Core Viewpoint - Xidi Intelligent Driving (03881) has made significant progress by securing a large order in the Middle East, particularly in Saudi Arabia, which aligns with the local zero-carbon development goals and enhances its market presence in the smart connected vehicle industry [1] Group 1: Company Developments - Xidi Intelligent Driving's stock price increased by over 3% and is currently trading at 229.2 HKD with a transaction volume of 12.22 million HKD [1] - The company has received a substantial order worth 2.1 billion RMB for the delivery of 7,500 high-end customized intelligent heavy trucks to Saudi Arabia and Qatar [1] - The company aims to utilize the funds raised from its IPO for research and development over the next five years, enhancing its commercialization capabilities, and exploring potential investments and acquisitions to integrate upstream and downstream resources in the industry [1] Group 2: Industry Context - Chengdu has been designated as a national pilot city for the integration of smart connected vehicle applications, accelerating the development of the smart connected vehicle industry [1] - Xidi Intelligent Driving's Middle East operations focus on Saudi Arabia and extend to Qatar and the UAE, targeting four key scenarios: commercial vehicle automation, smart transportation, smart mining, and intelligent sanitation [1]

Core Viewpoint - The company Xidi Zhijia (03881) has seen a significant stock price increase due to its strategic expansion in the Middle East, particularly with a major order for smart heavy trucks in Saudi Arabia and Qatar, aligning with local development goals [1] Group 1: Stock Performance - Xidi Zhijia's stock rose over 3% in the morning session, currently up 2.78% at HKD 229.2, with a trading volume of HKD 12.22 million [1] Group 2: Strategic Developments - Chengdu has been designated as a national pilot city for intelligent connected vehicle applications, accelerating the development of the smart connected vehicle industry [1] - The company has secured a significant order worth RMB 2.1 billion for the delivery of 7,500 high-end customized smart heavy trucks to the Saudi Arabian and Qatari markets [1] Group 3: Market Focus - Xidi Zhijia's Middle East operations are centered around Saudi Arabia, extending to Qatar and the UAE, focusing on four key areas: commercial vehicle automation, smart transportation, smart mining, and intelligent sanitation [1] Group 4: Future Plans - The company plans to use the proceeds from its IPO for research and development over the next five years, enhancing its commercialization capabilities domestically and internationally, and pursuing potential investments and acquisitions to integrate upstream and downstream resources in the industry [1]

Core Viewpoint - The recent surge of autonomous driving companies filing for listings in Hong Kong reflects a growing confidence in the sector, despite ongoing challenges with profitability and varying financial performances among these companies [1][3][11]. Group 1: Company Listings and Growth - Four autonomous driving companies, including Mainline Technology, Yushi Technology, and Furui Tech, have recently filed for listings in Hong Kong, with Xidi Zhijia successfully listing in December [1][3]. - Xidi Zhijia experienced the highest revenue growth among these companies, with revenue increasing from 31.06 million to 410 million yuan from 2022 to 2024 [1][4]. - Mainline Technology and Yushi Technology, while smaller, also saw significant revenue growth, with both surpassing 250 million yuan in 2024 [1][5]. Group 2: Revenue and Profitability - Despite high revenue growth, the four companies collectively reported an adjusted net loss exceeding 800 million yuan in 2024, with only Xidi Zhijia showing a net loss increase greater than its revenue growth in 2025 [1][5][15]. - Furui Tech reported the highest adjusted net loss of 152 million yuan in the first half of 2025, while Xidi Zhijia's loss reached 110 million yuan, marking an 86.7% increase from the previous year [15][16]. Group 3: Research and Development Expenditure - Research and development expenditures, previously a significant burden, have become more manageable, with all companies reducing their R&D spending as a percentage of revenue to below 100% by the first half of 2025 [7][18]. - Xidi Zhijia's R&D expenditure as a percentage of revenue was 37.1% in the first half of 2025, down from a peak of 355.8% in 2022 [7][18]. Group 4: Market Dynamics and Business Models - The autonomous driving sector is characterized by two primary business models: toC (consumer) and toB (business), with toB models expected to achieve profitability more quickly due to clearer demand and lower operational complexities [9][20]. - Companies like Furui Tech, which focus on OEM partnerships, have seen significant revenue growth, with a reported increase from 328 million to 1.283 billion yuan from 2022 to 2024 [3][19].

