A rare player in the secondary market, MINIEYE (02431), which progressively develops full-stack autonomous driving technology from L2 to L4 in-house, has entered a new phase of rapidly delivering on its growth expectations. According to the company's latest financial report, its total revenue for 2025 increased by 16% year-on-year to RMB 759 million. Gross profit reached RMB 141 million, with a corresponding gross margin of 18.6%, representing an improvement of 2.6 percentage points compared to the previous year.
While the logic of scale expansion is being steadily realized, more noteworthy is the leapfrog development achieved by MINIEYE's L4 business during the period. After successfully achieving a breakthrough from zero to one in the first half of 2025, the L4 business gained further momentum in the second half, ultimately delivering performance that exceeded expectations. Data shows that revenue from the company's unmanned vehicles and operational services business surged approximately 450% quarter-on-quarter compared to the first half of the year.
On the same day, MINIEYE issued a voluntary announcement stating it has reached a cooperation intent with Continental's neueHCT (established by Horizon Robotics and OMV Group). The two parties will jointly invest to establish a company, integrating technology, capital, and market resources to focus on the mobile robotics field. The aim is to build a full-scenario product system covering "indoors - campuses - cities - open roads," using unmanned logistics vehicles as a strategic pivot and extending into multi-scenario delivery robots, thereby forming an end-to-end solution from R&D to global delivery. This collaboration is expected to help the company deepen its smart logistics business layout, expand its overseas market footprint, accelerate the commercialization of technological achievements, and further enhance its competitiveness in the global autonomous driving and smart logistics sectors.
Surveying the capital markets, MINIEYE can be considered the only listed company to have successfully advanced its autonomous driving capabilities from L2 to L4 and completed large-scale commercial validation. For MINIEYE, which has now reached an inflection point for commercial explosion, the certainty of its growth has significantly increased. As the company's growth expectations are realized at an accelerated pace, a major shift in the market's perception of its value is anticipated.
The explosive growth of the L4 business strengthens MINIEYE's fundamental growth story. A review of the latest financial report suggests it can be characterized as one with a strong "futuristic" quality. In March of this year, NVIDIA CEO Jensen Huang publicly stated that the "ChatGPT moment for autonomous driving has arrived." Although this assertion from across the ocean did not create significant waves in the Chinese capital market, examining the financial reports of leading domestic autonomous driving companies suggests Huang's judgment might be closer to reality than the market expects.
Taking MINIEYE as an example, the company's L4 business began generating revenue in 2025. After achieving the initial breakthrough in the first half, the business quickly advanced to the scale-up phase in the second half. Behind this outperformance, the rapid deployment across multiple scenarios is viewed as the primary reason for the L4 business's major breakout. During the reporting period, MINIEYE launched the "XiaoZhu Unmanned Vehicle" brand targeting the unmanned logistics sector, introducing the T5 and T8 models to precisely address diverse scenario needs such as express delivery, agricultural distribution, auto parts, hotel linen, daily necessities, and cold chain logistics. To date, the XiaoZhu Unmanned Vehicle has secured orders for over 6,000 units, deploying in 18 cities including Shenzhen, Changsha, and Guangzhou, indicating initial scale effects.
Concurrently, orders for MINIEYE's unmanned shuttles have steadily increased, with the cumulative project pipeline continuing to expand to over ten projects, involving more than 40 vehicles. Notably, winning landmark projects such as a multi-million-yuan urban integrated sensing contract for Ezhou Huahu Airport and Tongxiang's "Vehicle-Road-Cloud Integration" initiative further signifies the company's growing market influence in this field. Furthermore, during the period, MINIEYE's unmanned shuttles were honored as the official designated shuttle vehicles for the 2025 World Internet Conference, also providing testament to the widespread recognition of the product's capability and comprehensive strength.
Rapid multi-scenario deployment has not only driven a leap in revenue but has also quietly catalyzed a qualitative change in MINIEYE's customer structure. Previously, the customer base primarily consisted of automakers. Now, with the L4 business boom, it has expanded to include new end-customers such as logistics companies, industrial parks, urban transport authorities, and airport hubs. This broadening of customer boundaries grants MINIEYE greater initiative in business planning, enabling the company to continuously explore incremental value across different scenarios, thereby enhancing the certainty and sustainability of its growth.
