商业化存短板 驭势科技选择了以封闭场景为突破口的发展策略。根据弗若斯特沙利文的数据，按2024年收入计算，驭 势科技是大中华区最大的机场场景及厂区场景中商用车L4级自动驾驶解决方案供应商，市场份额分别 达到91.7%和45.1%。 然而，封闭场景的市场规模相对有限，且竞争日益激烈。相比之下，开放场景如Robotaxi(无人驾驶出租 车)虽然前景广阔，但技术难度更大，商业化进程更为缓慢。对于明确的C端场景拓展计划，《证券日 报》记者就相关问题采访驭势科技相关负责人，该负责人表示公司目前属于上市静默期，不方便回复。 日前，中国证监会国际合作司发布驭势科技(北京)股份有限公司(以下简称"驭势科技")境外发行上市及 境内未上市股份"全流通"备案通知书，公司拟发行不超过1891.42万股境外上市普通股并在香港联合交 易所上市。公司41名股东拟将所持合计1.12亿股境内未上市股份转为境外上市股份，并在香港联合交易 所上市流通。这标志着驭势科技已获得赴港上市的关键"通关文牒"。 当前，自动驾驶产业正从示范测试走向可复制的运营落地，机场牵引、园区物流、港口运输等封闭或半 封闭场景，成为L3-L4级自动驾驶率先规模化的"主战场 ...

截至9月30日，先进数通股东户数5.15万，较上期减少11.68%；人均流通股7504股，较上期增加 13.23%。2025年1月-9月，先进数通实现营业收入22.73亿元，同比增长49.83%；归母净利润8614.46万 元，同比增长163.10%。 1月9日，先进数通盘中上涨2.05%，截至14:05，报15.41元/股，成交2.36亿元，换手率3.99%，总市值 66.27亿元。 资金流向方面，主力资金净流入1521.77万元，特大单买入563.11万元，占比2.39%，卖出441.07万元， 占比1.87%；大单买入5599.37万元，占比23.77%，卖出4199.64万元，占比17.83%。 先进数通今年以来股价涨2.32%，近5个交易日涨2.32%，近20日涨5.33%，近60日跌11.74%。 资料显示，北京先进数通信息技术股份公司位于北京市海淀区车道沟1号青东商务区B座4层，成立日期 2000年10月31日，上市日期2016年9月13日，公司主营业务涉及提供面向商业银行为主的IT解决方案及 服务,包括软件解决方案、IT基础设施建设及IT运维服务。主营业务收入构成为：IT基础设施建设 80.0 ...

先进数通今年以来股价涨7.52%，近5个交易日涨3.34%，近20日跌2.02%，近60日跌5.89%。 12月22日，先进数通盘中上涨2.03%，截至11:19，报14.55元/股，成交6608.15万元，换手率1.18%，总 市值62.57亿元。 今年以来先进数通已经1次登上龙虎榜，最近一次登上龙虎榜为1月3日，当日龙虎榜净买入-857.53万 元；买入总计1.23亿元 ，占总成交额比10.95%；卖出总计1.32亿元 ，占总成交额比11.71%。 资金流向方面，主力资金净流入280.91万元，特大单买入481.77万元，占比7.29%，卖出309.88万元，占 比4.69%；大单买入1265.62万元，占比19.15%，卖出1156.59万元，占比17.50%。 资料显示，北京先进数通信息技术股份公司位于北京市海淀区车道沟1号青东商务区B座4层，成立日期 2000年10月31日，上市日期2016年9月13日，公司主营业务涉及提供面向商业银行为主的IT解决方案及 服务,包括软件解决方案、IT基础设施建设及IT运维服务。主营业务收入构成为：IT基础设施建设 80.07%，软件解决方案11.41%，IT运行维 ...

