Core Insights - The company, Zhonghaidah (300177.SZ), reported that as of November 10, 2025, the delivery volume of its high-precision positioning products for intelligent driving has exceeded 1 million units, indicating significant growth in its business [1][2] - The previous report indicated that by September 30, 2025, the company had delivered over 700,000 units, suggesting an increase of approximately 300,000 units in just one month, reflecting an acceleration in the intelligent driving business [2] Delivery Performance - As of November 10, 2025, the total delivery of intelligent driving high-precision positioning products surpassed 1 million units [1] - The company had previously disclosed that by September 30, 2025, it had delivered over 700,000 units, highlighting a rapid increase in deliveries [2] Market Demand - The company acknowledged that the order volume from automotive clients may fluctuate due to market demand, indicating a responsive approach to changing market conditions [1]

Core Viewpoint - The company has no plans for mergers or acquisitions related to Chitian Automotive and is currently focused on specific applications in underground mining within the autonomous driving sector [1] Group 1: Business Focus - The company's core business in the autonomous driving field is concentrated on specific applications in underground mining [1] - The company has developed a core product system for intelligent driving, which includes intelligent driving systems, drive-by-wire systems, intelligent scheduling systems, and cloud control platforms [1] Group 2: Investment and Development Plans - The company plans to invest 600 million yuan to establish a mining intelligent driving industrialization base project, aimed at advancing the research and development and mass production of mining intelligent driving-related products [1] - The implementation of this project is expected to enhance the company's core technological capabilities and accelerate the market expansion and industrialization process of its intelligent driving business [1]

经济观察网 11月11日，港交所披露，希迪智驾科技股份有限公司提交上市申请，拟于港股上市，联席 保荐人为中金公司、中信建投国际和平安证券(香港)。 从收入表现来看，2022年-2024年，公司收入从3105.6万元增加至4.1亿元；2025年1-6月，公司实现营业 收入约4.1亿元，接近2024年全年水平。2022年-2024年，希迪智驾分别录得年/期内亏损为2.6亿元、2.6 亿元、5.8亿元、2025年1-6月录得年/期内亏损为4.6亿元人民币。2024年实现营业毛利1.0亿元，2025年 1-6月实现毛利6970.8万元。（编辑：金倩） 公开数据显示，希迪智驾是中国商用车智能驾驶产品及解决方案的创新产品驱动型供货商。公司专注于 对封闭环境中的自主采矿及物流车、V2X(车路协同)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，于往绩记录期间主要专注于封闭环境中的自主采矿。 ...

Core Viewpoint - The company has no plans for a merger or acquisition involving Chitian Automobile, focusing instead on its core business in the autonomous driving sector, particularly in underground mining applications [2]. Group 1: Company Plans and Investments - The company is currently concentrating on specific applications in underground mining for its autonomous driving business [2]. - A significant investment of 600 million yuan is planned for the construction of an industrialization base for mining intelligent driving products, aimed at enhancing R&D and mass production [2]. - The implementation of this project is expected to strengthen the company's core technological capabilities and accelerate market expansion and industrialization of its intelligent driving business [2]. Group 2: Technology and Product Development - The company has developed a core product system for intelligent driving, which includes intelligent driving systems, drive-by-wire systems, intelligent scheduling systems, and cloud control platforms [2]. - Continuous R&D innovation and technological accumulation have led to the formation of this comprehensive product system [2].

Core Viewpoint - The A-share market has experienced increased volatility since November, showing significant signs of style switching, with traditional value sectors like banks and utilities performing well, while previously strong sectors such as metals, new energy, and innovative pharmaceuticals have seen increased fluctuations [1] Group 1: Market Outlook - The market is expected to remain relatively volatile towards the end of the year, awaiting new policy signals, with a likelihood of continuing or improving economic conditions into the next year [1] - The overall AI sector remains strong, indicating potential growth opportunities despite the market's fluctuations [1] Group 2: Investment Focus - Continued focus on growth stocks, particularly in the following areas: - Hong Kong technology and internet sectors with reasonable valuations post-adjustment [1] - Sub-industries benefiting from AI technology, including hardware infrastructure, robotics, smart driving, and AI applications [1] - Growth-oriented consumer sub-industries such as innovative pharmaceuticals, gaming, and overseas consumer products [1] Group 3: Robotics Industry - The humanoid robotics sector is anticipated to see significant catalysts in the short term, including the launch and mass production plans of new generation robots by leading overseas companies and the listing processes of domestic leading robotics firms [1] - The industry is expected to enter a phase of accelerated mass production, making it a key area to watch [1]

Core Viewpoint - Morgan Stanley initiates coverage on Horizon Robotics-W (09660) with an "Overweight" rating and a target price of HKD 13, highlighting the company's leading position in the intelligent driving solutions market in China [1] Company Summary - Horizon Robotics is recognized as a leading supplier of intelligent driving solutions, expected to achieve a 46% market share in the ADAS solutions market among Chinese automakers by the first half of 2025 [1] - The company is anticipated to benefit significantly from the accelerated penetration of intelligent driving technologies in China [1] - Competitive product performance and pricing strategies are believed to help Horizon Robotics continue to expand its market share and drive growth [1] Financial Projections - The company is projected to achieve a compound annual growth rate (CAGR) of 56% in revenue from 2024 to 2027, with an expected annual growth rate of 73% in 2028 [1] - This growth trend is expected to further drive the company's stock price upward [1]

小摩相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市占率并驱动增长。此 外，机器人产品线可带来增量营收并支撑长期增长。 该行预测公司2024至2027年营收复合年增长率达 56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 智通财经APP获悉，摩根大通发布研报称，启动覆盖地平线机器人-W(09660)，评级"增持"，目标价为 13港元。地平线作为领先的智能驾驶解决方案供应商，在2025年上半年于中国车企的ADAS解决方案市 场占有率达46%。 随着中国智能驾驶渗透率加速提升，预期领先的技术供应商将显著受益。 ...

