争夺“港股Robotaxi第一股”，文远与小马谁将是赢家？

Core Viewpoint - The Chinese capital market is poised for a significant moment in the Robotaxi industry, with Pony.AI and WeRide successfully completing their IPO filings in Hong Kong on October 14 [1] Group 1: IPO and Market Position - Pony.AI and WeRide are set to issue 102.1 million and 102.4 million new shares, respectively, on the Hong Kong Stock Exchange [2] - Both companies have been on parallel paths in their market capitalization and commercialization processes, with WeRide expected to list on NASDAQ in October 2024, followed by Pony.AI in November 2024 [2] - The competition for the title of "first Robotaxi stock" in Hong Kong raises questions about market outlook for both companies [3] Group 2: Operational Data - Pony.AI operates a fleet of over 680 autonomous taxis, with a total autonomous driving mileage exceeding 47.9 million kilometers, and public-facing service mileage of over 26.6 million kilometers [5] - WeRide operates over 700 autonomous taxis, with a total of more than 1,500 autonomous vehicles, including 1,108 owned vehicles and 415 from partners [5] - WeRide has accumulated 2,200 days of continuous operation for its Robotaxi services [6] Group 3: Strategic Focus - Pony.AI has a stronger focus on domestic markets, holding all necessary regulatory permits to operate in four major cities: Beijing, Guangzhou, Shenzhen, and Shanghai [7] - WeRide has a more advanced international presence, operating in 11 countries and over 30 cities, and is the only company with autonomous driving licenses in seven countries [7] Group 4: Revenue and Business Model - In 2024, Pony.AI's revenue from Robotaxi services is projected to be $7.5 million, while WeRide's is expected to be $5.0 million [8] - WeRide's Robotaxi service revenue has increased from $667,700 in 2024 to $865,900 in the first half of 2025, indicating a rising revenue share [9] - Conversely, Pony.AI's Robotaxi service revenue is projected to decrease from $726,600 in 2024 to $325,600 in the first half of 2025 [10] Group 5: Partnerships and Collaborations - Pony.AI has formed a deep partnership with China National Foreign Trade Transportation Group to explore the autonomous freight market [11] - WeRide is focusing on international partnerships, including collaborations with the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund to enhance its operational capabilities [11] Group 6: Regulatory Environment - The regulatory landscape for Robotaxi services in China is evolving, with a more structured approach to approvals and commercial operations in major cities [12] - The industry is transitioning towards a more mature operational phase, with expectations for significant growth in the coming years [12]