车型概览

Perodua Aruz 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在高速巡航、并线和超车信心。

价格落在 RM 72,900 - 77,900，买家可以先用它判断预算压力和同级定位。

购车价格指南

Perodua Aruz 的购车预算可以先从 RM 72,900 - 77,900 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。

如果你在几个版本之间犹豫，可以把 2025 1.5L AV（RM 77,900）、2025 1.5L X（RM 72,900） 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。

核心参数汇总

看 Perodua Aruz 的核心规格，最重要是把数字翻译成生活里的感受。

自然进气、4缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 102 Ps、133 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 6.41 L/100km的油耗，对每天通勤的人来说会直接影响加油频率。 车长 4435 mm、车宽 1695 mm、车高 1740 mm、轴距 2685 mm，可以帮助你预判停车难度和后排乘坐空间。

优缺点分析

Perodua Aruz 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、日常能源成本有明确参考、动力输出能支撑高速和超车需求。

需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。

购车常见问题解答

购买 Perodua Aruz 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。

这辆车适合谁？适合把高速巡航、并线和超车信心放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？6.41 L/100km 的油耗参考让通勤成本更容易预估。

竞品对比内容

把 Perodua Aruz 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 72,900 - 77,900 锁定预算圈、再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。

这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。

用车全周期指南

拥有 Perodua Aruz 的日常成本，最直接会反映在燃油、保险、轮胎和定期保养上。6.41 L/100km 的油耗让通勤预算更容易掌握。

如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。

车型概览

Mitsubishi Xforce 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在版本之间的取舍。 近期围绕这款车的讨论包括「Mitsubishi Xforce Hits 900 Deliveries in First Month: A Strong Debut in Malaysia's B-Segment SUV Market」，说明它在本地买家视野里仍有关注度。

价格落在 RM 109,930 - 119,930，买家可以先用它判断预算压力和同级定位。

购车价格指南

Mitsubishi Xforce 的购车预算可以先从 RM 109,930 - 119,930 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。

如果你在几个版本之间犹豫，可以把 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。

核心参数汇总

看 Mitsubishi Xforce 的核心规格，最重要是把数字翻译成生活里的感受。

自然进气、4缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 105 Ps、141 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 5.6 L/100km的油耗，对每天通勤的人来说会直接影响加油频率。 车长 4390 mm、车宽 1810 mm、车高 1660 mm、轴距 2650 mm，可以帮助你预判停车难度和后排乘坐空间。

优缺点分析

Mitsubishi Xforce 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、日常能源成本有明确参考、动力输出能支撑高速和超车需求。

需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。

购车常见问题解答

购买 Mitsubishi Xforce 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。

这辆车适合谁？适合把版本之间的取舍放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？5.6 L/100km 的油耗参考让通勤成本更容易预估。

竞品对比内容

把 Mitsubishi Xforce 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 109,930 - 119,930 锁定预算圈、再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。

这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。

用车全周期指南

拥有 Mitsubishi Xforce 的日常成本，最直接会反映在燃油、保险、轮胎和定期保养上。5.6 L/100km 的油耗让通勤预算更容易掌握。

如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。

车型概览

Land Rover Discovery Sport PHEV 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在日常场景里的便利程度。

版本方面，Land Rover Discovery Sport PHEV 目前可围绕 2025 HSE、2025 SE、2025 S 来比较。

购车价格指南

评估 Land Rover Discovery Sport PHEV 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。

如果你在几个版本之间犹豫，可以把 2025 HSE、2025 SE、2025 S 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。

核心参数汇总

看 Land Rover Discovery Sport PHEV 的核心规格，最重要是把数字翻译成生活里的感受。

Land Rover Discovery Sport PHEV 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。

优缺点分析

Land Rover Discovery Sport PHEV 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。

需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。

购车常见问题解答

购买 Land Rover Discovery Sport PHEV 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。

