易控智驾港股上市进程更新：业绩持续高增长，轻资产模式成营收主力

Core Viewpoint - The company, 易控智驾, is poised for significant growth in the autonomous mining vehicle sector, showcasing impressive financial performance and a successful transition to a light-asset business model, which has led to increased revenue and market share in the industry [1][4][5]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 921 million RMB, representing a year-on-year growth of 103.76% [1]. - The gross profit reached 65.33 million RMB, more than double the revenue from the same period in 2024 [4]. - The company is projected to generate a total revenue of 986.23 million RMB in 2024, ranking first among all L4 autonomous driving companies in China [1]. Business Model Transition - The company has successfully shifted from a TaaS (vehicle ownership) model to an ATaaS (non-vehicle ownership) model, with ATaaS revenue contributing 50% of total revenue in the first three quarters of 2025, up from 46% in 2024 [5][6]. - The ATaaS model allows clients to purchase or lease vehicles while the company provides the necessary technology and support, reducing capital expenditure and enhancing operational efficiency [4][7]. Market Position - The company holds nearly 49.2% of the L4 autonomous mining solution market in China, with a global market share exceeding 40.5% [1]. - The fleet size of autonomous mining trucks has grown from over 1,400 in June to over 2,000, solidifying the company's leading position in the market [1][4]. Technological Advancements - The company has achieved a milestone by successfully conducting a "safety officer off" test in Australia, demonstrating its autonomous system's capability to operate without human oversight [8][9]. - The technology employed by the company includes advanced algorithms and multi-modal perception capabilities, which have been validated across various mining environments, ensuring a zero-accident record over six years [12]. Industry Trends - The global market for autonomous mining solutions is expected to grow significantly, with projections indicating a market size increase from $700 million in 2024 to $8.1 billion by 2030, reflecting a compound annual growth rate of 51% [9]. - The shift towards light-asset models in the mining sector is becoming a critical trend, aligning with the industry's increasing demand for efficiency and safety [7][12].