Author ｜ Janson

Editor ｜ Zhihao

Raised 3 billion RMB over three years, another mining autonomous driving enterprise is set to list on the Hong Kong Stock Exchange.

Che Dongxi reported on June 25, recently, Yikong Zhijia Technology Co., Ltd. (hereinafter referred to as "Yikong Zhijia") updated its post-prospectus with the HKEX, meaning this mine autonomous driving solutions company has passed the HKEX hearing and is one step closer to listing on the Hong Kong stock market.

▲ Yikong Zhijia Post-Prospectus

Founded in 2018, Yikong Zhijia focuses on the commercial deployment of autonomous driving solutions in mining areas. Core businesses include closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks. In a single mine where its solutions operate, the scale of the autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

▲ Yikong Zhijia Core Businesses

From a financial data perspective, Yikong Zhijia realized revenue of 1.435 billion yuan in 2025, a year-on-year increase of 45.5%, representing a growth of approximately 4.3 times compared to 271 million yuan in 2023.

However, Yikong Zhijia remained in a loss-making state for the past three years. In 2023, 2024, and 2025, its net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively, with a cumulative loss of approximately 1.239 billion yuan over the three years. During the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

▲ Yikong Zhijia Financial Highlights

Overall, Yikong Zhijia has moved from the early verification stage of mine autonomous driving to the stage of scale deployment with hundreds of units or even hundreds of vehicles.

However, beyond rapid expansion, how to continue improving cash flow, increase gross margin, and move towards profitability remains the core issue Yikong Zhijia needs to answer after listing.

I. 2025 Revenue 1.435 Billion Yuan, Gross Margin Increased to 10.1%

The post-prospectus shows that in 2023, 2024, and 2025, Yikong Zhijia's revenue was 271 million yuan, 986 million yuan, and 1.435 billion yuan respectively.

Among them, Yikong Zhijia's revenue grew by 264.0% in 2024, and further grew by 45.5% in 2025, with revenue scale continuing to expand.

▲ Yikong Zhijia Main Financial Information

From the revenue structure perspective, closed-environment autonomous mining truck products and solutions are Yikong Zhijia's absolute core business.

In 2025, revenue from closed-environment autonomous mining truck products and solutions for Yikong Zhijia was 1.428 billion yuan, accounting for 99.5% of total revenue. Among them, revenue from the customer-provided fleet model was 815 million yuan, accounting for 56.8%; revenue from the company-provided fleet model was 613 million yuan, accounting for 42.7%.

▲ Yikong Zhijia Revenue Composition

From the perspective of business model changes, Yikong Zhijia is transitioning from the capital-intensive company-provided fleet model to the asset-light customer-provided fleet model.

Under the customer-provided fleet model, customers purchase or lease mining trucks, and Yikong Zhijia mainly provides autonomous driving technology, software support, and related services; under the company-provided fleet model, Yikong Zhijia needs to provide vehicles and full lifecycle services, bearing more responsibilities for vehicle management, maintenance, and repairs.

This change also brought gross margin improvements.

In 2023, Yikong Zhijia recorded a gross loss of 50.46 million yuan, with a gross loss rate of 18.6%; in 2024, it realized a gross profit of 74.71 million yuan, with gross margin turning positive to 7.6%; in 2025, gross profit further increased to 145 million yuan, with gross margin increasing to 10.1%.

▲ Yikong Zhijia Gross Profit

Among them, the gross margin for the customer-provided fleet model is significantly higher. In 2025, the gross margin for this model reached 16.0%; during the same period, the gross margin for the company-provided fleet model was only 1.5%.

Regarding losses, in 2023, 2024, and 2025, Yikong Zhijia's net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively; during the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan. Adjusted net losses during the same period were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

Regarding cash flow, Yikong Zhijia's operating cash outflow in 2025 was 394 million yuan, narrower than the 713 million yuan outflow in 2024, but operating cash flow has not yet turned positive.

Regarding R&D investment, in 2023, 2024, and 2025, Yikong Zhijia's R&D expenses were 177 million yuan, 208 million yuan, and 271 million yuan respectively; due to revenue growth, the proportion of R&D expenses to revenue decreased from 65.4% in 2023 to 18.8% in 2025.

