NewTimeSpace丨China's Unmanned Mining Truck Leader EACON Group Makes Another Bid for Hong Kong IPO

EACON Group Co., Ltd. (hereinafter referred to as "EACON Group") recently filed a prospectus with the Hong Kong Stock Exchange for a listing on the Main Board, with Guotai Haitong Securities serving as the sole sponsor.

It is understood that this application follows the expiration of its previous filing on June 25, 2025.

China's Leading Unmanned Mining Truck Operator with Over 2,000 Active Units

Public information shows that EACON Group, established in 2018, is a company specializing in Level 4 autonomous driving solutions for the mining industry and one of the early entrants in the autonomous mining transportation sector. The company's intelligent driving solutions are designed to meet the specific operational needs of mining sites, particularly in environments with complex terrain, limited human resources, and high safety requirements.

The prospectus reveals that as of September 30, 2025, EACON Group's solutions were deployed in seven of China's 12 largest open-pit coal mines based on annual approved production capacity, maintaining a 100% customer retention rate among all end-client groups for three consecutive years from 2022 to 2024. Currently, there are nine unmanned mining truck projects nationwide with over 100 units per single mine, eight of which have deployed EACON Group's solutions.

EACON Group's revenue is primarily derived from mining area unmanned driving solutions and intelligent mining area digitalization solutions.

According to Frost & Sullivan, based on the number of active unmanned mining trucks as of December 31, 2024, and September 30, 2025, EACON Group is the largest mining area unmanned driving solution provider in China, ranking first nationally with a market share of approximately 49.2% by revenue in 2024.

In terms of unmanned mining fleet scale, EACON Group also ranks first in China, with approximately 2,300 active unmanned mining trucks as of the latest practicable date.

Rapid Revenue Growth with Nearly RMB 1.4 Billion in Accumulated Losses

Regarding financial performance, the prospectus shows that for the years 2022, 2023, 2024, and the first nine months of 2025, EACON Group's operating revenue was RMB 60 million, RMB 271 million, RMB 986 million, and RMB 921 million, respectively, with corresponding net losses of RMB 216 million, RMB 334 million, RMB 390 million, and RMB 442 million.

Specifically, from 2022 to 2024, EACON Group's total revenue achieved a compound annual growth rate (CAGR) of 305.8%. In the first nine months of 2025, the company's revenue already approached the full-year 2024 level.

However, the company remains in a loss-making state. From 2022 to 2024, its net loss increased from RMB 216 million to RMB 390 million, representing a 68% expansion in losses over the three-year period. In the first nine months of 2025, the net loss further widened, with a year-on-year increase of 62.5%. The accumulated losses over the past three and a half years reached RMB 1.382 billion.

EACON Group's revenue composition is highly concentrated in mining area unmanned driving solutions, which accounted for 99.9%, 98.2%, 98.7%, and 99.5% of revenue from 2022 to the first nine months of 2025, respectively.

In terms of customer concentration, revenue from the top five customers each accounted for over 75% of total revenue during the reporting period. In 2024, revenue from the top five customers reached 83.7% of the total, with the largest single customer contributing up to 54.5%.

In the first nine months of 2025, this situation improved slightly, but revenue from the top five customers still accounted for 75.9%, with the largest customer contributing 44.0%.

This excessive business concentration exposes the company to significant market risks. Should market demand for mining area unmanned driving solutions change or competition intensify, it would have a material adverse impact on the company's operating performance.

Industry Scale Continues to Grow; Completed 11 Financing Rounds Before Listing

A Frost & Sullivan report indicates that China's mining area unmanned driving solution market size by revenue grew from a relatively small base in 2021 to approximately RMB 2 billion in 2024, representing a compound annual growth rate of about 204.7%. Although the early stage primarily involved pilot programs and initial deployments, the industry is now entering a phase of large-scale deployment.

Driven by dual pressures from intelligent mining regulations and the need to reduce costs and increase efficiency, demand for mining area unmanned driving solutions from mining companies and general contractors will continue to expand. The market size of China's mining area unmanned driving solutions by revenue is expected to grow from approximately RMB 2 billion in 2024 to RMB 30.1 billion in 2030, with a compound annual growth rate of 57.4% during this period. China is expected to become the world's largest and most advanced mining area unmanned driving solution market, with growth momentum anticipated to continue as commercial deployment scales expand.

The prospectus shows that since its establishment, EACON Group completed 11 financing rounds within just five years starting from June 2020. The company completed Series D and D+ financing rounds on June 22 and 23, 2023, respectively, before its initial filing, raising a combined total of RMB 412 million. Subsequently, in August 2025, it raised an additional RMB 713 million in the D++ round.

The company has secured investments from numerous well-known institutions including Xinghang State Investment, Cento Capital, Zijin Mining, SDIC, NIO Capital, Xingfu Venture Capital, Zhengzhou High-tech Fund, Xiuzheng Venture Capital, Huace Navigation, Puquan Fund, CATL, and Fangguang Investment, among others.

Pre-IPO, EACON Group is jointly controlled by Mr. Lan Shuisheng, Mr. Zhang Lei, Ms. Liu Dongmei, and their respective shareholding platforms, collectively holding 42.75% of equity interests.

EACON Group stated in its prospectus that the net proceeds from this IPO will be primarily used for: strengthening software R&D efforts and expanding solution applicability; enhancing hardware R&D; developing information technology; supporting global business expansion and customer acquisition initiatives; supporting talent and organizational development; and pursuing strategic investments and potential acquisitions aligned with long-term growth objectives.

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