Core Insights - 易控智驾科技股份有限公司 aims to become the "first stock of unmanned driving in mining areas" by submitting its prospectus to the Hong Kong Stock Exchange on June 25 [1] - The company, established in 2018, specializes in L4-level unmanned driving solutions for mining, ranking first globally in terms of projected revenue for 2024 and holding a 49.2% market share in domestic unmanned driving solutions for mining [1] Revenue Growth and Losses - 易控智驾 has experienced explosive revenue growth over the past three years, with revenues of 60 million, 271 million, and 986 million yuan for 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate of 305.71% [3] - Despite the revenue surge, the company has faced increasing losses, with net losses of 216 million, 334 million, and 390 million yuan over the same period, totaling approximately 940 million yuan [3] - Adjusted net losses were 154 million, 284 million, and 300 million yuan, accumulating to over 700 million yuan [3] - The gross margin turned positive only in 2024, with figures of -29.52%, -18.63%, and 7.58% for the respective years [3] - High losses are attributed to significant investments in technology R&D and commercial infrastructure, with R&D expenses accounting for approximately 50.54%, 53.13%, and 53.44% of losses during the reporting period [3] Financing and Strategic Partnerships - Just before submitting the prospectus, 易控智驾 completed a Series D financing round exceeding 400 million yuan, led by 宁德时代 through its investment platform and own funds [4] - The funding will primarily support R&D for unmanned driving products and market expansion, including internationalization efforts in Australia [4] - The partnership with 宁德时代 signifies strong recognition from both the industry and capital markets regarding the commercialization of unmanned driving in mining [4] - The company's client base includes major mining companies and contractors, maintaining a 100% retention rate among its 11 client groups from 2022 to 2024 [4]

Core Viewpoint - Xijing Technology is a pioneering company in the autonomous driving sector, focusing on unmanned trucks and logistics solutions, with a strong emphasis on innovation and global expansion [3][4][8]. Group 1: Company Overview - Xijing Technology was established in 2015 and is one of the earliest startups dedicated to autonomous driving in China, specifically targeting the unmanned truck segment [4][5]. - The company has successfully implemented its solutions in 28 countries and regions, serving over 200 clients globally [3][8]. Group 2: Product and Technology - The company has developed the Q-Truck, which gained recognition for its appearance in the film "The Wandering Earth 2," showcasing its futuristic design [4]. - Xijing Technology has created the world's first AI unmanned truck and manned truck mixed operation automated terminal project at Thailand's Laem Chabang Port [5]. - The company offers a comprehensive solution that includes not just unmanned trucks but also a full-stack logistics system, integrating AI and machine vision for smart cargo handling [6][7]. Group 3: Market Strategy - Xijing Technology emphasizes providing holistic solutions rather than just individual vehicles, focusing on the entire logistics process from port operations to last-mile delivery [6][7]. - The company is committed to localizing its operations in international markets, employing local staff and integrating into local cultures to enhance service delivery [8]. Group 4: Future Vision - The founder of Xijing Technology believes that the future of Chinese enterprises lies in brand globalization, moving beyond mere product export to establishing a strong brand presence internationally [8]. - The company aims to balance technological innovation with commercial viability, continuously striving to meet customer needs [8].

Group 1: Autonomous Driving - BYD announced it has achieved L4-level smart parking capabilities and will cover all safety and loss liabilities for users of its Tian Shen Yan vehicles in smart parking scenarios [1] - CITIC Securities predicts that by 2025, the penetration rate of mid-to-high-end autonomous driving in China is expected to double, creating a market increment of 35 billion [1] - Guohai Securities notes that the commercialization of smart driving is accelerating, with increasing penetration rates expected to benefit the domain controller hardware and software supply chain [1] Group 2: Short Dramas - The short drama market in China has reached an annual scale of 300 to 350 billion, with expectations to surpass 500 billion next year [2] - The user base for micro-short dramas is projected to exceed 600 million by 2024, with the market size expected to reach 505 billion, surpassing annual box office revenue for the first time [2] - CITIC Jinshi Securities highlights a significant shift in the short drama industry towards advertising-based business models and an influx of traditional film companies [2] Group 3: 3D Printing - Researchers at the University of Texas at Austin have developed a new 3D printing technology that seamlessly integrates soft and hard material properties, opening new possibilities for prosthetics and flexible medical devices [3] - The 3D printing market in China is expected to exceed 63 billion by 2024, growing 30 times over the past decade, with projections to surpass 100 billion by 2029 [3] - The technology is seen as a transformative force in manufacturing, with applications expanding across various industries including healthcare and education [3] Group 4: Measurement and Testing - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to support the development of new industrial productivity through measurement [4] - The demand for high-precision measurement in emerging industries such as new energy and aerospace is increasing significantly [4] - The Chinese measurement market is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 10% [4]

