Core Viewpoint - The company, Xidi Intelligent Driving, is preparing for an IPO on the Hong Kong Stock Exchange, led by Li Zexiang, amidst a competitive landscape in the smart driving industry. The focus will be on how the company maintains its high valuation narrative in a market that is evolving rapidly [1]. Company Overview - Xidi Intelligent Driving is a leading supplier of commercial vehicle autonomous driving products and solutions in China, focusing on autonomous mining trucks and logistics vehicles, V2X technology, and intelligent perception solutions [2]. - The company holds a market share of 16.8% in China's commercial vehicle autonomous driving sector and ranks first in the autonomous mining truck solutions market [2]. Financial Performance - Revenue growth has been significant, with reported revenues of approximately 31.06 million RMB in 2022, 133 million RMB in 2023, and 410 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 263.1% [3]. - The revenue structure is unstable, with the autonomous driving business accounting for 90.2%, 56.1%, and 62.1% of total revenue during the reporting period [3]. Profitability and Losses - Despite rapid revenue growth, the company has experienced increasing losses, with annual losses of approximately 263 million RMB, 255 million RMB, and 581 million RMB over the three years, totaling around 1.1 billion RMB [5][7]. - The gross profit margins for the autonomous driving segment were -25.1%, 19.5%, and 23.1% during the reporting period, indicating challenges in achieving profitability [12][13]. Market Outlook - The global commercial vehicle autonomous driving market is projected to reach 1.6158 trillion RMB by 2030, with a CAGR of 123.0% from 2023 to 2030. The Chinese market is expected to see explosive growth, reaching 778.8 billion RMB by 2030 [9]. - The company plans to utilize IPO proceeds for research and development, enhancing commercialization capabilities, and international expansion, particularly in markets like Australia, Europe, and South America [11]. Strategic Initiatives - Xidi Intelligent Driving aims to capture market opportunities through various strategies, including the development of a new generation of autonomous driving platforms and the expansion of its international presence [11]. - The company has already achieved commercial operations of autonomous mining trucks in multiple mining areas and received significant orders, laying a foundation for future revenue growth [11].

Core Viewpoint - Xidi Intelligent Driving Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and Ping An Capital (Hong Kong) as joint sponsors [1] Company Overview - Xidi Intelligent Driving is a leading supplier of commercial vehicle autonomous driving products and solutions in China, focusing on the development of autonomous mining trucks, logistics vehicles, V2X technology, and intelligent perception solutions [3] - The company holds a market share of 16.8% in China's commercial vehicle autonomous driving sector based on product sales revenue for 2024, ranking first in the autonomous mining truck solutions market [3] Product and Technology - Xidi Intelligent Driving has developed various products and solutions, including autonomous driving technology for mining trucks and logistics vehicles, V2X products for smart transportation and cities, and intelligent perception solutions for rail transit and commercial vehicles [3] - The company has delivered the world's largest fleet of autonomous mining trucks that operate in coordination with manned vehicles, achieving a mining efficiency of 104% compared to manually driven trucks [4] Financial Performance - The company reported revenues of approximately RMB 31.06 million, RMB 133 million, and RMB 410 million for the years 2022, 2023, and 2024, respectively, with corresponding losses of approximately RMB 262.99 million, RMB 255.08 million, and RMB 580.84 million [4][5] - The gross profit margin improved from -19.3% in 2022 to 24.7% in 2024, indicating a significant turnaround in profitability [5]