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]