这辆车适合谁？适合把日常场景里的便利程度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。

竞品对比内容

把 Land Rover Discovery Sport PHEV 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。

这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。

用车全周期指南

拥有 Land Rover Discovery Sport PHEV 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。

如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。

车型概览

GWM Haval H6 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。 近期围绕这款车的讨论包括「KLIMS 2026: Haval H6 HEV and the Hybrid Mainstream Test」，说明它在本地买家视野里仍有关注度。

价格落在 RM 139,750，买家可以先用它判断预算压力和同级定位。

购车价格指南

GWM Haval H6 的购车预算可以先从 RM 139,750 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。

如果你在几个版本之间犹豫，可以把 2025 1.5T Standard（RM 139,750） 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。

核心参数汇总

看 GWM Haval H6 的核心规格，最重要是把数字翻译成生活里的感受。

150 Ps、230 N·m的输出，让高速并线和短距离超车更有底气。 车长 4683 mm、车宽 1886 mm、车高 1730 mm、轴距 2738 mm，可以帮助你预判停车难度和后排乘坐空间。 DHT 变速箱、前轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。

优缺点分析

GWM Haval H6 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、日常能源成本有明确参考、动力输出能支撑高速和超车需求。

需要留意的是，需要先确认家里、公司或常去商场的充电条件、市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。

购车常见问题解答

购买 GWM Haval H6 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。

这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？5.8 L/100km 的油耗参考让通勤成本更容易预估。

竞品对比内容

把 GWM Haval H6 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 139,750 锁定预算圈、再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。

这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。

用车全周期指南

拥有 GWM Haval H6 的关键，是先把充电安排想清楚。家充、公司充电或商场快充只要其中一项稳定，日常体验就会轻松很多。

如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。

过去数十年，日系车凭借可靠性、燃油经济性和全球化制造体系，长期占据世界汽车产业的重要位置，日系车制造体系的耐力与韧性也是令其畅销全球的重要原因。丰田在2020年超越大众汽车集团成为全球第一大车企后，至今仍牢牢占据着头把交椅。

然而，在中东局势影响国际油价大涨的背景下，中国新能源汽车似乎正在悄然冲击着固有的全球汽车市场格局。

国际能源署（IEA）的统计显示，中国企业占2025年全球电动汽车销量的六成。依靠动力电池、智能驾驶、智能座舱和供应链优势，在电动车时代实现了从“追赶者”到“规则制定者”的转变。比亚迪、吉利、五菱、奇瑞、小鹏、理想、零跑等企业正加速走向全球市场，其中不乏像欧洲、日本这样的成熟汽车市场。

不同于大举进军欧洲，选择直接进入日本汽车市场的中国汽车品牌，主要以比亚迪、极氪、奇瑞等品牌为主，并且普遍选择正面进入当地的大众家用车市场，与丰田、本田、日产等展开正面较量。

价格同样亲民、又更智能化的中国电动汽车，已经给日本汽车行业带来了一些冲击。“以前是便宜没好货，但现在（中国车）产品质量显著提高。价格那么便宜，日系车很难与之竞争。” 一家丰田的一级供应商高管对日本经济新闻如此表示。

日本经济新闻也点评道，中国奇瑞汽车和比亚迪计划在日本推出轻型EV。如果在同一个舞台上竞争，对日系车来说情况难免越来越严峻。

如果说，中东危机带来的国际油价飙涨，是最近几个月新能源汽车受到欧洲、日本消费者欢迎的主要原因，那么国际能源署的一项预测，依然还是给了新能源汽车发展的乐观预期。IEA预测称，2035年全球EV保有量将增至2025年的6倍以上，占全球汽车销量的五成。

如此一来，一个问题也便浮出水面：中国新能源车会率先取代日系车吗？

日系燃油车、电动车双双受困

市场销量是产业竞争最直观的体现。

根据日本媒体统计，丰田与本田的5月在华新车销量分别同比下降32%和49%。1至5月的在华新车累计销量方面，丰田为57.94万辆，同比下降一成，本田为17.3344万辆，同比下滑三成。

