Hidi Zhijia (03881) "Product-Driven" seizes the just-needed driving scenes. How do you view the high elasticity and certainty behind the doubling of income?

Deep plowing the smart driving platform enterprise of autonomous mining trucks, Hidi Intelligent Driving (03881) disclosed its 2025 performance announcement on the evening of March 30. This first financial report since the company went public clearly and comprehensively presents the company's high-quality fundamentals and outstanding growth to the capital market. The financial report shows that in 2025, the company achieved revenue of 885 million yuan, a strong increase of 115.8% year-on-year; gross profit of 189 million yuan, a significant increase of 86.7% year-on-year. Behind the rapid growth of financial data is the accelerated realization of Hidi Intelligent Driving's "product-driven" strategy. In 2025, Hidi Intelligent Driving's delivery volume of autonomous mining trucks surged by 317% year-on-year to 630 units/sets; looking at a longer period of time, the sales volume of the company's related products grew by over 20 times from 2023 to 2025. By the end of February this year, Hidi Intelligent Driving had deployed a total of over 1,500 units of autonomous mining truck products. In the view of GMTEight, this series of data effectively refutes the industry's inherent perception that "mining autonomous driving must rely on heavy asset operations to establish a moat". Unlike the heavy asset model of "self-owned fleet + operation services" commonly used by peers, Hidi Intelligent Driving insists on entering the market with a pure product sales model, forming deep synergy with mining enterprises and host factories. Hidi Intelligent Driving's unique model avoids operational and management risks, helps consolidate products and improve R&D efficiency, and the advantages of this differentiated competitive strategy are expected to be more fully demonstrated in future financial reports. Seizing the essential needs of smart driving scenes with a "product-driven" approach The backdrop of the rapid growth of Hidi Intelligent Driving's performance is that although China's mining area autonomous driving started relatively late, the development speed is extremely fast, and the market expects the penetration rate of China's autonomous mining trucks to increase from 7% in 2024 to 24% this year. As the industry enters a boom period, this confirms that as a typical representative of closed scenes, mining sites are indeed a just-needed scenario for commercial smart driving vehicles. With the rapid development of the industry, institutions predict that by 2030, the penetration rate of China's autonomous mining trucks will increase to 55%. Facing this certainty of incremental opportunity, Hidi Intelligent Driving is enhancing its comprehensive capabilities with a dual approach of internal and external to better capture market dividends: internally promoting the full-process unmanned technology iteration of mining fields, externally accelerating global layout, and matching the rapid growth of smart driving just-needed scenarios with continuous output of high-quality supply. Anchoring the core research and development direction of full-process unmanned mining, Hidi Intelligent Driving is vigorously promoting the full-process unmanned closed-loop of drilling, blasting, excavation, and transportation core processes, with a focus on promoting the commercial landing of Siasun Robot&Automation's blasting, freeing humans from high-risk operations. At the same time, relying on generative AI to create the world's first intelligent dispatching system for open-pit mines, transforming from "passive scheduling" to "active intelligent decision-making". In the field of autonomous heavy trucks, the company focuses on essential scenarios such as dedicated roads, port hubs, and hazardous chemical park, closely following the pilot opportunities for bulk short-haul transportation on open roads. In the V2X field, the company's products have covered over 3000 public transportation vehicles in 11 cities, with cumulative sales of over 14,000 OBU units. Facing the equally promising overseas market, Hidi Intelligent Driving is accelerating its layout in key strategic regions such as Australia, South America, and the Middle East, promoting the scale replication of mature unmanned mining truck solutions. According to the annual report disclosure, the company has initiated compliance access work in each target region, conducted comprehensive product adaptation and certification applications, and established strategic partnerships with large overseas mining enterprises. It can be expected that as Hidi Intelligent Driving opens up the overseas market in the future, the company is expected to burst out stronger growth momentum on a broader stage. With outstanding fundamentals and promising growth prospects of Hidi Intelligent Driving, it naturally attracts the attention of many professional institutions. GMTEight noted that, prior to this, a number of securities firms including Shenwan Hongyuan Group, EB SECURITIES, Soochow, Western, all gave Hidi Intelligent Driving a "buy" rating. Shenwan Hongyuan Group believes that Hidi Intelligent Driving is a leading domestic closed-environment autonomous driving solution company, and in the future, with the continuous increase in the penetration rate of unmanned mining trucks, the company's revenue is expected to reach 1.897 billion yuan in 2026 and 3.498 billion yuan in 2027; EB SECURITIES is optimistic about the company's accelerated volume expansion of unmanned mining truck main business, as well as maintaining the industry's leading position with technological, scene, and commercial advantages. The bank predicts that Hidi Intelligent Driving's Non-IFRS net profit attributable to shareholders will turn positive this year and is expected to expand to 357 million yuan next year. In its first year of listing, Hidi Intelligent Driving has demonstrated its excellent growth to the market with high marks. Given the company's business model's significant features of being "product-driven" and light on assets, which are well-suited to the autonomous mining truck industry, and Hidi Intelligent Driving's insistence on not operating directly in the mining field, it is expected that the company will achieve faster expansion and stronger profitability on this difficult yet promising track, and its growth certainty will continue to increase, bringing long-term value returns to investors.