Fundraising Plan Overview - The company plans to raise a total of no more than 1,104.94 million yuan through a specific issuance of A-shares, with the net proceeds allocated to various projects totaling 1,452.16 million yuan [1][10] Project Investment Details - The Shenzhen production line expansion project will utilize 304.46 million yuan to enhance production capacity for automotive electronic products, particularly focusing on radar and camera systems [2][4] - The Huizhou production line project will allocate 471.88 million yuan to expand production capacity for intelligent automotive electronic systems and components [12][20] - The R&D center upgrade project will use 328.60 million yuan to enhance research capabilities in intelligent driving and perception systems [21][28] Industry Context and Policy Support - The project aligns with national policies promoting the development of the intelligent automotive industry, with significant government support for autonomous driving and smart vehicle technologies [3][26] - The automotive industry in China is transitioning towards higher levels of automation and intelligence, increasing demand for advanced perception systems [4][25] Market Demand and Growth Potential - The market for automotive cameras is projected to grow at a compound annual growth rate of 21.31%, indicating strong demand for intelligent driving solutions [8][18] - The penetration rates for advanced driver-assistance systems (ADAS) are expected to rise significantly, with L2 and above systems projected to reach 1,098.2 million units in 2024 [21][27] Competitive Advantages - The company has established a robust quality control system and has received multiple certifications, ensuring high standards in production and product reliability [8][16] - The company has built strong relationships with major automotive manufacturers, providing a solid customer base and enhancing its market position [9][10] Financial Impact - The fundraising will improve the company's asset structure and financial stability, enhancing its ability to navigate industry cycles and support sustainable growth [29][31]

Core Insights - The event "Starry Shine in Pengcheng" focused on investment and mergers in the intelligent connected vehicle sector, gathering over 120 representatives from various institutions in Shenzhen [1] - The Shenzhen intelligent connected vehicle industry has established a leading advantage characterized by "legislation first, scenario-driven, and ecological co-construction" [1] - Shenzhen ranks first in the number of patent-holding companies and second in patent disclosures nationwide in the intelligent connected vehicle sector [1] Industry Overview - The intelligent connected vehicle industry in Shenzhen is entering a new phase characterized by full city-wide openness, full vehicle coverage, and full scenario applications by 2025 [1] - Key technological advantages in Shenzhen's intelligent connected vehicle cluster are concentrated in automotive chips, algorithms, and operating systems [1] - Innovation hotspots are primarily in software development, heads-up displays (HUD), ultrasonic radar, integrated control systems (ADAS), and millimeter-wave radar [1] International Comparison - The U.S. and Germany led the transition from horse-drawn carriages to motor vehicles, while Japan excelled in vehicle-road collaboration over the past 30 years [1] - China is viewed as having a significant advantage in the current era of intelligent driving, with optimistic trends in the development of intelligent connected vehicles [1] Investment and Collaboration - The event included discussions on industrial investment data and services for mergers and acquisitions in Shenzhen [1] - Leading companies such as Huawei and BYD engaged in deep dialogues with investment institutions and innovative enterprises [1]

Investment Overview - The company, through its wholly-owned subsidiary Jiangsu Zhichi Zhiyuan Holdings Co., Ltd., plans to acquire a 62.45% stake in Chongqing Junge Electronics Technology Co., Ltd. for a total investment of 36,666,667 RMB at a price of 7 RMB per registered capital unit [1][2][3] Investment Details - The acquisition involves signing multiple agreements including the Capital Increase Agreement, Share Transfer Agreement, Shareholders Agreement, and Transition Service Agreement [1][2] - The total transfer amount for the stake is 25,666,667 RMB, with the shareholding structure changing post-transaction [3][4] Financial Performance - Junge Electronics reported a net profit of 29,898,400 RMB for the fiscal year 2024, exceeding the performance target by over 80% [3][5] - The financial data as of March 31, 2025, shows total assets of 979,511,200 RMB and total liabilities of 595,635,800 RMB, indicating a healthy financial position [5] Valuation Assessment - The valuation of Junge Electronics was conducted using both income and market approaches, with the income approach yielding a total equity value of 685,000,000 RMB, reflecting an 80.63% increase over the audited book value [6][7] - The market approach provided a slightly higher valuation of 694,000,000 RMB, with a difference of 9,000,000 RMB between the two methods [6][7] Business Operations - Junge Electronics specializes in the research, development, production, and sales of ultrasonic radar, visual sensors, and body controllers, having established itself as a first-tier supplier for major automotive manufacturers in China [4][5] - The company aims to integrate sales, research, and production in the intelligent driving sector, focusing on ultrasonic and visual sensing technologies [4][5]

