Core Insights - The article highlights the successful transition of Yikong Zhijia towards a more efficient business model in the autonomous mining vehicle sector, showcasing its strong financial performance and market leadership [1][2][4] Financial Performance - Yikong Zhijia reported a revenue of 921 million yuan for the first three quarters of 2025, representing a year-on-year growth of 103.76%, nearing the total revenue for 2024 [1] - The gross profit reached 65.328 million yuan, indicating a steady improvement in profitability [1] - The ATaaS (Asset-light as a Service) model accounted for 50% of revenue, amounting to 461 million yuan, with a year-on-year increase of 267% [2] Market Position - Yikong Zhijia holds approximately 49.2% of the Chinese L4 autonomous mining vehicle market, solidifying its position as a market leader [1] - The fleet of autonomous mining trucks operated by the company grew from over 1,400 in June to over 2,000 by September 2025, demonstrating industry-leading growth [1] Business Model Transformation - The company transitioned from a traditional "TaaS" (Truck as a Service) model to an "ATaaS" model, reducing capital pressure and focusing on technology and service provision [2] - The shift to the ATaaS model has proven successful, with a significant increase in fleet size and revenue contribution [2] Technological Advancements - Yikong Zhijia achieved a significant milestone by completing the first "safety officer off-board" test in Australia, validating its autonomous driving technology [3] - The company is the only domestic entity capable of fully autonomous operations in mixed traffic conditions, showcasing its advanced technology [3] Global Market Potential - The global autonomous mining market is projected to grow from $700 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 51% [3] - The Australian market alone is expected to exceed $2.7 billion by 2030, indicating substantial growth opportunities for Yikong Zhijia [3] Industry Impact - The demand for intelligent mining solutions is increasing, with Yikong Zhijia positioned to lead the transformation from asset-driven to technology-driven operations in the mining sector [4] - The company's successful transition and technological innovations are setting benchmarks for the industry, enhancing efficiency and reducing costs [4]

转自：中国证券报·中证网 值得注意的是，易控智驾所布局的"不持车"轻资产模式，使得公司营收与活跃矿卡数量已全面反超传统 的"持车"模式，公司不仅获得了紫金矿业、宁德时代、兖矿资本、德赛西威等产业巨头的战略投资与深 度合作，更在商业化落地与技术创新层面持续突破，展现出强劲的发展潜力。 车队规模及营收双增 更新后的招股书显示，易控智驾在运行的无人矿卡车队规模从6月份的1400余台增长到2000台以上，公 司已占据中国L4级矿区无人驾驶解决方案市场的近半份额。截至2025年9月末，公司解决方案已部署在 中国按年核定产能计12个最大露天煤矿中的7个。截至最后可行日期，公司已于中国西北地区两个露天 矿山运输项目分别部署了509台和488台无人矿卡，刷新了行业最大规模无人矿卡车队纪录。 从收入规模看，进入2025年，易控智驾基本面持续优化。2025年前三季度，公司实现收入9.21亿元，同 比增长103.76%；毛利达到6532.8万元。 业绩攀升背后，是易控智驾商业模式的成功蜕变：公司从持车模式向不持车模式的商业化转型，正带领 矿区无人驾驶产业从"资产运营"到"技术赋能"深刻转向。 一般来说，目前矿区无人驾驶解决方案主要 ...

Core Viewpoint - The company, 易控智驾, is poised for significant growth in the autonomous mining vehicle sector, showcasing impressive financial performance and a successful transition to a light-asset business model, which has led to increased revenue and market share in the industry [1][4][5]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 921 million RMB, representing a year-on-year growth of 103.76% [1]. - The gross profit reached 65.33 million RMB, more than double the revenue from the same period in 2024 [4]. - The company is projected to generate a total revenue of 986.23 million RMB in 2024, ranking first among all L4 autonomous driving companies in China [1]. Business Model Transition - The company has successfully shifted from a TaaS (vehicle ownership) model to an ATaaS (non-vehicle ownership) model, with ATaaS revenue contributing 50% of total revenue in the first three quarters of 2025, up from 46% in 2024 [5][6]. - The ATaaS model allows clients to purchase or lease vehicles while the company provides the necessary technology and support, reducing capital expenditure and enhancing operational efficiency [4][7]. Market Position - The company holds nearly 49.2% of the L4 autonomous mining solution market in China, with a global market share exceeding 40.5% [1]. - The fleet size of autonomous mining trucks has grown from over 1,400 in June to over 2,000, solidifying the company's leading position in the market [1][4]. Technological Advancements - The company has achieved a milestone by successfully conducting a "safety officer off" test in Australia, demonstrating its autonomous system's capability to operate without human oversight [8][9]. - The technology employed by the company includes advanced algorithms and multi-modal perception capabilities, which have been validated across various mining environments, ensuring a zero-accident record over six years [12]. Industry Trends - The global market for autonomous mining solutions is expected to grow significantly, with projections indicating a market size increase from $700 million in 2024 to $8.1 billion by 2030, reflecting a compound annual growth rate of 51% [9]. - The shift towards light-asset models in the mining sector is becoming a critical trend, aligning with the industry's increasing demand for efficiency and safety [7][12].

