CIDI (03881) First Half Report: Revenue Soars 97%, Siasun Robot & Automation Business Grows from Zero to One

The heavy-duty embodied intelligence sector has achieved the strongest growth curve! On August 10, CIDI (03881) officially disclosed its mid-2026 performance report. This is the company's first half-year report following its listing on the main board of the Hong Kong Stock Exchange. In the first half of 2026, the company evolved from autonomous driving to heavy-duty embodied intelligence, entering a new stage of commercialization, order volume expansion, and scenario development, with revenues nearly doubling, approaching breakeven, and significant operational quality improvement, making it the only physical AI enterprise in the industry to secure scaled orders in various heavy-duty scenarios such as resource extraction and transportation, logistics, large-scale infrastructure, and transport engineering. Revenue doubled, profitability on the verge of a turnaround, abundant funds solidify strategic depth In the first half of 2026, CIDI continued its strong growth momentum, achieving total revenue of 804 million yuan, a year-on-year increase of 97.0%. The autonomous driving business continued to serve as the core growth engine, with revenue surging by 107.3% year-on-year to 784 million yuan, accounting for as much as 97.6% of the total revenue. Behind this impressive growth is the deep penetration and large-scale implementation of unmanned mining trucks in open-pit mining scenarios, the continuous increase in orders for unmanned heavy trucks, coupled with the breakthrough revenue realization of Siasun Robot & Automation's operations, fully validating the company's unparalleled technological strength and commercialization delivery capabilities in essential scenarios. While the company rapidly expanded its revenue, its profitability also experienced significant qualitative leaps, achieving increased revenue alongside increased profits. During the reporting period, the company realized a gross profit of 212 million yuan, a jump of 204% year-on-year; the gross profit margin surged from 17.1% in the same period last year to 26.4%, an increase of 9.3 percentage points; the adjusted net loss narrowed to approximately 19.68 million yuan, an 82% year-on-year reduction; and the adjusted net profit margin improved significantly from -27.2% in the same period last year to -2.4%. The company's economies of scale accelerated their release, and its delivery capacity continued to climb, nearing the breakeven point, fundamentally improving its operational fundamentals. CIDI adopts a unique "light asset" business model, being the only physical AI company in the world that sells unmanned mining trucks and dispatch systems directly to end mining operators, without holding assets or participating in operations. The company penetrates the market through product sales and technological empowerment, concentrating resources on the technological foundation of heavy-duty embodied intelligence, which directly translates the economies of scale into gross profit, creating a solid competitive barrier. Cash flow reserves have also witnessed explosive growth, and the asset-liability structure continues to optimize, with solid and efficient fund management. During the reporting period, cash and cash equivalents reached 1.214 billion yuan, a net increase of 1.028 billion yuan compared to 186 million yuan in the same period last year, a staggering year-on-year growth of 551.7%. Ample cash reserves not only support the expansion of existing business, continual iterations of core technology but also solidify the funding base for in-depth layout along the upstream and downstream of the supply chain, strategic mergers and acquisitions, and global market expansion, opening up long-term growth space. Dr. Hu Sibo, CEO of CIDI, stated: The companys heavy-duty embodied intelligence business has transitioned from scale implementation to value realization. Relying on our independently developed core technology foundation, we have extended intelligent capabilities from autonomous driving to Siasun Robot & Automation operations, achieving a critical leap from single product supply to multi-category coordinated layout, which will serve as the starting point for the next phase of growth. Leading the global autonomous driving track, diverse growth curves are rising strongly By the end of the first half of 2026, CIDI had accumulated a shipment of 23,000 smart products. Among them, the autonomous driving sector had delivered and was set to deliver over 3,400 vehicles, serving as the main growth engine; the Siasun Robot & Automation operations, intelligent hardware, and services sectors are also gaining momentum, with diverse growth curves rapidly taking shape. The autonomous driving business remains CIDI's solid core foundation, with its unmanned mining truck business firmly positioned in the industry's top tier, while unmanned transportation in various scenarios such as cross-border freight, hub transit, and bulk short-distance transport has simultaneously achieved commercial breakthroughs. CIDI continues to iterate and upgrade its system-level solution, MetaMine, for fully unmanned mining scenarios. As of the end of the reporting period, the cumulative shipment of unmanned mining trucks exceeded 1,900 units, with shipments in the first half of the year increasing by 213.57% year-on-year, covering nearly 40 mines worldwide, achieving routine unmanned transport operations under various mining types, complex working conditions, and all-weather conditions, fully encompassing core operational aspects such as stripping/mining operations, dumping yard transport, charging/replacement energy supplementation, and supply