每经编辑｜毕陆名 美国新预算法案引发交易员对赤字的担忧，而美债拍卖结果不佳，加速债市抛售，美股指数受拖累创一个月最大跌 幅。美元连续三日走低，黄金延续上涨趋势。 美债收益率飙升引发了美股广泛抛售，三大美股指创一个月最大跌幅。美东时间周三，美股三大指数集体收跌，截至 收盘，道指跌1.91%，纳指跌1.41%，标普500指数跌1.62%。 长期国债成为抛售的重灾区。美国20年期国债收益率日内冲高13个基点至5.12%，30年期国债收益率升至5.09%；十年 期国债收益率也升至近3个月的新高4.60%。美元对主要货币同步走弱，也就是出现了俗称的"股汇债三杀"。 值得一提的是，美股盘中，美国20年期国债拍卖惨淡，得标利率突破5%，几乎是该期限自五年前推出以来表现最差 的一次。 周三纽约尾盘，CME比特币期货BTC主力合约较周二纽约尾盘涨1.07%，报10.9万美元，北京时间21:30开启一波陡峭 的上涨行情，00:45涨穿11.0万美元——逼近2024年12月17日顶部11.3万美元，01:00美国财政部20年期国债发行结果揭 晓后迅速回吐涨幅并转跌。 美股三大指数集体收跌 美东时间周三，美股三大指数集体收跌。 标普 ...

WeRide (WRD) Q1 2025 Earnings Call May 21, 2025 07:00 AM ET Company Participants Tony Han - Founder, Chairman & CEOJennifer Li - CFOLiping Zhao - Vice President Conference Call Participants Tim Hsiao - AnalystJoel Ying - AnalystYawen Tan - APAC Industrials Equity AnalystNone - AnalystLeo You - Equity Research Analyst Operator Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeWrite's First Quarter twenty twenty five Earnings Conference Call. At this time, parti ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 increased by 1.8% to RMB 72.4 million, driven by growth in product revenue, partially offset by a slight decline in service revenue [17] - Robotaxis contribution to group revenue rose to 22.3%, up from 11.9% in the same period of 2024 [18] - Product revenue increased by 46.7% to RMB 9.5 million, primarily due to a substantial increase in sales of Robotaxi and RoboCapers [18] - Net loss decreased by 17.7% to RMB 385.1 million, while on a non-IFRS basis, net loss increased by 108.2% to RMB 294.6 million due to continuous investment in R&D [23][24] Business Line Data and Key Metrics Changes - Global taxi revenue reached RMB 16.1 million, continuing momentum from a record high in FY 2024 [18] - Revenue from ADAS R&D services declined by RMB 33.5 million due to the completion of a customized project in 2024, but was partially offset by an increase in intelligence data services and operational support services [20] Market Data and Key Metrics Changes - The company expanded its robotaxi services in major cities like Beijing and Guangzhou, launching routes that cover over 250 kilometers in densely populated urban areas [11] - The company is scaling operations in international markets, particularly in Europe and the Middle East, with plans to deploy robotaxi services in 15 additional cities globally [5][8] Company Strategy and Development Direction - The company aims to solidify its leading position in autonomous mobility by expanding its robotaxi presence and enhancing partnerships, particularly with Uber [5][30] - A phased approach to operational expansion is being adopted to ensure high service quality while meeting regulatory and safety standards [9][10] - The company is focused on building a sustainable business model through trusted partnerships and localized deployments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and technological excellence, particularly in light of the expanded partnership with Uber [6][30] - The company is optimistic about capturing opportunities in markets that are favorable to autonomous driving, citing increasing interest in AV technology [86] Other Important Information - The board authorized a share repurchase program of up to USD 100 million, reflecting confidence in the company's fundamentals and growth trajectory [24][108] - The company has a strong cash position with total capital reserves of RMB 6.2 billion, including RMB 4.4 billion in cash and equivalents [24] Q&A Session Summary Question: Why did WeRide and Uber decide to expand their partnership? - The expanded partnership builds on a proven model, combining WeRide's autonomous driving technology with Uber's operational expertise, aiming to deploy services across 15 major global cities within five years [30][31] Question: What regions will be the main focus for robotaxi rollout? - The focus is on markets in Europe and the Middle East, with a phased approach to adding cities, likely three new cities each year [35][36] Question: Can you share insights on robotaxi economics and cost structure? - Robotaxi economics significantly reduce driver costs, with expectations of 50% or more cost-effectiveness compared to traditional taxis in developed markets [44][46] Question: What is the company's view on competition from aggressive OEMs entering the robotaxi business? - The company welcomes competition and believes its proven technology and safety record provide a significant edge over competitors [66][71] Question: What are the plans for further fleet expansion and operation areas? - The company plans to gradually increase deployment in selected tier one cities in China and scale operations through global partnerships [75][78] Question: What is the company's view on regulations in different markets? - The company sees favorable regulations in several countries, particularly in the Middle East and Europe, and believes it is well-positioned to capture opportunities in these markets [80][82]

