据港交所11月11日披露，希迪智驾科技股份有限公司(简称：希迪智驾)递表港交所主板，中金公司 （601995）、中信建投（601066）国际、平安证券(香港)为联席保荐人。该公司曾于2025年5月8日递表 港交所。 值得关注的是，最新招股书显示，希迪智驾2024年营收达4.1亿元，同比增长超过70%，毛利率提升至 24.7%。而更引人注目的是，按2024年产品销售收入计，该公司已以16.8%的市场份额成为中国最大商 用车自动驾驶公司。 市场份额的数据同样亮眼。在中国智能驾驶商用车整体市场中，希迪智驾以约5.2%的份额排名第六； 但若仅以2024年产品销售收入计，其市场份额高达16.8%。这表明，在以"卖产品"为导向的硬核竞争 中，希迪智驾的变现能力远超行业平均水平，在细分领域已建立起显著的领先优势。 然而，与高增长形成尖锐对比的，是同样令人咋舌的亏损。期内，公司分别亏损2.63亿元、2.55亿元、 5.81亿元及4.55亿元。2024年亏损额却同比扩大了近128%。这种"增收不增利"甚至"越赚越亏"的现象， 揭示了公司目前所处的阶段：仍处于需要巨额投入以换取市场地位和未来规模的"军备竞赛"期。 值得关注的是， ...

Core Viewpoint - The company, Xidi Intelligent Driving Technology Co., Ltd., has submitted its application for listing on the Hong Kong Stock Exchange, showcasing significant revenue growth and a leading market position in the autonomous commercial vehicle sector in China [1][9]. Financial Performance - The company reported a revenue of 410 million RMB for 2024, representing a year-on-year growth of over 70%, with a gross margin of 24.7% [1][3]. - Revenue growth from 2022 to 2025 shows a steep increase from 31.06 million RMB to 4.1 billion RMB, indicating a more than 13-fold increase in just two and a half years [3][9]. - The company has incurred substantial losses, with figures of 263 million RMB, 255 million RMB, 581 million RMB, and 455 million RMB over the respective periods, highlighting a trend of increasing losses despite revenue growth [5][9]. Market Position - Xidi Intelligent Driving holds a 16.8% market share in the Chinese autonomous commercial vehicle market based on product sales revenue, making it the largest player in the autonomous mining truck solutions market [1][5]. - The company ranks sixth in the overall Chinese smart driving commercial vehicle market with approximately 5.2% market share [5]. Strategic Focus - The company focuses on autonomous driving solutions in closed environments, such as mining areas, ports, and logistics parks, which simplifies the implementation of technology and accelerates commercial deployment [2][9]. - The company aims to utilize the funds raised from the IPO for research and development, enhancing commercialization capabilities, integrating the supply chain, and expanding internationally [8][9]. Industry Outlook - The global autonomous commercial vehicle market is projected to reach 1.6158 trillion RMB by 2030, with a compound annual growth rate of 123% from 2023 to 2030 [6][8]. - The closed environment segment accounted for approximately 53.7% of the global autonomous commercial vehicle market in 2023, indicating a strong growth potential in this area [8].