On June 30, 2024, ZhiXing Auto Technology (01274.HK) announced that the company's revenue was CNY 636.16 million in the six-month period ending on June 30, 2024, an increase of 17.11% from the same period in 2023. Gross profit was CNY 44.85 million, a year-on-year increase of 9.29% compared to the same period in 2023.
During the reporting period, thanks to more and more customer vehicle models equipped with the company's autonomous driving solutions and products entering the mass production and delivery stage, the company delivered more than 96,000 sets of autonomous driving solutions and products to customers, an increase of 92.9% compared to the same period last year.
During the reporting period, the company's revenue from providing autonomous driving solutions and products was approximately CNY 613.26 million, an increase of 17.74% compared to the same period in 2023, accounting for approximately 96.40% of the total revenue recorded by the company for the reporting period. The revenue from sales of autonomous driving domain controllers was approximately CNY 597.94 million, still the company's largest source of revenue, an increase of 15.98% compared to the same period in 2023. The revenue from sales of intelligent forward-facing cameras was approximately CNY 15.32 million, an increase of 187.97% compared to the same period in 2023. This growth was mainly due to new vehicle models such as Dongfeng Automobile, Geely Automobile and Chery Automobile entering the mass production and delivery stage.
During the reporting period, the company received 18 fixed-point letters from well-known OEM customers, including Chery Automobile, Geely Automobile, Dongfeng Automobile, Leapmotor, and Xpeng. Most of these models will start production in 2024 and 2025, which will help consolidate the company's commercial landing advantages and occupy a larger market share.
The company's German subsidiary has officially started operation and will provide support for the company's Chinese customers in Europe, including road testing, functional verification, regulatory certification and after-sales support. In the first half of 2024, the German subsidiary helped two Chinese customer models obtain the EU GSR (General Safety Regulation) regulatory certification. At the same time, the German subsidiary will also directly provide services to European customers, further expanding the European market.
The company stated that it will continue to increase investment in more advanced algorithms. The company has completed the deployment of the perception large model based on B E V + Transformer on iDC500. At the same time, the company will deepen cooperation with well-known universities and top scientific research institutions, accelerate the large-scale modeling of decision-making and planning modules, and improve the autonomous driving function experience. The company will continue to increase investment in computing power and data to accelerate algorithm iteration. In terms of products, the company will launch the next-generation product of iDC500, iDC510, providing customers with a stronger and more cost-effective next-generation autonomous driving domain controller that supports urban NoA through chip-level integration. The company will push forward the mass production process of the cockpit fusion product iDEA, which is expected to become another fast-growing product line for the company.
In addition, in order to expand global markets, enhance overseas supply capabilities, and reduce overseas tariff policies, many car companies have established overseas production bases in Southeast Asia, Europe, South America and other regions. In order to serve the company's customers and expand global markets, the company will actively promote overseas production capacity layout.