Core Viewpoint - Xidi Intelligent Driving has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in commercial vehicle intelligent driving, with a market value exceeding 10 billion [1] Group 1: Business Model and Growth Path - The company adopts a product sales model in the mining autonomous driving sector, providing a "vehicle + technology" solution, which reflects its technological leadership and ability to meet customer needs [3] - Xidi Intelligent Driving's revenue is projected to grow significantly, from 31.1 million in 2022 to 410 million in 2024, with a 57.9% year-on-year increase in the first half of 2025 [3] - The company has delivered 414 autonomous mining trucks and received orders for 647 units, indicating strong market competitiveness [3] Group 2: Financial Performance - The gross margin of Xidi Intelligent Driving improved from -19.3% in 2022 to 24.7% in 2024, demonstrating a decreasing marginal cost trend [5] - The company benefits from technological innovations in the smart vehicle supply chain, leading to a continuous decline in core hardware costs, which enhances ROI for mining companies [5] Group 3: Growth Drivers - The company has three main business lines: autonomous driving, V2X, and intelligent perception, indicating significant growth potential beyond just autonomous mining trucks [6] - The intelligent perception business, although currently a small part of total revenue, has shown a remarkable growth rate of 150.6% [6][7] - Future growth will be driven by the scaling of autonomous mining truck solutions, the development of V2X and intelligent perception businesses, and global market expansion [9] Group 4: Investment Value - The investment value of Xidi Intelligent Driving is anchored in high industry prosperity and the certainty of scene implementation, with a clear commercial capability that may lead to higher valuation premiums [10]

Domestic News - Guangzhou's 14th Five-Year Plan aims to accelerate the automotive industry's "curve overtaking," focusing on electric vehicle transformation, brand renewal, and international market expansion, targeting a trillion-level smart connected new energy vehicle industry cluster [7] - Haikou's 14th Five-Year Plan emphasizes the development of smart connected vehicles and other emerging industries, enhancing energy infrastructure and expanding new consumption fields [8] - China's electric vehicle charging infrastructure reached 19.322 million units by November 2025, a 52% year-on-year increase, with public charging facilities at 4.625 million units, up 36% [9] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been implemented, allowing for expedited customs procedures for exported new energy vehicles, reducing port stay time and storage costs by over 70% [10] - Geely Auto announced the completion of the privatization of Zeekr, making it a wholly-owned subsidiary [12] - Li Auto has partnered with Air China to offer a program where new car owners can accumulate flight mileage based on driving distance [13] - Jianghuai Automobile Group has opened a subsidiary in Italy, marking a significant step in its global development strategy [14] - EVE Energy's headquarters and AI robotics center project has commenced construction, with a total investment of approximately 1 billion yuan [15] International News - Thailand's automotive production in November increased by 11.06% year-on-year, reaching 130,222 units, while domestic sales rose by 20.65% [16] - Germany's automotive exports to the U.S. fell by nearly 14% in the first three quarters of the year, significantly impacted by new tariff policies [17] - Malaysia's automotive sales in November grew by 5.5% year-on-year, driven by the impending expiration of tax exemptions and year-end promotions [18] - Uber has partnered with Baidu to conduct trials of autonomous taxis in London, with plans to launch a pilot project in the first half of 2026 [19] Commercial Vehicles - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first company focused on intelligent driving for commercial vehicles [20] - Foton Ouhui has launched a new L4 level intelligent driving bus, showcasing its technological advancements and market competitiveness [22] - Jiushi Intelligent's manufacturing base in Huai'an has officially commenced production, supporting the global RoboVan industry with advanced technology and operational experience [23] - FAW Liberation's new factory in Foshan has officially started production, enhancing its presence in the southern new energy commercial vehicle market [24]

