CiDi (3881) H1 2026 earnings summary

Executive summary

• H1 revenue nearly doubled YoY to RMB803.7m, with autonomous driving contributing 97.6%; gross margin rose to 26.4% and adjusted net loss narrowed to RMB19.7m.

• Heavy-duty embodied AI deployments exceeded 23,000 cumulative units across four verticals; autonomous vehicles in delivery or delivered exceeded 3,400 as of 30 June 2026.

• Strategy centers on scaling mining autonomy, extending task robots and heavy trucks into additional industrial and logistics settings, and expanding internationally.

Financial highlights

• Revenue was RMB803.735m vs RMB408.036m YoY; autonomous driving revenue increased 107.3% to RMB784.481m.

• Gross profit rose to RMB211.9m from RMB69.7m; gross margin improved to 26.4% from 17.1%.

• Net loss narrowed to RMB113.0m from RMB455.1m; adjusted net loss fell to RMB19.7m from RMB111.0m.

• Operating loss was RMB129.9m vs RMB408.6m; cost of sales increased to RMB591.8m from RMB338.3m alongside higher sales volume.

• R&D expense fell to RMB80.2m from RMB151.3m, mainly on lower non-cash share-based payment expense; selling expense rose to RMB57.5m from RMB44.3m.

Outlook and guidance

• Priorities include improving autonomous mining perception, decision-making and control, and scaling mining, rock-drilling and explosive-charging robots toward fully autonomous operations.

• Plans call for extending multi-robot collaboration into bulk logistics, infrastructure and transportation engineering, and deploying autonomous heavy trucks beyond closed sites.

• International expansion builds on Australia, Brazil and Indonesia, with planned entry into Africa, Central Asia and the Middle East; overseas partnerships aim to move from pilots to commercial-volume delivery.