Investment Rating - The report initiates coverage on Xidi Zhijia (3881.HK) with a "Buy" rating [3][13]. Core Insights - Xidi Zhijia is positioned as a leading provider of autonomous driving technology and solutions for commercial vehicles, focusing on mining trucks and logistics vehicles. The company is one of the first in China to achieve "no safety personnel normal operation" for autonomous mining trucks and logistics vehicles [1][20]. - The market for autonomous mining truck solutions in China is projected to reach CNY 1.9 billion by 2024, with a total potential market size of CNY 550 billion. The market is expected to grow to CNY 39.6 billion by 2030, with a CAGR of 65.3% from 2024 to 2030 [2][39]. - Xidi Zhijia has three core advantages: technological differentiation, strong scene integration capabilities, and rapid commercialization, which are expected to solidify its leading position in the industry [3][34]. Summary by Sections Company Overview - Established in 2017, Xidi Zhijia focuses on autonomous driving technology for commercial vehicles, particularly in mining and logistics. The company has developed the world's largest mixed fleet of autonomous mining trucks without safety personnel [1][20]. Market Potential - The autonomous mining truck market is anticipated to expand significantly, driven by increasing demand for intelligent mining solutions and the maturity of technology. The penetration rate of autonomous mining trucks in mining transportation is expected to rise, enhancing market size and commercialization [2][39]. Business Model and Revenue - Xidi Zhijia's core business includes three segments: autonomous driving, V2X solutions, and intelligent perception. The autonomous driving segment accounted for 92.7% of revenue in the first half of 2025, primarily due to the commercialization of mining trucks [33][34]. Financial Projections - Revenue forecasts indicate a significant increase, with expected revenues of CNY 978 million in 2025, CNY 1.98 billion in 2026, and CNY 3.46 billion in 2027. The company is projected to achieve Non-IFRS net profits of CNY 0.75 million in 2026 and CNY 3.57 million in 2027 [4][13]. Competitive Landscape - Xidi Zhijia is distinguished from competitors by its product-driven model, which mitigates operational risks and enhances product development efficiency. The company is expected to maintain a competitive edge through superior technology and integration capabilities [10][11]. Catalysts for Growth - Short-term catalysts include the company's inclusion in the Hong Kong Stock Connect, acquisition of new orders for autonomous mining trucks, and progress in partnerships with OEMs. Long-term catalysts involve increased penetration of autonomous mining trucks and expansion into overseas markets [12][13].

Core Viewpoint - The company, Xidi Zhijia, successfully listed on the Hong Kong Stock Exchange on December 19, 2023, becoming the first publicly traded company focused on intelligent driving for commercial vehicles in Hong Kong, with an opening price of HKD 263 per share, matching its issue price, and a market capitalization of HKD 11.16 billion [1][2]. Group 1: IPO and Financial Details - Xidi Zhijia's IPO involved the global issuance of 5.408 million shares at an issue price of HKD 263, raising a total of HKD 1.422 billion, with a net amount of approximately HKD 1.309 billion after deducting listing expenses [2]. - The public offering was oversubscribed by 14.1 times, with margin financing reaching HKD 1.1 billion, leading to an increase in the public offering ratio from 5% to 20% [2]. - The company has completed eight rounds of financing since its establishment, raising nearly RMB 1.5 billion, with a post-investment valuation of approximately RMB 9 billion [12]. Group 2: Company Background and Leadership - Founded in 2017, Xidi Zhijia is led by founder and chairman Li Zexiang, who has a notable background in academia and entrepreneurship, previously serving as the chairman of DJI [4][6]. - The founding team includes experienced professionals such as Ma Wei, who has over 20 years in the electronics and technology industry, and CEO Hu Sibo, who joined in 2018 and has a background in algorithm trading [9][10]. Group 3: Market Position and Product Lines - Xidi Zhijia focuses on the commercial vehicle intelligent driving market, avoiding the highly competitive passenger vehicle sector, and has established five major product lines targeting mining and logistics [14][15]. - The company is recognized as the largest commercial vehicle autonomous driving company in China, with a market share of 16.8% in 2024, and ranks first in the autonomous mining truck solution market [18]. Group 4: Financial Performance and Challenges - The company's revenue has shown significant growth, increasing from RMB 77.385 million in 2021 to an estimated RMB 410.035 million in 2024, with a gross margin improvement from -19.3% in 2022 to 24.7% in 2024 [25][26]. - Despite revenue growth, Xidi Zhijia faces challenges with net losses exceeding RMB 1 billion from 2022 to 2024, with a net loss of RMB 455 million in the first half of 2025 [28]. - The company has a high operational cost structure, with general and administrative expenses and R&D costs accounting for 86% of its revenue [28]. Group 5: Future Outlook - Xidi Zhijia plans to use the funds raised from the IPO for R&D (55%), commercial expansion (15%), and supply chain integration (20) [22]. - The company aims to expand its market presence in high-growth segments, with a combined potential market size exceeding RMB 100 billion [23].

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% ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 CiDi Inc. 希迪智駕科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立之股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其相關保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司註冊處處長註 冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司 ...

Core Viewpoint - Xidi Zhijia Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for autonomous driving technology in commercial vehicles, particularly in mining and logistics sectors [1][4]. Financial Performance - The company's revenue is projected to reach 410 million RMB in 2024, a significant increase from 132 million RMB in 2023, marking an almost threefold growth [2][7]. - The gross margin improved from over 20% in 2023 to 24.7% in 2024, indicating a profitable product line [2][9]. - Net losses have decreased from 159 million RMB in 2022 to 127 million RMB in 2024, showing a trend towards reduced losses [2][10]. Order and Market Position - Xidi Zhijia holds a leading market share of 16.8% in China's commercial vehicle autonomous driving sector, ranking first in the autonomous mining truck solutions segment [4][28]. - The company has delivered 304 autonomous mining trucks and received indicative orders for an additional 357 trucks, along with 110 independent autonomous truck systems and 290 indicative orders for these systems [3][13]. Research and Development - The company has invested nearly 394 million RMB in R&D over the past three years, with 193 million RMB allocated in 2024 alone [5][12]. - R&D personnel constitute 54.1% of the total workforce, emphasizing the company's commitment to innovation [12]. Customer Base and Projects - As of June 30, 2025, Xidi Zhijia has served 131 customers, with plans to expand this number to 152 by the end of 2025 [12][13]. - The company has successfully implemented several benchmark projects, including the first fully autonomous electric mining truck fleet in China and a mixed fleet of manned and unmanned mining trucks [12][23]. Financing and Valuation - Xidi Zhijia has completed multiple financing rounds since its establishment, with a post-investment valuation exceeding 9 billion RMB following the C+ round [15][28]. - Notable investors include Sequoia Capital and Baidu, reflecting strong market confidence in the company's potential [15][16]. Leadership - The company was founded by Professor Li Zexiang, known as the "father of DJI," who has extensive experience in automation and robotics [17][19]. - Key executives include Ma Wei, co-founder and vice chairman, and Hu Sibo, CEO, both bringing significant industry experience to the company [21][23].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 CiDi Inc. 希迪智駕科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、各保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司註冊處處長註 冊的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司、各保薦人、 整體協調 ...