在远离矿山尘埃的远程驾驶舱内操控挖掘机作业，无人驾驶车队通过自感知、自运行完成挖、装、运、 卸全采矿流程，将人工从矿山采掘这类高污染、高危险的封闭场景中解放出来——这正是希迪智驾科技 股份有限公司（以下简称"希迪智驾"）以无人驾驶核心技术打造的无人采矿智能化解决方案。 近日，希迪智驾正式登陆香港联合交易所主板，成为港股首家专注于商用车智能驾驶的上市公司。"登 陆资本市场是公司发展的重要里程碑，将为我们聚焦矿山核心场景、推进技术商业化提供更充足的资本 支撑。"希迪智驾联合创始人马潍博士在接受《证券日报》记者专访时，详细解读了希迪智驾锚定矿山 场景的战略逻辑、技术突破路径及未来增长潜力，一幅商用车智能驾驶商业化落地的宏伟蓝图徐徐展 开。 场景破局： 锚定矿山作业赛道 在智能驾驶赛道的布局方面，希迪智驾选择从矿山场景率先突破，这是基于对行业刚需的精准研判。马 潍直言："矿山作业具有安全性差、粉尘污染严重、地理位置偏远导致人员流失率高三大核心痛点，而 无人驾驶能精准破解。" 这一战略选择与行业发展趋势高度契合。2024年国家矿山安监局等七部门联合印发的《关于深入推进矿 山智能化建设促进矿山安全发展的指导意见》明确提出 ...

Group 1 - The core viewpoint of the article is that Xidi Intelligent Driving Technology Co., Ltd. successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange, with a share price set at HKD 263.00 and a total issuance scale of HKD 1.42 billion [2] - Xidi Intelligent Driving is a supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics in closed environments, as well as V2X technology and intelligent perception solutions [2] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2%, and has delivered the first fully autonomous electric mining truck fleet in China [2]

Core Insights - Xidi Intelligent Driving Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company focused on intelligent driving for commercial vehicles in Hong Kong [1] - The company aims to leverage its IPO proceeds to enhance core technology development, expand into global markets, and foster ecosystem partnerships in the commercial vehicle intelligent driving sector [1] Company Overview - Xidi Intelligent Driving is positioned as an innovative supplier driven by products, specializing in the research and development of autonomous trucks for closed environments and V2X (Vehicle-to-Everything) technology [1] - The company issued 5.40798 million shares at a price of 263 HKD per share, raising a total of 1.422 billion HKD, with cornerstone investors subscribing for a total of 546.1 million HKD, indicating strong confidence in the company's future [1] Industry Perspective - The founder and chairman emphasized that intelligent driving for commercial vehicles is a critical breakthrough for ensuring traffic safety, enhancing logistics efficiency, and reducing operational costs [2] - The company is committed to the core philosophy of "technology empowering industry, intelligence driving efficiency," aiming to accelerate the large-scale implementation of intelligent driving technology in commercial vehicles [2]

成立八年，希迪智驾终于迎来敲钟上市时刻。 12月19日，商用车智能驾驶公司在港交所挂牌上市，股票代码为"3881"，开盘价263港元/股，和发行价持平，开盘市值111.6亿港元，成为港股首家专注于 商用车智能驾驶的上市公司，同时也是第七家通过港交所18C章规则上市的特专科技企业。 本次IPO，希迪智驾全球发售540.8万股，每股最终发售价为263港元，募资总额为14.22亿港元，扣除上市开支后净额约13.09亿港元。 早前的12月16日中午，希迪智驾即完成港股IPO认购，公开发售部分录得14.1倍超购，孖展金额达11亿港元。此次招股触发回拨机制，公开发售比例由5% 上调至20%。基石投资者包含湘江智骋等五家机构，合计认购5.5亿港元。 希迪智驾登陆港交所 作为一家业务涵盖矿山自动驾驶、车路协同，还有轨道交通感知方案等领域的企业，希迪智驾在行业略显低调。但其无论是创始人，还是背后资本在业内 都是响当当的存在。 创始人兼董事长李泽湘曾任大疆董事长，大疆无人机创始人汪滔是其门生，被誉为"大疆教父"。招股书显示，截至最后实际可行日期，李泽湘间接持有希 迪智驾16750130股股份，约占已发行股本总额的43.64%，为 ...

