以下文章来源于投资家 ，作者笔锋 投资家 . 投资家是投资家网旗下专注创投、商业、科技领域的内容平台。多次获得百度、头条、新浪、网易、搜 狐、东财、同花顺、澎湃等颁发的荣誉奖项。投资家网是国内知名资本与产业创新综合服务平台。 3次递表，港股 IPO 只差临门一脚。 作者： 笔锋 来源： 投资家 当无人机成为大疆代名词，在全球市场占据一席之地，背后那位被 业内尊称"大疆教父"的李 泽湘， 早已成为硬科技创业圈的传奇符号。 他从零起步扶持汪滔，把大疆推向全球无人机霸 主地位。 如今，这位 学界大佬再次出手 ， 带着自己亲手创办的希迪智驾，向港交所发起新 一轮冲击，且在 获得境外发行及"全流通"备案十余天后，公司便火速提交最新招股书。 这家公司，瞄准的是一个 少有人讲、但商业化推进最快的赛道——自动驾驶矿卡。 中金、中 信建投和平安证券三家机构联合保荐，使得这次 IPO 不仅关乎希迪智驾自身，更成为 自动驾 驶赛道的风向标。 作为港交所" 18C 特专科技"通道的申请者，希迪智驾不仅承载着 "自动驾驶矿卡第一股" 的 市场期待，更延续着 李泽湘的创业传奇。 但光环之下，是累计 超 11 亿元的亏损 、 紧绷的 资金 ...

Core Insights - Xidi Intelligent Driving Technology Co., Ltd. has submitted its third application to the Hong Kong Stock Exchange, with joint sponsors including CICC, CITIC International, and Ping An Securities (Hong Kong) [2] - The company is a leading provider of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles, V2X technology, and intelligent perception solutions [2] - Xidi ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2] Financial Performance - Revenue is projected to increase from RMB 31.1 million in 2022 to RMB 410.0 million in 2024, representing a compound annual growth rate (CAGR) of 263.1% [3] - Revenue for the six months ending June 30, 2024, is expected to rise by 57.9% from RMB 258.5 million to RMB 408.0 million for the six months ending June 30, 2025 [3] - Gross profit is anticipated to grow from RMB 26.8 million in 2023 to RMB 101.4 million in 2024, with a gross profit increase of 57.1% from RMB 44.4 million for the six months ending June 30, 2024, to RMB 69.7 million for the six months ending June 30, 2025 [3] Market Position - Xidi has delivered 56 autonomous mining trucks to a mining area in China, operating alongside approximately 500 manned trucks, forming the world's largest mixed-operation mining vehicle fleet [2] - The company has also delivered China's first fully autonomous electric mining vehicle fleet, ranking first in the autonomous mining truck solution market based on projected product sales revenue for 2024 [2] - Xidi is among the first companies in China to launch commercial V2X products [2]

据港交所11月11日披露，希迪智驾科技股份有限公司(简称：希迪智驾)递表港交所主板，中金公司 （601995）、中信建投（601066）国际、平安证券(香港)为联席保荐人。该公司曾于2025年5月8日递表 港交所。 值得关注的是，最新招股书显示，希迪智驾2024年营收达4.1亿元，同比增长超过70%，毛利率提升至 24.7%。而更引人注目的是，按2024年产品销售收入计，该公司已以16.8%的市场份额成为中国最大商 用车自动驾驶公司。 市场份额的数据同样亮眼。在中国智能驾驶商用车整体市场中，希迪智驾以约5.2%的份额排名第六； 但若仅以2024年产品销售收入计，其市场份额高达16.8%。这表明，在以"卖产品"为导向的硬核竞争 中，希迪智驾的变现能力远超行业平均水平，在细分领域已建立起显著的领先优势。 然而，与高增长形成尖锐对比的，是同样令人咋舌的亏损。期内，公司分别亏损2.63亿元、2.55亿元、 5.81亿元及4.55亿元。2024年亏损额却同比扩大了近128%。这种"增收不增利"甚至"越赚越亏"的现象， 揭示了公司目前所处的阶段：仍处于需要巨额投入以换取市场地位和未来规模的"军备竞赛"期。 值得关注的是， ...

