NIO(US:NIO) IPO日报·2025-12-18 00:33Core Viewpoint - Mainline Technology (Beijing) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds to further develop its autonomous truck solutions, with a current valuation of 3.86 billion yuan [1][12]. Company Overview - Founded in 2017, Mainline Technology is a leading provider of L4 autonomous trucks and solutions in China, focusing on a "vehicle-end-cloud" integrated product ecosystem for logistics transportation [4]. - The company has been recognized as a national-level "specialized and innovative" key "little giant" enterprise in the autonomous truck sector [5]. Product and Solutions - Mainline Technology's solutions include three core products: AiTruck (smart truck), AiBox (smart terminal), and AiCloud (smart cloud service) [5]. - The company strategically deploys its products across three main commercial scenarios: Trunk Port (logistics hub), Trunk Pilot (highway logistics), and Trunk City (urban traffic) [5]. Financial Performance - Revenue for the years 2022 to 2024 is projected at approximately 112 million yuan, 134 million yuan, and 254 million yuan, with a compound annual growth rate of 50.4% [6]. - The company reported net losses of approximately 278 million yuan, 212 million yuan, and 187 million yuan during the same period, with adjusted net losses showing a reduction [6][8]. - The gross margin has increased from 3.7% in 2022 to 30.3% in the first half of 2025 [8]. Revenue Sources - The primary revenue source is from the Trunk Pilot scenario, which accounted for 83.5% of the revenue in the first half of 2025 [7]. Investment and Valuation - The company has attracted significant investment from notable firms, including NIO and Bosch, with its valuation increasing from 150 million yuan at its angel round to 3.86 billion yuan in its latest funding round [10][12]. - The founder, Zhang Tianlei, holds approximately 49.12% of the shares, making him the controlling shareholder [14]. Leadership - Zhang Tianlei, the founder and CEO, has a strong background in artificial intelligence and autonomous driving, previously working at Microsoft and co-founding Baidu's autonomous vehicle team [12][13].