<h4>公司将向 MMD 集团提供其自主矿用卡车及相关技术，以期开拓国际市场</h4>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24062329/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_24-4-2026_141949_thebambooworks.com_-1024x677.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="677" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24062329/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_24-4-2026_141949_thebambooworks.com_-1024x677.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>CiDi 宣布与英国 MMD 集团建立新合作关系，提供其自主矿用卡车及相关技术</li>
<li>此次合作是在 CiDi 努力多元化其在中国本土市场之外的背景下进行的，因激烈的竞争正在侵蚀其利润空间</li>
</ul>
<p>去年 12 月，CiDi 创造了历史，成为首家在新一代中国自主矿用卡车制造商中上市的公司。现在，<strong>CiDi Inc.</strong>（3881.HK）通过一项可能使其超越目前几乎全部收入来自中国市场的交易，达成了另一个里程碑。</p>
<p>投资者对上周宣布的与英国矿山设备制造商 <strong>MMD Group Ltd.</strong> 的新合作表示赞赏，导致 CiDi 的股价在公告后的第二天上涨了 5%。MMD 在全球矿山设备市场中相对小众，专注于矿石破碎机（也称为破碎机）及喂料设备。然而，这一合作似乎对 CiDi 来说是一个重要的认可，既包括其自主电动矿用卡车，也包括支撑这些卡车的技术。</p>
<p>尽管自主矿用卡车在更大的自动驾驶领域中只是一个小众市场，但它们仍然相当庞大，仅在中国去年的市场价值就达 19 亿元人民币（约合 2.78 亿美元），预计到 2030 年将达到约 400 亿元人民币，根据 CiDi 去年 IPO 招股说明书中的第三方市场数据。全球市场显然更大，这正是 CiDi 通过此次新合作所瞄准的。</p>
<p>自主技术对矿业公司尤其具有吸引力，因为它在矿山发生事故时可以最大限度地减少驾驶员和其他工人的伤亡风险。这在中国得到了强有力的政府支持，2024 年发布了一份文件，强调了矿山安全的重要性以及加快无人矿用卡车发展的必要性。</p>
<p>CiDi 的最新交易将使其为 MMD 集团的矿山设备自动化解决方案提供自主驾驶系统。MMD 还将销售 CiDi 的核心自主矿用卡车，以及调度系统和充电基础设施，为这家中国公司提供了一个重要的渠道，以扩大其全球影响力。</p>
<p>&#34;这一合作标志着 CiDi 的自主矿业技术进入全球市场的里程碑，&#34; CiDi 的联合创始人兼执行董事马伟表示。&#34;这代表了从国内领导地位向国际部署的转变。&#34;</p>
<p>不过，我们应该指出，MMD 在全球矿山设备市场上似乎是一家相对较小的公司，而日本的 <strong>小松</strong>（Komatsu）（6301.T）和美国巨头 <strong>卡特彼勒</strong>（Caterpillar）（CAT.US）则是行业领导者。作为一家私营公司，MMD 并未在其网站上披露任何财务信息。</p>
<p>但根据数据跟踪平台 Prospeo，该公司的年收入相对温和，约为 3000 万美元。其市值也相对较小，约为 1 亿美元。这些数字甚至比 CiDi 的相应数据还要小，CiDi 的收入在去年大约翻了一番，达到 8.85 亿元人民币（超过 1 亿美元），而 2024 年为 4.1 亿元人民币。CiDi 的市值也大得多，约为 18 亿美元，包括在新合作公告后股价上涨 5% 带来的 9000 万美元的增值，几乎等于 MMD 的总市值。</p>
<p>更重要的是，CiDi 仅在其网站上披露了这一新合作，而没有通过香港证券交易所发布正式公告，这表明它意识到这一合作在初期可能影响有限。</p>
<p>尽管如此，这一合作似乎确实代表了外部重要公司对 CiDi 技术的认可。我们还应该指出，像卡特彼勒和小松这样的主要公司已经拥有自己的自主设备部门，因此不太可能寻求像 CiDi 这样的公司的帮助。</p>
<h4><strong>全球扩张</strong></h4>
<p>CiDi 正与另外两家中国公司 <strong>Eacon Group</strong> 和 <strong>Boonray Intelligent</strong> 展开三方竞争，以建立其自主矿用卡车和技术业务。Eacon 和 Boonray 也已申请在香港上市，前者在去年底，后者在 1 月份。CiDi 通过去年 12 月的交易首次亮相市场，赢得了这场市场竞争，自那以来其股价上涨了约 25%。</p>
<p>这三家公司都得到了投资界的强力支持，CiDi 的投资者包括曾被称为红杉中国的 HSG、百度和联想控股。其他两家公司则更直接地得到了新能源领域的支持，Eacon 的投资者包括电池巨头宁德时代，而 Boonray 则得到了比亚迪的支持。</p>
<p>这三家卡车制造商目前仍主要局限于中国，但 CiDi 在新合作公告中指出，它一直在努力扩大在澳大利亚、南美和中东的国际影响力。在上个月提交的首次 IPO 年度业绩公告中，该公司表示，去年在中国大陆以外获得了首个重大订单，向一家由台湾水泥运营的矿山出售了 12 辆卡车。</p>
<p>希迪的业务在中国发展得相当不错，尽管仍在亏损。去年，公司交付了 630 套自主矿业解决方案，是 2024 年交付量的四倍多，使其总交付量达到 1500 套。其收入去年仅翻倍，而交付量却增长了四倍，这表明公司在争夺市场份额时面临降低价格的压力。</p>
<p>这种压力体现在希迪的毛利率上，去年毛利率从 24.7% 下降了超过 3 个百分点，降至 21.4%。海外扩展，包括新的合作伙伴关系，可能有助于支持这一下降的指标，因为海外的毛利率通常远高于公司在竞争激烈的中国市场所能获得的收益。</p>
