HASHKEY VS Xidi Zhijia VS Zhihui Mining，Analysis at the bottom of the article!

JD Industrial$JD INDUSTRIALS(07618.HK) Broke issue price but closed flat, a quick recap:

【12.3 Analysis Conclusion】

【12.4 Article died, reposted another one】

【Group Discussion】

Brief Comment: JD Industrial's final performance after listing was in line with expectations. After all, the mid-range pricing without hitting the upper limit was acceptable—no meat but also no big losses.

Baoji Pharmaceutical$BAO PHARMA-B(02659.HK) doubled as usual.

Brief Comment: Above 60 is the threshold for inclusion in the Stock Connect. Take a gamble before December—after all, there's not much difficulty or cost.

Two New Stocks:

Xidi Zhijia$CIDI(03881.HK) 

【IPO Details】

【Company】

Xidi Zhijia is a company focused on intelligent driving products and solutions for commercial vehicles. Its core business is the R&D and provision of autonomous trucks for closed environments, V2X (vehicle-to-everything) technology, and intelligent perception solutions.

By 2024 revenue, Xidi Zhijia ranked sixth among all intelligent commercial vehicle companies in China, with a market share of about 5.2%. In China's autonomous mining truck solutions market, the company ranked third by 2024 revenue.

The company was founded by renowned entrepreneurship mentor Professor Li Zexiang, the "Godfather of DJI". Li Zexiang is a professor at the Hong Kong University of Science and Technology and an investor focused on high-tech fields. He has incubated well-known high-tech companies such as DJI, Yunjing Intelligence, Googol Technology (listed on the Shenzhen Stock Exchange), Jinshi Technology (listed on the New Third Board), and, apart from Xidi Zhijia, the recently H-listed Woan Robotics is also his investment.

Among these, Li Zexiang founded Googol Technology (holding 15% pre-IPO shares, jointly controlling 32% with Gao and Wu) and Xidi Zhijia (Li holds 43.64% alone).

【Products】

The company has three main businesses:

Autonomous Mining Trucks (60~90%): Mainly includes the "Yuan Mine" solution.

Autonomous Logistics (2%): Autonomous logistics vehicle solutions for closed environments.

2024 revenue was 255 million yuan, accounting for 62.1% of total revenue, a significant year-on-year increase of 242.7%, mainly due to increased sales of autonomous mining trucks and an expanded customer base. In the first half of 2025, revenue reached 378 million yuan, exceeding the full-year 2024 figure, accounting for 92.7% of total revenue during the same period, showing rapid growth.

V2X (28~3%): Provides hardware, software, and system integration solutions based on V2X technology for smart transportation and vehicle networking pilot zones.

2024 revenue was 102 million yuan, accounting for 24.8% of total revenue, a year-on-year increase of 175.7%, benefiting from the implementation of integrated vehicle-road-cloud projects. In the first half of 2025, revenue was only 9 million yuan, accounting for only 2.3%, mainly due to the high base in 2024 (with concentrated revenue recognition from the national pilot zone project in Chongqing) + fluctuations in customer demand.

Intelligent Perception (10~5%): Includes the Train Autonomous Perception System (TAPS) and onboard intelligent perception and safety management solutions for rail transit and commercial vehicle active safety protection.

2024 revenue was 54 million yuan, accounting for 13.1% of total revenue, but in 2025, it saw a slight year-on-year decline, mainly due to demand fluctuations and project acceptance impacts.

【Industry】

In 2024, the company ranked third in China's autonomous mining truck market, with EACON (already filed for listing) in first place and Boonray in second.

EACON's clients are too strong, including National Energy, State Power Investment, TBEA, Zijin, Shougang, Baowu, etc. Xidi Zhijia still has a significant gap.

【Financials】

2022-2024 Revenue: 31 million, 133 million, 410 million yuan, with a compound annual growth rate of 263.1%, as autonomous mining truck orders surged. 25H1 revenue was 408 million yuan, a year-on-year increase of 57.9%, continuing the surge. In 2024, the largest client K (accounting for 37%, also provided operational loan support) defaulted, affecting some profits, but 2025 growth remains relatively good, driven entirely by new clients.

2022-2024 Adjusted Net Profit: -159 million, -138 million, -127 million yuan. In 2025, the loss was 111 million yuan, nearly doubling year-on-year, mainly due to a significant increase in R&D expenses and financial costs starting in 2024.

2022-2024 Gross Margin: 19.3%, 20.2%, 24.7%. The gross margin of autonomous trucks gradually improved. 25H1 gross margin was 17.1%, flat with 24H1, mainly due to a decline in the proportion of high-margin perception business. Overall, it's not bad.

Operating cash flow was negative, with a significant increase in short-term receivables, consistent with industry leader EACON, but the project quality gap is huge, cash cannot be recovered.

