CIDI-NEW (03881) announced its annual results for the period ending December 31, 2025. The group achieved revenue of RMB 885 million, representing a year-on-year increase of 115.8%. Gross profit was RMB 189 million, up 86.7% compared to the previous year. The loss attributable to shareholders was RMB 1.02 billion, with a basic loss per share of RMB 5.91.
In 2025, the group delivered 630 units/sets of its autonomous mining truck solutions, achieving a substantial year-on-year growth of 317.22% compared to 2024. This leap in growth rate not only confirms strong market recognition of the group's technical capabilities and product maturity but also signifies that its commercialization process has fully entered a new phase of scaled replication and volume growth. As of February 28, 2026, the total number of autonomous mining truck products delivered or in the process of delivery by the group has exceeded 1,500 units. The cumulative unmanned driving mileage has surpassed 16 million kilometers, with a total volume of over 140 million tons of coal and ore transported.
Throughout 2025, the group continued to promote the generalized application and real-world deployment of its core technologies, constantly expanding the application boundaries of its technology and products. In the field of autonomous heavy trucks, the group focused on high-value, high-safety closed scenarios such as ports and hazardous chemical parks. The China-Vietnam Puzhai Smart Port project officially commenced operations in 2025. As the first smart customs clearance platform for a land trade port in China centered around unmanned container trucks, this project has not only realized the deployment of the technical solution in a port scenario but has also established intelligent logistics standards and solutions for trade ports, laying a solid foundation for subsequent business replication.
In the V2X domain, the group has developed comprehensive solutions covering various scenarios including urban intelligent connectivity, bus priority, industry-academia-research collaborative innovation, mining areas, airports, highways, logistics in specific parks, and smart parking lots. By the end of 2025, the group had deployed V2X products on over 3,000 buses, covering 11 cities.
In the field of intelligent perception, the company continued to advance the technical development and scenario deployment of its Train Autonomous Perception System (TAPS). As a core system for next-generation autonomous train operation, related products have gradually covered various track systems and scenarios with different Safety Integrity Levels (SIL). In 2025, the company achieved batch delivery orders for its SIL4-level products, marking a breakthrough in the commercialization of key core technologies. SIL4-level TAPS products for the Hefei S1 Line are being delivered steadily, while multiple product trial installations and verifications have been completed in new scenarios such as Wuxi S1 and Nanjing Line 7, indicating continuous expansion of scenario coverage.
Regarding onboard intelligent perception, the group established a strategic partnership with Changjiu Logistics to collaborate on scenarios including intelligent dispatching for trunk line transport, warehouse operation automation, and logistics safety early-warning systems. In the innovative "technology + insurance" business direction, leveraging its Angbao Zhixing product system, the company has established stable cooperative relationships with insurance institutions to jointly build technology-enabled risk pricing models and customized insurance products, promoting the deep application of intelligent perception technology in the fields of commercial vehicle safety and insurance risk control.
In 2025, the group deeply integrated autonomous driving and artificial intelligence technologies, achieving a series of breakthrough R&D results across multiple dimensions such as frontier algorithms, system architecture, and multi-agent swarm intelligence. As of December 31, 2025, the company had applied for 592 patents and had been granted 369 patents, further solidifying its technological moat.
The operational stability of the unmanned mining trucks continues to improve. The group has achieved a scenario where one operator can support 100 unmanned mining trucks running continuously for 24 hours, with a total intervention time of no more than 5 minutes. To meet the demand for scaled deliveries in mining scenarios, the group has initiated the construction of a mining world model. Through multi-agent simulation and data-driven pre-training mechanisms, it continuously enhances scenario adaptability and deployment efficiency while effectively reducing marginal delivery costs. Furthermore, the group has newly developed solutions specifically for special conditions in mining scenarios, such as extreme weather (e.g., heavy rain, dust, thick fog) and communication blind spots with no or weak network coverage. This ensures the stable operation and safe working capability of unmanned mining trucks in harsh environments, further consolidating the leading position of the group's products and technology within the industry.
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