公司暗盘交易将于11月5日16:15开启，投资者情绪或受两大因素支撑——其一，创始人兼CEO韩旭博士 日前签署自愿锁定期协议，承诺未来三年不减持公司股份，此举被市场视为管理层致力于公司稳健发展 的决心，以及对公司长期价值的信心；此外，招股期间公司在中东战略上取得全新突破，于阿联酋获批 城市级纯无人Robotaxi商业化牌照，进一步巩固其在中东市场的先发优势。 全球Robotaxi第一股文远知行-W(0800.HK)港股公开发售已于11月3日截止。此次招股发行价上限为每股 35港元，每手入场费约3535.3港元，公开认购共获逾50倍超额认购。另有市场消息指出，公司国际配售 部分已获多倍覆盖，吸引来自产业投资者、长线基金、对冲基金及高净值个人等专业投资者踊跃认购。 根据灼识咨询的资料，2024年，以城市道路L4级及以上自动驾驶产生的收入计，文远知行占据21.8%的 市场份额。2025年二季度，文远知行营收1.27亿元，同比大幅增长60.8%；其中，Robotaxi业务二季度营 收4,590万元，同比大幅增长836.7%，创公司成立以来单季度新纪录。 根据文远知行《招股书》，目前文远知行拥有1500+自动驾驶车辆， ...

Core Insights - The core focus of the news is on the importance of user privacy and data security in the rapidly evolving autonomous driving technology sector, highlighted by the achievement of the ISO/IEC 27701:2019 certification by the company WeRide, marking a significant milestone in privacy management within the industry [1][3]. Group 1: Certification and Standards - WeRide has successfully obtained the ISO/IEC 27701:2019 privacy information management system certification from TÜV NORD, establishing itself as a leader in privacy management within the autonomous driving sector [1]. - ISO/IEC 27701:2019 is recognized as the world's first international standard for privacy information management, providing systematic management guidelines for controllers and processors of personally identifiable information (PII) [3]. Group 2: Commitment to Privacy Protection - WeRide's commitment to privacy protection has been a gradual process, having previously achieved the ISO/IEC 27001:2022 information security management system certification in December 2024, laying a solid foundation for privacy protection [5]. - The company has implemented various measures to enhance privacy protection, including advanced encryption technologies, strict access control mechanisms, and scientific data de-identification methods to mitigate risks associated with sensitive information exposure [5]. Group 3: Future Outlook - As autonomous driving technology continues to evolve and business scenarios expand, the importance of privacy protection will become increasingly prominent, with WeRide aiming to enhance its information security and privacy protection systems further [7]. - The company intends to leverage this certification as a new starting point to strengthen data governance capabilities and contribute to the improvement of industry privacy protection standards and the healthy development of the smart mobility ecosystem [7].

在全球自动驾驶领域备受瞩目的两家头部企业——文远知行与小马智行，即将于同日登陆港交所挂牌上 市之际，一场突如其来的"数据真实性"争议在IPO前夜爆发，为二者的资本之路平添变数。 10月30日晚间，文远知行（WeRide）首席财务官（CFO）李璇在多个分析师社群中发布长篇信息，直 指其直接竞争对手小马智行（Pony.ai）在面向香港投资者的路演材料中，存在针对文远知行的多项"不 实数据"和"刻意贬低"的表述。李璇称，小马智行的行为"已超出正常竞争范畴"，并要求其立即更正所 有不实信息，同时表示"保留一切法律诉讼权利"。 Jennifer Li (Jennifer Li WeRide CFO) 22:21:24 各位分析师,我们就小马智行在香港路演投资人材 料中对文远的数项虚假指控进行正面回应与驳斥: - 运营区域造假:我方 APP已公开在北京、广州提 供纯无人 Robotaxi 服务,"小马"所谓"仅有北京 1 个地区"的说法,是对投资者的公然欺骗和误导。 - 运营数据造假:我方700+robotaxi车队、超过 2,200天的公共运营记录,以及在北京、广州、中 东等多地的商业化 robotaxi 运营,在招股 ...