II. 2,580 Active Autonomous Mining Trucks, Over 500 Trucks Deployed per Mine

From the perspective of commercialization progress, Yikong Zhijia has entered the stage of scale deployment of mine autonomous driving.

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks.

▲ Overview of Yikong Zhijia Autonomous Mining Trucks

In terms of penetration into large open-pit coal mines, by the end of 2025, Yikong Zhijia's solutions have been deployed in 19 of 41 open-pit coal mines with an annual verified capacity of over 10 million tons in China, and 7 of the 12 largest open-pit coal mines calculated by annual verified capacity.

Based on 2025 revenue, Yikong Zhijia ranks first in the Chinese commercial vehicle intelligent driving solutions market, with a market share of approximately 10.2%.

▲ Yikong Zhijia Industry Ranking (By Revenue)

In the Chinese mine autonomous driving solutions market, it accounts for approximately 37.6% of the market share by revenue, and 55.5% by the number of active autonomous mining trucks, also ranking first.

▲ Yikong Zhijia Industry Ranking (By Vehicles)

What is more worth attention is that mine autonomous driving is moving from single vehicle and small fleet pilots to the deployment stage of hundreds of vehicles per mine or even hundreds of vehicles.

As of December 31, 2025, there were 11 mine autonomous driving projects nationwide with autonomous mining truck fleets of over 100 per single mine, of which 9 deployed Yikong Zhijia's solutions.

In a single mine where Yikong Zhijia's solutions operate, the deployed autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

Regarding customers, Yikong Zhijia mainly serves mining companies and their contractors. In 2023, 2024, and 2025, Yikong Zhijia served 13, 24, and 52 customers respectively, with a 100% retention rate among all terminal customer groups over the three years.

Its customers and partners include large mining and industrial groups such as China Energy, Zijin Mining, Shougang Group, and Baowu Group.

However, the customer concentration of Yikong Zhijia remains high.

▲ Yikong Zhijia Top Five Customers Composition

In 2023, 2024, and 2025, revenue from the top five customers for Yikong Zhijia was 256 million yuan, 825 million yuan, and 950 million yuan respectively, accounting for 94.4%, 83.7%, and 66.3% of total revenue respectively. During the same period, revenue share of the largest customer was 41.7%, 54.5%, and 35.7% respectively.

It can be seen that although Yikong Zhijia's customer concentration is decreasing, its revenue still relies significantly on top mining customers and large projects.

III. "ZhuShan + MuYe" Two Major Product Lines, Supporting Adaptation of Over 70 Car Models

From the business structure perspective, Yikong Zhijia mainly has two core solutions: closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

▲ Yikong Zhijia Two Major Solutions

Among them, "ZhuShan" is Yikong Zhijia's current core business, mainly targeting large open-pit mines, providing autonomous driving systems, remote driving assistance, autonomous driving dispatch, remote technical support, continuous software updates, and other capabilities for mining trucks.

▲ Yikong Zhijia "ZhuShan" Solution

According to the ownership of fleet assets and service content, "ZhuShan" is divided into customer-provided fleet models and company-provided fleet models.

Under the customer-provided fleet model, Yikong Zhijia mainly provides hardware and software products and technical services; under the company-provided fleet model, Yikong Zhijia also needs to provide autonomous mining trucks and be responsible for daily vehicle maintenance, repair, and other full lifecycle services.

"MuYe" is a mine digital solution, mainly through data analysis, IoT integration, and real-time monitoring technology to improve mine production and operation efficiency, covering links such as intelligent fleet management and predictive maintenance.

Technologically, Yikong Zhijia emphasizes independent full-stack R&D capabilities. Its system can support the adaptation of over 70 car models and can complete new mine deployment within three days.

As of 2025, Yikong Zhijia's R&D team exceeds 400 people, with a cumulative 242 Chinese patents and 43 PCT applications.

The prospectus also mentions that Yikong Zhijia has participated in formulating 17 national and industry standards and leads the open-pit mine autonomous driving standardization working group.

IV. Completed Over 3 Billion RMB Financing in 3 Years, CATL, Zijin Mining as Shareholders

Regarding financing, the post-prospectus shows that Yikong Zhijia has completed multiple financing rounds before listing, with investors including Minxi Xinghang, Shanghai Chentao, Zijin Mining, Sidao Capital, Nio Capital, Xihe Investment, Wuxi Xingqi, Zhengzhou High-Tech Fund, Puquan Fund, CATL, Yankuang Capital, Tonli Shares, Desay SV, Gaocheng Capital, and Hony Investment.

