Recently, CiDi Inc. (03881.HK) officially signed a strategic cooperation agreement for commercial vehicle "Tech + Insurance" risk reduction with an insurance company, continuing its exploration of various business models.

**Signing Multiple Strategic Collaborations; Delivery of 40 Autonomous Mining Trucks Completed in Late January**

Public records show that CiDi Inc. is an innovative product-driven supplier of autonomous driving products and solutions for commercial vehicles in China. It focuses on the research and development of autonomous mining and logistics vehicles in closed environments, V2X (vehicle-to-everything) technology, and high-performance perception solutions, while providing products and solutions based on proprietary technologies.

NewTimeSpace has learned that CiDi Inc. only debuted on the Hong Kong stock market on December 19, 2025, and is known within the industry as the "first stock of autonomous mining trucks."

Recently, CiDi Inc.’s official WeChat account announced that the company has officially signed a strategic cooperation agreement for commercial vehicle "Tech + Insurance" risk reduction with the Hunan Branch of China Pacific Property Insurance Co., Ltd. (CPIC).

The collaboration between CiDi Inc. and the commercial insurance company is primarily supported by its core technologies—intelligent connected devices and data analysis platforms—to provide comprehensive safety empowerment for commercial vehicles insured by CPIC Hunan. By utilizing driving behavior analysis and active safety intervention technologies, the company aims to eliminate risks at the source, facilitating the insurance industry's transition from "ex-post compensation" to "ex-ante prevention." It also leverages real-time data to build more precise, dynamic risk pricing models and personalized insurance products.

Since its listing, CiDi Inc. has been highly active. During the CES exhibition in early January 2026, CiDi Inc. and RoboSense (Suteng Juchuang) announced they had reached a strategic partnership.

It is understood that both parties plan to leverage a strong alliance through this strategic cooperation. Based on CiDi’s professional expertise in the field of intelligent driving for commercial vehicles and RoboSense’s leading achievements in digital LiDAR, they will jointly promote the large-scale implementation of safer, more efficient, and smarter autonomous driving solutions. This aims to enhance the transport efficiency and operational stability of commercial vehicles such as autonomous mining trucks and logistics vehicles, empowering intelligent upgrades in mines, closed industrial parks, border ports, rail transit, and smart cities.

Regarding business implementation, in late January 2026, 40 Zoomlion ZT160HEV new energy mining trucks equipped with CiDi’s full-stack self-developed autonomous driving system were recently delivered to a mining area in Xinjiang. The scale of autonomous mining trucks deployed by CiDi in that specific mining area has now exceeded 120 units.

**Cold Market Reception; Share Price Drops Over 15% Below IPO Price**

Despite frequent activities and continuous business implementation, CiDi Inc. has not found favor in the capital markets since its listing.

NewTimeSpace has learned that CiDi Inc. issued 5,407,980 H-shares in its IPO. This included 270,400 H-shares for the Hong Kong public offering and 5,137,580 H-shares for the international placement, raising HK$1.422 billion. The Hong Kong public offering was oversubscribed by 22.55 times, while the international placement was oversubscribed by 2.1 times.

Additionally, CiDi Inc. introduced five cornerstone investors, including ICBC Credit Suisse Asset Management, for its IPO, with a total subscription exceeding HK263 per share, CiDi’s IPO market capitalization exceeded HK$11.5 billion.

The company performed poorly in the grey market prior to listing, dropping 6.08% relative to the offer price. On its first day of listing, CiDi’s shares eventually broke below the IPO price, closing at HK$227.00, a decline of 13.69%.

Amid the persistent sluggishness of its share price, CiDi Inc. released a share split announcement on the evening of January 27, 2026, proposing a 1-for-10 split of existing issued shares and a change in the board lot size from 10 shares to 100 shares. Based on the closing price of HK24.2 per share after the split, with each board lot valued at approximately HK$2,420.

Influenced by this, the company’s share price rose 4.29% the following day, January 28, closing at HK220.00, a decline of 16.35% from its offer price since listing.

In contrast to the post-listing stock weakness, CiDi Inc. completed eight rounds of financing prior to going public, receiving a total investment of RMB 1.5 billion from well-known institutions such as Sequoia China and Newding Capital, as well as local governments. The company's valuation climbed from US$56 million (pre-Series A) to RMB 9 billion during the Series C+ round in 2024, an increase of over 217 times.

**High Growth from Major Customers; Another RMB 455 Million Loss in H1 2025**

According to data from China Insights Consultancy (CIC), CiDi Inc. was the largest autonomous driving company for commercial vehicles in China based on 2024 product sales revenue, with a market share of 16.8%. Based on 2024 product sales revenue, CiDi Inc. ranked first in the Chinese autonomous mining truck solution market.

NewTimeSpace noted in the prospectus that in recent years, CiDi’s revenue growth has primarily stemmed from autonomous mining truck products and solutions within its autonomous driving business. This segment accounted for 60.1% of revenue in 2024 and reached 92.1% of revenue in the first half of 2025.

CIC predicts that the demand for autonomous driving retrofitting in mines will exceed RMB 60 billion in 2025, but the market size for autonomous mining trucks specifically is only about RMB 1.3 billion. From this perspective, the "cake" that serves as CiDi’s main revenue source has a long way to go to support its valuation of HK$11.5 billion.

CiDi Inc. currently exhibits financial characteristics of "high growth, high investment, and yet to be profitable." From 2022 to 2024, the company's revenues were RMB 31 million, RMB 133 million, and RMB 410 million, respectively, representing a compound annual growth rate (CAGR) of 263.1%. In the first half of 2025, CiDi’s revenue increased by 57.9% year-on-year to RMB 408 million, nearly reaching the full-year revenue scale of 2024.

However, despite high revenue growth, the rate of "bleeding" (losses) is also accelerating. Data shows that from 2022 to 2024, CiDi’s cumulative net losses exceeded RMB 1 billion over the three-year period, with another RMB 455 million lost in the first half of 2025.

Furthermore, as of the first half of 2025, the company's accounts receivable reached RMB 418 million, an increase of over 13 times compared to RMB 30.8 million at the end of 2022.

NewTimeSpace has learned that CiDi Inc. disclosed in its prospectus that it has provided customers with credit terms as long as 24 months. This aggressive sales strategy of advancing funds for customers naturally has an adverse impact on the company's financial health.

CiDi Inc.’s customer concentration is relatively high. The company may have had to offer preferential terms, such as exceptionally long payment periods, to secure these major giants.

From 2022 to 2024, the revenue from CiDi’s top five customers accounted for 96.7%, 64.1%, and 80% of total revenue, respectively. In the first half of 2025, the revenue share from the top five customers reached 94.1%, indicating that customer concentration remains consistently high.

At the same time, CiDi’s dependence on upstream suppliers is also increasing daily. The proportion of procurement from the top five suppliers climbed from 35.6% in 2022 to 84.1% in the first half of 2025.

Although CiDi Inc. possesses an advantage in autonomous mining truck technology, its technical moat has yet to be converted into solid commercial bargaining power and a healthy profit model.

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