丰田方面解释称：“3月以后受中东局势影响，原油及汽油价格上涨，汽油车市场的停滞加剧。”

实际上，即便在中东局势之前，中国车市也早已形成清晰分化，新能源增量市场完全由中国本土品牌主导，而日系、德系车企只能持续退守不断萎缩的燃油存量市场。相比日系车在中国新能源汽车市场的谨慎态度，德系车在智能电动汽车的布局更加激进。

即便在国际局势的倒逼下，全球第一大车企丰田对于电动化布局的态度依旧谨慎。2026年5月29日，日本媒体报道称，丰田汽车将中止新一代纯电动汽车（EV）的开发。

雷克萨斯LF-ZC概念车

具体来看，丰田中止开发的是雷克萨斯纯电动轿车“LF-ZC”的量产车型。这款车原定于2027年上市，是一款肩负雷克萨斯电动化转型使命的旗舰车型，除搭载新型高性能电池之外，还利用以铝铸造实现零部件一体成型的“一体化压铸”技术。作为汇聚丰田最新技术精华的新一代EV，受到市场的高度关注，在两次延期后宣布中止研发，更是令外界感到震惊。

日本媒体分析指出，丰田中止开发LF-ZC车型背后有两个原因，其一是美国废除了电动汽车购买的税额抵免等政策，欧洲也取消了2035年原则上禁止销售内燃机的政策。其二是中国汽车的崛起，尤其是中国车企依靠国内供应商、自动驾驶和车联网技术建立起的竞争壁垒。

曾经作为日系核心护城河的油电混动技术，如今也被国产DM-i、雷神DHT等插混技术追赶，并以更低的亏电油耗、更强的动力性能，持续分流日系混动存量用户。

同时，最给日系车带来冲击的是，中国新能源汽车出口成为全新增长曲线，2025年国产新能源汽车出口量大幅翻倍，远销欧洲、东南亚、中东等全球市场，已摆脱低端廉价标签，品牌力与产品力同步升级。

对日系车雪上加霜的是，由于霍尔木兹海峡持续封锁，丰田汽车在2026年5月下旬宣布计划到11月前将海外产量削减约8.3万辆，将主要减少面向中东及亚洲市场的燃油车生产。

如果仅看中国市场，一个心照不宣的现实是，短期来看，日系仍有稳定燃油车存量空间，但随着中长期国内充电基建完善、消费者电动化认知普及，燃油车存量也将持续萎缩，日系销量下行将成为常态。

智能化代差，中国车在日本的杀手锏

近期，日本调查公司MM总研（东京港区）发布了一项日本自动驾驶巴士实证测试项目的调查结果。结果显示，2025年度实证测试中使用的车辆按厂商来看，中国比亚迪以36.4%居首。中国厂商的合计份额达到50.3%。

据了解，此次的调查对象为L2级以上自动驾驶巴士，项目以面向普通乘客的公路行驶实测项目为主。2025年度在日本全国实证测试项目中使用的车辆总共143辆，比上年度增加了18辆。 

从各企业的份额来看，比亚迪排第一，法国Navya次之，第三名是爱沙尼亚的Auve Tech占12.6%，中国的智能方案供应商文远知行占2.8%。

如果说电动化是中日车企不同技术路线的选择，那么智能化则是彻底拉开双方代际差距的核心赛道。日媒报道中写道：多位日系车企高管公开承认，日系车企在智能座舱、高阶自动驾驶领域，整体落后中国车企至少五年。

若以丰田等车企更习惯的传统汽车迭代节奏来计算，5年的差距就是整整一代车的差距。

造车这种差距的原因，日本媒体认为是双方底层造车逻辑不同。

MM总研的调查负责人表示：“日本多数自动驾驶实测项目由初创企业主导，这类项目更倾向于采用海外厂商的车辆。”他虽然对日本国内厂商寄予厚望，但也指出：“考虑到安全方面，一些厂商对实证测试持谨慎态度，此外还有价格方面的顾虑”。

