Core Viewpoint - Xidi Intelligent Driving (03881) experienced a decline in stock price after its initial public offering, dropping over 15% at one point and currently trading at 237.4 HKD, down 9.73% with a trading volume of 177 million HKD [1] Company Overview - Xidi Intelligent Driving is a supplier of intelligent driving products and solutions for commercial vehicles in China, established in 2018 [1] - The company focuses on the development of autonomous trucks for closed environments such as mining and logistics, V2X (Vehicle-to-Everything) technology, and intelligent perception solutions [1] - According to ZhiShi Consulting, Xidi ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [1] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 are reported as follows: 31.06 million RMB, 133 million RMB, 410 million RMB, and 408 million RMB respectively [1] - The losses for the same periods are reported as 263 million RMB, 255 million RMB, 581 million RMB, and 455 million RMB respectively [1] - The primary reasons for the losses include ongoing investments in research and development, increasing net financial costs, and financial costs related to amortized priority financial instruments [1]

IPO 申购指南 希迪智驾（3881.HK） 建议谨慎申购 2025-12-11 星期四 【招股详情】 | 保荐人 | 中金公司，中信建投国际，平安证券（香港） | | --- | --- | | 上市日期 | 2025 年 12 月 19 日（星期五） | | 招股价格 | 港元/股 263 | | 集资额 | 13.09 亿港元 | | 每手股数 | 股 10 | | 入场费 | 2,656.52 港元 | | 招股日期 | 2025 年 12 月 11 日-2025 年 12 月 16 日 | | 国元证券认购截止日期 | 年 月 日 2025 12 15 | | 招股总数 | 540.798 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 513.758 万股(可予调整及视乎超额配售权的行使情况而定)，约占 95% | | 公开发售 | 27.04 万股(可予调整及视乎超额配售权的行使情况而定)，约占 5% | 【申购建议】 公司是中国商用车智能驾驶产品及解决方案的供货商。公司专注于对用于采 矿及物流的封闭环境自动驾驶卡车、V2X（车路协同）技术及智能感知解决 方案的研发，并提供 ...

公司是中国商用车智能驾驶产品及解决方案领域以产品驱动的创新型供应商。 公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为-2.55亿元、-5.81亿元、-4.54亿 元，同比变动幅度为3.01%、-127.66%、-270.81%。（数据宝） （文章来源：证券时报网） 希迪智驾(03881.HK)发布公告，公司拟全球发售540.80万股股份，其中香港发售股份27.04万股，国际发 售股份513.76万股，另有81.12万股超额配股权。招股日期为12月11日至12月16日，最高发售价263.00港 元，每手买卖单位10股，入场费约2656.52港元。 全球发售预计募资总额为14.22亿港元，募资净额13.09亿港元，募资用途为用于公司的研发；用于旨在 进一步整合产业链上下游资源的潜在投资及併购机会；用于提高国内外商业化能力及进一步加强公司与 国内及全球客户的合作；用于营运资金及一般公司用途。 公司引入湖南湘江智骋产业投资基金合伙企业（有限合伙）、南宁智驾一号瑞粤股权投资合伙企业（有 限合伙）、前海开源群巍QDII单一资产管理计划、工银瑞信资产管理（国际）有限公司、工银瑞信基 金管理有 ...

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]

Core Viewpoint - Hidi Intelligent Driving Technology Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for an IPO, despite accumulating losses exceeding 1.5 billion yuan over three and a half years [1][2] Financial Performance - The company's revenue has shown significant growth from 31.06 million yuan in 2022 to 410 million yuan in 2024, with the first half of 2025 achieving approximately 410 million yuan, nearing the total revenue of 2024 [2] - Despite the revenue growth, the company recorded increasing losses, with losses of 263 million yuan in 2022, 255 million yuan in 2023, 581 million yuan in 2024, and 455 million yuan in the first half of 2025 [1][2] Business Focus - Hidi Intelligent Driving specializes in intelligent driving products and solutions for commercial vehicles, focusing on autonomous mining and logistics vehicles in closed environments, as well as V2X technology and intelligent perception solutions [1]

Core Viewpoint - Xidi Intelligent Driving Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors including China International Capital Corporation, CITIC Securities International, and Ping An Securities (Hong Kong) [1] Company Overview - Xidi Intelligent Driving is an innovative product-driven supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles in closed environments, as well as V2X (Vehicle-to-Everything) technology and intelligent perception solutions [1] Financial Performance - Revenue is projected to increase from 31.06 million yuan in 2022 to 410 million yuan in 2024, with approximately 410 million yuan in revenue achieved in the first half of 2025, nearing the total revenue for 2024 [1] - The company recorded losses of 260 million yuan in both 2022 and 2023, and 580 million yuan in 2024, with a loss of 460 million yuan in the first half of 2025 [1] - Gross profit is expected to be 100 million yuan in 2024, with 69.708 million yuan achieved in the first half of 2025 [1]

Core Viewpoint - Xidi Intelligent Driving has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors including China International Capital Corporation Hong Kong Securities Limited, CITIC Construction Investment (International) Financing Limited, and Ping An Capital (Hong Kong) Limited [1] Company Overview - The company is an innovative product-driven supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles in closed environments, V2X technology, and intelligent perception solutions [1] - Xidi Intelligent Driving ranks sixth among all intelligent driving commercial vehicle companies in China, with a market share of approximately 5.2% [1] Market Position and Achievements - In 2024, the company ranked first in the Chinese autonomous mining truck solution market, having delivered 56 autonomous mining trucks to a specific mining area in China, operating alongside approximately 500 manned trucks to form the world's largest mixed-operation mining vehicle fleet [1] - As of June 30, 2025, Xidi Intelligent Driving has served 152 clients, delivered 304 autonomous mining trucks, and 110 sets of independent autonomous truck systems, with indicative orders for 357 autonomous mining trucks and 290 sets of independent autonomous truck systems [1] Market Growth Potential - The market for autonomous mining truck solutions in China is rapidly expanding, with projections indicating it will reach RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% [1]

Core Insights - Xidi Intelligent Driving Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and Ping An Securities (Hong Kong) as joint sponsors [1] - The company specializes in innovative products and solutions for intelligent driving in commercial vehicles, focusing on autonomous mining and logistics vehicles, V2X technology, and intelligent perception solutions [1] - Xidi ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [1] Financial Performance - In 2024, Xidi's product sales revenue in the intelligent driving commercial vehicle market is projected to be around 250 million yuan, accounting for approximately 16.8% of the market share [1] - The company is ranked first in the market for autonomous mining truck solutions in China based on product sales revenue for 2024 [1]