<p>随着毛利率的下降，希迪的亏损几乎翻倍，去年亏损约为 10 亿元人民币，而前年为 5.81 亿元人民币。调整后的亏损（不包括某些非现金项目）虽然较小，但仍几乎翻倍，从 2024 年的 1.27 亿元人民币增至 2.42 亿元人民币。</p>
<p>希迪的新合作伙伴关系代表了对其产品和技术的重要认可，这也是投资者普遍继续支持公司的原因。但如果公司在未来一两年内不能展示出提升毛利率和实现盈利的路径，其股票在 IPO 后的涨幅可能会开始减弱。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

希迪智驾

<p>希迪智驾与英国的 MMD 集团建立了合作关系，旨在供应其自主矿用卡车和技术，计划扩展至中国市场之外。随着中国市场竞争加剧，利润受到影响，这一合作应运而生。公告发布后，希迪智驾的股价上涨了 5%。该合作使 MMD 能够销售希迪智驾的卡车和系统，标志着希迪智驾在全球市场的重要一步。尽管 MMD 的规模较行业巨头小，但这一交易验证了希迪智驾的技术，并支持其国际增长的雄心</p>

<h4>The company will supply its autonomous mining trucks and related technology to MMD Group, as it seeks to cultivate the international market</h4>
<div class="lb-trans"><h4>公司将向 MMD 集团提供其自主矿用卡车及相关技术，以期开拓国际市场</h4>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24062329/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_24-4-2026_141949_thebambooworks.com_-1024x677.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24062329/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_24-4-2026_141949_thebambooworks.com_-1024x677.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>CiDi announced a new partnership to provide its autonomous mining trucks and related technology to Britain's MMD Group</li>
<li>The tie-up comes as CiDi tries to diversify beyond its home China market, where stiff competition is eroding its margins</li>
</ul>
<div class="lb-trans"><ul>
<li>CiDi 宣布与英国 MMD 集团建立新合作关系，提供其自主矿用卡车及相关技术</li>
<li>此次合作是在 CiDi 努力多元化其在中国本土市场之外的背景下进行的，因激烈的竞争正在侵蚀其利润空间</li>
</ul>
</div><p>It made history last December when it became the first company to list among a new generation of Chinese autonomous mining truck makers. Now, <strong>CiDi Inc.</strong> (3881.HK) has scored another milestone with a deal that could take it beyond its home China market that currently accounts for nearly all of its revenue.</p>
<div class="lb-trans"><p>去年 12 月，CiDi 创造了历史，成为首家在新一代中国自主矿用卡车制造商中上市的公司。现在，<strong>CiDi Inc.</strong>（3881.HK）通过一项可能使其超越目前几乎全部收入来自中国市场的交易，达成了另一个里程碑。</p>
</div><p>Investors applauded the new partnership with British mining equipment maker <strong>MMD Group Ltd.</strong>, announced last week, by bidding up CiDi shares 5% the day after the announcement. MMD is a relatively niche player in the massive global market for mining equipment, focused on mineral sizers, also known as crushers, as well as feeding equipment. Still, the partnership seems like a significant endorsement of CiDi, both for its autonomous electric mining trucks and also the technology that underpins them.</p>
<div class="lb-trans"><p>投资者对上周宣布的与英国矿山设备制造商 <strong>MMD Group Ltd.</strong> 的新合作表示赞赏，导致 CiDi 的股价在公告后的第二天上涨了 5%。MMD 在全球矿山设备市场中相对小众，专注于矿石破碎机（也称为破碎机）及喂料设备。然而，这一合作似乎对 CiDi 来说是一个重要的认可，既包括其自主电动矿用卡车，也包括支撑这些卡车的技术。</p>