实际上，中国主流自主新车均搭载原生智能电动架构，标配整车全域OTA升级，车辆在整个生命周期内可在线更新车机系统、语音交互、能耗控制、辅助驾驶等功能，实现“越用越新”。

同时，8155/8295旗舰芯片、连续语音交互、多屏互联、本土化生态适配，已成为20万级家用车标配，智能化体验贴合国内用户需求，早已成为中国车主“用了就回不去”的出行方式。这种用智能化“降维打击”非智能车的策略，在日本市场或许同样可行。毕竟日系车企，依旧沿用燃油车研发逻辑，硬件定型即功能锁死，大多数车型不支持整车OTA，芯片性能“出厂即落后”。

更别提，从2025年底起，国内十余品牌已开始进行L3级自动驾驶商业化运营的测试，更有新势力车企负责人认为从技术层面可以“直奔L4”。前不久小鹏汽车推出小鹏GX就已将Robotaxi能力前装。这种智能化领先的标签，也将有助于提升中国汽车在海外市场的形象。

全球市场，中国车与日系车必有一战

中国电动汽车对日系车的替代，并非局限于中国本土市场，未来在全球范围内，将持续冲击日系车深耕半个世纪的海外优势市场，彻底改写全球汽车竞争格局。

据统计，2025年中国品牌在东南亚新能源市占率突破22.2%，泰国纯电市场比亚迪单品牌市占率超70%，印尼、越南入门家用车市场，中国电动汽车已开始动摇日系燃油车在当地市场的垄断地位。

长城汽车在泰国，图片源自长城汽车

在欧洲市场，即便面临关税壁垒和严苛的本土化要求，国产新能源、插混车型依旧保持正向增长，在英国、挪威、西班牙等国家稳居新能源销量榜单前列，尤其近几个月受国际油价上涨的影响，中国新能源汽车在欧洲的销量持续提升。

在墨西哥、南美等日系传统优势市场，中国电动汽车凭借高性价比与可靠的三电技术，市占率也在持续提升，持续替代传统日系燃油车型。随着加拿大向中国车企开放新能源汽车市场，未来中国新能源汽车在北美的声量也将稳步提升。

比亚迪进军日本K-car市场，图片源自迪粉之家

尤其值得一提的是在日本市场，近两年比亚迪、五菱等品牌完成右舵改装与本土认证，正式登陆日本市场，比亚迪ATTO3稳居日本小型电动车热销榜单，中国品牌在日本新能源细分市场占有率持续突破。

记者手记

回到全文最开始的那个问题：中国新能源车会率先取代日系车吗？

无法回避的是，日系车在优势市场具有半个世纪的积累，仍是中国车企短期内所无法撼动的。然而如果将目光聚焦在长期5—10年维度看，全球燃油禁售政策持续落地，电动化、智能化成为行业主赛道，日系车在燃油时代的技术壁垒将开始崩塌。

如果日系车不能快速解决短板，那么智能化能力、供应链体系、转型迟缓的问题也将会在未来10年持续放大，这期间或许中国电动汽车会大幅挤压日系车份额，进而改写全球汽车版图。

Another company specializing in autonomous driving for mining areas is applying for a listing.

On May 20, Tage Zhixing submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor.

Founded in 2016, Tage Zhixing mainly focuses on autonomous driving transport technology for mines and smart mine solutions, with its core product being a "Vehicle-Land-Cloud" system called "Kuangu".

Once the prospectus was made public, several key figures were quickly highlighted: revenue of 527 million yuan in 2025, a surge of 246.7% year-on-year; gross margin turned positive for the first time, rising from -45.5% to 4.8%; operating cash flow also finally "turned from negative to positive", with a net inflow of 37.88 million yuan.