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]

Company Overview - Xidi Intelligent Driving Technology Co., Ltd. (referred to as Xidi) has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CICC, CITIC Securities International, and Ping An Securities (Hong Kong) as joint sponsors [1] - Xidi is an innovative product-driven supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining and logistics vehicles, V2X technology, and intelligent perception solutions [3][4] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [3] Financial Performance - Xidi's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 31.06 million, RMB 133 million, and RMB 410 million, respectively, with a projected revenue of RMB 258 million for the first half of 2025 [5] - The company recorded losses of RMB 263 million, RMB 255 million, and RMB 581 million for the fiscal years 2022, 2023, and 2024, respectively, with a loss of RMB 122.57 million for the first half of 2025 [6][9] - The gross profit margin improved from -19.3% in 2022 to 24.7% in 2024, attributed to increased margins from autonomous driving and the introduction of intelligent perception revenue [9] Market Position and Strategy - Xidi delivered 56 autonomous mining trucks to a mining area in China, creating the world's largest mixed-operation mining fleet with approximately 500 manned trucks [3] - The company is recognized as one of the first in China to commercialize V2X products, utilizing proprietary fleet management and coordination technology [3] - As of June 30, 2025, Xidi had served 152 clients and delivered 304 autonomous mining trucks, with indicative orders for an additional 357 trucks [4] Industry Overview - The mining industry is a crucial pillar of the national economy, with a projected output value of RMB 4.5 trillion in 2024, expected to maintain stable growth [11] - The autonomous mining truck solutions market in China is rapidly expanding, with a market size of RMB 1.9 billion in 2024, projected to grow to RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% [11][13] - The total shipment of autonomous mining trucks in China is expected to reach approximately 1,400 units in 2024, increasing to over 16,000 units by 2030 [13][14]

招股书显示，希迪智驾是中国领先的商用车自动驾驶产品及解决方案供应商。公司专注于自动驾驶矿卡及物流车、V2X技术及智能感知解决方案的研发，并 提供以专有技术为基础的尖端产品及解决方案，于往绩记录期间主要专注于自动驾驶矿卡。 根据灼识谘询的资料，按2024年产品销售收入计，希迪智驾为中国最大的商用车自动驾驶公司，市场份额为16.8%;按2024年产品销售的收入计，公司在中国 自动驾驶矿卡解决方案市场排名第一;公司是中国首批推出商业化V2X产品的自动驾驶公司;公司的列车自主感知系统(TAPS)是目前国内唯一实现独立安全感 知的产品。 希迪智驾科技股份有限公司(简称：希迪智驾)于5月8日所递交的港股招股书满6个月，于11月8日失效，递表时中金公司（601995）、中信建投（601066）国 际、中国平安资本(香港)为联席保荐人。 ...