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is making another attempt to list on the Hong Kong Stock Exchange, focusing on L4 autonomous driving technology and commercial vehicles in closed scenarios such as airports and factories [2] Group 1: Industry Position and Market Focus - Yushi Technology is the largest supplier of L4 autonomous driving solutions for commercial vehicles in airport and factory scenarios in Greater China, with a significant market share [2] - The company is the only global supplier providing large-scale commercial L4 autonomous driving solutions for airports, meeting the highest international safety standards [2] - The revenue from airport scenarios is projected to account for 35.1%, 71.2%, 58.7%, and 50.3% of total revenue from autonomous vehicle solutions and leasing services from 2022 to June 2025 [2] Group 2: Business Operations and Revenue Streams - The core products of Yushi Technology include commercial vehicles equipped with L4 autonomous driving capabilities, autonomous driving kits, software solutions, and leasing services, designed for unmanned operation without standby safety personnel [2] - The company has established partnerships with 20 airports, including 17 in China and 3 overseas, and is exploring opportunities with 4 new airports [2] - Revenue from factory scenarios is expected to represent 26.4%, 22.2%, 25.8%, and 12.0% from 2022 to June 2025 [3] Group 3: Financial Performance and Client Relationships - Major clients include Fortune 500 companies, with the revenue contribution from the top five clients being 57.6%, 66.0%, 46.2%, and 82.8% from 2022 to June 2025 [3] - The average retention rate of key clients, contributing over 10 million yuan, is 100%, 75.0%, 75.0%, and 40.0% for the respective periods [3] - The procurement amount from the top five suppliers has remained stable, accounting for 32.2%, 35.5%, 33.7%, and 54.4% during the same period [3] Group 4: Research and Development Capabilities - Yushi Technology's R&D capabilities are a core competitive advantage, with centers in Beijing, Shanghai, and Chongqing focusing on AI, L4 autonomous driving, hardware, and cloud technology [4] - The R&D team consists of 227 members, with 52.4% holding master's degrees or higher, led by core members with over 8 years of industry experience [4] - The company has invested in R&D with expenditures of 189 million yuan, 184 million yuan, 196 million yuan, and 98 million yuan from 2022 to the first half of 2025 [4] Group 5: Intellectual Property and Compliance - Yushi Technology has been granted 627 patents and has submitted 234 patent applications, with a significant portion of its technology being developed internally [4] - All solutions are classified as "designated special technology products" under Hong Kong listing rules, with all revenue during the performance period derived from such product sales [4]

Core Viewpoint - Shenghui Clean (02521) shares rose over 9%, currently up 9.62% at HKD 0.57, with a trading volume of HKD 3.0508 million [1] Group 1: Investment and Acquisition - Shenghui Clean announced a non-binding intention agreement for potential investment with the target company, Hao Huo (Chongqing) Network Technology Co., Ltd [1] - Guangzhou Shenghui plans to invest cash to subscribe for new equity in the target company, aiming to hold at least 51% of the equity post-investment [1] Group 2: Business Operations and Synergies - The target company specializes in providing software solutions that assist SMEs in human resource allocation, training, administration, and legal management using AI and cloud technology [1] - The board believes that the potential investment, if realized, presents a good opportunity for the group to expand revenue sources, integrate technology with daily operations to save costs, and optimize resource allocation, creating synergies with the group's existing business [1]

Core Viewpoint - Shenghui Clean (02521) shares rose over 9%, reaching 0.57 HKD with a trading volume of 3.05 million HKD, following the announcement of a potential investment agreement with Hao Huo (Chongqing) Network Technology Co., Ltd. [1] Group 1 - Shenghui Clean's subsidiary, Guangzhou Shenghui, has signed a non-binding letter of intent for a potential cash investment in the target company, aiming to acquire at least 51% of its equity post-investment [1] - The target company specializes in providing software solutions that assist SMEs in human resource allocation, training, administration, and legal management, utilizing AI and cloud technology [1] - The board believes that the potential investment, if realized, presents a good opportunity for the group to expand revenue sources, integrate technology with daily operations to reduce costs, and optimize resource allocation, creating synergies with existing business [1]

Group 1 - The company, Shenghui Clean (02521), has entered into a non-binding letter of intent for a potential cash injection into the target company, Hao Huo (Chongqing) Network Technology Co., Ltd., which will result in Shenghui Clean holding at least 51% of the target company's equity after the investment is completed [1] - A refundable deposit of RMB 9 million has been agreed upon, which will be returned within three working days if the letter of intent is terminated or if a formal investment agreement is not established within 60 days after the deposit payment [1] - The target company specializes in providing software solutions that utilize artificial intelligence (AI) and cloud technology to assist small and medium-sized enterprises in areas such as human resource allocation, training, administration, and legal management [1] Group 2 - The potential investment is seen as a significant opportunity for the group to expand revenue sources, integrate technology with daily operations to reduce costs, and optimize resource allocation [2] - The group primarily provides cleaning and maintenance services, which are labor-intensive and face challenges such as high employee turnover and constraints related to working hours, geography, gender, and age [2] - By adopting AI algorithms developed by the target company, the platform can be used for training new employees and allocating available full-time and part-time staff to necessary job positions, thereby optimizing internal and external resources and significantly reducing labor costs [2]

