Smart Driving Supply Chain Enterprise MINIEYE (02431) Global Offensive Sample: Intensive Deployment in Emerging Markets, Gradual Breakthrough to Build Unique Competitive Advantage.

At the beginning of 2026, the Chinese automotive industry chain ushered in a key positive development: Shanxi Guoxin Energy Corporation's cars are breaking through the high tariff barriers in Europe and Canada, showing signs of a breakthrough. This undoubtedly will add strong momentum to China's automotive exports, which have been running wild for several years. Looking back at 2025, China's automotive export volume surged by 30% year-on-year, reaching the pinnacle of global ranking with 8.32 million units. This iconic data, together with the continuously improving external environment, points to an irreversible trend: the role played by the Chinese automotive industry chain in the global division of labor is transitioning from a "participant" to a "leader". In the above historical process, the actions of leading suppliers can be viewed as important indicators of observing the pace and effects of the industry chain going international. Take MINIEYE (02431) for example, since January, this intelligent driving pioneer has quietly laid down two key pieces overseas: the company first collaborated with India's leading automotive parts giant Sterling Group to jointly develop the South Asian intelligent driving market; then reached an agreement with EasyDrive Capital to deploy thousands of unmanned vehicles in the Middle East. Furthermore, MINIEYE recently announced that it has received a project notification from a well-known car manufacturer, and will develop and provide a range of advanced intelligent driving products for a wide range of vehicle models aimed at both domestic and overseas markets. According to the cooperation plan, the project is expected to generate a total order value of over 1.3 billion RMB over the entire lifecycle, and is scheduled to start mass production in the middle of this year. As MINIEYE begins to explore building an ecosystem with leading overseas automotive companies, the company is evolving from enabling Chinese domestic manufacturers to go international with their products and technology, to directly collaborating with international OEMs and Tier 1 suppliers. Today, MINIEYE has taken a key step towards transitioning to a strategy of "local layout" in overseas markets. By improving response speed, the company is also accumulating valuable experience in localization for its future global expansion. With a clear path for global expansion, the long-term investment value of MINIEYE is expected to be realized in an orderly manner. Global expansion into a new stage of overseas strategy Since the beginning of the year, MINIEYE's continuous layout in the Indian and Middle Eastern markets can be seen as a clear signal of its outward expansion. As one of the main forces in China's automotive supply chain going international, MINIEYE's overseas business has already formed a mature and diverse layout. The company's intelligent cockpit DMS integrated product iCabin 1 series, the front view integrated machine iSafety 3 for advanced driving assistance, and other mass-produced products have been exported to multiple countries and regions globally, including the European Union, Australia, Mexico, Singapore, South Korea, Dubai, and Turkey. From MINIEYE's perspective, the company's overseas strategy can be clearly divided into three stages: the 1.0 stage with the theme of "borrowing a boat to go out to sea", the 2.0 stage of comprehensive evolution in roles, technology, and regions, and the imaginative 3.0 stage of "local cultivation" in the future. In the 1.0 stage, MINIEYE mainly acted as an enabler for domestic OEMs, by incorporating its mature intelligent driving products into export vehicles to indirectly enter overseas markets. The core task of this stage was to achieve technological adaptation and regulatory accumulation, following the waves of Chinese vehicle exports to achieve initial internationalization. However, while "borrowing a boat to go out to sea" allowed MINIEYE to successfully enter the vast global market and complete initial technological validation and channel deployment, this model also constrained the depth and autonomy of its business to the pace set by the OEMs. From this new starting point, MINIEYE is actively seeking change, deeply entering the 2.0 stage of "directing and sailing". In the next stage, the company will directly target Tier 1 suppliers in overseas markets and actively collaborate with local OEMs and leading partners. For example, the collaboration with India's Sterling Group signifies its direct export of a full-stack solution to local companies and deep involvement in local production planning, leading to greater market autonomy. At the same time, after the accumulation in the previous stage, MINIEYE has also undergone key deepening in terms of regions and technologies. In terms of regional strategy, MINIEYE currently advocates a differentiated layout. While the industry is focusing on partnerships between US ride-hailing platforms like Uber, Lyft, and companies like Baidu for Robotaxi trials, MINIEYE's 2.0 overseas strategy cleverly avoids this homogenized competition. Unlike the previous stage that focused entirely on mature