We are an intelligent driving and cabin solutions provider in China, offering solutions for critical aspects of the driving experience, including piloting, parking and in-cabin functions. With advanced R&D and commercialization capabilities, we empower intelligent vehicles, enhancing safety and driving experiences while promoting vehicle automation. We are devoted to becoming a leader in the automotive intelligence solutions industry adhering to an incremental approach of intelligent driving development, which means that we gradually develop our intelligent driving solutions of increasing degrees of automation. We provide Level 0 to Level 2+ intelligent driving solutions that are in-house developed and proven by mass production, and we have also been proactively developing more advanced autonomous driving technologies. As of the Latest Practicable Date, we had accumulatively undertaken mass production for 35 automotive original equipment manufacturers (OEMs). We have deployed in the sectors of individual vehicle intelligence and vehicle infrastructure cooperative system, and we aim to create a more comprehensive solutions portfolio that meets diverse customer needs, contributing to the establishment of an automotive intelligence ecosystem. Our in-house platform-based technologies, software-hardware-integrated R&D capabilities and solid mass production capabilities provide our solutions with significant technical advantages and cost-effective features.
Our Solutions
Our solutions comprise intelligent driving solutions, intelligent cabin solutions and vehicle infrastructure cooperative systems. We have achieved remarkable accomplishments in each of our business lines:
‧ Intelligent driving solutions. Our intelligent driving solutions primarily include the iSafety and iPilot series. Our iSafety solutions, developed based on advanced driver assistance system (ADAS) technologies, feature: (i) a rich array of cost-effective functions enhancing automotive intelligence and safety; and (ii) high compatibility with various vehicle models, system-on-chip (SoC) platforms and other components. Leveraging our technological capabilities at higher levels of intelligent driving techniques, we provide iPilot solutions to accommodate needs of OEMs for more innovative automation functions of their vehicles in a wide range of application scenarios. Furthermore, we are developing automated driving system (ADS) functions and expect to deliver our iRobo solutions in the first quarter of 2025, which are currently in the testing phase. Our iRobo solutions can support fully autonomous driving in specific areas and operating scenarios. In 2021, 2022, 2023 and the six months ended June 30, 2024, we had design wins under development for our intelligent driving solutions for 18, 19, 20 and 25 vehicle models with 12, 13, 14 and 16 OEMs, respectively, and had undertaken mass production for 22, 50, 56 and 67 vehicle models with 10, 17, 20 and 22 OEMs, respectively. According to CIC, our market share among all intelligent driving solutions providers in China was 0.6% in terms of revenue of Level 0 to Level 2+ solutions in 2023.
‧ Intelligent cabin solutions. Our intelligent cabin solutions are centered around in-cabin sensing and in-cabin interaction, primary comprising Driver Monitoring System (DMS), Occupant Monitoring System (OMS) and other solutions. Supported by our in-house proprietary algorithms, our intelligent cabin solutions are able to achieve high stability and accuracy while performing a broad spectrum of functions that enrich the in-vehicle user experience and automotive safety. In 2021, 2022, 2023 and the six months ended June 30, 2024, we had design wins under development for our intelligent cabin solutions for 4, 17, 31 and 16 vehicle models with 3, 9, 9 and 8 OEMs, respectively, and had undertaken mass production for nil, 3, 10 and 30 vehicle models with nil, 2, 7 and 9 OEMs, respectively. According to CIC, we are among the first batch of suppliers of DMS solutions in China that successfully supported OEMs in obtaining driver drowsiness and attention warning (DDAW) certifications for their vehicle models under the EU General Safety Regulation (GSR).
‧ Vehicle infrastructure cooperative systems. We have been proactively developing vehicle infrastructure cooperative systems, expecting to advance intelligent transportation infrastructure and smart cities. With the intelligent collaborations among the on-board devices of individual vehicle intelligence and the roadside devices of vehicle infrastructure cooperative system, we have been promoting vehicle-to-infrastructure connectivity, and we are committed to achieving further commercialization in this sector. We offer vehicle infrastructure cooperative systems that integrate in-house designed sensor devices, such as radars and cameras, our in-house developed algorithm structures, and advanced “vehicle-to-everything (V2X)” technologies. We generally work with customers in the transportation infrastructure sector aiming to augment road safety and traffic efficiency, and also help customers manage traffic flows in industry parks and parking areas. During the Track Record Period and up to the Latest Practicable Date, we had participated in 21 typical vehicle infrastructure cooperative system projects in China.
We have strategically laid out and advanced our three principal business lines based on our three core strengths in algorithm development, software engineering and hardware design. This strategy aligns with the market demand and technology development in the automotive intelligence solutions industry.
Intelligent driving solutions are the core and foundation of our business. The market’s recognition and application of intelligent driving technologies is a step-by-step process, and we have accordingly adopted an incremental strategy. Starting from basic ADAS functions, we have been continually refining and enhancing our solutions. Our intelligent driving solutions portfolio is tailored to meet the requirements of various driving scenarios and diverse vehicle models of OEMs. The technological capabilities, accumulated experience, expansive customer base and esteemed reputation we have cultivated since our inception provide a robust foundation for our future growth.