However, the numbers on the other side were equally eye-catching: cumulative losses over the past three years exceeded 800 million yuan, with the top five clients contributing nearly 90% of the revenue, and the largest single client accounting for more than 40%.

How exactly is this autonomous driving company for mines, founded by a Beihang University professor, ranked in the top three domestically, and with cumulative financing of 1.5 billion yuan?

01

A Beihang University Professor, Why the Determination to "Go Down to the Mines"?

The story begins in 2016.

That year, the autonomous driving sector was booming. Looking around, many startups set their sights on Robotaxi, attempting to tell the grand story of "changing transportation methods", causing valuations to rise with the tide.

But Yu Guizhen, founder of Tage Zhixing and a professor at the School of Transport Science and Engineering, Beihang University, made a decision that seemed "unsexy" at the time: instead of going to the city, go down to the mines.

Tage Zhixing Founder Yu Guizhen

Yu Guizhen was not acting impulsively. At the beginning of the venture, Tage Zhixing initially entered the autonomous driving scenario of logistics parks. But he soon found that the "pain points" of park transport were not painful enough—drivers were relatively easy to recruit, and the working environment was not harsh. The situation in mining areas was completely different.

To clarify exactly what mining areas needed, Yu Guizhen spent over two months visiting more than 20 open-pit mines across the country.

He identified three core problems.

First, drivers could no longer be recruited. Almost no young people work as drivers in mines; they are all over 50 years old. Second, occupational diseases are shocking. Third, safety accidents are the biggest red line.

Therefore, in 2017, after internal team discussions, Yu Guizhen decided: All in on open-pit mining areas.

Tage Zhixing Partial Financing Situation. Data Source: Qichacha

That year, Tage Zhixing secured tens of millions of yuan in Pre-A financing.

Subsequently, the company underwent multiple financing rounds. From Pre-A to Series D, the total financing scale was approximately 1.5 billion yuan, with investors including GSR Phase 3, Baotong Investment, Qianhai Investment, Hefei Industry, Beihang Asset Management, Beijing Guoneng, Zhiyun Cloud Innovation, Wuxi Dingqi, Puxin Yixin, etc.

Regarding the shareholder structure, as of the latest practicable date, Yu Guizhen directly and indirectly held shares (11.7%), Ningbo Dongge held 7.18%, acted in concert with Zhou Huasheng (0.71%), and acted in concert with the Beihang Education Foundation (1.46%), controlling a total of 21.04% of the company equity, making it the single largest shareholder group. Beijing Guoneng and New Energy Innovation held shares totaling 16.92%, making them the second-largest shareholder.

Tage Zhixing Equity Structure

The prospectus shows that the proceeds from this IPO are mainly used for main businesses, including R&D activities, business growth and expansion, and general working capital purposes.

02

The Prettiest Report Card, and The Most Eye-Catching Numbers

This disclosure of the prospectus laid out the most authentic side of Tage Zhixing on the table.

First, look at the eye-catching data.

In 2025, Tage Zhixing's operating revenue reached 527 million yuan, a year-on-year growth of 246.7% compared to 152 million yuan in 2024.

The company mainly has three types of businesses: first, solutions equipped with Tage-specialized vehicles, i.e., collaborating with OEMs to sell wide-bodied mining trucks with integrated autonomous driving systems, supporting ground facilities, and cloud control platforms; second, solutions for third-party vehicles, targeting retrofitting of existing mining wide-bodied trucks and rigid mining trucks; third, smart operations and other services, including maintenance, technical services, and smart transport services billed by transport volume.

From the revenue structure, "solutions equipped with Tage-specialized vehicles" has become the core revenue source, contributing 376 million yuan in 2025, accounting for 71.4% of total revenue. This means the market is rapidly accepting Tage Zhixing's software and hardware integration solutions.

Based on 2025 revenue, Tage Zhixing ranks third in the Chinese mining autonomous driving transport solution market, with a market share of 13.3%, trailing Company A (38.1%) and Company B (21.0%).

