While competition persists, flexible strategies and continuous innovation often help companies navigate market cycles. Take Xiaomi Group as an example - the company evolved from smartphones to home appliances, and now cultivates automotive business as its third growth curve, forming ecosystem synergy through diversified, progressive development. MINIEYE (02431) follows a similar growth path in the intelligent driving sector.
Initially focused on intelligent driving business, MINIEYE established its intelligent cockpit division in 2019 to pursue a "two-pronged approach," followed by launching its V2X business segment the following year. By late 2024, MINIEYE officially listed on the Hong Kong Stock Exchange with its business portfolio advancing in parallel. According to the company's recently disclosed interim report, MINIEYE's L4 business achieved a key revenue breakthrough in the first half of this year, with emerging sectors like logistics vehicles expected to become new growth drivers.
Reviewing the growth trajectories of both Xiaomi and MINIEYE, each expansion step wasn't blind advancement but rather solid execution of strategic commitments with high implementation capability. Xiaomi's success validates the effectiveness of diversified development models, and MINIEYE, sharing similar "pragmatic" and "diversified" characteristics, may replicate Xiaomi's success in its specialized fields through its "three-engine" business model, potentially triggering ecosystem flywheel effects.
**Strengthening Core Business While Successfully Cultivating New Growth**
MINIEYE's 2025 interim report demonstrates steady delivery of growth expectations while opening new incremental channels. Financial results show the company achieved revenue of RMB 346 million in the first half, up 46.1% year-over-year. Gross profit reached RMB 52 million with a gross margin of 15%, increasing 0.9 percentage points year-over-year, indicating enhanced profitability alongside scale growth.
Due to increased investment in mid-to-high-level assisted driving and L4 autonomous driving technologies, MINIEYE currently operates at a strategic loss stage, which is an unavoidable development phase for technology companies like MINIEYE.
By business segment, MINIEYE's two core businesses - intelligent driving solutions and intelligent cockpit solutions - generated revenues of RMB 241 million and RMB 61 million respectively, representing year-over-year growth of 32.4% and 99%. Meanwhile, the company's vehicle-to-everything (V2X) business revenue increased 63.4% year-over-year to RMB 39 million.
As the largest business segment accounting for nearly 70% of revenue, MINIEYE's intelligent driving solutions entered a strong product cycle in the first half. In February, the company launched iPilot 4 Plus based on Horizon Journey 6M chips. In June, MINIEYE introduced the higher-performance iPilot 4 Pro with 256 TOPS computing power.
Driven by strong products, MINIEYE secured four new mid-to-high-level assisted driving projects in the first half, while adding six vehicle platform projects from four new OEM customers, demonstrating significant efficiency improvements through standardized development.
In L4 autonomous driving, MINIEYE's iRobo solution commercialization accelerated, achieving over RMB 10 million in revenue within six months. The company completed its first iRobo autonomous minibus project delivery in Suzhou during the first quarter, followed by delivering autonomous minibuses to China Telecom in the second quarter. During the period, MINIEYE's autonomous minibus business operated in multiple locations including Heilongjiang, Shanghai, and Hangzhou, accumulating over 10 projects.
With intelligent cockpit business successfully doubling in scale, this segment's revenue share rose to 17.6% in the first half. MINIEYE launched its new cockpit large language model solution "Smart Butler BamBam," which integrates large model capabilities to enhance automotive safety and provide personalized, full-scenario, proactive intelligent services. The company also released the fully self-developed intelligent cockpit DMS integrated device iCabin Lite, highly integrating DMS cameras with controllers to achieve integrated innovation at the product form level.
As a rare vendor simultaneously developing intelligent driving and intelligent cockpit technologies, MINIEYE leverages full-stack self-research, platformization, and integrated software-hardware R&D and production capabilities to amplify its technology and product cost-effectiveness advantages. Performance trends show business synergy generating positive feedback, repeatedly reinforced in financial reports.
**International Expansion and Strategic Development**
Accompanying China's automotive industry rise on the international stage, supply chain companies' overseas expansion trend intensifies, with MINIEYE participating. The company's solutions have been adopted by multiple OEMs' export vehicle models, targeting markets including the EU, Australia, and Mexico. Through partnerships with international Tier 1 companies, MINIEYE has successfully entered international OEM supply chains.
Throughout the first half, MINIEYE secured 18 new project appointments. By the end of the reporting period, the company had delivered products to 42 automotive OEMs, continuously expanding cooperation scope.
**Consistent Growth Commitment Delivery**
Failed companies each have fatal weaknesses, while successful companies share similarities. Reviewing MINIEYE's growth trajectory, like Xiaomi, each new business development wasn't random but demonstrated deep business synergy, employing progressive development strategies that successfully triggered ecosystem flywheel effects at certain stages.
MINIEYE demonstrates strategic flexibility similar to Xiaomi's. Though starting with intelligent driving business, upon recognizing opportunities in intelligent cockpit and V2X markets, MINIEYE leveraged its adaptive advantages to enter new tracks promptly. Reviewing MINIEYE's historical reports from 2022-2024, intelligent driving revenue grew from RMB 270 million to RMB 480 million; intelligent cockpit revenue jumped from RMB 2 million to RMB 104 million; V2X revenue increased from RMB 0.7 million to RMB 63 million, with corresponding compound annual growth rates of 33.3%, 621.1%, and 848.7% respectively.
Combined with interim results, MINIEYE's "three engines" continued accelerating growth in the first half. Each business expansion achieved positive financial feedback, indicating "pragmatism" and "promise-keeping" as the company's core values.
Innovation emphasis is embedded in MINIEYE's "DNA," similar to Xiaomi. R&D expenses increased over 50% year-over-year in the first half. Last month, MINIEYE announced completion of a 6.8 million share placement, with proceeds primarily allocated to mid-to-high-level assisted driving and L4 autonomous driving R&D and implementation.
Considering iRobo solution revenue exceeded RMB 10 million in the first half with L4 business contributing substantial revenue, accelerated investment should enhance business growth momentum. MINIEYE has gradually replicated autonomous driving technology from passenger to cargo scenarios, including unmanned logistics, trunk transportation, airports, and mining. Logistics vehicles, nearing commercial inflection points, are expected to scale first, becoming new growth drivers.
MINIEYE's first-generation unmanned logistics vehicles have entered open road testing, with formal delivery expected in Q4 this year. In the promising L4 autonomous driving sector, MINIEYE continues its "deliver-as-promised" commitment style.
**Investment Value and Future Outlook**
Through flexible strategy and innovation investment, MINIEYE has successfully cultivated three growth engines. Subsequent positive business resonance provides high growth visibility and elasticity. Professional institutions maintain optimistic outlooks, with analysts expecting significant loss reduction next year and profitability by 2027.
Regarding current financial position, MINIEYE maintains low asset-liability ratios and sufficient cash reserves supporting long-term development. Comprehensively, MINIEYE combines solid fundamentals with positive growth expectations. As growth momentum steadily releases, the company's investment value should deeply materialize.