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]

Core Viewpoint - Xidi Intelligent Driving Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC, CITIC International, and Ping An Securities (Hong Kong) as joint sponsors. The company previously submitted an application on May 8, 2025 [1]. Company Overview - Xidi Intelligent Driving is an innovative 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]. - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2%. In 2024, the company's product sales revenue in the intelligent driving commercial vehicle market is estimated to be around RMB 250 million, accounting for about 16.8% of the market share [3]. Business Strategy and Client Base - The company's unique business strategy and full-stack technical capabilities position it as a market innovator for large-scale commercialization. As of June 30, 2025, Xidi Intelligent Driving has served 152 clients and delivered 304 autonomous mining trucks [4]. Financial Performance - Revenue for Xidi Intelligent Driving in the fiscal years 2022, 2023, and 2024 was approximately RMB 31.06 million, RMB 133 million, and RMB 410 million, respectively. The revenue growth is attributed to increased sales of autonomous driving solutions in closed environments [5]. - The company recorded losses of RMB 263 million, RMB 255 million, and RMB 581 million for the fiscal years 2022, 2023, and 2024, primarily due to ongoing R&D investments and increasing financial costs [6]. Profitability Metrics - The gross profit margins for the years 2022, 2023, and 2024 were -19.3%, 20.2%, and 24.7%, respectively. The increase in gross margin from 2023 to 2024 is due to improved margins from autonomous driving and the introduction of intelligent perception revenue [8]. 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. The introduction of intelligent driving technology is expected to address safety concerns and operational efficiency in mining operations [10]. - The market for autonomous mining truck solutions in China is rapidly expanding, with an estimated market size of RMB 1.9 billion in 2024, expected to grow to RMB 39.6 billion by 2030, reflecting a compound annual growth rate of 65.3% from 2024 to 2030 [10][12].

Core Viewpoint - The company, Junsheng Electronics, is planning to launch an IPO for 155.1 million H-shares, with a maximum offer price of HKD 23.60 per share, aiming to raise approximately HKD 3.4585 billion for various strategic investments in the automotive technology sector [1][2]. Group 1: IPO Details - The global offering will consist of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The cornerstone investors have committed to subscribe for approximately USD 107.1 million worth of shares at the offer price [1]. Group 2: Use of Proceeds - Approximately 35% of the net proceeds is expected to be used for R&D and commercialization of automotive intelligent solutions and cutting-edge technologies to enhance leadership in the smart automotive technology sector [2]. - About 5% is allocated for the R&D and commercialization of L2+ and above advanced intelligent driving domain controllers [2]. - Another 5% is planned for the development and commercialization of 5G-A/5.5G intelligent connected technologies, including V2X products and communication modules [2]. - Approximately 35% will be used to improve manufacturing capabilities and cost efficiency, as well as optimize supply chain management [2]. - 10% is expected to expand the company's overseas market share and collaborate with OEMs for international expansion [2]. - The remaining 10% is aimed at potential investments and acquisitions that complement the company's expertise and brand profile in the automotive electrification and intelligence trends [2]. Group 3: Company Overview - Junsheng Electronics is a provider of smart automotive technology solutions, focusing on R&D, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3]. - The company ranked 41st in the global automotive parts industry in 2024 and is the second-largest supplier of passive safety products in China and globally by revenue [3]. - For the fiscal years 2023 and 2024, the company reported revenues of approximately CNY 55.728 billion and CNY 55.864 billion, with annual profits of about CNY 1.24 billion and CNY 1.326 billion, respectively [3]. - In the first four months of 2025, the company achieved revenue of CNY 19.707 billion and a profit of approximately CNY 491 million, indicating a growth in net profit due to increased sales and gross margins [3].

Core Viewpoint - The company, Junsheng Electronics, is set to launch an IPO for 155.1 million H-shares, with a maximum offer price of HKD 23.60 per share, aiming to raise approximately HKD 3.4585 billion for various strategic investments in the automotive technology sector [1][2]. Group 1: IPO Details - The IPO will take place from October 28 to November 3, 2025, with 10% allocated for public offering in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The cornerstone investors have committed to subscribe for shares worth approximately USD 107.1 million at the offer price [1]. Group 2: Use of Proceeds - Approximately 35% of the net proceeds is expected to be invested in R&D and commercialization of automotive intelligent solutions and cutting-edge technologies to enhance the company's leadership in the smart automotive technology sector [2]. - About 5% is earmarked for the development and commercialization of L2+ and above advanced driving domain controllers [2]. - Another 5% is planned for the development of 5G-A/5.5G intelligent connected technologies, including V2X products and communication modules [2]. - Approximately 35% will be used to improve manufacturing capabilities and cost efficiency, as well as optimize supply chain management [2]. - 10% is intended for expanding the company's overseas market share and collaborating with OEMs for international expansion [2]. - The remaining 10% is allocated for potential investments and acquisitions that complement the company's expertise and market position in the electrification and intelligence trends in the automotive industry [2]. Group 3: Company Overview - Junsheng Electronics is a provider of smart automotive technology solutions, focusing on R&D, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3]. - The company ranked 41st in the global automotive parts industry in 2024 and is the second-largest supplier of passive safety products in China and globally by revenue [3]. - For the fiscal years 2023 and 2024, the company reported revenues of approximately CNY 55.728 billion and CNY 55.864 billion, with annual profits of about CNY 1.24 billion and CNY 1.326 billion, respectively [3]. - In the first four months of 2025, the company achieved a revenue of CNY 19.707 billion and a profit of approximately CNY 491 million, indicating a growth in net profit due to increased sales and gross profit [3].

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]

Group 1: eCall Market Overview - The domestic eCall market currently lacks compliance with national standards (AECS), while many overseas regions mandate eCall systems as regulatory requirements [2][4] - The company has established a strong early presence in the eCall product field, accumulating extensive certification and project management experience since 2013 [2][3] - As of January 6, 2025, the company received the next-generation NG eCall certification from the EU, becoming one of the first domestic companies to achieve this [2][3] Group 2: Competitive Advantages - The company has a comprehensive competitive edge due to its early layout and multiple certifications across various countries, enabling it to meet overseas customer demands [3] - The company has established long-term partnerships with numerous domestic automotive brands, with products installed in models from SAIC, Chery, Geely, Great Wall, BYD, and NIO, among others [2][3] Group 3: TBOX Product Insights - The TBOX market is expected to grow as smart and connected vehicles increasingly require TBOX for networking capabilities [5] - The TBOX market consists of three main supplier categories: international automotive parts suppliers, suppliers with automotive backgrounds, and third-party suppliers like the company [5] - The company has formed extensive collaborations with leading domestic automakers and is gradually penetrating joint ventures and foreign car manufacturers [5] Group 4: V2X and Future Developments - The company completed the development of V2X-enabled products in 2019, although current penetration rates are low; future demand is expected to rise with government policies and investments [6] - The company is expanding its product offerings in the new energy sector, providing energy monitoring terminals for battery management systems (BMS) to clients like CATL [7] Group 5: Production Capacity and Flexibility - The company has established a highly flexible intelligent manufacturing system capable of meeting automotive-grade product production needs [8] - The production line is responsible for R&D, core component production, and process optimization, ensuring the feasibility of R&D technologies in actual production [8] Group 6: Technical Barriers and Innovation - TBOX products require deep integration of automotive and communication technologies, creating high industry entry barriers [8] - The company emphasizes continuous technological innovation and product iteration, maintaining strong capabilities in R&D, production management, quality control, and supply chain management [8]