CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 董事會薪酬委員會工作細則 第一章 總則 第一條 為進一步建立健全希迪智駕科技股份有限公司（「公司」）董事及高級管 理人員的考核和薪酬管理細則，完善公司治理結構，根據《中華人民共和國公 司法》（「《公司法》」）、《境內企業境外發行證券和上市管理試行辦法》、香港聯 合交易所有限公司證券上市規則（「香港上市規則」）及其他有關法律、行政法規、 部門規章、規範性文件及《公司章程》（「章程」）的規定，公司特設立董事會（「董 事會」）薪酬委員會（「薪酬委員會」），並制定本工作細則。 第二條 薪酬委員會是董事會按照章程設立的專門工作機構，主要負責審查公 司董事及高級管理人員的考核標準並進行考核，負責研究、審查公司董事及高 級管理人員的薪酬政策與方案，對董事會負責，向董事會報告工作。 第三條 本工作細則所稱董事是指在公司領取薪酬的正副董事會主席、董事， 但不包括獨立非執行董事；高級管理人員是指總經理、副總經理、首席財務官、 董事會秘書及董事會認定的其他高級管理人員。 – 1 – 第二章 人員組成 第四條 薪酬委員會成員由三名董事組成，其中 ...

CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 董事會審計委員會工作細則 第一章 總則 第一條 為規範希迪智駕科技股份有限公司（「公司」）董事會（「董事會」）審計委 員會（「審計委員會」）的議事程序，充分保護公司和公司股東的合法權益，根據 《中華人民共和國公司法》（「《公司法》」）、《境內企業境外發行證券和上市管理 試行辦法》、《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）及其 他有關法律、行政法規、部門規章、規範性檔以及《公司章程》（「章程」）的規定， 結合公司實際情況，制定該等工作細則。 第二條 審計委員會是董事會下設的專門委員會，對董事會負責，向董事會報 告工作。 第三條 審計委員會行使《公司法》規定的監事會的職權，並負責提議聘請或更 換外部核數師；負責內部審計與外部審計的協調；審核公司的財務資料及其 披露；監督及評估公司的內部控制。 第二章 審計委員會的人員組成 第四條 審計委員會由3名公司非執行董事組成，應當為不在公司擔任高級管 理人員的董事，其中獨立非執行董事佔多數，至少1名獨立非執行董事為會計 專業人士，職工董事可以成為審計委員會委員。公司現 ...

希迪智駕科技股份有限公司 第一條 為維護希迪智駕科技股份有限公司（以下簡稱「公司」）、股 東、職工和債權人的合法權益，規範公司的組織和行為，根 據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《中華 人民共和國證券法》（以下簡稱「《證券法》」）、《境內企業境 外發行證券和上市管理試行辦法》《香港聯合交易所有限公 司證券上市規則》（以下簡稱「《香港上市規則》」）和其他有關 規定，結合公司的具體情況，制訂本章程。 第二條 公司系依照《公司法》和其他有關法律法規的規定成立的股 份有限公司。 第三條 公司系由長沙智能駕駛研究院有限公司整體變更設立的股 份有限公司，在長沙市市場監督管理局註冊登記，取得《營 業執照》，統一社會信用代碼為91430100MA4M6HQ923。 第四條 公司於2025年10月29日向中國證券監督管理委員會（以下簡 稱「中國證監會」）完成備案，經香港聯合交易所有限公司（以 下簡稱「香港聯交所」）批准，首次向社會公眾發行[•]股境外 上市外資股，於[•]年[•]月[•]在香港聯交所主板上市。 第五條 公司註冊名稱：希迪智駕科技股份有限公司。 第六條 公司住所：湖南省長沙市岳麓區學士路336 ...

