Core Viewpoint - Xidi Zhijia Technology Co., Ltd. is aiming to become the first publicly listed company in Hong Kong focused on autonomous mining trucks, having submitted its prospectus for the second time to the Hong Kong Stock Exchange [1] Financial Performance - In 2024, Xidi Zhijia is projected to achieve revenue of 410 million yuan while incurring a loss of 581 million yuan [1] - Revenue is expected to grow from 31 million yuan in 2022 to 410 million yuan in 2024, with gross profit increasing from 27 million yuan in 2023 to 101 million yuan in 2024 [3][4] - Despite revenue growth, the company has not yet turned a profit, with losses of 263 million yuan in 2022, 255 million yuan in 2023, and 581 million yuan in 2024 [4] Business Model and Market Position - Xidi Zhijia focuses on product sales rather than fleet operations, having started mass production of autonomous mining trucks in 2022 [2][3] - The company holds a 16.8% market share in China's commercial vehicle autonomous driving sector, making it the largest player by product sales revenue in 2024 [3] - The revenue streams include autonomous driving technology, V2X products and solutions, and intelligent perception solutions [3] Technology and Development - The company emphasizes V2X technology, having begun mass production of V2X products in 2019 and successfully implementing smart mining truck projects [2] - The autonomous commercial vehicle market is categorized into three main scenarios: urban roads, intercity highways, and closed environments, with Xidi Zhijia focusing on closed environments like mines and logistics [1][2] Challenges and Future Outlook - High sales and research costs are significant contributors to ongoing losses, with sales costs reaching 309 million yuan in 2024, accounting for 75.3% of that year's revenue [4] - The company anticipates increased net losses by the end of 2025 due to ongoing high operational expenses as it transitions to larger-scale operations [4] - The recent reforms by the Hong Kong Stock Exchange allowing unprofitable tech companies to list may provide a potential pathway for Xidi Zhijia to secure funding [4]

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]