CIDI-NEW (03881) has released its first interim report for the 2026 fiscal year, marking a major milestone since its listing on the Hong Kong Stock Exchange main board. For the first half of 2026, the company transitioned from autonomous driving to heavy-duty embodied intelligence, entering a new phase of commercial scaling, order acceleration, and scenario expansion. Revenue nearly doubled, approaching the break-even point, while operational quality improved significantly. This makes CIDI-NEW the only physical AI company globally to secure large-scale orders across multiple heavy-load scenarios, including resource mining, transportation, logistics, large infrastructure, and traffic engineering.

Revenue doubled, with the profit inflection point approaching, and ample cash reserves strengthened strategic depth. CIDI-NEW maintained robust growth, with total revenue surging 97.0% year-on-year to 804 million yuan in the first half of 2026. The autonomous driving business remained the core growth engine, with revenue soaring 107.3% to 784 million yuan, accounting for 97.6% of total revenue. This strong performance was driven by deep penetration and large-scale deployment of unmanned mining trucks in open-pit mines, sustained order growth for unmanned heavy trucks, and the breakthrough revenue contribution from the robotics business. This validates the company's irreplaceable technological strength and commercial delivery capabilities in high-demand scenarios.

Alongside rapid revenue expansion, profitability improved dramatically. Gross profit surged 204% to 212 million yuan, while the gross margin jumped from 17.1% in the same period last year to 26.4%, a 9.3-percentage-point increase. The adjusted net loss narrowed to approximately 19.68 million yuan, a reduction of 82%, and the adjusted net margin improved from -27.2% to -2.4%. As scale effects accelerate and delivery capabilities improve, the company is approaching the break-even point, with the operational foundation showing a fundamental positive shift.

CIDI-NEW employs a unique "asset-light" business model. As the only physical AI company globally that sells unmanned mining trucks and dispatch systems directly to end-user mine operators, it does not hold assets or engage in operations. By targeting the market through product sales and technology enablement, it focuses resources on the technical foundation of heavy-duty embodied intelligence. Scale effects directly translate into gross profit, building a solid competitive barrier.

Cash flow also experienced explosive growth, with the balance sheet continuing to improve. Cash and cash equivalents reached 1.214 billion yuan, a net increase of 1.028 billion yuan from 186 million yuan in the same period last year, a surge of 551.7%. This ample cash reserve supports existing business expansion, continuous core technology iteration, and strategic investments along the industrial chain, global market expansion, and long-term growth opportunities.

Dr. Hu Sibo, CEO of CIDI-NEW, stated, "Our heavy-duty embodied intelligence business has moved from scaled deployment to value realization. Leveraging our proprietary core technology, we have extended intelligence capabilities from autonomous driving to operational robotics, completing a key transition from single-product supply to multi-category synergy. This will be the starting point for the next phase of growth."

Which areas should investors pay attention to first?

As of the first half of 2026, cumulative shipments of CIDI-NEW's intelligent products reached 23,000 units. The autonomous driving segment delivered or has pending delivery of over 3,400 vehicles, serving as the main growth engine. The robotics and intelligent hardware and services segments are also gaining momentum, accelerating the formation of a diversified growth curve.

The autonomous driving business remains the core foundation. The unmanned mining truck business ranks among the industry's top tier, while commercial breakthroughs have been achieved in cross-border freight, hub transshipment, and bulk short-distance hauling. The company's MetaMine system-level solution for unmanned mining continues to evolve. As of the reporting period, cumulative shipments of unmanned mining trucks exceeded 1,900 units, with first-half shipments growing 213.57% year-on-year. These trucks operate across nearly 40 mines globally, performing routine unmanned operations in various mine types, complex conditions, and all-weather scenarios. They cover core processes like stripping, mining, loading, dumping, charging/battery swapping, and crusher feeding. At seven mines, over 100 unmanned mining trucks operate routinely, with the largest single mine exceeding 220 units, demonstrating the company's ability to build, deliver, and operate large-scale unmanned transport systems.

In February 2026, CIDI-NEW signed a procurement order for 500 unmanned mining trucks with Guangna Group, setting a record for the largest single order in the global unmanned mining truck sector as of the end of June.

The unmanned heavy truck business is also expanding. In the first half of the year, the company secured over 400 orders for bulk short-distance hauling domestically and internationally, with partial deliveries completed. At benchmark projects like the China-Vietnam cross-border logistics corridor and Chengdu International Railway Port, the company's unmanned heavy trucks have achieved stable, routine operations, validating their adaptability to diverse scenarios and commercial viability.

Based on the core technological principle that "autonomous driving is essentially an autonomous mobile wheeled robot," the robotics business achieved a milestone from zero to one, generating 3.082 million yuan in revenue during the reporting period. This includes shipments of 34 excavation robots, the launch of open-pit mine charging robots, the deployment of smelting ladle-carrying robots, and the completion of design, R&D, and manufacturing for underground mining and tunneling robots. The company employs an open ecology strategy, acting as the "brain" for embodied intelligence, collaborating with manufacturers of quadruped and humanoid robots to quickly build a product matrix covering multiple forms of mining robots, including inspection robots and underground humanoid robots.

The intelligent hardware and services business is also showing strong momentum. During the reporting period, V2X product shipments exceeded 2,000 units. The company launched the industry's first V2P intelligent hardware product and a "V2X + open-pit mine" safety solution. The SIL4-level train autonomous perception system has been deployed in nine provinces and cities. The "Security Intelligent Travel" commercial vehicle safety solution secured over 10,000 new orders, covering more than 20 provinces, over 100 transport companies, and various commercial vehicle types. This has preliminarily formed a commercial closed loop connecting vehicle manufacturers, insurance companies, and transport enterprises.

Why is the company focusing on just 10 ASX 200 shares?

The core competitiveness supporting the scaled deployment of the entire product line comes from CIDI-NEW's proprietary heavy-duty embodied intelligence technology platform. This platform is built on a complete technical loop formed by a unified data engine, a heavy-duty world model, and a cluster collaborative decision-making and dispatch system. This technical capability can be quickly replicated across diverse heavy-load scenarios, continuously strengthening the company's core technical barriers. As of the reporting period, the platform has supported over 2,000 intelligent units in commercial operations for over 1,300 days, maintaining a zero-safety-accident record. This creates a positive flywheel of "scaled deployment, data accumulation, model iteration, and performance improvement."

For the medium to long term, the company's core strategic line is the unified technology platform and diversified product matrix. It will continue to focus on physical AI technology R&D and domestic and international commercial deployment, driving the evolution of heavy equipment from traditional tools to autonomous agents. The company adopts a dual-pronged strategy: vertical deep-diving into mining scenarios to accelerate the scaled deployment of specialized robots for excavation, drilling, and charging; and horizontal expansion to extend the multi-category robot portfolio to logistics, large infrastructure, and traffic engineering, while pushing unmanned heavy truck applications from closed environments to broader areas like long-haul logistics.

In terms of global expansion, the company will first establish operations in resource-rich countries like Australia, Brazil, and Indonesia, gradually expanding to regions like Africa, Central Asia, and the Middle East. This will translate the technical advantages and cost competitiveness of heavy-duty embodied intelligence into a global market advantage.

The first half of 2026 marks a critical period for CIDI-NEW as it moves towards operational quality improvement. The development pattern of multi-business synergy has taken shape. Standing at the window of industrial upgrading, the company, leveraging its asset-light technology output model, reusable general-purpose technology base, and full-scenario global layout, will continue to release profit elasticity and broaden its growth boundaries. It also provides a reference path for the commercial deployment of China's physical AI industry.