Intelligent cabin solutions significantly elevate the safety and comfort of journeys for both drivers and passengers, creating synergies with intelligent driving solutions. As automotive intelligence advances to higher levels, the importance of the interaction among various driving and cabin solutions becomes more prominent. Intelligent cabin solutions not only bolster safety by monitoring driver behavior and status and timely intervening during intelligent driving, but also provide interactive and intelligent in-cabin functions, offering differentiated driver and passenger experiences. With our strengths in both sectors, we are well positioned to deliver advanced solutions in line with the trend of “crossover and integration” as advocated by mainstream OEMs.
The vehicle infrastructure cooperative systems stand as pivotal elements in realizing overall automotive intelligence. In response to the development of intelligent transportation infrastructure and smart cities, in addition to focusing on individual vehicle intelligence, we have also entered broader application scenarios and new markets by offering solutions in relation to vehicle infrastructure cooperative systems. By fostering vehicle-to-infrastructure connectivity and information interaction, our solutions empower vehicles with extended perception capabilities, acting as a driving force for the widespread adoption of intelligent driving technologies.
During the Track Record Period, our solutions were deployed in a growing number of vehicle models. As of December 31, 2021, 2022 and 2023 and June 30, 2024, we had design wins under development for 20, 36, 51 and 41 vehicle models with 14, 20, 21 and 22 OEMs, respectively, and had undertaken mass production for 22, 53, 64 and 94 vehicle models with 9, 19, 26 and 29 OEMs, respectively. Our design wins boast a high conversion rate to mass production, underscoring our strength in project execution. In the intelligent driving solutions segment, for design wins secured in 2021, 2022 and 2023, the rate of commencing mass production by the end of the Track Record Period was 96.2%, 83.9% and 50.0%, respectively; for design wins secured in 2023 and the six months ended June 30, 2024, the rate of commencing mass production by the Latest Practicable Date was 90.9% and 58.3%, respectively. In the intelligent cabin solutions segment, for design wins secured in 2021, 2022 and 2023, the rate of commencing mass production by the end of the Track Record Period was 100.0%, 100.0% and 63.2%, respectively; for design wins secured in 2023 and the six months ended June 30, 2024, the rate of commencing mass production by the Latest Practicable Date was 89.5% and 11.1%, respectively. Despite the growing number of design wins obtained by us during the Track Record Period, there is no guarantee that such projects will eventually reach mass production nor any guarantee on the respective selling prices and commercial terms of our solutions.
Our revenue increased from RMB175.2 million in 2021 to RMB279.4 million in 2022 and further increased to RMB476.2 million in 2023, representing a CAGR of 64.9% from 2021 to 2023. Our revenue increased by 44.5% from RMB163.8 million for the six months ended June 30, 2023 to RMB236.7 million for the same period in 2024.
Our experienced and visionary management has built a comprehensive team covering R&D, procurement, production, and marketing and sales, consistently creating value for our shareholders and customers. As a pioneer of incremental intelligent driving development in China, we are committed to shaping an automotive intelligence ecosystem through technological innovations to improve road safety and enhance driving experiences.
We operate as a solution provider in the industry value chain. Upstream, we source critical raw materials and components, including sensors, chips, high precision maps, positioning systems and other necessary materials. Our core activities encompass algorithm and software development, hardware design, testing and validation, system integration, production, quality control and after-sales services. These activities enable us to create comprehensive intelligent driving and cabin solutions that enhance vehicle intelligence, safety and in-vehicle experiences. For details of our competitive strengths compared to our peers, see “Business — Our Strengths.” Downstream, our solutions reach the market through two primary channels. We supply solutions directly to OEMs, collaborating closely with them to customize and integrate our technologies into their vehicle models. We also provide solutions to tier-one suppliers, who then integrate our technologies into their products before supplying them to OEMs.
Our Technologies
Our in-house R&D capabilities serve as the foundation for comprehensive technological advancements and iterations, enhancing the autonomy of our solutions and enabling us to extend into different business lines. Our in-house R&D capabilities enable us to swiftly commercialize our R&D achievements and form a more flexible solutions delivery model. We believe our in-house R&D capabilities are the key factor that sets us apart in the automotive intelligence solutions industry and the cornerstone for the commercialization of our future R&D achievements. Our in-house R&D capabilities enable us to quickly respond to market changes, strengthen customer cooperation, establish competitive advantages, and enhance our industry reputation.
Our technologies possess the following core advantages that allow us to achieve commercialization efficiently:
‧ Core Algorithms. Our in-house developed core algorithms, encompassing the four main intelligent driving modules, i.e. perception, fusion, mapping and localization, and planning and control, enable us to quickly respond to the needs of our customers cost-effectively.
‧ Compatible and Portable Technologies. Our algorithms and middleware can be flexibly embedded on multiple mainstream SoC platforms, thereby ensuring high reusability across various vehicle models and streamlining the development process.
‧ Software-Hardware-Integrated Design Capabilities. By concurrently designing software and hardware, we can build a more holistic and optimized system, improving the compatibility, stability and overall performance of our solutions.
Source: Minieye Tec (02431) Prospectus (IPO Date : 2024/12/17) |