Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Ruiming Technology, which is required to clarify its business model and specifics regarding its AI large model applications [1][2]. Group 1: Supplementary Material Requirements - Ruiming Technology must provide a detailed explanation of its business model and the specific applications of its AI large model, including use cases and functionalities [2]. - The company is also required to clarify its involvement in AI-assisted driving systems, particularly regarding the acquisition and use of geographic information data, and whether its business operations fall within restricted or prohibited foreign investment sectors [2]. - Additionally, Ruiming Technology needs to disclose whether it develops or operates websites, mini-programs, apps, or public accounts, and provide details on the types of information content shared with third parties, as well as user information collection and storage practices [2]. Group 2: Company Solutions and Products - Ruiming Technology's solutions primarily include AI solutions that utilize vision-based AI technology for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency [2]. - The company also offers video equipment that collects, records, and transmits driving information through cameras and other integrated devices [2].

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for seven companies, including Ruiming Technology, which must clarify its business model and specifics regarding AI large models [1] - Ruiming Technology submitted its listing application to the Hong Kong Stock Exchange on September 30, with CICC as the sole sponsor [1] - The CSRC requests Ruiming Technology to provide detailed explanations of its business model, AI-assisted driving systems, and compliance with foreign investment restrictions [1][2] Group 2 - Ruiming Technology's solutions include AI solutions that utilize vision-based AI technology for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency [2] - The company also offers video equipment that collects, records, and transmits driving information through cameras and other integrated devices [2]

Company Overview - Rui Ming Technology, a provider of AI solutions for commercial vehicles, has submitted its prospectus to list on the Hong Kong Stock Exchange [1] - The company primarily offers two major solutions: AI solutions and video equipment [1] Financial Performance - Revenue projections for Rui Ming Technology are as follows: RMB 1.229 billion in 2022, RMB 1.5 billion in 2023, and RMB 1.998 billion in 2024 [1] - Gross profit is expected to be RMB 466 million in 2022, RMB 656 million in 2023, and RMB 918 million in 2024, with corresponding gross margins of 37.9%, 43.6%, and 46% [1] - The company reported a net loss of RMB 167 million in 2022, a profit of RMB 98 million in 2023, and a projected profit of RMB 294 million in 2024, with profit margins of -13.6%, 6.5%, and 14.7% respectively [1] Revenue Breakdown - In the first half of 2025, Rui Ming Technology generated revenue of RMB 1.156 billion, a 27.6% increase from RMB 906 million in the same period of the previous year [2] - The revenue from AI-assisted driving systems accounted for RMB 851 million, representing 73.6% of total revenue, while revenue from AI fleet management systems was RMB 86.64 million (7.5%), and video equipment contributed RMB 186 million (16.1%) [3] Client Base - The company’s major clients include system integrators for video remote information processing and complete vehicle manufacturers [4] - Revenue from the top five clients for the years 2022, 2023, and 2024 was RMB 244 million, RMB 272 million, and RMB 342 million, respectively, accounting for 19.9%, 18.1%, and 17.1% of total revenue [4] Industry Insights - The global commercial vehicle visual AI solutions industry is experiencing rapid growth, characterized by high market concentration among the top five players [5] - Companies with strong R&D capabilities, robust supply chains, and high customer engagement are better positioned to maintain competitive advantages in this evolving market [5] Dividend Distribution - Rui Ming Technology has declared dividends of RMB 17.3 million, RMB 34.6 million, RMB 138 million, and RMB 124 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]

Core Viewpoint - The company, Ruiming Technology, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for technology research and development, product development, global market expansion, and brand promotion [2]. Group 1: Business Overview - Ruiming Technology is a leading provider of AI solutions for commercial vehicles, with a market share of 6.4% in the global commercial vehicle visual AI solutions market [2]. - The company generates revenue primarily from AI-assisted driving systems, AI fleet operation management systems, and video equipment [2]. - Ruiming Technology holds the largest market share of 5.3% in the global commercial vehicle video equipment sector [2]. Group 2: Financial Performance - The company has a projected revenue compound annual growth rate (CAGR) from 2022 to 2024, with a 2024 return on equity of 70.0% and a gross margin of 46.0% [3]. - Revenue from the top five customers accounted for 19.9%, 18.1%, 17.1%, and 22.9% of total revenue during the periods from 2022 to 2024 and the first half of 2025 [4]. Group 3: Strategic Plans - The company plans to invest in high-level intelligent driving and AI large model systems, continuing to innovate and launch new products [4]. - Ruiming Technology aims to strengthen its global sales network and enhance its global supply chain to ensure high-quality and efficient production [5]. - The funds raised from the IPO will be used to enhance technological research capabilities and expand the global market, solidifying its leading position in the industry [5].

