Beijing NavInfo Technology Co., Ltd. (NavInfo) (002405)

Individual Stock Analysis Report | Industry: Software and Information Technology Services; Integrated Automotive Intelligence Solutions | Report Date: September 13, 2026 | As of the close on September 11, 2026; MA and Bollinger Bands are approximate calculations based on publicly available daily closing data; shareholder structure data are as of June 30, 2026 and March 31, 2026 respectively, subject to quarterly lag.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

NavInfo's operating performance in the first half of 2026 came under significant pressure: revenue was RMB 1.767 billion, up 0.36% year-on-year; net profit attributable to shareholders of the parent company was a loss of RMB 489 million, widening by 57.41% year-on-year; and net cash flow from operating activities was -RMB 267 million, further deteriorating from the same period last year. Although full-year 2025 revenue reached RMB 4.125 billion, up 17.25% year-on-year, with net profit attributable to shareholders of the parent company of RMB 104 million, non-GAAP net profit attributable to shareholders of the parent company remained at -RMB 1.481 billion, meaning the book turnaround has not yet translated into stable profitability in the core business.

The company's revenue structure is further concentrating in the Smart Cloud business. In 2025, Smart Cloud revenue was RMB 2.904 billion, accounting for 70.42% of total revenue; in the first half of 2026, Smart Cloud revenue was approximately RMB 1.285 billion, up 1.59% year-on-year, of which data compliance service revenue was approximately RMB 618 million, up 56% year-on-year. However, growth in the data compliance business is not yet sufficient to offset the impact of pricing pressure in Smart Chip, Smart Drive, and high-precision maps, weak passenger vehicle demand, rising raw material costs, and investment losses from associated companies.

The continued decline in profitability is the core contradiction at present. In 2025, the consolidated gross margin fell from 34.43% in 2024 to 24.73%; gross margins for Smart Cloud, Smart Chip, Smart Drive, and Smart Cabin were 26.02%, 27.64%, 17.82%, and 6.99% respectively. In the first half of 2026, operating costs rose 16.22% year-on-year, significantly higher than revenue growth, with an estimated gross margin of approximately 22.4%. The company's guidance and most public forecasts indicate that losses may continue in 2026–2027, with considerable divergence on the timing and extent of profit recovery.

As of September 11, 2026, the share price was RMB 6.06, close to the 52-week low of RMB 5.95, below MA5, MA10, MA20, and the calculated lower Bollinger Band, with short-term moving averages in a weak alignment; over the past 10 trading days, main funds recorded a net outflow of approximately RMB 11.2 million based on the extra-large order and large order criteria. Technically, no clear reversal signal has formed yet, and the market is still waiting for further validation of data compliance business monetization, improvement in Smart Chip and Smart Drive businesses, and cash flow recovery.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Smart Cloud: navigation maps, dynamic and high-precision maps, location services, automotive data compliance, data collection and processing, autonomous driving data closed loop, vehicle-road-cloud integration, and cloud data services
• Smart Chip: undertaken by subsidiary AutoChips, with main products including automotive electronics SoCs and MCUs, applied in scenarios such as smart cabins, body control, battery management, powertrains and chassis, domain controllers, zone controllers, and T-Box
• Smart Drive: integrated software-hardware advanced driver assistance solutions, driving-parking integration, parking, urban and highway navigation-assisted driving, autonomous driving algorithms, and domain controller solutions
• Smart Cabin: in-vehicle infotainment systems, smart cabin software, integrated smart cabin software-hardware solutions, multimodal interaction, AI Agent, and cockpit-driving fusion products
• Company positioning: transforming from a traditional navigation electronic map supplier into a "new Tier 1" integrated solution provider for automotive intelligence, forming four major business segments: "Smart Cloud, Smart Drive, Smart Cabin, and Smart Chip"

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

NavInfo is positioned in the mid-to-upper reaches of the automotive intelligence industry chain, with business covering maps and spatiotemporal data, data compliance, cloud services, automotive electronic chips, intelligent driving, and smart cabins, attempting to upgrade toward a comprehensive Tier 1 integrating "data, maps, algorithms, chips, cabins, and driver assistance systems." Its core resources include dynamic and static map databases, dynamic data update capabilities, autonomous driving data processing capabilities, data compliance systems, vehicle-road-cloud project experience, and automotive-grade chip design and mass-production supply chain capabilities.