Core Insights - Xidi Intelligent Driving has submitted its prospectus to the Hong Kong Stock Exchange for the third time, indicating resilience in the intelligent driving sector [2] - In the first half of 2025, the company reported revenue of 402 million RMB, a 56% increase year-on-year, but its net loss expanded to 455 million RMB, nearly four times the loss of 122 million RMB in the same period of 2024 [2][4] - The company has delivered 304 autonomous mining trucks and has received over 600 equipment order intentions, ranking sixth in China's intelligent driving commercial vehicle market with a 5.2% market share [4] Financial Performance - Revenue for 2025 is projected at 408 million RMB, with a significant increase in sales costs leading to a gross loss of 69.7 million RMB [3] - Research and development expenses accounted for over 37.1% of total expenditures in the first half of 2025, while general and administrative expenses reached 200 million RMB, consuming nearly 48.9% of the company's revenue [6][7] - The company has faced a cash flow crisis, with the last financing round occurring in February 2024, raising 24 million RMB, and a significant gap since then raises concerns about liquidity [4][7] Market Position and Challenges - Xidi Intelligent Driving operates primarily in closed environments, such as mining and ports, which limits market capacity and is dominated by state-owned enterprises, leading to slow project cycles and payment processes [5] - The company's strategy of focusing on closed environments was initially seen as a way to avoid competition in the passenger vehicle sector, but this approach is now revealing limitations as market growth slows [6] - The company’s comprehensive product offerings in intelligent transportation systems may dilute focus during the commercialization phase, posing a challenge for sustainable growth [7]

Core Insights - Suzhou TianTong Weishi Electronic Technology Co., Ltd. (TianTong Weishi), a leading intelligent driving company, has submitted its listing application to the Hong Kong Stock Exchange [1] - The company focuses on providing software-centric intelligent driving solutions, covering L2-L2+ and L4 automation levels, and has achieved significant commercial success across various automation levels [1][2] Group 1: Company Overview - TianTong Weishi was established in 2016 and is recognized as a key player in intelligent driving in Suzhou, with its headquarters set to officially open in December 2024 [1] - The company has successfully tested its L4 autonomous driving bus (Robobus) and plans to operate it on urban roads and the Huan Taihu No. 1 highway soon [1] Group 2: Product Offerings - In the L2-L2+ solution space, TianTong Weishi provides intelligent driving and parking solutions, as well as smart cockpit solutions with driver monitoring systems (DMS) [2] - The company ranks as the second-largest provider of L2-L2+ solutions in China by installation volume and is the largest provider of L2-L2+ solutions for overseas markets [2] Group 3: Financial Performance - In 2024, revenue from L4 solutions reached 242.8 million yuan, accounting for over 50% of the company's total revenue, primarily from L4 software solutions [3] - The company has secured intention orders for over 2,500 autonomous vehicles, with a total contract value of approximately 1 billion yuan, expected to be delivered within the next three to five years [3] Group 4: Market Context - The local government in Suzhou's Wuzhong District is actively fostering capital market development, having nurtured 23 listed companies and nearly 200 potential candidates [3]

Company Overview - Xidi Intelligent Driving Technology Co., Ltd. (referred to as Xidi) has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CICC, CITIC Securities International, and Ping An Securities (Hong Kong) as joint sponsors [1] - Xidi is an innovative product-driven supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles, V2X technology, and intelligent perception solutions [3][4] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [3] Financial Performance - Xidi's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 31.06 million, RMB 133 million, and RMB 410 million, respectively, with a projected revenue of RMB 258 million for the first half of 2025 [5] - The company recorded losses of RMB 263 million, RMB 255 million, and RMB 581 million for the fiscal years 2022, 2023, and 2024, respectively, with a loss of RMB 122.57 million for the first half of 2025 [6][9] - The gross profit margin improved from -19.3% in 2022 to 24.7% in 2024, attributed to increased margins from autonomous driving and the introduction of intelligent perception revenue [9] Market Position and Strategy - Xidi delivered 56 autonomous mining trucks to a mining area in China, creating the world's largest mixed-operation mining fleet with approximately 500 manned trucks [3] - The company is recognized as one of the first in China to commercialize V2X products, utilizing proprietary fleet management and coordination technology [3] - As of June 30, 2025, Xidi had served 152 clients and delivered 304 autonomous mining trucks, with indicative orders for an additional 357 trucks [4] Industry Overview - The mining industry is a crucial pillar of the national economy, with a projected output value of RMB 4.5 trillion in 2024, expected to maintain stable growth [11] - The autonomous mining truck solutions market in China is rapidly expanding, with a market size of RMB 1.9 billion in 2024, projected to grow to RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% [11][13] - The total shipment of autonomous mining trucks in China is expected to reach approximately 1,400 units in 2024, increasing to over 16,000 units by 2030 [13][14]