to crushing stations. Currently, seven mines have achieved routine operations of over 100 unmanned mining trucks, with the highest routine operational scale surpassing 220 units, indicating that the company has the capability to build, deliver, and operate large-scale unmanned transport systems. In February 2026, the company signed a procurement order for 500 unmanned mining trucks with Guangna Group, setting the largest single formal procurement record in the global driverless mining truck field as of the end of June. The unmanned heavy truck business simultaneously opens up incremental space. In the first half of the year, the company secured over 400 orders for bulk short-distance transport both domestically and internationally, with some orders already completed for small batch deliveries. In benchmark projects such as the China-Vietnam cross-border logistics channel and Chengdu International Railway Port, the companys unmanned heavy truck products have achieved routine, stable operations, fully validating their adaptability to multiple scenarios and the effectiveness of commercialization. Building on the core technological framework of "autonomous driving essentially being autonomous mobile wheeled Siasun Robot & Automation," the company's Siasun Robot & Automation operations business achieved a milestone breakthrough from zero to one, with segment revenues reaching 3.082 million yuan during the reporting period. This included 34 units of the mining Siasun Robot & Automation shipped, the mining preparation Siasun Robot & Automation rolling off the production line, and the smelting handling Siasun Robot & Automation being put into use, while the underground mining Siasun Robot & Automation completed design, research and development, and manufacturing. The company pursues an open ecosystem strategy to develop a brain for embodied intelligence in collaboration with four-legged and humanoid Siasun Robot & Automation manufacturers, rapidly building a product matrix covering diverse mine inspection Siasun Robot & Automation and humanoid Siasun Robot & Automation functioning underground. The intelligent hardware and services business sees multiple breakthroughs and strong momentum. During the reporting period, the companys V2X product shipments exceeded 2,000 units, launching the industrys first V2P intelligent hardware product and the V2X + open-pit mine safety solution. The SIL4-level autonomous perception system for trains has been implemented across nine provinces and cities; the Safety and Security Intelligent Action commercial vehicle safety solution signed over 10,000 new orders, covering more than 20 provinces, over 100 transportation enterprises, and various types of commercial vehicles, initially forming a business loop connecting vehicle intelligent driving from manufacturers, risk reduction from insurance companies, and safety management from transportation enterprises. The technology platform builds core barriers, accelerating global expansion The core competitiveness supporting the scaled implementation of the entire product line comes from CIDI's independently developed heavy-duty embodied intelligence technology platform. This platform forms a complete technological closed loop consisting of a unified data engine, a heavy-duty world model, and a collaborative decision-making dispatch system, enabling the rapid reuse of technological capabilities across diverse heavy-duty scenarios and continuously building the companys core technological barriers. As of the end of the reporting period, this technology platform has supported over 2,000 intelligent equipment in commercial operations exceeding 1,300 days, maintaining a zero safety accident record and establishing a positive flywheel of "scaled deploymentdata accumulationmodel iterationperformance leap." For medium to long-term development, the companys core strategic line focuses on a unified technology platform and diverse product matrix, continuing to delve into physical AI technology research and commercialization both domestically and internationally, advancing the evolution of heavy-duty equipment from traditional operational tools to autonomous intelligent entities. The company utilizes a dual-path strategy of vertical deepening and horizontal expansion: vertically deepening into mining vertical scenarios, accelerating the large-scale implementation of specialized operational Siasun Robot & Automation for excavation, drilling, charging, and other specific tasks; and horizontally broadening scenario boundaries, gradually extending various Siasun Robot & Automation types into logistics, large infrastructure, and transport engineering complex scenarios, advancing unmanned heavy truck applications from closed scenarios into broader domains such as trunk logistics. In terms of global layout, the company will first establish business in resource-rich countries such as Australia, Brazil, and Indonesia, and gradually expand into regions such as Africa, Central Asia, and the Middle East, transforming the technological advantages and cost competitiveness of heavy-duty embodied intelligence into global market competitive advantages. The first half of 2026 marks an important progression period for CIDI towards improving operational quality, with a development pattern formed by the synergistic efforts of multiple businesses. Standing at the window of industrial upgrading, leveraging the advantages of light asset technology output models, a reusable universal technology foundation, and the momentum of all-scenario global layout, CIDI will continue to release profitability elasticity, constantly broaden its growth boundaries, and provide a reference path for the commercialization of China's physical AI industry.