Group 1 - The company, Shenghui Clean (02521), announced a non-binding intention agreement for potential investment in Hao Huo (Chongqing) Network Technology Co., Ltd., aiming to acquire at least 51% equity after the investment completion [1] - Guangzhou Shenghui has agreed to pay a refundable deposit of RMB 9 million to the target company, which will be fully refunded within three working days if the agreement is terminated or a formal investment agreement is not established within 60 days [1] - The target company specializes in providing software solutions using AI and cloud technology to assist small and medium-sized enterprises in human resource allocation, training, administration, and legal management [1] Group 2 - The board believes that the potential investment, if realized, presents a good opportunity for the group to expand revenue sources, integrate technology with daily operations, reduce costs, and optimize resource allocation [2] - The group primarily provides cleaning and maintenance services, which are labor-intensive and face high employee turnover, constrained by factors such as working hours, location, gender, and age [2] - By adopting AI algorithm technology developed by the target company, the platform can be used for training new employees and allocating available full-time and part-time staff to required job positions, significantly reducing labor costs and facilitating digital transformation for long-term development [2]

Core Viewpoint - The company, Shenghui Clean (02521.HK), has entered a non-binding intention agreement for a potential investment in HaoHuo (Chongqing) Network Technology Co., Ltd., aiming to acquire at least 51% of the target company's equity by November 18, 2025 [1] Group 1: Investment Details - The potential investment is aimed at expanding revenue sources and integrating technology into daily operations to reduce costs and optimize resource allocation [1] - The target company specializes in providing software solutions that utilize AI and cloud technology to assist small and medium-sized enterprises in human resource allocation, training, administration, and legal management [1] Group 2: Strategic Benefits - The board believes that the investment could create synergies with the company's existing business, which primarily involves labor-intensive cleaning and maintenance services [1] - The adoption of AI algorithms developed by the target company could enhance training for new employees and optimize the allocation of full-time and part-time workers to necessary job positions, significantly reducing labor costs [1] - This move is seen as a step towards digital transformation and long-term development for the company [1]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue was approximately $1,000,000,000, representing a 7% sequential increase and exceeding expectations by about $65,000,000 [5][8] - Adjusted EBITDA margin for Q3 was 17.1%, exceeding expectations by approximately 140 basis points [9] - GAAP EPS for Q3 was $1.28, while adjusted EPS was $1.94, excluding certain one-time items [10] - The company raised its full-year 2025 revenue guidance to between $3,760,000,000 and $3,790,000, reflecting strong Q3 results [15] Business Line Data and Key Metrics Changes - JBT segment revenue was $465,000,000, increasing approximately 2% year-over-year and sequentially, with adjusted EBITDA of $71,000,000, a decrease of 13% [13] - MREL segment revenue was $537,000,000, a 12% sequential increase, with adjusted EBITDA of $100,000,000 and a margin of 18.6% [13][14] - Year-over-year synergy savings for Q3 amounted to $14,000,000 [10] Market Data and Key Metrics Changes - Combined JBT Madau orders reached $946,000,000, a 7% increase from the prior year [5] - Demand was strong in North America, while Europe and Asia showed softer performance; however, Latin America had a good quarter with large orders in pet food, poultry, and juice [6] Company Strategy and Development Direction - The company plans to introduce new segment reporting for 2025, focusing on Protein Solutions and Prepared Food and Beverage Solutions [12] - The integration of JBT and Morel is on track, with actions taken to capture synergy savings and enhance customer value [7][18] - The company aims to achieve annual run rate savings of $150,000,000 within three years of the combination [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment, particularly in the poultry market, with visibility extending into 2026 [49][61] - The company anticipates a growth year in 2026, supported by a strong backlog and healthy demand [59][61] - Management highlighted the importance of automation in response to labor pressures in food factories, particularly in the protein sector [37] Other Important Information - The company generated operating cash flow of $224,000,000 and free cash flow of $163,000,000 for the year, with record quarterly operating cash flow of $88,000,000 in Q3 [14] - The financial leverage ratio decreased from four times at the close of the combination to 3.1 times by the end of Q3, with expectations to drop below three times by year-end [14][15] Q&A Session Summary Question: What is driving the higher EBITDA margins in the Morrel segment? - Management attributed the higher margins to increased volume, operating leverage, and synergy savings, along with improvements in meat and fish segments [30] Question: What are the expectations for Q4 in terms of revenue and costs? - Management expects lower revenue in Q4 compared to Q3 due to a pickup in Q3 that is not expected to recur, along with anticipated increases in tariff expenses impacting margins [33][35] Question: How is automation trending in the business? - Automation remains a key focus, particularly in the protein sector, with significant opportunities in secondary processing areas [37] Question: Can you provide insights on cross-selling opportunities? - Management noted improvements in cross-selling opportunities, with a strong pipeline and successful integration of sales teams from both legacy companies [42][48] Question: What is the outlook for the AGV business? - The AGV business is expected to see strong demand moving into Q4 and 2026, despite a weaker performance in Q3 due to tariffs and delayed orders [76] Question: How is the company managing tariff impacts and pricing? - The company has enacted price increases to mitigate tariff impacts and has been fair with customers, resulting in strong order retention [78]