Technology-driven + abundant orders, Xidi Autonomous Driving (03881.HK) opens up growth space for commercial vehicle autonomous driving
$CIDI(03881.HK) Xidi Zhijia is a supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on the research and development of autonomous driving trucks for mining and logistics in closed environments, V2X (vehicle-to-everything) technology, and intelligent perception solutions, providing proprietary technology-based products and solutions. The first-of-its-kind autonomous mining truck solution in closed environments integrates its algorithms with widely used commercial vehicle intelligent driving hardware to achieve autonomous operation and remote monitoring of unmanned mining trucks, thereby automating labor-intensive mining operations. The company applied for listing under "Chapter 18C."
V2X (vehicle-to-everything) refers to communication technology between vehicles and any entity that may affect or be affected by the vehicle (including other vehicles, pedestrians, roadside infrastructure, and networks). By integrating vehicles, roadside infrastructure, and cloud platforms, it builds powerful network computing capabilities to promote the development of intelligent transportation systems. The main difference between V2X and autonomous driving (also referred to as "single-vehicle intelligence" in the prospectus) is that single-vehicle intelligence focuses on using the vehicle's own integrated perception, decision-making, and control technologies to achieve autonomous driving but cannot overcome blind spots in beyond-line-of-sight perception and struggles to integrate with existing roadside infrastructure. In contrast, V2X complements single-vehicle intelligence by enabling collaborative control and information exchange between vehicles and roadside infrastructure, addressing the information blind spots of single-vehicle intelligence and helping vehicles better handle complex traffic conditions, thereby improving overall operational safety and efficiency.
Revenue increased from RMB 31.1 million in 2022 to RMB 410.0 million in 2024, representing a compound annual growth rate of 263.1%. Xidi Zhijia's revenue increased by 57.9% from RMB 2,585 million in the six months ended June 30, 2024, to RMB 408.0 million in the six months ended June 30, 2025. Xidi Zhijia's gross profit increased from RMB 26.8 million in 2023 to RMB 1,014 million in 2024. Xidi Zhijia's gross profit increased by 57.1% from RMB 44.4 million in the six months ended June 30, 2024, to RMB 697 million in the six months ended June 30, 2025.
As of June, Xidi Zhijia delivered 304 autonomous mining trucks and 110 independent mining truck systems and received orders for 375 autonomous mining trucks and 290 independent autonomous truck systems. The total value of the backlog reached approximately RMB 580 million.
Source: KGI Securities
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
