Sidi Smart Driving (03881)'s first semi-annual report: revenue soared 97%, robotics business went from zero to one

Heavy-duty smart racetracks have reached the strongest growth curve! On August 10, Sidi Smart Drive (03881) officially disclosed the 2026 interim results report. This is the first semi-annual report released by the company after landing on the main board of the Hong Kong Stock Exchange. In the first half of 2026, the company evolved naturally from autonomous driving to heavy-duty physical intelligence, and entered a new stage of commercial scale fulfillment, order volume, and scenario expansion. Revenue nearly doubled, approaching break-even, and operating quality jumped. It became the only physical AI enterprise in the industry to receive large-scale orders in various heavy-duty scenarios such as resource mining and transportation, logistics, large infrastructure and transportation engineering.

The inflection point of revenue multiplication and profit is imminent, and sufficient capital consolidates the in-depth strategy

In the first half of 2026, Sidi Smart Driving continued its strong growth trend, with total revenue reaching 804 million yuan, a year-on-year increase of 97.0%. The autonomous driving business continued to be the core growth engine, with revenue surging 107.3% year over year to 784 million yuan, accounting for 97.6% of revenue. Behind the impressive growth is the deep penetration and large-scale implementation of unmanned mining trucks in open pit mining scenarios, the continuous volume of unmanned heavy truck orders, and the superimposed robot business to achieve breakthrough revenue implementation, which fully confirms the company's irreplaceable technical strength and commercial delivery capabilities in the immediate demand scenario.

While the company's revenue is expanding rapidly, the profit level has simultaneously achieved a qualitative leap forward, increasing revenue and increasing profits. During the reporting period, the company achieved gross profit of 212 million yuan, a sharp increase of 204%; gross margin jumped sharply from 17.1% in the same period last year to 26.4%, an increase of 9.3 percentage points; adjusted net loss narrowed to about 1.68 million yuan, a year-on-year narrowing of 82%; and adjusted net interest rate improved significantly from -27.2% in the same period last year to -2.4%. The scale effect of the company has been unleashed at an accelerated pace, and delivery capacity continues to rise. It has infinitely reached the critical point of break-even, and operating fundamentals have ushered in a fundamental improvement.

Using a unique “asset-light” business model, Sidi Smart Driving is the only physical AI company in the world that sells unmanned mining cards and scheduling systems directly to terminal mine operators. It does not hold assets, does not intervene in operations, enters the market with product sales and technology, concentrates resources on a heavy-duty, intelligent technology base. The scale effect is directly realized as gross profit, and has built a solid competitive barrier.

Cash flow reserves simultaneously ushered in explosive growth, the balance and liability structure continued to be optimized, and fund management was steady and efficient. During the reporting period, cash and cash equivalents reached $1,214 million, a net increase of $1,028 million over the same period last year, and a sharp increase of 551.7% over the same period last year. Adequate cash reserves can not only support the expansion of existing business production and continuous iteration of core technology, but also establish a solid capital base for the in-depth layout of upstream and downstream industrial chains, strategic mergers and acquisitions integration, and global market expansion, and open up room for long-term growth.

Dr. Husbo, CEO of Sidi Smart Driving, said, “The company's heavy duty intelligent business has moved from scale implementation to value realization. Relying on our self-developed core technology foundation, we will extend our intelligent capabilities from autonomous driving to operating robots, and complete a key leap from single product supply to multi-category collaborative layout, which will be the starting point for the next stage of growth.”

Autonomous driving leads the global circuit, and diversified growth curves are rising strongly

As of the first half of 2026, the cumulative shipment volume of Sidi smart driving smart products has reached 23,000 units. Among them, the autonomous driving sector has delivered more than 3,400 vehicles and is the main engine for growth; the work robot, intelligent hardware and service sectors are gaining momentum simultaneously, and multiple growth curves are being formed at an accelerated pace.

The autonomous driving business is still the core foundation of Sidi's stable smart driving. Its unmanned mining card business is at the top of the industry, and unmanned transportation in multiple scenarios such as cross-border freight, hub transit, and bulk shortages simultaneously ushered in commercialization breakthroughs.

Sidi Smart Driving continues to iterate and upgrade Metamine, a fully unmanned, system-level solution for mining scenarios. By the end of the reporting period, the cumulative shipment volume of unmanned mining cards exceeded 1,900 units. Shipments in the first half of the year increased by 213.57% over the same period last year, covering nearly 40 mines around the world, achieving normalized unmanned transportation operations in multiple ore types, complex operating conditions and all-day and all-weather conditions, covering all core operations such as stripping/coal mining and shipment, dump disposal, charging/power exchange and energy exchange, and crushing plant supply.