Core Viewpoint - Xidi Zhijia (03881.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in Hong Kong focused on intelligent driving for commercial vehicles [1] Company Overview - Xidi Zhijia positions itself as an innovative supplier driven by products, specializing in the research and development of autonomous trucks and intelligent perception solutions for closed environments such as mines and logistics parks [1] - The company aims to leverage its proprietary technology to provide products and solutions in the commercial vehicle intelligent driving sector [1] IPO and Fundraising - The IPO aims to raise funds for core technology research and development, global market expansion, and ecosystem collaboration, providing strong capital support for the large-scale commercialization of intelligent driving in commercial vehicles [1] Market Context - In the second half of this year, Lens Technology also listed on the Hong Kong Stock Exchange, marking the beginning of its "A+H" dual-platform journey [1] - Other companies such as Mingming Hen Mang, Maijisheng, Junxin Co., Kefu Medical, and Anker Innovation have submitted applications for listing on the Hong Kong Stock Exchange, actively seeking to embrace international markets [1] Local Government Support - The city of Changsha places high importance on corporate listings as a means to empower industrial upgrades and stimulate economic vitality [1] - In the current year, Changsha has added three overseas listed companies, ten companies under review, and three companies in the counseling and filing stage [1] - Currently, there are 94 listed companies in the city, with two companies awaiting issuance and twelve companies under review, along with 28 companies in the counseling and filing stage [1]

有望加速全球化市场布局，持续领跑商用车智能化赛道。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，希迪智驾科技股份有限公司（以下简称"希迪智驾"）于2025年12月19日正式 以"3881"为股票代码在港交所主板挂牌上市。 这意味着， 希迪智驾成为港股首家专注于商用车智能驾驶的上市公司，同时也是第七家通过港交所 18C章规则上市的特专科技企业。 希迪智驾在本次IPO中总计发行5,407,980股H股。其中，香港公开发售获22.55倍认购，国际发售 获2.1倍认购。同时，希迪智驾在本次IPO发行中引入工银瑞信 、联发股份(00 2394.SZ)以及湘 江、南宁两地国资作为基石投资者，累计认购超5.46亿港元。 截至11：00，希迪智驾报于每股232港元，市值超101亿港元。 深耕的五大细分赛道均具备高增长属性 成立于2017年的希迪智驾作为一家中国商用车智能驾驶硬科技公司，定位为以产品驱动的创新型供 应商，专注于封闭环境（如矿山、物流园区）的自动驾驶卡车、V2X（车联网）技术及智能感知解决 方案的研发，并提供以专有技术为基础的产品及解决方案。 具体 ...

Core Viewpoint - Xidi Intelligent Driving (03881.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in Hong Kong focused on intelligent driving for commercial vehicles [1] Group 1: Company Overview - Xidi Intelligent Driving issued a total of 5.40798 million shares at a price of HKD 263 per share, resulting in a market capitalization of HKD 11.5 billion and total fundraising of HKD 1.422 billion [1] - The company specializes in the research and development of autonomous trucks for closed environments (such as mines and logistics parks), V2X (Vehicle-to-Everything) technology, and intelligent perception solutions [1] Group 2: Financial Performance - According to the prospectus, Xidi Intelligent Driving's revenue is projected to be HKD 31 million, HKD 133 million, and HKD 410 million for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 263.1% [2] - The adjusted net losses are expected to decrease from HKD 159 million in 2022 to HKD 127 million in 2024, indicating a continuous narrowing trend [2] - The gross margin is projected to improve from -19.3% to 24.7% over the same period [2] - In the first half of 2025, the company's revenue is expected to grow by 57.9% year-on-year to HKD 408 million, marking a steady transition into the commercial monetization phase [2] Group 3: Strategic Vision - The founder and chairman of Xidi Intelligent Driving, Li Zexiang, emphasized the company's mission to reshape human transportation experiences and boundaries through core technology, aiming to make intelligent driving technology truly serve humanity [1] - The company aims to accelerate the large-scale implementation of intelligent driving technology for commercial vehicles, creating long-term sustainable value for shareholders and contributing to a safer, more efficient, and comfortable green intelligent transportation ecosystem [1]