Core Viewpoint - Xidi Zhijia is set to launch its global IPO on December 11, with an expected listing on the Hong Kong Stock Exchange on December 19, facing significant operational risks despite a high revenue growth trajectory [1] Company Overview - The IPO price is set at 263 HKD per share, with a total issuance scale of approximately 14.2 to 16.4 billion HKD [1] - The company is backed by major underwriters including CICC, CITIC Securities, and Ping An Securities [1] Investment Structure - Four cornerstone investors have committed a total of 550 million HKD, accounting for 38.4% of the issuance scale, with significant contributions from local government-backed funds [2][3] - The largest investment comes from Xiangjiang Zhicheng, backed by Hunan government funds, totaling 426 million HKD [2][3] Industry Landscape - The closed-scene intelligent driving commercial vehicle market is the smallest segment within the broader intelligent driving market, projected to reach 5.1 billion RMB in 2024, with significant growth potential by 2030 [4] - Despite leading in the closed-scene segment, Xidi Zhijia ranks third in the automated mining truck solutions market and sixth in the overall commercial vehicle intelligent driving market, with a market share of 6.1% [4] Financial Performance - Revenue is projected to grow from 30 million RMB in 2022 to 410 million RMB in 2024, reflecting a compound annual growth rate of 262.7% [5] - However, net losses are expected to increase significantly, with cumulative losses exceeding 1.5 billion RMB by 2025 [5] Customer Concentration and Cash Flow Issues - The company has a highly concentrated customer base, with the top five clients contributing 96.7% of revenue in 2022, leading to significant operational risks [6] - Cash flow is under pressure due to overdue payments, with over 1.2 billion RMB in receivables exceeding 180 days, indicating low recovery efficiency [7] Valuation Concerns - The post-IPO valuation of Xidi Zhijia is estimated at 11.5 to 11.7 billion HKD, with a 2024 price-to-sales ratio of 28.1 times, which is significantly higher than comparable companies like Boreton [8][9]

Core Insights - The article discusses the upcoming listing of Xidi Zhijia on the Hong Kong Stock Exchange, aiming to become the first publicly traded company focused on autonomous mining trucks, highlighting the competitive landscape of the autonomous driving sector in mining [1] - The mining sector is identified as a prime environment for the commercialization of autonomous driving technology due to its enclosed nature, clear policy support, and strong demand for cost reduction and efficiency [1] - The article emphasizes the unique challenges and requirements of autonomous mining trucks compared to passenger vehicles, particularly in terms of reliability, adaptability, and precision in closed environments [3][4] Industry Overview - The autonomous mining truck sector is rapidly evolving into a competitive arena with significant investments from various players, raising concerns about whether new entrants can disrupt established companies like Xidi Zhijia [1] - The operational environment of mining sites presents distinct challenges, including varying terrain, extreme weather conditions, and unpredictable traffic patterns, which necessitate advanced perception and decision-making capabilities [3][4] Technical Challenges - Autonomous mining trucks face unique technical challenges due to their heavy loads, large blind spots, and the need for precise control in complex, unpaved conditions [4] - The requirement for fleet coordination in mining operations adds another layer of complexity, necessitating systems that can manage dynamic scheduling and collaboration between autonomous and human-operated vehicles [4] Barriers to Entry - The article outlines four major barriers that new entrants must overcome to succeed in the autonomous mining truck market: technical adaptation to extreme conditions, customer trust through benchmark validation, system integration of hardware and software, and the need for customized solutions for diverse mining operations [7][8][9][10][11][12] - The first barrier involves ensuring technology reliability under harsh mining conditions, which is a challenge for companies lacking real-world data from mining environments [8] - The second barrier emphasizes the importance of proven reliability in mining operations, requiring new entrants to undergo extensive testing and validation over several years [10] Competitive Landscape - The article highlights that while many players are entering the autonomous mining truck market, only those with deep industry knowledge and a commitment to long-term development will succeed [13] - Xidi Zhijia's revenue growth from 31.06 million yuan in 2022 to 410 million yuan in 2024, with a compound annual growth rate of 263.1%, illustrates the increasing demand for reliable solutions in the industry [13] - Successful case studies, such as collaborations with major mining companies, demonstrate the feasibility and efficiency of autonomous mining operations, further solidifying Xidi Zhijia's position in the market [14] Future Outlook - The article concludes that the competition in the autonomous mining truck sector will not solely depend on technological superiority but also on the ability to understand and address real-world mining challenges [17] - Companies that can effectively integrate their technologies with industry needs and maintain a focus on long-term collaboration will likely emerge as leaders in this evolving market [17]