• Cloud computing and data processing resources: including cloud servers, storage, computing, networking, security services, and data processing services. In 2025 Smart Cloud business costs, project costs accounted for 60.35%, operating costs 22.09%, data processing costs 5.27%, and labor costs 5.89%.
• Chip manufacturing supply chain: including wafer fabrication, packaging and testing, automotive-grade certification, and related electronic components. The company primarily engages in chip design and does not fully cover wafer fabrication, thus depending on foundries, packaging and testing houses, and upstream manufacturing capabilities.
• Smart cabin and driver assistance hardware: including domain controllers, displays, communications, sensors, storage, and other in-vehicle electronic components. In 2025 Smart Drive business costs, material costs accounted for 96.66%; in Smart Cabin business costs, operating costs accounted for 85.67%.
• In 2025, procurement from the top five suppliers was RMB 1.337 billion, accounting for 34.35% of total annual procurement; related-party procurement accounted for 7.76%. The company did not disclose complete supplier names, listing them only as "Unit 1–Unit 5," so the degree of single-source dependence on specific foundries, packaging and testing houses, or cloud service providers cannot be further verified.
• The company has limited control over cloud resources, chip manufacturing, packaging and testing, and hardware procurement prices, making it more susceptible to constraints from changes in cloud resource investment, chip manufacturing capacity, and electronic component prices.
• Downstream customers mainly include domestic and international OEMs, automotive Tier 1 suppliers and intelligent driving solution providers, cloud service platforms and system integrators, as well as governments, traffic management departments, and general contractors in vehicle-road-cloud projects.
• The company's customers cover domestic and international automakers including BMW, Toyota, Volvo, Ford, Great Wall, and Changan, and it cooperates with cloud platforms such as Alibaba Cloud, Amazon Cloud, and Volcano Engine.
• In 2025, sales to the top five customers were RMB 1.390 billion, accounting for 33.71% of total annual sales, with the largest customer accounting for 11.08%; in 2024, the top five customers accounted for 36.06%. The company did not disclose the actual names of the top five customers, listing them only as "Unit 1–Unit 5," making it impossible to confirm specific automaker or project customers.
• Customer concentration data correspond to the 2025 and 2024 annual report bases respectively; customer names were not disclosed, so specific concentration risk cannot be fully verified and should ultimately be based on the latest annual report.
• The company's bargaining power over downstream automakers is generally limited. The automotive industry faces strong cost-reduction pressure, and automakers typically pass pressure to Tier 1 suppliers and software vendors through annual price reductions, project bidding, and post-designation cost optimization.
• The company's 2023 annual report mentioned that continuous declines in automotive supply chain product unit prices and intensifying market competition squeezed product gross margins; the 2025 annual report noted fierce competition in the chip industry and pressure on pricing strategy, with revenue growth accompanied by gross margin decline.
• Historical revenue comparability for the Smart Drive business may be affected by the company's deep integration with Jingshi in December 2025 and changes in business organization and equity structure.
• As of December 31, 2025, the company's accounts receivable were approximately RMB 1.354 billion, equivalent to approximately 32.82% of 2025 revenue, indicating significant project delivery and major customer payment cycle occupation. The annual report did not directly disclose complete accounts receivable turnover days, aging structure, or cash conversion cycle by business segment, so this metric is only approximate evidence of working capital occupation and cannot replace a complete payment cycle analysis.
• In 2025, the top five suppliers accounted for 34.35% of procurement, and the top five customers accounted for 33.71% of sales; in 2024, the top five customers accounted for 36.06%. There is a certain degree of concentration in both upstream and downstream, but customer and supplier names were disclosed as "Unit 1–Unit 5," with the relevant data mainly sourced from the company's annual reports, and the degree of dependence on any single customer or supplier could not be further cross-verified.

NavInfo is positioned in the "data and software platform—automotive electronics solutions" midstream of the automotive intelligence industry chain, neither a pure upstream map data supplier nor a pure downstream automotive electronics hardware manufacturer. Its relatively high-value links are map data, Grade-A surveying and mapping qualifications, data compliance, automotive-grade chip shipments, and solution integration capabilities; profit improvement mainly depends on the scaling and standardization of Smart Cloud data services, chip product structure upgrading, Smart Drive solution volume ramp-up, and reducing automaker pricing pressure and project delivery costs.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

In H1 2026, non-GAAP net profit attributable to the parent was -RMB 482.78 million, down 52.19% year-on-year from -RMB 317.21 million in the same period last year; basic earnings per share was -RMB 0.2093, down 57.37% from -RMB 0.1330 in the same period last year. Net cash flow from operating activities was -RMB 267.26 million, compared with -RMB 90.46 million in the same period last year, deteriorating 195.45% year-on-year. As of June 30, 2026, net assets attributable to shareholders of the listed company were RMB 8.31005 billion, down 7.20% from RMB 8.95471 billion at the end of 2025. In 2025, non-GAAP net profit attributable to the parent remained at -RMB 1.481 billion; the book turnaround does not mean the main business has achieved stable profitability.

