The mining truck L4 company invested by CATL went public, with its stock price surging over 9% at opening and a market capitalization reaching 12 billion yuan, despite accumulating a total loss of 1.2 billion yuan over the past three years.

The mining autonomous driving company backed by CATL has officially gone public!

Che Dong Xi July 8 news, just now, Inceptio Mining Technology Co., Ltd. (referred to as "Inceptio Mining") has officially listed on the Hong Kong Stock Exchange. The final IPO offering price was set at HK$87.92 (approximately RMB 76.17) per share, with a total of 26.132 million shares issued. Its total global fundraising amount is approximately HK$2.298 billion (approximately RMB 1.99 billion), and the net proceeds amount to HK$2.175 billion (approximately RMB 1.884 billion).

After the market opened, Inceptio Mining's stock price once exceeded the offering price, trading at HK$91.1 per share (approximately RMB 78.92), representing a 3.62% increase, with a market capitalization of HK$13.471 billion (approximately RMB 11.67 billion), before its price began to pull back.

▲ Inceptio Mining's stock price at the opening of Hong Kong trading

Half an hour after trading began, Inceptio Mining's share price saw strong growth, trading at HK$96 per share (approximately RMB 83.17), up 9.19%, with a market capitalization of HK$14.195 billion (approximately RMB 12.297 billion).

▲ Inceptio Mining's stock price half an hour after Hong Kong market opening

As of press time, Inceptio Mining's share price has seen a slight pullback, trading at HK$93.05 per share (approximately RMB 80.61), up 5.83%, with a market capitalization of HK$13.759 billion (approximately RMB 11.92 billion).

▲ Inceptio Mining's stock price as of press time

Founded in 2018, Inceptio Mining focuses on the commercial deployment of autonomous driving solutions for mining sites. As of December 31, 2025, the company has deployed 2,580 active autonomous mining trucks, capturing a 55.5% market share, ranking first in China's mining autonomous driving solution market.

From a financial perspective, Inceptio Mining achieved a revenue of 1.435 billion yuan in 2025, representing a 45.5% year-on-year increase, and approximately 5.3 times higher than the 271 million yuan recorded in 2023.

However, Inceptio Mining has remained in a loss-making state for the past three years. In 2023, 2024 and 2025, its net losses amounted to 334 million yuan, 390 million yuan and 516 million yuan respectively, with a total cumulative loss of around 1.239 billion yuan over the three-year period.

▲ Overview of Inceptio Mining's key financial highlights

According to official documents, this IPO introduced 11 cornerstone investors, who collectively subscribed for approximately 13.01 million offer shares, accounting for around 49.8% of the total offer shares. These investors include well-known domestic and international institutions such as Zijin Mining and JPMorgan Chase. The Hong Kong public offering was heavily oversubscribed, with an oversubscription multiple of about 157.82 times and a 10.00% allotment rate for one board lot.

The prospectus shows that an estimated 35% of the net proceeds from the global offering will be used for software R&D, approximately 23% to support overseas business expansion and customer acquisition plans, around 15% for hardware R&D, about 10% for working capital and other general corporate purposes, 8% for talent development and organizational growth, roughly 5% for strategic alliances, investments and selective acquisitions, and about 4% for information technology development.

Overall, Inceptio Mining has moved past the early validation phase of mining autonomous driving and entered the stage of large-scale deployment with hundreds of vehicles in operation.

Beyond rapid expansion, how to continuously improve cash flow, increase gross margin and achieve profitability remains the core challenge the company needs to address after going public.

01.

Three Consecutive Years of Revenue Growth

Gross Margin Rose to 10.1% Last Year

As shown in the prospectus, Inceptio Mining's overall performance has been on a positive trend in recent years.

In 2023, 2024 and 2025, Inceptio Mining recorded revenues of 271 million yuan, 986 million yuan and 1.435 billion yuan respectively. Among these figures, the company's 2024 revenue saw a 264.0% year-on-year surge, followed by a further 45.5% year-on-year growth in 2025, indicating continuous expansion of its revenue scale.

▲ Key financial information of Inceptio Mining

In terms of revenue structure, autonomous mining truck products and solutions for closed environments represent Inceptio Mining's absolute core business.

