从“掐架”到双双赴港，你打的无人车正在港股集体上市！

Core Insights - WeRide Inc. is a leading player in the autonomous driving sector, aiming to deploy driverless vehicles in over 30 cities globally, including Robotaxi services in cities like Guangzhou and Abu Dhabi [5][9] - The company has recently completed its IPO on NASDAQ and is seeking a dual primary listing on the Hong Kong Stock Exchange, potentially becoming the first Robotaxi stock in Hong Kong [5][12] - Despite a significant increase in revenue from its Robotaxi business, WeRide has accumulated substantial losses since its inception, totaling approximately 9.4 billion RMB [5][12] Financial Performance - WeRide's Robotaxi business revenue surged over 800% year-on-year in the latest quarter, contributing 36.1% to total revenue, which reached 127 million RMB, a 60.8% increase year-on-year [9][12] - The company has faced continuous revenue decline over the past three years, with reported revenues of 528 million RMB in 2022, 402 million RMB in 2023, and 200 million RMB in the first half of 2025 [12] - Cumulative losses since 2017 have reached 9.4 billion RMB, highlighting the financial challenges faced by the company [12][20] Business Strategy - WeRide has developed a unique commercial engine centered around its "WeRide One" technology platform, designed for L4-level autonomous driving, adaptable to various vehicle types and applications [7][9] - The company has diversified its product offerings into a "1+5" matrix, including Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driver Assistance Systems (ADAS) to mitigate risks associated with the lengthy commercialization cycle of Robotaxi [9][12] - Partnerships with major players like Uber and GAC Group have been established to enhance operational capabilities and market reach [13][20] Market Position and Competition - WeRide holds the largest autonomous taxi fleet in the Middle East, with operations in Abu Dhabi and Riyadh, and has plans for commercial operations in Dubai by 2026 [10][12] - The competitive landscape includes other autonomous driving companies like Pony.ai, which also aims for a public listing and has shown strong revenue growth, indicating a competitive market environment [14][20] - The ongoing rivalry has led to public exchanges between executives of WeRide and competitors, reflecting the intense competition in the autonomous driving sector [15][20]