Group 1: Company Overview - Tongli Co., Ltd. (834599.BJ) - The report highlights that Tongli Co., Ltd. is positioned to benefit from the growing demand for autonomous mining trucks, with an expected increase in China's autonomous mining truck shipments from approximately 1,400 units in 2024 to about 5,500 units by 2026 [2][5] - The global market for autonomous mining trucks is projected to grow from around 2,100 units in 2024 to approximately 8,700 units in 2026, with significant demand expected from regions such as the Middle East, Australia, and South America [2][5] - The company has established deep collaborations with Yikong Zhijia and Borei Technology, with an estimated delivery of over 700 autonomous vehicles by 2024, capturing more than half of the domestic market share for controlled chassis [6][7] Group 2: Financial Performance and Dividends - Tongli Co., Ltd. is the only company listed on the Beijing Stock Exchange included in the CSI Dividend Index, with a dividend yield of 5.49% in 2024, reflecting a commitment to returning value to investors [7][8] - The company's dividend payouts from 2021 to 2024 were 179 million, 226 million, 226 million, and 317 million respectively, with corresponding dividend yields of 4.07%, 7.06%, 4.73%, and 5.49% [8] - The forecasted net profits for Tongli Co., Ltd. from 2025 to 2027 are expected to be 887 million, 994 million, and 1.114 billion respectively, with corresponding EPS of 1.94, 2.17, and 2.43 [8] Group 3: Industry Overview - Sports Nutrition Market - The report indicates that the sports nutrition market in China is expected to experience significant growth, with a projected CAGR of 23% from 2015 to 2024, driven by increasing consumer health awareness and low current penetration rates [11][12] - Key products such as whey protein and energy gels are anticipated to see substantial sales growth, with whey protein revenue expected to increase by 73% in 2024 and energy gels by 95% [11][12] - The company, Kangbiter (833429.BJ), is expanding its product offerings into the mass market, successfully launching electrolyte drinks and entering major retail channels, which positions it well for future growth [12][13] Group 4: Competitive Positioning - Kangbiter has established a strong competitive advantage through its extensive experience in the sports nutrition sector and its innovative product development, which has led to a leading market share in whey protein on e-commerce platforms [11][12] - The company is leveraging its brand strength and established sales channels to penetrate the broader health food market, with plans to introduce more products aimed at general consumers [12][13] - The report anticipates that Kangbiter will maintain a significant market presence due to its brand power, technological expertise, and ongoing expansion into new consumer segments [12][13]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company will focus on the R & D of automated line - controlled vehicles as its line - controlled vehicles have a competitive edge in the industry, and it will not engage in the intelligent driving system for now [25] - The market for autonomous mining trucks is driven by market forces, with the cost - effectiveness of electric vehicles becoming more prominent. The market demand and product iteration are mutually reinforcing [25][26] - The cost difference between autonomous and manned vehicles is mainly due to new energy and fuel vehicles, and the price - performance ratio of products will increase as costs decline [27] - The pure - electric solution will be more advantageous in the future, and the application of pure - electric products will accelerate with the improvement of charging and power - swapping facilities [27] - The company will vigorously expand overseas markets, with good opportunities in regions such as Mongolia, Central Asia, Southeast Asia, and South America [28] 3. Summary According to the Table of Contents 3.1 Research Basic Situation - The research object is Tongli Co., Ltd., belonging to the construction machinery industry. The reception time was June 9, 2025. The company's reception personnel were Chief Engineer Wang Yong and Board Secretary Yang Peng [16] 3.2 Detailed Research Institutions - The participating institutions include asset management companies such as Shanghai Huijin and Fusheng Asset, securities companies such as China Galaxy Securities and Orient Securities, insurance asset management companies such as China Life Asset, and other types of institutions [17][18][19] 3.3 Research Institution Proportion - Securities companies account for 37%, asset management companies 17%, fund management companies 24%, insurance asset management companies 7%, and other types and investment companies each account for 7% [21] 3.4 Main Content Information - **Regarding the intelligent driving system**: The intelligent driving system for mine unmanned vehicles is difficult to standardize, and the company will not engage in it for now, focusing on automated line - controlled vehicles [25] - **Market outlook for autonomous mining trucks**: Market - driven development, with rapid investment in charging and power - swapping facilities, and an increasing market demand for autonomous vehicles [25][26] - **Price difference between autonomous and manned wide - body vehicles**: The cost difference is mainly due to new energy and fuel vehicles, and the price - performance ratio will increase with cost reduction [27] - **Potential of pure - electric solutions**: With the improvement of charging and power - swapping facilities, pure - electric solutions will be more advantageous than range - extended solutions in the future [27] - **Overseas market**: The company will expand overseas markets, with slow progress in high - end markets such as Australia and North America, and good opportunities in other regions [28]

Group 1: Investor Relations Activities - The company conducted an online communication event on June 9, 2025, with various investment firms participating [3][4]. Group 2: Autonomous Driving Technology - The company focuses on self-developed autonomous driving models with a line control chassis, emphasizing that the technology will be tailored to specific mining needs rather than standardized products [5]. - The market for autonomous mining trucks is expected to grow significantly as charging and battery swap facilities are rapidly established, transitioning from policy-driven to market-driven demand [5]. Group 3: Cost and Pricing Dynamics - The cost difference between autonomous and conventional mining trucks is minimal, primarily influenced by the disparity between electric and fuel vehicle costs, with electric products priced approximately twice that of fuel vehicles [6]. - The deployment of range-extended vehicles is currently more prevalent, but the potential for pure electric solutions is expected to increase as charging infrastructure improves [7]. Group 4: International Market Outlook - The global market for autonomous mining trucks is primarily concentrated in Australia, with China surpassing Australia in ownership last year; however, market expansion is slow due to regulatory requirements and specific client needs [7]. - The company aims to expand its presence in overseas markets, including Mongolia, Central Asia, Southeast Asia, and South America, where significant opportunities exist [7].

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]