In H1 2026, the company's revenue was essentially flat, but losses widened significantly. Operating costs were RMB 1.37024 billion, up 16.22% year-on-year, significantly higher than revenue growth; CICC estimated a gross margin of approximately 22.4%, down 10.6 percentage points year-on-year. R&D investment was RMB 464.99 million, down 15.89% year-on-year; administrative expenses were RMB 116.18 million, down 35.13% year-on-year. Smart Cloud business revenue was approximately RMB 1.285 billion, up 1.59% year-on-year, of which data compliance service revenue was approximately RMB 618 million, up 56% year-on-year; however, Smart Chip, Smart Drive, and high-precision map businesses came under pressure, and data compliance revenue growth has not yet fully translated into profit. The widened loss was mainly related to weak passenger vehicle demand, automakers cutting component procurement budgets, rising chip and raw material costs, and rigid R&D spending.

3.2 Profit Forecasts

As of September 12, 2026, Tonghuashun F10 showed that 3 institutions had made forecasts for 2026 performance over the past six months; the above aggregated forecasts are values displayed on public pages. Directly verifiable detailed forecasts mainly correspond to the semi-annual report review published by the Lü Wei team at Guolian Minsheng Securities on September 2, 2026, and should not be fully equated with a sufficiently diversified multi-institution consensus. The 2026 EPS forecast range is -RMB 0.42 to RMB 0.01, with a mean of approximately -RMB 0.22; the 2027 range is -RMB 0.43 to RMB 0.02, with a mean of approximately -RMB 0.18; for 2028, only 1 institution currently forecasts, an insufficient sample size. Guolian Minsheng Securities in May 2026 had forecast 2026–2028 net profit attributable to the parent of RMB 61 million, RMB 249 million, and RMB 480 million respectively; the September report significantly lowered its profit judgment.

3.3 Valuation Levels and Institutional Ratings

As of the close on September 11, 2026, the share price was approximately RMB 6.06, total market capitalization approximately RMB 14.316 billion, and price-to-book ratio approximately 1.75x; another data source as of September 10 showed a share price of RMB 6.17, total market capitalization of RMB 14.624 billion, and price-to-book ratio of 1.76x, with differences due to closing basis and data refresh timing. Overall, the company's market capitalization is approximately RMB 14.3–14.6 billion, with PB approximately 1.75–1.76x. Because trailing net profit and net profit in most forecast periods are negative, the dynamic P/E and TTM P/E have no normal reference significance. Based on the market capitalization of approximately RMB 14.316 billion on September 11, 2026, the corresponding 2026–2028 PS based on Guolian Minsheng Securities' revenue forecasts is approximately 2.95x, 2.41x, and 1.97x; the PS valuations used in that institution's report were 3.1x, 2.5x, and 2.1x respectively, roughly close to each other. At the current stage, PS and PB are more meaningful than PE, but whether the valuation can be realized depends on whether data compliance and chip revenue can translate into gross profit and cash flow. Publicly available target prices are roughly RMB 8.4–11.89, but due to significant differences in report publication timing, profit forecasts, and valuation methods, they cannot simply be regarded as a unified target price consensus. There is significant divergence in the company's 2026–2027 profit forecasts, with pessimistic forecasts showing net profit attributable to parent losses possibly reaching approximately RMB 1.0 billion; going forward, key focus should be on data compliance business revenue and gross margin, Smart Chip business costs and product prices, Smart Drive mass-production deliveries, R&D expenses, associated company losses, and improvement in operating cash flow.

4. Recent News and Announcements

4.1 September 8, 2026: Board Secretary Responds to Equity Incentive Unlocking Matters

The company's board secretary stated that the unlocking conditions for the equity incentive plan have been clearly disclosed in relevant announcements, and whether the shares will ultimately be unlocked depends on whether the 2026 audited financial data meet the assessment targets. The company will strive to improve operating performance, but such statements do not constitute performance commitments. Because the company's H1 2026 net profit attributable to parent was a loss, whether the equity incentive can be unlocked is currently uncertain and requires waiting for the full-year audited results. This information comes from an investor Q&A on the Shenzhen Stock Exchange EasyIR platform and is not a new temporary announcement.