</div><p>While autonomous mining trucks are a tiny niche of the much larger autonomous driving sector, they are still quite large, worth 1.9 billion yuan ($278 million) in China alone last year and expected to reach about 40 billion yuan by 2030, according to third-party market data from CiDi's IPO prospectus last year. The global market is obviously much larger, which is what CiDi is eying with this new partnership.</p>
<div class="lb-trans"><p>尽管自主矿用卡车在更大的自动驾驶领域中只是一个小众市场，但它们仍然相当庞大，仅在中国去年的市场价值就达 19 亿元人民币（约合 2.78 亿美元），预计到 2030 年将达到约 400 亿元人民币，根据 CiDi 去年 IPO 招股说明书中的第三方市场数据。全球市场显然更大，这正是 CiDi 通过此次新合作所瞄准的。</p>
</div><p>Autonomous technology is especially attractive to mining companies because it minimizes the potential for injuries and deaths of drivers and other workers when accidents occur at mines. That has translated to strong government support in China, which in 2024 issued a document emphasizing the importance of mining safety and necessity of speeding up development of unmanned mining trucks.</p>
<div class="lb-trans"><p>自主技术对矿业公司尤其具有吸引力，因为它在矿山发生事故时可以最大限度地减少驾驶员和其他工人的伤亡风险。这在中国得到了强有力的政府支持，2024 年发布了一份文件，强调了矿山安全的重要性以及加快无人矿用卡车发展的必要性。</p>
</div><p>CiDi's latest deal will see it supply its autonomous driving systems for use in MMD Group's mining equipment automation solutions. MMD will also sell CiDi's core autonomous mining trucks, along with dispatch systems and charging infrastructure, giving the Chinese company an important outlet to extend its global reach.</p>
<div class="lb-trans"><p>CiDi 的最新交易将使其为 MMD 集团的矿山设备自动化解决方案提供自主驾驶系统。MMD 还将销售 CiDi 的核心自主矿用卡车，以及调度系统和充电基础设施，为这家中国公司提供了一个重要的渠道，以扩大其全球影响力。</p>
</div><p>&#34;This partnership marks a milestone in bringing CiDi's autonomous mining technology to global markets,&#34; said CiDi co-founder and executive director Ma Wei. &#34;It represents a transition from domestic leadership to international deployment.&#34;</p>
<div class="lb-trans"><p>&#34;这一合作标志着 CiDi 的自主矿业技术进入全球市场的里程碑，&#34; CiDi 的联合创始人兼执行董事马伟表示。&#34;这代表了从国内领导地位向国际部署的转变。&#34;</p>
</div><p>That said, we should point out MMD appears to be a relatively small company on the global mining equipment scene, where much bigger names like Japan's <strong>Komatsu</strong> (6301.T) and U.S. giant <strong>Caterpillar</strong> (CAT.US) are the leaders. As a private company, MMD doesn't disclose any financial information on its website.</p>
<div class="lb-trans"><p>不过，我们应该指出，MMD 在全球矿山设备市场上似乎是一家相对较小的公司，而日本的 <strong>小松</strong>（Komatsu）（6301.T）和美国巨头 <strong>卡特彼勒</strong>（Caterpillar）（CAT.US）则是行业领导者。作为一家私营公司，MMD 并未在其网站上披露任何财务信息。</p>
