智通财经APP获悉，文远知行-W(00800)午后涨超4%，截至发稿，涨4.73%，报23.9港元，成交额 1335.96万港元。 公开资料显示，文远知行是全球领先的L4级自动驾驶产品和解决方案提供商。小摩表示，继续看好文 远知行，原因是其国际战略合作具备领先优势且日益深化、海外生态长期经济份额存在潜在上行空间、 以及高级驾驶辅助系统（ADAS）开始获得国内市场认可，该行认为这些因素共同支撑了当前估值下具 吸引力的风险回报。 消息面上，在近日召开的中国智驾大赛-台州站中，由文远知行和博世技术联合打造的WePilot 3.0 ADAS解决方案的奇瑞星途星纪元ES，凭借"零接管"的极致表现和112.81分的全场最高分，强势问鼎冠 军。WePilot 3.0是文远知行在一段式端到端AI大模型、系统集成能力以及软硬件深度协同上的全面跃升 结晶。 ...

文远知行创始人兼CEO韩旭 "'十五五'规划建议就像为中国科技产业腾飞绘制的精准导航图，其中新质生产力、新型举国体制、新安全格局、中国式 现代化这四个关键词，不仅精准指向文远知行深耕的领域，更让我们看到了自动驾驶行业从技术领先迈向商业成功的关 键窗口期。"文远知行创始人兼CEO韩旭在接受中国经济网记者专访时，充满对未来五年行业发展的期待与信心。 韩旭认为，自动驾驶的发展也将融入"中国式现代化"的伟大征程。"中国庞大的出行和物流需求，复杂的混合交通场景， 是培育世界级自动驾驶技术的绝佳'试验田'。规划建议中所强调的新型城镇化、乡村振兴、交通强国等内容，蕴含着城 市公交、微循环、末端配送、城际货运等丰富落地场景，而自动驾驶技术的普惠化、绿色化应用，也将为中国式现代化 注入强劲动力。" 锚定这四大关键词，文远知行已明确了"十五五"时期的发展路径：持续高强度研发投入，巩固L4全栈技术领先优势；深 度融入国家战略协同，参与关键核心技术攻关联盟；打造全方位安全护城河，将各类安全置于最高优先级；聚焦规模化 商业落地，加速多场景应用拓展。"我们有信心在'十五五'时期，成为全球自动驾驶商业化落地与价值创造的标杆企 业。"韩旭表 ...

Core Insights - The company achieved revenue of 171 million yuan in Q3 2025, representing a year-on-year growth of 144.2% and a quarter-on-quarter increase of 34.4%, while net profit was -307 million yuan [1] - The company's gross margin improved year-on-year, with a gross margin of 32.9%, reflecting a significant increase of 26.4 percentage points [2] - The company is a leading provider of L4 autonomous driving products and solutions, having accelerated the commercialization of its L4 products [3] Financial Performance - In Q3 2025, the company's product business revenue was 79.2 million yuan, up 428.0% year-on-year, driven by increased sales of Robotaxi and Robobus [1] - The service business revenue reached 91.8 million yuan, a year-on-year increase of 66.9%, primarily due to growth in smart data services and autonomous driving-related operational and technical support services [1] - The adjusted net profit for Q3 2025 was -276 million yuan, compared to -240 million yuan in Q3 2024 and -301 million yuan in Q2 2025 [1] Operational Highlights - The company has received autonomous driving licenses in eight countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [3] - As of October 31, 2025, the company deployed over 300 Robotaxi vehicles in Guangzhou, achieving up to 25 single trips per vehicle during a 24-hour operational period [3] - The company announced a partnership with Uber to launch L4 Robotaxi commercial operations in Abu Dhabi, with plans to scale to thousands of vehicles by 2030 [3] Technological Advancements - The company successfully achieved SOP for its L2+ level assisted driving solution, which supports the entire vehicle series of the Xingtu brand [4] - The Robobus service in Guangzhou has served over 1 million public passengers as of September 30, 2025 [3] - The company has initiated trial operations for Robobus in the UAE and received Belgium's first federal-level L4 autonomous driving testing license [3] Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 551 million, 1 billion, and 1.866 billion yuan respectively, down from previous estimates [4] - The projected net losses for the same period are expected to be -1.416 billion, -1.310 billion, and -1.018 billion yuan [4]