2025年第一季度毛利率为35%，与2024年第四季度的毛利率相比相对稳定。 作为迄今为止同类合作中规模最大的合作之一，文远知行与优步携手，继阿布扎比和即将进军迪拜之 后，将商业化自动驾驶出租车服务拓展至另外15个城市。优步承诺在现有投资的基础上，再向文远知行 注资1亿美元。 截至2025年3月31日，公司拥有现金及现金等价物及定期存款44.285亿元、以公允价值计量且其变动计 入损益的金融资产17.477亿元以及受限现金1470万元。 周三美股盘起，文远知行(WRD.US)公布截至2025年3月31日的三个月的未经审计财务业绩。财报显 示，文远知行一季度营收7240万元(单位：人民币，下同)，同比增长1.8%；摊薄后每股亏损为0.46元， 上年同期亏损为3.95元。 文远知行一季度净亏损为3.851亿元(5310万美元)，而2024年同期为4.681亿元；每股ADS净亏损为1.38元 (0.18美元)，而2024年同期亏损为11.85元。 2025年第一季度，文远知行的车队规模已增至1200多辆，累计公共运营时间超过2000天。 自动驾驶出租车业务收入为1610万元，占公司2025年第一季度总收入的22.3 ...

商业化进程 一、Robotaxi业务接连取得重大突破 与Uber达成行业史上最大规模Robotaxi合作计划 2025年5月21日，全球领先的自动驾驶科技公司文远知行WeRide（Nasdaq: WRD）发布2025年一季度财报。公司全球市场表现持续亮眼，一季度总收入 7,244万元，实现稳健提升；毛利率35.0%，继续领跑行业；Robotaxi收入1,610万元人民币，占总收入比例大幅提升至22.3%；与Uber深化战略合作，达 成行业史上最大规模Robotaxi合作计划的同时，获得Uber追加的1亿美元股权投资。 同时，公司宣布获董事会授权在未来12个月内回购最高1亿美元等值股份，彰显公司对未来发展前景的坚定信心。 财务表现 双方计划未来五年在全球新增15座城市，规模化部署Robotaxi，覆盖欧洲、中东等国际市场。 1. 收入稳步提升，一季度实现收入7,244万元 2. 毛利率领跑行业，一季度毛利率0% 3. Robotaxi收入显著增长，一季度实现收入1,610万元 4. Robotaxi贡献突出，占收入比例22.3%，收入占比同比提升10.4个百分点 5. 现金储备充裕，现金及各类等价物约9亿元 6 ...

Core Viewpoint - WeRide Inc. has authorized a share repurchase program to buy back up to US$100 million of its Class A ordinary shares over the next 12 months, reflecting confidence in its business fundamentals and long-term outlook [1][2]. Company Overview - WeRide is a global leader in the autonomous driving industry and the first publicly traded robotaxi company, with operations in over 30 cities across 10 countries [3]. - The company offers a versatile and adaptable autonomous driving platform, WeRide One, which addresses various transportation needs across mobility, logistics, and sanitation [3]. - WeRide was recognized in Fortune Magazine's 2024 "The Future 50" list, highlighting its innovative position in the industry [3]. Share Repurchase Program - The share repurchase program is intended to be executed in the open market at prevailing prices, through privately negotiated transactions, block trades, or other legally permissible means, depending on market conditions [2]. - The program will be funded from the company's existing cash balance, demonstrating a commitment to returning capital to shareholders while investing in growth [2].

