百度红杉押注，“大疆教父”李泽湘创立的自动驾驶公司再战港交所

Core Viewpoint - Xidi Zhijia Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for autonomous driving technology in commercial vehicles, particularly in mining and logistics sectors [1][4]. Financial Performance - The company's revenue is projected to reach 410 million RMB in 2024, a significant increase from 132 million RMB in 2023, marking an almost threefold growth [2][7]. - The gross margin improved from over 20% in 2023 to 24.7% in 2024, indicating a profitable product line [2][9]. - Net losses have decreased from 159 million RMB in 2022 to 127 million RMB in 2024, showing a trend towards reduced losses [2][10]. Order and Market Position - Xidi Zhijia holds a leading market share of 16.8% in China's commercial vehicle autonomous driving sector, ranking first in the autonomous mining truck solutions segment [4][28]. - The company has delivered 304 autonomous mining trucks and received indicative orders for an additional 357 trucks, along with 110 independent autonomous truck systems and 290 indicative orders for these systems [3][13]. Research and Development - The company has invested nearly 394 million RMB in R&D over the past three years, with 193 million RMB allocated in 2024 alone [5][12]. - R&D personnel constitute 54.1% of the total workforce, emphasizing the company's commitment to innovation [12]. Customer Base and Projects - As of June 30, 2025, Xidi Zhijia has served 131 customers, with plans to expand this number to 152 by the end of 2025 [12][13]. - The company has successfully implemented several benchmark projects, including the first fully autonomous electric mining truck fleet in China and a mixed fleet of manned and unmanned mining trucks [12][23]. Financing and Valuation - Xidi Zhijia has completed multiple financing rounds since its establishment, with a post-investment valuation exceeding 9 billion RMB following the C+ round [15][28]. - Notable investors include Sequoia Capital and Baidu, reflecting strong market confidence in the company's potential [15][16]. Leadership - The company was founded by Professor Li Zexiang, known as the "father of DJI," who has extensive experience in automation and robotics [17][19]. - Key executives include Ma Wei, co-founder and vice chairman, and Hu Sibo, CEO, both bringing significant industry experience to the company [21][23].