4.2 September 11, 2026: Company Responds That All Designated Projects Are Progressing Normally

The company stated in investor interaction that all designated projects are progressing normally. However, as of now, the company has not simultaneously disclosed new order amounts, customer names, project gross margins, or the quantitative impact on full-year 2026 revenue and profit, so it is not possible to directly infer the extent of performance improvement from this.

4.3 No New Major Temporary Announcements in September 2026

As of September 13, 2026, the public announcement list shows that the company's most recent batch of formal announcements was mainly concentrated on August 26, 2026, including the 2026 semi-annual report, semi-annual report summary, investor relations activity record, special report on raised funds, board resolution announcement, and related system amendments. During the period from September 1 to September 13, 2026, no new formal announcements were found regarding major mergers and acquisitions, new share repurchase plans, controlling shareholder increases or decreases in holdings, major regulatory penalties, or major asset restructuring. Some websites may have delayed announcement inclusion; the final reference should be disclosures on CNINFO.

4.4 H1 2026 Performance Disclosure: Revenue Essentially Flat, Net Profit Attributable to Parent a Loss

The company achieved operating revenue of RMB 1.767 billion in H1 2026, up 0.36% year-on-year; net profit attributable to shareholders of the listed company was -RMB 489 million, down 57.41% year-on-year; basic earnings per share was -RMB 0.2093. The company had expected H1 2026 net profit attributable to parent to be a loss of RMB 351.597 million to RMB 502.281 million, a year-on-year change range of a decline of 13.22% to 61.74%, and the formally disclosed result fell within the previous earnings forecast range. Performance pressure was mainly affected by weak domestic passenger vehicle market demand, automakers cutting component procurement budgets, declining unit prices for Smart Drive and high-precision map products, the SoC business being affected by memory chip price increases and delayed volume ramp-up of new models, and increased investment losses from associated companies.

4.5 Data Compliance Services Continue to Grow, But Q3 and Full-Year Performance Still Lack Clear Guidance

In H1 2026, Smart Cloud business revenue was RMB 1.285 billion, up 1.59% year-on-year; of which data compliance service revenue was RMB 618 million, up 56% year-on-year. The company currently presents a divergence of "growth in data compliance business, pressure in automotive intelligence-related businesses," and data compliance growth is not yet sufficient to fully offset pricing pressure and investment losses in Smart Drive, automotive-grade chips, and high-precision map businesses. As of September 13, 2026, the company has not disclosed Q3 2026 or full-year 2026 earnings guidance, and the full-year profit recovery situation remains unclear.

4.6 June 2026: Completed Repurchase and Cancellation of Certain Restricted Shares

The company completed the repurchase and cancellation of 513,000 restricted shares on June 16, 2026 at China Securities Depository and Clearing Corporation Limited Shenzhen Branch, and disclosed the announcement on June 17. This cancellation involved certain former incentive recipients under the 2021 restricted stock incentive plan, accounting for approximately 0.0216% of the company's total share capital; after cancellation, the company's total share capital changed from 2,370,648,814 shares to 2,370,135,814 shares. This matter is a routine repurchase and cancellation during the implementation of the restricted stock incentive plan, not a new share repurchase plan aimed at the secondary market.

4.7 Employee Stock Ownership Plan Unlocking Arrangement Still Subject to Performance Assessment

The company disclosed on July 3, 2026 the announcement that the first lock-up period of the initial grant under the 2025 employee stock ownership plan had expired and the unlocking conditions had been met. The actual allocation of relevant interests still needs to be combined with company-level performance assessment and individual performance assessment results. Combined with the company's September 8, 2026 interactive response, whether the relevant shares under the employee stock ownership plan or equity incentive can be fully unlocked in the future still carries the risk of failing to meet performance assessment targets. As of September 13, 2026, no new market-based share repurchase plans or repurchase progress announcements were found.

4.8 Shareholder and Equity Dynamics: Low Pledge Ratio, No Signals of Control Change Found

As of June 30, 2026, the company had 171,241 shareholder accounts, a decrease of 6,183 accounts from March 31, 2026, a decline of 3.48%; this data is not real-time September 2026 data and cannot directly represent September shareholder structure changes. As of September 11, 2026, third-party data disclosed that the company had approximately 30.846 million pledged shares, with a total pledge ratio of approximately 1.3%, and 2 pledge transactions, showing no sign of rapid increase in pledge risk for the time being, but the final reference should be company announcements or China Securities Depository and Clearing disclosures. As of September 13, 2026, no new announcements were found regarding changes in controlling shareholder, changes in actual control, major negotiated transfers, or large-scale reductions by major shareholders.