The year 2025 also marked a breakthrough moment for MINIEYE's overseas expansion. During the period, the XiaoZhu Unmanned Vehicle successfully secured orders from a Middle Eastern client, achieving the first overseas deployment of its L4 autonomous driving business, with a plan to deploy 1,000 vehicles by 2030. This breakthrough not only directly diversifies revenue sources but also elevates the company's global brand presence, injecting new momentum for long-term performance growth. With ongoing scenario expansion, continuous customer base growth, and further penetration into overseas markets, MINIEYE's L4 business is expected to accelerate again this year and has the potential to soon become a new pillar business for the company.
If the L4 breakout opens up future imagination space for MINIEYE, its solid front-loading business foundation is the strongest card supporting the realization of this vision. In the capital markets, listed companies capable of simultaneously covering L2 to L4 and achieving scaled commercial validation are exceedingly rare. MINIEYE's ability to be one such company stems from its unique "progressive" development path – starting with L2 advanced driver-assistance systems, accumulating experience, refining technology, and optimizing costs through mass-production practice, then reusing these capabilities for L4 autonomous driving.
The unique value of this development path lies in the fact that the early accumulation from the L2 business provides a solid "foundation" for the eventual breakthrough of the L4 business. Although MINIEYE's L4 business appears to have exploded within a single year, this success is actually underpinned by the company's long-term accumulation in the L2 domain. Over several years, through large-scale front-loading mass production, MINIEYE accumulated critical capabilities including algorithm iteration, supply chain integration, and automotive-grade hardware validation. When the company formally entered the unmanned logistics vehicle field in 2025, these algorithms, data, and mass-production experiences, already validated at scale, could be directly applied to the L4 product line. It is precisely this deep accumulation in R&D and supply chain that allowed MINIEYE to rapidly scale the XiaoZhu Unmanned Vehicle from launch to mass production in a very short time.
Returning to the financial report, MINIEYE's core business foundation continued its steady, high-growth trend in 2025. Data indicates that the Intelligent Components and Solutions business generated revenue of RMB 649 million, a year-on-year increase of 10.4%. Breaking this down, the iSafety ADAS solution contributed revenue of RMB 341 million, the iPilot mid-to-high-level ADAS solution contributed RMB 120 million, and the Smart Cockpit Solution contributed RMB 188 million, all maintaining positive momentum.
Simultaneously, the cost-reduction and efficiency gains from scaled delivery continued to materialize. By the end of the reporting period, MINIEYE had cumulatively served over 40 major automakers, successfully establishing a standardized, replicable, and rapidly scalable mass-production delivery system. This system effectively dilutes per-unit manufacturing and R&D amortization costs, which is the underlying logic for the continued optimization of the company's comprehensive gross margin during the period.
During the reporting period, MINIEYE also secured several major designated project awards, including an intelligent cockpit project worth approximately RMB 320 million for a joint venture of a globally renowned automaker and a luxury brand, as well as a platform-based mid-to-high-level autonomous driving project exceeding RMB 1.3 billion from a leading automotive industry player, further locking in substantial revenue for the coming years.
Based on the new trends revealed in the financial report, it is anticipated that MINIEYE's progressive development approach will unleash even stronger synergies among its various business lines going forward. The relationship between MINIEYE's L2 and L4 businesses can, in a sense, be likened to tightly interlocking gears: the steadily developing L2 business, serving as the foundation, provides ample cash flow to support continued investment in the R&D and expansion of the L4 business. In turn, the explosive growth of the L4 business validates the领先性 of the company's technological roadmap, further consolidating MINIEYE's brand premium and customer trust in the L2 market.
In summary, by anchoring its strategy on progressive breakthroughs from L2 to L4, MINIEYE has carved out a distinctive development path that is unique yet possesses strong long-term growth potential. As the survival of the fittest accelerates in the autonomous driving sector, MINIEYE's financial report, which combines "certainty" with a "futuristic" quality, serves as the best footnote for its scarce investment value. With the L4 business continuing to scale, MINIEYE's growth expectations are being realized at an accelerating pace, making the company's future clearer than ever before.
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