New stock news: Mainline Technology submits documents to Hong Kong Stock Exchange, focusing on providing L4-level autonomous driving trucks and solutions.

According to the disclosure made by the Hong Kong Stock Exchange on December 11, Zhejiang Line Technology (Beijing) Co., Ltd. (referred to as: Line Technology) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Guotai Haitong as its exclusive sponsor. The prospectus shows that Line Technology is a provider of L4 autonomous driving truck and solutions. With its independently developed autonomous driving system as the core, the company has built an integrated product ecosystem of "vehicle-end-cloud", providing full-stack solutions for logistics transportation in all scenarios. The company's solutions include three core products: AiTruck (intelligent trucks), AiBox (intelligent terminals), and AiCloud (intelligent cloud services). Leveraging this universal architecture, the company is able to break through the limitations of single scenarios and achieve seamless connection and technical reusability from logistics hubs, highway logistics to urban transportation. The company strategically deploys its products in three core business scenarios: Trunk Port (logistics hub), Trunk Pilot (highway logistics), and Trunk City (urban transportation). With the strong technical reusability of its self-developed AiTrucker autonomous driving system, the company connects the three major scenarios to form an intelligent logistics ecosystem with synergistic effects. AiTruck AiTruck is an intelligent truck product system co-created by the company in deep cooperation with mainstream commercial vehicle manufacturers. Based on the integration of the independently developed autonomous driving system (AiTrucker) and the strong engineering capabilities of the OEMs, the company is driving the large-scale production and deployment of autonomous driving trucks. The AiTruck product series currently mainly includes two core models: T-Truck intelligent truck and T-Mover intelligent transportation Siasun Robot & Automation. AiBox AiBox is the core intelligent terminal developed independently by the company to build an "vehicle-road-cloud" intelligent collaborative system. This product series provides high-performance computing, perception, control, and communication capabilities for the company's autonomous driving system (AiTrucker) and intelligent cloud service (AiCloud). AiBox not only enables the intelligence of individual vehicles but also constructs a collaborative intelligent network connecting vehicles, infrastructure, and cloud platforms. AiCloud AiCloud is a series of intelligent cloud service products developed independently by the company to build an "vehicle-road-cloud" intelligent collaborative system, supporting large-scale operation of autonomous driving fleets, algorithm iteration, and data closed-loop. AiCloud utilizes the company's core AI capabilities to provide unified command and dispatch, security management, and data analysis capabilities for various types of autonomous driving assets such as vehicles, roadside units, and remote driving cabins. As of December 5, 2025, the company had delivered a total of 830 AiTrucks and 349 sets of AiBox, with intentions to order 821 sets of AiTruck and 920 sets of AiBox. According to Frost & Sullivan data, based on product sales revenue in 2024, the company is the largest provider of L4 autonomous driving trucks and solutions in China in the closed road scenario. The company has a relatively high dependency on customers, with revenues from five major customers accounting for 79.4%, 64.6%, 67.9%, and 73.7% of the company's total revenue for the periods ending on December 31, 2022, 2023, 2024, and for the six months ending on June 30, 2025, respectively. Financial Information Revenue In the financial years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded revenues of RMB 112 million, RMB 134 million, RMB 254 million, and RMB 98.927 million, respectively. Annual/period profit and comprehensive income In the financial years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded annual/period profit and comprehensive income totals of -RMB 278 million, -RMB 213 million, -RMB 187 million, and -RMB 9638.8 million, respectively. Gross profit and gross profit margin In the financial years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded gross profits of RMB 4.16 million, 16.396 million, 57.613 million, and 29.99 million, with corresponding gross profit margins of 3.7%, 12.2%, 22.7%, and 30.3%. Industry Overview Market scale of China's commercial vehicle autonomous driving solutions industry China's commercial vehicle autonomous driving solutions are mainly applied in two main operational scenarios: closed road and open road scenarios. In closed road scenarios such as ports, border crossings, and industrial areas, where the operating environment is highly controlled and variables are limited, the acceptance of automation technology is higher, making it an ideal entry point for the implementation of autonomous driving technology. From 2021 to 2024, the market scale of commercial vehicle autonomous driving solutions in closed road scenarios in China increased from RMB 400 million to RMB 1.3 billion, with a compound annual growth rate of 49.0%. This growth