Core Viewpoint - Macquarie has initiated coverage on WeRide (WRD.US, 0800.HK) with an "Outperform" rating, setting target prices of HKD 46 for its Hong Kong stock and USD 17.5 for its U.S. stock, recognizing the company's core competitiveness and growth potential in the global autonomous driving sector [1] Group 1 - WeRide's core advantages lie in its diversified L4 autonomous driving product matrix and strong strategic partnerships, positioning it favorably in building a scalable and global autonomous driving service network [1] - The company is the only tech firm globally to hold autonomous driving licenses in eight countries, including China, UAE, and Singapore, and has developed a comprehensive product matrix that includes autonomous taxis, minibuses, freight vehicles, sanitation vehicles, and L2 driver assistance systems [1] - WeRide's global layout is supported by its extensive application scenarios in smart mobility, smart freight, and smart sanitation, establishing a solid foundation for its international expansion [1] Group 2 - WeRide's recent overseas expansion efforts have gained momentum, with a partnership with Uber announced on February 6 to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering key markets such as Abu Dhabi, Dubai, and Riyadh [2] - WeRide has a four-year first-mover advantage in Abu Dhabi, where its Robotaxi fleet is nearing single-vehicle breakeven and has initiated fully autonomous commercial operations, becoming a benchmark in the Middle East's autonomous driving sector [2] Group 3 - As of January 12, 2026, WeRide's global Robotaxi fleet has reached 1,023 vehicles, operating in over ten major cities worldwide, with successful fully autonomous commercial operations launched in Guangzhou, Beijing, and Abu Dhabi [5] - WeRide is the first autonomous driving tech company to be dual-listed on both U.S. and Hong Kong stock exchanges, gradually realizing its commercial value through proprietary technology, diverse product offerings, and global expansion, gaining significant attention and recognition from the capital markets [5]

每经AI快讯，2月12日，文远知行与优步宣布，正式启动阿布扎比市中心首个Robotaxi商业运营服务， 这是阿布扎比市中心首次部署自动驾驶车辆。随着此次服务扩展，文远知行和Uber的Robotaxi运营范围 现已覆盖阿布扎比约70%的核心区域。自2024年12月启动Robotaxi商业运营以来，双方合作的车队规模 已实现四倍增长。 （文章来源：每日经济新闻） ...

Core Insights - WeRide and Uber have officially launched the first Robotaxi commercial operation service in downtown Abu Dhabi, marking the deployment of autonomous vehicles in the city center [1] - The Robotaxi service now covers approximately 70% of Abu Dhabi's core areas, with a fourfold increase in fleet size since the service began in December 2024 [1] Group 1: Service Expansion - The Robotaxi service area has been extended to include Khalifa City, Masdar City, Rabdan, and the Corniche Road area leading to the Sheikh Zayed Grand Mosque, connecting key landmarks and popular hotels [2] - The service aims to enhance urban connectivity and convenience in Abu Dhabi, supporting the UAE's vision for smart mobility [4] Group 2: Operational Details - Passengers can access the WeRide Robotaxi GXR through Uber Comfort or Uber X options, with a dedicated "Autonomous" category available in the Uber app [4] - Currently, each Robotaxi is equipped with a safety operator, with plans to transition to fully autonomous operation in phases [4] Group 3: Market Position and Future Plans - WeRide has deployed over 200 Robotaxis in the Middle East and plans to expand the fleet to thousands in the coming years [5][6] - By February 2026, WeRide and Uber aim to deploy at least 1,200 Robotaxis across Abu Dhabi, Dubai, and Riyadh [6] - WeRide has maintained a competitive edge in Abu Dhabi since 2021 and became the first company in the UAE to obtain a national-level autonomous driving license in 2023 [8]

