MINIEYE (02431) released unaudited interim results for the six months ended 30 June 2026, highlighting robust topline growth and operational improvements alongside an expanding autonomous-driving portfolio.
Revenue and Profitability • Group revenue rose 30.2% year on year to RMB449.95 million, driven by higher solution shipments and rapid traction in L4 driverless services. • Gross profit advanced 55.6% to RMB80.53 million; gross margin widened to 17.9% from 15.0% on scale benefits. • Operating loss narrowed 4.9% to RMB154.51 million, while net loss eased 1.5% to RMB159.91 million. • Adjusted net loss (non-IFRS) improved 6.9% to RMB152.37 million after backing out RMB7.54 million of share-based payments.
Segment Performance 1. Intelligent Components & Solutions – Revenue: RMB381.78 million, up 30.7%, representing 84.8% of Group total. – Intelligent Driving Solutions (L0–L2+): RMB256.61 million, +10.9%, buoyed by export orders and regulatory tailwinds for AEBS. – Intelligent Cabin Solutions: RMB125.16 million, +105.9%, supported by upcoming mandatory driver-monitoring rules and EU-compliant products.
2. Driverless Vehicles & Operational Services – Revenue: RMB52.64 million, up 423.4%, accounting for 11.7% of total revenue. – Logistics vehicles secured multi-hundred-unit orders across China, Australia and Southeast Asia. – Autonomous bus contracts exceeded RMB130 million, marking transition from pilots to scaled commercial deployment.
Cost and Expense Dynamics • Cost of sales increased 25.7% to RMB369.42 million, below revenue growth. • Selling expenses fell 36.8% to RMB33.73 million following strategy optimisation. • R&D outlays rose 33.0% to RMB126.50 million, reflecting continued investment in L4 autonomy and physical-AI platforms. • Net finance costs swung to a RMB5.40 million expense (H1 2025: RMB0.10 million income) on higher borrowing levels and lower deposit yields.
Balance Sheet and Liquidity • Cash, equivalents and restricted/time deposits stood at RMB341.90 million (31 Dec 2025: RMB690.70 million). • Interest-bearing borrowings increased to RMB471.67 million (31 Dec 2025: RMB372.47 million). • Current ratio eased to 1.92x (31 Dec 2025: 2.41x); gearing ratio rose to 57.83% from 35.67%.
Capital Actions • Repurchased 8.35 million H Shares for approximately HK$120.19 million during the period, now held as treasury shares. • Post-period, completed a placing of 20.13 million new H Shares at HK$6.23 each, raising net proceeds of roughly HK$122.25 million to reinforce working capital and support business expansion.
Outlook Management reiterated commitment to accelerate R&D in end-to-end large models, deepen L2+ to L4 technology transfer, and broaden overseas market penetration, while advancing commercial rollout of driverless logistics vehicles and autonomous buses. No material adverse changes in financial or trading position have occurred since 30 June 2026.