</div><p>But according to data tracking platform Prospeo, the company's revenue is relatively modest at around $30 million annually. Its market cap is also relatively small at about $100 million. Those figures are even smaller than comparable ones from CiDi, whose revenue roughly doubled last year to 885 million yuan, or more than $100 million, from 410 million yuan in 2024. CiDi's market cap is also much larger at about $1.8 billion, including the addition of $90 million from the 5% jump in its stock price after the new partnership announcement – nearly equal to MMD's total market cap.</p>
<div class="lb-trans"><p>但根据数据跟踪平台 Prospeo，该公司的年收入相对温和，约为 3000 万美元。其市值也相对较小，约为 1 亿美元。这些数字甚至比 CiDi 的相应数据还要小，CiDi 的收入在去年大约翻了一番，达到 8.85 亿元人民币（超过 1 亿美元），而 2024 年为 4.1 亿元人民币。CiDi 的市值也大得多，约为 18 亿美元，包括在新合作公告后股价上涨 5% 带来的 9000 万美元的增值，几乎等于 MMD 的总市值。</p>
</div><p>What's more, the fact that CiDi only disclosed the new partnership on its website and didn't provide an official announcement through the Hong Kong Stock Exchange suggests it realizes the tie-up will have relatively limited impact, at least initially.</p>
<div class="lb-trans"><p>更重要的是，CiDi 仅在其网站上披露了这一新合作，而没有通过香港证券交易所发布正式公告，这表明它意识到这一合作在初期可能影响有限。</p>
</div><p>Still, the partnership does seem to represent a validation of CiDi's technology by a significant company outside China. And we should point out the majors like Caterpillar and Komatsu already have their own autonomous equipment divisions, and thus are less likely to look to companies like CiDi for assistance.</p>
<div class="lb-trans"><p>尽管如此，这一合作似乎确实代表了外部重要公司对 CiDi 技术的认可。我们还应该指出，像卡特彼勒和小松这样的主要公司已经拥有自己的自主设备部门，因此不太可能寻求像 CiDi 这样的公司的帮助。</p>
</div><h4><strong>Global expansion</strong></h4>
<div class="lb-trans"><h4><strong>全球扩张</strong></h4>
</div><p>CiDi is in a three-way race with two other Chinese companies, <strong>Eacon Group</strong> and <strong>Boonray Intelligent</strong>, to build up their autonomous mining truck and technology businesses. Both Eacon and Boonray have also filed for Hong Kong listings, the former at the end of last year and the latter in January. CiDi won that race to market by making its trading debut last December, and its shares have risen about 25% since then.</p>
<div class="lb-trans"><p>CiDi 正与另外两家中国公司 <strong>Eacon Group</strong> 和 <strong>Boonray Intelligent</strong> 展开三方竞争，以建立其自主矿用卡车和技术业务。Eacon 和 Boonray 也已申请在香港上市，前者在去年底，后者在 1 月份。CiDi 通过去年 12 月的交易首次亮相市场，赢得了这场市场竞争，自那以来其股价上涨了约 25%。</p>
</div><p>All three companies have strong backing from the investment community, with CiDi counting names like HSG, formerly known as Sequoia China, Baidu and Legend Holdings among its pre-IPO investors. The other two have more direct backing from the new energy sector, with Eacon counting battery giant CATL among its investors and Boonray getting support from BYD.</p>
<div class="lb-trans"><p>这三家公司都得到了投资界的强力支持，CiDi 的投资者包括曾被称为红杉中国的 HSG、百度和联想控股。其他两家公司则更直接地得到了新能源领域的支持，Eacon 的投资者包括电池巨头宁德时代，而 Boonray 则得到了比亚迪的支持。</p>