Regarding financing cash flow, in 2023, 2024, and 2025, the net cash inflow from financing activities for Yikong Zhijia was 579 million yuan, 1.165 billion yuan, and 1.323 billion yuan respectively, with a total financing cash inflow of approximately 3.066 billion yuan over three years.

▲ Yikong Zhijia Partial Pre-IPO Equity Share

Regarding equity structure, before listing, Lanshuisheng, Zhang Lei, Liu Dongmei, Jiaxing Zhitao, Ningbo Yuying, and Ningbo Zhongying jointly constitute a controlling shareholder group, holding 42.75% equity of Yikong Zhijia.

Among them, Lanshuisheng is the co-chairman, executive director, general manager, and CEO of Yikong Zhijia; Zhang Lei is the chairman and executive director.

Lanshuisheng has started businesses multiple times, focusing on the commercial application of mine autonomous driving technology, and participated in multiple stages of Yikong Zhijia's development.

▲ Zhang Lei, Chairman and Co-Founder of Yikong Zhijia

Chairman and co-founder Zhang Lei has over ten years of experience in autonomous vehicle R&D and has long engaged in mine autonomous driving and commercial vehicle platform-related work.

▲ Yikong Zhijia Pre-IPO Equity Distribution

From the equity structure perspective, since Yikong Zhijia's equity structure will change after issuance, the shareholding ratio of controlling shareholders such as Lanshuisheng and Zhang Lei may be correspondingly diluted.

Information shows that Yikong Zhijia plans to use funds raised from the listing for software R&D, hardware R&D, IT development, overseas business expansion, talent development, strategic investment, and working capital.

In addition, the overseas market is also one of the key directions for Yikong Zhijia in the future.

Yikong Zhijia established Australia and Singapore subsidiaries in 2023 and established cooperation with overseas mining service providers such as Thiess and MACA, planning to expand into mine markets in Australia, Canada, Chile, Mongolia, Middle East, and Africa in the future.

Conclusion: Mine Autonomous Driving Enters Scale Competition

From the industry background perspective, mine autonomous driving has become one of the scenarios where autonomous driving technology commercializes more quickly.

Open-pit mines have characteristics such as relatively fixed routes, closed operation environments, high transportation intensity, and high safety risks, giving autonomous mining trucks relatively clear commercial value.

Data from Frost & Sullivan shows that the Chinese mine autonomous driving solutions market is entering a rapid scale stage, with the penetration rate of autonomous mining trucks expected to increase from about 12% in 2025 to over 50% in 2030.

For Yikong Zhijia, passing the Hong Kong Stock Exchange hearing means entering a new capitalization stage.

On the one hand, Yikong Zhijia has secured industry-leading deployment scale and verified scale implementation capabilities in projects with over 100 units per mine and over 500 units.

On the other hand, Yikong Zhijia still faces challenges such as continued losses, operating cash flow not yet turning positive, and high customer concentration.

Next, whether Yikong Zhijia can continue to increase the proportion of asset-light model income, improve gross margin and cash flow while expanding deployment scale will become the focus of public attention.

Recently, the 2-ton autonomous cargo eVTOL independently developed by AutoFlight, an enterprise in the CATL ecosystem, named V2000CG Kai Rui Ou, has officially received the Type Validation Certificate (Validated Type Certificate, hereinafter VTC) issued by the Indonesia Civil Aviation Authority (DGCA), becoming the world's first eVTOL model to receive overseas type validation.

As the world's first eVTOL "International Visa", the issuance of Indonesia's VTC proves that AutoFlight V2000CG's design meets the airworthiness standards of the country of origin (China) and simultaneously satisfies the airworthiness requirements of the importing country (Indonesia). This VTC achieves a historic breakthrough in the global layout of China's low-altitude intelligent manufacturing enterprises and provides prerequisites for V2000CG to launch commercial operations in the "Archipelago of Ten Thousand Islands".