招股书显示，易控智驾正在运行的无人矿卡车队规模已增长到2000台以上。截至2025年12月22日，公司已于中国西北地区的两个露天矿山运输项目中分别部 署509台和488台无人矿卡。 同时，易控智驾称，公司正从TaaS（持车）模式向ATaaS（不持车）模式转型。持车模式即企业自身持有并运营无人驾驶矿卡，这种重资产模式下，企业往 往面临较大的资金压力，而不持车模式则是由下游客户购买或租赁矿卡，企业只需要提供矿区无人驾驶技术、软件支持及辅助服务。 根据最新财务数据，2024年，易控智驾不持车模式实现收入4.50亿元，其占总营收比例突破46%。2025年前三季度，易控智驾不持车模式贡献的营收占比进 一步提升至50%，达4.61亿元。易控智驾称，公司"不持车"轻资产模式的营收与活跃矿卡数量已全面反超"持车"模式，占总营收的比例过半。这表明公司商 业模式由"重"转"轻"的战略目标基本达成。 12月30日，记者从易控智驾获悉，公司于近日更新港股招股书。最新数据显示，易控智驾2025年前三季度收入9.21亿元，同比增长103.76%，已逼近2024年 全年水平。 | | | | 截至12月31日止年度 | | | | | 截 ...

根据最新数据，易控智驾2025年前三季度业绩颇为亮眼，实现收入9.21亿元，同比增长 103.76%，已逼近2024年全年水平，进一步巩固了在行业内的领先地 位。 更关键的是，这家矿区无人驾驶领域的科技公司所布局的"不持车"轻资产模式，营收与活跃矿卡数量已全面反超传统的"持车"模式，占据总营收过半比例。 其不仅获得了紫金矿业（601899）、宁德时代（300750）、兖矿资本、德赛西威（002920）等产业巨头的战略投资与深度合作，更在商业化落地与技术创新 层面持续突破，展现出强劲的发展潜力。 车队规模及营收双增，持续领跑行业 据招股书，易控智驾在运行无人矿卡车队规模从 6 月份的 1400 余台增长到 2000 台以上，公司已占据中国L4级矿区无人驾驶解决方案市场近半份额。 近日，因审计报告有效期届满，正冲刺港股上市的易控智驾更新了招股书，也透露了国内矿区无人驾驶赛道的最新动向。 2024 年，公司实现总收入9.86亿元，在中国所有L4级无人驾驶公司中排名第一；同时，公司是中国最大的矿区无人驾驶解决方案提供商，在该市场份额约 为 49.2%；而按同期收入计，中国作为全球最大的L4级矿区无人驾驶解决方案市场， ...

