New stock outlook | The new car delivery exceeds one thousand vehicles, the actual operating mileage exceeds one billion, how far is Zero One Motors from profit?

Recently, Jiangsu Lingyi Automotive Technology Co., Ltd. (referred to as "Lingyi Automotive") officially submitted its listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International acting as joint sponsors. Prior to this IPO, the company has received multiple rounds of capital injection, with the most recent financing of 925 million yuan completed in May 2026, and the post-investment valuation reaching 7 billion yuan. The prospectus shows that the company has brought in top industry partners and long-term capital partners such as Contemporary Amperex Technology, Temasek, Momenta, NIO Capital, Zijin Mining Group, Shandong Energy Group, Maotai Investment, Lenovo, and Sanhua Holdings. The shareholder lineup is considered luxurious. Different from traditional car manufacturers that often add intelligent solutions on mature fuel car platforms or electric chassis, Lingyi Automotive attempts to integrate the whole vehicle with AI from the design stage. It positions itself as the world's first enterprise with simultaneous capabilities in forward-design vehicle development and end-to-end multi-modal large language models for heavy-duty autonomous driving. This "whole vehicle + large model" dual capability is quite rare among heavy-duty truck companies that are already listed or planning to go public. Against the backdrop of the continuous increase in the penetration rate of new energy heavy-duty trucks and the comprehensive acceleration of industry capitalization, whether Lingyi Automotive, with this unique positioning, can truly establish a foothold in the increasingly crowded field, will be a focus of ongoing market attention. Three consecutive years of losses, new energy heavy-duty truck deliveries have exceeded a thousand vehicles Public information shows that Lingyi Automotive is a technology company specializing in the field of new energy intelligent heavy-duty trucks, with a business model that covers both vehicle sales and unmanned heavy-duty truck solutions. Looking at the performance data, the company achieved high-speed revenue growth during the reporting period, but losses also increased simultaneously. From 2023 to 2025, the company's revenues were 1.163 million yuan, 124 million yuan, and 522 million yuan respectively; annual losses were 1.14 billion yuan, 2.41 billion yuan, and 2.81 billion yuan, with a total of 6.36 billion yuan in accumulated losses over three years. It is understood that the company's main business includes the sales of new energy intelligent heavy-duty trucks and unmanned heavy-duty truck solutions. In 2024, Lingyi Automotive officially launched and began delivering two new energy intelligent heavy-duty truck models, "Jingzhe" and "Xiaoman." Among them, "Jingzhe" is mainly used for bulk resource transportation such as coal, concrete, and steel, with a retail price range of 530,000 to 680,000 yuan, accounting for 38.5% of revenue in 2025; "Xiaoman" is tailored for short-haul transportation and regional logistics scenarios, with a retail price range of 430,000 to 600,000 yuan, accounting for 58.7% of revenue in 2025. Delivery data shows that the company's new energy intelligent heavy-duty truck business has entered a stage of scaled delivery. In 2023, 2024, and 2025, the company delivered 2, 272, and 1176 new energy intelligent heavy-duty trucks respectively, setting the fastest record in the industry for achieving batch deliveries of new energy intelligent heavy-duty trucks in a positive manner. In the first four months of 2026, the company delivered 778 new energy intelligent heavy-duty trucks, a year-on-year increase of 334.6%. It is worth mentioning that the company's unmanned heavy-duty truck solutions successfully delivered 15 adapted heavy-duty trucks with unmanned driving solutions in 2025, and another 41 in the first four months of 2026. In 2025, this business segment achieved a positive gross profit margin of 4.3%, mainly due to the company's vehicles being equipped with a line-controlled chassis, which has higher technological content and higher prices. In the future, the company plans to expand the business revenue model of unmanned driving solutions and gradually start charging technical service fees to customers, expanding the unmanned heavy-duty truck solutions to more application scenarios. During the reporting period, the company's research and development investment remained high, with research and development expenses of 71.42 million yuan, 1.16 billion yuan, and 1.26 billion yuan from 2023 to 2025, with research and development expenses accounting for as high as 24.1% of revenue in 2025; as of the end of 2025, the company's net liabilities reached 629 million yuan, net current liabilities were 690 million yuan, and cash and cash equivalents at the end of the year were 155 million yuan. "Whole vehicle + large model," can it create a competitive moat? Driven by the goal of "dual carbon," the replacement of traditional fuel heavy-duty trucks with new energy intelligent heavy-duty trucks has become an irreversible industry trend. In June 2026, the Ministry of Transport, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and 11 other departments jointly issued the Implementation Plan for Promoting the Large-scale Application of New Energy Heavy-duty Trucks, which quantitatively specified targets at the national level for the first time: by 2030, the penetration rate of new energy heavy-duty trucks will reach 40%, the total number will exceed 1.6 million, and the proportion will reach around 20%. Prior to this, heavy-duty trucks, as