1.5万元“压垮”中智行，自动驾驶行业分化与重生

Core Viewpoint - The bankruptcy of Zhongzhixing Technology Co., Ltd. (中智行) highlights the challenges faced by autonomous driving companies, marking a significant moment in the industry's evolution as it grapples with the balance between technological aspirations and commercial realities [1][3]. Company Overview - Zhongzhixing, once valued at billions and founded by Wang Jin, a prominent figure in China's autonomous driving sector, has recently been declared bankrupt due to an unpaid labor arbitration amount of 15,000 yuan [1][3]. - The company has faced multiple legal issues, with 53.33% of its cases occurring in 2025, involving a total amount of 22.0875 million yuan [3]. Industry Context - Despite Zhongzhixing's collapse, other companies in the autonomous driving sector are experiencing growth. For instance, Baidu's "Luobo Kuaipao" service provided over 2.2 million rides globally in Q2 2025, while Xiaoma Zhixing's Robotaxi revenue surged by over 300% year-on-year [1][7]. - The industry is witnessing a structural differentiation rather than an overall contraction, with capital increasingly focusing on leading firms [7]. Financial Performance - In Q2 2025, Wenyan Zhixing reported a revenue of 45.9 million yuan from its Robotaxi business, a year-on-year increase of 836.7%, accounting for 36.1% of its total revenue [7][8]. - Xiaoma Zhixing's Robotaxi revenue reached 10.9 million yuan in Q2 2025, with a year-on-year growth of 157.8% [8]. Technological Challenges - The autonomous driving sector is divided into two main technological routes: single-vehicle intelligence and vehicle-road collaboration. Zhongzhixing's focus on vehicle-road collaboration has been criticized for its high costs and limited applicability [6][8]. - Industry experts suggest that the current growth of companies like Wenyan Zhixing and Xiaoma Zhixing indicates advancements in technology and market acceptance, but challenges related to technology maturity, legal regulations, and public acceptance remain significant [8].