Core Viewpoint - Shenzhen Ruiming Technology Co., Ltd. is set to launch an H-share listing in Hong Kong, marking a significant step in its capital strategy to enhance global brand influence and optimize capital structure after six years of A-share listing [1] Group 1: Company Overview - Ruiming Technology, established in 2002, has evolved from a video surveillance technology provider to a leading global supplier of visual AI solutions and video equipment for commercial vehicles [1] - The company has over 20 years of industry experience, integrating cutting-edge AI technology to create a diverse product matrix addressing safety and efficiency needs [1] Group 2: Market Position and Financial Performance - In 2024, Ruiming Technology ranks first in the global commercial vehicle video equipment market and fourth in the global commercial vehicle visual AI solutions market [2] - The company has shown rapid growth, with revenue from continuing operations increasing from 1.4 billion RMB in 2022 to 2.8 billion RMB in 2024, representing a compound annual growth rate of 42% [2] - Net profit improved significantly from a loss of 167 million RMB in 2022 to a profit of 294 million RMB in 2024 [2] - The overseas market revenue share reached 46.38% in 2024 and further increased to 66.51% in the first half of 2025, with a gross margin consistently above 50% [2] Group 3: Industry Trends and Regulatory Environment - Global regulations on commercial vehicle safety are becoming stricter, with mandates for new vehicles to be equipped with advanced safety systems like AEBS and DMS, creating a growth opportunity for Ruiming Technology [3] - The company is proactively advancing in high-level intelligent driving, having launched the Xbus autonomous bus and signed agreements with partners in Guangzhou and Saudi Arabia [3] Group 4: Funding and Future Plans - The net proceeds from the H-share listing will primarily be allocated as follows: approximately 60% for R&D in advanced intelligent driving and AI model systems, about 20% to expand production capacity in Vietnam, and the remainder for brand promotion and working capital [3] - Analysts note that the timing of the Hong Kong listing aligns with a critical phase of technological upgrades and global expansion for the company [4]

Group 1: Financial Performance - The company's Q3 revenue decreased compared to the same period last year primarily due to the loss of control over a subsidiary, which is no longer included in the consolidated financial statements. Excluding this impact, the main business revenue remained stable year-on-year [3] - The net profit for the quarter declined due to fluctuations in customer orders and government subsidies, but the overall net profit for the first three quarters showed significant year-on-year growth [3] - The gross profit margin for the main business has remained stable over the past two years, indicating a positive development trend [3] Group 2: Impact of Tariffs and Global Operations - The company has diversified its global operations, with rapid growth in regions such as Asia-Pacific, South America, the Middle East, and Africa, which enhances its risk resilience against geopolitical issues [3] - The establishment of a manufacturing center in Vietnam in 2023 helps mitigate tariff issues and meets operational capacity needs [3] - The company believes the impact of U.S. tariff policies on its overall performance is controllable and limited [3] Group 3: Technological Advancements - Since 2014, the company has invested in artificial intelligence (AI) technology, developing solutions for fleet management and AI-assisted driving [3] - The launch of the SafeGPT product in 2024, based on large model technology, aims to improve operational safety and efficiency for users [3] - The company plans to continue tracking emerging technologies to develop intelligent products that meet customer needs [4] Group 4: Future Strategic Focus - The company will increase R&D investment in advanced intelligent driving technology, focusing on the application of the XBus solution in public transport and logistics vehicles [4] - The company aims to enhance its core competitiveness and accelerate the commercialization of new technologies [4] Group 5: Overseas Market Development - The overseas business has shown good growth in the first three quarters, with an optimistic overall demand trend [5] - Future efforts will focus on optimizing global business layout and expanding into emerging markets to enhance resilience against external uncertainties [5]