Core Insights - The company aims to double its autonomous taxi fleet this year, leveraging AI to significantly reduce costs and move closer to profitability [1][3] - The internal AI testing platform has reduced data collection and training costs by 75%, allowing the company to compete effectively in the autonomous taxi market [1][2] - The company is confident in achieving profitability by 2030, aligning with industry trends, and has set a global fleet target of 2,000 to 3,000 vehicles by the end of this year [3] Cost Reduction through AI - The company has developed a simulator that uses AI to train autonomous taxis for extreme weather, heavy traffic, and nighttime driving scenarios [2] - The AI testing platform, named Genesis, enhances safety by teaching vehicles to handle unexpected situations, while also significantly lowering costs [2] - The focus on cost control is crucial for the company and its domestic competitors, such as Xiaoma Zhixing and Baidu's Apollo Go, as they aim for large-scale development of autonomous vehicles [2] Competitive Landscape - The company is part of the "Big Three" in China's autonomous taxi industry, competing domestically and internationally against rivals like Waymo [2][3] - Xiaoma Zhixing has achieved single-vehicle breakeven in Guangzhou, indicating a potential path to profitability for the company as well [3] - The company plans to continue investing heavily in R&D, prioritizing quality products and core technology over rapid profitability [4]

经济观察网文远知行近期获得多家机构积极评级，但股价表现相对疲软，主要受市场流动性、行业竞争 及盈利前景担忧等因素影响。 机构观点 Robotaxi领域竞争激烈，且公司仍处于亏损阶段，市场更关注短期盈利验证。L4级自动驾驶商业化尚处 早期，政策与技术进步的不确定性可能压制估值。 股价异动原因 与Uber合作、支付宝接入等利好近期已释放，部分资金可能选择"利好出尽"获利了结，导致股价在短期 上涨后未能持续。 未来发展 机构普遍认可公司的技术优势和全球化布局，但市场更关注其盈利时间表。尽管中东业务有盈亏平衡进 展，投资者仍担忧扩张带来的现金流压力。 以上内容基于公开资料整理，不构成投资建议。 麦格理首次覆盖给予"跑赢大市"评级，看好其海外轻资产模式及中东Robotaxi部署计划。摩根大通重 申"增持"评级，但指出其美股年内跑输相关指数，市场担忧Robotaxi领域竞争。中银国际维持"买入"评 级，预计2025年第四季度收入环比增长超70%，但股价未充分反映该预期。 股票近期走势 尽管有利好评级，文远知行美股与港股近期均出现下跌，成交额显示流动性较低。年初至今，其美股和 港股累计跌幅显著，反映资金对高估值自动驾驶板块 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company has established a strong competitive moat in L4 autonomous driving through technology, licensing, mass production capabilities, and operational efficiency. It has developed the WeRide One platform, which integrates AI models, software algorithms, modular hardware design, and cloud architecture, enhancing scalability and versatility [1][28]. - The company has achieved significant milestones in licensing, having obtained autonomous driving licenses in eight countries, including China, UAE, Singapore, France, the USA, Saudi Arabia, Belgium, and Switzerland, positioning it as an industry leader [1][36]. - As of January 12, 2026, the company's global Robotaxi fleet reached 1,023 vehicles, with a target of deploying tens of thousands by 2030 [1][41]. Summary by Sections Company Overview - The company, WeRide, was founded in 2017 and is the only technology firm with autonomous driving licenses in eight countries. It focuses on developing safe and reliable autonomous driving technologies across various applications, including Robotaxi, Robobus, Robovan, and Robosweeper [16]. Technology and R&D - The company emphasizes R&D, with a high proportion of its workforce dedicated to it. As of June 30, 2025, 93.7% of its full-time employees are R&D personnel, including top AI scientists and engineers [28]. - The WeRide GENESIS simulation model significantly enhances the efficiency and capability of autonomous driving algorithms, reducing the time and cost of traditional road testing [31][32]. Licensing and Market Presence - The company has a clear advantage in licensing, having secured multiple licenses in various cities, including Shanghai and Abu Dhabi, where it has commenced fully autonomous operations [2][39]. - The company has successfully launched its Robotaxi services in major cities, including Beijing, Guangzhou, and Abu Dhabi, with plans to expand further [2][45]. Financial Projections - The company forecasts net losses of CNY 1.69 billion, CNY 1.37 billion, and CNY 1.10 billion for the years 2025, 2026, and 2027, respectively, with expected EPS of -CNY 1.65, -CNY 1.33, and -CNY 1.07 [3][5]. Market Strategy - The company is focused on both domestic and international markets, with a robust strategy for global expansion, particularly in the Middle East, where it has established a significant presence [2][82]. - The company aims to achieve single-vehicle breakeven in Abu Dhabi, indicating a viable business model for its Robotaxi services [54][86].

Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

Group 1 - Macquarie initiated coverage on WeRide (WRD.US, 0800.HK) with an "Outperform" rating, setting target prices of HKD 46 for Hong Kong shares and USD 17.5 for U.S. shares [1] - WeRide's advantage in building a scalable global autonomous driving service network is attributed to its diversified L4 product matrix and strategic partnerships [1] - The future winners in the autonomous taxi sector will depend on establishing network effects with first-mover advantages and validating scalable profit models, which aligns with WeRide's strategy of rapid overseas market expansion [1] Group 2 - WeRide's asset-light model significantly reduces capital expenditure requirements, accelerates market entry, and enhances capital efficiency, allowing for quicker profitability without increasing balance sheet burdens [1] - While autonomous taxis are expected to grow the fastest, other L4 vehicle models are also crucial for WeRide to establish regulatory trust in overseas markets, creating synergies that help overcome regulatory barriers [1] - As of January 12, 2026, WeRide's global Robotaxi fleet reached 1,023 vehicles, with operations in over 10 major cities, including commercial operations of fully autonomous Robotaxis in Guangzhou, Beijing, and Abu Dhabi [2]

Group 1 - The core viewpoint of the report is that Macquarie initiates coverage on WeRide (WRD.US, 0800.HK) with an "Outperform" rating, setting target prices of HKD 46 for its Hong Kong stock and USD 17.5 for its U.S. stock [1] - Macquarie highlights WeRide's significant advantages in building a scalable global autonomous driving service network, supported by a diversified L4 product matrix and strategic partnerships [1] - The report emphasizes that the future winners in the autonomous taxi sector will depend on establishing network effects with first-mover advantages and validating scalable profit models, which aligns with WeRide's strategy of rapid overseas market expansion [1] Group 2 - Macquarie notes that while autonomous taxis are expected to grow the fastest, other L4 vehicle models are also crucial for WeRide in establishing regulatory trust overseas, creating synergies that help overcome regulatory barriers in different regions [3] - On February 6, WeRide announced a partnership with Uber to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering major markets such as Abu Dhabi, Dubai, and Riyadh [4] - As of January 12, 2026, WeRide's global Robotaxi fleet reached 1,023 vehicles, with operations in over 10 major cities, achieving commercial operations of fully autonomous Robotaxis in Guangzhou, Beijing, and Abu Dhabi, with the Abu Dhabi fleet nearing breakeven on a per-vehicle basis [4]

Group 1 - The Hong Kong stock market saw a strong performance in AI application stocks, with notable gains from companies such as Zhizhu (up over 16%), Yuedu Group (up over 9%), and Fubo Group (up over 8%) [1][2] - The recent launch of the AI video generation model Seedance 2.0 by ByteDance on the Jimeng platform has sparked widespread evaluation and discussion within the AI industry, showcasing impressive capabilities in multi-modal thinking and video generation [1] - Seedance 2.0 supports various input types including text, images, videos, and audio, and has achieved breakthroughs in key areas such as self-operated and distributed shooting, audio-visual synchronization, and multi-angle storytelling [1] Group 2 - Zhizhu's stock price increased by 16.26% to 321.800, with a total market capitalization of 143.472 billion and a year-to-date increase of 176.94% [2] - Yuedu Group's stock rose by 9.38% to 41.300, with a market cap of 42.187 billion and a year-to-date increase of 25.23% [2] - Fubo Group's stock gained 8.75% to 4.970, with a market capitalization of 12.637 billion and a year-to-date increase of 20.92% [2]