New Stock News | Fortitec's prospectus update with 49 OEM common partners, producing more than 260 mass production projects.

On May 23, ForTech updated its prospectus, disclosing the full-year financial data for 2024. The prospectus shows that ForTech's revenue in 2022, 2023, and 2024 were 328 million yuan, 908 million yuan, and 1.283 billion yuan, respectively, with a compound annual growth rate from 2022 to 2024 of 97.9%. Key indicators such as designated projects and production projects have also seen significant growth. According to ZHUISHI Consulting data, the company's market position has significantly improved. ForTech is the largest independent supplier of driving assistance solutions in China for L2 level in 2024, with a market share of 21.3%. For L2 and L2+ level driving assistance solutions in 2024, ForTech has risen to second place among domestic third-party suppliers, with a market share of 17.7%, up one position from last year. Stable growth of customers and scalable production have unleashed tremendous market potential. The top ten domestic OEMs in terms of car sales in 2024 have applied the company's solutions. From June 30, 2024 to December 31, 2024, ForTech's OEM partners have increased to 49 in just half a year, with more than 330 designated projects (280 as of June 30) and over 260 production projects (200 as of June 30). In the second half of 2024, an average of 2 projects were designated and produced each week, positioning the company as one of the few leading partners in the industry for safe and stable mass production. It is noteworthy that ForTech has the industry's scarce integrated advanced driver assistance platform ODIN3.0. ODIN3.0 utilizes AI large models as the base, integrating controllers, sensors, software algorithms, and data closed-loop platforms, continuously upgrading the efficiency of ForTech's technological and engineering innovations. Based on the advanced intelligent driving platform, ForTech has launched a three-level product matrix covering FT Pro (basic solution), FT Max (enhanced solution), and FT Ultra (advanced solution) to meet diverse market demands. With the increasing demand for upgrades in intelligent cars and technological iterations from 2022 to 2024, ForTech's delivery volumes for FT Max and FT Ultra solutions have grown rapidly, with growth rates of 482% and 651% respectively. The continuous technological accumulation and rapid commercialization are opening up new profit spaces and further validating ForTech's competitive advantage in the "dual-wheel drive" strategy for passenger and commercial vehicles. In 2025, the mid-level advanced driving assistance market is set to boom, with ForTech releasing the "Intelligent Enjoy National Edition" (11V3R12USS Lane Park Integrated) solution, which flexibly adopts various engineering innovative technologies to achieve the same amazing intelligent driving effects with smaller computing power. With just 128 TOPS, it can achieve end-to-end CNOA assistance for high-speed highways, urban roads, and memory parking functions in parking lots. ForTech is responding to new market demands with technological innovation and engineering capabilities. In November of last year, ForTech submitted its application for listing to the Hong Kong Stock Exchange, with CITIC, CICC, Huatai, and HSBC serving as joint sponsors. The company's shareholder lineup includes influential automotive companies such as SAIC, BAIC, Geely, Dongfeng, and Shanqi, as well as government industrial funds and reputable professional investment institutions, all working together to accelerate China's leading position in intelligent driving assistance solutions.