markets with regulations like the EU and Australia, in the next stage, MINIEYE's strategic focus will shift to a dual-line layout, expanding into both mature markets and emerging markets with significant growth potential. Considering the regulatory dividends of India mandating ADAS and DDAWS as standard by 2027, and the structural demand for smart logistics in the Middle East's "2030 vision", these favorable industry environments present opportunities for intelligent driving companies to make a mark in these potential markets with uncertain dynamics, and MINIEYE, which is currently seizing opportunities, is expected to establish advantages in branding, standards, and ecosystem partnerships. In addition, in terms of technology and products, unlike the previous focus on L2-level products that had undergone large-scale production and won through cost-effectiveness, the company is now ready for the overseas expansion of its L4-level autonomous driving business in the 2.0 stage. The company plans to commercialize advanced autonomous driving technology on a large scale and carry out deep localization adaptation for the high-temperature dust of the Middle East and the complex road conditions in India, making it the best "touchstone" for its full-stack self-developed technology system. However, in the author's view, the 2.0 stage of "directing and sailing" will not be the ultimate form of MINIEYE's overseas expansion. Looking ahead to the 3.0 stage of "local cultivation", MINIEYE will focus on building its independent operation and service system in overseas markets, not only selling products but also providing scenario-based operations and continuous services. For example, its ongoing plan to deploy thousands of unmanned vehicles in the Middle East outlines a blueprint for transitioning to an operator role. Through deep localization adaptation and efficient response, the company will establish long-term ecological advantages in key markets, thereby further enhancing its industry discourse power. Competing in the wave of "industrial overseas expansion" opens up long-term imaginative spaces In 2025, the narrative of "smart driving equality" swept through the automotive industry, and under policy catalysts, automotive intelligence is expected to enter a period of accelerated breakthrough this year. At the same time, the Chinese automotive industry is moving from the main battlefield of the domestic market to global competition, as reflected not only in the growth in sales but also in the innovation of models and the depth of global layout. Intelligence and overseas expansion are undoubtedly the main themes of the future development of the automotive industry. In the view of GMTEight, MINIEYE is the "common denominator" in these two major long-term trends. The company's deep technological production accumulation and outstanding regulatory capabilities together form a "moat" for its international competition. As of June 2025, MINIEYE had provided mass-produced products to 42 OEMs, expanding its services from Chinese domestic brands to joint ventures. This large-scale, multi-scenario production experience is the most powerful endorsement of its technological reliability, and the basis for its equality in cooperation with local giants like India's Sterling Group. Furthermore, MINIEYE's proactive layout around future overseas market compliance requirements is expected to have a positive impact on the company's deepening global footprint. According to publicly available data, MINIEYE is not only one of the first DMS suppliers in China to help OEMs comply with the E-NCAP five-star safety rating for intelligent cockpit solutions, but also the first to help Chinese models win certification for DDAW and ADDW under the European General Safety Regulations. This capability to meet the highest global standards enables MINIEYE to use regulatory barriers as an advantage in market access when expanding into new markets. Looking at MINIEYE from the perspective of the entire Chinese automotive industry chain, the company's path to overseas expansion can be seen as the latest proof of China's Tier 1 suppliers advancing from "cost advantage" to "technology + ecological advantage". As MINIEYE's 2.0 stage of overseas expansion continues to deepen, the company's scale expansion in emerging markets is expected to steadily increase its overseas revenue share, leading to an optimization of its overall revenue structure. In fact, the recently announced 1.3 billion RMB order for intelligent driving is already a "sneak peek" of MINIEYE's future growth. As the fundamental "gold content" rises, it can be expected that MINIEYE's valuation anchor points will gradually move closer to international intelligent driving technology companies with a global ecological layout. It is worth mentioning that MINIEYE's outstanding investment value has been discovered by more professional institutions, such as Citic Lyon, which recently gave MINIEYE an "outperform the market" rating based on the company's robust fundamentals and the emergence of its "second growth engine" in the unmanned logistics vehicle business, with a target price of 23 Hong Kong dollars, representing a potential increase of over 70% from the current price. Overall, for MINIEYE, a profound revaluation of its value may already be underway.