Core Insights - The rapid development of technologies such as 5G, AI, big data, and intelligent driving is driving the demand for smart equipment in mining companies, with autonomous mining trucks emerging as a significant opportunity in the market [1] - China has become the first country to deploy over 1,000 autonomous mining trucks, with more than 2,500 units operational in over 50 open-pit coal mines by the end of 2024, capturing over 65% of the global market share [1] - Despite advancements, challenges remain in the field, including reliance on imported high-precision sensors, the need for improved intelligent algorithms, and difficulties in adapting to complex environments [1] Group 1: Technological Breakthroughs - The TerraSight chip, developed by Dieling Optoelectronics and Liyang Chip, enables the world's first truly all-weather autonomous mining truck solution, demonstrating effective obstacle detection in complex scenarios such as smoke and glare [5][10] - The chip's capabilities include strong penetration in adverse weather conditions, providing a significant advantage over traditional sensors that struggle in low visibility environments [12][13] - The chip's dynamic range reaches an impressive 240dB, with a sensitivity of 0.0000001LUX, allowing it to operate effectively in near-dark conditions [15] Group 2: Market Potential and Future Developments - The demand for autonomous mining trucks is strong, with potential market size in the hundreds of billions, especially as traditional solutions have limitations that hinder adoption [20] - The collaboration between Dieling Optoelectronics and Liyang Chip is expected to expand beyond mining applications to consumer products, indicating a broad market potential for the technology [18] - The autonomous mining truck's successful demonstrations have positioned China at the forefront of the global market, with expectations for further breakthroughs in various operational scenarios [22][24]

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

Group 1 - The article discusses a Level 4 autonomous driving company that is preparing for an IPO, indicating a significant development in the autonomous vehicle industry [1] - The company is founded by a gaming industry leader from Jiangxi, showcasing a cross-industry venture that may bring innovative perspectives to the autonomous driving sector [1] - The company is located in Longyan, Fujian, which highlights the geographical diversification of tech startups in China [1]

Core Insights - The low-speed autonomous delivery vehicle market is experiencing significant price reductions and increased capital interest, indicating a promising growth trajectory for the industry [1][2][3] Price Trends - Since 2025, the prices of autonomous delivery vehicles have been consistently decreasing, with models like the E6 priced under 20,000 yuan and promotional offers from various companies [2] - The sales scale of China's low-speed autonomous delivery vehicle industry reached 12.3 billion yuan in 2024, a 45% year-on-year increase, with sales volume of approximately 33,000 units, up 34% [2] - Projections suggest that sales volume will exceed 47,000 units and sales value will reach 18.5 billion yuan in 2025, potentially hitting 95,000 units and over 41 billion yuan by 2030 [2] Market Expansion - Major logistics companies like Cainiao, Meituan, JD, and Jitu are rapidly expanding their delivery routes and application scenarios in cities like Beijing and Shenzhen [2] - In Shenzhen, nearly 300 autonomous delivery vehicles are currently operational, with expectations to surpass 1,000 by the end of 2025 [3] Capital Investment - The autonomous delivery vehicle sector has seen significant financing activity, including 1 billion yuan in funding for New Stone Technology and 100 million USD for Jiushi Intelligent [3][6] Industry Transformation - The logistics industry is expected to undergo a profound transformation driven by automation and the integration of autonomous vehicles, with a focus on improving efficiency in the last-mile delivery process [4][5] - Companies are encouraged to develop specialized vehicles, such as cold chain delivery vehicles, to enhance service quality [5] Policy and Market Dynamics - The Chinese government aims to reduce logistics costs to 13.5% of GDP by 2027, promoting the integration of autonomous technologies in logistics [5] - The current management of autonomous delivery vehicles is primarily under non-motor vehicle regulations, with a need for standardized definitions and management practices to facilitate broader adoption [6]