4.9 Intelligent Driving Regulatory Policies and Industry Standards Developments

The company mentioned in its August 26, 2026 investor relations activity record that in early July 2026, China's first mandatory national standard for L2 combined driver assistance, GB47955-2026, was issued, planned to apply to all newly declared vehicle models starting January 1, 2027; and that the draft amendment to the Road Traffic Safety Law published on August 25, 2026 added a chapter related to autonomous vehicles. Related policies may raise compliance thresholds for intelligent driving products and strengthen regulatory requirements for driver assistance function boundaries, product safety responsibility, and data compliance, potentially increasing R&D, certification, and compliance costs in the short term, while potentially benefiting companies with comprehensive capabilities in maps, data compliance, automotive-grade chips, and intelligent driving over the medium to long term. The above content comes from the company's investor relations activity record, not regulatory documents received by the company, and does not mean the company has obtained related policy subsidies or orders; specific implementation rules and commercial impact remain uncertain.

4.10 Company Participates in Automotive Data Standards Work, No Direct Performance Contribution Disclosed Yet

The company disclosed that in July 2026 it became the lead unit of WG7, the data standards working group under the MIIT TC8 Standardization Technical Committee. This matter reflects the company's increased industry participation in automotive data standards and data compliance, but no direct contribution amount from this role to the company's revenue, orders, or profit has been disclosed, and it cannot be directly equated with commercial orders or performance increment.

4.11 Mergers and Business Integration: No New Major Matters Found in September

As of September 13, 2026, no new major merger or asset restructuring announcements by the company in September 2026 were found. The company's 2026 semi-annual report disclosed that in December 2025 NavInfo completed deep integration with Jingshi, and the integrated "New Jingshi" serves as the company's Smart Drive business platform; this matter is a previously completed business integration, not a new merger event occurring in September 2026. As of June 30, 2026, the company's long-term equity investments involved 30 companies, totaling approximately RMB 6.681 billion; no new major equity acquisition or disposal announcements in September have been found so far.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, NavInfo closed at RMB 6.06, close to the 52-week low of RMB 5.95. The share price is below MA5, MA10, MA20, and the calculated lower Bollinger Band, with moving averages in a weak alignment of MA5 < MA10 < MA20; RSI (14) at approximately 42 indicates insufficient bullish momentum but not yet in a typical oversold range. The most direct short-term support is near RMB 6.00, and RMB 6.28–6.34 is a dense resistance zone formed by MA10, MA20, and the Bollinger middle band. Recently, main funds recorded a net outflow of approximately RMB 11.2 million over the past 10 trading days based on extra-large and large order criteria; neither the technical nor the fund flow picture shows a clear sustained offensive signal.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario analysis based on closing data as of September 11, 2026, does not constitute investment advice, and is not a deterministic price forecast; scenario weights are subjective heuristic judgments based on current technical patterns and fund flows, not statistical probabilities.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; subjective heuristic weight, not statistical probability): Reference range RMB 6.00–6.34. Trigger conditions include holding RMB 6.00–6.06, turnover maintaining the recent normal range of approximately RMB 180–260 million, main funds no longer showing continuous significant net outflow, and an upward rebound that temporarily cannot effectively break above RMB 6.28–6.34. If this holds, the share price may fluctuate repeatedly around RMB 6.10–6.30.
• Weaker downside (moderate weight; subjective heuristic weight, not statistical probability): Reference path is breaking below RMB 6.00 and testing near RMB 5.95. Trigger conditions include an effective close below RMB 6.00, turnover on declines significantly higher than the recent norm of approximately RMB 200 million and continuously expanding to above RMB 300 million, continuous net outflow of main funds, or synchronous weakness in software, intelligent driving, and computer sectors. If it further breaks below RMB 5.95, it may enter a phase of seeking new low-level support.
• Rebound strengthening (low-to-moderate weight; subjective heuristic weight, not statistical probability): Reference range is observing RMB 6.38–6.52 after recovering above RMB 6.28–6.34. Trigger conditions include standing above the dense zone of MA10, MA20, and Bollinger middle band, single-day turnover significantly higher than the recent average of approximately RMB 200 million, main funds shifting from net outflow to sustained net inflow, and synchronous strengthening in the industry or intelligent driving-related sectors. If it breaks above RMB 6.52 on increased volume, the technical pattern may shift from a weak rebound to a stronger repair.