Core Viewpoint - 易控智驾科技股份有限公司 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on autonomous driving in mining areas, with a projected revenue growth from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, reflecting a compound annual growth rate of 305.6% [1][6] Financial Performance - Revenue is expected to grow from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, with a compound annual growth rate of 305.6% [1][6] - The company reported net losses of 216 million RMB in 2022, 333 million RMB in 2023, and 391 million RMB in 2024, totaling over 940 million RMB in three years [7] - Gross margin improved from -29.5% in 2022 to 7.6% in 2024, marking the first positive gross margin, while net margin remained negative at -39.5% in 2024 [7][8] Market Position - 易控智驾 is the largest L4 autonomous driving company globally based on projected 2024 revenue, holding a 49.2% market share in domestic mining autonomous driving solutions [3][4] - The company has deployed over 1,400 active autonomous mining trucks, making it the largest provider of autonomous solutions in mining [4] Customer and Supplier Concentration - The company has a high concentration of customers, with the top five customers accounting for 99.9%, 94.4%, and 83.7% of revenue from 2022 to 2024, respectively [10] - The largest single customer contributed 51.8% of revenue in 2022, 41.7% in 2023, and 54.5% in 2024, amounting to 537 million RMB in 2024 [10] - Supplier concentration is also high, with the top five suppliers accounting for 53.5%, 62.7%, and 54.3% of procurement from 2022 to 2024 [12] Business Model Transition - The company is transitioning from a heavy asset TaaS model to a lighter asset ATaaS model, where customers purchase their own mining trucks, and 易控智驾 provides technology and services, with the ATaaS model expected to account for 46% of revenue in 2024 [10] - R&D expenses totaled 494 million RMB from 2022 to 2024, representing 21.1% of revenue in 2024 [10] Funding and Future Plans - To alleviate financial pressure, the company completed a 400 million RMB D-round financing led by CATL, with funds aimed at enhancing software and hardware R&D, global expansion, and talent development [13] - The market for autonomous mining solutions in China is projected to grow from approximately 5.1 billion RMB in 2025 to 30.1 billion RMB by 2030, with a compound annual growth rate of 57.4% [13][14]

Investment Rating - The report assigns an industry investment rating of "Leading the Market-A" for the truck industry, indicating an expected price increase exceeding the benchmark index by more than 10% [11]. Core Insights - The truck industry has experienced significant growth, particularly in the segment of autonomous mining trucks, with a compound annual growth rate (CAGR) of over 300% in revenue over the past three years for the company Easy Control Intelligent Driving [5]. - The demand for autonomous mining trucks is expected to surge, with sales penetration projected to rise from approximately 6% in 2024 to over 50% by 2030, reflecting explosive growth in the market [7]. - The global market for autonomous mining solutions is anticipated to grow from $700 million in 2024 to $8.1 billion by 2030, with a CAGR of 51% [7]. Summary by Sections Market Performance - The report highlights that Easy Control Intelligent Driving has deployed over 1,400 autonomous mining trucks across 24 mining sites, with significant partnerships with leading companies in the industry [5]. - The company’s revenue for 2022, 2023, and 2024 is projected to be 59.917 million yuan, 271 million yuan, and 986 million yuan, respectively, showcasing a robust growth trajectory [5]. Competitive Landscape - The traditional mining truck market is characterized by intense competition, dominated by major players such as Caterpillar and Komatsu, which hold over 90% of the global market share [6]. - The shift towards autonomous mining trucks presents a substantial opportunity for domestic companies to replace traditional models, driven by advancements in technology and the push for smart manufacturing [6]. Future Outlook - The report suggests that the large-capacity, efficient, and low-energy consumption of new energy autonomous mining trucks will create numerous growth opportunities as their market penetration increases [7]. - Key companies to watch in this sector include Easy Control Intelligent Driving, Xidi Intelligent Driving, and Northern Shares [7].

Core Viewpoint - 易控智驾科技股份有限公司 is seeking to change its business model and strengthen its capabilities through an initial public offering (IPO) to expand its market presence [1] Group 1: Market Growth - The market for autonomous driving solutions in mining is experiencing explosive growth, driven by policy support, technological advancements, and the demand for safer and more efficient operations [2] - The market size for autonomous mining solutions in China is projected to reach approximately 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of about 204.7% [2] - By 2030, the market size is expected to grow from approximately 5.1 billion yuan in 2025 to 30.1 billion yuan [2] - 易控智驾 holds a market share of over 42% in the open-pit coal mining sector and 49.2% in the overall autonomous mining market [2] Group 2: Financial Performance - The number of active autonomous mining trucks equipped with 易控智驾 solutions increased from 31 in 2022 to 577 in 2024, with transport volume rising from 14.4 million cubic meters to 134.1 million cubic meters [3] - Total revenue for 易控智驾 grew from 59.9 million yuan in 2022 to 986 million yuan in 2024, reflecting a CAGR of 305.8% [3][6] - Despite revenue growth, net losses increased from 216 million yuan in 2022 to 390 million yuan in 2024, with R&D expenses exceeding 200 million yuan in 2024 [3][6] - The company reported a gross margin of -29.5% in 2022, improving to -18.6% in 2023, and achieving a positive gross margin of 7.6% in 2024 [6] Group 3: Business Model and Strategy - 易控智驾 is transitioning to a non-ownership model where clients purchase or lease vehicles while the company provides autonomous driving technology and support services [5] - The non-ownership model has a higher gross margin compared to the ownership model, as it avoids costs associated with owning and operating a fleet [5] - The IPO aims to enhance software system development, annual operations and upgrades, expand technical support functions, and recruit additional technical talent [5]

