Group 1 - The company, Xidi Intelligent Driving (03881.HK), plans to globally offer 5.408 million shares, with 270,400 shares available in Hong Kong and 5.1376 million shares for international sale, along with an over-allotment option of 811,200 shares [1] - The subscription period is set from December 11 to December 16, with a maximum offer price of HKD 263.00 per share, and an entry fee of approximately HKD 2,656.52 for a board lot of 10 shares [1] - The total expected fundraising amount is HKD 1.422 billion, with a net amount of HKD 1.309 billion, which will be used for research and development, potential investments and acquisitions, enhancing commercialization capabilities, and general corporate purposes [1] Group 2 - The company is recognized as an innovative supplier driven by products in the field of intelligent driving products and solutions for commercial vehicles in China [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are estimated at -255 million, -581 million, and -454 million yuan respectively, with year-on-year changes of 3.01%, -127.66%, and -270.81% [2] - The company has introduced cornerstone investors including Hunan Xiangjiang Zhicheng Industrial Investment Fund and others, who will subscribe to approximately 2.0764 million shares at the offer price [1]

希迪智驾(03881.HK)发布公告，公司拟全球发售540.798万股H股，中国香港发售股份27.04万股，国际发售股份513.758万股(以上可予调整及视乎超额配股 权行使与否而定)；2025年12月11日至12月16日招股；发售价将为每股发售股份263.00港元，H股的每手买卖单位将为10股，中金公司、中信建投国际及平 安证券(香港)为联席保荐人；预期股份将于2025年12月19日开始在联交所买卖。 公司已订立基石投资协议，据此，基石投资者已同意在若干条件规限下，按发售价认购总金额约5.461亿港元。根据每股发售股份263.0港元的发售价，基 石投资者将予认购的发售股份总数为207.639万股。 基石投资者包括湖南湘江智骋产业投资基金合伙企业(有限合伙)("湘江智骋")、南宁智驾一号瑞粤股权投资合伙企业(有限合伙)("智驾一号")、工银瑞信基 金管理有限公司("工银瑞信")、工银瑞信资产管理(国际)有限公司("工银瑞信国际")、前海开源群巍QDII单一资产管理计划("前海开源群巍")。 综合 | 公司公告 招股书 编辑 | Arti 本文仅为信息交流之用，不构成任何交易建议 招股书显示，希迪智驾是中国商用 ...

Core Points - The company, Xidi Intelligent Driving (03881), plans to conduct an initial public offering (IPO) from December 11 to December 16, 2025, with a global offering of 5.408 million H-shares [1][2] - The offering will allocate approximately 5% for public sale in Hong Kong and 95% for international sale, with an additional 15% over-allotment option [1][2] - The expected price per share is HKD 263, with a minimum purchase of 10 shares, and trading is anticipated to commence on December 19, 2025 [1][2] Company Overview - Xidi Intelligent Driving is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China, driven by product development [1][2] - The company focuses on the research and development of autonomous trucks for closed environments, V2X (Vehicle-to-Everything) technology, and intelligent perception solutions [1][2] - The company has primarily concentrated on intelligent driving within closed environments during its historical performance period [1][2]

Core Viewpoint - The company, Xidi Zhijia, is set to launch an IPO from December 11 to December 16, 2025, aiming to issue 5.408 million H-shares at a price of HKD 263 per share, with trading expected to commence on December 19, 2025 [1] Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [1] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - Xidi Zhijia has delivered 56 autonomous mining trucks in a mixed fleet with about 500 manned trucks, forming the largest mixed-operation mining truck fleet globally [2] Group 2: Financial Projections and Use of Proceeds - The company estimates a net amount of approximately HKD 1.309 billion from the global offering, assuming the over-allotment option is not exercised [3] - Approximately 55% of the net proceeds will be allocated to R&D over the next five years, with specific allocations for the new generation intelligent driving platform and V2X technology upgrades [3] - The company anticipates revenue growth from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1% [4] Group 3: Recent Financial Performance - Revenue for the six months ending June 30, 2025, is projected to increase by 57.9% to RMB 408 million compared to the same period in 2024 [4] - Gross profit is expected to rise from RMB 26.8 million in 2023 to RMB 101 million in 2024, with a significant increase in gross profit for the six months ending June 30, 2025, to RMB 69.7 million [4]

Core Viewpoint - The company, Xidi Intelligent Driving, is set to launch an IPO from December 11 to December 16, 2025, offering 5.408 million H-shares at a price of HKD 263 per share, with expected trading to commence on December 19, 2025 [1] Group 1: Company Overview - Xidi Intelligent Driving is an innovative supplier focused on intelligent driving products and solutions for commercial vehicles in China, particularly in closed environments for mining and logistics [1] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - Xidi has delivered 56 autonomous mining trucks in a mixed fleet with around 500 manned trucks, creating the world's largest mixed-operation mining vehicle fleet [2] Group 2: Financial Projections - The company expects to receive a net amount of approximately HKD 1.309 billion from the global offering, assuming the over-allotment option is not exercised [3] - Revenue is projected to grow from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate (CAGR) of 263.1% [4] - The gross profit is anticipated to increase from RMB 26.8 million in 2023 to RMB 101 million in 2024 [4] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the offering will be allocated to research and development over the next five years, with specific allocations for various teams and projects [3] - About 15% of the proceeds will be used to enhance commercial capabilities and strengthen collaborations with domestic and global clients [3] - The company plans to invest around 20% of the proceeds in potential investments and acquisitions to further integrate upstream and downstream resources [3]

