CiDi updated prospectus, aiming for “1,000 units delivered” of autonomous mining trucks

According to New Strategy Low-speed Automated Driving Industry Alliance (LSAD), on November 11, CiDi updated its prospectus to the Stock Exchange of Hong Kong (HKEX), with CICC, China Securities International, and Ping An of China Asset Management (Hong Kong) acting as joint sponsors.

It is known that this is CiDi’s second IPO application.

The filing notice of the Department of International Affairs of China Securities Regulatory Commission (CSRC) regarding CiDi Inc.’s overseas listing and “full circulation” of its unlisted domestic shares shows that CiDi plans to issue no more than 7,789,150 overseas listed ordinary shares and list on the HKEX.

Gross Profit Steadily Improves and Business Revenue Reaches New High

The prospectus shows that CiDi’s revenues for 2022, 2023, and 2024 were 31 million yuan, 133 million yuan, and 410 million yuan respectively, with a compound annual growth rate of 263.1%.

The gross profits were -6 million yuan, 27 million yuan, and 101 million yuan respectively. The negative gross profit in 2022 was primarily due to its first large-scale autonomous mining project, which required sophisticated technology and a large workforce, leading to competitive pricing.

This update also disclosed the company’s revenue for the first half of 2025.

The consolidated profit and loss statement shows that CiDi’s revenue in the first half of this year was 408 million yuan, a figure close to its total revenue for 2024. Gross profit increased by 57.1% year-on-year, indicating that its business growth is still accelerating, raising market expectations for its full-year revenue.

CiDi Consolidated Statements of Profit or Loss (Source: Prospectus)

In terms of the operating expense structure, high R&D expenditure remains a common characteristic of autonomous driving companies. This huge, continuous investment is also the main reason why most companies are still operating at a loss.

According to the prospectus, CiDi’s research and development expenses in 2022, 2023, and 2024 reached 111 million yuan, 90 million yuan, and 193 million yuan, respectively.

As of June 30, 2025, CiDi had over 186 million yuan in cash and cash equivalents.

Valued at over 9 billion yuan, it is aiming for “1,000 units delivered” of autonomous mining trucks.

Founded in October 2017 by renowned entrepreneurial mentor Professor Li Zexiang, CiDi is a leading global company specializing in intelligent driving hard technology products. The company focuses on the research and development of autonomous mining trucks and logistics vehicles, V2X technology, and intelligent perception solutions, providing cutting-edge products and solutions based on proprietary technologies.

The prospectus shows that as of June 30, 2025, the company has served over 150 customers and has delivered a total of 304 autonomous mining trucks and 110 independent autonomous truck systems to customers, and has received indicative orders for 357 autonomous mining trucks and 290 independent autonomous truck systems.

CiDi is poised to become the next leading company in the autonomous driving industry to achieve “1,000 units delivered” of autonomous mining trucks.

The distribution of over 1,000 trucks demonstrates the company’s focus on continuously increasing market penetration in the field of autonomous mining, planning to deliver 1,000 unmanned mining trucks in the next step.

As early as the beginning of 2021, CiDi launched the “first fully automated pure electric mining truck project in a single mine in China” at the Jurong Taini Cement Mine in Jiangsu Province. In 2022, 14 autonomous pure electric mining trucks were deployed, effectively validating its technological strength and commercial value in the field of unmanned mining.

Currently, the average transport distance of the autonomous mining trucks at this mine is 2.2 kilometers, and the production efficiency has reached 104% of manual operation. It is the first and only mine in China to have its unmanned driving efficiency exceeding that of manual operation, as officially certified by National Institute of Metrology, China.

In February 2024, CiDi launched a large-scale mixed operation project at an open-pit coal mine of CHN ENERGY. Trial operation began in March of the same year, and two months later, all safety personnel were off-duty, achieving mixed operation of 56 autonomous mining trucks and approximately 500 manned vehicles, with efficiency reaching manual levels.

This project set a new record for the world’s largest mixed manned and unmanned operation in a mining area, setting a key example for the large-scale commercial application of unmanned driving in mining areas.

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