Core Insights - Radar technology plays a crucial role in various sectors, including national defense and civilian applications, significantly transforming production and daily life [2][6][8] Group 1: Radar Technology Applications - Radar systems enable dynamic flight predictions during adverse weather, assist in agricultural pest control, and provide precise underground environment monitoring during tunnel construction [2] - The latest non-coherent scattering radar can detect minute electronic movements from hundreds to thousands of kilometers away, showcasing advanced capabilities in signal analysis [3] - Radio wave radar actively emits signals to track spacecraft during critical phases, ensuring continuous monitoring even in signal blackout zones [4] Group 2: Aviation Safety - Radar acts as a reliable "traffic guardian" in aviation, capable of scanning airspace and providing accurate data for aircraft safety during low visibility conditions [4][6] - The C-band digital phased array weather radar at Beijing Daxing International Airport has achieved a significant increase in reliability, extending operational hours from 600 to over 3000 hours [4] Group 3: Agricultural and Environmental Monitoring - Advanced radar systems, such as the high-resolution multi-frequency insect detection radar, are now widely used in agriculture to monitor harmful insects, providing critical data for pest migration studies [7] - Meteorological radars have been developed to quickly monitor severe weather conditions, offering timely warning information to mitigate disaster impacts [6] Group 4: Future Developments - The integration of radar technology with artificial intelligence is being accelerated, enhancing autonomous decision-making capabilities and driving innovation across various industries [8]

汽车辅助驾驶已经逐渐成为现代汽车的重要组成部分。它不仅能够提升驾驶的安全性，还能为驾驶员提供更加人性化的驾驶体验。而这一切都离不开感 知技术的支持。那么，汽车辅助驾驶究竟是如何通过感知技术来实现其功能的呢？ 感知方案都有哪些？ 蝙蝠通过超声波听声点位，人类通过眼睛和耳朵来感知空间，而在汽车上，则通过各种传感器进行感知。目前市场主流的组合辅助驾驶主要是 V+R+L+U的感知组合，其中R代表毫米波雷达，V代表摄像头，L代表激光雷达，U代表超声波雷达，此外，车内的车载驾驶员监控（DMS）也算作一个摄 像头。 举例来说，以比亚迪的天神之眼C为例，其配备了5个毫米波雷达与12个摄像头，包括3颗800万前视摄像头、4颗300万环视摄像头、4颗300万侧视摄像 头、1颗300万后视摄像头，也就是5R12V感知方案。 V+R+L+U们看到的世界是什么样的？ 以奔驰为例，其前视采用双目摄像头。双目摄像头通过两个摄像头同时感知前方物体，并利用视差算法计算物体距离，从而实现较为精准的测距功能。 BEV鸟瞰图 举例来说，通过多个摄像头采集图像后融合，系统将采集图像通过矫正后，统一输入到神经网络来提取特征，然后通过注意力机制的神经网络 ...

Group 1 - The core viewpoint of the articles is the strategic partnership between Baolong Technology and Junlian Zhixing, which aims to enhance collaboration in the fields of intelligent assisted driving and smart cockpits [2][4][5] - The collaboration is expected to significantly improve supply chain efficiency and accelerate the research and application of new technologies, enabling manufacturers to bring advanced and reliable smart vehicle products to market faster [4] - Junlian Zhixing, a subsidiary of Joyson Electronics, has over 20 years of experience as a first-tier supplier to global OEMs, collaborating with renowned automotive brands such as Volkswagen, Audi, BMW, NIO, and HiPhi [4][5] Group 2 - Baolong Technology is a global supplier of intelligent and lightweight technology solutions for the automotive industry, with a presence in China, North America, and Europe, including 9 production parks, 19 factories, and 11 R&D centers [5] - The partnership will focus on L2 to L4 level assisted driving and smart cockpit areas, leveraging each company's strengths to achieve resource sharing and complementary advantages [5] - The strategic cooperation is seen as a strong alliance in technology and market, aiming to transform the smart automotive industry and provide users with a more intelligent, safe, and personalized travel experience [5]