Core Insights - Xidi Intelligent Driving Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.42 billion, marking a significant milestone for the company and the autonomous driving sector in Hong Kong [2][10] - The global autonomous driving market is experiencing explosive growth, with the market size expected to reach USD 273.8 billion by 2025, driven by both policy support and market demand [3] - Xidi focuses on the niche of autonomous driving for commercial vehicles, particularly in mining, which aligns with national safety regulations and addresses labor shortages and safety risks in traditional mining operations [4][10] Market and Technology Drivers - The autonomous driving industry is in a golden development period, supported by favorable policies and a growing market, with the global market size reaching approximately USD 158.3 billion in 2023, a year-on-year increase of 29.97% [3] - The cost of hardware components has decreased by about 40% over the past three years, with the cost of L2 systems dropping to the range of CNY 8,000 to CNY 12,000, accelerating the economic viability of autonomous driving solutions [6] Company Development and Financial Performance - Xidi's revenue grew from CNY 31.1 million in 2022 to CNY 410 million in 2024, with a compound annual growth rate of 263.1%, while adjusted net losses narrowed from CNY 159 million to CNY 127 million [8] - As of mid-2025, Xidi's total assets reached CNY 1.604 billion, a 29.04% increase from the beginning of the year, while total liabilities grew by 23.30% to CNY 2.911 billion [9] - The company has delivered 414 autonomous mining trucks and holds 647 indicative orders, with a market capitalization of approximately HKD 10 billion [6][9] Strategic Positioning - Xidi adopts a "small but beautiful" strategy, focusing on closed-scene applications in mining and ports, which allows for rapid technology implementation and commercial closure [10][12] - The company aims to utilize the raised funds primarily for R&D (55%), commercial expansion (15%), and industry chain integration (20%), addressing both long-term brand needs and short-term funding requirements [10] - Xidi's approach to focusing on specific scenarios helps avoid direct competition with larger players in the open-road segment, allowing it to build a competitive moat based on stable demand in closed environments [13]

本报讯(记者桂小笋)12月22日，《证券日报》记者获悉，希迪智驾科技股份有限公司(以下简称"希迪智 驾")赋能中越智慧口岸实现无人化升级。据悉，希迪智驾深度参与项目建设，依托多年深耕智能驾驶领 域的技术积淀，将多传感器融合感知、车路协同、全局规划等前沿技术深度集成，打造了适配跨境口岸 复杂场景的全流程无人通关解决方案。 未来，希迪智驾将持续深化在智能驾驶领域的技术创新与场景应用，以更先进的解决方案完善口岸智慧 运营体系。公司将积极响应国家高水平对外开放战略，为构建更具竞争力的沿边开放新高地、打造高效 畅通的中国—东盟贸易通道贡献更多技术力量，让智能驾驶技术成为连接中外、赋能贸易的坚实桥梁。 在技术研发与实践应用中，希迪智驾始终聚焦跨境物流的核心痛点。针对口岸通关效率与安全管控的双 重需求，公司构建了"感知、决策、执行"全链条智能调度体系，通过AI算法的持续优化，让无人集卡具 备复杂路径规划、动态障碍物避让、紧急制动等核心能力，确保每一次跨境运输都安全、高效、可控。 ...

转自：成都日报锦观 港股迎来首家专注于商用车智能驾驶的上市公司 从C轮领投到港股上市 成都国资精准助力"第一股" 12月19日，希迪智驾科技股份有限公司（以下简称"希迪智驾"）正式在香港联合交易所主板挂牌上市， 股票代码03881.HK，成为港股首家专注于商用车智能驾驶的上市公司。 企业成功上市，背后有成都国资"耐心资本"的赋能，以及成都良好营商环境的加持。 以资本为纽带 引入产业链关键企业 多维度支持企业发展 "成都造"走向世界 以成都科创投集团为缩影，自希迪智驾落户成都以来，成都从股权融资、市场开拓、载体保障等多维 度，为希迪智驾打造全链条发展支撑体系。多维度支持，助力"成都造"走向世界。 今年上半年，2025成都—沙特工业合作对接会上，成都多家企业顺利签下数个合约，共计金额超50亿 元。其中，希迪智驾斩获21亿元大订单，约定交付7500台面向沙特阿拉伯、卡塔尔市场的高端定制重 卡，标志着"成都造"在中东高端市场实现重大突破。 如何发挥企业自身在智能驾驶核心技术方面的创新优势，与成都新能源汽车产业集群优势互补，促进新 能源汽车产业链创新链的深度融合，也是重要课题。 希迪智驾是国内最早同时研发自动驾驶和车路 ...