Core Points - The article discusses accusations made by the CFO of Wenyan Zhixing against Xiaoma Zhixing regarding misleading information presented to investors during a roadshow [1][2] - Wenyan Zhixing claims that Xiaoma Zhixing's statements are not only false but also damaging to its reputation in the industry [2] Group 1: Accusations by Wenyan Zhixing - Allegation of operational area falsification: Wenyan Zhixing operates fully autonomous Robotaxi services in Beijing and Guangzhou, contradicting Xiaoma's claim that it only operates in Beijing [1] - Allegation of operational data falsification: Wenyan Zhixing has over 700 Robotaxi vehicles and more than 2,200 days of public operation records, disputing Xiaoma's claim of zero completed rides [1] - Allegation of technical capability doubts: Wenyan Zhixing's "one-stage end-to-end" production application has been validated by Bosch and Chery, while Xiaoma's claims about Wenyan's technology are deemed laughable in the tech community [1] Group 2: Industry Implications - Wenyan Zhixing operates in 11 countries and 30 cities, having received licenses in 7 countries, with 5 allowing fully autonomous operations, which is recognized as an industry consensus [1] - The behavior of Xiaoma Zhixing is characterized as exceeding normal competitive boundaries, potentially harming its credibility in the industry [2] - Wenyan Zhixing demands immediate correction of all false information and reserves the right to pursue legal action [2]

Core Viewpoint - The company, WeRide (文远知行), has officially launched its IPO in Hong Kong, aiming to raise over $400 million, with significant backing from major players like Uber and Bosch. However, the company faces substantial financial challenges, including high annual losses and a reliance on low-margin services, raising concerns about its path to profitability [2][6][12]. Financial Performance - WeRide reported a revenue of 199.6 million RMB for the first half of 2025, with only 34.7% coming from its core autonomous taxi business, indicating a heavy reliance on low-margin smart data services and ADAS development [6][8]. - The company's gross margin has significantly declined from 45.7% in 2023 to 30.6% in the first half of 2025, primarily due to a shift from high-margin ADAS custom development to lower-margin services [8]. - For the full year of 2024, WeRide is projected to have total revenues of only 362 million RMB, with a staggering net loss of 2.52 billion RMB [8]. Funding and Use of Proceeds - The IPO proceeds will be allocated with 40% for research and development and 40% for fleet commercialization, highlighting the necessity of funding for operational sustainability [12]. Business Model and Strategy - WeRide operates a "light asset" model, relying on partnerships with OEMs for vehicle production and local partners for overseas operations, which mitigates initial investment risks but raises concerns about control over critical components [13][14]. - The company has a significant dependency on a few large clients, with its top five clients contributing 48.4% of its revenue, which poses risks if demand from these sectors declines [17]. Governance and Control - The founders of WeRide hold over 70% of the voting rights, allowing them to make unilateral decisions regarding the company's strategy and operations, which may limit the influence of external investors [18][19]. - The company has not paid dividends historically and does not plan to do so in the foreseeable future, which could affect investor returns [18]. Market Position and Challenges - WeRide is positioned as a leading player in the L4 autonomous driving sector, with operations in 30 cities across 11 countries, but faces challenges in achieving scalable profitability and maintaining supply chain security amid geopolitical tensions [6][13][16].

Core Viewpoint - The CFO of WeRide, Li Xuan, has publicly criticized Pony.ai for making false claims about WeRide's operations and technology during a roadshow for Hong Kong investors, asserting that these actions exceed normal competitive behavior [1][5]. Group 1: Allegations Against Pony.ai - WeRide accuses Pony.ai of fabricating operational regions, claiming that WeRide's app provides fully autonomous Robotaxi services in Beijing and Guangzhou, contrary to Pony.ai's assertion that WeRide operates only in Beijing [2][4]. - WeRide refutes claims of operational data falsification, stating that it has over 700 Robotaxi vehicles and more than 2,200 days of public operation records, which are verifiable in its prospectus [2][4]. - Concerns about WeRide's technological capabilities are dismissed, with WeRide highlighting its "end-to-end" mass production application validated by Bosch and Chery, while criticizing Pony.ai's claims of having a fully autonomous L4 system without a scalable L2+ project [2][4]. Group 2: Global Operations and Legal Stance - WeRide emphasizes its global presence, operating in 11 countries and 30 cities, with licenses obtained in 7 countries, including 5 where fully autonomous operations are permitted, which is recognized as industry consensus [2][4]. - The company demands that Pony.ai correct all false information and reserves the right to pursue legal action, indicating a serious stance on protecting its reputation [5].

10月30日，在自动驾驶赛道企业小马智行（Pony.ai）与文远知行（WeRide）"同日招股"的最关键节点，一份小马智行的港股路演材料引发了其直接竞争 对手的强烈反弹。 （文/陈济深 编辑/张广凯） 文远知行CFO李璇在分析师群中直指小马智行的路演材料中存在严重数据失实/误导，尤其是在竞争对手比较重将文远运营城市标注为"1个"，甚至将完成 订单数写为"0"属于刻意贬低，超出正常商业竞争。 这场突如其来的"数据狙击"并非偶然。就在两天前（10月28日），这对"自动驾驶双子星"才刚刚同步在港交所发布招股书，并计划于11月6日"同日挂 牌"。这是继2024年在美国"错月"上市、争夺"全球Robotaxi第一股"后，双方再一次在资本市场的"正面对决"。 更具戏剧性的是，这场战火甚至"误伤"了百度。因小马智行的路演材料未列入百度的核心运营城市武汉，有百度IRD（投资者关系部）的人士连夜发声 称"已依法维权"。 这并非两家公司的首次"掐架"。早在今年6月，小马智行CTO楼天城的"牌桌理论"（称桌上只有Waymo、小马和百度）就曾引发文远CFO的公开回怼。 这场"战争"的主角，小马智行（Pony.ai，下称"小马"）与文 ...