</div><p>The truck-making trio remain mostly confined to China right now, but CiDi points out in the new partnership announcement that it has been working to expand its international presence in Australia, South America and the Middle East. In its first post-IPO annual results announcement, filed last month, the company said it scored its first major order outside Mainland China last year with the sale of 12 trucks to a mine operated by Taiwan Cement.</p>
<div class="lb-trans"><p>这三家卡车制造商目前仍主要局限于中国，但 CiDi 在新合作公告中指出，它一直在努力扩大在澳大利亚、南美和中东的国际影响力。在上个月提交的首次 IPO 年度业绩公告中，该公司表示，去年在中国大陆以外获得了首个重大订单，向一家由台湾水泥运营的矿山出售了 12 辆卡车。</p>
</div><p>CiDi's business has been doing quite well in China so far, though it's still losing money. The company delivered 630 units/sets of its autonomous mining solutions last year, which was more than four times what it delivered in 2024, bringing its total deliveries to date to 1,500 units. The fact that its revenue only doubled last year, compared to the quadrupling of its deliveries, suggests the company is coming under pressure to lower prices as it fights for market share.</p>
<div class="lb-trans"><p>希迪的业务在中国发展得相当不错，尽管仍在亏损。去年，公司交付了 630 套自主矿业解决方案，是 2024 年交付量的四倍多，使其总交付量达到 1500 套。其收入去年仅翻倍，而交付量却增长了四倍，这表明公司在争夺市场份额时面临降低价格的压力。</p>
</div><p>That pressure shows up in CiDi's gross margin, which fell more than 3 percentage points last year to 21.4% from 24.7% a year earlier. The move abroad, including the new partnership, could help to support that falling metric, since margins abroad are typically quite a bit higher than what companies can earn in the competitive China market.</p>
<div class="lb-trans"><p>这种压力体现在希迪的毛利率上，去年毛利率从 24.7% 下降了超过 3 个百分点，降至 21.4%。海外扩展，包括新的合作伙伴关系，可能有助于支持这一下降的指标，因为海外的毛利率通常远高于公司在竞争激烈的中国市场所能获得的收益。</p>
</div><p>As its gross margin fell, CiDi's loss nearly doubled to about 1 billion yuan last year from 581 million a year earlier. Its adjusted loss, which excludes certain non-cash items, was smaller but still nearly doubled to 242 million yuan from 127 million yuan in 2024.</p>
<div class="lb-trans"><p>随着毛利率的下降，希迪的亏损几乎翻倍，去年亏损约为 10 亿元人民币，而前年为 5.81 亿元人民币。调整后的亏损（不包括某些非现金项目）虽然较小，但仍几乎翻倍，从 2024 年的 1.27 亿元人民币增至 2.42 亿元人民币。</p>
</div><p>CiDi's new partnership represents an important validation of its products and technology, which is why investors have generally continued to support the company. But the post-IPO gains for its stock could start to erode unless it starts to show it can boost its margins and chart a path to profitability in the next year or two.</p>
<div class="lb-trans"><p>希迪的新合作伙伴关系代表了对其产品和技术的重要认可，这也是投资者普遍继续支持公司的原因。但如果公司在未来一两年内不能展示出提升毛利率和实现盈利的路径，其股票在 IPO 后的涨幅可能会开始减弱。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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希迪智驾通过与英国新合作伙伴的合作，拓展海外市场