今年以来，港股走出强劲的上涨行情，尽管近段时间市场波动加剧，但机构普遍认为港股当前处于中低 分位估值，科技板块无论横向对标其他市场，还是纵向对比历史水平，均处于健康偏低区间。 笔者将遵循"好赛道、好公司、好价格"的价值评估框架，从三个维度拆解希迪智驾的投资逻辑。 政策背书+需求刚性，抢占矿山智驾确定性机遇 好的赛道能引导你走在正确的投资道路上，好的公司可以让你在这条道路上领先他人，而好的价格能够 让你以较小的风险获得较高的收益。 要评估希迪智驾的价值，首先要看公司所处赛道的天花板与成长节奏。 可以说港股估值依然便宜，特别是科技类公司，轻资产、业绩增速可观、低估值，对投资者来说相当有 吸引力。 12月19日，一家具备科技属性的企业——希迪智驾，正式在港股挂牌上市，成为"商用车智能驾驶第一 股"，为板块注入新的活力。 当前智驾行业处于商业化的拐点，商用车细分领域将成为资本关注的焦点。希迪智驾上市，不仅是自身 发展的里程碑，也让投资者看到细分赛道的成长性。 希迪智驾从矿山这一封闭场景切入，形成"技术研发-场景验证-数据迭代"的闭环，再向其他商用车场景 延伸。 商用车智驾具备政策明确支持、商业价值闭环、落地场景清晰三 ...

◎记者 夏子航 12月19日，智能驾驶龙头希迪智驾将在港交所主板挂牌上市，成为首家港股上市的商用车智能驾驶上市 公司。 经过8年发展，以自动驾驶系统为核心技术，希迪智驾构建起无人驾驶矿卡、自动驾驶物流车、V2X （车路协同）智能终端、列车自主感知系统、商用车车载智能感知及安全管理解决方案等产品线矩阵， 赋能园区、矿山、轨道交通、智慧城市等场景的智能化升级。 在科技圈，希迪智驾创始人兼董事长李泽湘被称为"硬科技创业教父"，此前指导孵化了大疆等一批科技 创新企业，并联合创立了A股上市公司固高科技。在李泽湘看来，商用车智能驾驶是保障交通安全、提 升物流效率、降低运营成本的关键突破口。 希迪智驾登陆港交所 希迪智驾本次全球发售股份共计540.798万股，发行价格为263港元/股，净募集资金总额约13.09亿港 元。在本次IPO发行中，希迪智驾引入了工银瑞信、前海开源群巍以及湖南、广西两地国资作为基石投 资者，累计认购金额超过5.46亿港元。 据介绍，希迪智驾成立于2017年10月，注册地位于湖南长沙，是一家商用车智能驾驶产品及解决方案的 供应商。 希迪智驾联合创始人、副董事长马潍向上海证券报记者表示，在智能驾驶产业浪 ...

Group 1 - The core viewpoint of the article is that Xidi Intelligent Driving Technology Co., Ltd. has officially launched its IPO on the Hong Kong Stock Exchange, aiming to raise capital to further its business in the commercial vehicle intelligent driving sector [1][2] - The company plans to issue a total of 5.40798 million shares, with approximately 5% allocated for public sale in Hong Kong and 95% for international placement, along with a 15% over-allotment option [1] - The IPO subscription period is from December 11 to December 16, with a proposed share price of HKD 263, and the listing date is set for December 19 [1] Group 2 - Xidi Intelligent Driving has experienced explosive revenue growth, with revenue projected to increase from RMB 31.056 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1% [2] - For the six months ending June 30, 2025, the company's revenue further increased to RMB 408 million, representing a year-on-year growth of 57.9% [2] - The company has delivered 414 units of autonomous mining trucks and received indicative orders for 647 units, indicating strong market demand and a growing customer base [2] - The adjusted net loss of the company has shown improvement, with the net loss margin narrowing from -511.5% in 2022 to -27.2% in the first half of 2025, indicating a trend towards better profitability [2]