12月10日，未来图灵在MEET2026智能未来大会上获悉，刚完成美股、港股两地上市的文远知行创始人兼CEO韩旭，在对话中回顾八年创业历程，并对行业 现状与未来发表了观点。 对于特斯拉的FSD，韩旭做出了一个"危险"的预言："如果他还是用model 3或者model y这样的量产车，三年之内他无法在旧金山做到跟今天文远一样的水 平。"他解释称，并非认为其做不到，而是时间往往会产生巨大延迟。 他预测："八年的时间随着人工智能大模型算力发展，可能会出现super human driver，就是这个车开的会比人开的最好的司机开的都好。"他将此称为自动驾 驶的"AlphaGo时刻"，并预计"2033年年底的时候，自动驾驶可以超过99.99%的人类。" 注：左边韩旭 右边李根 他进一步批评了行业乱象："有的车厂或者平台可能是拿了别人家的技术，然后买了别人的车，然后刷个喷漆，然后说自己有L4的技术，我觉得这是不正确 的。"他强调，真正的L4公司必须拥有自己的技术并经历重复运营验证。 针对L2+（高阶辅助驾驶）与L4的路线之争，韩旭基于公司同时布局两端的实践给出判断："我可以负责任的告诉大家，L2加加做好不容易，但是它的难 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][58]. Core Insights - The company achieved revenue of 171 million yuan in Q3 2025, representing a year-on-year growth of 144.2% and a quarter-on-quarter increase of 34.4% [1][6]. - The net profit for Q3 2025 was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025 [1][6]. - The company is a global leader in L4 autonomous driving products and solutions, with significant advancements in commercializing its L4 products [3][24]. Financial Performance - In Q3 2025, the company's gross margin was 32.9%, a year-on-year increase of 26.4 percentage points [2][14]. - The adjusted net profit margin for Q3 2025 was -161.2%, showing a significant improvement from previous quarters [2][14]. - The company’s expense ratio decreased to 254.9% in Q3 2025, down 1024.4 percentage points year-on-year [2][19]. Business Segments - Product revenue in Q3 2025 was 79.2 million yuan, a remarkable year-on-year growth of 428.0%, driven by increased sales of Robotaxi and Robobus [1][7]. - Service revenue for the same period was 91.8 million yuan, up 66.9% year-on-year, primarily due to growth in smart data services and autonomous driving-related operational support [1][7]. Market Expansion and Partnerships - The company has accelerated the commercialization of its L4 products, obtaining autonomous driving licenses in multiple countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [3][25]. - In November 2025, the company launched L4 Robotaxi commercial operations in Abu Dhabi in partnership with Uber, marking a significant milestone in the Middle East [32]. - The company has also expanded its Robobus services to various cities, including operations in UAE and Belgium [43][44]. Future Projections - The report has adjusted revenue forecasts for 2025-2027 to 5.51 billion yuan, 10.00 billion yuan, and 18.66 billion yuan, respectively, reflecting a downward revision due to domestic L4 policy openings [58]. - The projected net losses for the same period are -14.16 billion yuan, -13.10 billion yuan, and -10.18 billion yuan [58].

证券研究报告 | 2025年12月09日 文远知行（WRD.O/0800.HK） 优于大市 单三季度收入同比增长 144%，L4 产品商业化落地加速推进 2025Q3 公司实现营收 1.71 亿元，同比增长 144%。2025Q3，公司实现收 入为 1.71 亿元，同比增长 144.2%，环比增长 34.4%，净利润为-3.07 亿 元（2024Q3 为-10.43 亿元，2025Q2 为-4.06 亿元），调整后净利润为 -2.76 亿元（2024Q3 为-2.40 亿元，2025Q2 为-3.01 亿元）。分业务来 看，1）2025Q3，公司产品业务收入为 7920 万元，同比增长 428.0%，收 入增长主要由于 2025Q3 公司 Robotaxi 和 Robobus 销量增加。2）2025Q3， 公司服务业务收入为 9180 万元，同比增长 66.9%，增长主要得益于智能 数据服务收入以及自动驾驶相关运营和技术支持服务收入增加。 2025Q3，公司毛利率同比提升，费用率下降。2025Q3，公司的毛利率/ 净利率/经调整净利率分别为 32.9%/-179.7%/-161.2%，分别同比变动 +26.4 ...