2025 China Mining Autonomous Driving Supplier Ranking (By Revenue)

More critical signals are: gross margin turned from negative to positive for the first time in 2025, reaching 4.8%; while the gross loss rates for 2023 and 2024 were 24.8% and 45.5% respectively. For Tage Zhixing which has been in a high-investment period, this means the phase of "losing money on every unit sold" is passing.

Cash flow also gives positive signals. In 2023 and 2024, operating cash flow net outflows were 204 million yuan and 177 million yuan respectively; by 2025, this number became a net inflow of 37.88 million yuan. The company is finally starting to "generate blood" on its own.

But on the other side of the coin, there is also much to examine.

The problem of losses still exists. From 2023 to 2025, Tage Zhixing's cumulative losses were approximately 822 million yuan. Although losses narrowed to 164 million yuan in 2025, there is still a way to go before true profitability.

Low gross margin is one of the core problems. A gross margin of 4.8% means running almost "along the cost line". Many core hardware components of autonomous mining trucks (such as the mining truck body itself) are outsourced, and Tage Zhixing currently plays more of an "integration + software" role, with limited premium power.

High customer concentration is also a common problem for many startups. In 2025, the top five clients of Tage Zhixing contributed 88.2% of revenue, with the largest single client accounting for a high of 40.5%. Of course, this is not a problem unique to Tage; the current business model of autonomous mining in mines is naturally large-customer driven.

Supplier concentration is equally high. In 2025, the procurement proportion of the top five suppliers reached 84%, with the largest supplier accounting for 44.8%. Major procurement contents include mining wide-bodied trucks, rigid mining trucks, and core components such as radar. Overly concentrated supply chains mean limited bargaining power and risks of supply interruptions.

Another detail worth noting is: the proportion of government subsidies in profits is not low. From 2023 to 2025, the company received government subsidies of 5.77 million yuan, 2.78 million yuan, and 3.93 million yuan respectively, accounting for 77.5%, 63.9%, and 57.6% of other income.

As of the end of 2025, Tage Zhixing's cash and equivalents were 122 million yuan, an increase of approximately 41.73 times compared to 2.86 million yuan at the end of 2024.

03

The Technology Behind 557 Mining Trucks: "Kuangu" System

Tage Zhixing's core competitiveness lies in a system called "Kuangu".

Tage Zhixing "Kuangu" System

This system adopts a "Vehicle-Land-Cloud" integrated architecture, driven by three AI Large Model bases, covering core capabilities such as end-to-end autonomous driving, multi-agent scheduling control, and full life-cycle equipment health management. Simply put: install "eyes" and "brain" for mining trucks, and schedule them uniformly via the cloud.

What truly forms the barrier for "Kuangu" is large-scale cluster scheduling capability. As of April 2026, Tage Zhixing has deployed over 140 autonomous driving mining wide-bodied trucks in a single mine field.

In terms of product adaptation, Tage Zhixing is also very active. The 12 models of mining wide-bodied trucks it supports cover various configurations such as hybrid, pure electric, and methanol power. The 100-ton level hybrid electric autonomous driving mining wide-bodied truck TG136HA, independently developed in 2024, reduced comprehensive energy consumption by 30% compared to traditional fuel vehicles and achieved large-scale deployment in northwest China.

Customer relationships are another point worth attention for Tage Zhixing. Their client list is almost a "National Team" roster: China National Energy Group, State Power Investment Corporation, Baogang Group, Jiangxi Copper... These large central and state-owned SOEs are not only clients, some are also shareholders.

As of December 31, 2025, Tage Zhixing had provided services for 31 intelligent open-pit mining projects in China, with projects spanning Xinjiang, Inner Mongolia, Jiangxi, Guangdong, and Heilongjiang.