Core Viewpoint - EasyControl Intelligent Driving has submitted an application for listing on the Hong Kong Stock Exchange, with significant investments from prominent companies like CATL and NIO Capital. The company is recognized as the largest L4 autonomous driving company globally, particularly in the mining transportation sector, despite facing ongoing net losses [1][2]. Group 1: Company Overview - EasyControl Intelligent Driving was established in 2018 and focuses on integrating autonomous driving technology with a "vehicle-energy-road-cloud" model, providing comprehensive intelligent solutions for mining transportation [2]. - The company ranks first globally among all L4 autonomous driving companies based on projected revenue for 2024, deploying a fleet of over 1,400 active autonomous mining trucks [2]. - EasyControl has developed a fully self-researched modular and scalable autonomous driving platform that supports over 30 vehicle models and various mining conditions [4]. Group 2: Financial Performance - The company reported a compound annual growth rate (CAGR) of 305.8% in revenue from 2022 to 2024, with revenues of 59.9 million RMB in 2022, 271 million RMB in 2023, and projected 986 million RMB in 2024 [8][12]. - Despite the revenue growth, the company has not achieved profitability, with net losses increasing from 216 million RMB in 2022 to a projected 390 million RMB in 2024 [9][12]. - The gross margin has shown improvement, moving from -29.5% in 2022 to a positive 7.6% in 2024, attributed to economies of scale and an enhanced business model [12][13]. Group 3: Business Model and Market Position - EasyControl offers two business models: TaaS (Transportation as a Service) and ATaaS (Autonomous Transportation as a Service), with a shift towards the more profitable ATaaS model, which is expected to account for 46% of total revenue in 2024 [10]. - The company has established a strong market presence in China, achieving a 49.2% market share in the mining autonomous driving solutions sector in 2024 [6]. - Major clients include leading enterprises such as China Energy Group and Baowu Steel Group, indicating a robust customer base [6].

Core Viewpoint - 易控智驾科技股份有限公司 (Easy Control Intelligent Driving) is seeking to go public in Hong Kong, backed by investments from notable companies such as 宁德时代 (CATL) and 蔚来资本 (NIO Capital) [2][3]. Company Overview - Established in 2018, the company focuses on "vehicle-energy-road-cloud" integrated autonomous driving technology, providing intelligent solutions for mining transportation [4]. - It ranks as the largest L4 autonomous driving company globally, with a fleet of over 1,400 active autonomous mining trucks [4]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 305.8% in revenue from 2022 to 2024, with revenues of 59.9 million RMB in 2022, 271 million RMB in 2023, and projected 986 million RMB in 2024 [9][10]. - Despite revenue growth, the company has not achieved profitability, with net losses increasing from 216 million RMB in 2022 to 390 million RMB in 2024 [11]. Investment and Funding - In June 2023, the company completed a D-round financing of over 400 million RMB, led by 宁德时代 through its investment platform, with participation from various strategic investors [7]. Business Model Transition - The company is transitioning from a capital-intensive TaaS (Transportation as a Service) model to a more profitable ATaaS (Autonomous Transportation as a Service) model, which is expected to account for 46% of total revenue in 2024 [12]. - The ATaaS model offers higher profit margins compared to the TaaS model [12]. Research and Development - R&D expenditures have rapidly increased, reaching 1.09 billion RMB in 2022, 1.77 billion RMB in 2023, and projected 2.08 billion RMB in 2024 [14]. - The company has shown improvement in gross margin, moving from -29.5% in 2022 to a projected 7.6% in 2024, primarily due to economies of scale and optimization of the business model [14].