③ Fund and Liquidity Background

As of September 11, 2026, the turnover rate was 1.31%, and turnover was approximately RMB 188 million; over the past 5 trading days, turnover was approximately RMB 164–383 million, averaging approximately RMB 256 million. On September 4, turnover was approximately RMB 383 million with a turnover rate of 2.53%, after which turnover declined, and current trading activity is lower than the previous peak. Based on extra-large and large order criteria, main funds recorded a net outflow of approximately RMB 11.2 million over the past 10 trading days. In terms of shareholder structure, as of June 30, 2026, the top ten tradable shareholders held approximately 430 million shares, accounting for approximately 18.25% of tradable shares, and platform evaluation indicated low main force control; as of March 31, 2026, the top ten tradable shareholders held approximately 432 million shares, accounting for approximately 18.35% of tradable shares, with total institutional holdings accounting for approximately 20.46% of tradable shares, of which funds accounted for approximately 4.06%. The above shareholder data are subject to quarterly lag, and the actual structure as of September 11, 2026 may have changed. The data indicate a relatively large tradable share base, a relatively high number of shareholder accounts, and low concentration, so short-term movements may be more susceptible to market style, industry sentiment, and fund flows; however, based on existing data alone, real-time order book depth or specific slippage levels cannot be further confirmed.

The checkable volume confirmation signal is: if the share price recovers above RMB 6.28–6.34 while single-day turnover continuously expands to above approximately RMB 300 million, and main funds show net inflow for at least two consecutive days, this can be regarded as an observation signal of strengthened short-term fund support; if turnover also expands to above RMB 300 million when the price breaks below RMB 6.00, it is closer to a high-volume breakdown signal.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 6.00–6.06 support area can hold, and whether the strong support at RMB 5.95–6.00 is effectively broken.
• Observe whether the share price can recover back into the RMB 6.28–6.34 dense zone of moving averages and Bollinger middle band, and further face the RMB 6.38–6.52 resistance area.
• Observe whether turnover can continuously expand to above approximately RMB 300 million when breaking through resistance, and whether main funds shift from the recent 10-day net outflow to continuous net inflow.
• The above are all observation ideas, not buy, sell, or hold instructions.

The above scenario analysis is based on closing data as of September 11, 2026 and calculations from historical prices and technical indicators. Short-term share prices will also be disturbed by multiple factors such as news, fund flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual movements, and do not constitute buy or sell recommendations. Please combine the latest market information, make independent judgments, and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

NavInfo operates simultaneously in intersecting industries including high-precision maps and automotive data services, intelligent driving and new Tier 1, smart cabins, vehicle-road-cloud, and automotive electronic chips, and cannot be evaluated using the single industry of "software development" alone. Industry competition revolves around map qualifications and data resources, data compliance, automaker designations, algorithms and computing power, chip products, software-hardware system integration, and project delivery capabilities.

6.2 Competitive Landscape

• The high-precision map and automotive data services industry has barriers including surveying and mapping qualifications, data collection, update and maintenance, data security, and automaker certification. Major participants include NavInfo, Amap, Baidu, Tencent, Huawei, and China Map.
• NavInfo's advantages lie in long-term service to the automotive front-installation market, holding Grade-A navigation electronic map surveying and mapping qualifications, possessing nationwide map production and data compliance capabilities, and having multiple international automaker customers; its relative weakness is the lack of ultra-large-scale C-end map traffic and crowdsourced data ecosystems compared with companies such as Amap and Baidu.
• The intelligent driving industry is shifting from single-point functions and module supply to comprehensive delivery of "data + algorithms + computing power + hardware," with participants including traditional automotive parts Tier 1 suppliers, software algorithm companies, chip companies, internet platforms, and automaker in-house teams.
• Automotive electronic chip competitors include international automotive-grade chip manufacturers such as NXP, Infineon, Renesas, and STMicroelectronics, domestic automotive MCU manufacturers such as GigaDevice, Guoxin Technology, Chipon, SemiDrive, and Flagchip, and smart cabin and autonomous driving SoC manufacturers such as Horizon Robotics, Black Sesame Technologies, SiEngine, and NVIDIA.
• AutoChips has formed dual product lines of SoC and MCU. As of December 31, 2025, cumulative global chip shipments exceeded 312 million units, with both SoC and MCU shipments exceeding 100 million units; in 2025, MCU shipments grew nearly 40% year-on-year, serving more than 400 customers and adding nearly 50 new customers.
• In 2025, the company's Smart Cloud business revenue share reached 70.42%, up from 64.08% in 2024; the Smart Chip business maintained growth, Smart Cabin revenue contracted significantly, and the Smart Drive business has not yet formed a revenue scale sufficient to offset the decline in Smart Cabin.
• NavInfo's business overlap with comparable companies is not entirely consistent, and the research notes did not provide market share or valuation data under a unified basis, so a simple horizontal ranking cannot be formed from this.

