HONG KONG, December 19, 2025 - (ACN Newswire) – The Hong Kong stock market has welcomed another “hard tech” listed company. On 19 December, China’s leading provider of intelligent driving products and solutions for commercial vehicles, CiDi Inc. (“CiDi”, 3881.HK), officially listed on the Main Board of the Hong Kong Stock Exchange.

In the global transformation of the autonomous driving industry from the phase of technological exploration to the phase of commercial realization, CiDi has demonstrated a development trajectory distinct from that of most peers. Transitioning from early-stage project validation to long-term operations, CiDi has established a scalable business model and gradually emerged as one of the representative enterprises in autonomous driving for closed environments. 

Revolution in Technological Architecture: From Scenario Adaptation to Optimal Cost and Efficiency

Within the autonomous driving industry chain, the commercialization progress in closed environments far exceeds that on open roads. Heavy-load transportation scenarios, such as mining and ports, place extremely high demands on efficiency, safety, and stability, while also having long-term and rigid needs. This makes them the earliest areas where autonomous driving has achieved large-scale implementation.

In this area, CiDi has established a differentiated competitive advantage by creating a highly flexible “mesh” technological architecture to maximize overall system performance. The company abstracts core technologies such as autonomous driving algorithms, perception systems, and decision-making planning into pluggable modules. Under a unified underlying framework, these modules can be quickly combined and reconfigured to meet the specific requirements of different closed environments.

This “grid-based” capability brings three major commercial advantages: First, it enables efficient cross-scenario migration. The results of each technological breakthrough are solidified as foundational capabilities of the platform, empowering the next new scenario. Second, it leads to significant cost optimization. Built on a unified platform, data can flow seamlessly, and capabilities can be reused, achieving a structural reduction in R&D costs. It also provides customers with more choices while lowering marketing expenses. Finally, it facilitates technological and performance advancement. Through scenario validation, the efficiency of technological iteration is accelerated, driving continuous improvement in product performance.

Precision Targeting of “Essential Demand Arteries” with Validated Economic Models

The ultimate test for any cutting-edge technology is its ability to solve real problems and deliver tangible value. CiDi has focused on mining, a core scenario characterized by rigid demand and a clear economic rationale, to build a solid market barrier.

Open-pit mines, characterized by their hazardous conditions, pollution, remoteness, and large scale, face multiple challenges including high labor costs, frequent safety risks, and low operational efficiency. “METAMINE” solution launched by CiDi directly addresses industry pain points by integrating perception technology, high-precision positioning, and fleet coordination system, enabling fully automated operations, including autonomous loading, transportation, and unloading of unmanned mining trucks, demonstrating its value through a quantifiable economic model. According to certification from the National Institute of Metrology of China, the mining efficiency of CiDi’s autonomous mining trucks has reached 104% of that of human-driven mining trucks.

Based on industry realities, considering the costs and practical challenges associated with a full transition to autonomous mining operations, CiDi has developed a mixed-operation model, combining human-driven and autonomous vehicles, which represents the most feasible transitional solution at the current stage, successfully leading to the implementation of benchmark projects, including the world’s largest driverless mining fleet operating with manned vehicles and the world’s largest mixed-operation mining

As of 30 June 2025, the company has delivered 414 (sets of) autonomous mining trucks (systems) to customers and has received indicative orders for 647 (sets of) autonomous mining trucks (systems). The scale of deliveries and the continuous growth in order reserves further validate the maturity of its business model and its recognition in the market.

Financial Advancement: Approaching the Profitability Turning Point

In recent years, CiDi has demonstrated accelerating growth in its financial performance. Revenue increased from RMB31.1 million in 2022 to RMB410 million in 2024 with a CAGR of 263.1%. In the first half of 2025, revenue further increased to RMB408 million, representing a year-on-year increase of 57.9% and sustaining robust momentum.

With the increasing modularity of products and the accumulation of delivery experience, the company’s project profitability has continued to improve, driving sustained enhancement in its profitability. From 2022 to 2024, the adjusted net losses amounted to RMB159 million, RMB138 million and RMB127 million, respectively, and the adjusted net loss margin decreased significantly from 511.5% to 30.9%, which further dropped to 27.2% in the first half of 2025. As revenue scales up, the loss margin is being rapidly diluted. This trend signals that the company is steadily transitioning from a high-investment “technology validation phase” into a “scaled monetization phase”.

In addition, diversified synergy has further enhanced the operational stability of CiDi. Leveraging its foundation of full-stack independent research and development integrating both hardware and software, CiDi has established three business segments such as autonomous driving, V2X, and intelligent perception. Among these, autonomous driving and V2X respectively shoulder the “intelligent” and “interconnected” missions. They support and reinforce each other, acting as the dual drivers for the implementation of high-level autonomous driving. Meanwhile, the intelligent perception business plays the role of a “cash flow supplement”. It applies mature functionalities from cutting-edge technologies to mid- to low-dimensional scenarios, such as train safety perception and commercial fleet management, enabling rapid technology monetization and providing the company with a steady stream of cash flow support.

The listing of CiDi coincides with a period of triple tailwinds for the commercial intelligent driving industry, including policy support, technological maturity, and surging demand. By leveraging its unique technological architecture to precisely target closed environments, along with a validated economic model and a continuously optimized financial flywheel, CiDi has demonstrated a clear path for the industry from technological implementation to commercial closure, and from scale growth to the turning point of profitability. As the commercialization of autonomous driving truly enters a harvest phase, CiDi stands out as one of the most compelling targets for long-term capital market attention. With its platform capabilities set to replicate across more closed and semi-closed scenarios, and as it accelerates into the vast global market, its long-term growth potential is highly promising.

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