Core Viewpoint - Bohai Chemical is planning to acquire control of Tianjin Taida New Materials Co., Ltd. by selling its 100% stake in Tianjin Bohai Petrochemical Co., Ltd. and issuing shares along with cash payments [2][5]. Group 1: Transaction Details - Bohai Chemical announced that its stock will be suspended from trading starting December 8, 2025, due to the planned major asset restructuring, which will not lead to a change in the actual controller [4]. - The transaction is still in the planning stage, and no formal agreements have been signed yet, indicating uncertainty regarding its implementation [4]. Group 2: Company Performance - Bohai Chemical has been facing long-term performance pressure, with losses reported since 2022. The company aims to transform its business through the acquisition of Taida New Materials [5]. - The company’s main products include data cards, printed materials, and intelligent card application systems, while Bohai Petrochemical focuses on the production and sale of petrochemical raw materials like propylene [5]. Group 3: Financial Data - As of September 30, 2025, Bohai Chemical reported total revenue of 28.09 billion, a decrease of 16.82% year-on-year, and total costs of 33.90 billion, leading to an operating loss of 5.76 billion [6]. - The net profit for the same period was -5.79 billion, reflecting a year-on-year decline of 7.85% [6]. Group 4: Taida New Materials Overview - Taida New Materials specializes in the research, development, manufacturing, and sales of heavy aromatic oxidation products, with its main product being trimellitic anhydride (TMA), which has various applications in industries such as PVC resin plasticizers and epoxy resin curing agents [6][7]. - Taida New Materials has attempted to go public multiple times since 2016 but has not succeeded in its IPO efforts [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 记者 李智 【导读】渤海化学筹划购买泰达新材控制权，股票停牌 12月5日晚间，渤海化学发布公告称，公司正在筹划出售天津渤海石化有限公司（以下简称渤海石化） 100%股权，并通过发行股份及支付现金的方式购买安徽泰达新材料股份有限公司（以下简称泰达新 材）的控制权。 | | | 本次交易预计构成重大资产重组，不会导致实控人变更，不构成重组上市。 经申请，公司股票自12月8日开市起停牌，预计停牌时间不超过10个交易日。 渤海化学表示，截至目前，本次交易仍处于筹划阶段，交易各方尚未签署正式的交易协议，本次交易最 终能否实施存在不确定性。敬请广大投资者注意投资风险。 业绩长期承压 公开资料显示，渤海化学主要以数据卡、印刷品、智能卡应用系统及配套机具三大类产品为主业，是智 能卡产品相关系统集成与整体解决方案的提供商和服务商。 渤海石化的主营业务为丙烯等石化基础原料产品的生产与销售。出售渤海石化，意味着将上市公司核心 业务之一置出。但是在半年报中，渤海化学曾表示，要加快渤海石化丙烯酸酯和高吸水性树脂新材料项 目建设。 业绩方面，渤海 ...

渤海化学（600800）将停牌。 12月5日晚间，渤海化学（600800）发布公告称，公司正在筹划出售天津渤海石化有限公司100%股权、 通过发行股份及支付现金的方式购买安徽泰达新材料股份有限公司的控制权（以下简称"本次交 易"或"本次重组"）。 经初步测算，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重组，本次交易不 会导致公司实际控制人发生变更，不构成重组上市。根据《上海证券交易所股票上市规则》等相关法 规，本次交易构成关联交易。 | 证券代码 | 证券间称 | 修复牌类型 | 停牌起始日 | 食障 期间 | 像牌终止日 | 通路日 | | --- | --- | --- | --- | --- | --- | --- | | 600800 | 动漫化学 | A 股 停牌 | 2025/12/8 | | | | 公司股票（简称：渤海化学，股票代码：600800）将自2025年12月8日（下周一）开市起开始停牌，预 计停牌时间不超过10个交易日。 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 | | --- | | 或者重大遗漏,并对其内容的真实性、准确性和完整性 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 文遠知行 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00800 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | USD | | 0.00001 | USD | | 45,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,500,000,000 | USD | | 0.00001 | USD | | 45,000 | ...