“大疆教父”发力港股IPO，“全球无人驾驶矿卡第一股”希迪智驾上市后破发

Core Viewpoint - The article discusses the recent IPO of HiDi Intelligent Driving, a company founded by Li Zexiang, known as the "father of Chinese hard technology entrepreneurship," which focuses on autonomous mining trucks and logistics vehicles. Despite its promising technology and market potential, the company's stock price fell by 13.69% on its debut, leading to a market capitalization below HKD 10 billion [1]. Company Overview - HiDi Intelligent Driving was established in 2017 and specializes in the research and development of autonomous mining trucks, logistics vehicles, V2X technology, and intelligent perception solutions. The company aims to implement autonomous operations in mining areas and closed parks through its technology [1]. - As of mid-2025, HiDi is ranked sixth among Chinese companies in the autonomous commercial vehicle sector, having delivered 56 autonomous mining trucks. It is projected to rank third in the market for autonomous mining truck solutions based on 2024 revenue [1]. Financial Performance - HiDi Intelligent Driving exhibits significant growth characteristics, with revenue projected to increase from RMB 31.1 million in 2022 to RMB 410 million in 2024, representing over a 12-fold increase. By the first half of 2025, the company reported revenue of RMB 408 million, nearing its full-year 2024 revenue [1]. - However, the company also faces substantial losses, with a reported loss of RMB 263 million in 2022, which is expected to widen to RMB 581 million in 2024 and RMB 455 million in the first half of 2025 [2]. Market Potential - The market for autonomous commercial vehicles in China is projected to reach RMB 4.8 billion by 2024, with expectations of explosive growth to RMB 774.3 billion by 2030, driven by favorable policies and advancements in autonomous driving technology [2]. Management Team - The founder and chairman of HiDi Intelligent Driving is Li Zexiang, a professor at the Hong Kong University of Science and Technology, who is also recognized as a mentor to DJI's founder and has previously served as chairman of DJI [3]. Fundraising and Future Plans - HiDi Intelligent Driving raised a total of HKD 1.422 billion from its IPO, with plans to allocate the funds towards research and development, enhancing commercialization capabilities, integrating the supply chain, and expanding internationally [4].