Core Insights - WeRide has officially obtained the ISO/IEC 27701:2019 privacy information management system certification, marking its compliance with international standards in information security and privacy protection management [1][5] - The certification is recognized as one of the most authoritative in the global privacy and data security field, providing a systematic management framework for personal identity information (PII) controllers and processors [2] Group 1 - The certification process was conducted by TüV NORD, a reputable international organization, which underscores the credibility of WeRide's compliance efforts [3] - WeRide has made significant investments in various aspects of information security and privacy protection management, including technology architecture, system design, process compliance, and employee awareness education [5] - The company has previously obtained the ISO/IEC 27001:2022 information security management system certification, further demonstrating its commitment to international standards in information security [5] Group 2 - WeRide's autonomous driving business has expanded to 30 cities across 11 countries on three continents, showcasing its global reach and commitment to user privacy [7] - The certification reinforces WeRide's dedication to protecting end-user privacy and enhances its reliability in privacy protection and compliance operations, laying a solid foundation for international cooperation [7] - The company aims to continuously improve its information security and privacy protection systems, enhancing data governance capabilities to promote trustworthy, secure, and sustainable global smart mobility services [7]

Core Viewpoint - The article discusses the growth and operational performance of Xiangdao Mobility, a leading comprehensive smart travel platform in China, which is expanding its services in the ride-hailing and Robotaxi sectors. Group 1: Company Overview - Xiangdao Mobility is positioned as a leading all-scenario smart travel platform in China, offering ride-hailing, vehicle rental, vehicle sales, and Robotaxi services to meet diverse travel needs [1]. - The company was initiated by SAIC Motor Corporation and has gradually attracted key investors from the industry chain, including Momenta (autonomous driving solutions), Amap (map services), and CATL (power battery supplier) [2]. Group 2: Operational Data - In 2024, Xiangdao Mobility achieved an average of over 600,000 daily orders, with a total transaction value (GTV) exceeding RMB 5.5 billion [3]. - As of June 30, 2025, the company's ride-hailing services have expanded to cover 85 cities across China [3]. Group 3: Financial Performance - The revenue for Xiangdao Mobility for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 4.729 billion, RMB 5.718 billion, RMB 6.395 billion, and RMB 3.013 billion respectively [4]. - The gross profit for the same periods was approximately RMB 494.87 million, RMB 376 million, RMB 448 million, and RMB 341 million respectively [4]. - The company is anticipated to follow in the footsteps of other ride-hailing firms like Dida Chuxing, Cao Cao Mobility, and Ruqi Chuxing in potentially listing on the Hong Kong stock exchange [4]. Group 4: Market Trends - The article notes that two leading domestic Robotaxi companies, WeRide and Pony.ai, have successfully listed on NASDAQ and are now initiating their IPO processes in Hong Kong, indicating a trend of dual listings in both US and Hong Kong markets [6][7].

Core Viewpoint - The CFO of WeRide, Li Xuan, has publicly responded to false claims made by Pony.ai during a roadshow for Hong Kong investors, asserting that the accusations are misleading and unfounded [1][2][3][4]. Group 1: Response to Allegations - Allegation of operational area falsification: WeRide's app has publicly provided fully autonomous Robotaxi services in both Beijing and Guangzhou, contradicting Pony.ai's claim that services are only available in Beijing [1][3]. - Allegation of operational data falsification: WeRide operates a fleet of over 700 Robotaxis with more than 2,200 days of public operational records, which are clearly documented in their prospectus. The claim that WeRide has "zero completed rides" is baseless [1][3]. - Allegation regarding technical capabilities: WeRide's "end-to-end" mass production application has been validated by Bosch and Chery. Pony.ai's assertion that WeRide only has a two-stage system, while claiming to have achieved L4 fully end-to-end, is seen as laughable in the tech community [1][3]. Group 2: Global Operations and Legal Stance - WeRide operates in 11 countries across 30 cities and has received licenses in 7 countries, with 5 of those allowing fully autonomous operations, which is recognized as an industry consensus [1][3]. - The company asserts that Pony.ai's actions exceed normal competitive behavior and could damage its own credibility within the industry. WeRide demands immediate correction of all false information and reserves the right to pursue legal action [2][4].