Summary of the Conference Call for Xiaoma Zhixing Company Overview - Xiaoma Zhixing plans to expand its autonomous vehicle fleet to 1,000 units by the end of 2025, enhancing network effects, reducing passenger wait times, increasing order volume, and raising per-kilometer charges, which will benefit revenue growth [2][4][25] - The cost of the seventh-generation vehicle has significantly decreased to several hundred thousand RMB, thanks to advancements in algorithms and software, utilizing NVIDIA Orin X chips and more efficient algorithms, reducing reliance on high-performance LiDAR [2][5] Key Points and Arguments - **Profitability Model**: Xiaoma Zhixing believes that achieving a single-vehicle profitability model is crucial for scaling operations. The company expects to quickly reach single-vehicle profitability with the deployment of the seventh-generation vehicle, attracting leasing companies to take on robotaxi assets [2][6][15] - **Operational Safety**: The company operates in four major cities (Beijing, Shanghai, Guangzhou, Shenzhen) with a coverage area of over 2,000 square kilometers, achieving safety levels ten times higher than human drivers, capable of operating safely in various weather conditions 24/7 [2][9] - **Remote Driving Risks**: Xiaoma Zhixing rejects remote driving due to risks of signal instability and potential hacking, insisting on relying solely on the vehicle's algorithms and sensor hardware for operation to ensure safety [2][11] - **Licensing Achievements**: The company has obtained autonomous driving licenses in Beijing, Guangzhou, and Shenzhen, and a free open license in Shanghai, demonstrating compliance with regulations through quantitative metrics [2][21] Market Strategy - **Market Penetration**: The company plans to initially target lower-tier cities while gradually penetrating second-tier cities, focusing on overseas markets but currently adopting a testing and R&D strategy due to the lack of stringent regulations outside China and the U.S. [3][17][22] - **Operational Cost Structure**: The operational costs for Xiaoma Zhixing's robotaxi include depreciation, rental fees, charging costs, maintenance, cleaning, remote assistance, insurance, and parking fees, with the seventh-generation vehicle expected to have significantly lower per-kilometer costs compared to human-operated taxis [19] Competitive Advantages - **Comparison with Tesla**: Xiaoma Zhixing claims several advantages over Tesla's RoboTaxi, including a larger fleet in major cities, no user restrictions, broader operational area, capability to operate in various weather conditions, and no reliance on remote control or safety personnel [12][14][13] Future Outlook - **Fleet Expansion Plans**: The company aims to increase vehicle numbers in existing cities to improve density and reduce wait times, with plans to expand into more first-tier cities by 2026, while avoiding immediate entry into second-tier cities due to greater commercial potential in first-tier cities [25]

Core Viewpoint - The company, Pony.ai, has announced a partnership with the well-known Luxembourg mobility company Emile Weber to deploy multiple Robotaxis in Luxembourg, marking the official start of road testing and paving the way for the global expansion of Pony.ai's Robotaxi services in Europe [1] Group 1 - The initial phase of testing has commenced in the city of Lenningen, with plans for gradual expansion to more areas [1]

Core Insights - Company received the first road testing license for autonomous delivery vehicles in Huangpu District, Guangzhou, marking a significant milestone in the autonomous logistics sector [1] - The W5 autonomous delivery vehicle is designed for urban freight, leveraging nearly six years of operational experience in the robotaxi field and utilizing industry-leading Level 4 autonomous driving technology [1][2] - The global autonomous logistics market is projected to exceed $100 billion in the next three years and grow to $784 billion by 2030, indicating a rapidly expanding market opportunity [2] Company Developments - The W5 vehicle features the largest cargo capacity among similar products at 5.5m³ and a range of 220 km, with a modular design for flexible urban freight needs [2] - The vehicle supports multi-vehicle coordination, allowing efficient management of large fleets with minimal personnel [2] - The company has initiated overseas expansion, obtaining licenses in multiple countries and cities, and collaborating with international giants like Renault and Uber [2] Industry Trends - The smart logistics sector is experiencing rapid growth, driven by supportive policies for intelligent connected vehicles and the increasing demand for autonomous delivery solutions [2] - The company is positioned to capitalize on the ongoing policy benefits and its technological advantages in the autonomous driving field, accelerating the commercialization of autonomous delivery vehicles [2]