CiDi (3881) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 115.8% YoY to RMB884.8m and gross profit increased 86.7% to RMB189.4m; net loss widened to RMB1,021.2m.

• Autonomous mining trucks drove expansion, with 630 units/sets delivered in 2025, up 317.22% YoY.

Financial highlights

• Revenue was RMB884.8m versus RMB410.0m in 2024; gross profit was RMB189.4m versus RMB101.4m.

• Net loss was RMB1,021.2m versus RMB580.8m; adjusted net loss was RMB242.1m versus RMB126.9m.

• Operating loss widened to RMB940.5m from RMB478.5m; impairment losses increased to RMB126.2m from RMB29.0m.

Outlook and guidance

• Plans include extending unmanned operations across mining workflows, developing blasting robots and mine energy-management systems, and advancing a generative-AI mine scheduling agent.

• Priorities include customized next-generation electric mining trucks, expanded deployment at ports and logistics hubs, and overseas commercialization in Australia, South America, the UK, Africa and the Middle East.

• Technology-plus-insurance initiatives aim to reduce claims through risk alerts and prevention, with partners including Ping An Property & Casualty and China Pacific Property Insurance.