CIDI-NEW (03881), a platform company specializing in autonomous driving solutions for mining trucks, disclosed its 2025 financial results on the evening of March 30. This first annual report since its listing provides a comprehensive and clear presentation of the company's solid fundamentals and outstanding growth trajectory to the capital markets. The report shows that the company achieved revenue of 885 million yuan in 2025, a sharp increase of 115.8% year-on-year, while gross profit surged 86.7% to 189 million yuan. This leap in financial performance is driven by the accelerated realization of CIDI-NEW's "product-driven" strategy.
In 2025, the delivery volume of CIDI-NEW's autonomous mining trucks skyrocketed by 317% year-on-year to 630 units/sets. Over a longer timeframe, from 2023 to 2025, sales of its related products grew more than 20-fold. As of the end of February this year, the cumulative deployment of CIDI-NEW's autonomous mining truck products has exceeded 1,500 units. This series of data effectively counters the industry's conventional belief that "mine autonomy must rely on heavy-asset operations to build a moat." Unlike the prevalent "self-owned fleet + operational services" heavy-asset model adopted by many peers, CIDI-NEW insists on entering the market with a pure product sales model, forming deep synergies with mining companies and original equipment manufacturers.
CIDI-NEW's unique model avoids operational and management risks, allowing it to focus more intensely on product development and enhance R&D efficiency. The advantages of this differentiated competitive strategy are expected to be more fully demonstrated in subsequent financial reports. The rapid growth of CIDI-NEW's performance is set against the backdrop of China's mining area autonomous driving sector, which started late but is developing extremely fast. Market expectations indicate that the penetration rate of autonomous mining trucks in China will rise from 7% in 2024 to 24% this year. The industry entering a period of explosive growth confirms that mines, as typical closed scenarios, represent a essential application scenario for autonomous commercial vehicles.
Riding the wave of rapid industry development, CIDI-NEW delivered high-quality growth in 2025. During the reporting period, the company's autonomous driving business contributed 843 million yuan in revenue, accounting for 95.3% of total revenue. This business also served as the main growth engine, with revenue increasing by 2.3 times year-on-year. A further breakdown reveals that CIDI-NEW's autonomous driving business can be divided into two categories: autonomous mining truck products and solutions for limited scenarios, and autonomous logistics vehicle solutions. The former accounted for 94.2% of revenue in 2025, acting as the primary driver of incremental performance. According to the company, this was mainly due to continuous product improvements, enhanced delivery capabilities, market expansion, and increased customer acceptance leading to higher sales volumes.
While the logic of scale expansion is steadily materializing, CIDI-NEW continues to progress along its path to profitability. In 2025, the company's gross profit surged 86.7% year-on-year to 189 million yuan. The adjusted loss as a percentage of revenue narrowed to 27.4%, a decrease of 3.5 percentage points year-on-year. With the substantial increase in delivery volume, unit costs were effectively diluted, and economies of scale began to emerge. This highlights another advantage of the product sales model over the operational model: each additional unit delivered leads to decreasing marginal costs. In contrast, operational models often require deploying a localized maintenance team for each new project, leading to linearly increasing costs and difficulty in achieving scale benefits.
For a company like CIDI-NEW in an emerging sector, the certainty of long-term growth deserves more attention than short-term growth rates. This certainty stems precisely from its choice of business model. The "product-driven" approach allows CIDI-NEW to form deep synergies rather than competitive relationships within the industry chain. As a technology enabler, the company supplies core products to mining companies, OEMs, and transport contractors without engaging in actual mine operations. This "non-competing with customers" position makes commercial relationships more sticky and durable.
From a financial structure perspective, as mentioned, the "product-driven" model more easily forms scale advantages. Its light-asset nature also avoids high upfront capital investment, eliminates operational maintenance costs, and results in higher asset turnover efficiency. Through product sales, CIDI-NEW can achieve rapid capital recovery. This means that even if future industry competition intensifies, CIDI-NEW can perform better and go further凭借 its superior "self-造血" capability. A comprehensive comparison suggests that the "product-driven" model adopted by CIDI-NEW holds a significant advantage, which may explain why an increasing number of peers are now transitioning towards light-asset models.
With the industry's rapid development, institutions project that the penetration rate of autonomous mining trucks in China will reach 55% by 2030. Facing this certain incremental opportunity, CIDI-NEW is enhancing its comprehensive capabilities by "cultivating internal strength and expanding externally" to better capture market dividends: internally, it is advancing the technological iteration for fully unmanned mine processes; externally, it is accelerating its global layout. The company aims to match the rapidly growing demand in essential autonomous driving scenarios by continuously providing high-quality supply.
Anchored in the core R&D direction of fully unmanned mine processes, CIDI-NEW is vigorously promoting a closed-loop, fully unmanned system for key stages such as drilling, blasting, excavation, and transportation. It is focusing on the commercial deployment of blasting robots to remove humans from high-risk operations. Simultaneously, leveraging generative AI, it is developing the world's first intelligent scheduling agent for open-pit mines, upgrading from "passive scheduling" to "active intelligent decision-making." In the autonomous heavy-duty truck sector, the company focuses on essential scenarios like dedicated routes, port hubs, and hazardous chemical parks, closely following pilot opportunities for bulk short-distance hauling on open roads. In the V2X field, its products already cover over 3,000 buses in 11 cities, with cumulative sales of OBUs exceeding 14,000 units.
Looking towards the promising overseas market, CIDI-NEW is accelerating its布局 in key strategic regions such as Australia, South America, and the Middle East, promoting the scaled replication of its mature unmanned mining truck solutions. According to the annual report, the company has initiated compliance and market access procedures in target regions, conducting comprehensive product adaptation and certification applications, and has established strategic partnerships with large overseas mining companies. It is anticipated that as CIDI-NEW gains traction in overseas markets, the company is poised to unleash stronger growth momentum on a broader stage.
CIDI-NEW's solid fundamentals and highly imaginative growth prospects have naturally attracted attention from professional institutions. Previously, several brokerages, including Shenwan Hongyuan, Everbright Securities, Soochow Securities, and Western Securities, unanimously assigned "Buy" ratings to CIDI-NEW. Shenwan Hongyuan believes CIDI-NEW is a leading domestic provider of autonomous solutions for closed environments and expects its revenue to reach 1.897 billion yuan and 3.498 billion yuan in 2026 and 2027, respectively, as the penetration of unmanned mining trucks continues to rise. Everbright Securities is optimistic about the accelerated volume growth of the company's core unmanned mining truck business and its ability to maintain an industry-leading position凭借 technological, scenario, and commercialization advantages. The brokerage forecasts that CIDI-NEW's Non-IFRS net profit attributable to owners will turn positive this year and is expected to expand to 357 million yuan next year.
In its first year as a listed company, CIDI-NEW has demonstrated its exceptional growth potential with outstanding results. Given that its business model is "product-driven" and features significant light-asset characteristics, making it well-suited for the autonomous mining truck industry, CIDI-NEW, by steadfastly avoiding operations, is expected to achieve faster expansion and stronger profitability on this long-term promising赛道. Its growth certainty is set to continue increasing, delivering long-term value returns to investors.
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