Core Viewpoint - The company, Xidi Intelligent Driving, is planning a global offering of 5.40798 million H-shares, with a focus on the development of intelligent driving products and solutions for commercial vehicles in closed environments, particularly in mining and logistics [1][2]. Group 1: Company Overview - Xidi Intelligent Driving ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2]. - The company has delivered 56 autonomous mining trucks in China, creating the world's largest mixed-operation mining truck fleet, which includes around 500 manned trucks [2]. - It is recognized for delivering the first fully unmanned electric mining truck fleet in China [2]. Group 2: Market Position and Technology - By revenue projections for 2024, Xidi Intelligent Driving ranks third in the autonomous mining truck solutions market in China [2]. - The company is one of the first in China to commercialize V2X (Vehicle-to-Everything) products [2]. - Its Train Autonomous Perception System (TAPS) is the only product in China that achieves independent safety perception for trains [2]. Group 3: Fundraising and Use of Proceeds - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 546.1 million [3]. - Assuming no exercise of the over-allotment option, the net proceeds from the global offering are expected to be around HKD 1.309 billion, with about 55% allocated for R&D over the next five years [3]. - Approximately 15% of the net proceeds will enhance domestic and international commercialization capabilities, while 20% will be used for potential investments and acquisitions to integrate upstream and downstream resources [3].

Core Viewpoint - The company, Xidi Zhijia, is set to launch an IPO from December 11 to December 16, 2025, offering 5.408 million H-shares at a price of HKD 263 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [1] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - Xidi Zhijia has delivered 56 autonomous mining trucks in China, forming the world's largest mixed-operation mining vehicle fleet [2] Group 2: Financial Projections and Use of Proceeds - The company estimates a net amount of approximately HKD 1.309 billion from the global offering, assuming the over-allotment option is not exercised [3] - Approximately 55% of the net proceeds will be allocated to R&D over the next five years, with specific allocations for the development of a new generation intelligent driving platform and V2X technology [3] - The company anticipates a revenue increase from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1% [4] Group 3: Financial Performance - Revenue for the six months ending June 30, 2025, is projected to reach RMB 408 million, a 57.9% increase from RMB 259 million for the same period in 2024 [4] - Gross profit is expected to rise from RMB 26.8 million in 2023 to RMB 101 million in 2024, with a gross profit of RMB 69.7 million for the six months ending June 30, 2025, representing a 57.1% increase from the previous year [4]

希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：3881 全球發售 聯席保薦人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 CiDi I n c. 希迪智駕科技股份有限公司 CiDi Inc. 希迪智駕科技股份有限公司 C M Y CM MY CY CMY K Project Nova Cover V14D_CHI_38mm_OP.pdf 1 9/12/2025 下午8:55 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 5,407,980股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 270,400股H股（可予調整） | | 國際發售股份數目 | ： | 5,137,580股H股（可予調整及視乎超額配股權行使 | | | | 與否而定） | | 發售價 | ： | 每股H股263.00港元，另加1.0%經紀佣金、0.0027% ...

Core Insights - Horizon aims to implement advanced urban driving assistance in vehicles priced below 70,000 yuan, targeting a market where 50% of passenger car sales fall under 130,000 yuan [3][4] - The company plans to collaborate with major manufacturers to achieve a production scale of 10 million units within three to five years, leveraging its self-developed driving algorithms [3][4] - Horizon's ambition is to make advanced driving assistance a standard feature, akin to automatic transmissions, rather than a luxury add-on [4][10] Market Context - The current market for vehicles under 100,000 yuan lacks advanced urban driving features, presenting a significant growth opportunity for Horizon [3][4] - Competitors like BYD, Geely, and Chery have introduced simpler driving assistance features but have not ventured into advanced urban driving solutions [4][9] - The competitive landscape is intensifying, with companies like Momenta and Qualcomm entering the market with rapid advancements in chip development [4][9] Technological Development - Horizon's strategy involves developing its own HSD (High-level Driving) solutions to increase market share and reduce costs through economies of scale [10][11] - The company aims for a tenfold increase in computing power and model capacity with each new generation of chips, with the upcoming Journey 7 series expected to launch alongside Tesla's next-generation AI5 chip [10][11] - The Journey 6 series is crucial for Horizon's strategy, as it is designed to support urban NOA (Navigation on Autopilot) and is expected to meet the rising demand for higher computing power in the industry [11][12]

对行业而言,这一步意味着四维图新不再仅仅是传统地图与软件供应商,而是着力构建"从高精地图、车联 网到中高阶自动驾驶软件+硬件+系统集成"的全链条能力—在智能驾驶产业加速整合、对整车厂要求降 低供应链复杂度的背景下,这样的整合与重构,有望提高其在未来自动驾驶市场的竞争力与议价能力。 简而言之,这笔战略投资为四维图新带来了"短期利润修复 + 长期战略转型双重利好",如果鉴智平台后续 顺利交付双方已获得的超过500万套新增量产定点合同,加之整合效果兑现,预计四维图新有望在未来掀开 新一轮估值与业务增长周期。 从财务角度来看,资产注入与股权置换将令公司合并报表范围发生变化,预计处置图新智驾股权产生的投 资收益约为15亿元人民币,为公司盈利与现金流带来即时改善。 2025年12月10日晚间,四维图新(SZ002405)发布公告称,通过"2.5亿元现金增资+ 15.5 亿元资产注入"的方 式,已获得鉴智开曼公司39.14%股份,并成为其第一大股东(但不构成控股)。此次资产注入为其全资子公 司 四维图新智驾(北京)科技有限公司(图新智驾)100%股权。 根据公告内容,可以推导出此次交易标志着鉴智开曼将成为四维图新旗下的的核 ...