Core Insights - 如祺出行 reported a revenue of 2.46 billion yuan for 2024, representing a year-on-year growth of 14% [1] - The annual net loss narrowed to 560 million yuan, a decrease of 18.6% compared to the 690 million yuan loss in 2023 [1] - The company has been in a loss position for several years, with losses of 684 million yuan, 627 million yuan, and 693 million yuan in 2021, 2022, and 2023 respectively [1] Financial Performance - Revenue cost increased by 8.1% to 2.5 billion yuan in 2024, influenced by rising driver service fees and increased payments to third-party ride service platforms [1] - The gross margin improved due to increased revenue from technology services, which have a higher margin than ride-hailing services [1] Market Position and Competition - The proportion of revenue from ride-hailing services increased from 83.9% in 2023 to 89.2% in 2024 [4] - The average transaction value per order decreased by 5.7% to 26.4 yuan in 2024 compared to 28 yuan in 2023 [4] - The company is facing intense market competition, particularly in Guangzhou, which remains its largest market [4][5] Research and Development - R&D expenditure for 2024 was 140 million yuan, an increase of 18.8%, primarily due to enhanced R&D capabilities and investments related to Robotaxi [4] - Revenue from other business segments, including Robotaxi, was only 2.04 million yuan, a slight increase of 2% from 2 million yuan in 2023, accounting for just 0.1% of total revenue [4] Regulatory Environment - Regulatory scrutiny has increased, with multiple agencies conducting inspections and requiring compliance from ride-hailing platforms, including 如祺出行 [5] - In 2024, the number of operational violations for several ride-hailing platforms, including 如祺出行, ranked among the highest in Guangzhou [5]
上市不到一年股价跌去67%,如祺出行押注Robotaxi