Shanghai (Gasgoo)- On December 11, Trunk Technology (Beijing) Co., Ltd. ("Trunk Technology"), an L4 autonomous-truck developer headquartered in Beijing's Economic and Technological Development Zone, filed for a Main Board listing on the HKEX. The company has appointed Guotai Haitong Securities as its sole sponsor, marking the official start of its push into public markets.
Trunk Technology is known as the first company in China to commercialize driverless transportation solutions in port operations. It has since continued supplying autonomous trucks and related smart-terminal products to logistics customers.
The company has built a vertically integrated "vehicle–edge–cloud" technology stack anchored by its proprietary autonomous-driving system, offering end-to-end solutions across a wide range of logistics scenarios.
Regulatory filings show that revenue rose from 112 million yuan in 2022 to 254 million yuan in 2024, representing a compound annual growth rate of more than 50%. In the first half of 2025, Trunk Technology generated 99 million yuan in revenue.
The company attributes its expansion to broader commercialization of its autonomous-driving solutions and a stronger delivery capability. Completed customer projects doubled from 24 in 2022 to 48 in 2024, with 28 projects fulfilled in the first six months of 2025 alone.
Gross profit has also improved sharply, climbing from 4.2 million yuan in 2022 to 57.6 million yuan in 2024—an extraordinary CAGR of over 270%. Gross profit for the first half of 2025 reached 30 million yuan, far exceeding the 600,000 yuan recorded during the same period last year.
As a result, gross margin expanded from 3.7% in 2022 to 22.7% in 2024, and climbed further to 30.3% in the first half of 2025.
Despite the stronger margins, Trunk Technology remains loss-making. Net losses narrowed from 278 million yuan in 2022 to 187 million yuan in 2024. For the first half of 2025, the company reported a net loss of 96.4 million yuan, slightly higher than the 89.7 million yuan posted a year earlier.
R&D spending remained substantial, totaling 147 million yuan in 2022 and declining gradually to 115 million yuan in 2024. The company invested another RMB 60 million in research and development during the first half of 2025.
According to the filing, proceeds from the planned IPO will be directed toward strengthening R&D, scaling production of intelligent equipment and core components, expanding market presence and brand ecosystem development, and pursuing strategic investments and acquisitions.
