Core Viewpoint - Siwei Tuxin (002405.SZ) has developed a comprehensive low-altitude economy solution through its subsidiary, Sixfen Technology, which includes high-precision positioning services, low-altitude flight licenses, low-altitude application scenarios, and a government low-altitude safety supervision platform. The company is actively pursuing project implementation and aims to secure more orders related to the low-altitude economy [1]. Group 1 - Sixfen Technology has formed a complete low-altitude economy solution [1] - The solution encompasses high-precision positioning services, low-altitude flight licenses, low-altitude application scenarios, and government safety supervision [1] - The company is engaging with multiple cities to promote project implementation [1] Group 2 - Sixfen Technology's high-precision positioning products are being applied in unmanned logistics vehicles and lawnmowers [1] - The company has provided services to several leading enterprises and is beginning to expand globally [1]

Industry Trends - The trend of "smart driving equality" is becoming crucial, with mid-to-high level assisted driving evolving from a "value-added service" to a "decisive factor" in the mass market [2] - Mid-level assisted driving features are expected to become standard in vehicles priced around 100,000 RMB, promoting the widespread adoption of assisted driving technology [2] - The chip industry is experiencing rapid growth driven by domestic companies accelerating their layout in the third-generation semiconductor field due to increasing cost pressures from U.S. export restrictions [2] Business Performance - The compliance business achieved a growth rate of 150% in 2024, with Q1 2025 also exceeding 100% growth [3] - The revenue for the intelligent cloud segment in 2024 is projected to be 2.254 billion RMB, reflecting a year-on-year growth of 28.96% [3] Product Development - The company is transitioning from a map provider to a data and model infrastructure provider for intelligent driving, with capabilities in behavior prediction and trajectory generation [4] - The SoC chip shipments have reached 90 million units, while MCU chip shipments have surpassed 70 million units, indicating strong market demand [6] Financial Metrics - The company’s revenue per employee is approximately 1.68 million RMB, representing an increase of over 50% year-on-year [8] - The profitability of intelligent driving solutions is influenced by order composition, including development costs and procurement costs, with a focus on achieving economies of scale [5] Regulatory Environment - Recent regulations aim to rectify the chaotic state of the intelligent connected vehicle industry, promoting high-quality development through stricter entry and testing requirements [6] - The commitment from major manufacturers to limit payment terms to 60 days will enhance cash flow and reduce financial costs for the company [6] Strategic Partnerships - The company collaborates with various cloud service providers to enhance its intelligent cloud business, covering key areas such as data security compliance and smart driving applications [16] Market Opportunities - The new national standards for two-wheeled vehicles, effective from September 2025, are expected to create new market demands for the company's SoC products [9] - The company is actively pursuing opportunities in the low-altitude economy, with a complete solution already in place [18]