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].

Group 1 - The 20th Shanghai International Automobile Industry Exhibition (2025 Shanghai Auto Show) was held from April 23 to May 2, showcasing the advancements in intelligent cockpits and new energy charging systems, with Jiangsu Junsheng Group, a subsidiary of Xiangshan Co., Ltd., making a significant appearance [1] - Junsheng Electronics launched the new immersive intelligent cockpit, JoySpace+, which integrates smart technology and humanistic aesthetics to enhance the driving experience [4] - The cockpit features a "hidden electric air vent" designed to reduce visual clutter, utilizing fluid dynamics algorithms for automatic adjustment of airflow direction and volume, along with a smart air purification system that monitors and filters PM2.5 [7] Group 2 - Junsheng Group has over 20 years of experience in the intelligent cockpit sector, providing air management systems and luxury smart components to top global automotive brands such as Mercedes-Benz, BMW, and Audi, while also serving domestic brands like BYD and NIO [12] - From 2019 to 2023, Junsheng's air management systems ranked first in the domestic market share and second globally, recognized as a national champion product [12] - With the acquisition of Junsheng Electronics as a controlling shareholder, Xiangshan Co., Ltd. is entering a new development phase, focusing on R&D in intelligent cockpits and new energy systems while exploring emerging fields like low-altitude economy [12][13] Group 3 - Xiangshan Co., Ltd. is expanding its business into the low-altitude economy, including flying car projects, and is enhancing its core component R&D and production capabilities to meet future market demands [13] - The company has established three R&D centers in China, Germany, and North America, along with 15 production bases, actively participating in international standard-setting and supporting domestic brands in global markets [13] - Xiangshan Co., Ltd. aims to deepen its high-end, global, and innovative strategies, enhancing cooperation with traditional luxury and domestic brands worldwide to improve the position of the Chinese automotive industry in the global value chain [13]