is mainly driven by the continuous demand for operational efficiency improvement, labor cost optimization, and enhanced safety. Looking ahead, with the continuous improvement in the reliability of autonomous driving solutions and the accelerated spread of digital infrastructure, it is expected that by 2030, the market scale will reach RMB 26.2 billion, and the compound annual growth rate from 2024 to 2030 will maintain a high level of 65.8%. This strong growth trend highlights the shift of the industry from pilot demonstrations to large-scale deployment. In contrast, the open road scenario in China poses greater technological and regulatory challenges but also holds broader growth potential. This segment of the market experienced rapid expansion in its early stages, with the market scale increasing from RMB 100 million in 2021 to RMB 2.3 billion in 2024, with a compound annual growth rate of 195.2%. This explosive growth is mainly attributed to the rapid breakthroughs in autonomous driving algorithms, sensor integration, computing power, and government support and pilot projects. With the continuous improvement of infrastructure readiness and the large-scale deployment of L4-level functionalities, it is expected that the market in the open road scenarios will reach RMB 160.6 billion by 2030, with a compound annual growth rate of 103.7% from 2024. This highlights the potential for the open road scenarios to become the core growth engine for the development of commercial vehicle autonomous driving solutions in China over the next decade. Market analysis of China's commercial vehicle autonomous driving solutions in closed road scenarios In closed road scenarios, the market scale of China's commercial vehicle autonomous driving solutions mainly includes two sub-markets: product sales and operational services. Operational service revenues steadily increased from approximately RMB 200 million in 2021 to approximately RMB 700 million in 2024, with a compound annual growth rate of 42.0%. It is expected to reach RMB 11.4 billion by 2030, demonstrating the continuous demand for enhancing logistics efficiency. On the other hand, product sales revenues showed a stronger growth trend, increasing from RMB 100 million in 2021 to RMB 600 million in 2024, with a compound annual growth rate of 59.8%. It is expected to continue climbing at a compound annual growth rate of 72.4% from 2024 to 2030, reaching RMB 14.9 billion by 2030. As autonomous driving technology matures, the market share of product sales in China's closed road scenario commercial vehicle autonomous driving solutions will continue to expand, reaching approximately 56.7% by 2030. Competitive landscape of China's commercial vehicle autonomous driving solutions in closed road scenarios In 2024, the market scale of commercial vehicle autonomous driving solutions in China's closed road scenarios reached RMB 600 million in terms of product sales revenue. The company achieved revenues of approximately RMB 180 million, accounting for a market share of 31.8% and ranking first in the industry. Market scale of China's urban logistics commercial vehicle industry The Chinese urban logistics market is experiencing rapid growth. Although the application of L4-level autonomous driving in urban logistics is still in its early stages, it is expected to be a key driver for future market development as technology matures and industry momentum continues to strengthen. In 2024, the product sales revenue of China's urban logistics commercial vehicle market was approximately RMB 46.6 billion. By 2030, the market scale is expected to exceed RMB 85.7 billion, with a compound annual growth rate of 10.7%. As urban traffic becomes increasingly complex and logistics costs continue to rise, autonomous driving technology is becoming a key driver for improving delivery efficiency and reducing costs, especially in the last mile delivery and urban transportation scenarios. Board of Directors Information The company's board of directors consists of 7 directors, including 4 executive directors and 3 independent non-executive directors. The board of directors is fully responsible for the company's management and operations. The directors' term of office is 3 years and may be eligible for re-election upon expiration. Ownership Structure As of December 5, 2025, Mr. Zhang Tianlei directly owns approximately 28.25% of the company's shares. Mr. Zhang Tianlei serves as a general partner of Tianjin Mainline and Tianjin Trunk, which hold 4.94% and 15.93% of the company's shares, respectively. Therefore, Mr. Zhang Tianlei, through his directly owned shares and the shares held by Tianjin Mainline and Tianjin Trunk, collectively has the right to exercise the voting rights corresponding to approximately 49.12% of the company's shares. Additionally, other shareholders with holdings exceeding 10% include Zhuhai Yinzhan and Anhui Kexun, holding 13.81% and 10.30%, respectively. Intermediary Team Exclusive Sponsor: Guotai Junan Financing Co., Ltd. Company Legal Advisor: For Hong Kong law: Han Kun LLP; For Chinese law: Han Kun LLP. Exclusive Sponsor Legal Advisor: For Hong Kong and US law: King & Wood Mallesons; For Chinese law: King & Wood Mallesons. Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Advisor: Haode Financing Co., Ltd.