] - The new AEBS standard will include assessments for recognizing vulnerable road users, such as pedestrians and cyclists, aligning with international regulations [3] Group 2: Company Qualifications and Market Position - The company holds multiple certifications, including CNAS recognition and testing qualifications from various government departments, positioning it as a key player in the automotive testing industry [4] - The company is recognized as a significant testing and validation partner for emerging technologies in intelligent connected vehicles and new energy vehicles [4] Group 3: Business Volume and Future Opportunities - Current business volume is not saturated, with significant growth potential driven by the expanding domestic automotive market and increasing R&D demands from regulatory bodies [5][6] - New testing facilities, such as the wet handling test track, are expected to meet the growing needs of vehicle and tire manufacturers [5][6] Group 4: Competitive Landscape - Main competitors include other domestic third-party automotive testing facilities, such as those in Beijing, Anhui, and Xiangyang [7] Group 5: Shareholder Commitments and Market Management - The controlling shareholder's commitment to inject quality assets within five years post-IPO has not yet been realized, but plans are in place to adhere to this timeline [8] - The company has implemented various measures for market value management, including consistent information disclosure and increasing dividend payouts, which have grown from CNY 30.42 million in 2021 to CNY 101.82 million in 2024 [10]