Core Insights - Shenzhen Ruiming Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [1] - The company is a leading global provider of AI solutions for commercial vehicles, focusing on safety and efficiency [1] - The company has over 20 years of experience in the commercial vehicle sector, leveraging insights to develop AI-powered solutions [1][2] Company Overview - The company's AI solutions include visual-based AI technology for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency [1] - The company has developed over 80 intelligent algorithms covering advanced driver assistance, emergency braking, driver monitoring, and blind spot detection [1] - The company has a global presence, having sold solutions and products to over 100 countries and regions, with 11 subsidiaries established in various countries [2] Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is projected to be RMB 1.229 billion, RMB 1.505 billion, and RMB 1.998 billion respectively, with a profit of RMB -167 million, RMB 98.224 million, and RMB 294 million for the same periods [2] - For the six months ending June 30, 2024, and 2025, the company expects revenues of RMB 906 million and RMB 1.156 billion, with profits of RMB 125 million and RMB 206 million respectively [2] Use of Proceeds - Approximately 60% of the funds raised will be allocated to R&D for technology and product solutions, including advanced intelligent driving innovations and AI model development [3] - About 20% will be used to expand production facilities in Vietnam for global market supply of AI solutions [3] - The remaining 20% will be divided between brand promotion, marketing activities, and general corporate purposes [3]

Core Viewpoint - Shenzhen Ruiming Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor. The company is a global provider of AI solutions for commercial vehicles [1][4]. Business Highlights - Ruiming Technology's solutions include AI technology for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency. The company utilizes over 80 intelligent algorithms covering advanced driving assistance, emergency braking, driver monitoring, and blind spot monitoring [4][7]. - The company has over 20 years of experience in the commercial vehicle sector, allowing it to accurately identify pain points and customer needs in various application scenarios. It has established a global customer network, with products sold in over 100 countries and regions, covering more than 200 cities [7]. Financial Performance - For the fiscal years ending December 31, the company's revenues and profits are as follows: - 2022: Revenue of approximately 1.23 billion RMB, net loss of about 167 million RMB - 2023: Revenue of approximately 1.51 billion RMB, net profit of about 98 million RMB - 2024: Revenue projected at approximately 2.00 billion RMB, net profit projected at about 286 million RMB - For the six months ending June 30, 2025, revenue is approximately 1.16 billion RMB, with a projected net profit of about 125 million RMB [8].

Core Viewpoint - Shenzhen Ruiming Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, positioning itself as a global provider of AI solutions for commercial vehicles [1][3]. Business Highlights - Ruiming Technology's solutions include AI technologies for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency, as well as video equipment for collecting and transmitting driving information [3][6]. - The company has over 20 years of experience in the commercial vehicle sector, allowing it to effectively address diverse application scenarios and customer needs [6]. - Ruiming Technology has developed over 80 intelligent algorithms covering advanced driver assistance, emergency braking, driver monitoring, and blind spot detection [6]. Market Presence - The company has been active in overseas markets for nearly 20 years, with its products sold in over 100 countries and regions, covering more than 200 cities [6]. - Ruiming Technology has established 11 subsidiaries in countries such as the United States, Singapore, the UAE, and Vietnam, and has factories in China and Vietnam, with a global headquarters and settlement center in Singapore [6]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and projected for 2024 is approximately RMB 1.23 billion, RMB 1.50 billion, and RMB 1.99 billion, respectively [6][7]. - The net profit for the same periods is projected to be a loss of RMB 167 million in 2022, a profit of RMB 98 million in 2023, and a profit of RMB 293 million in 2024 [7].

Core Viewpoint - Shenzhen Ruiming Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, positioning itself as a global provider of AI solutions for commercial vehicles [1][3]. Group 1: Business Overview - Ruiming Technology specializes in AI solutions that enhance driving safety and fleet operational efficiency through vision-based AI technology [3][6]. - The company has over 20 years of experience in the commercial vehicle sector, allowing it to effectively address diverse application scenarios and customer needs [6]. - Ruiming Technology has developed over 80 intelligent algorithms covering advanced driver assistance, emergency braking, driver monitoring, and blind spot detection [6]. Group 2: Market Presence - The company has been active in overseas markets for nearly 20 years, with its solutions sold in over 100 countries and regions, covering more than 200 cities [6]. - Ruiming Technology has established 11 subsidiaries in countries such as the United States, Singapore, the UAE, and Vietnam, and has factories in China and Vietnam [6]. Group 3: Financial Performance - Revenue figures for Ruiming Technology are as follows: approximately 1.229 billion RMB in 2022, 1.505 billion RMB in 2023, 1.998 billion RMB in 2024, and 1.156 billion RMB for the six months ending June 30, 2025 [6][7]. - The company reported net profits of approximately -167 million RMB in 2022, 98 million RMB in 2023, 294 million RMB in 2024, and 206 million RMB for the six months ending June 30, 2025 [6][7]. - Gross profit margins have improved from 37.9% in 2022 to 46.0% in 2024, indicating a positive trend in profitability [7].