IPO观察|又一L4玩家赴港IPO，董事长曾为百度无人车元老，公司三年半亏损近8亿元

Core Viewpoint - Mainline Technology (Beijing) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, building production and supply chain systems, market expansion, and strategic investments [1][5]. Company Overview - Mainline Technology is a provider of L4 autonomous driving trucks and solutions, recognized as the first in China to commercialize unmanned transport solutions in port scenarios [1][3]. - The company was founded in 2017 by Zhang Tianlei, a PhD from Tsinghua University and a founding member of Baidu's autonomous vehicle team [10][12]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is projected to be CNY 112.36 million, CNY 134.11 million, CNY 254.09 million, and CNY 99.92 million respectively, showing significant growth driven by the commercialization of autonomous driving products [5][6]. - The gross profit margin has improved from 3.7% in 2022 to 30.3% in 2025, although the company remains in a net loss position with losses of CNY 278.17 million, CNY 212.63 million, CNY 187.18 million, and CNY 96.4 million over the same period [7][9]. R&D and Market Position - R&D expenditures have been substantial, amounting to CNY 1.47 billion, CNY 1.19 billion, CNY 1.15 billion, and CNY 0.6 billion, representing 131%, 89%, 45.3%, and 60.9% of revenue respectively [9]. - As of December 5, 2025, the company has delivered 830 autonomous trucks and 349 smart terminals, with 821 trucks and 920 terminals on order, positioning it as the largest L4 autonomous truck provider in closed road scenarios in China [6][8]. Business Segments - In 2024, 71.6% of the company's revenue is expected to come from logistics hub operations, while 16.6% will be from highway logistics, and 11.7% from urban traffic [6][8]. - The number of projects executed has increased from 24 in 2022 to 48 in 2024, with 28 projects completed in the first half of 2025 [5].