"Innovation + Products + Customers" to create a triple protective barrier. Shunyu Intelligent Travel goes to Hong Kong for IPO to start a new chapter of growth.

Driven by the wave of AI technology, the automotive industry is undergoing a profound technological revolution. On one hand, AI-driven intelligent perception systems are becoming the core of advanced autonomous driving, pushing vehicles from Level 2 assisted driving towards higher levels of autonomous decision-making. On the other hand, the role of cars is being redefined as they evolve from mere transportation vehicles to highly intelligent "smart third spaces" with real-time perception and interactive capabilities. Continuously enhancing human travel safety, comfort, and intelligence experience through technological innovation is currently the industry's most certain growth trend. The trend of intelligent in-car systems is significantly driving the demand for in-car optical hardware. Data shows that by 2024, the average number of cameras in global new energy vehicles will reach about 4.8, far exceeding the 2.1 cameras in traditional fuel vehicles. At the same time, with the deep integration of intelligent perception and intelligent cockpit, distributed visual architecture is becoming mainstream. This means that the number of in-car cameras is expected to grow from 3-5 in 2024 to 8-12 in 2029, and their performance will accelerate towards high resolution, high dynamic range, and low-light performance. With the rapid development of the automotive optical industry, Shunyu Zhihang has recently officially submitted an application for listing on the Hong Kong Stock Exchange, attracting close attention from the market. As a global leading automotive optical technology company, Shunyu Zhihang has built a complete product system centered around intelligent perception and intelligent cockpit solutions and gradually expanded into emerging fields such as LiDAR, in-cabin projection displays, and intelligent headlights. Through independent research and development and technological accumulation, the company has established a comprehensive layout from optical components and product modules to system-level solutions, becoming one of the few enterprises in the industry with independent research and development capabilities for a full range of in-car optical solutions and mass delivery capabilities. Adhering to technological innovation as its core, Shunyu Zhihang has formed three core development advantages: building a solid technological "moat" through independent innovation, expanding broad growth space through forward-looking strategies, and solidifying a global high-quality customer network through deep cooperation. These three aspects work together to provide a solid guarantee for the company's high-quality, sustainable long-term development. In terms of technological innovation, Shunyu Zhihang has continuously led the industry's development through long-term, high-intensity research and development investment (R&D expense ratio has remained stable at around 9% for several years). The prospectus also disclosed that Shunyu Zhihang is one of the earliest providers of automotive-grade optical solutions and one of the earliest companies to develop ADAS camera solutions, persistently dedicated to driving innovation in the optical and intelligent technology fields. Over the past year, Shunyu Zhihang has continued to advance its strategy of high-end productization, driving industry technological upgrades and product iterations. In the field of optical technology, in response to the increasing demand for high-performance automotive visual systems in ADAS and ADS applications, the company has proactively deployed in the field of glass-plastic hybrid lenses with thinner design, higher transmittance, stronger thermal stability, and advantages in lightweight design and mass production. The development of 8M glass-plastic hybrid architecture products for intelligent cameras has been completed, complemented by automotive-grade variable aperture technology, effectively solving the problems of insufficient imaging in low-light environments and overexposure in bright environments, enabling cameras to output high-quality images under different lighting conditions and complex climatic conditions. Focused on driving safety and interactive experience, the company's independently developed -Mirror chassis blind zone real-time monitoring system utilizes innovative optical design and system layout to visualize the vehicle's bottom blind zone, effectively improving driving safety. The world's first ultra-high-resolution DLP PGU for 92-inch cinema-grade AR-HUD has been mass-produced, delivering a brighter, more vibrant, and more stable immersive visual experience to users. To date, the company has accumulated 823 authorized patents, including 543 invention patents, establishing a solid technological barrier and intellectual property protection system. Shunyu Zhihang has always been customer-oriented and has built an open, collaborative, and innovative cooperative ecosystem. By deeply embedding into the global mainstream automotive supply chain, the company has established long-term and stable strategic partnerships with many world-class Tier-1 suppliers and OEMs: the customer network covers 8 of the top 10 Tier-1 suppliers and 19 of the top 20 OEMs globally. The company has achieved full coverage of all local Chinese OEMs that were among the first to obtain conditional Level 3 automated driving access permits. The close cooperation with top customers not only provides a stable source of long-term orders but also ensures that the company's technological research and development and product innovation are always synchronized with the industry's forefront, forming a mutually beneficial and supportive cycle of development. From the perspective of the capital market, Shunyu Zhihang's spin-off listing from SUNNY OPTICAL is beneficial for the parent company in optimizing its business structure, focusing resources on core strengths, and improving operational efficiency, thereby enhancing the group's overall valuation. For Shunyu Zhihang, independent listing will provide more flexible operational autonomy, enabling rapid response to changes in the in-car optical market demand while expanding financing channels and enhancing market visibility. This will help the capital market to better understand the company's unique value and growth potential. Against the backdrop of the "long slope deep snow" in the smart travel track, Shunyu Zhihang, with its solid leading position and profound technological foundation, is becoming an innovative leader in this high-growth track. This IPO not only marks the company's entry into a new stage of development but also provides a golden opportunity for market investors to participate in the long-term growth of high-quality leading companies and share the dividends of the era of smart travel.