【Valuation】Xidi is asking for 11.5 billion, with a PS of 20.5. Looking at the 60% growth in the future, it's only at 17.5, while comparable company Boleton has a market cap of 9.5 billion, with a PS of 13.6, but the latter has a low proportion of autonomous driving and has just started to gain traction. But Boleton has already been included in the Stock Connect, and after the standard post-inclusion surge, it has been declining.

Overall, Xidi is stillexpensive, with 97% of the 1.11 billion H-shares already on the Stock Connect threshold, rushing for December inclusion, but the lack of a price driver is a bit disappointing.

【Placement】The fixed model for 18C listings: public placement 5-20%, anchor 42-57%, cornerstone 38%.

【Cornerstone】Mid-price accounts for 38.39%, including Xiangjiang Zhizheng, Zhijia No. 1, ICBC Credit Suisse, Lianfa (002394.SZ), etc., state-owned capital and a bunch of funds, QDII, etc.

【Shareholders】

Shareholders include Sequoia, New Vision Capital, Legend Holdings, Everbright Holdings, Founder Hesen Investment, Liangjiang Fund, Xiangjiang State-Owned Investment, Ruishi Capital, Baidu, etc.

【Sponsor】CICC as the main sponsor, no greenshoe, CITIC, and Ping An as additional.

【Sector】Currently, closed scenarios are the first to land, with volume starting to grow, while logistics scenarios are preparing for the future, but there are still policy challenges, the overall recognition of the track is average, like Pony.ai, half of its revenue is from autonomous logistics, what a fate.

Subscription: Watch the mood

Xidi Zhijia is an autonomous mining truck company founded and controlled by "DJI's father" Li Zexiang. The fundamentals are starting to gain traction, but the valuation is more expensive than Boleton, with 11.1 billion in circulation already on the Stock Connect threshold, rushing for December inclusion demand, not giving us meat. Given Xidi's reputation, concept, and theme, there may be a market before and after inclusion. But currently, the recognition of autonomous driving is not high, from a subscription perspective, it's more of a gamble, with 27,000 public placement lots, the current popularity is very poor.Old Cat Rating: 2-4 stars!

Zhihui Mining$ZHIHUI MINING(02546.HK) 

【IPO Details】

【Company】Tibet Zhihui Mining is a mining company headquartered in Tibet, China, focusing on the exploration, mining, concentrate production, and sales of zinc (48%), lead (40%), and copper (10%).

The company's core operating asset is the Mengya'a mine in Rongduo Township, Jiali County, Nagqu City, Tibet, including an open-pit mine that has been in operation since 2007 and a underground mine that began commercial operation in Q2 2025.

【Financials】

24-year revenue fell by about 44.8% due to a shortened production period + technical upgrades of two production lines (May-October 2024). 25-year seven-month revenue was 257 million yuan, due to production recovery + completion of concentrator upgrades + increased concentrate production.

25-year profit exceeded the full-year 2024, for the same reasons. Although it is impossible to measure the extent of profit release under normal construction periods after the underground mine is put into production, exceeding 2023 is still no problem.

【Industry】

Zinc price performance: Stabilized and then rose

Lead price performance: Stable

【Valuation】Small market cap of 2.2 billion, expected normal PE is around 15, cheaper than A-share zinc-lead mining companies starting at 20, considering a 20% discount (currently around 13%) valuation is alsoreasonable.

【Placement】Mechanism B, total placement 10%, anchor 48.5%, cornerstone 41.5%.

【Cornerstone】2, accounting for 41.5%, Zhaojin Miningsubscribed 26.2%, the rest is Greater Bay Area, very good.

【Sponsor】Guojin, rare, no greenshoe.

【Sector】Mining companies, this year's mining companies are still quite stable.

Subscription: Can participate

Zhihui Mining is a mining company mainly focused on zinc, lead, and secondarily copper. The fundamentals are quite good, with strong profit growth after the underground mine is put into production. Zhaojin Mining subscribed for a large cornerstone, very good, and the valuation is reasonable. 12,000 lots small ticket lottery, mining company performance is also stable.Old Cat Rating: 3-5 stars!

Now these few tickets:

HASHKEY$HASHKEY HLDGS(03887.HK) : Currently very low popularity, total margin financing is only 40 billion, extremely little, 60,000 lots may get quite a few, current crypto low + mainland ban, doubts are reasonable, there are risks, can consider partial participation or directly not play, maybe there will be new stocks tomorrow!

Xidi Zhijia: Theme, background OK, expensive and pricing already in Stock Connect, low mood, not much meat, autonomous driving recognition is still questionable, real meat depends on speculation before and after inclusion, nothing to do with subscription!

Zhihui Mining: small ticket lottery, fundamentals have release space, Zhaojin large cornerstone subscription, popularity is good, no risk!

Follow Old Cat, take you away from routines, only play real gold and silver good tickets!