6.3 Major Competitors

NavInfo's comparable company pool was established based on business intersections in maps, data services, vehicle-road-cloud, intelligent driving, smart cabins, and automotive electronic chips. Compared with China TransInfo, the company places more emphasis on map data and automotive data compliance; compared with Hirain Technologies, Thundersoft, and Desay SV, the company's business simultaneously covers maps, cloud services, and automotive electronic chips, but it is not entirely the same type in terms of scaled traditional automotive electronics hardware; compared with Amap, Baidu, and Huawei, the company lacks ultra-large-scale C-end traffic, ecosystem, and capital advantages. The above comparisons only reflect business overlap and do not mean revenue structure, business model, or market share are fully comparable.

7. Risk Warnings

• Risk of profit recovery falling short of expectations: H1 2026 net profit attributable to parent was a loss of RMB 489 million, non-GAAP net profit attributable to parent was a loss of RMB 483 million, and public forecasts for 2026–2027 still show possible losses; although 2025 net profit attributable to parent was positive, non-GAAP net profit attributable to parent still showed a loss of RMB 1.481 billion.
• Risk of insufficient monetization of data compliance business: H1 2026 data compliance service revenue grew 56% year-on-year, but overall Smart Cloud revenue grew only 1.59%, and data compliance growth has not yet fully translated into profit; Smart Cloud project costs grew 108.54% year-on-year in 2025, and cloud resource, data operations, and project delivery investment may continue to pressure gross margin.
• Chip business price and cost risk: The Smart Chip business faces fierce competition and pricing pressure, with gross margin falling to 27.64% in 2025; in H1 2026 it was also affected by memory chip price increases and delayed volume ramp-up of new models, and the company depends on wafer fabrication, packaging and testing, and other automotive-grade chip supply chains.
• Risk of Smart Drive and Smart Cabin volume ramp-up falling short of expectations: In 2025, Smart Cabin revenue declined and gross margin fell to 6.99%, while Smart Drive revenue accounted for only 6.13% of total revenue; after deep integration with Jingshi, the Smart Drive business still needs to achieve scaled mass production through designated projects, and the company currently has not disclosed new order amounts, project gross margins, or quantitative contribution to full-year performance.
• Customer concentration and bargaining risk: In 2025, the top five customers accounted for 33.71% of sales, with the largest customer accounting for 11.08%; automakers typically pass pressure to suppliers through annual price reductions, project bidding, and post-designation cost optimization. If major customers' procurement budgets continue to contract, this may simultaneously affect revenue, gross margin, and collections.
• Working capital and cash flow risk: As of the end of 2025, accounts receivable were approximately RMB 1.354 billion, equivalent to approximately 32.82% of full-year revenue; H1 2026 net cash flow from operating activities was -RMB 267 million, significantly deteriorating from the same period last year. If project delivery or major customer collections are delayed, capital occupation may further increase.
• Risk of volatility in associated company and long-term investment gains/losses: Factors pressuring H1 2026 performance included increased investment losses from associated companies; as of the end of June 2026, the company's long-term equity investments involved 30 companies totaling approximately RMB 6.681 billion, and related investment income or impairment changes may significantly disturb net profit attributable to parent.
• Risk of failing equity incentive assessment: The company has clearly stated that equity incentive unlocking must be based on 2026 audited financial data meeting assessment targets, while H1 2026 already showed a large loss. Whether the relevant shares can be unlocked is currently uncertain, reflecting pressure on the company's full-year performance assessment.
• Technical and market liquidity risk: As of September 11, 2026, the share price was near the 52-week low, below MA5, MA10, MA20, and the calculated lower Bollinger Band, and main funds recorded a net outflow of approximately RMB 11.2 million over the past 10 trading days under the relevant statistical criteria; if it effectively breaks below RMB 5.95, existing technical support may fail, but technical indicators cannot guarantee future movements.

