As the industry enters a critical phase of value-driven development, tangible achievements and commercialization progress have become key benchmarks for evaluating corporate strength. At the recent 2025 Horizon Ecosystem Conference, MINIEYE (02431) stood out as the only partner showcasing the latest advancements in both "L2+L4" technologies. The company demonstrated breakthroughs in its "mid-to-high-end domain control suite" and the unmanned vehicle T5, highlighting robust business momentum and effectively countering unfounded rumors about its potential removal from the Hong Kong Stock Connect program.
Third-party reports confirm that MINIEYE's average market capitalization and liquidity during the review period fully comply with Stock Connect criteria, rendering the "delisting" claims baseless. More importantly, the company has consistently delivered positive updates across its L2 and L4 business segments, signaling not only stability but also a virtuous cycle of growth under the dual drivers of "smart mobility + intelligent logistics."
**Dual Growth Engines: L2 and L4 Scaling Up Commercialization** The autonomous driving sector is intensifying, yet MINIEYE—a veteran in China's incremental autonomous driving space—has secured its position through full-stack in-house R&D and mass-production expertise. Financial reports reveal consistent revenue growth, with a CAGR exceeding 50%, underscoring its ability to expand in the OEM market. By June 30, 2025, MINIEYE had partnered with 42 automakers, including major domestic brands like SAIC, Changan, and Chery, as well as joint ventures.
In the L2 and smart cockpit domain, MINIEYE recently secured dual-model contracts with a leading domestic automaker for its iPilot 4 Plus domain controller, reinforcing its foothold in ADAS while gaining traction in premium markets. Its smart cockpit solutions also won contracts from global automakers’ joint ventures and luxury brands, with lifetime orders totaling RMB 320 million. With safety regulations accelerating DMS/OMS adoption, MINIEYE is poised to expand its market share further.
Meanwhile, its L4 business is rapidly commercializing, unlocking a "second growth curve." MINIEYE’s autonomous shuttles operate across multiple provinces, including Suzhou, Shanghai, and Hangzhou, generating steady revenue exceeding RMB 10 million in H1 2025. The company also secured a multi-million-yuan key project in Tongxiang, penetrating high-value scenarios like airport transfers and global event services. In September, MINIEYE launched its cost-efficient, durable unmanned logistics vehicle, securing over 1,000 bulk orders in sectors like logistics and auto parts.
**Solid Fundamentals and Scarcity Value Signal Reassessment Potential** 2025 has seen a surge in autonomous driving IPOs on the Hong Kong Stock Exchange, with firms like Pony.ai and WeRide joining the fray. MINIEYE, however, remains a rare player with proven commercialization in both L2 and L4 segments since its 2024 listing.
Stock Connect eligibility hinges on comprehensive metrics like market cap, liquidity, and financial health. MINIEYE’s sustained business growth and strategic R&D investments reflect long-term planning rather than short-term liquidity concerns. Industry experts note that as more companies pursue IPOs and market cycles fluctuate, sentiment-driven volatility may overshadow fundamentals.
With competition shifting from narratives to execution, MINIEYE’s scalable L2 production and accelerating L4 commercialization underscore its sustainable, high-growth potential. Investors are advised to focus on its operational milestones and growth drivers for a fair valuation.
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