Group 1 - The core viewpoint of the article highlights the potential pitfalls for retail investors in the context of the IPO of Xidi Zhijia, emphasizing the disparity between impressive revenue growth and significant net losses [1][3] - Xidi Zhijia's IPO showcases a textbook example of capital operation, with notable institutional backing from investors like Sequoia and Baidu, indicating a strong institutional support model [3][10] - The article draws parallels between the current market conditions and past IPOs, warning that retail investors may be drawn to the hype without recognizing underlying risks, as seen in the case of NIO [3][4] Group 2 - The article discusses the "bull market adjustment" phenomenon, where the Hang Seng Tech Index experiences significant fluctuations while institutions continue to buy on dips, suggesting a complex market dynamic [4][10] - It notes that despite Xidi Zhijia's overall losses, projections for revenue in the first half of 2024 are nearly equal to the total revenue for 2023, indicating potential turning points hidden in financial reports [7][10] - The article emphasizes that true stock price trends are driven by capital behavior rather than technical analysis, advocating for a quantitative approach to understanding market movements [8][10] Group 3 - Xidi Zhijia's market share in the autonomous mining truck sector is reported at 16.8%, but the marginal efficiency improvement of only 104% raises concerns about potential "high open low walk" scenarios for institutional arbitrage [10][11] - The article draws a comparison between the operational needs of autonomous mining trucks and the necessity for continuous monitoring in quantitative trading, suggesting that investors should adopt similar vigilance [11][13] - It concludes with three key pieces of advice for investors: be wary of "scene limitations," understand the "mining efficiency" of capital, and establish a personal monitoring system for trading behaviors [13]

Group 1 - The core viewpoint of the article is that Xidi Intelligent Driving Technology Co., Ltd. has officially launched its IPO on the Hong Kong Stock Exchange, aiming to raise capital to further its business in the commercial vehicle intelligent driving sector [1][2] - The company plans to issue a total of 5.40798 million shares, with approximately 5% allocated for public sale in Hong Kong and 95% for international placement, along with a 15% over-allotment option [1] - The IPO subscription period is from December 11 to December 16, with a proposed share price of HKD 263, and the listing date is set for December 19 [1] Group 2 - Xidi Intelligent Driving has experienced explosive revenue growth, with revenue projected to increase from RMB 31.056 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1% [2] - For the six months ending June 30, 2025, the company's revenue further increased to RMB 408 million, representing a year-on-year growth of 57.9% [2] - The company has delivered 414 units of autonomous mining trucks and received indicative orders for 647 units, indicating strong market demand and a growing customer base [2] - The adjusted net loss of the company has shown improvement, with the net loss margin narrowing from -511.5% in 2022 to -27.2% in the first half of 2025, indicating a trend towards better profitability [2]

Core Viewpoint - The company Xidi Zhijia (3881.HK), known as the "first stock of autonomous mining trucks," has launched its IPO with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion and is expected to be listed on December 19 [1]. Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles, focusing on the development of autonomous mining trucks, logistics vehicles, V2X (Vehicle-to-Everything) products, and intelligent perception solutions [7]. - The company ranks sixth among all commercial vehicle intelligent driving companies in China and third in autonomous mining truck solutions [8]. Group 2: IPO Details - The IPO involves the issuance of 5.408 million shares [4]. - The expected listing date is December 19 [5]. - The offering price is set at HKD 263 per share [6]. Group 3: Market Position and Growth Potential - Xidi Zhijia operates the largest mixed fleet of autonomous mining trucks globally, consisting of 56 autonomous trucks and nearly 500 manned vehicles [10]. - The company has launched the first batch of commercial V2X products in China [13]. - The autonomous mining truck solution is projected to capture 75.6% of the closed-environment autonomous driving market, with a potential market size of CNY 550 billion by 2024 [30]. Group 4: Financial Performance - The company reported revenues of CNY 410.04 million for the year ending December 31, 2022, with projected revenues of CNY 258.46 million for 2023 [47][48]. - Gross profit figures indicate a growth trajectory, with CNY 101.44 million expected for 2023 [49]. Group 5: Research and Development - The company employs 249 R&D personnel, accounting for 54.1% of its total workforce [44]. - Xidi Zhijia holds 513 patent applications and 356 registered patents, showcasing its commitment to innovation [46].