China-Indonesia Bilateral Civil Aviation Airworthiness Certification, Verifying China's Low-Altitude Intelligent Manufacturing Capability

Obtaining the Type Validation Certificate (VTC) involves in-depth inspection and comprehensive benchmarking of the application model's airworthiness standards by the bilateral civil aviation authorities. Previously, V2000CG completed comprehensive conformity verification tests and flight tests, and was issued the Type Certificate (TC) by the Civil Aviation Administration of China (CAAC) in March 2024.

On the basis of holding the TC issued by the Civil Aviation Administration of China, in July 2025, AutoFlight submitted an airworthiness validation application to the DGCA. After conducting work such as bilateral airworthiness standard difference analysis, multiple rounds of online technical seminars, review of the full set of technical data, Indonesia's Civil Aviation Authority visiting AutoFlight, and on-site inspections of the power battery provider CATL, confirming that V2000CG fully met Indonesia's airworthiness requirements, the Indonesia Civil Aviation Authority officially issued the Type Validation Certificate (VTC) on June 3, 2026.

Indonesia has a foundation in independent whole-aircraft development and aircraft manufacturing industry in Southeast Asia and possesses strong airworthiness certification capabilities. The successful certification of this Indonesia VTC highlights the rigor, authority, and international recognition of the Chinese civil aviation airworthiness certification system, assisting China's low-altitude economy airworthiness standards to go global.

Solving the "Archipelago of Ten Thousand Islands" Logistics Challenge, Connecting the Global Scenario Implementation Loop

As the world's largest archipelagic country, Indonesia has over 17,000 islands, with relatively limited port infrastructure. Traditional sea transport is time-consuming and inefficient, traditional air transport depends on runways and is costly, and high-efficiency solutions are still needed for cargo transportation and emergency supply between islands.

AutoFlight V2000CG precisely adapts to the market demand in Indonesia and its underlying Southeast Asia. The model has a maximum takeoff weight of 2,000 kg, cruise speed of 200 km/h, and range of 200 km. Relying on the composite wing configuration advantage, all-electric drive low-carbon and eco-friendly, vertical takeoff and landing without runway, precisely adapted to Indonesia market such as fresh food, medicine, emergency supplies and other high value-added goods cross-island transportation needs, providing a new low-altitude solution for the island logistics system of the entire Southeast Asia region.

Technology Verification Drives Commercial Implementation, China Low-Altitude Solutions Empower Global Markets

Currently, the low-altitude economy is fully moving from technology verification to commercial implementation. As the world's first and only ton-level eVTOL to obtain the "Airworthiness Three Certificates" (TC, PC, AC) issued by the Civil Aviation Administration of China, V2000CG Kai Rui Ou has previously completed flight applications in domestic scenarios such as ocean platform operation and maintenance, island support transportation, emergency fire and rescue.

The formal issuance of Indonesia's VTC this time further accelerated the industrial loop of eVTOL "Technology Verification - Airworthiness Certification - Overseas Implementation". With the implementation and operation of V2000CG in the Indonesian market, AutoFlight will strive to expand the commercial operation of more models in larger markets globally.

An AutoFlight executive stated that the world's first eVTOL VTC certificate is not only an authoritative recognition of AutoFlight's core technology and safety system by both civil aviation authorities, but also an important benchmark for China's low-altitude economy solutions empowering countries along the "Belt and Road". In the future, AutoFlight will join hands with CATL to continuously deliver China's low-altitude intelligent manufacturing technology and operation solutions, assisting more countries and regions with restricted geographical environments and insufficient transportation efficiency to unlock new possibilities for the low-altitude economy, and constantly lead the global ton-level eVTOL overseas race track.

About TC and VTC

TC (Type Certificate, Type Certificate) refers to the certificate issued by civil aviation authorities for products such as civil aircraft, aircraft engines or propellers, proving that the aircraft design meets the corresponding airworthiness requirements. As one of the "Airworthiness Three Certificates" (TC, PC, AC), it is the basis for aircraft to legally enter the local market and commercial operation.

VTC (Validated Type Certificate, Type Validation Certificate) is a recognition certificate issued by the civil aviation authority of the importing country/region to models that have obtained TC from other countries, used to prove that the imported aircraft design meets the airworthiness standards and regulations of the home country.

VTC is equivalent to TC in legal effect and airworthiness requirements.

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.