In 2025, Inceptio Mining generated 1.428 billion yuan in revenue from its closed-environment autonomous mining truck products and solutions, accounting for 99.5% of total revenue. Within this segment, revenue from the customer-provided fleet model reached 815 million yuan (56.8% share), while revenue from the company-provided fleet model stood at 613 million yuan (42.7% share).

▲ Revenue breakdown of Inceptio Mining

From the perspective of business model evolution, Inceptio Mining is shifting from the capital-intensive company-provided fleet model to the more asset-light customer-provided fleet model.

Under the customer-provided fleet model, customers purchase or lease mining trucks, while Inceptio Mining mainly provides autonomous driving technology, software support and related services. Under the company-provided fleet model, Inceptio Mining needs to supply vehicles and full-lifecycle services, taking on greater responsibilities for vehicle management, maintenance and repair.

This shift has also brought about improvements in gross margin.

In 2023, Inceptio Mining recorded a gross loss of 50.46 million yuan, representing a gross loss rate of 18.6%. In 2024, it achieved a gross profit of 74.71 million yuan, with its gross margin turning positive to 7.6%. In 2025, gross profit further increased to 145 million yuan, lifting the gross margin to 10.1%.

▲ Gross profit performance of Inceptio Mining

Notably, the gross margin of the customer-provided fleet model is significantly higher. In 2025, this model recorded a gross margin of 16.0%, while the gross margin of the company-provided fleet model was only 1.5% during the same period.

In terms of losses, Inceptio Mining's net losses reached 334 million yuan, 390 million yuan and 516 million yuan in 2023, 2024 and 2025 respectively. Its adjusted net losses for the same period were 284 million yuan, 303 million yuan and 484 million yuan respectively.

Regarding cash flow, Inceptio Mining's net cash outflow from operating activities in 2025 was 394 million yuan, which narrowed from the 713 million yuan net outflow in 2024, but the company has not yet achieved positive operating cash flow.

In terms of R&D investment, Inceptio Mining's R&D expenses increased for three consecutive years, reaching 177 million yuan, 208 million yuan and 271 million yuan in 2023, 2024 and 2025 respectively. Due to revenue growth, the proportion of R&D expenses to total revenue dropped from 65.4% in 2023 to 18.8% in 2025.

02.

2,580 Active Autonomous Mining Trucks

Operating the World's Largest L4 Single-Mine Autonomous Mining Truck Fleet

In terms of commercialization progress, Inceptio Mining has entered the large-scale deployment phase of mining autonomous driving.

As of December 31, 2025, Inceptio Mining has deployed 2,580 active autonomous mining trucks.

▲ Overview of Inceptio Mining's autonomous mining truck operations

Regarding penetration in large open-pit coal mines, by the end of 2025, Inceptio Mining's solutions had been deployed in 19 out of 41 open-pit coal mines in China with an annual approved production capacity exceeding 10 million tons, and 7 out of the 12 largest open-pit coal mines measured by annual approved production capacity.

Calculated based on 2025 revenue, Inceptio Mining ranks first in China's commercial vehicle intelligent driving solution market, with a market share of approximately 10.2%.

▲ Inceptio Mining's industry ranking (by revenue)

In China's mining autonomous driving solution market, the company holds a market share of approximately 37.6% by revenue and 55.5% by the number of active autonomous mining trucks, both of which also place it in first position.

▲ Inceptio Mining's industry ranking (by vehicle count)

More notably, mining autonomous driving is evolving from single-vehicle and small-fleet pilot projects to deployment of hundreds of trucks at a single mine site.

As of December 31, 2025, there are a total of 11 national-level mining autonomous driving projects with over 100 autonomous mining trucks at a single mine, among which 9 have deployed Inceptio Mining's solutions.

At a single mine site operating with Inceptio Mining's solutions, the deployed autonomous mining truck fleet has exceeded 500 units, making it the world's largest autonomous mining truck fleet deployed at a single mine.

In terms of customers, Inceptio Mining mainly serves mining companies and their contractors. In 2023, 2024 and 2025, the company served 13, 24 and 52 customers respectively, maintaining a 100% retention rate across all end-customer groups during these three years.

Its clients and partners include large mining and industrial groups such as China Energy Investment, Zijin Mining, Shougang Group and Baowu Group.

However, Inceptio Mining still has a relatively high customer concentration.

▲ Breakdown of Inceptio Mining's top five customers

In 2023, 2024 and 2025, Inceptio Mining's revenue generated from its top five customers