Core Viewpoint - Xidi Intelligent Driving is set to launch its global IPO on December 19, aiming to become China's first publicly listed autonomous mining truck company, with an expected market capitalization exceeding HKD 11.5 billion [1] Group 1: IPO Details - Xidi Intelligent Driving plans to issue 5.40798 million H-shares, with 270,400 shares available in Hong Kong and 5.13758 million shares for international sale [1] - The IPO price is set at HKD 263 per share, with approximately 55% of the net proceeds allocated for R&D, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital [1] Group 2: Market Position and Performance - Xidi Intelligent Driving ranks sixth among all intelligent commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - The company is projected to generate product sales revenue of approximately RMB 250 million in 2024, which accounts for about 16.8% of the market share [2] - Xidi Intelligent Driving's autonomous mining trucks have improved mining efficiency to 104% compared to manually operated trucks, making it the first and only company in China to achieve this [2] Group 3: Company Background and Financials - Founded by renowned scientist Li Zexiang, Xidi Intelligent Driving has completed eight rounds of financing since 2018, raising nearly RMB 1.5 billion from investors including Sequoia Capital and Lenovo Holdings [3] - The company reported revenues of RMB 31 million, RMB 133 million, and RMB 410 million for 2022, 2023, and projected for 2024, reflecting a compound annual growth rate of 263.1% [3] - Adjusted net losses decreased from RMB 159 million in 2022 to RMB 127 million in 2024, indicating a trend of narrowing losses [3]

Core Viewpoint - The autonomous driving industry is transitioning from "technological evolution" to "commercial realization," with closed scenarios emerging as the first track to achieve commercialization, exemplified by the upcoming IPO of Hidi Intelligent Driving (3881.HK) [1] Group 1: Business Model and Market Position - Hidi Intelligent Driving focuses on autonomous trucks for mining and logistics in closed environments, leveraging V2X technology and intelligent perception solutions, creating a diversified business model of "autonomous driving + vehicle-road collaboration + intelligent perception" [3] - The company has positioned itself in "essential scenarios," addressing the clear demand for cost reduction and efficiency improvement in mining areas, which face challenges such as driver aging and high safety risks [3] - Hidi Intelligent Driving has established a leading advantage in the industry, indicating superior product reliability, technical capabilities, and a broad customer base, allowing it to seize market opportunities [3] Group 2: Financial Performance - Hidi Intelligent Driving's revenue has shown significant growth, increasing from 31.1 million RMB in 2022 to 410 million RMB in 2024, with a projected revenue of 408 million RMB in the first half of 2025, reflecting a year-on-year growth of 57.9% [4] - The gross profit margin has improved from a loss of 6 million RMB in 2022 to a gross profit of 101.4 million RMB in 2024, with a gross margin of 24.7% [4] - The company has delivered 414 autonomous mining trucks and received indicative orders for 647 trucks, indicating strong market recognition and potential for future revenue growth [6] Group 3: Market Potential and Growth Opportunities - The global smart commercial vehicle market is projected to reach 100 billion RMB by 2024 and grow to 16,144 billion RMB by 2030, with a compound annual growth rate of 133.3% from 2024 to 2030 [10] - The Chinese smart commercial vehicle market is expected to grow from 4.8 billion RMB in 2024 to 77.43 billion RMB by 2030, driven by favorable policies and advancements in autonomous driving technology [10] - Hidi Intelligent Driving's differentiated business model focuses on product sales rather than operational services, allowing for efficient operations and higher gross margins, which enhances financial flexibility for R&D and product iteration [8] Group 4: Strategic Advantages and Future Outlook - The company has the capability to replicate its technology across multiple scenarios, demonstrating strong scalability and cost control, which positions it well for global market expansion [9] - Hidi Intelligent Driving plans to use the funds raised from its IPO to enhance R&D, improve commercialization capabilities, and explore potential investments and acquisitions in the supply chain [11] - The company is expected to leverage its early market entry and established technology to accelerate growth and enhance brand influence in the autonomous driving sector [11] Conclusion - Hidi Intelligent Driving's upcoming IPO highlights the commercial viability of autonomous driving in closed scenarios, with a focus on essential market needs, modular technology replication, and global expansion strategies [13]