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1min read MINIEYE, a smart driving and smart cockpit solutions provider in China, updated its prospectus on November 28 and disclosed its latest financial data for the first half of 2024, accelerating its assault on the Hong Kong market.
Founded in 2014, MINIEYE is committed to achieving the mass production of L0-L4 autonomous driving technologies through its full-stack self-developed software and hardware integration technology, and its solutions include smart driving, smart cockpit, and V2X.
The prospectus shows that MINIEYE's operations are improving continuously, with revenue growing rapidly. Its revenue was RMB175 million in 2021, RMB279 million in 2022, and RMB476 million in 2023, with a compound annual growth rate of 64.9%. In the first half of this year, MINIEYE achieved revenue of RMB237 million, up 44.5% YoY. Meanwhile, its gross margin has been continuously improving, from 9.7% in 2021 to 14.3% in 2023. Its gross margin in the first half of this year was 14.1%, while that in the same period of 2023 was 8.3%.
On the business front, as of June 30 this year, MINIEYE has launched 94 models with 29 car manufacturers, including seven of the top ten domestic car manufacturers. As of the last practical date, MINIEYE has launched 35 car manufacturers. Meanwhile, MINIEYE is developing and testing its L4 autonomous driving solution iRobo and expects to deliver it in the first quarter of 2025.
While solidifying the domestic market, the company is also pushing forward its global strategy. As of the first half of this year, MINIEYE has achieved SOP for 21 export models of 4 car manufacturers, including the EU, Australia, the UK, and Southeast Asia. In addition, MINIEYE recently helped a car manufacturer's models pass the EU ADDW (Advanced Driver Distraction Warning System) certification, becoming one of the first suppliers in China to help car manufacturers obtain this certification.
Earlier on October 29, the China Securities Regulatory Commission announced the approval of MINIEYE's overseas listing, indicating that MINIEYE has obtained the green light for its Hong Kong listing.