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 - Xidi Intelligent Driving (03881.HK) is a leading enterprise in the field of commercial vehicle intelligent driving products and solutions, focusing on autonomous mining trucks and logistics vehicle solutions, V2X, and intelligent perception [2][7]. Company Overview - Established in 2017, Xidi Intelligent Driving is a global leader in intelligent driving hard technology products, dedicated to innovation in hard technology and the application of autonomous driving and vehicle-road collaboration technology [7]. - The company reported a revenue of 408 million yuan in the first half of 2025, representing a year-on-year growth of 57.9%, with a net loss of 450 million yuan [2][6]. Business Segments Autonomous Driving - The autonomous driving segment includes solutions for autonomous mining trucks and logistics vehicles, with a revenue contribution of 92.7% in 2025H1 [14]. - The market for autonomous mining truck solutions in China is projected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [3]. - Xidi holds approximately 12.9% market share in the autonomous mining truck solutions market in China [3]. V2X - The V2X market in China is expected to grow from 2 billion yuan in 2024 to 23.8 billion yuan by 2030, with a CAGR of 51% [3]. - Xidi's V2X solutions integrate advanced perception technology and traffic optimization algorithms, enhancing road safety and traffic management [24][25]. Intelligent Perception - The intelligent perception segment includes the Train Autonomous Perception System (TAPS) and vehicle-mounted intelligent perception solutions, contributing 5.0% to the revenue in 2025H1 [14][30]. - TAPS is designed to enhance train safety through active perception capabilities, utilizing various detection technologies [30]. Financial Analysis - The company has shown rapid revenue growth, with a significant increase in the autonomous driving segment's revenue by 142.47% year-on-year in 2025H1 [16]. - The gross margin for the autonomous driving segment was 15.59%, reflecting a slight decrease of 0.52 percentage points year-on-year [16]. Research and Development - Xidi emphasizes strong R&D capabilities, with over 50% of its workforce dedicated to research, and core team members averaging over 15 years of engineering experience [4][39]. - The company has been one of the earliest in China to commercialize intelligent driving technology in closed environments since 2018 [4]. Customer Base - Xidi's diverse customer base includes mine owners, government entities, universities, commercial vehicle manufacturers, and other enterprises, continuously expanding its clientele [4][10].

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 ...

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 ...