the segment market with the highest carbon emissions in the commercial vehicle sector and the largest single vehicle energy consumption, had long lacked clear penetration rate guidelines. The introduction of this policy fills the gap in macro planning. Based on actual implementation data, from January 2025 to May 2026, the cumulative sales of heavy trucks from Shanxi Guoxin Energy Corporation had exceeded 337,000 units, with a market penetration rate of over 29.5%. The demand for new energy heavy-duty trucks is rapidly transitioning from closed short-haul scenarios to long-haul mainlines, with sales continuing to rise. The track where Lingyi Automotive is located is the golden zone of deep integration of commercial vehicle electrification and intelligence. Unlike traditional car manufacturers that add intelligent solutions on existing fuel vehicle platforms, Lingyi Automotive has chosen a forward-thinking technological route and achieved vertical integration in core areas such as chassis and electric drive systems. Its independently developed "Jushi" four-in-one electric drive bridge integrates the motor, gearbox, drive axle, and power take-off as a lightweight unit, integrating the power take-off on the drive axle in the industry for the first time, using oil-cooled flat-wire motors for the first time, and achieving a weight reduction of over 200 kilograms by mass production through a segmented bridge shell structure, with the system's maximum efficiency increased to 94%. At the same time, the company is the industry's first and only enterprise to achieve integrated mass production of a multi-source heat pump vehicle-level thermal management system, achieving energy savings of over 70% compared to traditional PTC heating under -20C conditions. Under the coordinated optimization of the vehicle's electronic control system, these technological breakthroughs are translated into quantifiable energy efficiency advantages at the vehicle level. According to data from Frost & Sullivan, Lingyi Automotive's four-in-one electric drive bridge has the highest transmission efficiency among mass-produced products, and its vehicles' comprehensive energy consumption under rated load conditions can be reduced by up to 15% compared to some competitors. Autonomous driving capability is the company's second differentiating support point. Although the technical path of heavy-duty truck autonomous driving is in line with that of passenger cars, the complexity of application scenarios is higher - with tens of tons of payload, longer braking distance, and a multiple operating environment covering high-speed and closed industrial park environments, the requirements for model generalization ability and safety are far greater than those for passenger cars. Lingyi Automotive's self-developed Lingyi Autonomous Driving System is the industry's first heavy-duty truck autonomous driving system based on an end-to-end multi-modal large language model, automating the entire process from sensor input to driving trajectory generation. Compared to traditional modular architecture, its key system complexity is reduced by about 95%, and data labeling costs have decreased by about 95% compared to the industry average. At the 2024 CVPR End-to-End Autonomous Driving Challenge, Lingyi Automotive stood out from 143 teams worldwide and won second place with a pure visual solution, proving its technical strength. At the perception level, the company relies solely on cameras for environmental recognition, effectively reducing hardware costs; and the triple safety redundancy design (algorithm logic traceability, simulation verification full coverage, hardware vehicle redundancy design) provides safety assurance for large-scale commercial use. In terms of data, the actual operating mileage of Lingyi electric drive bridge new energy heavy-duty trucks has exceeded 100 million kilometers, and these real road condition data will continue to feed back into algorithm iterations, forming a "delivery-operation-optimization" closed loop. However, the unmanned driving heavy-duty truck business is still in the early stages of commercialization. In 2025, the revenue contribution from unmanned heavy-duty truck solutions was 8.102 million yuan, accounting for only 1.5% of total revenue; as of April 30, 2026, the cumulative delivery volume of adaptations with unmanned driving solutions was 56 vehicles. This means that the autonomous driving business will take some time to become the company's second growth curve. From the perspective of the competitive landscape, the capitalization process of the new energy commercial vehicle industry is accelerating significantly. Since 2026, multiple new energy commercial vehicle-related companies such as Langao Technology and Tag Zhihang have successively applied for IPOs. Among them, Tag Zhihang focuses on mine scenes and has delivered 557 unmanned mine trucks, landing 31 intelligent mine projects, with 14 of them passing national-level certification, establishing a solid first-mover advantage in vertical scenes, which may potentially squeeze Lingyi Automotive's market share in the future. Conclusion Overall, Lingyi Automotive has distinct differentiating characteristics in its choice of technological route, and its unique path of "whole vehicle + large model" has built competitive barriers from hardware efficiency to software algorithms. Although the company's performance is currently in a state of losses, with the subsequent commercialization and continuous feedback of real operating data to the autonomous driving system, the company's technological advantages are expected to sustainable performance growth, and the arrival of the breakeven point may not be far off.