8. Conclusion and Outlook

The company's medium- to long-term growth logic mainly comes from the coordinated development of automotive intelligence, data compliance, and automotive-grade chip businesses. The Smart Cloud business has a foundation in map data, data compliance, cloud services, and vehicle-road-cloud projects; AutoChips has formed dual product lines of SoC and MCU, with a certain foundation in cumulative shipments and customer scale; after deep integration with Jingshi, the Smart Drive business is expected to advance mass production through integrated software-hardware solutions. However, whether Smart Cloud scale growth can translate into profit depends on the standardization level of data compliance services, control of cloud resource and project delivery costs, and whether the Smart Drive and Smart Chip businesses can improve product structure and pricing pressure.

The short-term fundamentals remain in an adjustment phase. In H1 2026, revenue was essentially flat while losses widened, and R&D, automaker procurement budgets, chip and raw material costs, and associated company investment gains/losses all affected profit; as of now, the company has only stated that all designated projects are progressing normally and has not disclosed new order amounts, customer names, project gross margins, or full-year quantitative impact. Public forecasts differ significantly in their 2026–2027 profit judgments, indicating high uncertainty in performance recovery. Going forward, key observations should include data compliance revenue and gross margin, Smart Chip costs and shipments, Smart Drive mass-production deliveries, operating cash flow, and non-GAAP profit changes.

At the valuation level, the company's trailing and most forecast-period net profits are negative, so PE lacks normal reference significance, and it is currently more appropriate to observe in conjunction with PS, PB, and future profit realization. Technically, RMB 6.00–6.06 and RMB 5.95–6.00 constitute short-term and strong support observation zones respectively, while RMB 6.28–6.34 is a resistance area formed by moving averages and the Bollinger middle band; these price levels only reflect the technical state as of September 11, 2026 and cannot replace judgment on the company's fundamentals and market environment.

Data Sources

• NavInfo (002405)_Company Announcements_NavInfo: 2023 Annual Report Sina Finance_Sina
• https://static.cninfo.com.cn/finalpage/2026-04-29/1225236620.PDF
• NavInfo (002405)_Company Announcements_NavInfo: 2024 Annual Report Sina Finance_Sina
• Beijing NavInfo Technology Co., Ltd. 2022 Annual Report Full Text
• NavInfo (002405)_Company Announcements_NavInfo: 2023 Annual Report Sina Finance_Sina
• 2025 China High-Precision Map Industry Key Enterprise Comprehensive Competitiveness Ranking (Chart) - AskCI Consulting
• 〖Most Complete〗2025 Vehicle-Road Collaboration Industry Listed Companies Comprehensive Comparison (with business layout summary, performance comparison, business planning, etc.)_Industry Research Report - Forward Industry Research Institute__Caijing Toutiao__Sina Finance
• NavInfo (002405)_Company Announcements_NavInfo: 2026 Semi-Annual Report Sina Finance_Sina
• NavInfo (002405) Profit Forecast_F10_Tonghuashun Financial Services Network
• NavInfo (002405): Data Compliance Supports Growth, Profitability Under Pressure_Company Research_Sina Finance_Sina
• NavInfo (002405): Benefiting from Rising Intelligent Vehicle Penetration, Building a "Data, Chip" Dual-Engine Growth Pattern__Sina Finance_Sina
• NavInfo (002405): Smart Cloud and Smart Chip Drive Growth, Profitability Under Short-Term Pressure_Caifuhao_East Money
• NavInfo sz002405 Stock Price, Quotes, Live, News, Financial Reports, Data - Aigupiao
• NavInfo (002405) Stock Information - Data Platform
• NavInfo (002405)_Stock Quotes, Quotes Homepage_CFI
• NavInfo (002405.SZ) Chart - Yahoo Finance
• NavInfo (002405) - Historical Trading Data | Dabanke
• Seewayai (002405) Stock Quotes Trend Technical Analysis_Future Forecast_Buy Sell Recommendations_Investing.com
• NavInfo (002405) Latest Updates_F10_Tonghuashun Financial Services Network

This report was automatically retrieved, compiled, and generated by AI based on public channel information, with information as of the close on September 11, 2026; MA and Bollinger Bands are approximate calculations based on publicly available daily closing data; shareholder structure data are as of June 30, 2026 and March 31, 2026 respectively, subject to quarterly lag. There may be timeliness differences; for specific data, please refer to the company's formal announcements and authoritative data terminals. This report is only for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.