Core Insights - WeRide Inc. reported its unaudited financial results for Q1 2025, highlighting a total revenue of RMB72.4 million (US$10.0 million), a 1.8% increase from the same period in 2024, despite global economic uncertainties [15][4][14] - The company expanded its robotaxi services through strategic partnerships, notably with Uber, which includes a US$100 million equity investment and the launch of services in 15 additional cities [3][4][14] - WeRide's gross profit margin remained stable at 35% in Q1 2025, with a significant increase in revenue contribution from the robotaxi business [4][18] Financial Performance - Total revenue for Q1 2025 was RMB72.4 million (US$10.0 million), compared to RMB71.2 million in Q1 2024 [15] - Revenue from the robotaxi business was RMB16.1 million (US$2.2 million), contributing 22.3% of total revenue, up from 11.9% in the same period of 2024 [4][15] - The company reported a net loss of RMB385.1 million (US$53.1 million), an improvement from a net loss of RMB468.1 million in Q1 2024 [21][37] Strategic Partnerships and Expansion - WeRide expanded its partnership with Uber to include 15 additional cities, enhancing its robotaxi services and aiming for scalable operations [3][4][14] - The company launched its robotaxi services in Dubai in collaboration with the Dubai Road and Transport Authority and Uber, marking a significant step in international expansion [4][3] - WeRide and Tencent Cloud entered into an expanded strategic cooperation agreement to support autonomous driving R&D and commercialization efforts [3] Regulatory Approvals and Technological Advancements - WeRide obtained multiple regulatory approvals for commercial deployments in both domestic and international markets, facilitating its expansion efforts [4] - The company received the first batch of driverless road-testing licenses for its robovan W5 in Guangzhou, China, marking a significant regulatory milestone [8] - WeRide launched fully driverless robotaxi testing in Abu Dhabi, the first of its kind in the Middle East, and introduced a 24-hour autonomous ride-hailing network in Guangzhou [11][4] Research and Development - R&D expenses increased to RMB325.7 million (US$44.9 million) in Q1 2025, reflecting a 17.3% increase from RMB277.6 million in Q1 2024, driven by personnel-related expenses and professional service fees [21] - The company is focused on enhancing its technological leadership and expanding its end-to-end mass-market ADAS solutions [14][21] Market Position and Future Outlook - WeRide is positioned as a global leader in autonomous mobility, with operations in over 30 cities across 10 countries [32] - The company aims to make autonomous driving accessible and affordable, with ongoing efforts to diversify revenue streams and expand its market presence [14][4]

2023年,《财富》杂志(Fortune) 公布2023年改变世界的公司榜单 (2023 Change the World),文远知行位列第 八,是唯一 一家冲入前十的中国公司。 大事提醒： 本文源自：金融界 5月21日，文远知行将于(美东)盘前披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为 美国当地时间，实际披露日期以公司公告为准）。 作者：行情君 5月20日，文远知行(WRD)开盘上涨2.06%，截至21:30，报8.726美元/股，成交1614.15万美元，总市值 24.83亿美元。 资料显示，文远知行公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公司文远 知行运营。文远知行WeRide成立于2017年,是全球领先的自动驾驶科技公司,已在全球7个国家30个城市 开展自动驾驶研发、测试及运营, 运营天数超1,600天,是唯一同时拥有中国、美国、阿联酋、新加坡四地 自动驾驶牌照的科技企业,在广州、北京、上海、深圳、 无锡、郑州、南京、武汉、圣何塞、阿布扎 比、新加坡、斯图加特等地设有办公室。 文远知行致力于开发安全可靠的无人驾驶技术,应用场景覆盖智慧出行、智慧货运和智慧环卫 ...

腾讯云与全球领先的自动驾驶科技公司文远知行WeRide签署深化战略合作协议。根据协议，双方将共 同推进L4级自动驾驶Robotaxi的规模商业化运营，并探索未来在微信端内的"出行服务"、腾讯地图等应 用中，接入文远知行的Robotaxi服务。腾讯还将为文远知行在Robotaxi的技术研发、商业运营等环节提 供云和地图数据服务。面向全球化发展，双方将共建面向海外市场的智能驾驶解决方案。(36氪) ...

每经记者｜蔡鼎 每经编辑｜高涵 ①【三大期指齐跌】截至发稿，道指期货跌0.16%、标普500指数期货跌0.33%、纳指期货跌0.39%。 ②【美国主权评级调整后，多家大行评级遭调降】当地时间5月19日，国际评级机构穆迪宣布下调多家 美国主要银行的部分信用评级。此次行动紧随其日前对美国主权信用评级的调整。根据穆迪公告，摩根 大通银行、美国银行和富国银行的长期存款评级均由Aa1下调至Aa2。 ③【文远知行盘前涨超2.4%，近期在阿布扎比开启纯无人Robotaxi试运营】截至发稿，文远知行盘前涨 超2.4%。消息面上，文远知行近期宣布，在阿布扎比开启纯无人驾驶Robotaxi试运营，打造中东地区第 一支纯无人Robotaxi车队。同时，文远知行Robotaxi在阿布扎比的服务范围进一步扩大，新增玛丽亚岛 和瑞姆岛等阿布扎比出行高需求区域。 ④【美国司法部据称对Coinbase网络攻击事件展开调查】据路透，美国司法部已对加密货币交易所 Coinbase日前公布的严重网络攻击事件展开调查。报道指出，调查人员正在深入调查该事件的相关情 况。Coinbase早前表示，此次黑客攻击涉及犯罪分子贿赂印度员工和承包商以获取客户资 ...