出品 | 创业最前线 魏帅 西北寒风凛冽的矿区内，无人驾驶矿用卡车与传统重卡共同组成的编队，在漫天黄沙中并肩作业，这是目前全球规模最大的无人驾驶混合作业编队。 而远在2000公里外的香港港交所，这些无人驾驶"大家伙"的创造者希迪智驾，正进行第三次也是最为关键的上市搏击。 2024年11月、2025年5月以及2025年11月，这家由"大疆教父"李泽湘创立的自动驾驶公司三度向港交所递交上市申请。 与西北矿区壮观的作业场景形成鲜明对比的是其触目惊心的财务表现：2022至2024年三年累计亏损已超过11亿元。 创业八年，希迪智驾的团队也确实做到了行业翘楚：打造出了中国首个完全无人驾驶纯电矿卡车队，并实现全球最大规模混合编组作业。 文章开头的一幕，并非是特殊的场景，而是希迪智驾已经实践了的作业案例。 但硬科技不等于商业模式，任何技术都需要为场景和商业化服务。截至2025年6月30日，公司账面现金和现金等价物为1.86亿元，而近半年亏损就达4.55亿 元。按此"烧钱速度"，其现金储备仅能维持数月。 过去很长一段时间里，这家公司一直都在践行李泽湘的技术逻辑和系统构建模式，在技术突破上实现了领先，并且形成了"自动驾驶＋车路协 ...

Group 1 - The core characteristics of trunk logistics include long-distance, cross-regional, and large-volume transportation, but it faces significant challenges such as limited transportation efficiency and profit margins [1] - The "Car Road Cloud 50 Forum: Closed-door Seminar on Autonomous Driving Trunk Logistics" was successfully held at Tsinghua University, gathering representatives from various sectors to discuss opportunities and challenges in the autonomous driving trunk logistics field [3] - Since the launch of the world's first autonomous driving concept truck by Daimler Trucks in 2014, the development of autonomous trucks has progressed along two paths: truck NOA (Navigation on Autopilot) and trunk route testing and demonstration [3] Group 2 - The industry has begun to form a collaborative ecosystem involving five key players: component suppliers, autonomous driving technology companies, heavy truck manufacturers, logistics companies, and supporting ecosystems [3] - Different companies are focusing on various aspects, with some emphasizing core technology development in autonomous driving, while traditional heavy truck manufacturers are collaborating with tech companies for product upgrades [3] - According to the "Autonomous Driving Trunk Logistics Industry Research Report," the total market size for the pre-installed market and autonomous truck capacity service market in China is expected to exceed 400 billion yuan by 2030 [3] Group 3 - Experts emphasize the need to address the bottlenecks and challenges in the large-scale application of autonomous driving technology in trunk logistics, advocating for a deep integration of government, industry, academia, and finance [4] - The future model of trunk logistics is proposed to be "electric heavy trucks + autonomous driving + battery swapping + trailer transport" [4] - The "Autonomous Driving Trunk Logistics Commercial Report" indicates that the sector has entered a new stage of potential breakthroughs, with the development of four core elements: technology costs, business models, market, and policies accelerating [4]