Tage Zhixing Unmanned Wide-Body Truck Features

Regarding vehicles, as of the end of 2025, Tage Zhixing had delivered and served 557 autonomous driving mining transport vehicles, including 114 autonomous driving rigid mining trucks.

According to Frost & Sullivan data, the number of autonomous driving rigid mining trucks delivered and served by Tage Zhixing ranks second in China; the number of autonomous driving mining transport vehicles delivered and served ranks in the top four in China.

Regarding the overseas market, Tage Zhixing also has layouts. The prospectus shows, as of the end of 2025, calculated by contract value and solution delivery volume, Tage Zhixing has obtained the largest overseas commercial order in China, involving delivery solutions for more than 40 third-party rigid mining trucks.

04

A Market Worth Billions, and A Group of Players Still Losing Money

Tage Zhixing's choice to sprint for the Hong Kong stock market at this point is not coincidental.

According to Frost & Sullivan data, the global mining autonomous driving market has expanded from 900 million yuan in 2021 to 8.6 billion yuan in 2025, and is expected to reach 56.5 billion yuan in 2030. Among them, Central Asia, Africa, Australia, and South America are the main growth regions.

China Mining Autonomous Driving Solution Market Size

Policy end is also continuously increasing support: the national requirement is that the proportion of intelligent coal mine production capacity in 2026 should not be less than 60%, providing a deterministic incremental space for the entire industry.

But this is also a track with a strong taste of "winner takes all", and the competitive landscape is accelerating differentiation.

OEMs like XCMG and Yutong extend downwards with their chassis manufacturing advantages; solution providers are fighting to list on the capital market—Bolltron listed on the HKEX in May 2025, Hidi Smart Driving completed Hong Kong listing in December of the same year, becoming the "Global Autonomous Driving Mining Truck First Share", E-Kontrol and Bolai Tech have also submitted prospectuses.

Tage Zhixing's advantage lies in the technical accumulation brought by industry-academia-research background. But in terms of pure commercial delivery scale and market share, it still needs to catch up.

Another signal worth attention is: the entire industry is "rushing while bleeding".

Hidi Smart Driving's first financial report after listing showed that full-year revenue in 2025 was 885 million yuan, a year-on-year increase of 115.8%, but the loss within the year was as high as 1.02 billion yuan, expanding by 75.8% compared to the same period last year. E-Kontrol's revenue for the first three quarters of 2025 was 921 million yuan, with a loss of 442 million yuan during the period.

What does this mean? The autonomous mining truck track is still in the typical stage of "revenue growth without profit increase". High R&D investment, low gross margin, combined with intense industry competition, means that even with explosive revenue growth, losses are still difficult to narrow quickly.

Yu Guizhen once compared entrepreneurship to "the process of solving equations".

Looking back, Tage Zhixing has already solved the first question: technology landing. From modifying China's first unmanned mining wide-bodied truck in 2018 to achieving "security guard getting off the vehicle" in 2020, to large-scale deployment of 100-ton hybrid wide-bodied trucks in 2024, Tage took nearly ten years to prove that the road of autonomous driving in mining areas works.

But the second question is just unfolding: scaled profitability.

The financial data of 2025 gave positive signals—revenue more than doubled, gross margin turned positive, and operating cash flow turned positive. But a gross margin of 4.8%, large customer concentration of 88.2%, and cumulative losses of more than 800 million yuan are all "hard bones" laid on the table.

The industry window is opening. Policy dividends, technology maturity, market expansion, three favorable conditions superimposed. But the window period will not be open indefinitely. When more players rush in, when OEMs start to "compatibilize", when large customers start R&D, can Tage Zhixing defend its position?

In the prospectus, Tage Zhixing tells a long-term story of "AI + Industry": solving the most dangerous work with technology, and improving the most traditional mining with algorithms. This story logic holds, but under the spotlight of the capital market, investors are more concerned with when they will truly make money.

Hong Kong listing is just the first small exam venue. The answer sheet is just unfolding.