China Mining Equipment Sector: Eacon autonomous: Post-IPO NDR Takeaways

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China Mining Equipment Sector: Eacon autonomous: Post-IPO NDR Takeaways

Global Research

22 July 2026ab

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EquitiesChina Mining Equipment Sector

Eacon autonomous: Post-IPO NDR Takeaways China Emerging

Industrial

Yuhua Li

China's largest mining autonomous-haulage provider Analyst

We hosted EACON's post-IPO NDRs in Shanghai and Beijing. Investor focus centred on yuhua.li@ubs.com

three areas: industry TAM, competitive dynamics, and overseas deployment. EACON is +852-2971 6491

China's largest (by deployed units) mining autonomous-driving software supplier, with Phyllis Wang

3,200+ mining trucks deployed and a year-end target of ~5,000 units. It runs two Analyst

models - TaaS (EACON owns the trucks: 871 units by 2025 end) and ATaaS (software/ S1460517100001

operations only: 1,709 units by 2025 end) - and has stopped adding new TaaS vehicles phyllis.wang@ubs.com

+86-21-3866 8964since Apr 2025, steering the business toward the asset-light ATaaS model. At the end of

2025, its domestic market share is 55.5% by deployed units. Its shareholders include

Zijin Mining, CATL , XCMG,Yankuang Energy and Tongli. EACON posted a net loss of

Rmb516m in 2025 (adjusted net loss: Rmb485mn). Management is targeting a further

narrowing of losses in 2026, with an accounting profit inflection point expected around

2027.

Domestic penetration guided to over 50% by 2030

Autonomous penetration of newly sold mining trucks rose from ~6% in 2024 to ~15%

in 2025, which the company views as the industry inflection point, and it guides new-

sales penetration to over 50% by 2030. The domestic installed base of mining trucks

(wide-body trucks + rigid mining trucks) is ~100k; overseas, large rigid mining trucks

total an estimated 60-70k units; including smaller rigid trucks, wide-body trucks, the