Core Viewpoint - The company HiDi Intelligent Driving, founded by Li Zexiang, has officially listed on the Hong Kong Stock Exchange, but its stock price fell by 13.69% on the first day, resulting in a market capitalization below HKD 10 billion [1]. Company Overview - HiDi Intelligent Driving, established in 2017, focuses on the research and development of autonomous mining trucks, logistics vehicles, V2X technology, and intelligent perception solutions [1]. - The company aims to implement autonomous operations in mining areas and closed parks through autonomous driving and vehicle-road collaboration technology [1]. Market Position and Growth - As of mid-2025, HiDi Intelligent Driving ranks sixth among Chinese intelligent driving commercial vehicle companies, having delivered 56 autonomous mining trucks [1]. - The company is projected to rank third in the Chinese autonomous mining truck solution market based on its 2024 revenue [1]. - Revenue is expected to grow significantly from CNY 31.1 million in 2022 to CNY 410 million in 2024, representing an increase of over 12 times [1]. Orders and Client Expansion - By June 30, 2025, HiDi Intelligent Driving had delivered 414 autonomous mining truck systems and received indicative orders for 647 systems, expanding its client base from 44 in 2022 to 152 [2]. - The autonomous mining truck sector is anticipated to grow rapidly, with the market size projected to reach CNY 48 billion in 2024 and CNY 774.3 billion by 2030 [2]. Financial Performance - Despite high growth, HiDi Intelligent Driving has faced significant losses, with a loss of CNY 263 million in 2022 and an expected loss of CNY 581 million in 2024 [2]. - In the first half of 2025, the company reported a loss of CNY 455 million [2]. Leadership and Funding - Li Zexiang, the founder and chairman of HiDi Intelligent Driving, is also known as the "father of DJI" and has been instrumental in the success of several tech companies [2][3]. - The company raised a total of HKD 1.422 billion from its IPO, with plans to use the funds for R&D, commercialization, supply chain integration, and international expansion [3].

Core Viewpoint - The successful IPO of Xidi Zhijia marks a significant milestone for the company and its founder, Li Zexiang, highlighting the growing market for autonomous mining vehicles in China and the potential for further expansion in the smart mining sector [4][5][14]. Company Overview - Xidi Zhijia, established in 2017, focuses on autonomous driving technology for commercial vehicles in closed environments, particularly in mining [4][10]. - The company has delivered 414 autonomous mining trucks and holds a 37.7% market share in China's autonomous mining truck solutions market as of June 30, 2025 [4][11]. Financial Performance - Xidi Zhijia's revenue surged from 31.1 million yuan in 2022 to 410 million yuan in 2024, reflecting a compound annual growth rate of 263.1% [12]. - The gross margin improved from 20.2% in 2023 to 24.7% in 2024, indicating a steady enhancement in profitability [12]. Market Potential - The smart mining market in China is projected to exceed 2.3 trillion yuan by 2030, with the autonomous mining truck segment expected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030 [14]. - Xidi Zhijia's early market entry and validated business model position it favorably to capitalize on this growth [14]. Investment and Financing - The company completed eight rounds of financing, attracting nearly 1.5 billion yuan from prominent investors, including Sequoia China and Lenovo Holdings [16][22]. - Li Zexiang's reputation as a leading figure in the tech investment space has significantly contributed to the company's ability to secure funding [16][22]. Technological Development - Xidi Zhijia's technology integrates self-developed algorithms with commercial hardware, enabling remote operation and scheduling of mining trucks [11][12]. - The company achieved a significant milestone in 2022 by launching the world's first fully electric autonomous mining truck project [11]. Ecosystem and Support - The company benefits from a robust ecosystem in Changsha, which has developed a comprehensive industrial chain for artificial intelligence and sensors, supporting innovation and talent development [25][26]. - Local government initiatives have established a capital ecosystem aimed at fostering new technologies, further enhancing the operational environment for companies like Xidi Zhijia [27][28].