At present, 7 mines have achieved normalized operation of more than 100 unmanned mine cards, and the maximum normal operation scale of a single mine exceeds 220, indicating that the company has the capacity to build, deliver and operate large-scale unmanned transportation systems. In February 2026, the company signed a purchase order for 500 unmanned mining cards with Guangna Group, setting the largest single official procurement record in the world's driverless mining card sector as of the end of June.

The unmanned heavy truck business simultaneously opens up incremental space. In the first half of the year, the company received large orders of more than 400 units at home and abroad, and some orders have already been delivered in small batches. In benchmark projects such as the China-Vietnam Cross-border Logistics Corridor and the Chengdu International Railway Port, the company's unmanned heavy truck products have all achieved normalized and stable operation, and their ability to adapt to various scenarios and the effectiveness of commercial implementation have been fully verified.

Relying on the core technical context of “autonomous driving is essentially an autonomous wheeled robot”, the company's work robot business achieved a milestone breakthrough from zero to one, with sector revenue of 3.082 million yuan during the reporting period. Among them, 34 mining robots have been shipped, open-pit mining loading robots have been discontinued, smelting tank holding robots have been put into use, and underground mining tunneling robots have been designed, developed, and manufactured. Using an open ecological strategy with intelligent brains, the company cooperates with manufacturers of four-legged and humanoid robots to quickly build a product matrix covering various types of mining robots such as mine inspection robots and underground humanoid robots.

The smart hardware and service business has made many breakthroughs and strong momentum. During the reporting period, the company's V2X product shipments exceeded 2,000 units, and the industry first launched V2P intelligent hardware products and “V2X+ open pit mine” safety solutions. The SIL4 class train autonomous sensing system has been implemented in 9 provinces and cities across the country; the “Smart Security” commercial vehicle safety solution has signed more than 10,000 new orders. The business covers more than 20 provinces, more than 100 transportation companies and various commercial vehicle types, and initially forms a closed commercial loop through smart driving of OEMs, risk reduction for insurance companies, and safety management of transportation companies.

Technology platforms build core barriers and accelerate the expansion of the global landscape

The core competitiveness that supports the large-scale implementation of the entire product line comes from the heavy-duty self-developed intelligent technology platform independently developed by Cidi Smart Driving. The platform consists of a unified data engine, a heavy-duty world model, and a cluster collaborative decision-making and scheduling system to form a complete technical closed loop. The technical capabilities can be quickly reused to multiple heavy load scenarios to continuously build the company's core technical barriers.

By the end of the reporting period, the technology platform had supported the cumulative commercial operation of more than 2,000 intelligent devices for more than 1,300 days, continued to maintain a record of zero safety incidents, and built a forward flywheel of “large-scale deployment - data precipitation - model iteration - performance jump”.

Facing medium- to long-term development, the company takes a unified technology platform and diverse product matrices as the core strategic main line, and continues to deepen the development of physical AI technology and commercialization at home and abroad, and promote the evolution of heavy equipment from traditional work tools to autonomous agents. The company uses vertical deep cultivation and horizontal expansion of dual-line propulsion strategies: vertical vertical drilling of vertical scenarios in deep vertical mines to accelerate large-scale implementation of special work robots such as excavation, rock drilling, and drug loading; widening scene boundaries horizontally, gradually extending various types of robots to complex scenarios such as logistics, large-scale infrastructure, traffic engineering, etc., and promoting the penetration of unmanned heavy truck applications from closed scenarios to a wider range of fields such as mainline logistics.

In terms of global layout, the company will take the lead in establishing business in resource-based countries such as Australia, Brazil, and Indonesia, and gradually expand further into regions such as Africa, Central Asia, and the Middle East, transforming the technological advantages and cost competitiveness of heavy physical intelligence into competitive advantages in the global market.

The first half of 2026 is an important advanced period for Cidi Smart Driving to improve the quality of operations. The development pattern of multi-business collaboration has already taken shape. Standing in the window of industrial upgrading, the company will continue to unleash profit flexibility, continue to broaden growth boundaries, and provide a reference practical path for the commercialization of China's physical AI industry with its advantages in the export model of asset-light technology, a general-purpose technology base that can be used as a reference.