上海Robotaxi冲刺香港IPO：上汽阿里Momenta都是股东

Core Insights - The article discusses the rapid expansion of the Robotaxi ecosystem, highlighting the IPO ambitions of Xiangdao Mobility, a subsidiary of SAIC, which positions itself as the first L4 Robotaxi operating platform backed by an automotive company in China [2][21]. Financial Performance - Xiangdao Mobility reported revenues of approximately 4.729 billion RMB, 5.718 billion RMB, 6.395 billion RMB, and 3.013 billion RMB for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The compound annual growth rate (CAGR) from 2022 to 2024 is projected at 16.3%, with gross profits of approximately 49.487 million RMB, 376 million RMB, 448 million RMB, and 341 million RMB, leading to an increase in gross margin from 1.0% in 2022 to 11.3% in the first half of 2025 [5][8]. Operational Insights - Despite significant revenue growth, Xiangdao Mobility remains in a loss-making state, although losses have narrowed by nearly 80% in the first half of 2025 compared to 2022, and operating cash flow has turned positive [6][8]. - As of June this year, Xiangdao Mobility has over 1.06 million registered drivers and approximately 20,000 self-owned vehicles, covering 95 cities in China [13]. Market Position - In 2024, Xiangdao Mobility's revenue from ride-hailing services is expected to contribute 49.91 billion RMB, accounting for 78.0% of total revenue, indicating a strong reliance on traditional ride-hailing operations [16]. - The company is positioned as a significant player in the Robotaxi market, leveraging partnerships with key industry players like Momenta and Alibaba to enhance its technological capabilities and operational efficiency [16][19]. Industry Trends - The article notes a shift in the Robotaxi narrative from testing to actual operations, driven by technological advancements and supportive policies in major cities like Beijing and Shanghai [17]. - The financing landscape for tech companies looking to go public in Hong Kong has improved, with relaxed requirements for unprofitable companies, facilitating the entry of various Robotaxi players into the market [19][21].